Applied Materials letos vzrostl o více než 140 % a Citi zvýšila cílovou cenu na 710 USD kvůli strukturálnímu růstu poptávky po NAND díky agentic AI. Akcie se ale obchodují na valuaci nad úrovní dot-com bubliny.
This week's news that Applied Materials Inc NASDAQ: AMAT has just crossed the price-to-sales valuation it held at the peak of the dot-com bubble in April 2000 might have been enough to get even the most committed bulls reaching for the Pepto.
Applied Materials Today
AMAT
Applied Materials
$591.47 +5.59 (+0.95%)
As of 12:26 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$154.46▼
$641.18Dividend Yield0.36%
P/E Ratio55.69
Price Target$501.26
That’s because headlines comparing a stock's valuation to its dot-com bubble level usually serve as a flashing red light for investors. When you consider just how big a tear the semiconductor equipment maker has been on, it’s somewhat understandable.
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Applied Materials’ share hit yet another fresh all-time high this week, as the multi-month rally continued to gain momentum. All told, the stock is up more than 140% year to date and a staggering 50% in the past month alone.
That kind of run is the kind that makes new highs, breaks technical models, and, eventually, attracts headlines like this one. The question for investors is whether that historical comparison is the warning sign it sounds like, or whether the current environment is different enough that the multiple is actually justified. Let's jump into it.
Why the Rally Is Anything But IrrationalThe starting point worth holding onto is that this isn't a 1999-style story of a company being bought purely on hope and hype. Applied Materials is genuinely benefiting from one of the most powerful structural tailwinds the semiconductor industry has ever seen. The team at Citi made that exact point earlier this week, raising its price target on the stock as it cited a "structural increase" in NAND demand driven by the explosion of agentic AI workloads.
The argument is technical, but still fairly intuitive when you boil it down. As AI workloads become more complex and demanding, they require a much larger memory pool than the fastest and most expensive memory types can practically provide. That's pushing the industry toward cheaper, higher-capacity alternatives, and Applied Materials sits at the heart of the equipment supply chain that makes those alternatives possible.
Coupled with ongoing innovation across the broader memory landscape, the team at Citi sees this shift as a structural tailwind that should continue to drive the company's earnings growth well into 2028. That's not a near-term sugar high. That's a multi-year trend that the bulls are betting will continue to drive revenue growth at rates most other tech stocks would kill for.
Analysts Are Unanimous in Their OutlookOverall MarketRank™83rd Percentile
Analyst RatingModerate Buy
Upside/Downside15.5% Downside
Short Interest LevelHealthy
Dividend StrengthModerate
News Sentiment1.11 Insider TradingSelling Shares
Proj. Earnings Growth31.90%
See Full Analysis
In fact, Applied Materials’ Moderate Buy consensus rating and the latest round of higher analyst price targets are another reason to avoid leaning too heavily on the dot-com comparison.
Citi’s $710 target, up from $550, still implies upside from recent highs, and the firm is far from alone.
Barclays, UBS Group and Cantor Fitzgerald are among the firms that have recently reiterated or raised bullish views on Applied Materials.
When well-regarded analysts continue to raise their targets, even after a stock has already gained 140% this year, it tells you something about their confidence in its growth trajectory.
The Risks Are Real TooFor all that, however, there's no escaping the sheer one-directional nature of the chart in recent months, or this week’s dot-com headline. Applied Materials’ relative strength index is also pushing into overbought territory, which can often set the scene for a sharp reset whenever sentiment starts swinging the other way.
There are also genuine fundamental concerns that shouldn't be ignored. Almost 30% of the company’s revenue comes from China, which leaves Applied Materials more exposed than most to any sudden trade-policy disruption or further restrictions on equipment exports.
How to Build a Position CarefullyFor investors looking to get involved, there’s plenty to consider. The bull case is genuine, the structural demand picture is compelling, and the analyst community is firmly in the camp of higher prices ahead. But the chart is also stretched, the valuation is at historically extreme levels, and one-directional rallies tend to find their reckoning eventually.
For investors looking to chase this entry, that probably means resisting the urge to go all-in on a single position and instead building it up in stages. A starter position now, with the discipline to add on the pullbacks that almost certainly lie ahead, is likely a smarter way to play this than trying to time the absolute top. The dot-com comparison may make for an uncomfortable headline, but the difference between 2000 and 2026 is that this time, the demand is genuinely there. The trick is to make sure you don't pay too much for it.
Should You Invest $1,000 in Applied Materials Right Now?Before you consider Applied Materials, you'll want to hear this.
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Yum! Brands (YUM +0.22%) is burning the pizza. The company is selling Pizza Hut in two transactions. First, Pizza Hut outside of mainland China will go to LongRange Capital, a private equity firm. Secondly, Pizza Hut in China will be sold to Yum China. All told, Yum! Brands will net about $2.3 billion from the sales.
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The $2.3 billion is an immediate win for the balance sheet. In theory, the plan to sell Pizza Hut and focus on growth opportunities within KFC and Taco Bell is a good one. Both KFC and Taco Bell have healthier unit economics and clearer paths to expanding their global footprint.
Image source: Getty Images.
Yet the entire plan hinges on consumer choices and discretionary spending. Americans' wallets are tightening and leaning toward greater value and healthier choices. Yum!'s growth assumptions reflect a level of optimism and execution that may not fully be realized. U.S. consumer debt reached an all-time high this year at $18.8 trillion. Inflation and fuel prices ticking upward over a prolonged period do not bode well for fast-food or fast-casual restaurants, either.
The sale of Pizza Hut is smart and makes the company leaner and better positioned to reward shareholders. Yum! authorized a $4 billion share buyback. The stock has been largely muted year to date, up less than 1%. If macroeconomic conditions improve, I'll be more bullish. Until then, investors should be cautiously optimistic.
Catie Hogan has no position in any of the stocks mentioned. The Motley Fool recommends Yum! Brands. The Motley Fool has a disclosure policy.
Best Buy klesá po oznámení odchodu finančního a strategického šéfa Matta Bilunase na konci července. Firma zároveň čelí opatrným výdajům spotřebitelů a tlaku na marže.
Shares of Best Buy BBY have declined following the announcement that Matt Bilunas, the company's Chief Financial and Strategy Officer, will depart at the end of July. This marks a significant leadership transition as Jason Bonfig is set to take over as CEO on November 1. Investors are concerned about the timing, as the company navigates a leadership change while facing challenges such as cautious consumer spending and margin pressures.
Leadership Setup: Bilunas has been with BBY for 20 years, overseeing finance, strategy, procurement, financial services, real estate, and omnichannel operations. His departure represents a broader change than a typical CFO transition. Transition Risk: Best Buy is engaging an external search firm to find a successor with prior CFO experience. Current CEO Corie Barry, a former CFO herself, will provide financial oversight during the transition if necessary. Operating Momentum: The company's recent performance has shown improvement, with better-than-expected Q1 profitability and eight consecutive quarters of positive computing comparisons. Margin Framework: For FY27, Best Buy anticipates a gross profit rate improvement of about 30 basis points, supported by initiatives like Best Buy Ads and U.S. Marketplace, although core product margins are under pressure from promotional activities. Demand Friction: BBY is encountering a mixed consumer-electronics market, with value-focused shoppers and softness in home theater and appliances, despite some strengths in certain categories. Capital Returns: The company has maintained its quarterly dividend of $0.96 and plans approximately $300 million in share repurchases for FY27, indicating that the leadership transition has not altered its capital-return strategy.The key takeaway is that while BBY's operational plan appears stable, the departure of the CFO adds execution and communication risks during this critical CEO transition. Investors are particularly attentive as the company manages multiple challenges, including a fragile consumer-electronics recovery and uncertainties in component costs and pricing. The transition does not inherently signal operational issues, especially with Barry's oversight and Bonfig's involvement in the company's digital strategy. However, the urgency for a credible successor announcement increases, and positive sentiment may hinge on a swift CFO appointment and continued operational stability.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Texas Pacific Land Corporation uzavřela dohodu s Chevronem o dodávkách pozemků a brakické vody pro projekt Project Kilby v okrese Reeves County v Texasu. TPL získá hotovost a exkluzivní právo zajišťovat vodu z akviferu.
DALLAS--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) today announced an agreement with Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX) ( “Chevron”) to provide land and brackish water resources for Chevron’s recently announced development known as Project Kilby, involving a large-scale power generation facility Chevron is developing to support a customer data center in Reeves County, Texas.
As part of the agreement, TPL contributed surface acreage in exchange for cash consideration and the exclusive right to source aquifer-derived water for the power generation facility and other associated aspects of the project.
“This advancement of giga-watt scale power generation and data centers developed by the industry’s leading technology, energy, and industrial companies validates West Texas as a premier location for compute infrastructure,” said Ty Glover, CEO of TPL. “As the world’s largest supplier of conventional energy and a leading source of renewable energy, the Permian Basin combines critical resources with skilled talent and a supportive regulatory environment. We believe these virtues position the region to become a major hub for compute services, and TPL is well positioned to support that growth through our leading surface footprint, industry relationships, and access to energy and water resources.”
Chevron has emphasized that water stewardship and community engagement are central considerations as the project advances. TPL intends to supply brackish groundwater, helping reduce demand for shared freshwater resources and reinforcing its ongoing commitment to responsible water development in the Permian Basin. TPL also continues to advance solutions for reuse of desalinated produced water from oil and gas operations.
“This project demonstrates how large‑scale energy infrastructure can be developed responsibly in West Texas to meet the increasing demands for power and technology,” said Daniel Droog, Vice President, Power Solutions of Chevron. “By securing access to land and reliable sources for non‑potable brackish water supply, engaging openly with the community, and working closely with trusted long-term value chain partners such as TPL we aim to support economic growth while respecting the importance of water stewardship in West Texas.”
About Texas Pacific Land
Texas Pacific Land Corporation is one of the largest landowners in the State of Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership provides revenue opportunities throughout the life cycle of a well. These revenue opportunities include fixed fee payments for use of the Company’s land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and/or treated produced water, revenue from the Company’s oil and gas royalty interests, and revenue related to saltwater disposal on the Company’s land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases and temporary permits principally related to a variety of land uses including, but not limited to, midstream infrastructure projects and hydrocarbon processing facilities.
Visit TPL at http://www.TexasPacific.com.
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, statements regarding TPL’s business strategy, plans and objectives. TPL believes that the expectations reflected in these “forward-looking statements” are reasonable, they are inherently uncertain and involve a number of risks and uncertainties beyond TPL’s control. In addition, assumptions may prove to be inaccurate. Actual results may differ materially from those anticipated or implied in “forward-looking statements” as a result of a variety of factors. These “forward-looking statements” speak only as of the date made, and other than as required by law, TPL undertakes no obligation to update or revise any “forward-looking statement” or provide reasons why actual results may differ, whether as a result of new information, future events or otherwise.
Jefferies vidí zpomalení růstu maloobchodních tržeb Carvany ve 2. čtvrtletí na 33 % meziročně, ale ponechává doporučení Buy i cílovou cenu 95 USD. Slabší tempo přičítá dočasným omezením spojeným s expanzí.
Carvana Co. (NYSE:CVNA) may see slower retail unit growth in the second quarter, according to Jefferies analysts, though the firm maintained its Buy rating and $95 price target, citing confidence in the company's longer-term outlook.
This price target implies upside from current levels of about $65.
Jefferies' analysis, based on web-scraped data, suggests Carvana's retail unit growth eased to below 30% in recent weeks and to the low-20% range in the most recent week of June. That marks a deceleration from growth rates of 38% in April and 33% in May, as well as 40% in the first quarter.
The firm now estimates second-quarter retail unit growth of 33% year over year, assuming sales trends during the second half of June follow seasonal patterns seen last year.
That forecast is about 2% below Wall Street consensus expectations for 37% growth and would represent Carvana's first retail unit miss in 10 quarters.
Jefferies lowered its second-quarter unit and EBITDA estimates by roughly 1% to reflect the recent slowdown. However, analysts left their forecasts for the second half of 2026 and beyond unchanged, saying the softer growth could be linked to temporary constraints associated with the company's expansion efforts and infrastructure build-out.
The firm noted that inventory levels continued to increase at a mid- to high-20% annual pace throughout the quarter, although growth has moderated compared with late 2025 and early 2026. Jefferies attributed the slower inventory expansion to tougher comparisons, efforts to improve performance at certain facilities, and uneven timing of ADESA site conversions.
At the same time, pricing trends remained supportive. Jefferies wrote that Carvana's average selling prices increased by a mid-single-digit to high-single-digit percentage year over year in each week of the second quarter, even as broader used-car prices declined in April and May. The analysts also noted that lower financing rates have helped preserve affordability for customers despite higher vehicle prices.
Robinhood získal regulační schválení jako přímý upisovatel IPO, čímž vstupuje do investičního bankovnictví. Tím si otevírá nový, neobchodní zdroj příjmů.
Robinhood Markets (HOOD 3.90%) has delivered for investors. Since the start of 2024, the stock has surged 731%, far outpacing peers such as Interactive Brokers and Charles Schwab. Robinhood has done an excellent job of expanding its customer base and consistently rolling out new offerings to increase its total asset base.
The company made headlines earlier this month when it announced it secured regulatory approval to serve as a direct underwriter for initial public offerings (IPOs). This moves Robinhood into the investment banking space, opening up an entirely new revenue stream for the company.
Image source: Getty Images.
Robinhood is taking on investment banks On the heels of Space Exploration Technologies' IPO, Robinhood announced it would build out its own investment banking and equity underwriting business. No longer will Robinhood be a passive distributor for third-party investment banks. Instead, Robinhood becomes a direct syndicate partner in IPOs, gaining control of shares at the institutional offer price and bypassing Wall Street intermediaries and gatekeepers.
Moving into equity underwriting moves Robinhood beyond its retail brokerage platform and into a full-service financial services company that aims to take on Wall Street's giants. It also builds on Robinhood's growing platform, which has added numerous offerings in recent years, including futures and index options, retirement accounts, prediction markets, stock tokens, and agentic artificial intelligence (AI) trading.
Robinhood aims to provide its customer base with early access to IPO stocks before they begin trading on public exchanges. This privilege has traditionally been reserved for institutional and high-net-worth investors. As a syndicate underwriter, Robinhood hopes to remove barriers and allow everyday users to participate in IPOs at their listing price, rather than inflated secondary-market prices.
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The move opens up a new revenue stream for Robinhood The move benefits both Robinhood users and Robinhood itself by providing a profitable, nontransactional revenue stream. The company has historically relied on payment for order flow (PFOF), which has been heavily scrutinized, and net interest income, which is sensitive to the Federal Reserve's interest rate policy. The expansion is the next step for Robinhood as it builds itself up as a formidable competitor in the financial services industry.
While the move opens Robinhood to new revenue streams, it will take time to build up its investment banking business. As part of this, the company will need to gain the trust of corporate issuers and build relationships with management teams. It is also exposed to legal risks when performing due diligence under federal and state securities laws. Finally, investment banking fees are highly volatile, and revenues could become more cyclical as a result.
Robinhood has done an excellent job of evolving from a stock-trading app to a profitable financial services operation. The company has continued to grow its customer and asset base, and the move into equity underwriting will open new revenue streams as it expands. That said, with the stock trading at 49 times forward earnings, investors are already banking on strong growth ahead.
Charles Schwab is an advertising partner of Motley Fool Money. Courtney Carlsen has positions in Interactive Brokers Group and Robinhood Markets. The Motley Fool has positions in and recommends Interactive Brokers Group. The Motley Fool recommends Charles Schwab and recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group, short January 2027 $46.25 calls on Interactive Brokers Group, and short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
Robinhood po 65% růstu z březnového dna čelí varování před dalším výprodejem. Transakční výnosy v 1. čtvrtletí klesly na 623 milionů USD, hlavně kvůli slabším opcím a kryptu.
Robinhood Markets (HOOD 3.90%) operates a popular investing platform where its clients buy and sell stocks, futures, options, cryptocurrency, and even contracts in the prediction markets. Its stock hit a 52-week low of $63 in March, capping off a brutal 57% decline from last year's record high of $154.
The sell-off was sparked by weakness in Robinhood's options and crypto trading businesses, which account for most of its transaction-based revenue. But the company's monthly brokerage metrics showed a recovery in those areas in May, so its stock has surged by around 65% from its March low.
While that sounds encouraging, I don't think the recovery will last. In fact, here's why I'm predicting another sharp move lower for the stock.
Image source: The Motley Fool.
Robinhood's transaction-based revenue is on shaky foundations The majority of Robinhood's revenue comes from the transaction fees it earns whenever a client buys or sells stocks, options, or cryptocurrencies. It generated $623 million in total transaction-based revenue during the first quarter of 2026 (ended March 31), which was a 20% decline from the fourth quarter of 2025 -- just three months earlier.
Options transaction revenue was the largest of four components, and it shrank by 17% to $260 million. Options contracts are financial derivatives that many of Robinhood's clients use to make risky directional bets on stocks, exchange-traded funds (ETFs), and other assets. The stock market was very unpredictable during the first quarter because of the conflict between the U.S. and Iran, which likely spooked many options traders.
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Crypto transaction revenue experienced an even sharper sequential decline of 39% during the quarter, and came in at $134 million, the lowest level since 2024. The crypto market is in the throes of a brutal sell-off right now, and while highly speculative tokens like Dogecoin have declined the most, even Bitcoin is down 50% from its all-time high. This is likely keeping many investors sidelined.
Image source: Robinhood Markets.
Robinhood reports quarterly results like every other publicly listed American company, but it also reports monthly brokerage metrics to give shareholders a more frequent update on its clients' trading activity. During May, daily active trading volume in the options segment increased for the second straight month and hit the highest level of 2026 so far. This is a sign that the company's financial results for the second quarter (ending June 30) could bring an upside surprise.
However, history suggests it probably won't be sustainable. Spikes in trading volume in speculative segments like options and crypto tend to be very short-lived, because they are not markets where clients consistently make money. Earlier this year wasn't the first time Robinhood suffered a sharp drop in transaction revenue in the options and crypto segments -- it experienced even steeper declines after the stock market and crypto bull markets of 2021 came to an end.
Robinhood's valuation leaves little room for further upside When the stock set its all-time high last October, its price-to-sales ratio (P/S) was more than 30, which was almost triple its long-term average of 11.8. That valuation simply wasn't sustainable. But even though the stock is well off its highs, its P/S is still at an elevated level of 20.8.
HOOD PS Ratio data by YCharts.
That suggests Robinhood stock would have to decline by 43% just to trade in line with its long-term average P/S of 11.8. But that isn't the worst part: Hypothetically, if the company's overall revenue shrinks during the next few quarters like it did in the first quarter, then its forward P/S might actually be higher than its current ratio, meaning the stock is actually more expensive today than it appears at face value.
Although the company had a record 27.4 million clients at the end of the first quarter, just 13.5 million were actively engaging with the platform each month, which is still 36% below its peak of 21.3 million from the second quarter of 2021. Because many of its clients engage in risky options and crypto trading -- where it's very difficult to generate consistent profits -- some will inevitably drop off over time.
As a result, I think Robinhood's revenue will continue to be incredibly lumpy and unpredictable, as it has been since the company went public in 2021. That isn't a recipe for sustained upside in its stock, especially from its current valuation.
Blackstone plánuje v příštích třech až pěti letech investovat 30 miliard USD do japonských AI datových center. Jedná také o projektech s kapacitou přes 1 gigawatt.
A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar//File Photo Purchase Licensing Rights, opens new tab
June 23 (Reuters) - Blackstone (BX.N), opens new tab is planning to invest $30 billion in Japan's AI data centers over the next three to five years, its president and chief operating officer Jonathan Gray told Nikkei in a recent interview, the business daily reported on Tuesday.
The world's largest alternative asset manager is in discussions to develop facilities exceeding 1 gigawatt in the country, the report said, citing Gray.
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Blackstone did not immediately respond to a Reuters request for comment. It also plans to accelerate its private equity investments in Japan, the company said.
Earlier this month, Blackstone had raised $13.1 billion for its Asia private equity fund, exceeding its initial target and marking its largest such fundraise in the region.
Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Vijay Kishore
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Zscaler uvádí, že program Z-Flex ve 3. čtvrtletí přinesl přes 480 mil. USD v TCV, což je oproti předchozímu čtvrtletí o více než 60 % více. ARR vzrostly o 25 % na více než 3,5 mld. USD.
Key Takeaways Z-Flex generated more than $480M in TCV in Q3, rising more than 60% sequentially for Zscaler.Zscaler saw ARR rise 25% YoY to over $3.5B, while remaining performance obligations grew 30% to $6.5B.Z-Flex helped large clients increase spending by adding new modules, like AI Protect and Zero Trust Branch. Zscaler Inc.’s (ZS - Free Report) Z-Flex program is emerging as an important growth driver for the company. The offering allows customers to make multi-year commitments while giving them the flexibility to activate or switch products without going through a new purchasing process. This approach is helping Zscaler increase customer spending, improve visibility and strengthen long-term relationships.
The momentum behind Z-Flex accelerated during the third quarter of fiscal 2026. Z-Flex generated more than $480 million in the total contract value (TCV) during the quarter, representing growth of more than 60% sequentially. Over the last 12 months, Zscaler delivered more than $1 billion in Z-Flex TCV with an average contract duration of four years.
The program is also encouraging broader platform adoption. Several large customers expanded their use of existing products while adding new modules, including AI Protect and Zero Trust Branch solutions. During the last earnings call, management revealed that one large financial customer increased annual spending by nearly 50%, while another enterprise customer expanded its spending by 60%.
The strong uptake of Z-Flex is contributing to Zscaler’s overall growth. During the third quarter, annual recurring revenues (ARR) rose 25% year over year to more than $3.5 billion. Remaining performance obligations increased roughly 30% to $6.5 billion, providing strong revenue visibility. Total third-quarter revenues rose 25% year over year to $850.4 million.
Management believes Z-Flex shortens sales cycles, increases upselling opportunities and improves customer retention. As enterprises continue consolidating cybersecurity vendors and adopting broader Zero Trust platforms, Z-Flex could remain a meaningful catalyst for Zscaler’s long-term growth and revenue expansion. The Zacks Consensus Estimate for Zscaler’s fiscal 2026 revenues is pegged at $3.33 billion, indicating 24.6% year-over-year growth.
How Do ZS’ Rivals Compare in Flexible Customer Contracts?Two major cybersecurity companies competing with Zscaler in long-term customer engagements are Palo Alto Networks, Inc. (PANW - Free Report) and CrowdStrike Holdings, Inc. (CRWD - Free Report) .
Palo Alto Networks has successfully pushed its platformization strategy, encouraging customers to consolidate multiple security products under one vendor. In the third quarter of fiscal 2026, the company’s next-generation security ARR jumped 60% year over year to $8.1 billion, reflecting strong customer commitment to multi-product contracts.
Palo Alto Networks’ bundled offerings across network security, cloud security and security operations help improve customer retention and expand spending over time. This strategy shares similarities with Zscaler’s Z-Flex program, which promotes broader platform adoption through multi-year agreements.
CrowdStrike has also benefited from higher customer consolidation trends. The company’s ARR rose 24% year over year to $5.5 billion in the first quarter of fiscal 2027. More customers continue adopting multiple Falcon modules, helping expand contract values and increase retention rates. CrowdStrike’s subscription-based model provides recurring revenue visibility similar to Zscaler’s long-term commitments.
While both competitors, Palo Alto Networks and CrowdStrike, focus on platform expansion, Zscaler’s Z-Flex program offers customers additional flexibility to activate or swap products during contract periods, which strengthens its upselling opportunities and long-term revenue growth.
Zscaler’s Price Performance, Valuation & EstimatesZS shares have plunged 44.8% year to date against the Zacks Security industry’s rise of 43.2%.
Zscaler YTD Price Return Performance
Image Source: Zacks Investment Research
From a valuation standpoint, ZS trades at a forward price-to-sales ratio of 5.22, significantly below the industry’s average of 15.65.
Zscaler Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Zscaler’s fiscal 2026 and 2027 earnings implies year-over-year increases of 25.9% and 10.9%, respectively. Estimates for fiscal 2026 and 2027 have been revised upward over the past 30 days.
Image Source: Zacks Investment Research
Zscaler currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Rocket Lab při misi Victus Haze ukázal, že umí nejen vypouštět rakety, ale také stavět satelity, plánovat mise a provozovat kosmické lodě. Zakázku pro U.S. Space Force splnil za 16 hodin a 42 minut, což je rekord programu TacRS.
The space industry is in the middle of a transformation. For years, investors focused on launch providers, treating rocket launches as the primary source of value. That model is changing.
Governments increasingly want companies that can build satellites, launch them, operate them, and respond quickly when national security demands it. The winners may not be the companies with the biggest rockets, but those that can provide complete mission solutions. That’s why Rocket Lab‘s (NASDAQ:RKLB | RKLB Price Prediction) latest Victus Haze mission may prove more important than the launch itself. For investors, it signals that Rocket Lab is evolving into something much larger than a small launch company.
Victus Haze Was About More Than a Rocket Launch According to Rocket Lab, the company launched the Victus Haze mission just 16 hours and 42 minutes after receiving a launch order from the U.S. Space Force. That set a new record for the military’s Tactically Responsive Space (TacRS) program.
On the surface, that sounds like a simple operational achievement. In reality, it demonstrated capabilities that few competitors can match.
What makes Victus Haze unique is that Rocket Lab served as the prime contractor. The company didn’t just launch the mission. It also built the satellite, integrated the payload, conducted mission planning, and now operates the spacecraft in orbit.
