Western Midstream Partners oznámila rekordní upravený EBITDA za 2. čtvrtletí ve výši 737 milionů USD a zvýšila výhled na rok 2026 po akvizici Brazos Delaware II. Zároveň ponechala čtvrtletní distribuci na 0,93 USD na podíl.
The 6 Best Energy Stocks to Buy NowWestern Midstream Partners NYSE: WES reported record second-quarter adjusted EBITDA as Delaware Basin natural gas and produced-water volumes rose, the recently acquired Brazos Delaware II assets began contributing, and higher commodity prices supported results under fixed-recovery processing contracts.
Chief Executive Officer Oscar Brown said adjusted EBITDA reached $737 million, up 8% sequentially and 19% from the prior-year period. The partnership also generated net income attributable to limited partners of $395 million and distributable cash flow of $537 million, according to Chief Financial Officer Kristen Shults.
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Guidance Raised Following Brazos Acquisition Western Midstream raised the midpoint of its 2026 adjusted EBITDA outlook by $250 million to $2.85 billion, within a new range of $2.75 billion to $2.95 billion. The company also increased its distributable cash flow guidance to $2.05 billion to $2.25 billion and free cash flow guidance to $1.1 billion to $1.3 billion, raising the midpoint of each range by $200 million.
The revised outlook reflects the mid-June closing of the $1.6 billion acquisition of Brazos Delaware II, stronger commodity pricing during the first half, a higher second-half commodity-price forecast, and increased customer activity expected in the Delaware and Powder River basins.
Western Midstream funded the Brazos transaction with about $800 million in cash and $800 million in common units. Brown said the acquisition is accretive to per-unit metrics and expands the partnership’s Delaware Basin gathering and processing position while diversifying its customer base and ownership.
The company expects Brazos to contribute approximately $100 million of adjusted EBITDA during the second half of 2026. It also expects to capture $15 million to $20 million of cost synergies in coming quarters, primarily from reductions in general and administrative costs and supply-chain-related operating efficiencies.
Brown said the company expects to complete the connection between the legacy Brazos and Western Midstream systems by year-end. The connection is expected to allow more volumes to be directed to Brazos processing plants with available capacity, reducing offloaded volumes and increasing internal processing.
Throughput Trends Across Core Basins Second-quarter natural gas throughput rose 3% sequentially, supported by roughly two and a half weeks of Brazos contributions and another quarter of record natural gas throughput in the DJ Basin, Chief Operating Officer Danny Holderman said. Crude oil and NGL throughput increased slightly, while produced-water throughput increased about 5% from the prior quarter.
For the full year, Western Midstream now expects portfolio-wide natural gas throughput to increase by mid-single digits year over year. It expects crude oil and NGL throughput to decline by low double digits, while produced-water throughput is projected to increase approximately 85%, compared with the company’s prior expectation of roughly 80% growth.
The produced-water outlook reflects contributions from the Aris acquisition as well as performance from the legacy water business. Brown said produced-water handling has been Western Midstream’s fastest-growing product line in recent quarters.
In the Delaware Basin, the partnership expects full-year natural gas throughput to rise by low- to mid-teens percentages, while crude oil and NGL volumes are expected to increase by low single digits. Holderman said some customers curtailed Delaware Basin throughput during the second quarter because of negative Waha natural gas pricing, but the company exited the quarter with no curtailments after long-haul pipelines returned from maintenance and the GCX expansion and Hugh Rinson pipeline entered service.
Western Midstream expects Waha pricing to be less volatile for the rest of the year, particularly once the Latcom pipeline enters service later in 2026.
In the Powder River Basin, Western Midstream signed new long-term gathering and processing agreements with two producers. The agreements add approximately 270,000 dedicated acres, more than 1,000 remaining drilling locations, and multiyear minimum volume commitments. The company expects activity from those customers to increase in the back half of 2026 and support volume growth into 2027.
Margins, Capital Spending and Balance Sheet Second-quarter adjusted gross margin for natural gas assets increased by $0.03 per Mcf sequentially, driven by commodity prices on excess NGL volumes under fixed-recovery contracts and the initial Brazos contribution. The company expects third-quarter natural gas margins to be slightly lower as commodity prices moderate, while maintaining its full-year adjusted gross margin expectation of approximately $1.30 per Mcf.