Here’s what Rocket Lab controlled during the mission:
Capability Rocket Lab Role Launch Vehicle Electron rocket Satellite Platform Pioneer spacecraft Mission Operations In-house Spacecraft Components In-house systems and subsystems Launch Execution In-house That level of vertical integration resembles traditional aerospace contractors more than a standalone launch provider.
The Defense Opportunity Is Now Much Larger The launch itself won’t materially change Rocket Lab’s financial results. The U.S. Space Force contract was worth approximately $32 million. In comparison Rocket Lab generated $601.8 million in revenue during 2025. A single $32 million contract is helpful, but it is not transformational. The opportunity comes from what Victus Haze proves.
The Pentagon increasingly wants responsive space capabilities that can deploy assets within days or even hours. As geopolitical tensions rise, governments need the ability to replace satellites, inspect spacecraft, and respond to threats quickly. Victus Haze demonstrated that Rocket Lab can provide all of those services under one roof.
That potentially positions the company for future contracts involving:
Space domain awareness Military satellite production Responsive launch services On-orbit inspection missions National security space operations Those markets are far larger than Rocket Lab’s traditional small-launch business.
Investors Should View Rocket Lab Differently Today For years, critics argued that launch alone would never be a large enough market to justify premium valuations across the space sector. Surprisingly, Rocket Lab appears to agree.
The company has spent the past several years building spacecraft systems, acquiring satellite component manufacturers, and expanding beyond launch services. Victus Haze provides tangible evidence that those investments are paying off.
Compare Rocket Lab to many smaller launch competitors and the distinction becomes clear. Most can sell a launch. Rocket Lab can increasingly sell an entire mission. That creates multiple revenue streams while reducing dependence on launch frequency alone.
Granted, execution risk remains. Rocket Lab still needs to prove that these defense opportunities translate into recurring contracts and growing cash flow. The company is also investing heavily in its larger Neutron rocket program, which carries development risk.
That said, Victus Haze reduced one important uncertainty: whether Rocket Lab’s broader aerospace strategy actually works. The answer appears to be yes.
Key Takeaway In short, Victus Haze is not important because it generated a $32 million contract. It matters because it demonstrated that Rocket Lab can function as a full-service aerospace and defense contractor. The mission showcased rapid launch, satellite manufacturing, mission operations, and spacecraft management in a single package.
For long-term investors, that changes the investment thesis. Rocket Lab is no longer just competing for launch contracts. It is positioning itself to compete for larger defense and space systems programs that could generate recurring revenue for years. Ultimately, Victus Haze may be remembered less as a launch and more as the moment Rocket Lab proved its business model extends far beyond the rocket itself.
Enphase Energy uvedla v USA mikroinvertor IQ9N pro rezidenční solární systémy s účinností 97,5 % a kompatibilitou s IQ7 a IQ8 Series Microinverters i IQ Batteries. Firma očekává, že rozšíření podpoří dodávky a krátkodobý růst tržeb.
Key Takeaways ENPH introduces IQ9N microinverters built on GaN technology with 97.5% efficiency.ENPH ensures backward compatibility with IQ7, IQ8 systems and IQ Batteries for easy upgrades.ENPH expansion across the United States and Europe aims to boost shipments and drive near-term revenue growth. Enphase Energy, Inc. (ENPH - Free Report) announced the launch of its IQ9N Microinverter for residential solar across the United States. The product is domestically manufactured to satisfy U.S. domestic content requirements and comply with Foreign Entity of Concern regulations.
Key Benefits of Enphase’s IQ9N MicroinvertersBuilt on gallium nitride (GaN) technology, IQ9N Microinverters are designed to boost energy production from the latest high-power solar panels while delivering strong performance throughout the system’s lifespan. They offer an industry-leading 97.5% California Energy Commission weighted efficiency and come with a 25-year limited warranty.
The IQ9N Microinverters support 16 Amperes of continuous Direct Current (“DC”) and 427 Volt-Amperes of continuous output power, allowing them to pair with premium high-wattage residential solar panels and maximize energy generation from each module. They are also backward compatible with IQ7 and IQ8 Series Microinverters as well as IQ Batteries, enabling homeowners and installers to expand existing Enphase systems using similar installation methods and accessories.
IQ9N Microinverters are designed to maximize energy production from each solar panel under a variety of conditions, including partial shading, complex roof configurations and high-temperature environments. Like all Enphase microinverters, they convert DC to Alternating Current (“AC”) at the panel level, eliminating the need for long high-voltage DC runs common in traditional string inverter systems and providing a safer, all-AC rooftop architecture.
Growth ProspectsAccording to a Mordor Intelligence report, the solar energy market size in terms of the installed base is expected to witness a CAGR of 19.91% during 2026-2031. This strong market outlook presents significant growth opportunities for leading solar companies such as Enphase.
In June 2026, ENPH also announced the launch of its new IQ9N Microinverter for residential solar applications across key European markets. The company also plans to expand the availability of the IQ9N Microinverter to additional countries worldwide in the coming months.
This expansion of Enphase’s product portfolio is expected to support higher product shipments and contribute to revenue growth in the quarters ahead.
Stocks to WatchOther prominent solar players that are anticipated to benefit from the expanding global solar energy market are as follows:
Nextpower Inc. (NXT - Free Report) : In June 2026, the company announced the global launch of its redesigned NX Gemini two-in-portrait (2P) solar tracker system. This launch marks a broader expansion of Nextpower’s solar solutions portfolio across Europe.
NXT boasts a long-term (three to five years) earnings growth rate of 11.44%. The Zacks Consensus Estimate for fiscal 2027 sales is pegged at $4.26 billion, which implies an improvement of 19.6%.
Tigo Energy, Inc. (TYGO - Free Report) : In April 2026, the company announced the launch of Inverter Power Output Control for its 3.8-kilowatt Tigo EI Inverter in the United States. The inverter is designed to support both standalone solar systems and solar-plus-storage setups, allowing homeowners to integrate battery backup as part of future upgrades.
The Zacks Consensus Estimate for TYGO’s 2026 sales is pegged at $132.2 million, which indicates a rise of 27.7%. The Zacks Consensus Estimate for its 2026 earnings per share (EPS) stands at 4 cents, which calls for an improvement of 116.7%.
SolarEdge Technologies, Inc. (SEDG - Free Report) : In March 2026, the company announced the commercial launch of its next-generation three-phase SolarEdge Nexis residential solar and storage system in Germany. SolarEdge Nexis features a completely new design architecture, spanning from the inverter to the battery, enabling homeowners to add storage capacity incrementally and align it with their evolving energy needs.
The Zacks Consensus Estimate for SEDG’s 2026 sales is pegged at $1.40 billion, which suggests a jump of 18.4%. The Zacks Consensus Estimate for its 2026 EPS stands at 3 cents, which implies a surge of 101.3%.
ENPH Stock Price MovementOver the past six months, shares of Enphase Energy have risen 43.7% compared with the industry’s growth of 1.9%.
Image Source: Zacks Investment Research
ENPH’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NNN REIT využil opci na dodatečný termínovaný úvěr za 200 milionů USD, čímž zvýšil úvěrový rámec na 500 milionů USD. Současně snížil marže u termínovaného úvěru i revolvingového úvěru na 0,800 % z 0,850 % a na 0,725 % z 0,775 %.
, /PRNewswire/ -- NNN REIT, Inc. (NYSE: NNN) ("NNN" or the "Company"), a real estate investment trust ("REIT"), today announced the exercise of its $200 million incremental term loan option under its senior unsecured term loan facility, increasing the aggregate facility size to $500 million (the "Term Loan"). The incremental borrowings carry identical terms to the existing $300 million term loan (after giving effect to the amendments described below). The Term Loan matures on February 15, 2029, with two one-year extension options. NNN expects to use proceeds from the incremental term loan for general corporate purposes.
In anticipation of the incremental term loan, NNN entered into a $100 million forward starting swap that fixes SOFR at 3.43% through February 15, 2029.
"We are pleased with today's transactions, which enhance our financial flexibility, provide capital to fund our business plans, and lower our cost of capital," said Vincent H. Chao, Chief Financial Officer. "We greatly appreciate the continued support and long-standing relationships with our bank group."
Additionally, the Company amended the pricing grids on the Term Loan and its existing senior unsecured revolving credit facility, (the "Revolving Credit Facility"). Based on NNN's current credit ratings, the applicable SOFR-based margin was lowered to 0.800% from 0.850% for all outstanding Term Loan borrowings and 0.725% from 0.775% for all Revolving Credit Facility borrowings.
Wells Fargo Securities, LLC and BofA Securities, Inc., served as the Joint Lead Arrangers and Joint Bookrunners, with Wells Fargo Bank, National Association acting as the Administrative Agent and Bank of America, N.A. acting as the Syndication Agent.
Truist Securities, Inc., PNC Capital Markets LLC, U.S. Bank National Association, Royal Bank of Canada and TD Bank, N.A., served as Joint Lead Arrangers, with Truist Bank, PNC Bank, National Association, U.S. Bank National Association, Royal Bank of Canada, TD Bank, N.A., and Mizuho Bank Ltd., acting as Documentation Agents. Sumitomo Mitsui Banking Corporation, New York Branch, and Raymond James Bank also participated in the transaction.
About NNN REIT, Inc.
NNN is a REIT that invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of March 31, 2026, the Company owned 3,711 properties across all 50 states, the District of Columbia and Puerto Rico, encompassing approximately 39.6 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. For additional information, please visit www.nnnreit.com.
Coursera zveřejnila podklady k dnešnímu konferenčnímu hovoru o modelování po fúzi a CFO Mike Foley nastíní finanční profil spojené firmy za celý rok 2026 po dokončení fúze s Udemy.
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Coursera, Inc. (NYSE: COUR), a leading global online learning platform, has posted materials for today’s supplemental post-merger modeling call to its investor relations website at investor.coursera.com.
Conference Call Details
As previously announced, Coursera will hold a conference call where the company’s chief financial officer, Mike Foley, will provide an overview of the combined company’s full year 2026 financial profile following the close of its merger with Udemy, Inc. on May 11, 2026. Prepared remarks will be followed by an analyst question-and-answer session today, June 23, 2026, at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time).
A live, audio-only webcast of the conference call and supplemental materials can be found on our investor relations page at investor.coursera.com. For those unable to listen to the broadcast live, an archived replay will be accessible in the same location for one year.
Disclosure Information
In compliance with disclosure obligations under Regulation FD, Coursera announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission (“SEC”), press releases, company blog posts, public conference calls, and webcasts, as well as via Coursera’s investor relations website.
About Coursera
Coursera was launched in 2012 by Andrew Ng and Daphne Koller with a mission to provide universal access to world-class learning. Coursera partners with leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, and degrees. Coursera’s platform innovations — including AI-powered personalized guide and features, like Role Play and Course Builder, and role-based solutions like Skills Tracks — enable instructors, partners, and companies to deliver scalable, personalized, and verified learning. Institutions worldwide rely on Coursera to upskill and reskill their employees, students, and citizens in high-demand fields such as GenAI, data science, technology, and business, while learners globally turn to Coursera to master the skills they need to advance their careers. Coursera is a Delaware public benefit corporation and a B Corp. Coursera recently combined with Udemy to create one of the world’s most comprehensive skills development platforms.
Interactive Brokers přidal ChatGPT a Grok do svých AI nástrojů, čímž rozšířil asistované obchodování i na opce a futures. Každý pokyn musí klient před odesláním na trh ručně schválit.
Key Takeaways IBKR added ChatGPT and Grok, extending AI-assisted trading to options and futures.IBKR clients can link accounts to ChatGPT, Grok or Claude without passwords or API keys.IBKR requires review and approval of every AI instruction before orders reach markets. Interactive Brokers (IBKR - Free Report) is further accelerating its push into artificial intelligence (AI) by adding ChatGPT and Grok to its expanding suite of AI-enabled investing solutions. The enhancement will expand AI-assisted trading beyond stocks and exchange-traded funds (ETFs) to include options, futures and futures options, enabling investors to interact with a broader range of markets through conversational prompts.
The launch builds on IBKR's earlier integration with Anthropic's Claude and highlights the broker's efforts to simplify market analysis and trading workflows without compromising investor oversight.
Now, existing customers can connect their IBKR accounts to ChatGPT, Grok or Claude within minutes at no additional cost, using their standard IBKR credentials and without sharing passwords or API keys with third-party providers.
As interest in AI-powered investing gains momentum, IBKR is positioning itself at the forefront of this shift. Users can leverage AI assistants to assess portfolio exposures, explore hedging strategies, track technical indicators such as the relative strength index, benchmark performance against major ETFs and create futures order instructions.
However, execution remains firmly in investors’ hands, as every AI-generated instruction must be reviewed and approved through a dedicated AI Instructions tab before reaching the market.
How IBKR Builds on AI & Platform InvestmentsThe latest AI integrations complement an expanding suite of tools already available across Interactive Brokers' platforms. AI Screeners allow investors to search more than 70,000 global stocks using conversational prompts, while Investment Themes help users explore opportunities tied to trends, such as clean energy and cloud computing.
IBKR also introduced Connections, which maps relationships among companies, ETFs, derivatives and thematic datasets from a single interface. Ask IBKR enables clients to query portfolio exposure and concentration in plain language, and AI News Summaries provide concise updates tailored to holdings and watch lists.
Beyond AI, Interactive Brokers recently launched a unified interface for prediction-market contracts offered through Kalshi, CME and ForecastEx. The company has also added stablecoin funding capabilities, expanded access to Coinbase Derivatives products and benefited from growing engagement, with overnight trading volumes climbing to 8.1 million trades in the first quarter of 2026 from 2.8 million a year earlier.
For IBKR, these investments are part of a long-term strategy to simplify investing while broadening access to institutional-grade capabilities. By steadily adding new asset classes, intelligent research tools and innovative trading workflows, the company aims to help investors make better-informed decisions while ensuring that final control over every transaction remains in the hands of clients.
IBKR’s Price Performance & Zacks RankIn the last six months, Interactive Brokers shares have gained 46.7%, outperforming the industry’s 4.1% growth.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
IBKR’s Competitive LandscapeInteractive Brokers is not alone in embedding AI into investing workflows. Several brokerages and investment platforms have accelerated their AI initiatives over the past year, though their approaches differ.
Among retail brokers, Robinhood Markets, Inc. (HOOD - Free Report) launched AI-enabled trading accounts that allow users to connect AI agents, including Claude and ChatGPT-based tools, to analyze portfolios and execute stock trades within predefined limits. Robinhood is also extending AI capabilities to credit-card purchases through agent-driven workflows.
Charles Schwab (SCHW - Free Report) incorporated an AI assistant into its platform, with a focus on helping investors navigate research, educational content and trading tools. Rather than emphasizing autonomous trading, Schwab's approach centers on improving investor support and platform usability.
Wave Life Sciences zahájila fázi 2a multidávkové části studie INLIGHT s WVE-007 u lidí s obezitou a vysokým BMI 35–50 kg/m2 a komorbiditami. V předchozí fázi 1 lék snižoval viscerální tuk a zachoval svalovou hmotu.
In Phase 1 portion of trial, WVE-007 improved body composition by inducing fat loss, including harmful visceral fat, while maintaining muscle; data continue to support once or twice-yearly dosing
Phase 2a portion in individuals with higher BMI and body fat, with and without type 2 diabetes, includes multiple assessments to inform further development of WVE-007 in obesity as well as MASH, type 2 diabetes, and cardiovascular disease
Wave is on track to initiate additional Phase 2 trials in 2H 2026 evaluating WVE-007 in combination with incretins and as post-incretin maintenance
CAMBRIDGE, Mass., June 24, 2026 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health, today announced it has initiated the Phase 2a multidose portion of the INLIGHT™ trial, a placebo-controlled (3:1) study evaluating WVE-007, an investigational GalNAc-siRNA, as monotherapy in individuals living with obesity with high BMI (35-50 kg/m2) and comorbidities.
The INLIGHT trial also includes an ongoing Phase 1 single dose portion investigating WVE-007 in otherwise healthy individuals living with overweight or obesity, with an average BMI of 32 kg/m2. In this portion of the trial, at six months of follow-up, a single 240 mg dose of WVE-007 continued to drive clinically meaningful reductions in visceral fat (-14%; p<0.05), total fat (-5%), and waist circumference (-3%). WVE-007 continues to be generally safe and well tolerated up to 600 mg and data support the potential for once or twice-yearly dosing. The Phase 2a portion of the INLIGHT trial is expected to demonstrate further body composition improvements, including greater fat loss with preserved muscle, weight loss, and improved biomarkers of cardiometabolic health.
“We have strong conviction in WVE-007’s potential to redefine obesity treatment and long-term cardiometabolic health, with early clinical results demonstrating a 14% visceral fat reduction without muscle loss six months following a single dose. The link between visceral fat and cardiometabolic outcomes is well established and further validated by a recent publication which demonstrated that for every 10% reduction in visceral fat, an individual’s risk of developing type 2 diabetes was 28% lower even a decade later,”1 said Christopher Wright, MD, PhD, Chief Medical Officer at Wave Life Sciences. “Importantly, this next portion of the INLIGHT trial will evaluate a patient population with higher BMI and greater adiposity, consistent with Phase 2 and Phase 3 obesity trials. Given WVE-007’s mechanism of targeted lipolysis, we believe this portion of the study can deliver even more pronounced improvements in body composition and we expect to gain a clearer understanding of WVE-007's potential to drive clinically meaningful weight loss, reduce fat, and preserve muscle, while informing its broader role in metabolic care.”
The Phase 2a portion of the INLIGHT trial is expected to enroll participants across the U.S. and Europe and includes multiple assessments over a 12-month period, including body weight, waist circumference, body composition (MRI and DEXA), liver fat (MRI-PDFF), HbA1c, and lipid levels. The results will inform further development of WVE-007 in obesity, as well as MASH, type 2 diabetes, and cardiovascular disease.
Wave also expects to initiate new clinical trials evaluating WVE-007 as an incretin add-on and as post-incretin maintenance in the second half of 2026.
About WVE-007
WVE-007 is an investigational GalNAc-siRNA that utilizes Wave’s best-in-class proprietary oligonucleotide chemistry and the company’s Stereopure interfering Nucleic Acid (SpiNA) next generation siRNA design. WVE-007 is designed to silence INHBE mRNA, an obesity target with strong evidence from human genetics. Individuals who have a protective loss-of-function variant in one copy of the INHBE gene have a healthier body composition and cardiometabolic profile, including less visceral fat and lower risk of type 2 diabetes or cardiovascular disease. In preclinical models, INHBE GalNAc-siRNA led to adipocyte shrinkage, fewer pro-inflammatory macrophages, less fibrosis, and improved insulin sensitivity in visceral adipose tissue, supporting potential for metabolic improvement. As an add-on to semaglutide, Wave’s GalNAc-siRNA doubled weight loss in mice and prevented weight regain upon cessation of semaglutide.
About the INLIGHT™ Clinical Trial
The INLIGHT trial is an ongoing randomized, placebo-controlled (3:1) study that includes a Phase 1, single-ascending dose portion in otherwise healthy individuals living with overweight or obesity. This portion is designed to assess safety, tolerability, pharmacokinetics, and Activin E target engagement. The INLIGHT trial is currently ongoing at multiple trial sites, including in the U.S. A Phase 2a portion of the INLIGHT trial is evaluating multiple WVE-007 doses in individuals with high BMI, with and without type 2 diabetes, and will assess metabolic and body composition improvements as well as weight loss.
About Wave Life Sciences
Wave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave's PRISM® platform combines multiple RNA medicines modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s pipeline is focused on its obesity (WVE-007), alpha-1 antitrypsin deficiency (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs in Duchenne muscular dystrophy and Huntington’s disease, as well as several preclinical programs utilizing the company’s versatile RNA medicines platform. Driven by the calling to “Reimagine Possible,” Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA. For more information on Wave’s science, pipeline and people, please visit www.wavelifesciences.com and follow Wave on X and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements concerning our goals, beliefs, expectations, strategies, objectives and plans, and other statements that are not necessarily based on historical facts, including statements regarding the following, among others: the anticipated initiation, site activation, patient recruitment, patient enrollment, dosing, generation and reporting of data and/or completion of our ongoing and anticipated Phase 2 portions of our INLIGHT clinical trial and the timing and announcement of such events; our expectations to initiate new clinical trials evaluating WVE-007 as an incretin add-on and as post-incretin maintenance, and the expected results and timing thereof; our understanding of the dose levels and dosing frequency for WVE-007; our understanding of the safety profile for WVE-007; the potential of WVE-007’s mechanism (INHBE GalNAc-siRNA) as a meaningful and differentiated therapeutic approach for obesity as well as the potential to develop WVE-007 for other indications, including MASH, type 2 diabetes, and cardiovascular disease; the protocol, design and endpoints of the Phase 2a portion of our INLIGHT clinical trial; the future performance and results of WVE-007 in the Phase 2a portion of our INLIGHT clinical trial, including our expectations that there will be even greater improvements in body composition in individuals with higher BMI, visceral fat and body fat at baseline, with and without type 2 diabetes; the potential benefits of our toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), compared to others; the benefits of RNA medicines generally; and the potential for certain of our programs to be best-in-class. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from those indicated by these forward-looking statements as a result of these risks, uncertainties and important factors, including, without limitation, the risks and uncertainties described in the section entitled “Risk Factors” in Wave’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), as amended, and in other filings Wave makes with the SEC from time to time. Wave undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Contact:
Kate Rausch
VP, Corporate Affairs and Investor Relations
+1 617-949-4827
Investors:
James Salierno
Director, Investor Relations
+1 617-949-4043 [email protected]
1 Klein, Hadar, Liav Alufer, Dana Tamar Goldberg Toren, et al. Circulation, 2026 June 2. "Lifestyle-Induced Visceral Fat Loss as a Key Target for Durable Cardiometabolic Health: MRI-Assessed 5- and 10-Year Follow-Up After 2 Clinical Trials."
Cheniere oznámila podstatné dokončení Train 6 projektu Corpus Christi Stage 3 v Texasu. Kapacita CCL má přesáhnout 25 mtpa a kapacita celé firmy 55 mtpa.
While liquefied natural gas (LNG) stocks, such as Cheniere Energy (LNG 1.64%), have been traded as a proxy for negotiations over the immediate reopening of the Strait of Hormuz, the reality is that the impact will last longer than many think. In addition, Cheniere recently provided a positive update on the most important part of the stock's investment case.
The company recently told investors about "the substantial completion of Train 6 of the Corpus Christi Liquefaction (CCL) Stage 3 Project in Texas." LNG trains are "trains" of independent equipment that take natural gas and convert it into LNG for export. The more trains, the more LNG export capacity.
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Cheniere plans seven additional mid-scale trains for CCL, adding more than 10 million tonnes per annum (mtpa) and raising CCL's capacity above 25 mtpa, as well as the overall company capacity to 55 mtpa. Another two trains (8 & 9) will add 5 mtpa by the end of 2028, and expansion projects at Sabine Pass (SBL) mean the company has "line of sight to potentially surpass 100 mtpa of LNG production capacity by the mid-2030s."
For reference, Qatar exported about 110 mtpa via the Strait in 2025.
Why it matters to investors Cheniere de-risks its expansion projects by signing long-term offtake agreements before making an investment decision, so one of the greatest risks in its business is the execution and timing of expansions. As such, the news that CCL is on track is excellent.
Image source: Getty Images.
Moreover, thinking longer-term, a reopening of the Strait will obviously ease concerns about LNG supply. Still, it will take years for Qatar to fully restore the 17% of its capacity damaged by attacks. In addition, energy companies usually sign long-term LNG supply contracts, and they might not be as willing to do so with Qatar/UAE now, given the ongoing instability in the region and Iran's demonstrated ability and willingness to close the Strait. And there's the question of insurers charging extra premiums for shipping through the Strait.
As such, even if a ceasefire holds and the Strait is permanently reopened, the threat of future disruption may still confer a competitive advantage on Cheniere. It may also negatively affect Qatar's financial viability in pursuing its own expansion plans.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cheniere Energy. The Motley Fool has a disclosure policy.
Akcie Cheniere Energy klesly o 23 %, protože slábnou ceny spotového plynu a vyprchaly mimořádné zisky z íránského konfliktu. Přesto zůstává evropská závislost na americkém LNG téměř na 60 %.
The outbreak of hostilities between the U.S. and Iran at the end of February sent energy markets into turmoil. When the Strait of Hormuz was temporarily closed, traders suddenly faced the prospect of a major disruption to global oil supplies. Brent crude briefly surged above $100 per barrel as did U.S. benchmark West Texas Intermediate (WTI) crude.
Those fears have eased as ceasefire negotiations and ongoing diplomatic talks reduced the risk of a prolonged conflict. Brent has since retreated to roughly $77 per barrel while WTI has fallen to around $73. Yet one corner of the energy market may still be benefiting from the aftershocks: U.S. liquefied natural gas exporters.
Europe Is Now Dependent on American LNG Oil grabbed the headlines during the Iran conflict, but natural gas may prove to be the more important long-term story.
According to data from Columbia University’s Center on Global Energy Policy, U.S. LNG accounted for roughly 64% of Europe’s imported LNG supplies during the height of the Iran crisis and Strait of Hormuz disruption. Even today, that figure remains just below 60%.
The shift did not happen overnight. Europe was already replacing Russian gas supplies following sanctions tied to Russia’s invasion of Ukraine. The Middle East conflict only accelerated that trend.
The Center’s data also shows the U.S. has become Europe’s second-largest overall gas supplier behind Norway. That dependence has created a powerful structural tailwind for exporters such as Cheniere Energy (NYSE:LNG | LNG Price Prediction), the largest U.S. LNG exporter.
Yet investors would never know it from the stock chart. By the end of March, shares of Cheniere had peaked alongside global gas prices. Since then, Cheniere has fallen 23%, while Venture Global (NYSE:VG) has declined 42%.
Why Investors Turned Bearish First, U.S. LNG exporters face a capacity problem. America has abundant natural gas reserves but lacks enough liquefaction facilities to export substantially more fuel than it already does. Most major export terminals are operating near full capacity. That means companies cannot dramatically increase volumes even when international prices spike.
Meanwhile, domestic production remains elevated. Combined with mild weather, U.S. storage inventories have risen above historical averages, keeping domestic natural gas prices under pressure.
Investors also recognized that some of the extraordinary profits generated during the Iran conflict were unlikely to be repeated. Companies such as Venture Global benefited from selling uncontracted cargoes into the spot market when prices surged. As global gas prices normalized, those windfall revenues disappeared.
That shift is especially concerning for heavily leveraged exporters whose balance sheets looked stronger when spot prices were setting records.
Winter Could Change the Narrative Surprisingly, the strongest catalyst for Cheniere may not be another geopolitical crisis. It could simply be winter.
Europe entered 2026 with natural gas storage levels near five-year lows. Industry estimates suggest inventories were roughly 140 LNG cargoes below normal safety levels after spring supply disruptions. That leaves European utilities vulnerable if temperatures fall below seasonal norms.
For Cheniere, a winter-driven demand surge would look very different from the speculative rally fueled by the Iran conflict. Instead of relying on volatile spot prices, the company would benefit from maximum utilization of its long-term contracted export capacity and stronger cash collections. That is because stable cash flow tends to support valuations more effectively than short-lived commodity spikes.
Wall Street appears to agree. Analysts continue to maintain a consensus Buy rating on Cheniere, with average price targets near $303 per share, implying 31% upside.
Key Takeaway In short, Cheniere Energy’s 23% decline reflects concerns about export capacity limits, lower spot gas prices, and fading Iran-war profits. Those concerns are real.
Yet Europe’s dependence on American LNG remains intact. U.S. suppliers still account for nearly 60% of Europe’s LNG import.. With European storage levels entering winter near multi-year lows and Qatar’s damaged export infrastructure unlikely to be fully restored anytime soon, demand for Gulf Coast LNG remains firmly in place.
Ultimately, Cheniere doesn’t need another Middle East crisis to recover. It simply needs a cold European winter and continued demand for American gas. For patient investors, that may be enough.
Canada Nickel jmenovala SB1 Markets exkluzivním poradcem pro zajištění dluhového financování až do výše 600 milionů USD. Peníze mají pomoci zpeněžit investiční daňové kredity z projektu Crawford.
, /PRNewswire/ - Canada Nickel Company Inc. ("Canada Nickel" or the "Company") (TSXV: CNC) (OTCQX: CNIKF) has appointed SB1 Markets AS ("SB1 Markets") as exclusive advisor to arrange debt financing of up to US$600 million. The facility would allow the Company to monetize Investment Tax Credits expected to be generated by the construction of its Crawford Nickel Project. The Company expects the financing to be arranged by the end of 2026, in advance of a final investment decision on Crawford targeted for 2027. There can be no assurance that the proposed financing will be completed, and, if completed, the terms of such financing would be included in a subsequent release.
Mark Selby, CEO and Director of Canada Nickel Company said, "We are very pleased to work with SB1 Markets, a global leader with deep experience and a highly successful track record in providing debt financing for natural resource projects. With a final permitting decision expected shortly, we can now move more aggressively on key components of our project financing as we advance towards a final investment decision. This bridge financing is central to Crawford's overall capital structure; it allows us to deploy Canada's generous investment tax credits available for critical mineral projects in Canada to fund more than half of the equity capital we need to build Crawford."
About SB1 Markets
SB1 Markets AS is a leading Nordic investment bank, jointly owned by SpareBank 1 and Swedbank and providing investment banking services across DCM, ECM, advisory, research, sales, corporate access, and FICC. The firm is headquartered in Norway and Sweden with around 270 professionals. SB1 Markets has arranged transactions for a total value of approximately USD 70bn over the last twelve months and financing natural resource companies and projects is a core part of the company's business.
About Canada Nickel
Canada Nickel is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM and NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.
For further information, please contact:
Mark Selby
CEO
Phone: 647-256-1954
Email: [email protected]
This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes the ability of the Company to qualify for critical minerals tax credits, complete the financing described in this release and otherwise finance and construct the Crawford Nickel Project, deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the ability to obtain the approval of the TSX Venture Exchange for the matters described herein; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Berkshire Hathaway v 1. čtvrtletí výrazně přikoupila Delta Air Lines, Lennar a Alphabet. Největší sázka byla na Delta a Alphabet, zatímco Lennar nakupovala v době slabšího trhu.
Berkshire Hathaway’s Q1 2026 13F filing, dated May 15, 2026, covering positions held as of March 31, 2026, offers the cleanest read yet on how Greg Abel is steering Berkshire’s $300+ billion equity book. The early-summer ritual of dissecting those moves has investors hunting for signals on where the most patient institutional capital sees value. Three names stood out for the size and conviction of the buying. 13F snapshots are point-in-time and may not reflect current holdings, but the message is clear: Berkshire is leaning into beaten-down cyclicals and one mega-cap AI compounder.
Delta Air Lines Delta Air Lines (NYSE:DAL | DAL Price Prediction) is the headline grabber. Berkshire exited every airline during COVID, and Abel’s team just reversed course with a brand-new position of 39,809,456 shares worth roughly $2.65 billion. That is a deliberate, high-conviction re-entry.
The fundamentals back the call. Delta’s Q1 FY26 earnings report delivered adjusted EPS of $0.64, up 44% year over year, on revenue of $14.20 billion (+9%) with free cash flow of $1.227 billion. premium ticket revenue rose 14%, loyalty revenue rose 13%, and the American Express remuneration crossed $2.00 billion (+10%). Diversified high-margin revenue now accounts for 62% of total adjusted revenue. CEO Ed Bastian guided the June quarter to “$1 billion of profit” with EPS of $1.00 to $1.50, and the full-year framework calls for EPS of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion.
The market is validating the thesis. Delta is up 23% since the 13F filing date and 26% year to date, with shares at $89.05 against a $58.23 billion market cap. Sentiment is leaning the same way, with a composite sentiment score of 62.03 (bullish, medium confidence).
Risk: Fuel is the swing variable. Adjusted fuel expense rose 8% to $2.59 billion last quarter, and management flagged a projected $2 billion-plus year-over-year fuel cost increase in the June quarter, which keeps a downward bias on capacity until that improves.
Lennar Lennar (NYSE:LEN) saw a 43% increase in shares held. The buy ran straight into a soft quarter, exactly the kind of dislocation Berkshire historically rewards.
Lennar’s Q2 FY26 results, filed June 11, 2026, showed EPS of $1.24 (down from $1.81) on revenue of $7.94 billion (down from $8.38 billion), with gross margin on home sales compressing to 16% from 18% and average sales price down 5% to $371,000. Operationally: construction cycle time fell to a record-low 121 days from 132, construction costs improved 2% sequentially, and Lennar runs an asset-light strategy with less than 5% of land on the balance sheet. The company also repurchased 5 million shares for $447 million at an average $89.35 during Q2, near current levels.
CEO Stuart Miller framed the setup bluntly: “The fundamental shortage of housing in America has not been solved. Demand is real, deferred, and building.” The gap between current 13% incentive levels and a normalized 4% to 6% is narrowing for the first time in three years, which is the leading indicator that matters.
Shares trade at $92.72 with a $19.96 billion market cap, down 14% year to date and down 20% over one year. That weakness is precisely what Berkshire was buying.
Risk: Mortgage rates remain elevated, net homebuilding debt jumped to $1.98 billion from $643 million at the end of Q4 2025, and buyer incentives at 13% are still doing heavy lifting. Margins need that incentive number to compress.
Alphabet Alphabet (NASDAQ:GOOGL) was the most aggressive add of the quarter, with Berkshire growing the Class A position by 204% and initiating a brand-new Class C (GOOG) stake. That is a portfolio-level statement on AI infrastructure.
The Q1 FY26 numbers explain the conviction. Alphabet delivered EPS of $5.11 versus $2.63 consensus on revenue of $109.90 billion (+22%), with operating income of $39.70 billion (+30%) and a 36% operating margin. Google Cloud put up $20.03 billion in revenue (+63%) with backlog nearly doubling quarter over quarter to more than $460 billion. Consumer AI is monetizing: 350 million paid subscriptions, Gemini Enterprise paid MAU growth of 40% QoQ, and Waymo running more than 500,000 fully autonomous rides per week. Sundar Pichai’s framing: “2026 is off to a terrific start. Our AI investments and full stack approach are lighting up every part of the business.”
Valuation is the rare part. Alphabet trades at a P/E of 15 with 36% ROE and a 33% net margin. The stock at $350.12 is down 13% since the 13F filing despite being up 110% over one year. Analyst consensus is 89% bullish with a $432.83 target, and the base-case model points to $437.05 over twelve months, implying 25% upside.
Risk: CapEx is the swing factor. Q1 CapEx hit $35.67 billion (+107%), free cash flow fell 47% to $10.1 billion, and full-year CapEx guidance sits at $175 billion to $185 billion. The ROI clock on those AI build-outs is now ticking in plain view.
What to watch Three different theses, one common thread: Abel is buying earnings power where current sentiment underprices it. The next 13F, due August, will show whether these were starter positions or down payments.
Thomson Reuters varuje, že špatná implementace AI ohrožuje v USA až 143 miliard USD tržeb klientů. Třetina právníků, účetních a pracovníků compliance navíc používá neschválenou AI.
New research warns of $143 billion in revenue at risk in the U.S. alone, as clients expect AI-driven value from providers Companies at risk of losing 24% of talent within two years if their firms fail to deliver on AI At the same time, one third of lawyers, accountants and compliance professionals are using unsanctioned AI, creating invisible risks organizations cannot monitor or control , /PRNewswire/ -- Thomson Reuters (Nasdaq/TSX:TRI), a global content and technology company, today released its 2026 Future of Professionals report which warns of the financial cost of failing to effectively implement AI across the legal, tax and audit and risk professions. The findings, based on a global survey of 1,800 professionals, show a widening gap between AI ambition and reality, one that is now carrying material consequences with up to $143 billion in client revenue at risk in the U.S. alone* and talent considering leaving.
"We're seeing a clear divide emerge," said Steve Hasker, President and CEO of Thomson Reuters. "Firms that are operationalizing AI are pulling ahead. Those that aren't are starting to take on real risk, across talent, clients, and financial performance. Closing that execution gap is now a business imperative for professional firms."
AI adoption is not the issue. 74% of professionals are already using AI tools every week, but organizations are struggling to translate that usage into real value. In fact, 91% of professionals believe their organizations are falling short of what AI can deliver, leading to unintended consequences such as one-third of lawyers, accountants, and compliance professionals saying they turn to unsanctioned tools, creating invisible, unmanaged risk.
Even where an AI strategy exists, execution is lagging: 35% say ambitions are not reflected in their day-to-day work, and nearly one in five say their organization still lacks a clear strategy. This gap between promise and reality is beginning to affect talent, with one in four professionals saying they would consider leaving within two years if they don't see the value they expect. Clients are reaching the same conclusion: 78% now see AI-enabled quality improvements as essential, yet just 6% believe most providers are delivering. As a result, nearly a third are preparing to reassess those provider relationships within the next 12 months.
These pressures are building faster than many leaders recognize, and are showing up in three interconnected areas:
Shadow AI is creating risk exposure
A third of lawyers, accountants and compliance professionals are using AI their organization has not approved, rising to 41% among those who say their organization is moving too slowly on AI. 96% say their AI must safeguard confidential data, 94% require verified authoritative content, and 90% need outputs they can explain and defend. Yet 41% lack access to professional-grade tools that meet these standards. Talent is leaving
One in four professionals (24%) who are experiencing a gap between what AI technology is capable of, and what their organization is delivering are considering leaving within two years; and 13% within 12 months. Yet almost half of senior leaders believe meaningful talent pressure is still at least three years away. 62% say access to professional-grade AI would be a factor in accepting a new role. Among those already using it, nearly one in three would turn a role down without it. Clients are not waiting
78% of corporate clients now consider AI-enabled quality improvements very important or essential, yet just 6% say most of their providers deliver it. Within 12 months, 32% will be reconsidering provider relationships, with a third putting more than $1 million in annual work at risk, amounting to a combined ~$143 billion in U.S. legal and accounting revenue under active reconsideration based on AI delivery. "Not all AI is created equal. In professions where there is real liability, the standard has to be much higher," said Steve Hasker, President and CEO of Thomson Reuters. "When outputs shape legal judgments, regulatory filings, or client advice, 'almost right' isn't good enough. That's why we build what we call Fiduciary‑Grade AI, technology professionals can verify, trust, and ultimately stand behind."
Read the full Future of Professionals report 2026 here.
The technology is ready. The gap is in execution, and the benchmark is now accountability. Thomson Reuters defines this as Fiduciary-Grade™ AI, built on authoritative, domain‑specific content; rigorous privacy and security; subject-matter expertise; outputs that are transparent and verifiable; and access to real-time human support.
About Thomson Reuters
Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit thomsonreuters.com.
About the Future of Professionals Report 2026
Now in its fourth year, the Thomson Reuters Future of Professionals Report is an annual study of how technology is reshaping professional work. The findings in the 2026 report are based on a global survey of 1,816 professionals across law, tax, audit, accounting, compliance, risk, and global trade, conducted in March - April 2026. Respondents span private practice firms as well as in-house corporate and government departments across 62 countries. For more information visit http://www.thomsonreuters.com/en/institute/future-of-professionals-2026/report.
Notes to Editors
* According to Future of Professionals data, within 12 months, 32% of corporate clients will be reconsidering their professional service provider relationships, with a third saying this will put more than $1 million in annual work at risk. Applied to the U.S. legal and CPA markets, this puts a combined ~$143 billion in client revenue in active reconsideration.
Media Contact
Samina Ansari, Corporate Communications
[email protected]
Aehr Test Systems získala novou následnou objednávku na jeden systém FOX-XP od globálního lídra v síťových řešeních. Akcie po zprávě vyskočily asi o 7 %.
The now mid-cap semiconductor industry stock Aehr Test Systems NASDAQ: AEHR has continued to trudge higher and higher in 2026. On the year, shares of this semiconductor testing equipment company are up more than 400%. This has allowed the company’s market capitalization to soar from around $600 million at the beginning of 2026 to around $3.5 billion.
Aehr Test Systems Today
AEHR
Aehr Test Systems
$96.80 -5.59 (-5.46%)
As of 12:08 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$11.61▼
$126.62Price Target$68.00
The company’s frequent order announcements have been crucial to the stock’s rise, while general semiconductor strength has also helped. Notably, Aehr just received its latest boost from the combination of these two factors, adding more fuel to the fire after two months without announcing new orders.
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Despite these positive business developments, Aehr’s current financials show a drastic divergence from its valuation. With this, the question going forward is whether this stock has gotten ahead of its skis.
Aehr Announces Follow-On Order From Optical CustomerIn mid-April, Aehr said it had received a record $41 million follow-on production order from its lead hyperscale customer. This order related to the company’s package-level burn-in Sonoma systems. In semiconductor manufacturing, many chips are built on one large wafer. They are then individually cut from that wafer and placed into protective packaging. This is the stage at which Sonoma tests chips.
After being relatively silent on orders for two months, the company made its newest announcement in mid-June. According to Aehr, the company “received a follow-on production order for a fully automated FOX-XP wafer-level burn-in system.”
FOX-XP performs tests at the earlier wafer level stage, putting the entire wafer under stressful conditions to check for flaws. This distinction is important to understand because orders of both Sonoma and FOX-XP show that Aehr is finding customers at multiple stages of the manufacturing process.
Aehr added that this FOX-XP order came from a “global leader in networking products and solutions and a major supplier to the data center optical transceiver market.” This is interesting because optical transceivers are seeing a surge in demand.
Optical transceivers enable high-speed data transfer over long distances, which is increasingly important as data centers expand and process more information. Recent estimates say that optical transceiver sales rose by 70% year-over-year to $18 billion. By gaining customers here, Aehr could benefit from the high growth rates in this space.
Aehr: Small New Order, High ValuationDespite these positives, it is worth noting that the order is not large by any means. It is only for one FOX-XP system, or essentially the smallest order the firm could have announced. However, Aehr also said the customer provided a “forecast for additional systems this calendar year as it ramps capacity to support next generation hyperscale data center deployments.”
Another positive was Aehr noting that over 25 total customers have deployed FOX-XP thus far. This indicates a solid level of diversification among its customer base, although the actual breakdown in sales between them is unknown. On the day of this news, Aehr's stock rose by about 7%. Semiconductor strength also added to the rally, with the iShares Semiconductor ETF NASDAQ: SOXX rising about 1.4%.
Aehr Test Systems (AEHR) Price Chart for Wednesday, June, 24, 2026
As noted, Aehr has now surged to a market capitalization near $3.5 billion. Meanwhile, the company generated just $10.3 million in revenue last quarter. Over the next 12 months, analysts expect the firm to generate around $82 million in revenue. This implies a forward price-to-sales (P/S) ratio of around 43x. That figure is more than four times higher than its average forward P/S ratio of 10x over the past three years. Additionally, over the next 12 months, analysts expect Aehr to generate negative operating income.
This comes as, despite the company announcing many orders, its sales and profitability metrics have yet to improve. Notably, revenue dropped 44% year over year (YOY) in its latest quarter. Meanwhile, its adjusted earnings per share dropped from 7 cents to -5 cents. On the other hand, its backlog hit a record $50.9 million, which came prior to its record $41 million follow-on order in April. While Aehr’s financials are being strained today, these figures point to significant improvements going forward.
Aehr: Investors Wait for Financials to Catch Up to ValuationAehr’s valuation creates real room for concern. Still, the company is undeniably generating strong interest for its products, and it is fully possible that more order announcements are on the way. These factors reiterate the high-risk-high-reward setup for Aehr stock.
Ultimately, seeing orders translate into actual sales and earnings improvements will be key going forward. The company will have another opportunity to demonstrate this in its next earnings report, which, based on its past releases, should take place in July.
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Key Takeaways Lincoln National is benefiting from growth in spread-based annuities and stronger Life Insurance sales.LNC's annuity sales rose 4% YoY to $3.9B, with spread-based products making up nearly two-thirds.LNC expects its RBC ratio to stay above 420%, supporting growth while maintaining strength. Lincoln National Corporation (LNC - Free Report) is strategically positioned for growth, supported by its ongoing business transformation, driven by growth in spread-based annuity products, improving momentum in Life Insurance and Group Protection, disciplined expense management and a strengthened capital position that supports sustainable earnings growth.
With a market capitalization of $7.2 billion, Lincoln National is a diversified life insurance and investment management company that provides a wide range of wealth accumulation, wealth protection, group protection and retirement products and solutions. The company operates multiple insurance businesses through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. LNC stock has risen 13.7% over the past year compared with the industry’s average gain of 16.4%.
Courtesy of solid prospects, LNC currently carries a Zacks Rank #3 (Hold).
Where Do Estimates for LNC Stand?The Zacks Consensus Estimate for Lincoln National’s 2026 earnings is pegged at $7.72 per share. In the past 30 days, it has witnessed two upward estimate revisions against one in the opposite direction. Furthermore, the consensus mark for revenues is pegged at $19.5 billion for 2026, indicating a 2.2% year-over-year rise. It beat earnings estimates in each of the past four quarters, with an average surprise of 13.8%.
LNC Stock’s Growth DriversLincoln National continues to benefit from the transformation of its annuity franchise toward products that generate steadier earnings and require less capital. The company has been emphasizing spread-based offerings such as fixed indexed annuities and RILAs while reducing exposure to more market-sensitive business. This shift is helping improve the quality of earnings and supporting long-term cash flow generation. In the first quarter of 2026, annuity sales rose 4% year over year to $3.9 billion, with spread-based products accounting for nearly two-thirds of total sales.
The Life Insurance segment is emerging as another key growth driver. LNC has repositioned the business toward accumulation-focused products, executive benefits solutions and offerings with more predictable profitability characteristics. These product lines are expected to support sales growth while enhancing profitability and capital efficiency. Total life insurance sales climbed 33% year over year to $129 million in the first quarter of 2026.
LNC continues to expand its Group Protection franchise through targeted market strategies, supplemental health offerings and enhanced digital tools for employers and brokers. These efforts helped drive a 10.9% increase in operating income to $112 million in the first quarter of 2026.
Lincoln National is also investing heavily in technology modernization and operational efficiency initiatives across its businesses. The company is expanding digital capabilities, automating processes and enhancing self-service tools to improve customer and distributor experiences while creating operating leverage. These initiatives are supporting growth in Retirement Plan Services.
In addition, LNC remains focused on disciplined capital management, free cash flow generation and balance sheet strength. As of March 31, 2026, holding company available liquidity rose to $805 million (net of prefunding) from $655 million at the 2025-end. Lincoln National expects its RBC ratio to remain above the 420% target, reflecting solid capitalization to fund growth initiatives while maintaining financial strength.
Key ConcernLincoln National has relatively higher financial leverage compared to the industry, with a total debt-to-capital of around 38.4%, significantly above the industry average of 15.2%. This elevated leverage may increase financial risk, particularly amid volatile market conditions.
LNC is currently trading at 0.78X trailing 12-month price-to-book, below its three-year median of 0.79X and the industry average of 2.17X, reflecting lingering investor skepticism.
Key PicksSome better-ranked stocks in the broader finance space are Alerus Financial Corporation (ALRS - Free Report) , Pelagos Insurance Capital Ltd. (PLGO - Free Report) and Cboe Global Markets, Inc. (CBOE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Alerus Financial’s current-year earnings of $2.95 per share has witnessed two upward revisions in the past 60 days against none in the opposite direction. ALRS’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.8%. The consensus estimate for current-year revenues is pegged at $306.2 million, suggesting a 3.8% year-over-year jump.
The consensus estimate for Pelagos Insurance Capital’s current-year earnings is pegged at $3.78 per share, which signals 96.9% year-over-year growth. Its earnings beat estimates in three of the trailing four quarters and missed once, with the average surprise being 53.6%. The consensus mark for PLGO’s current-year revenues of $2.8 billion implies 11.4% year-over-year growth.
The consensus estimate for Cboe Global Markets’ current-year earnings is pegged at $13.34 per share, which has witnessed two upward revisions in the past 30 days against none in the opposite direction. Its earnings beat estimates in each of the trailing four quarters, with the average surprise being 5.4%. The consensus estimate for CBOE’s current-year revenues is pegged at $2.8 billion, which implies a 13.1% year-over-year rise.
Manchester United získal většinu pozemků pro plánovaný stadion pro 100 000 diváků, což podle Jefferies výrazně snižuje riziko projektu. Klub koupil 25akrový pozemek od Indurent.
Manchester United Plc (NYSE:MANU)'s acquisition of land for its planned new 100,000-seat stadium represents a significant de-risking milestone for the project, removing what Jefferies described as the main outstanding hurdle around land assembly and improving visibility on the club’s long-term redevelopment plans.
The club said it has secured the majority of land required for the proposed stadium adjacent to Old Trafford through the purchase of a 25-acre site from Indurent, a Blackstone-owned industrial property company.
The site is located about 350 meters northwest of the current ground and forms part of a wider 370-acre regeneration scheme being developed alongside Trafford Council and the Old Trafford Regeneration Mayoral Development Corporation (OTRMDC).
The broader development is expected to include approximately 15,000 new homes, around 48,000 jobs, and more than £7 billion in annual economic impact for the UK economy. Further details on the project, including consultation timing and an updated masterplan, are expected from the OTRMDC on July 9.
Jefferies believes that the land deal removes a key overhang previously identified in the project and clears the path toward design finalization, cost estimation and a more defined construction timeline.
The firm also pointed to continued operational momentum under the INEOS-led transformation, alongside improving financial performance and recent commercial activity.
Manchester United recently reported stronger third-quarter results, raised its fiscal 2026 guidance, and secured qualification for the 2026–27 UEFA Champions League season. The club has also added several commercial partnerships in recent months, including deals with Snapdragon, Coca-Cola, Sokin, Parimatch and Elevate Hospitality, and completed a $550 million refinancing to extend debt maturities.
The proposed stadium would increase capacity to 100,000 seats from roughly 74,000 at Old Trafford, expanding matchday and premium hospitality potential, Jefferies highlighted.
However, it noted that key uncertainties remain around funding structure, total project cost and construction timeline as planning progresses.
Manchester United’s US-listed shares traded down 1.5% at about $22 on Monday afternoon, up about 38% so far this year.
UWMC vyzvalo akcionáře Two Harbors, aby na schůzi hlasovali proti fúzi s CrossCountry Mortgage. Tvrdí, že jeho nabídka je vyšší a zahrnuje až 12,50 USD za akcii v hotovosti.
UWM Holdings Corporation (“UWMC” or the “Company”) (NYSE: UWMC), today reaffirmed its commitment to acquire Two Harbors Investment Corp. (“Two Harbors” or “TWO”) (NYSE: TWO) and issued a statement regarding the upcoming special meeting on June 23 to vote on TWO’s proposed merger with CrossCountry Mortgage, LLC ("CrossCountry" or "CCM"), following the third adjournment.
UWMC issued the following statement:
“TWO stockholders have sent a clear message over and over again: they do not support the inferior CCM transaction or the TWO Board’s repeated adjournments – and we urge them to continue to reject CCM’s inferior proposal. It’s high time that the TWO Board respect the will of their stockholders.