Crude oil and NGL adjusted gross margin rose $0.14 per barrel sequentially, largely because of higher Delaware Basin deficiency fees. Produced-water adjusted gross margin increased $0.06 per barrel on higher throughput. Western Midstream expects both measures to be slightly lower in the third quarter while maintaining full-year expectations of $3.10 to $3.15 per barrel for crude oil and NGL assets and approximately $0.91 per barrel for produced-water assets.
The partnership maintained its 2026 capital expenditure range of $850 million to $1 billion but now expects spending near the high end. More than half of the capital program remains allocated to the Pathfinder Produced Water Pipeline and the North Loving II natural gas processing train, which are expected to enter service in the first and second quarters of 2027, respectively.
Shults said the company ended the quarter with more than $1.8 billion of total liquidity and pro forma trailing 12-month net leverage of approximately 3.15 times. In June, Western Midstream issued $700 million of 10-year senior notes to refinance commercial paper and revolver borrowings used for the Brazos acquisition.
Water Reuse and Distribution Western Midstream placed its JIP2 produced-water treatment demonstration facility into service during the second quarter near Red Bluff Reservoir in Reeves County, Texas. The facility is producing approximately 1,000 barrels per day of reclaimed fresh water, about 10 times the output of its JIP1 predecessor.
Brown said JIP2 is intended to help refine operating costs, assess reliability, and demonstrate reclaimed-water recovery for potential uses including industrial cooling, surface discharge and non-consumptive agricultural irrigation. The company views the project as a step toward sanctioning its first commercial-scale beneficial-reuse facility.
Western Midstream declared an unchanged quarterly distribution of $0.93 per unit, payable Aug. 14 to unitholders of record on July 31. The partnership maintained its target of paying at least $3.70 per unit during 2026.
About Western Midstream Partners (NYSE:WES)Western Midstream Partners, LP NYSE: WES is a midstream energy infrastructure company that owns, operates and develops an integrated network of crude oil, natural gas and produced water gathering, processing, transportation and storage assets in the United States. The partnership's primary offerings include pipeline transportation, fractionation services, natural gas liquids (NGL) logistics and produced water handling. Through its fee-based and commodity-based contracts, Western Midstream provides its customers with essential services that support efficient energy production and distribution.
The company's asset portfolio spans key onshore basins, including the Delaware Basin in West Texas and southeastern New Mexico, the San Juan Basin in New Mexico and Colorado, and the Denver-Julesburg Basin in Colorado.
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Vishay Intertechnology vykázala ve 2. čtvrtletí upravené tržby 919 mil. USD, nad horní hranicí výhledu, a backlog vzrostl o 18 % na 1,9 mld. USD. Firma zároveň čeká ve 3. čtvrtletí tržby 945 až 975 mil. USD.
Active Rebound: 2 Discrete Semiconductor Stocks Making MovesVishay Intertechnology NYSE: VSH reported second-quarter 2026 adjusted revenue of $919 million, above the high end of its guidance range, as demand increased across its semiconductor and passive-component businesses, end markets, sales channels and regions.
GAAP revenue was $889 million, reflecting $30 million in tariff refunds that the company said will be passed through to customers during the second half of 2026. Vishay said the refunds reduced both reported net revenue and cost of products sold, with no impact on gross profit. Management used adjusted revenue, excluding the tariff refunds, in discussing quarterly performance.
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Alpha and Omega Semiconductor ready to bounce, DOJ cloud liftsAdjusted revenue rose 9.5% from the first quarter and 20.5% from the year-earlier period. Chief Financial Officer David McConnell said the year-over-year increase was driven primarily by an 18% rise in volume, a 2% increase in average selling prices and a 1% foreign-currency benefit, mainly from the euro.
Bookings, backlog and demand trends President and Chief Executive Officer Joel Smejkal said the company’s second-quarter book-to-bill ratio was 1.32, including 1.23 for semiconductors and 1.40 for passive components. Vishay recorded record bookings for resistors and inductors, and total backlog rose 18% to $1.9 billion, representing 6.1 months of backlog.