“In stark contrast, UWMC’s proposal offers both higher value and stockholder choice through stock consideration or an election to receive $12.50 per share in cash with full financing. That optionality is a clear benefit to stockholders, not a flaw. UWMC remains committed to its superior proposal, to reaching a transaction that is best for UWMC and for TWO stockholders, to delivering a superior offer and finalizing an agreement quickly if the TWO Board will finally do the right thing and engage in good faith.
“Stockholders should not be forced into the inferior CCM deal because TWO’s management thinks it is better for them personally. It is ironic that the TWO Board bemoans the decline of its stock price, when they have a path to maximizing value for all TWO stockholders: true engagement with UWMC. TWO stockholders should continue to vote AGAINST the CCM merger and demand that the TWO Board engage with UWMC in an open, unrestricted and good-faith manner.”
TWO stockholders should remember:
UWMC’s proposal provides higher value. UWMC’s proposal provides stockholders the option to elect $12.50 per share in cash, compared to CCM’s “best and final” $12.00 per share agreement. UWMC’s proposal provides stockholder choice. TWO stockholders can receive 2.3328 shares of UWMC stock at closing per share of TWO, preserving potential upside in the combined company. The TWO Board has categorically ruled out any formulation that includes stock, removing this optionality for stockholders. UWMC remains ready for true, good-faith engagement. TWO’s short-lived attempt at engagement was a smokescreen, given the arbitrary deadlines, restricted participation, and harsh preconditions that limited constructive discussion. UWMC is prepared to continue discussing terms, including alternatives around the default election mechanism and other adjustments to the merger consideration, if TWO will finally conduct open negotiations. Independent proxy advisors have universally recommended AGAINST the CCM transaction. ISS, Glass Lewis and Egan-Jones have all recommended that TWO stockholders vote AGAINST the CCM transaction, citing concerns with the TWO Board’s process and the availability of UWMC’s superior offer. Voting AGAINST the CCM transaction is the only way to maintain a path to maximum value. Without full engagement with UWMC, TWO stockholders can never be certain that their Board has delivered maximum value for their holdings. Keeping pressure on the Board by voting AGAINSTthe inferior CCM transaction is the only path to asserting stockholders’ rights. VOTE AGAINST THE PROPOSED CCM MERGER ON THE BLUE PROXY CARD TODAY!
UWMC encourages all TWO stockholders toVOTE AGAINST Two Harbors’ CCM Merger Proposal, AGAINST the Non-Binding Compensation Advisory Proposal and AGAINST the Adjournment Proposal according to the instructions on UWMC’s BLUE Proxy Card today to preserve the opportunity to achieve greater value by engaging with UWMC’s superior proposal.
If you have any questions or require assistance with voting your shares, please contact our proxy solicitor, Okapi Partners, by calling (844) 343-2621 (Toll Free for stockholders) or (212) 297-0720 (for Banks and Brokers), or by email at [email protected].
IT IS NOT TOO LATE TO CHANGE YOUR VOTE.
ONLY YOUR LAST SUBMITTED AND RECEIVED VOTE WILL COUNT AT THE MEETING.
YOUR VOTE IS IMPORTANT, NO MATTER HOW MANY SHARES YOU OWN!
About UWM Holdings Corporation and United Wholesale Mortgage
Headquartered in Pontiac, Michigan, UWM Holdings Corporation (UWMC) is the publicly traded indirect parent of United Wholesale Mortgage, LLC (“UWM”). UWM is the nation’s largest home mortgage lender, despite exclusively originating mortgage loans through the wholesale channel. UWM has been the largest wholesale mortgage lender for 11 consecutive years and is also the largest purchase lender in the nation. With a culture of continuous innovation of technology and enhanced client experience, UWM leads the market by building upon its proprietary and exclusively licensed technology platforms, superior service and focused partnership with the independent mortgage broker community. UWM originates primarily conforming and government loans across all 50 states and the District of Columbia. For more information, visit uwm.com or call 800-981-8898. NMLS #3038.
This communication includes forward-looking statements. These forward-looking statements are generally identified using words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict” and similar words indicating that these reflect our views with respect to future events. Forward-looking statements in this communication include statements regarding our expectations and beliefs related to (i) the timing of the completion of any proposed transaction; (ii) the ability of the parties to complete any proposed transaction; and (iii) the benefits of a proposed transaction. These statements are based on management’s current expectations, but are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to materially differ from those stated or implied in the forward-looking statements, including: (i) that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein; (ii) the ability of the parties to satisfy the conditions to any proposed transaction, including obtaining stockholder approval and regulatory approval, on a timely basis or at all; (iii) the ability to obtain synergies and benefits of any proposed transaction; (iv) UWM’s ability to successfully implement strategic decisions and product launches; (iv) UWM’s dependence on macroeconomic and U.S. residential real estate market conditions, including changes in U.S. monetary policies, more specifically caused by the Presidential Administration that affect interest rates and inflation; (vi) UWM’s reliance on its warehouse and MSR facilities and the risk of a decrease in the value of the collateral underlying certain of its facilities causing an unanticipated margin call; (vii) UWM’s ability to sell loans in the secondary market; (viii) UWM’s dependence on the government-sponsored entities such as Fannie Mae and Freddie Mac; (ix) changes in the GSEs, FHA, USDA and VA guidelines or GSE and Ginnie Mae guarantees; (x) our ability to consummate the merger with Two Harbors and achieve the anticipated benefits; (xi) our ability to comply with all rules and regulations in connection with the launch of our internal servicing and the new risks that may be presented as a result of the transition; (xii) UWM’s dependence on Independent Mortgage Advisors to originate mortgage loans; (xiii) the risk that an increase in the value of the MBS UWM sells in forward markets to hedge its pipeline may result in an unanticipated margin call; (xiv) UWM’s inability to continue to grow, or to effectively manage the growth of its loan origination volume; (xv) UWM’s ability to continue to attract and retain its broker relationships; (xvi) UWM’s ability to implement technological innovation, such as AI in our operations; (xvii) the occurrence of a data breach or other failure of UWM’s cybersecurity or information security systems; (xviii) reliance on third-party software and services; the occurrence of data breaches or other cybersecurity failures at our third-party sub-servicers or other third-party vendors; (xix) UWM’s ability to continue to comply with the complex state and federal laws, regulations or practices applicable to mortgage loan origination and servicing in general; and (xx) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission (the “SEC”) including those under “Risk Factors” therein. We wish to caution readers that certain important factors may have affected and could in the future affect our results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of us. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information
This communication relates to a proposal that UWMC has made to the Two Harbors Board for a business combination transaction with Two Harbors. In furtherance of this proposal and subject to future developments, UWMC filed a definitive proxy statement on Schedule 14A on May 14, 2026 (the “Proxy Statement”) with the SEC in order to solicit proxies against the Proposed CCM Merger and other proposals to be voted on by TWO stockholders at the special meeting of TWO stockholders to be held to approve the Proposed CCM Merger. UWMC may file amendments or supplements to the Proxy Statement and one or more registration statements, proxy statements, tender or exchange offers or other documents with the SEC. This communication is not a substitute for any proxy statement, registration statement, tender or exchange offer document, prospectus or other document UWMC and/or Two Harbors may file with the SEC in connection with a proposed transaction.
INVESTORS AND SECURITYHOLDERS OF UWMC AND TWO HARBORS ARE URGED TO READ THE PROXY STATEMENT, ANY ADDITIONAL MATERIALS UWMC MAY FILE WITH RESPECT TO THE BUSINESS COMBINATION TRANSACTION, INCLUDING ANY REGISTRATION STATEMENT, TENDER OR EXCHANGE OFFER DOCUMENT, PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS IF AND WHEN FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, WHEN THEY ARE AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT UWMC, TWO HARBORS, A PROPOSED TRANSACTION AND RELATED MATTERS. Investors and securityholders of UWMC and Two Harbors will be able to obtain copies of these documents if and when they become available, as well as other filings with the SEC that will be incorporated by reference into such documents, containing information about UWMC and Two Harbors, without charge, at the SEC’s website (http://www.sec.gov). Copies of the documents filed with the SEC by UWMC will be available free of charge under the SEC Filings heading of the Investor Relations section of UWMC’s website at https://investors.uwm.com.
Participants in the Solicitation
UWMC and its respective directors and executive officers and other members of management and employees may be deemed to be participants in any solicitation of proxies from Two Harbors stockholders in respect of a solicitation and proposed transaction under the rules of the SEC. Information regarding UWMC’s directors and executive officers is available in UWMC’s Annual Report on Form 10-K for the year ended December 31, 2025, and UWMC’s proxy statement, dated April 24, 2026, for its 2026 annual meeting of stockholders (the “UWMC 2026 Proxy”), which can be obtained free of charge through the website maintained by the SEC at http://www.sec.gov. Please refer to the sections captioned “Compensation Discussion and Analysis”, “Executive Compensation”, “Stock Ownership” and “Proposal 3 – Advisory Vote on Executive Officer Compensation” in the UWMC 2026 Proxy. Any changes in the holdings of UWMC’s securities by UWMC’s directors or executive officers from the amounts described in the UWMC 2026 Proxy have been reflected in Statements of Change in Ownership on Form 4 filed with the SEC subsequent to the filing date of the UWMC 2026 Proxy and are available at the SEC’s website at www.sec.gov.
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MCHP za tři měsíce vzrostl o 56,5 % díky silné poptávce po AI a datových centrech. Za čtvrtletí čeká tržby 1,442–1,469 mld. USD a non-GAAP EPS 67–71 centů.
Key Takeaways MCHP's shares gained 56.5% in three months, outpacing its industry and tech sector.AI demand is lifting MCHP, with Gen 4 and Gen 5 data-center products seeing strong sales growth.MCHP expects June-quarter sales of $1.442B-$1.469B and non-GAAP EPS of 67-71 cents. Shares of Microchip Technology (MCHP - Free Report) , which develops, manufactures and sells smart, connected and secure embedded control solutions, have performed impressively over the past three months, gaining 56.5%. Owing to this solid rally, shares of this tech company have surpassed the Zacks Semiconductor-Analog-and-Mixed industry's 50% growth and the Zacks Computer and Technology sector's 28% uptick.
MCHP's shares have outperformed those of fellow industry players Monolithic Power Systems (MPWR - Free Report) and Analog Devices (ADI - Free Report) . Shares of Monolithic Power Systems, as well as Analog Devices, despite lagging the Microchip stock, have gained in double digits (% wise) over the past three months.
3-Month Price ComparisonImage Source: Zacks Investment Research
MCHP’s shares have performed well over a longer time frame, too, surging more than 45% in a year. Over the past year, Monolithic Power Systems and Analog Devices’ shares have performed even better.
Given MCHP's impressive rally, investors might wonder if the opportunity to add this high-flying stock to their portfolio has passed. However, we believe MCHP has a lot going in its favor, and this rally is far from over. In fact, the stock holds substantial upside potential. MCHP currently has a Momentum Score of A. Technical indicators suggest continued strong performance for the shipping company. The stock trades above its 50-day moving average, signaling robust upward momentum and price stability. This technical strength underscores positive market sentiment and confidence in the tech company’s prospects.
50-Day Moving Average Data of MCHP Stock
Reasons for Staying Bullish on MCHP StockAI Boom Aids MCHP: Microchip Technology benefits from growing AI investments. The company’s Gen 4 and Gen 5 data center products are witnessing strong sales growth. MCHP’s new products are expected to gain traction with the launch of the industry's first 3-nanometer-based PCIe Gen 6 switch that powers modern AI infrastructure.
These switches offer double bandwidth, lower latency, advanced security and high-density AI connectivity for next-generation cloud and data center performance. The success of the restructuring plan also bodes well for MCHP’s prospects. The company also entered the PCIe retimer market in the June 2026 quarter as a companion device for Gen 6 switches and disclosed an OEM design win that displaced a competitor.
MCHP has expanded connectivity, storage and compute offerings for AI and data center applications, as well as intelligent power modules for AI at the edge. These factors are expected to drive top-line growth. MCHP’s dominance in 8, 16 and 32-bit PIC microcontrollers remains a major driver of top-line growth.
Momentum Builds Across End Markets: While releasing the fourth-quarter fiscal 2026 results last month, management pointed toward recovery across automotive, industrial, communication, data center, aerospace and defense, and consumer, with the aerospace and defense sector emerging as the strongest sales performer in the quarter. The company also highlighted improved customer relationships and many customers reengaged in purchases after working through excess inventory.
Management also stated that order activity strengthened meaningfully, with bookings for the March quarter significantly higher than those witnessed in the December quarter. The book-to-bill ratio for the March quarter was well above 1, resulting in a much higher backlog entering the June quarter compared with when the company entered the March quarter. Additionally, April was the largest booking month in almost four years.
Upbeat Outlook Bodes Well: In the June quarter (first-quarter fiscal 2027), management expects strong growth from the data center, aerospace and defense sector, industrial, and automotive end markets. All business units are anticipated to drive growth. For the June quarter, net sales are expected in the $1.442-$1.469 billion band. The company expects non-GAAP earnings of 67-71 cents per share, alongside a non-GAAP gross margin of 62.25-63.25% and a non-GAAP operating expense of 28.75-29.25%.
Impressive Earnings History: Microchip has outpaced the Zacks Consensus Estimate for earnings in each of the past four quarters. The average beat is 8.7%.
MCHP Still a Smart Buy for InvestorsMicrochip is well-positioned for continued success. Microchip’s growth outlook is impressive and supported by data center connectivity ramps, aerospace and defense demand, and operating leverage as utilization normalizes. The strong earnings history also bodes well for the company.
The consensus price target for MCHP stock is $115.67, implying an upside of more than 15% from current levels.
Image Source: Zacks Investment Research
With many positives driving the stock, MCHP presents a compelling investment opportunity now. This Zacks Rank #1 (Strong Buy) stock is an ideal candidate for addition to one's portfolio. You can see the complete list of today’s Zacks #1 Rank stocks here.
Dollar Tree zvýšila hrubou marži o 120 bazických bodů díky vyšším maržím zboží, levnější přepravě a nižším ztrátám. Firma ale očekává tlak na ziskovost kvůli vyšším cenám paliv a možnému růstu cel ve fiskálním roce 2026.
Key Takeaways Dollar Tree expanded gross margin 120 bps on higher merchandise margins, freight gains and lower shrink.Shrink reduction was the largest contributor to the quarterly gross margin beat.Dollar Tree expects higher fuel costs and potential tariff increases to pressure profitability in FY26. Dollar Tree, Inc. (DLTR - Free Report) delivered one of its strongest profitability performances in recent quarters, demonstrating the effectiveness of its ongoing operational and merchandising initiatives. Despite a challenging consumer environment and persistent tariff-related pressures, the company generated meaningful margin improvement through better execution across key areas of the business. Management highlighted progress in shrink reduction, merchandise optimization and cost controls, underscoring that many of the factors driving profitability are company-specific and within its control.
Margin performance stood out in the quarter. Gross margin expanded 120 basis points year over year, supported by higher merchandise margins, freight favorability and lower shrink. Adjusted operating margin also improved 110 basis points to 9.5%, reflecting stronger execution across controllable areas of the business. These gains came despite headwinds from higher tariffs and markdown activity, underscoring Dollar Tree’s ability to protect profitability through operational discipline.
A key contributor to the margin expansion was the company's progress in reducing shrink — an area management has aggressively targeted through its Gold Store standards, enhanced audits, improved training and product-protection initiatives. Executives indicated that shrink improvement was the single largest contributor to the quarterly gross margin beat. At the same time, inventory discipline has improved significantly, with inventory declining 9% year over year despite sales growth of 7.2%. Better inventory management, improved merchandise productivity and a more efficient supply chain are creating a stronger foundation for sustainable profitability.
The key question now is whether these gains can continue amid an uncertain tariff environment. Management remains cautiously optimistic, noting that operational improvements are largely within its control and should continue to support margins. However, the company expects higher fuel costs and potential tariff increases in the second half of fiscal 2026, which could create fresh pressure on profitability. Even so, Dollar Tree's ongoing shrink-reduction efforts, disciplined cost management and growing contribution from higher-margin multi-price merchandise position the retailer to offset at least part of these external headwinds. If execution remains strong, margin expansion could remain an important earnings driver despite the tariff uncertainty ahead.
DLTR’s Price Performance, Valuation & EstimatesShares of this Zacks Rank #2 (Buy) company have gained 7% in the past three months against the industry’s loss of 1.5%.
Image Source: Zacks Investment Research
From a valuation standpoint, DLTR trades at a forward price-to-earnings ratio of 15.69X compared with the industry’s average of 31.25X.
The Zacks Consensus Estimate for DLTR’s current fiscal-year sales and earnings implies year-over-year growth of 6.5% and 21.5%, respectively. For the next fiscal year, the consensus estimate indicates a 6.2% rise in sales and 10.2% growth in earnings. The company’s EPS estimate for both fiscal years has remained stable in the past seven days.
Other Key PicksRoss Stores (ROST - Free Report) , a leading U.S. off-price retailer operating Ross Dress for Less and dd's DISCOUNTS stores, sports a Zacks Rank #1 (Strong Buy) at present. ROST delivered a trailing four-quarter earnings surprise of 10.2%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for Ross Stores’ current fiscal-year sales and earnings suggests growth of 9.1% and 17.1%, respectively, from the year-ago figures.
Five Below, Inc. (FIVE - Free Report) , which operates as a specialty value retailer, currently flaunts a Zacks Rank #1. FIVE delivered a trailing four-quarter earnings surprise of 70.1%, on average.
The Zacks Consensus Estimate for Five Below’s current fiscal-year sales and earnings suggests growth of 14.7% and 31.7%, respectively, from the year-ago figures.
Tapestry, Inc. (TPR - Free Report) provides accessories and lifestyle brand products in North America, Greater China, the rest of Asia and internationally. At present, TPR sports a Zacks Rank of 1.
The Zacks Consensus Estimate for current fiscal-year sales and earnings implies growth of 13.8% and 36.3%, respectively, from the year-ago reported figures. TPR has delivered a trailing four-quarter earnings surprise of 15.6%, on average.
Key Takeaways AFG expects growth from new business, increased exposure and crop premiums. The insurer has achieved renewal rate increases for 35 consecutive quarters. AFG has raised dividends for 20 straight years, backed by strong underwriting results and capital management. American Financial Group, Inc. (AFG - Free Report) shares have gained 5.5% in the past year against the industry's decline of 1%.
AFG has outperformed its peers, Arch Capital Group Ltd. (ACGL - Free Report) , W.R. Berkley Corporation. (WRB - Free Report) and Kinsale Capital Group, Inc. (KNSL - Free Report) . While ACGL has gained 0.1%, WRB and KNSL have lost 9.1% and 35.4%, respectively, in the same time frame.
Image Source: Zacks Investment Research
American Financial has been trading above its 50-day simple moving average (SMA), signaling a short-term bullish trend. Its share price, as of June 18, 2026, was $132.90, down 12.9% from its 52-week high of $150.02. The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels. It is considered particularly important as this is the first marker of an uptrend or downtrend.
Image Source: Zacks Investment Research
With a market capitalization of $11.04 billion, the average volume of shares traded in the last three months was 0.5 million. AFG has a solid earnings surprise history. It beat estimates in three of the last four quarters and missed in one, the average being 7.25%.
AFG’s Growth Projection EncouragesThe Zacks Consensus Estimate for American Financial’s 2026 earnings per share indicates a year-over-year increase of 10.5%. The consensus estimate for revenues is pegged at $8.02 billion, implying a year-over-year improvement of 0.4%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 5.2% and 7.9%, respectively, from the corresponding 2026 estimates.
Average Target Price for AFG Suggests UpsideBased on short-term price targets offered by six analysts, the Zacks average price target is $142.83 per share. The average suggests a potential 7.47% upside from the last closing price.
Image Source: Zacks Investment Research
AFG’s Favorable Return on CapitalAmerican Financial’s return on equity has also been improving over the last few quarters, reflecting its efficiency in utilizing shareholders’ funds. The trailing 12 months ROE was 19.5%, which compared favorably with the industry average of 7.4%.
Factors Favoring AFGNew business opportunities, increased exposure and a good renewal rate environment, coupled with additional crop premiums from the Crop Risk Services acquisition, position AFG well for growth.
American Financial, a niche player in the P&C market, is likely to benefit from strategic acquisitions and improved pricing. Improved industry fundamentals drive overall growth.
American Financial witnessed average renewal pricing across the entire P&C Group. It intends to maintain satisfactory rates in P&C renewal pricing going forward. AFG has reported overall renewal rate increases for 35 consecutive quarters, and it is expected to achieve overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns. The property and casualty insurer expects to achieve overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.
Its combined ratio has been better than the industry average for more than two decades. Specialty niche focus, product line diversification and underwriting discipline should help AFG outperform the industry’s underwriting results.
Wealth DistributionAmerican Financial has increased its dividend for 20 straight years, apart from paying special dividends occasionally. This reflects its financial stability, which stems from robust operating profitability in the P&C segment, stellar investment performance and effective capital management.
Notably, the 10-year compound annual growth rate for the company's regular annual dividends is pinned at an impressive 12.4%. This track record underscores its prudent financial management and stability. The dividend yield is 2.6%, better than the industry average of 0.2%.
End NotesAmerican Financial’s prudent capital deployment, increased exposures, good renewal rate environment, and improved combined ratio make it an attractive stock. It intends to maintain satisfactory rates in P&C renewal pricing in the future.
American Financial also has a VGM Score of A. Stocks with a favorable VGM Score are those with the most attractive value, best growth, and most promising momentum compared with peers.
American Financial should benefit from strategic acquisitions, new business opportunities, and stronger underwriting profit. Coupled with the impressive dividend history, solid growth projections, and higher return on capital, the time appears right for potential investors to bet on this Zacks Rank #2 (Buy) insurer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Teleflex zahájil nábor do globální studie BIOMAG™‑III, která testuje resorbovatelný hořčíkový scaffold Freesolve™. Studie má zahrnout 1 859 pacientů na až 120 pracovištích po celém světě.
WAYNE, Pa.--(BUSINESS WIRE)--Teleflex Incorporated (NYSE: TFX), a leading global provider of medical technologies, today announced the beginning of enrollment in the BIOMAG™‑III Study (NCT07258290), a landmark global study evaluating the Freesolve™ Resorbable Magnesium Scaffold (RMS).
Dr. Itsik Ben-Dor, MedStar Health in Washington, D.C., is the first implanter in the United States (U.S.) in the IDE trial of Freesolve™ RMS. Designed as a pivotal trial to support future regulatory applications, the BIOMAG™‑III Study represents the most comprehensive planned clinical evaluation of Freesolve™ RMS to date.
Chairman of the steering committee of the BIOMAG™-III Study, Dr. Ron Waksmanǂ, Associate Director of Cardiology at MedStar Washington Hospital Center, stated: “I’m proud that the very first patient in the BIOMAG™-III IDE trial has been enrolled at MedStar Health. Contributing to this important international study is the first step towards potentially changing how we treat narrowed arteries, a very common condition we see in our clinics every day. Researching innovative therapies like Freesolve™ RMS is critical to advancing care for our patients.”
The BIOMAG™-III Study is a randomized controlled trial (RCT). The study will enroll 1,859 patients and compare Freesolve™ RMS to Xience™ Drug‑Eluting Stent (DES) with respect to Target Lesion Failure (TLF) ratea at 12 months. The study will include scaffold lengths up to 40mm. The BIOMAG™-III Study will be conducted at up to 120 sites worldwide, including up to 60 sites in the U.S., underlining Teleflex’s strong global commitment to advancing resorbable scaffold technology.
Furthermore, enrollment recently completed ahead of schedule for the BIOMAG™-II Study (NCT05540223). This study enrolled 1,861 patients across 20 countries in Europe and Asia Pacific. The BIOMAG™-II Study is a prospective, international, multi-center, RCT comparing Freesolve™ RMS with Xience™ DES with respect to TLF ratea at 12 months. Completion of enrollment marks a major milestone for the first large‑scale, head‑to‑head RCT evaluating Freesolve™ RMS against DES.
Additionally, Teleflex recently announced positive long-term data from the BIOMAG™-I First-In-Human (FIH) Study (NCT04157153), demonstrating 3.5% TLFb at four years and no new clinical events between two and four years for Freesolve™ RMS1.
“The BIOMAG™‑III Study represents an important milestone in the evolution of resorbable technologies,” said Dr. David E. Kandzariǂ, U.S. National Principal Investigator for the BIOMAG™-III Study, Chief, Piedmont Heart Institute, and Chief Scientific Officer, Piedmont Healthcare. “Freesolve™ RMS technology has shown positive outcomes in the BIOMAG™-I FIH trial, with a plateauing of clinical events after resorption. This has long been the vision of resorbable scaffolds.”
Freesolve™ RMS is engineered to resorb within 12 months2, potentially reducing long‑term events associated with permanent metallic implants. The BIOMAG™‑III Study aims to generate pivotal evidence required to bring this technology to physicians and patients.
“The BIOMAG™‑III Study is a pivotal trial designed not only to meet rigorous regulatory standards, but also to demonstrate the long‑term safety and efficacy of a fully resorbable magnesium scaffold for patients, physicians, and healthcare systems,” says Prof. Dr. Georg Nollert, Vice President Medical Affairs at Teleflex. “We believe Freesolve™ RMS has the potential to reshape the coronary intervention landscape, and the BIOMAG™‑III Study could be the catalyst to drive that.”
About Teleflex Incorporated
As a global provider of medical technologies, Teleflex is driven by our purpose to improve the health and quality of people’s lives. Through our vision to become the most trusted partner in the world of healthcare, we offer a diverse portfolio with solutions in the therapy areas of anesthesia, emergency medicine, interventional cardiology and radiology, surgical, vascular access, and urology. We believe that the potential of great people, purpose driven innovation, and world-class products can shape the future direction of healthcare.
Teleflex is the home of Arrow™, Barrigel™, Deknatel™, LMA™, Pilling™, QuikClot™, Rüsch™, UroLift™ and Weck™ – trusted brands united by a common sense of purpose.
At Teleflex, we are empowering the future of healthcare. For more information, please visit teleflex.com.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Any forward-looking statements contained herein are based on our management's current beliefs and expectations, but are subject to a number of risks, uncertainties and changes in circumstances, which may cause actual results or company actions to differ materially from what is expressed or implied by these statements. These risks and uncertainties are identified and described in more detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Torzewski, J. Lessons from the long-term DES data: how they can inform today's practice - BIOMAG-I: 4-Year Clinical Outcomes of the Resorbable Magnesium Scaffold-DREAMS 3G. pcronline.com Published May 20, 2026. Accessed June 3, 2026. https://www.pcronline.com/Cases-resources-images/Resources/Course-videos-slides/2026/EuroPCR/Lessons-from-the-long-term-DES-data-how-they-can-inform-today-s-practice?auth=true. Research sponsored by Teleflex. Seguchi, M., Aytekin, A., Xheoa, E. et al. Vascular response following implantation of the third-generation drug-eluting resorbable coronary magnesium scaffold: an intravascular imaging analysis of the BIOMAG-I first-in-human study. EuroIntervention. 2024; 20(18): e1173-e1183. doi: 10.4244/EIJ-D-24-00055. Scaffold 99.0% resorbed at 12 months (markers are not resorbable). Research sponsored by Teleflex. Disclaimers:
a For BIOMAG™-III and BIOMAG™-II Studies, TLF is a composite of Cardiac Death, Target Vessel Q-wave or non-Q wave Myocardial Infarction, or clinically driven Target Lesion Revascularization (TLR).
b For BIOMAG™-I Study, TLF is a composite of Target-Vessel Myocardial Infarction (TV-MI), clinically driven Target Lesion Revascularization (CD-TLR) and Cardiac Death. BIOMAG™-I FIH Study data is based on Kaplan-Meier failure estimate analysis.
ǂDrs. Waksman and Kandzari are paid consultants of Teleflex.
CAUTION—Investigational device. Limited by the United States law to investigational use.
Freesolve™ RMS is clinically often referred to as DREAMS 3G RMS.
Freesolve™ RMS is not approved for sale in the United States and is commercially available in CE-mark accepting countries only. Indications for Use may vary by geographic location.
ENSG v 1. čtvrtletí přidal 22 provozů a od začátku roku 2025 už 71 akvizic. Tržby vzrostly o 18,4 % na 1,39 miliardy USD a obsazenost dosáhla rekordu 84,3 %.
Key Takeaways ENSG added 22 operations in Q1 2026, bringing acquisitions to 71 since the start of 2025.ENSG same-store occupancy hit a record 84.3%, helping lift Q1 revenue 18.4% to $1.39 billion.ENSG ended Q1 with $539M in cash and an 8.12% trailing 12-month ROIC versus 3.05% for industry. The Ensign Group, Inc. (ENSG - Free Report) has built a successful growth strategy by acquiring underperforming skilled nursing and senior living facilities and improving their operations through local leadership and disciplined execution. Rather than pursuing acquisitions solely to expand its footprint, Ensign focuses on facilities where it sees opportunities to enhance occupancy, quality and profitability.
This strategy continued to deliver results in the first quarter of 2026. Ensign added 22 new operations during the quarter, bringing total acquisitions to 71 since the beginning of 2025. It has also been improving performance at existing facilities, with same-store occupancy reaching a record 84.3%. Driven by strong operational execution, first-quarter revenues increased 18.4% YOY to $1.39 billion, while adjusted earnings climbed to $1.85 per share.
Its trailing 12-month return on invested capital (ROIC) of 8.1% compared with the industry average of 3.1% also reflects efficient capital deployment.
Ensign's balance sheet remains a key advantage as it pursues additional acquisition opportunities. It ended the quarter with more than $539 million in cash and cash equivalents (up 7.1% from 2025-end) and $591.6 million available borrowing capacity,supporting its acquisition-driven growth strategy. Meanwhile, long-term debt, less current maturities, totaled only $136.5 million at first-quarter end.
These acquisitions should continue to support Ensign's long-term growth. As newly acquired facilities benefit from Ensign's operating model, occupancy levels and patient volumes can improve, driving higher revenues and earnings. The expanding portfolio also strengthens its's presence in existing and new markets. With a proven history of successfully turning around underperforming facilities, Ensign remains well positioned to benefit from future acquisitions.
How Are Competitors Faring?Ensign is not alone in using acquisitions to drive growth. Peers from the Medical space, such as The Pennant Group, Inc. (PNTG - Free Report) and Brookdale Senior Living Inc. (BKD - Free Report) , are also pursuing expansion strategies to strengthen their market positions.
Pennant Group, which was spun off from Ensign, continues to grow through acquisitions across its home health and hospice businesses. PNTG relies on a decentralized operating model, allowing local leaders to manage and improve acquired operations.
Brookdale Senior has focused on expanding and optimizing its senior housing portfolio. In 2025, BKD acquired 30 previously leased communities to increase its real estate ownership, while first-quarter 2026 occupancy improved to 82.1%, reflecting healthy demand and stronger operating performance.
ENSG’s Price Performance, Valuation & EstimatesShares of Ensign have gained 1% over the past year compared to the industry’s 4.9% growth over the same period.
Image Source: Zacks Investment Research
From a valuation standpoint, ENSG trades at a forward price-to-sales ratio of 1.48X, down from the industry average of 2.23X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ENSG’s 2026 earnings is pegged at $7.53 per share, implying a 14.6% jump from the year-ago period’s level.
Image Source: Zacks Investment Research
ENSG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FirstCash se dohodl na koupi Ramsdens za 600 pencí za akcii a navíc akcionáři Ramsdens obdrží mezitímní hotovostní dividendu až 9 pencí na akcii; celková hodnota transakce činí zhruba 206 milionů GBP. Transakce rozšíří jeho síť ve Velké Británii o 174 zastaváren.
Expands presence in the U.K. market through the addition of 174 pawn locations with strong brand;
Further enhances FirstCash’s global leadership positioning and long-term growth platform;
Expected to be accretive to EBITDA and EPS
_________________________________________________________
FORTH WORTH, Texas, June 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced that it has reached agreement on the terms of a recommended cash acquisition of Ramsdens Holdings plc (“Ramsdens”), a leading operator of pawn stores in the United Kingdom. Under the terms of the agreement, FirstCash (through its wholly-owned U.K. subsidiary, Chess Bidco Limited) will pay cash consideration of 600 pence for each share of Ramsdens stock. In addition, Ramsdens shareholders will receive an interim cash dividend of up to 9 pence for each Ramsdens share to be paid on October 9, 2026. The total equity value, including cash consideration for the shares and the interim cash dividend, is approximately £206 million or $273 million USD based on the exchange rate as of the close of business on June 22, 2026.
The acquisition of Ramsdens, which operates 174 pawn locations across England, Scotland and Wales, expands FirstCash’s geographic footprint in the U.K. and provides enhanced scale, operating efficiencies and long-term growth opportunities in the market. This combination further builds FirstCash as the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom and is expected to drive further long-term revenue and earnings growth.
Mr. Rick Wessel, Chief Executive Officer and Vice-Chairman of the Board of FirstCash, commented, “We are excited to add Ramsdens as part of the global FirstCash family. Ramsdens is a well-respected operator with a proven track record of operating successfully in the U.K. pawn market. This transaction will not only provide immediate revenue and earnings accretion to FirstCash upon closing, but also enhances our long-term growth profile through continued expansion of its industry-leading brands and platform. FirstCash looks forward to working together with the Ramsdens team to drive further long-term value for all of our customers, employees and shareholders.”
Mr. Peter Keynon, Chief Executive Officer of Ramsdens, commented, “I am exceptionally proud of Ramsdens’ transformational growth since our IPO in 2017. FirstCash is an internationally established sector leader, and I share their confidence and conviction in the outlook for Ramsdens, which is underpinned by our diversified model and established reputation for consistently doing the right thing for our customers and our fantastic people.”
Compelling Strategic and Financial Benefits
Strengthens FirstCash’s position as a leading pawnbroking operator in the U.K.: Ramsdens represents a highly complementary strategic fit alongside FirstCash’s existing U.K. operations following the acquisition of H&T, creating a scaled U.K. platform with a combined network of almost 470 stores with limited location overlap between the existing footprints of H&T and Ramsdens.Unlocks Further Growth and Revenue Synergies for Ramsdens: The Ramsdens platform is expected to benefit from the additional growth capital provided by FirstCash which should support increased pawn lending activities and resulting revenue growth in the existing Ramsdens stores while providing further opportunities for additional geographic expansion in the U.K.Enhances Scale and Operating Leverage: The addition of the 174 Ramsdens stores increases FirstCash’s scale, operational footprint and ability to leverage efficiencies in the U.K. and across its global platform. Upon closing, FirstCash expects to have over 3,500 pawn locations worldwide.Financially Compelling: The transaction is expected to drive further revenue growth and be accretive to both EBITDA and EPS, strengthening FirstCash’s financial profile and long-term shareholder value. Ramsdens Financial Highlights
Trailing Twelve Months Ended March 31, 2026 (USD) (1)
•Revenue$ 200 million•Net income$ 26 million•Adjusted EBITDA(2)$ 40 million (1)Amounts presented on an IFRS basis in USD using a GBP/USD average exchange rate over the period of 1.34. (2)Calculated as reported EBITDA less expenses related to depreciation of the right-of-use assets and interest on lease liabilities, which are treated as “rent expenses" for compatibility to FirstCash’s reported Adjusted EBITDA. Transaction Timeline and Additional Details
The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and Ramsdens. The transaction is subject to approval by Ramsdens’ shareholders and customary regulatory approvals in the United Kingdom. The transaction is expected to close by the end of 2026, subject to receipt of these approvals and the satisfaction of other customary closing conditions.
Advisors
Jefferies LLC is serving as exclusive financial advisor to FirstCash. Gowling WLG (UK) LLP and Alston & Bird LLP are serving as legal counsel to FirstCash.
Cavendish is serving as exclusive financial advisor to Ramsdens. Addleshaw Goddard LLP is serving as legal advisor to Ramsdens.
Further Information; No Offer or Solicitation
This release is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the all-cash offer by Chess Bidco Limited (“Bidco”), an indirect wholly-owned subsidiary of FirstCash Holdings, Inc. (the “Company”), for the entire issued and to be issued share capital of Ramsdens, a company incorporated in England and Wales (“Ramsdens”) (such acquisition, the “Acquisition”), or otherwise, nor shall there be any sale, issuance or transfer of securities of Ramsdens in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “U.K. Companies Act”) (or, if the Acquisition is implemented by way of a takeover offer, as such term is defined in the U.K. Companies Act (the “Takeover Offer”), the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme document (or, if the Acquisition is implemented by way of a Takeover Offer, the offer document). Ramsdens shareholders are urged to read the Scheme document when it becomes available, because it will contain important information relating to the Acquisition.
Additional Information
The Acquisition is being made to acquire the shares of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Securities Exchange Act of 1934, as amended (“U.S. Exchange Act”). Accordingly, the Scheme will be subject to disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which are different from the disclosure requirements of the U.S. tender offer and proxy solicitation rules. The financial information included in this release and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S. If Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, such offer will be made in compliance with applicable U.S. laws and regulations.
The receipt of cash pursuant to the Acquisition by a U.S. holder as consideration for the transfer of its Ramsdens shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each Ramsdens shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them.
In accordance with normal United Kingdom practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act (to the extent applicable), Bidco, its nominees or its brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, Ramsdens shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made, they would be made outside of the U.S. and would be in accordance with applicable law, including the U.S. Exchange Act and the United Kingdom City Code on Takeovers and Mergers (the “Code”). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.
Forward-Looking Statements
This release contains forward-looking statements regarding, among other things, the Acquisition, the anticipated benefits and timing of the Acquisition and the business, financial condition, outlook and prospects of the Company and Ramsdens. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.
While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. With respect to the proposed Acquisition, these factors, risks and uncertainties include, without limitation, the risk that the Acquisition may not be consummated, including as a result of a failure by Company or Ramsdens to obtain the necessary shareholder (in the case of Ramsdens) or regulatory approvals required for the Acquisition, or that required regulatory approvals may delay the Acquisition or result in the imposition of conditions that could reduce the anticipated benefits from the Acquisition, or the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; the risk that Company will incur additional indebtedness to finance the Acquisition, which may not be on favorable terms to the Company; the length of time necessary to consummate the Acquisition, which may be longer than anticipated for various reasons; the risk that Ramsdens will not be combined and integrated successfully; the risk that the cost savings, synergies and other benefits from the Acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on Acquisition-related issues; the risk that costs associated with the integration of Ramsdens is higher than anticipated; increased exposure to local economic and political conditions, exchange rate fluctuations and the extensive regulatory regime in the U.K.; risks related to the ability to hire and retain key Ramsdens personnel; and the effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, or other regulatory compliance costs.
Additional risks and uncertainties with respect to the Company are discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Publication on website
In accordance with Rule 26.1 of the Code, a copy of this release will be made available, subject to certain restrictions, on the Company’s website at https://investors.firstcash.com/ by no later than 12 noon (London time) on the business day following publication of this release. For the avoidance of doubt, the contents of any websites referred to in this release are not incorporated into and do not form part of this release.
Right to request hard copies
In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this release (and any document or information incorporated into it by reference to another source) by contacting Ramsdens’ registrars, Equiniti, by writing to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom or by calling them during business hours on +44 (0)371 384 2030. Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except English and Welsh public holidays). Calls are charged at the standard geographical rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. For persons who receive a copy of this release in electronic form or via a website notification, a hard copy of this release (and any document or information incorporated by reference into this release) will not be sent unless so requested. In accordance with Rule 30.3 of the Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent in hard copy form.
About FirstCash
FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations currently account for over 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.
FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.
About Ramsdens
Ramsdens is a U.K.‑based diversified provider of financial services and a retail operator, serving customers primarily through a nationwide estate of high street stores and complementary online channels.
Ramsdens primarily operates across the following business segments:
Pawnbroking – provision of short-term, asset backed loans secured against customer assets, predominantly jewelry and watches;Foreign currency exchange – the purchase and sale of foreign currency notes, together with the provision of travel money products including multi-currency cards and international transfers;Purchase of precious metals – acquisition of gold and other valuables from customers, with subsequent resale into wholesale or bullion markets; andJewelry retail – sale of new and pre-owned jewelry and watches through the Ramsdens Group’s store network and online channels. These activities are delivered through a combination of physical stores, of which there are currently 174 across the U.K., and a growing digital platform, providing Ramsdens with a diversified and complementary income base. Ramsdens currently employs 877 employees across its operations.
For further information, please contact:
Gar Jackson
Global IR Group
Phone: (817) 886-6998
Email: [email protected]
Doug Orr, Executive Vice President and Chief Financial Officer
Phone: (817) 258-2650
Email: [email protected]
Website: investors.firstcash.com
CEG plánuje v roce 2026 kapitálové výdaje ve výši 5,7 mld. USD na zásoby paliva, zvýšení výkonu, prodloužení licencí a modernizaci elektráren. Po akvizici Calpine dál posiluje čistou energetiku, hlavně jadernou, plynovou a geotermální.
Key Takeaways CEG's clean-energy platform is anchored by nuclear power, with renewables and gas supporting growth. Calpine added gas and geothermal assets, plus solar and geothermal projects, boosting capacity.CEG plans $5.7B in 2026 capex to support fuel inventory, uprates and plant upgrades. Constellation Energy Corporation (CEG - Free Report) presently operates an integrated clean-energy platform anchored by zero-carbon nuclear generation, supported by a large fleet of flexible natural gas-fired plants and renewable energy assets. At the end of 2025, CEG's generation portfolio totaled 31,676 megawatts (MW). Currently, nearly 85% of its generation comes from nuclear energy.
Although the company relies heavily on nuclear energy and natural gas to produce clean electricity for its customers, CEG is steadily expanding its renewable generation capacity, further strengthening its clean-energy portfolio. CEG’s strategic investments in solar, wind, geothermal and battery storage projects position it to meet growing carbon-free electricity demands from data centers and commercial customers. Renewable expansion advances decarbonization efforts and positions CEG to capitalize on favorable tax incentives and accelerating electrification trends.
At the end of 2025, CEG's generation consisted of roughly 2,561 MW of renewable capacity. The Calpine acquisition, completed in January 2026, was significant as it added efficient natural gas and geothermal facilities to its generation portfolio, strengthening its generation mix and expanding its clean electricity generation platform.
Calpine, a wholly owned subsidiary of Constellation Energy, completed the 105-MW Pastoria Solar Project, which will assist in decarbonizing the State Water Project. Recently, Calpine expanded the power-generating capacity of The Geysers Geothermal Complex by 25 MW, capable of powering more than 25,000 homes across California. This enhances grid reliability, supports rising electricity demand across California and creates opportunities for long-term revenue growth.
CEG expects capital expenditures of approximately $5.7 billion in 2026 and $4.7 billion in 2027, supporting nuclear fuel inventory buildup and growth investments in uprates, license renewals and plant upgrades.
Renewable energy also offers significant economic benefits, as resources such as wind, solar and geothermal are not exposed to volatile fuel prices. Technological progress in recent years has driven cost efficiencies, supported revenue growth and strengthened the company's competitive position.
Clean Fuel Focus: Companies Benefit From the TransitionA clear transition is evident in the utility space and the operators are gradually shifting toward clean energy resources to produce electricity. Courtesy of its technological developments, utility-scale renewable plants are becoming cost-effective and are providing support to the grid.
NextEra Energy, Inc. (NEE - Free Report) plans to expand its renewable generation portfolio by approximately 76.6-107.6 gigawatt (GW) through 2032 and currently maintains a development backlog of more than 33 GW. Of the expected additions, solar, wind and gas projects are expected to add 31.5-41.5 GW, 8.5-14.5 GW and 4-8 GW, respectively.
The Southern Company (SO - Free Report) plans to expand its renewable generation portfolio by approximately 20,000 MW by mid-2030 and expects to invest $1 billion in renewable generation in 2030.
CEG’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 24.92% and 16.62%, respectively, year over year.
Image Source: Zacks Investment Research
CEG’s Returns on Equity (ROE)Constellation Energy's trailing-12 months ROE is 16.81%, ahead of the industry average of 7.08%.
Image Source: Zacks Investment Research
CEG’s Stock Price PerformanceIn the past month, the company’s shares have plunged 7.1% compared with the industry’s 0.6% decline.
Constellation a Walmart uzavřely dlouhodobou 15letou smlouvu na bezemisní elektřinu z jaderné elektrárny Dresden v Illinois. Dohoda zahrnuje přibližně 176 MW dodávek a 30 MW nové kapacity.
Agreement supports Walmart’s expansion in the state and includes uprates at the Dresden Clean Energy Center
BALTIMORE & BENTONVILLE, Ark.--(BUSINESS WIRE)--Constellation (Nasdaq: CEG) and Walmart (Nasdaq: WMT) today announced a long-term nuclear power purchase agreement (PPA) for emissions-free electricity from Constellation’s Dresden Clean Energy Center in Illinois. The agreement includes approximately 176 MW of wholesale supply, including 30 MW of expanded generating capacity.
Walmart will purchase energy, environmental attributes and capacity through two 15‑year terms beginning in 2029 and 2030. This agreement supports reliable nuclear energy in the region and enables planned uprates — efficiency upgrades that increase output from existing nuclear units without the need to build a new facility. The agreement is expected to help Walmart access cleaner energy and strengthen local energy infrastructure — while continuing to serve customers with everyday low prices.
“This agreement reflects long‑term stewardship of critical infrastructure, the communities it serves, and the energy system that powers American growth,” said Jim McHugh, Senior Executive Vice President and Chief Commercial Officer, Constellation. “Walmart’s commitment enables meaningful investment in the Dresden Clean Energy Center — bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid.”
Through uprates at the Dresden Clean Energy Center, this agreement will provide enough new power to the grid to support Walmart’s previously announced high-tech perishable distribution center, currently in development in Belvidere, Ill. Together, these investments strengthen the local community by supporting jobs and enabling continued expansion of Walmart’s supply chain operations and workforce.
“Walmart has a long history of investing in energy solutions that support our business and the communities where we operate, and this agreement builds on that work,” said Shayne Wahlmeier, SVP Energy – Walmart US. “Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve. We’re constantly evaluating new capabilities and energy solutions that help ensure the electricity we rely on is dependable, responsibly produced, and built to support long-term growth.”
This agreement marks Walmart’s first nuclear PPA and is among the first of its kind between a large retailer and a nuclear energy facility in the United States. The agreement follows Constellation’s December 2025 license renewal announcement for Dresden and supports continued investment in Dresden’s long‑term reliability and performance. Licensed to operate through 2049 and 2051, the Dresden Clean Energy Center provides baseload, reliable carbon-free electricity for the region and supports more than 1,100 family-sustaining jobs.
Constellation and Walmart have both maintained a longstanding presence in Illinois. Constellation’s generation footprint produces enough energy to power more than eight million homes, and Walmart’s retail operations total approximately 175 stores and clubs with more than 55,000 associates in the state. Both companies view the PPA as an extension of their shared, long-term commitment to the communities where they operate.
About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.
About Walmart
Walmart Inc. (Nasdaq: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 280 million customers and members visit more than 10,900 stores and numerous eCommerce websites in 19 countries. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.
Inspire Medical na SLEEP 2026 představila nová data podporující terapii OSA: Inspire V zkrátil implantaci o 20,4 % a snížil průměrné AHI na 8,4. Registr ADHERE ukázal mediánové snížení AHI o 62 %.
Key Takeaways Inspire Medical presented new SLEEP 2026 data supporting its therapy in obstructive sleep apnea.Inspire V cut implant time of 20.4%, reduced mean AHI to 8.4 and showed 5.9 hours of nightly use.ADHERE registry data showed a 62% median AHI reduction and strong long-term adherence. Inspire Medical Systems (INSP - Free Report) recently showcased new clinical data, technology advancements and cardiovascular outcomes research at SLEEP 2026, the annual meeting of the Associated Professional Sleep Societies. A major focus of the company’s presence was the growing body of evidence supporting Inspire therapy in obstructive sleep apnea (OSA).
INSP showcased its next-generation Inspire V system, advances in closed-loop hypoglossal nerve stimulation (HNS) therapy, the Inspire SleepSync remote patient management platform and resources designed to establish and expand Inspire programs.
Per management, the company’s participation at SLEEP 2026 highlights the continued evolution of the Inspire platform, including the Inspire V system and new clinical data demonstrating real-world effectiveness. INSP’s long-standing association with the conference reflects its commitment to advancing physician education and improving outcomes for patients with OSA worldwide.
Likely Trend of INSP Stock Following the NewsShares of INSP have gained 2.9% since the announcement on Tuesday. In the year-to-date period, shares of the company have declined 53.8% compared with the industry’s 17.3% fall. However, the S&P 500 has risen 9.7% in the same timeframe.
The latest data presentation and publication of the PREDICTOR study are likely to strengthen Inspire Medical’s position in the growing sleep apnea treatment market. Positive clinical outcomes, high patient adherence and studies showing lower rates of several cardiovascular events may support physician confidence and patient adoption of Inspire therapy. The PREDICTOR study could further expand patient access and reduce diagnostic barriers, supporting future adoption and market growth.
INSP currently has a market capitalization of $1.23 billion.
Image Source: Zacks Investment Research
More on the Latest Clinical FindingsResearch highlighted at the event included a secondary analysis of the STAR trial, which demonstrated significant reductions in hypoxic burden, a physiologic measure of oxygen desaturation linked to OSA risk. The analysis showed improvements in daytime sleepiness that correlated with reductions in hypoxic burden, even among 50% apnea-hypopnea index (AHI) non-responders.
The company highlighted another study comparing HNS and CPAP therapy in matched groups of 3,525 patients each using the TriNetX database. The study demonstrated significantly lower rates of several cardiovascular and respiratory complications. Lower odds were observed for stroke, myocardial infarction, atrial fibrillation/flutter, hypertensive crisis, pulmonary embolism, ventricular tachycardia, COPD exacerbation, acute kidney injury, hospitalization, acute heart failure and others, compared with CPAP therapy.
The company also announced the publication of the PREDICTOR study, which identified body mass index and neck circumference as predictors of complete concentric collapse. These findings suggest that some patients may be screened for Inspire eligibility without requiring drug-induced sleep endoscopy.
Clinical data presented at SLEEP 2026 further demonstrated the effectiveness of Inspire therapy. Final results from a study of the Inspire V system showed a 20.4% reduction in implant time, improved respiratory sensing performance, a reduction in mean AHI from 34.4 to 8.4 events per hour and average nightly usage of 5.9 hours.
Data from the ADHERE registry, which followed 5,000 patients across the United States and Europe, showed a 62% median reduction in AHI, improvements in daytime sleepiness and strong long-term adherence. Additional real-world studies reported higher adherence rates and greater disease alleviation with Inspire therapy compared with CPAP, while late-breaking research suggested Inspire therapy may reduce major adverse cardiovascular event risk relative to both CPAP and untreated OSA.
Industry Prospects Favoring the MarketGoing by the data provided by Fortune Business Insights, the sleep apnea implants market is valued at $724.2 million in 2026 and is estimated to grow at a CAGR of 12.7% from 2026 to 2034.
Factors like the increasing prevalence of obstructive sleep apnea and central sleep apnea are boosting the market growth.
Other NewsIn May, Inspire Medical announced its first-quarter 2026 results. The company delivered modest top-line growth, margin expansion and improved operating cash flow, highlighting disciplined cost management and a favorable product mix shift toward Inspire V. However, reimbursement-related disruptions and the WISeR program continue to pressure procedure volumes, prompting a reduction in full-year guidance. Management expects these headwinds to ease over time, supporting sequential improvement through 2026 and positioning the company for renewed growth in 2027.
INSP’s Zacks Rank & Key PicksCurrently, INSP has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , Globus Medical (GMED - Free Report) and Biodesix (BDSX - Free Report) .
West Pharmaceutical, sporting a Zacks Rank #1 (Strong Buy) at present, reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has an estimated long-term earnings growth rate of 13.9%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 19.4%.
Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported first-quarter 2026 adjusted EPS of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%.
Globus Medical has an estimated long-term earnings growth rate of 10.2%. GMED’s earnings beat estimates in the trailing four quarters, the average surprise being 26.3%.
Biodesix, currently carrying a Zacks Rank of 2, reported a first-quarter 2026 adjusted loss per share of 81 cents, which was 35.71% narrower than the Zacks Consensus Estimate. Revenues of $26 million beat the Zacks Consensus Estimate by 12.3%.
BDSX has an estimated earnings growth rate of 37.3% for 2026. The company beat earnings estimates in three of the trailing four quarters and missed once, the average surprise being 25.6%.
Commvault těží z poptávky po AI, identitní bezpečnosti a hybridním cloudu. SaaS ARR vzrostl ve 4. čtvrtletí fiskálního 2026 o 42 % na 400 mil. USD, subscription ARR o 27 % na 989 mil. USD.
Key Takeaways Commvault is positioning Commvault Cloud as a broader cyber resilience platform.AI, cloud adoption and identity-based attacks are creating a multi-year demand backdrop.CVLT's SaaS ARR rose 42% to $400M in Q4'26, while subscription ARR increased 27% to $989M. Commvault Systems, Inc. (CVLT - Free Report) is no longer just a backup-software story. The company is positioning Commvault Cloud as a broader cyber resilience platform spanning data protection, data security, identity resilience and recovery.
That matters because enterprise data is becoming larger, more distributed and more exposed. AI, cloud adoption and identity-based attacks are creating a multi-year demand backdrop that could matter more than any single quarter’s results.
Commvault Benefits From AI-Driven Data GrowthAI is increasing the value and volume of enterprise data, while also expanding the number of access points that must be secured. Commvault’s platform is built around that problem: protecting data sets, helping detect threats, supporting recovery at scale and adding governance around AI-related data use.
The company estimates its total addressable market across core data protection, cloud security and data security at $24 billion in 2025, with potential expansion to $38 billion by 2029. That gives CVLT a growth narrative tied to enterprise resilience, not just traditional backup demand.
CVLT Pushes Deeper Into Identity ResilienceIdentity resilience is becoming a more important part of the Commvault story. In the latest quarter, identity resilience and data security offerings represented 33% of net new annual recurring revenue, showing that newer modules are contributing to platform expansion.
Active Directory protection was one of the company’s fastest-growing SaaS offerings, with annual recurring revenue more than doubling year over year. Commvault is also extending protection across Microsoft Entra ID and Okta environments, which could make identity recovery a larger contributor as attacks increasingly target credentials and directory systems.
Commvault Expands Its Cloud and Partner ReachCommvault’s platform strategy is also getting support from integrations and alliances. Recent business highlights included an integration with Microsoft Security, expanded work with CrowdStrike Falcon Next-Gen SIEM, a strategic alliance with NetApp and a CloudSEK partnership focused on exposed credentials on the dark web.
CrowdStrike Holdings, Inc. (CRWD - Free Report) is relevant to this discussion because Commvault’s expanded integration with CrowdStrike connects threat visibility with recovery workflows. Okta, Inc. (OKTA - Free Report) also fits the theme, as Commvault has extended identity resilience to Okta environments.
The broader partner ecosystem reinforces Commvault’s role in hybrid and multi-cloud operations. The company’s materials also highlight cloud partners such as Amazon Web Services, Google Cloud, Microsoft and Oracle, underscoring the need to protect workloads across fragmented enterprise infrastructure.
CVLT Still Must Prove It Can Sustain the TrendThe opportunity is attractive, but not frictionless. Commvault competes in a highly fragmented market against vendors such as Rubrik, Inc. (RBRK - Free Report) , Cohesity and Veeam, as well as cloud providers and other cybersecurity companies.
Rubrik is a direct peer in data security and cyber resilience, making it an important comparison point for investors assessing CVLT’s competitive position. Commvault also faces risks from pricing pressure, longer enterprise sales cycles, reseller execution and hyperscalers expanding native cloud protection capabilities.
Currency and international execution add another layer of variability. In fiscal 2026, international markets accounted for a sizable portion of revenues, so foreign exchange swings and regional demand conditions can affect reported growth.
How CVLT's Zacks Signals Frame the Trend BetThe bottom line is that CVLT has exposure to several durable technology themes: AI-driven data growth, cyber resilience, identity recovery and hybrid cloud complexity. The company’s SaaS annual recurring revenue rose 42% year over year to $400 million in the fourth quarter of fiscal 2026, while subscription annual recurring revenue increased 27% to $989 million.
Still, the stock currently carries a Zacks Rank #3 (Hold). That rating suggests a more balanced near-term earnings outlook rather than a clear positive estimate-revision signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CVLT has a VGM Score of C, with a Growth Score of B, Momentum Score of C and Value Score of D. The Growth Score of B aligns with the company’s longer-term expansion themes, while the VGM Score of C and Zacks Rank #3 indicate investors may want to keep the trend story in perspective.
Commvault ve 4. fiskálním čtvrtletí překonal odhady: zisk na akcii byl 1,28 USD a tržby vzrostly o 13,3 % na 311,7 milionu USD. Výhled na fiskální rok 2027 ale počítá už jen s růstem tržeb o 12 % až 13 %.
Key Takeaways CVLT topped fiscal Q4 earnings estimates as revenues rose 13.3% and subscription revenues climbed 20%.CVLT's fiscal 2027 revenue outlook implies 12%-13% growth as subscription revenue gains slow.CVLT's free cash flow, cash pile and buybacks help offset concerns about normalizing growth. Commvault Systems, Inc. (CVLT - Free Report) still has a credible investment case after strong fourth-quarter fiscal 2026 results, but the setup is no longer a simple growth-acceleration story.
The better question is whether steady execution, recurring revenue gains and cash generation are enough to justify a fresh entry when fiscal 2027 growth is expected to normalize.
CVLT Delivers Better Earnings Than ExpectedCommvault reported non-GAAP earnings of $1.28 per share for the fourth quarter of fiscal 2026, up 24.3% year over year and 17.4% above the Zacks Consensus Estimate.
Revenues increased 13.3% year over year to $311.7 million, topping the consensus mark by 1.5%. Subscription revenues rose 20% to $208 million, with SaaS revenues jumping 43% to $93 million.
The quarter also showed healthy operating leverage. Non-GAAP operating margin improved 170 basis points year over year to 21.3%, while free cash flow reached a quarterly record of $132 million.
Commvault's Fiscal 2027 Outlook Cools the StoryThe hesitation starts with guidance. Management expects fiscal 2027 total revenues of $1.30 billion to $1.31 billion, implying growth of roughly 12% to 13% from fiscal 2026 revenues of $1.18 billion.
Subscription annual recurring revenues are expected to reach $1.20 billion to $1.21 billion in fiscal 2027. That still indicates growth, but it marks a slowdown from the 27% subscription annual recurring revenue growth reported in fiscal 2026.
That makes CVLT more of a quality-growth story than an accelerating-growth story. Investors comparing the space may also watch Rubrik (RBRK - Free Report) , a cyber resilience and data security company with direct relevance to enterprise recovery demand. CrowdStrike Holdings (CRWD - Free Report) , a cybersecurity platform company, offers a broader benchmark for investor appetite toward security software.
CVLT's Valuation Looks Fair, Not CheapCVLT trades at 23.41 times forward 12-month earnings. That is above the Zacks sub-industry multiple of 19.84 times, but below the broader Zacks sector multiple of 25.11 times.
The valuation does not look excessive relative to the company’s recurring revenue base and cash generation. It also does not offer a clear discount that would make the stock easy to buy despite slower growth.
The $132 price target also points to a measured setup. With the stock at $126.01 as of June 22, 2026, the implied upside looks modest rather than compelling.
Commvault's Cash Flow Helps the Bull CaseCash flow is the strongest offset to the growth concern. Commvault generated $237 million in free cash flow in fiscal 2026, up 16% year over year.
The company ended fiscal 2026 with $900 million in cash and cash equivalents. That gives it flexibility to invest in product development, support strategic acquisitions and maintain shareholder returns.
Repurchases also remain part of the story. Commvault bought back 3 million shares for $259 million in the fiscal fourth quarter and repurchased $446 million of stock for the full fiscal year.
What CVLT's Scores Say About the Risk-RewardThe bottom line is that CVLT still looks like a solid software name, but the near-term risk-reward is more balanced than compelling. Strong execution and cash generation support patience, while slower expected revenue and annual recurring revenue growth argue against chasing the stock.
CVLT currently carries a Zacks Rank #3 (Hold). That rank is consistent with a more measured view over the next one to three months rather than a clear short-term buy signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Style Scores add nuance. CVLT has a VGM Score of C, Growth Score of B, Value Score of D and Momentum Score of C. The Growth Score of B supports the long-term appeal of the business, but the Value Score of D indicates that valuation is not the stock’s strongest attribute.
For investors already holding CVLT, the fundamentals still provide reasons to stay constructive. For new buyers, the combination of normalizing growth and fair valuation supports a more patient entry point.
Alnylam v 1. čtvrtletí 2026 dosáhla čistých produktových tržeb z portfolia vzácných nemocí (Givlaari a Oxlumo) ve výši 125,7 milionu USD, meziročně o 15 % více. Tahounem zůstává Amvuttra, která tvořila 76 % celkových tržeb.
Key Takeaways Amvuttra drives Alnylam's top line through expanded label and as patients switch from Onpattro.Givlaari, Oxlumo and royalties from Leqvio add incremental revenues and global growth potential.Rare disease drugs delivered $125.7M in first-quarter 2026 revenues, up 15% year over year. Alnylam Pharmaceuticals’ (ALNY - Free Report) primary top-line driver is its newest drug, Amvuttra (vutrisiran), which is approved in the United States and the EU for treating the polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis and ATTR amyloidosis with cardiomyopathy (ATTR-CM).
Amvuttra generated $889.9 million in global sales in the first quarter of 2026, representing 187% year-over-year growth. The figure accounted for 76% of Alnylam’s total revenues generated in the quarter. The drug’s solid uptake has been driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro (patisiran), ALNY’s first FDA-approved drug for hATTR amyloidosis.
Alnylam also markets several other products across the rare disease and cardiovascular markets, providing the company with incremental revenues that add to the top line.
Givlaari (givosiran) is approved in both the United States and the EU for treating adults with acute hepatic porphyria. In the EU, the drug is also approved for use in adolescents. Strong uptake has made Givlaari a meaningful revenue driver, with regulatory filings in additional territories pending or planned during 2026 and beyond to widen its global presence.
Similarly, Oxlumo (lumasiran) injection was initially approved in the United States and the EU for the treatment of primary hyperoxaluria type 1 to lower urinary oxalate levels in pediatric and adult patients. Later, the drug’s label was expanded to include lowering urinary and plasma oxalate levels. This expansion, coupled with pending or planned regulatory filings in additional territories, strengthens its potential for international growth.
Alnylam also markets a fifth drug, Leqvio (inclisiran), in collaboration with Novartis (NVS - Free Report) to treat hypercholesterolemia in the EU. In the United States, it is approved to reduce low-density lipoprotein cholesterol. The drug’s label has also been expanded to cover high-risk cardiovascular patients, and late-stage studies are underway to broaden its indication further. ALNY earns royalties from Novartis for Leqvio sales that add to the top line.
In the first quarter of 2026, Alnylam generated $125.7 million in net product revenues from its rare disease portfolio (Givlaari and Oxlumo), reflecting a 15% year-over-year increase. Expanding global adoption of these therapies is expected to sustain Alnylam’s top-line growth while diversifying its revenue streams and reducing reliance on Amvuttra.
Pipeline Assets Could Broaden ALNY’s Growth DriversBeyond its marketed products, Alnylam’s pipeline offers multiple opportunities to further diversify its commercial portfolio over the long term. The company stands to earn royalties from cemdisiran, which is being advanced by Regeneron across several complement-mediated diseases and is already under regulatory review for generalized myasthenia gravis in the United States.
Alnylam is also progressing mivelsiran into mid-stage studies for Alzheimer’s disease and cerebral amyloid angiopathy, expanding its reach into neurodegenerative disorders. In cardiovascular disease, zilebesiran is being evaluated in a late-stage outcomes study, in partnership with Roche, which could unlock a significant hypertension market opportunity. Meanwhile, nucresiran, a next-generation RNAi therapy for ATTR amyloidosis, has entered phase III development in both polyneuropathy and cardiomyopathy indications.
ALNY’s Competition in the Market for Its Lead DrugAlnylam’s push to broaden indications and expand the global reach of its marketed drugs is becoming increasingly critical as Amvuttra faces intensifying competition in the ATTR-CM market. Rival therapies, including Pfizer’s (PFE - Free Report) Vyndaqel/Vyndamax (tafamidis) and BridgeBio’s (BBIO - Free Report) Attruby (acoramidis), are already approved and competing for market share in this space.
Vyndaqel is one of the key in-line products that has driven improvement in Pfizer’s revenues in the first quarter of 2026. Global Vyndaqel family revenues of $1.6 billion rose 8% year over year in the quarter, primarily driven by international growth on the back of higher demand due to increases in diagnosis and treatment rates. Pfizer’s Vyndaqel family includes global revenues from Vyndaqel as well as revenues for Vyndamax in the United States and Vynmac in Japan.
Approved in late 2024, Attruby is BridgeBio’s only marketed product. The drug generated sales worth $180.6 million in the first quarter of 2026, up significantly year over year, driven by solid uptake. BridgeBio is also currently evaluating acoramidis for the prevention of early-stage variant transthyretin amyloidosis in a late-stage study.
ALNY’s Stock Price, Valuation and EstimatesShares of Alnylam have plunged 30.1% so far this year compared with the industry’s 1.8% decline. The stock has also underperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.
ALNY Stock Price MovementImage Source: Zacks Investment Research
From a valuation standpoint, Alnylam stock is expensive. Going by the price/sales ratio, the company’s shares currently trade at 8.97 trailing 12-month sales per share, higher than 2.30 for the industry. However, the stock is trading much below its five-year mean of 18.24.
ALNY Stock ValuationImage Source: Zacks Investment Research
Estimates for Alnylam’s 2026 earnings have improved from $9.10 to $9.22 per share in the past 60 days, while estimates for 2027 earnings have deteriorated from $14.66 to $13.68 over the same timeframe.
ALNY Estimate MovementImage Source: Zacks Investment Research
Alnylam currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Globalstar plánuje vypustit satelity HIBLEO-4 na Falconu 9 od SpaceX, aby doplnil svou LEO síť a posílil její odolnost i spolehlivost. Firma zároveň pokračuje ve vývoji náhradních satelitů druhé generace a více než 50satelitní konstelace C-3.
Key Takeaways GSAT plans to launch HIBLEO-4 satellites on a SpaceX Falcon 9 to replenish its LEO network.Globalstar said the mission supports network resilience, reliability and ongoing service performance.GSAT is advancing second-generation replacements and a 50-plus-satellite C-3 constellation. Globalstar, Inc. (GSAT - Free Report) is advancing the development of its low Earth orbit (LEO) satellite network through the deployment of its HIBLEO-4 satellite replenishment mission. In May 2026, the company announced plans to launch the HIBLEO-4 replenishment satellites aboard a SpaceX Falcon 9 rocket as part of its ongoing efforts to maintain and enhance its current-generation satellite constellation. The mission is designed to replenish Globalstar’s existing LEO network and support the continued delivery of satellite communications services worldwide.
The HIBLEO-4 satellites are intended to strengthen the resilience and reliability of Globalstar’s satellite infrastructure. By replenishing the existing constellation, the company aims to ensure the continued performance of its network and maintain dependable connectivity across its range of satellite communication services. Management highlighted that the launch is an important step in sustaining the infrastructure that customers rely on daily and emphasized that constellation replenishment remains a key component of the company’s long-term strategy.
The mission forms part of Globalstar’s broader investment in satellite network development. Alongside the HIBLEO-4 replenishment effort, the company continues to advance its overall constellation roadmap. Globalstar expects replacement satellites for its second-generation constellation to be launched in 2026 while also progressing development of its third-generation, or C-3, constellation. The planned C-3 network, consisting of more than 50 satellites, is designed to expand network capacity, improve service durability and support growing demand across direct-to-device, Internet of Things (IoT), enterprise, government and defense applications.
Globalstar stated that the HIBLEO-4 mission is focused on reinforcing the company’s current-generation LEO constellation to support ongoing network resilience and service reliability. Although the launch originally scheduled for May 17, 2026, was postponed to provide additional preparation time for the satellites, the company stated that the mission’s objective remains unchanged. Through continued investment in replenishment satellites and next-generation network development, Globalstar is working to maintain reliable global connectivity across its satellite communications ecosystem.
Taking a Look at Globalstar’s CompetitorsAST SpaceMobile, Inc. (ASTS - Free Report) expands its BlueBird satellite constellation through new deployments and production efforts to support direct-to-smartphone connectivity and broader global coverage. Management is developing AI edge computing and spectrum management features intended for integration into next-generation BlueBird satellites in production by year-end. The company is expected to benefit from the recent collaborations with AT&T, Verizon and T-Mobile US, which focus on satellite-based mobile connectivity. Strong liquidity supports satellite deployment, technology investment and early commercialization plans.
Iridium Communications’ (IRDM - Free Report) is gaining from momentum across its recurring service revenue model, rising IoT subscribers and government deals. Its new TriMode 9604 module, set for a June launch, combines satellite IoT, cellular IoT and GPS in a compact, low-cost solution that is driving strong partner interest while streamlining legacy services and reducing long-term sustainment costs. Engineering and support revenue are gaining from rapid SDA work and national security demand. For 2026, service revenue is expected to be flat to up 2%, reflecting continued IoT growth offset by moderation elsewhere, following 2025 service revenue of $634 million.
GSAT Price Performance, Valuation and EstimatesShares of Globalstar have gained 238% in a year compared with the Zacks Satellite and Communication industry’s growth of 229.8%.
Image Source: Zacks Investment Research
From a valuation standpoint, GSAT trades at a forward 12-month price-to-sales (P/S) of 31.96X, higher than the industry’s 3.15X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for GSAT’s earnings for 2026 has been revised significantly downward over the past 60 days.
Image Source: Zacks Investment Research
Globalstar currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Energy Fuels kupuje VAC za zhruba 1,9 miliardy USD a vytváří plně integrovanou západní platformu pro vzácné zeminy od dolu až po magnety. Transakce má být dokončena začátkem roku 2027.
Positions the Combined Company to Capitalize on Surging Demand for Rare Earth Magnets across North America and Europe >$2 Billion Annual Permanent Magnet Potential Customer Pipeline Revenue Across Auto, Defense, Robotics, and Data Center Sectors Expected to be Immediately Accretive to Energy Fuels' Cash Flow and Margin Profile Links VAC's Established Permanent Magnet Business with Energy Fuels' Growing Rare Earth Mining, Processing and Refining Platform Company is Pursuing Various Funding Opportunities, including Government Programs, to Complement its Growth Strategy, and Recently Announced a $725 Million Conditional Loan from U.S. Office of Strategic Capital , /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) today announced a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC, and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels' closing share price of $16.12 as of June 22, 2026, creating a fully integrated platform to strengthen global critical rare earth element ("REE") supply chains.
VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum ("tpa") of permanent magnets, scalable to 12,000 tpa (the "Sumter Facility"). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC's product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts.
The transaction brings together Energy Fuels' upstream REE assets, including low-cost REE mining projects and existing separation capacity, with VAC's world-class downstream REE magnet manufacturing expertise. The combined company will also benefit from Energy Fuels' planned acquisition of Australian Strategic Materials Limited (ASX: ASM) ("ASM"), which, subject to conditions including shareholder approval and completion ("Closing Conditions"), will add existing commercial-scale REE metals and alloys capacity in South Korea (the "Korean Metals Plant"), with plans to build a new metals and alloys facility in the U.S. (the "American Metals Plant"). The combined company aims to serve customers across North America, Europe and Asia in high-growth sectors, including automotive, aerospace and defense, robotics, data centers, electronics and industrial automation.
"This is a transformational moment for Energy Fuels and the global rare earth supply chain," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "Together with VAC, we will strengthen global rare earth and magnet supply chains, providing a reliable, secure and diversified source of critical materials from mines to highly valued permanent magnets. In addition, VAC's rapid solidification and crystalline businesses provide a soft-magnetics platform that is expected to result in greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and growth. The combination of our two companies provides enhanced shareholder value and positions Energy Fuels as a leading, secure and trusted supplier for critical materials that are essential for national security and the safety and integrity of Western supply chains."
Dr. Erik Eschen, President and Chief Executive Officer of VAC, stated: "For over a century, VAC has been at the forefront of advanced magnetics and pioneering critical materials. This transaction reinforces VAC as the cornerstone of a resilient and reliable permanent magnet supply chain, which is essential for alternative energy development, industrial competitiveness and national security. Joining forces with Energy Fuels gives our team, our technology, and our customers something that no other Western platform can offer today: a fully integrated supply chain platform from mine to finished magnet. With Energy Fuels' proven upstream capabilities and VAC's downstream expertise, proprietary IP, and the state-of-the-art Sumter Facility, we will be uniquely positioned to serve rapidly growing demand across various sectors including automotive, aerospace, defense, hyperscale data centers, robotics, semiconductors and beyond."
Troy Thacker, Managing Partner of Ara Partners, added: "Rare earth magnets are essential to both decarbonization and national security, and VAC is a foundational supplier to that critical supply chain. The combination with Energy Fuels gives VAC a fully integrated platform and the resources to meet rapidly growing global demand. Ara is proud to have backed VAC's growth and intends to remain a committed shareholder, supporting this expanded team as the platform reaches its full potential."
Following completion of the transaction, VAC will become a wholly owned subsidiary of Energy Fuels and will retain its branding and historic identity. VAC's technology base, engineering expertise and manufacturing footprint will remain critical to the success of Energy Fuels, with VAC maintaining its headquarters in Hanau, Germany. The combined company will continue to serve VAC's over 1,000 customers, while investing in manufacturing, innovation, customer relationships and operational capabilities across North America, Europe and Asia.
Energy Fuels has received a conditional commitment for up to $725 million from the U.S. Office of Strategic Capital ("OSC"), a 20-year loan to accelerate the planned expansion of the White Mesa Mill in Utah and the construction of the American Metals Plant. Energy Fuels and its joint venture partner Astron Limited are progressing discussions with Export Finance Australia and other lenders targeting a A$220 million lending package to support development of Phase 1 of the Donald Rare Earth and Mineral Sand Project (the "Donald Project"). In addition, VAC holds an existing $41 million grant from the U.S. Department of War which provides for the buildout of a metal-making facility in the U.S. that is expected to directly benefit the combined company. The conditional loan commitment between OSC and Energy Fuels specifies customary additional steps that the company must take to proceed toward financial close on the loan, including fulfilling financial, legal, technical and other due diligence requirements.
Strategically and Financially Compelling Combination
Fully Integrated Western Mine-to-Magnet Rare Earth Platform: The transaction paves the way for Energy Fuels to become the first western company with geographically diversified commercial capabilities across every critical step of the rare earth value chain. The combined platform includes feedstock supply from the "shovel ready" Donald Project in Australia; processing and separation at Energy Fuels' White Mesa Mill; metals and alloy production at ASM's currently operating Korean Metals Plant and planned American Metals Plant (subject to satisfaction of Closing Conditions); and high-performance permanent magnet manufacturing and assembly at VAC's European facilities and the recently commissioned Sumter Facility. Accretive to Energy Fuels' Earnings and Cash Flow: VAC's legacy business generated $29 million of adjusted EBITDA1 in 2025 and has experienced more than 20% year-on-year growth in its order book for 2026. The Sumter Facility is expected to generate approximately between $65 million and $75 million of annual run-rate EBITDA1 once its production reaches its current capacity of 2,000 tpa. The Sumter Facility was constructed to be expanded to 4,000 tpa without disrupting current 2,000 tpa capacity, which would be expected to increase annual run-rate EBITDA1 at the Sumter Facility to approximately $130 million to $140 million. Cash flow from VAC is expected to help fund Energy Fuels' growth pipeline, including the Phase II expansion of the White Mesa Mill, the Donald Project, and the planned American Metals Plant. Strong Market Share Growth Potential: VAC is the only commercial European and U.S. permanent magnet producer with a full spectrum of relevant, customer qualified NdFeB and SmCo magnet grades, including energy-dense, high-coercivity magnets required for mission-critical defense and aerospace applications. Demand for NdFeB magnets in North America and Europe is expected to grow by over 50% over the next decade according to the International Energy Agency. The Sumter Facility has ability to increase capacity to 12,000 tpa to meet strong growing demand, which, if fully realized, is expected to increase annual run-rate EBITDA at the Sumter Facility to ~$400 million1. Pipeline of Potential New Customers Across Key Sectors: VAC's permanent magnet customer pipeline includes EV and non-EV automotive applications, data centers, power tools, robotics, aerospace and defense, semiconductors, and other industrial applications. VAC has secured a contract with the Defense Logistics Agency to supply NdFeB blocks for the national defense stockpile, with production starting in 2026. The Sumter Facility will be an integral part of Energy Fuels' mine-to-magnet platform, with the Sumter Facility's existing capacity of 2,000 tpa expected to be supported by REE oxides extracted from monazite mined at Energy Fuels' shovel-ready Donald Project in Australia, which is expected to receive a positive Final Investment Decision in early Q3 2026 and to be commissioned in 2028. In its first phase, the Donald Project is expected to produce monazite to be processed into separated REE oxides at Energy Fuels' existing processing circuits at the White Mesa Mill, where upgrades are expected to be completed by the end of 2027. Subject to the Closing Conditions, the separated oxides are expected to be converted into REE metals and alloys at the Korean Metals Plant, and these in turn are to be used to make permanent magnets at the Sumter Facility.
Energy Fuels' planned Phase II expansion of the White Mesa Mill is expected to increase its separation capacity to up to 6,000 tpa of neodymium-praseodymium ("NdPr") oxide and approximately 288 tpa of dysprosium ("Dy") and 80 tpa of terbium ("Tb") oxide by mid-2029.
1
Denotes a Non-GAAP measure. See "Non-GAAP Financial Measures" in this press release for more information regarding the use of non-GAAP financial measures
This expansion is expected to be fed by monazite from the Donald Project and Energy Fuels' Vara Mada and Bahia heavy mineral sands projects, which are currently in their permitting and development stages. Energy Fuels also intends to feed the White Mesa Mill through market purchases of monazite and mixed rare earth carbonate ("MREC") as required. Assuming satisfaction of the Closing Conditions, oxides produced from the Phase II separation capacity at the White Mesa Mill are expected to be converted into REE metals and alloys at the Korean Metals Plant and the American Metals Plant, with both facilities expected to be expanded. The expanded Phase II capacity at the White Mesa Mill is expected to provide REE alloys that could support a potential 12,000 tpa scale-up at the Sumter Facility, as well as VAC's European rare earth permanent magnet facilities, subject to demand for permanent magnets.
Transaction Details
Under the terms of the definitive agreement, Energy Fuels will acquire 100% of VAC from Ara Partners, a U.S.-based private equity firm specializing in industrial decarbonization investments, for total consideration of $718 million in cash and 65.853 million newly issued Energy Fuels common shares, which, at Energy Fuels' closing share price of $16.12 as of June 22, 2026, implies an equity value of $1.9 billion for VAC. If Energy Fuels' share price is below $20.93 per share at closing, Ara Partners will receive shares of a new series of preferred shares of Energy Fuels with an aggregate value of up to $135 million2. As of March 31, 2026, VAC has $140 million of adjusted net debt on its balance sheet that Energy Fuels will assume.
Accounting for the planned completion of the ASM acquisition, Ara Partners will own 19.9% of Energy Fuels3 following closing of the VAC transaction and will have the right to nominate one director to Energy Fuels' Board of Directors, as well as a one-time veto on an independent nominee to the Board. Ara Partners will be subject to customary lockup and standstill restrictions and have been granted customary registration rights.
Energy Fuels has obtained a $250 million term loan financing commitment from Goldman Sachs to support the refinancing of certain of VAC's existing debt, subject to customary conditions, including execution of definitive documents and satisfaction of closing conditions.
The transaction is expected to close in early 2027 subject to customary closing conditions, including the receipt of applicable regulatory approvals, including foreign investment, antitrust and other government approvals.
Board of Directors' Recommendation
The Board of Directors of Energy Fuels has unanimously approved the Transaction. Goldman Sachs & Co. LLC provided a fairness opinion to the Board of Directors of Energy Fuels as to the fairness to Energy Fuels of the consideration to be paid to Ara Partners.
Advisors
Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Dentons Canada LLP, Dorsey & Whitney LLP and Herbert Smith Freehills Kramer are acting as legal counsel to Energy Fuels. Jefferies LLC is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal counsel for VAC.
2
At Energy Fuels' current share price the preferred equity issuance would be $103mm. This amount is included in the $1.9 billion equity value calculation
3
Calculated on a basic shares outstanding basis
Investor Conference Call Details
Energy Fuels will conduct a conference call today at 8:30 a.m. ET to discuss information included in this news release. Please access the conference call if you wish to ask a question and the webcast to view the slide presentation at:
The slide presentation will be made available on the Company's investor relations webpage at https://investors.energyfuels.com/investors following the call. The conference call will be available in its entirety through a webcast and replay at https://investors.energyfuels.com/investors.
About Energy Fuels
Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is developing three (3) heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.com/.
About VAC
VAC has been in operation for over 100 years and is a leading advanced magnetics company, with over 50 years of production expertise in high-grade sintered NdFeB and SmCo permanent magnets across multiple facilities in Europe and the United States. VAC's differentiated technology platform is underpinned by more than 400 patents and proprietary process know-how developed over decades. VAC is one of the few magnet producers that is Defense Federal Acquisition Regulation Supplement ("DFARs")-compliant, positioning it as a key supplier for the U.S. and allied defense sector. VAC operates magnet production facilities in Hanau, Germany (producing since 1973), Ulvila, Finland (since 1988), Horná Streda, Slovakia (since 2003), and Sumter, South Carolina (since 2025). VAC's state-of-the-art Sumter, South Carolina facility — the largest permanent magnet plant of scale in the United States — is constructed and able to produce 2,000 tpa of NdFeB magnet block and has a pathway to scale to 12,000 tpa. In addition to its leading REE permanent magnet capabilities, VAC is also a leading global manufacturer of advanced soft magnetic solutions and inductive components, including soft magnetic alloys and stamped parts, inductive components and cores, current sensors and other advanced technologies, which provide mission-critical solutions for a wide range of industries, including automotive, industrial automation, medical technology, renewable energy, e-mobility and aerospace. VAC currently employs approximately 4,000 people in several production facilities spanning the globe.
About Ara Partners
Founded in 2017, Ara Partners is a global private markets firm focused on decarbonizing the industrial economy. The firm invests in the middle market across three strategies: Private Equity, Infrastructure, and Energy. Ara scales commercially demonstrated decarbonization solutions, supports the businesses and infrastructure that enable their adoption, and reduces emissions at the source across the conventional energy value chain. Ara operates from Houston, Boston, Dublin and Washington D.C., and as of March 31,2026, had approximately $8.2 billion in assets under management. For more information about Ara Partners, please visit www.arapartners.com.
Non-GAAP Financial Measures
This press release includes references to adjusted EBITDA and some illustrative examples of forward-looking estimates of EBITDA, as described below, which are non-GAAP measures. Because these forward-looking estimates of EBITDA are illustrative examples, we are unable to present a quantitative reconciliation to the most directly comparable GAAP financial measure, because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP financial measure without unreasonable effort or expense. EBITDA and adjusted EBITDA do not have standardized meanings prescribed by GAAP and may not be comparable to (and may be calculated differently by) other companies that present similar measures. The illustrative examples presented in this presentation are estimates and future projections and are based on various assumptions, which may prove to be incorrect. Various risks could cause our actual performance to be materially different from the illustrative examples, projections and estimates. These examples, projections and estimates are provided solely for illustrative purposes, and there can be no assurances that any such financial results or performance will ultimately be realized, in the manner illustrated herein or at all. These illustrative examples, projections and estimates should not be relied upon as being necessarily indicative of future results. We define EBITDA as net income (loss) before (i) depreciation and amortization; (ii) interest expense; (iii) foreign exchange result; and (iv) income tax expense. Adjusted EBITDA is defined as EBITDA before (i) non-recurring restructuring expense; (ii) one-time consulting expenses, (iii) freight cost normalization adjustment; (iv) one-time losses on purchases contracts; (v) non-recurring factoring interest; and (vi) other. A reconciliation of adjusted EBITDA to net income, its nearest comparable GAAP measures is included in this press release. EBITDA and adjusted EBITDA reflect additional ways of viewing aspects of VAC's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting VAC's business. EBITDA and adjusted EBITDA should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with GAAP financial measures. Energy Fuels strongly encourages investors to review the "Reconciliation of Net Income to Adjusted EBITDA" found at the end of this press release and VAC's consolidated financial statements, when available.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the proposed acquisition of VAC will complete as planned or at all; any expectation that any of the government funding being pursued, including the recently announced $725 million loan from the U.S. Office of Strategic Capital, will be funded as contemplated or at all; any expectation that the A$220 million financing currently being discussed with Export Finance Australia and other lenders to accelerate development of the Donald Project will be funded as contemplated or at all; any expectation that the $250 million term loan financing commitment from Goldman Sachs will be funded as contemplated or at all; any expectation that the Closing Conditions will be satisfied or that the proposed ASM acquisition will close; any expectation that Energy Fuels' Donald Project will be developed as planned or at all; any expectation that Energy Fuels will develop its planned expansion of REE separation capacity at its White Mesa Mill; any expectation that the combined company will develop its planned American Metals Plant; any expectation that any of Energy Fuels' other projects will advance to a positive final investment decision and be developed; any expectation that the combined company will create a stronger Western platform with greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and future growth; any expectation that the combined company will be uniquely positioned to serve the rapidly growing demand across electric vehicles, aerospace and defense, robotics, and beyond; any expectation with respect to future EBITDA and cash flow of the combined company; any expectation with respect to potential customer pipeline revenue; any expectation that the acquisition of VAC will be immediately accretive to Energy Fuels' cash flow and margin profile; any expectation as to future production of Energy Fuels or the combined company; any expectation that Energy Fuels will secure sufficient feed materials to support its planned expanded separations capacity at the White Mesa Mill; any expectation as to expected operational synergies of the combined company; any expectation with respect to the combined company's pipeline of potential new customers or the ability to maintain existing customers; any expectation that the Sumter Facility will scale-up its capacity to 12,000 tpa magnets or at all; any expectation that the Korean Metals Plant and/or American Metals Plant will be scaled up in the future; any expectation that Energy Fuels will maintain its position as a leading U.S.-based critical materials company; and any expectation that Energy Fuels' evaluation of radioisotope recovery at the White Mesa Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Energy Fuels or the combined company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; legal challenges; the availability of feed sources for the White Mesa Mill; competition from other producers; public opinion; government and political actions or inactions; the ability of Energy Fuels or the combined company to produce rare earth products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for rare earth element products generally or for western-produced REE products; and the other factors described under the caption "Risk Factors" in Energy Fuels' most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on Energy Fuels' website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.
Společnost Super Micro Computer na konferenci ISC 2026 představila novou architekturu DCBBS pro Nvidia Vera Rubin NVL4, která má škálovat až na 1 152 GPU Rubin a 576 CPU Vera. Akcie po zprávě prudce rostou.
Super Micro Computer SMCI shares are ripping higher this morning after the AI server specialist unveiled its Data Center Building Block Solutions (DCBBS) Blueprint optimized for next-gen architecture.
As investors reacted to the update at the ISC 2026 conference in Hamburg, Supermicro soared past its 50 and 100-day moving averages (MAs), signaling bullish momentum could be sustained in the near term.
SMCI stock has been a volatile investment in recent weeks – currently down some 30% versus its year-to-date high in early June.
Supermicro’s new architecture is built directly on the Nvidia Vera Rubin NVL4 platform.
Speaking at the said conference in Germany, management confirmed that the liquid-cooled rack solution scales up to an immense 1,152 NVDA Rubin GPUs and 576 NVDA Vera CPUs.
Deployments are locked in for the back half of this year to align with Nvidia’s general availability, giving investors a concrete, cutting-edge roadmap.
“Scientific discovery has always been driven by tools available to researchers, and AI has become an essential part of the research process. The institutions that accelerate infrastructure deployment will lead the next generation of breakthroughs,” CEO Charles Liang noted.
Note that despite the recent pullback, SMCI shares remain up some 70% versus their year-to-date low.
Supermicro stock is extending gains on Jun. 22 also because GF Securities upgraded the artificial intelligence company to “Buy” with a $48 price target, indicating potential upside of another 40% from current levels.
According to analyst Evan Lee, the recently announced $7 billion capital raise that triggered a big sell-off in SMCI has created an incredibly attractive entry point.
The Nasdaq-listed firm is currently going for a forward price-to-earnings (P/E) multiple of about 14x only.
In his research note, Lee explicitly highlighted SMCI’s major role as an OEM supplier of NVL72 systems for SpaceX’s massive “Colossus 2” data centers.
GF Securities expects SpaceX to aggressively scale deployment orders starting in Q4, prompting them to upwardly revise the company's NVL72 rack shipment forecasts to 7.2k for this year and 12k for FY27 (implied sales of $24 billion and $51 billion, respectively).
Supermicro shares had been under brutal pressure throughout June after announcing its massive capital raise to fund its $39 billion AI server order backlog.
With the financing package now officially closed and completed, the looming fear of further near-term dilution is off the table.
Investors are shifting focus back to execution and structural demand rather than capital shortfalls.
That said, Wall Street analysts don’t really share GF Securities’ optimism on SMCI.
The consensus rating on Super Micro Computer currently sits at “Hold” only, with the mean price target of just under $36 indicating a lack of meaningful upside from current levels.
Tržby společnosti Supermicro v posledním čtvrtletí vzrostly na 10,2 miliardy USD, ale čistý zisk za poslední fiskální rok klesl o 9 % na něco přes 1 miliardu USD. Akcie se obchodují za zhruba 11násobek odhadovaného budoucího zisku, ale zůstávají pod tlakem kvůli nízkým maržím a problémům s řízením.
Super Micro Computer (SMCI 1.02%), which also goes by just Supermicro, has been a polarizing stock to own over the years. It has been generating strong sales growth due to robust demand for its servers, which tech companies have been loading up on as they invest heavily in artificial intelligence. But with concerns about margins and question marks about its governance and leadership, it hasn't exactly been a hot stock to own; it's down 18% over the past 12 months.
Trading around $34 on Tuesday, the stock is down significantly from its 52-week high of $62.36, set last year, and its valuation looks low relative to earnings. Is it a steal at its current price, or are you better off avoiding the troubled tech stock?
Image source: Getty Images.
Supermicro's growth is impressive, but its margins are not In its most recent quarter, which covered the first three months of the year, Supermicro's net sales totaled $10.2 billion, which was more than double the $4.6 billion it reported a year ago. That kind of growth would normally send a stock soaring, but that hasn't been the case with Supermicro.
The problem with Supermicro is that although it's generating strong top-line growth, with poor margins, there isn't much room for error.
SMCI Gross Profit Margin (Quarterly) data by YCharts
In its most recent fiscal year (which ended June 30, 2025), the company's revenue rose by 47% to nearly $22 billion, but its net income actually declined by 9%, to just over $1 billion. The company effectively needs to grow at a fast pace and keep its overhead and operating expenses under control in order to generate significant growth on the bottom line.
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The stock may look cheap, but it's not worth buying Supermicro stock trades at 11 times its estimated future earnings (based on analyst estimates). It's a cheap-looking valuation, but investors have long valued the stock at a discount due to its risk. Its auditor quit the company back in 2024, raising concerns about its controls and procedures. Earlier this year, multiple people connected to Supermicro, including its co-founder Yih-Shyan Liaw, were charged with violating U.S. export laws and sending Nvidia chips to China.
There are simply many reasons to avoid the stock. Between question marks about its governance, low margins, and dependence on continually high investments in the tech sector, the stock is full of risk, which is why it trades at a discount; it's not the bargain it appears to be. There are far better options out there for tech investors.
Super Micro zajistila 7 miliard USD na financování komponentů pro 39 miliard USD v aktivních objednávkách na AI servery. GF Securities ji poté zvýšila z Hold na Buy.
Investors looking for high-growth AI infrastructure opportunities have likely watched the recent volatility in Super Micro Computer, Inc. NASDAQ: SMCI with a mix of intrigue and anxiety. The central question is whether Supermicro's recent decline represents a warning sign or a buying opportunity.
Super Micro Computer Today
SMCI
Super Micro Computer
$32.98 -0.34 (-1.01%)
As of 11:56 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$19.48▼
$62.36P/E Ratio17.45
Price Target$38.57
By understanding how physical data center bottlenecks are shifting, investors can see where real value accumulates in the hardware stack. The physical limits of silicon compute are no longer defined solely by transistor density; thermal dissipation has become a primary operational bottleneck.
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As hyperscalers deploy next-gen architectures, the companies that can deliver pre-built, liquid-cooled infrastructure at scale are changing roles. They're no longer just assembling hardware; they're becoming essential system architects.
And that change is exactly why Supermicro's recent financing pressures have opened up an unusual gap between the stock's price and its underlying business.
How Supermicro Defeated the Post-Offering FreezeOn June 11, 2026, Super Micro Computer, Inc. priced a massive $7 billion concurrent offering of common stock and mandatory convertible preferred stock. Short-term traders reacted with panic, triggering a 15% dilution-driven selloff that shaved 28% off the market price.
Super Micro Computer, Inc. (SMCI) Price Chart for Wednesday, June, 24, 2026
However, this immediate knee-jerk reaction missed the operational reality driving the capital raise. Securities and Exchange Commission (SEC) filings reveal that Supermicro is utilizing these net proceeds to procure critical components for a colossal $39 billion in active AI server orders. This backlog represents high-conviction commitments from over 20 major hyperscale customers.
The capital expansion doesn't signal financial distress; instead, it secures the supply chain runway needed to fulfill unprecedented physical demand. Recognizing this mismatch, analysts at GF Securities upgraded Supermicro from a Hold to a Buy rating on June 22, 2026, setting a target price of $48. This upgrade suggests the market has fully absorbed the dilution, clearing the path for Supermicro to convert its massive inventory backlog into record-breaking revenue in the second half of the year.
Freezing Out Rivals With Turnkey Thermal BlueprintsAt the ISC High Performance conference in Hamburg on June 22, Supermicro introduced its new Data Center Building Block Solutions (DCBBS) blueprint. The platform integrates up to 1,152 NVIDIA NASDAQ: NVDA Rubin GPUs and 576 Vera CPUs based on the new NVIDIA Vera Rubin NVL4 architecture.
The engineering breakthrough lies in the thermal management system. The blueprint deploys DLC-2 Direct Liquid Cooling technology, supporting 362 kW per rack. Utilizing direct-to-chip copper cold plates, vertical manifolds, and specialized SMC PG25-A coolant, the system prevents the thermal throttling that degrades performance in high-density server farms.
Competitor Dell Technologies Inc. NYSE: DELL is targeting this space with the PowerEdge XE8812, which scales to 144 GPUs per rack. However, Supermicro maintains a speed-to-market advantage. Global assembly facilities perform full system-level and cluster-level testing prior to shipment. This integration reduces the time-to-online for supercomputing centers, transforming Supermicro's business relationship with hyperscalers from simple hardware acquisition into long-term infrastructure architecture.
Chill Valuation: Why Supermicro's Earnings Growth Is Too Hot to IgnoreSupermicro's valuation has compressed to an attractive level. The company trades at a trailing price-to-earnings (P/E) ratio of 18x and a forward P/E of 16x. This stands in stark contrast to its fundamental growth trajectory, as Supermicro reported a year-over-year (YOY) revenue increase of 122.7% in its latest quarterly earnings report.
This severe valuation gap has caught the attention of institutional option traders. On June 22, option volume spiked to 583,277 contracts, with call options accounting for 81.1% of the total. Buyers focused heavily on the $40 strike call options expiring on June 26, 2026, signaling expectations for a rapid upward move.
Simultaneously, short sellers are beginning to capitulate.
Short interest has declined from 81.2 million shares to 74.5 million shares, though it still represents 14.39% of the free float. Any positive earnings surprise could easily trigger a violent short squeeze. It's a setup that mirrors the dynamic at NVIDIA, which trades at an attractive forward P/E of roughly 23x despite growing its revenue by 85% YOY. The temporary weakness in both equities presents a highly favorable risk-reward profile for growth-oriented investors.
Balancing Liquid Growth Against Competitive FrictionWhile the growth story is compelling, prudent investors must weigh several structural risk factors before allocating capital. The competitive landscape intensifies as Dell and Hewlett-Packard Enterprise Company NYSE: HPE aggressively expand their direct liquid-cooled offerings. Dell recently generated $16 billion in AI server revenue in a single quarter, proving it possesses the scale and balance sheet to compete on price.
Supermicro also faces persistent margin compression. Its gross margin is 8.39%, reflecting the high cost of sourcing advanced graphics processing units (GPUs). A massive operational cash burn of $6.6 billion underscores the capital-intensive nature of this expansion cycle. Meanwhile, NVIDIA deals with short-term headwinds, including a copyright lawsuit filed on June 22, 2026, by music platform Jamendo, and minor price compression in cloud GPU rental rates. Navigating these risks requires focusing on companies with rapid inventory turnover and superior manufacturing execution.
Cold Calculations: Capitalizing on the Coolest Turnkey Play in AIThe transition toward liquid-cooled AI infrastructure is an ongoing trend, not a short-term hype cycle. By securing $7 billion in capital to fulfill a $39 billion order book, Supermicro is aggressively positioning itself to capture dominant market share. Investors with a higher risk tolerance might consider adding Supermicro to their watchlists as short-term dilution pressures continue to fade. Those seeking a more conservative entry point may prefer to build a gradual dollar-cost averaging position to mitigate short-term macro volatility while participating in the long-term expansion of the accelerated compute economy.
Should You Invest $1,000 in Super Micro Computer Right Now?Before you consider Super Micro Computer, you'll want to hear this.
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SMCI ve 3. čtvrtletí fiskálního roku 2026 spotřebovala z provozní činnosti asi 6,6 mld. USD hotovosti a cash conversion cycle vyskočil na 106 dní. Zásoby dosáhly téměř 11,1 mld. USD a odpisy činily 239,3 mil. USD.
Key Takeaways SMCI used about $6.6B in operating cash flow in Q3 fiscal 2026 versus $24M in the prior quarter.SMCI's cash conversion cycle jumped to 106 days as inventory levels and working capital needs SMCI held nearly $11.1B in inventory and recorded $239.3M in write-downs during fiscal 2026. Super Micro Computer’s (SMCI - Free Report) cash flow and working capital profile weakened significantly in the third quarter of fiscal 2026. The company reported cash flow used in operations of approximately $6.6 billion during the quarter compared with only $24 million used in the previous quarter. The deterioration was due to a large reduction in accounts payable and continued inventory buildup.
SMCI’s cash conversion cycle increased sharply to 106 days in the third quarter of fiscal 2026 from 54 days in the prior quarter, while days inventory outstanding rose to 106 days from 63 days. These trends indicate rising working capital intensity and execution risk as SMCI scales its AI infrastructure business. If customer deployment timelines continue to shift or collections slow further, the company may face additional liquidity pressure.
Super Micro Computer continues to face inventory-related risks tied to the rapidly evolving AI hardware market. The company recorded inventory valuation adjustment write-downs of approximately $239.3 million during the first nine months of fiscal 2026, largely related to older-generation GPUs and components.
While management stated that newer AI platforms such as NVIDIA GB300 NVL72 and AMD MI350/355 are ramping aggressively, elevated inventory levels remain a concern. The company had nearly $11.1 billion in inventory at the end of the third quarter of fiscal 2026, up from $10.6 billion in the previous quarter.
Such a sizable inventory position could lead to additional write-downs or working capital pressure if customer demand or technology cycles shift unexpectedly. Furthermore, SMCI also faces stiff competition from larger players.
How Competitors Fare Against SMCIThe AI data center market is likely to grow at an unprecedented pace throughout 2026 and 2027. Big players like Hewlett Packard Enterprise (HPE - Free Report) and Dell Technologies (DELL - Free Report) are competing with SMCI in this space.
Dell Technologies is a major supplier of servers and storage systems, with a broad customer base across enterprises and cloud providers. Its scale, established distribution and service offerings give it an edge in winning large contracts. However, Dell Technologies has not grown as quickly as SMCI in AI-specific systems; its ability to bundle hardware with services makes it a strong rival.
Hewlett Packard Enterprise is also expanding aggressively into AI and high-performance computing. Its GreenLake platform provides customers with flexible, cloud-like consumption models, which can be attractive to enterprises. Hewlett Packard Enterprise’s focus on hybrid cloud and AI workloads positions it as a direct competitor in areas where SMCI is seeking growth through its DCBBS strategy.
Hewlett Packard Enterprise offers a range of servers, including HPE ProLiant, HPE Synergy, HPE BladeSystem and HPE Moonshot servers. Dell Technologies has built the Dell AI Factory in collaboration with NVIDIA. Dell also collaborated with Red Hat Enterprise Linux AI for Dell PowerEdge servers.
SMCI’s Price Performance, Valuation and EstimatesShares of Super Micro Computer have gained 13.8% year to date compared with the Zacks Computer – Storage Devices industry’s growth of 323.2%.
SMCI YTD Performance Chart
Image Source: Zacks Investment Research
From a valuation standpoint, SMCI is trading at a discount at a forward 12 Month P/S multiple of 0.39X compared with the industry’s P/S multiple of 4.77X.
The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 24.27% and 22.9%, respectively. Estimates for fiscal 2026 and 2027 earnings have been revised upward in the past 30 days.
Image Source: Zacks Investment Research
Super Micro Computer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AutoNation koupila tři prémiové luxusní autosalony v oblasti San Franciska: Audi Fremont, Mercedes-Benz of Fremont a Porsche Fremont. Podniky mají zhruba 400 milionů USD ročních tržeb.
AutoNation Expands California Footprint with Acquisition of Three Premium Luxury Dealerships AutoNation, Inc. (NYSE: AN), one of the largest automotive retailers in the United States, today announced the acquisition of three premium luxury dealerships in the San Francisco Bay Area, effective June 22, 2026. The acquired stores are Audi Fremont, Mercedes-Benz of Fremont, and Porsche Fremont. Together, the stores represent approximately $400 million in annual revenue and 4,800 retail new and used vehicle annual sales per year.
AutoNation’s footprint expands in California, the largest auto retail market in the U.S., to 46 locations, including 21 Premium Luxury stores, 7 Domestic stores, 16 Import stores, a collision center, and an auction center. Nationwide, AutoNation now operates 25 Mercedes-Benz, 11 Audi, and 8 Porsche stores.
“This acquisition strengthens our Premium Luxury portfolio in a highly attractive California market and reflects our disciplined approach to deploying capital into high-quality assets,” said Mike Manley, Chief Executive Officer. “Over the past 12 months, including our Baltimore, Chicago, and Atlanta area acquisitions, we have added approximately $1 billion in annual revenue, enhancing our scale, supporting long-term growth, and positioning us to deliver attractive returns for shareholders.”
AutoNation remains focused on disciplined capital allocation, balancing strategic acquisitions that expand scale in attractive markets with share repurchases that return capital to shareholders. AutoNation has invested approximately $450 million year-to-date to repurchase more than 2.2 million shares, reducing shares outstanding by more than 6 percent.
About AutoNation, Inc.
AutoNation, one of the largest automotive retailers in the United States, offers innovative products and exceptional services as part of a portfolio of comprehensive solutions for our customers and their automotive needs. With a nationwide network of dealerships strengthened by a recognized brand, we offer a wide variety of new and used vehicles, customer financing, parts, and expert maintenance and repair services. Through DRV PNK, we have raised over $50 million for cancer-related causes, demonstrating our commitment to making a positive difference in the lives of our Associates, Customers, and the communities we serve.
Please visit www.autonation.com, investors.autonation.com, and www.x.com/autonation, where AutoNation discloses additional information about the Company, its business, and its results of operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260623430497/en/
InMode potvrdila nevyžádaný návrh na převzetí za 16,20 USD za akcii v hotovosti. Správní rada zřídila výbor nezávislých ředitelů, který nabídku posoudí.
, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (the "Company") today announced that, on June 17, 2026, its Board of Directors (the "Board") received an unsolicited proposal from M.N. Business Strategy, Ltd. ("MN Business Strategy") to acquire through a merger all of the outstanding ordinary shares of the Company not already owned by MN Business Strategy and its affiliates for $16.20 per share in cash (the "Proposal"). MN Business Strategy is a group that includes, among others, Moshe Mizrahy, the Company's co-founder and Chief Executive Officer.
The Board has approved formation of a special committee comprised solely of independent directors to evaluate the Proposal. The special committee will, in consultation with its advisors, evaluate the Proposal in accordance with its fiduciary duties and the best interests of the Company and all of its shareholders. There can be no assurance as to whether this evaluation will result in a transaction or any other strategic outcome for the Company, or as to the timing or terms of any such transaction or outcome. The Company does not intend to comment further on the special committee process or provide additional updates unless and until required to do so under applicable law or regulation.
About InMode Ltd.
The Company is a leading global provider of innovative medical technologies. The Company develops, manufactures and markets devices harnessing novel radiofrequency ("RF") technology. The Company strives to enable new emerging surgical procedures as well as improve existing treatments. The Company has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology and ophthalmology. For more information about the Company and its wide array of medical technologies, visit www.inmodemd.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms or other comparable terminology. Forward-looking statements in this press release include, but are not limited to, statements regarding the Proposal, the special committee's review and evaluation of the Proposal, the potential consummation of any transaction and the Company's future plans, objectives, expectations and intentions. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied. Such factors include, among others: uncertainties as to whether the special committee will determine that the Proposal or any alternative transaction is in the best interests of the Company and its shareholders; the risk that the Proposal may be withdrawn or modified; the possibility that competing offers or alternatives may or may not emerge; the risk that any transaction may not be consummated on the terms or timeline currently contemplated, or at all; and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.
Contacts
Miri Segal-Scharia
MS-IR LLC
[email protected]
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Stifel zahájil pokrytí Victrex s doporučením koupit a cílovou cenou 750 p, protože ziskovost je na nejnižší úrovni od roku 2009 a akcie považuje za atraktivní vstup.
Victrex PLC (LSE:VCT) has spent much of the past seven years falling short of the standards it set during its heyday, but Stifel believes the specialist polymer maker is approaching an inflection point under new chief executive Jakob Sigurd Routh.
The broker initiated coverage with a 'buy' rating and a 750p price target, arguing that with the FTSE 250 group's earnings at the lowest level since 2009, risk is "asymmetrically upside weighted" and the shares offer "an attractive entry point".
Victrex is the market leader in PEEK, a high-performance polymer used as a lightweight alternative to metal in sectors including aerospace, electronics, energy and medical devices.
Its financial performance was strong between 2003 and 2018, with adjusted operating profit increasing more than fivefold to around £127 million.
Since then, however, revenue has fallen and gross margins have contracted to 45.3% from much higher levels, hit by increased Chinese competition, weakness in spinal implants, operational challenges and losses at its manufacturing facility in China.
Stifel said Routh, who joined from AB Dynamics in January, has moved quickly to address those issues. A profit improvement plan is targeting more than £10 million of savings in the 2027 financial year through lower overheads, operational efficiencies and a simplified product range.
Investors are also looking ahead to a capital markets day in September, when Routh and co are expected to outline a broader turnaround strategy, including plans for the China facility, capital allocation priorities and medium-term financial targets.
The broker argues the shares look inexpensive at around 13 times forward earnings, a discount to their five-year average valuation, despite a strong balance sheet and the prospect of improving profitability.
DXC oznámila, že od TCS získala 213.560.494,98 USD v historickém sporu o obchodní tajemství. Nejvyšší soud odmítl zrušit verdikt, který potvrdil zneužití obchodního tajemství CSC.
El Tribunal Supremo no revoca el fallo que dictaminó que TCS se apropió indebidamente de los secretos comerciales de DXC, reforzando así la importancia de proteger la propiedad intelectual y la confianza de los clientes.
, /PRNewswire -- DXC Technology (NYSE: DXC), socio líder en tecnología e innovación empresarial, anunció hoy que ha recaudado 213.560.494,98 dólares de Tata Consultancy Services (TCS) en un caso histórico de secretos comerciales que involucra a Computer Sciences Corporation (CSC), filial de DXC.
El Tribunal Supremo se negó a revocar las sentencias de los tribunales inferiores, incluida una indemnización de 168 millones de dólares a favor de DXC, que, con los intereses acumulados, resultó en el cobro total de 213.560.494,98 dólares.
El Tribunal de Apelaciones del Quinto Circuito de Estados Unidos confirmó previamente que TCS se apropió indebidamente de forma deliberada y maliciosa de secretos comerciales de CSC, al encontrar amplia evidencia en el expediente de que la conducta de TCS fue intencional y con pleno desprecio por los derechos de CSC.
Este resultado refleja el compromiso de DXC con la defensa de sus derechos de propiedad intelectual y subraya la importancia de la competencia leal, el estado de derecho y el derecho a proteger la innovación. Proteger la propiedad intelectual es fundamental para salvaguardar las soluciones para los clientes y garantizar la inversión continua en tecnologías que impulsan los resultados empresariales.
"La confianza es la base de toda relación comercial", dijo Raúl Fernández, presidente y consejero delegado de DXC. "En una era de innovación en IA, la confianza es aún más crítica, por lo que es muy decepcionante ver que una empresa global como TCS sea sorprendida apropiándose intencionalmente de forma indebida de los secretos comerciales de una empresa estadounidense. También agradecemos al sistema legal estadounidense por defender los derechos de los innovadores tecnológicos."
Acerca de DXC
DXC Technology (NYSE: DXC) es un socio líder en tecnología e innovación empresarial que ofrece software, servicios y soluciones a empresas globales y organizaciones del sector público. DXC ayuda a sus clientes a aprovechar la IA para impulsar resultados en una era de cambios exponenciales. Con una amplia experiencia en servicios de infraestructura gestionada, modernización de aplicaciones y soluciones de software específicas para la industria, DXC opera, moderniza y protege sistemas de misión crítica que impulsan a las organizaciones más importantes del mundo. Obtenga más información en dxc.com.
Contacto para medios: Ashley Houk-Temple, relaciones con los medios, DXC Technology, Email: [email protected]
HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (“Vertex” or the “Company”) today announced it is advancing a project at its Mobile, Alabama refinery to produce crude-derived conventional Group III base oils through the Company’s existing hydrocracker and related processing infrastructure, providing lubricant manufacturers and blenders with an additional domestic source of high-quality Group III supply.
We believe the planned investments, combined with our existing hydrocracker, give Vertex a compelling pathway to supply the conventional Group III market and support customers seeking reliable domestic supply.
Share The project is designed to add an incremental 6,000 barrels per day of conventional Group III production capacity and support production of 4 cSt, 6 cSt, and 8 cSt Group III base oils using an existing crude-derived hydrocracked vacuum gas oil stream produced at the Company’s Mobile, Alabama refinery. Combined with the Company’s existing re-refined Group III base oil production, this additional capacity is expected to make Vertex the leading Group III producer in North America. Vertex has completed preliminary design work and has procured a high-pressure lubricants hydrotreating unit. The Company plans to start production of conventional Group III base oils in 2029.
“This project reflects a major milestone in our continued focus on improved profitability and margin stabilization,” said Mark Smith, Chief Executive Officer of Vertex Energy. “We believe the planned investments, combined with our existing hydrocracker, give Vertex a compelling pathway to supply the conventional Group III market and support customers seeking reliable domestic supply.”
Group III base oils are used in a range of high-performance lubricant applications, including automotive and industrial lubricants that require strong performance characteristics and consistent product quality. The project will complement Vertex’s existing fuels and re-refined base oil operations, with the Company continuing to produce transportation fuels and 4 cSt and 6 cSt re-refined Group III base oils as part of its integrated platform while adding conventional Group III production capability.
For more information on Vertex, visit the Company’s website at vertexenergy.com.
ABOUT VERTEX ENERGY
Vertex is a leading specialty refiner of base oils and conventional fuels. The Company operates an integrated used motor oil (“UMO”) collection and processing network across the southern United States, securing a reliable feedstock supply for its base oil re-refining operations. Vertex provides U.S.-produced refined products with global reach, delivering solutions that enhance performance and value for its customers.
Jim Chanos varuje, že AI energetický boom je spíš dočasné úzké hrdlo než trvalý nedostatek. Bloom Energy mezitím těží z poptávky datacenter po rychlém napájení na místě.
The AI infrastructure boom has created a new class of market winners. Chipmakers, data center operators, and power suppliers have all benefited as hyperscalers race to build the computing capacity needed to train and run artificial intelligence models. Yet every boom attracts skeptics.
This time, famed short-seller Jim Chanos is challenging one of Wall Street’s hottest investment themes: the idea that alternative energy companies will enjoy years of pricing power from an AI-driven electricity shortage. His argument deserves attention. But Bloom Energy (NYSE:BE) may be one company that doesn’t fit neatly into his bearish framework.
Chanos Says This Is a Bottleneck, Not a Shortage Chanos argues investors are confusing a temporary infrastructure problem with a permanent energy shortage.
His thesis is straightforward. The U.S. has enough generation capacity to meet demand over time, but permitting delays, transmission constraints, and turbine shortages have created temporary grid bottlenecks. If AI demand remains as large as forecasts suggest, economic incentives will force regulators and utilities to accelerate solutions.
There is evidence supporting that view. The Federal Energy Regulatory Commission recently approved measures aimed at speeding up data center grid connections. If interconnection queues begin moving faster, some of today’s scarcity premium could disappear. Investors paying 50x, 60x, or 70x earnings for energy-related stocks may discover they were pricing in conditions that don’t last forever.
That said, Chanos is talking about a world two or three years from now. In the AI era, that is practically an eternity.
Bloom Energy Benefits From Today’s Crisis Bloom Energy’s opportunity isn’t dependent on what the grid looks like in 2029. The company’s solid oxide fuel cells provide behind-the-meter power generation directly at data centers. Instead of waiting years for utility connections, operators can deploy Bloom’s Energy servers and begin generating electricity on-site.
Here’s what makes the value proposition compelling:
Bloom Energy Advantage Benefit to Data Centers 90-120 day deployment Accelerates time-to-power versus 3-5 year grid connections Instant response capability Handles AI workload spikes without large battery systems Quiet, low-emission operation Faces less community opposition than diesel generators 99.999% reliability Protects against blackouts and grid instability 30% federal tax credit eligibility Reduces project costs under Inflation Reduction Act incentives Those advantages are key because many AI projects cannot afford to wait years for electricity. BloombergNEF projects data center power demand could exceed 106 gigawatts by 2035. Whether the problem is a shortage or a bottleneck, operators still need power today.
Bloom’s solution effectively monetizes that urgency and the market has noticed. Bloom Energy stock has climbed roughly 267% year to date and more than 1,300% over the past 12 months as investors embraced the company’s role in solving data center power constraints. The company has also reported rapid growth tied to hyperscaler demand and expects record revenue in 2026.
The Risks Investors Can’t Ignore Granted, Chanos may be right about one thing: valuation. Bloom’s stock performance has dramatically outpaced the growth of its underlying business. Several analysts have warned that expectations now assume years of flawless execution. Some valuation metrics have expanded to levels rarely seen outside high-growth software companies despite Bloom operating in a capital-intensive energy industry.
Investors should also watch several key risks:
Customer concentration remains elevated. AI infrastructure spending could slow. Insider selling has increased in recent months. Future multiple compression could pressure shares even if revenue continues growing. In short, Bloom Energy may be a great business but still become an expensive stock.
Key Takeaway Chanos could ultimately be correct that today’s AI energy scarcity is temporary. If grid bottlenecks ease over the next few years, many alternative energy stocks trading at premium valuations could face a painful reset.
Bloom Energy, however, occupies a unique position. The company isn’t merely betting on future power demand. It is helping data centers solve an immediate problem by bypassing grid delays altogether.
For sharp investors, the debate isn’t whether Chanos is right or wrong. It’s whether Bloom can grow fast enough over the next several years to justify a stock that has already risen more than 1,300% in a year. Ultimately, Bloom’s business model appears stronger than the broad alt-energy sector Chanos is criticizing, but the valuation leaves little room for mistakes.
EXL oznámila definitivní dohodu o koupi společnosti iMerit až do výše 310 milionů dolarů. Akvizice posílí její schopnosti v oblasti AI v trénování, evaluaci a reinforcement learningu.
Positions EXL to accelerate AI innovation in the enterprise with iMerit’s direct relationships with foundation model buildersDeepens EXL’s vertically specialized end-to-end AI capabilities with iMerit’s model training, evaluation and reinforcement learningExpands EXL’s total addressable market across high-growth AI tech sectors, and multiplies the impact of iMerit on a broader enterprise audience NEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced a definitive agreement to acquire iMerit, a recognized leader in AI model training, evaluation and reinforcement learning. iMerit is focused on helping its clients train large language and multimodal models to improve accuracy, precision, and effectiveness. The acquisition, valued at up to $310 million in upfront and future consideration, is expected to close in the third quarter of 2026, subject to customary closing conditions. The move strengthens EXL’s ability to help enterprises achieve measurable outcomes from AI, builds partnerships with leading foundation model builders and expands EXL’s reach into high-growth AI tech sectors.
"As organizations reimagine their businesses with AI, success requires industry-specific data, rigorous evaluation and reinforcement learning to deliver reliable results in business-critical workflows,” said Rohit Kapoor, chairman and chief executive officer of EXL. “The acquisition of iMerit strengthens EXL’s AI strategy and ability to help clients move from experimentation to production. By combining iMerit’s capabilities with EXL’s domain expertise and AI platforms, we are setting the standard for AI that is trusted, accountable and built to perform in the enterprise.”
EXL will now be at the center of how next-gen AI is built, leveraging iMerit’s client relationships with leading foundation model companies. EXL and its clients will benefit from early insight into how models are trained, fine-tuned and improved. This also positions EXL to help enterprises build fit-for-purpose small language models tailored to their data and workflows.
iMerit enhances EXL’s platform and human intelligence capabilities through its Ango platform and Scholars network. Ango powers sophisticated data interactions with GenAI models, enabling chain-of-thought reasoning, red teaming and multimodal evaluations. Scholars expands EXL’s domain expertise through iMerit’s global network of specialists, including physicians, scientists, engineers, linguists and other subject matter experts who support human intelligence-driven feedback workflows for reinforcement learning.
EXL will integrate Ango with its agentic platforms — including EXLerate.ai, EXLdata.ai, and EXLdecision.ai — to combine expert human judgment, model evaluation and enterprise-scale execution. Together, these capabilities create an end-to-end AI platform that helps enterprises accelerate the transition from pilot to production-scale AI.
“We see EXL as an ideal leader in this defining moment for AI. We can build on our work with AI innovators and bring those insights to companies seeking to unlock their proprietary data,” said Radha Ramaswami Basu, chief executive officer and founder of iMerit. “Both companies share a belief that specialized high-quality data is the foundation of AI success. We are excited to multiply our impact through EXL’s industry expertise, complementary technology and trusted enterprise relationships.”
These offerings strengthen EXL’s vertically integrated AI stack and its ability to build and fine-tune domain-specific language models. This is particularly critical for regulated industries such as healthcare, insurance, banking and capital markets where EXL is already a highly trusted data and AI partner.
This acquisition also expands EXL into high-growth AI sectors, including high tech, mobility, autonomous systems and physical AI. iMerit’s expertise across text, image, video, voice and LiDAR data creates a strong foundation for AI solutions powering robotics, autonomous vehicles and intelligent real-world environments.
Transaction Details
The $310 million acquisition involves an upfront consideration of $170 million, with an additional $140 million in incentives and earnouts over two years contingent on meeting specified milestones. The transaction is expected to close in the third quarter of this year, subject to customary closing conditions, including expiration or termination of the waiting period for applicable antitrust regulations.
Conference Call
EXL will host a conference call today, June 24, 2026, at 12:00 P.M. ET to provide additional information. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.
To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.
About EXL
EXL (NASDAQ: EXLS) is a global data and AI company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare and life sciences, banking and capital markets, retail, communications and media and energy and infrastructure, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have over 67,000 employees spanning six continents. For more information, visit www.exlservice.com.
About iMerit
iMerit is a leader in AI fine tuning, evaluation, and reinforcement learning. iMerit helps frontier AI labs and enterprises build more accurate, reliable, and domain-aware models. iMerit delivers high-quality data across industries such as high-tech, autonomous mobility, healthcare AI, and robotics. Scholars, its global network of specialists, includes physicians, scientists, engineers, linguists, and other subject matter experts who power high-quality data creation, reasoning evaluation, model alignment, and human feedback workflows for next-generation AI systems. Its proprietary Ango Hub platform allows customers and experts to collaborate on complex multimodal data to generate highly curated and validated training artifacts for high-stakes models. iMerit is backed by Khosla Ventures, Omidyar Network, Dell Foundation and British International Investment (BII). Learn more at imerit.ai.
Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management's experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include the satisfaction or waiver of applicable closing conditions to the consummation of the iMerit acquisition, our ability to successfully integrate strategic acquisitions or achieve anticipated synergies, our ability to maintain and grow client demand, risks related to the use of AI technology, impact on client demands by our selling cycles, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, and risks related to the international nature of our business and other factors are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.
Contacts:
Investor Relations
Andrew Thut
Head of Investor Relations and Capital Markets [email protected]
Media – US, UK
Keith Little
Head of Public Relations [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d619380-0e67-481b-b9ac-3d39b6a4008e.
EXL to acquire iMerit, advancing its leadership as the strategic partner for AI in the enterprise a global data and AI company, today announced a definitive agreement to acquire iMerit, a recognized...
Marathon Petroleum v 1. čtvrtletí zvýšil tržby na 34,6 miliardy USD a dosáhl zisku 511 milionů USD. Firma zároveň oznámila nový program zpětného odkupu akcií za 5 miliard USD.
This is a fair market value price provided by Massive. Learn more.
52-Week Range$158.00▼
$272.46Dividend Yield1.63%
P/E Ratio16.06
Price Target$272.94
Marathon Petroleum NYSE: MPC is one of the most powerful energy companies in the United States, and as might be expected, it is having a very good year.
With an earnings rebound in this year’s first quarter, the company has stronger refining margins, positive returns for its renewable diesel, and surging cash from operations. It’s also, as usual, returning abundant capital to shareholders.
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The question is not whether the business is performing well. The question is whether the cycle driving these results will last long enough to justify buying the stock at current prices.
Multiple Sources of EarningsMarathon operates the nation's largest refining system, but it’s not a single-play investment. With 13 refineries and a daily refining capacity of roughly three million barrels, the company also produces, stores, transports, and sells gasoline, diesel, and other refined products.
It also owns a giant retail network of nearly 8,000 locations, mostly under the Marathon and ARCO brands. And its fee-based midstream and growing renewable diesel segment give it additional sources of cash to help offset cyclical weakness in refining.
Strong Refining Drove First-Quarter ReboundThe first quarter of 2026 showed what Marathon looks like when the refining cycle cooperates.
Total revenue for the quarter came in at $34.6 billion, up 8.5% from the first quarter of 2025, beating analyst estimates. Net income attributable to the company reached $511 million, or $1.73 per diluted share, compared with a net loss of $74 million, or 24 cents per diluted share, in the same quarter a year earlier.
Adjusted net income was $487 million, or $1.65 per diluted share, more than twice what analysts expected. Cash from operations reached $1.1 billion, compared to a negative $64 million a year prior. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $2.8 billion, compared with $2 billion for the first quarter of 2025.
Midstream and Renewable Diesel Added StabilityThe standout segment in the three months was its refining and marketing operations. Adjusted EBITDA came in at $1.4 billion, up from $489 million a year earlier. The segment margin improved to $17.74 per barrel from $13.38 per barrel, as adjusted EBITDA per barrel soared to $5.37 from $1.91.
The company’s midstream business, including pipelines, storage terminals, and processing facilities, continued its role as a fee-based revenue generator largely disconnected from commodity price swings. Conducted through MPLX LP, the segment’s adjusted EBITDA was $1.6 billion in the quarter, down modestly from $1.7 billion a year earlier but still a dependable contributor.
Marathon’s growing renewable diesel operations also contributed. Adjusted EBITDA in that segment turned positive to $38 million, compared with a loss of $42 million in the year-ago period.
Wall Street and Shareholder Returns Support the StockMarathon Petroleum Stock Forecast Today12-Month Stock Price Forecast:
$272.94
10.40% Upside
Moderate Buy
Based on 19 Analyst Ratings
Current Price$247.22High Forecast$344.00Average Forecast$272.94Low Forecast$210.00Marathon Petroleum Stock Forecast Details
Given these results, the company’s recent stock appreciation comes as no surprise. Currently trading near $250 per share, the stock has delivered a year-to-date return above 50%.
Of the 19 analysts following the company, the 12-month average consensus target is $272.94 with a recommendation of a Moderate Buy. After a recent analyst price target raise and several institutions buying into the stock, the highest current 12-month target is $344 per share, while the lowest is $210.
The company’s heavy capital returns also support the share price. Marathon returned more than $1 billion to shareholders in the first quarter alone, and its board approved an additional $5 billion share repurchase program, bringing total available buyback capacity to $8.6 billion.
The company also pays a quarterly dividend of $1 per share, which, at recent share prices, translates to a yield of about 1.6%.
Expansion Projects Aim to Improve FlexibilityThe energy market, however, can change rapidly, with the past several months providing proof of that. West Texas Intermediate crude oil started the year below $60 per barrel and soared to nearly $115 by early April. The current price is in the mid-to-low $70s. With crack spreads at historically high levels, prospects for continued strong earnings in the short-term should be good.
Marathon, for its part, is looking to control some of the unpredictability. During the first quarter, the company brought its Garyville jet fuel flexibility project online, and an upgrade to its El Paso refinery's fluid catalytic cracking unit is due in the second quarter. A jet fuel project at its Robinson refinery is then targeted for the third quarter. By stepping up its product mix, the company is aiming to increase its ability to shift output as market conditions change.
Commodity Cycles and Operational Risks RemainThe risks in the energy business, though, can be masked by the good times. Much of the first-quarter improvement came from favorable market conditions, and those can reverse quickly.
A year ago, the quarter was hit by lengthy planned maintenance, which reduced throughput and increased costs. Crack spreads were smaller, and the company reported a loss. Later in the year, fire-related downtime at one of its refineries helped contribute to lower earnings than expected.
In addition, the company's own risk disclosures flag regulatory changes, geopolitical disruption, tariffs, inflation, interest rates, environmental liabilities, and unplanned outages as material uncertainties. And competition from others in the energy sector, including Valero Energy NYSE: VLO and Phillips 66 NYSE: PSX, is ongoing and intense.
Even strategies to protect against price fluctuations do not always pan out. Much of the decline in earnings from its midstream segment came from a $77 million loss from derivative losses on its hedging activity.
A Strong Company in a Cyclical IndustryThese days, given the state of the world, it’s easy to see how energy companies can thrive. But cycles can quickly switch directions and ruin the best operations.
For investors who want energy exposure in a diversified portfolio, Marathon is a strong choice. It’s a well-run company with a clear capital return strategy, improving operational quality, and a midstream business that provides income stability.
But it’s not a guarantee. Investors should be willing to think in terms of commodity cycles rather than quarter-to-quarter stability. For many value investors, the energy sector is a marathon, not a sprint to the finish.
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