Smejkal said customers have been extending their ordering visibility as industry lead times lengthen and concerns over product availability persist. Many customers are forecasting six months ahead, while demand tied to artificial-intelligence applications has led some customers to place orders more than 52 weeks in advance, he said.
Management said it has announced price increases on about one-third of its running part numbers since the fourth quarter of 2025, citing higher costs for metals, materials and logistics. Some of those increases were reflected in second-quarter results. Smejkal told analysts that Vishay has been updating backlog pricing quickly, limiting customers’ ability to pull forward shipments ahead of the price changes.
Asked about the potential for double ordering, Smejkal said the company currently views order activity as “fairly rational.” He pointed to increasing point-of-sale activity at distributors and declining distributor inventory levels as indications that demand is being supported by consumption. Distribution inventory declined to 18 weeks at quarter-end from 20 weeks in the first quarter, while distributor point-of-sale rose 4.7% sequentially and 20.5% year over year.
Growth across end markets and channels All reported end markets posted sequential and year-over-year revenue gains. Industrial revenue increased 16.2% from the first quarter and 30.1% from a year earlier, driven by demand for smart-grid, AI power, high-voltage DC and factory-automation projects. Smejkal said industrial represented more than half of Vishay’s sequential revenue increase.
Automotive revenue rose 3.6% sequentially and 10.1% year over year, reflecting demand associated with driver-assistance systems, autonomous-driving applications and hybrid and electric-vehicle platforms. Aerospace and defense revenue increased 4.2% from the prior quarter and 15.4% from the prior year, supported by U.S. defense programs and demand from customers in Asia and Europe.
Healthcare revenue grew 7% sequentially and 14.7% year over year. Revenue in the company’s “other” category, which includes telecom, computing and consumer markets, rose 11.3% sequentially and 28.4% from a year earlier, aided by AI-related programs, optical communication network switches and European 5G radio projects.
Distribution accounted for 58% of revenue in the second quarter, up from 55% in the first quarter. Distribution revenue rose 15.6% sequentially and 24.2% year over year. OEM revenue increased 1.7% sequentially and 16.8% year over year, while EMS revenue rose 3.2% sequentially and 10.8% year over year.
Margins, cash flow and capital investment Vishay generated gross profit of $177 million. GAAP gross margin was 23.3%, while adjusted gross margin was 22.6%, exceeding the company’s guidance and improving from the prior quarter. McConnell attributed the expansion to higher volumes and improved pricing, partially offset by continued metals, materials and logistics cost pressures.
Adjusted operating margin rose to 5.8%, compared with 2.6% in the first quarter and 1.4% in the second quarter of 2025. Adjusted EBITDA margin increased to 11.4% from 9.3% in the first quarter. GAAP and adjusted earnings per share were both $0.19, compared with $0.05 in the first quarter and an adjusted loss of $0.07 per share a year earlier.
The company generated $105 million in operating cash flow and $10 million in free cash flow during the quarter. Capital expenditures totaled $95 million, including approximately $66 million for Vishay’s new 12-inch wafer fabrication facility in Germany.
During the quarter, Vishay completed a public offering of 17.25 million common shares, raising $830 million in cash after issuance costs. The company ended the quarter with $1.3 billion in cash and short-term investments and $238 million outstanding on its revolver. McConnell said Vishay used a portion of the offering proceeds to repay the revolver balance in July.
Third-quarter outlook and capacity plans For the third quarter, Vishay expects revenue of $945 million to $975 million. At the midpoint, the outlook implies 4.5% sequential growth and 21.4% year-over-year growth, including the effect of European seasonality. The company expects gross margin of 24.0%, plus or minus 50 basis points, reaching its prior target of exiting 2026 at a 24% quarterly gross margin one quarter earlier than planned.
Third-quarter SG&A expense is expected to be $155 million, plus or minus $3 million. Depreciation expense is expected to be about $54 million for the quarter and $215 million for the full year. Interest expense is expected to be approximately $7 million. The expected GAAP effective tax rate is 35% to 40%. Smejkal said Vishay plans capital expenditures of $400 million to $440 million in 2026, with roughly half allocated to the German 12-inch fab. Equipment assembly at the facility has been completed, and installation is expected to finish in the third quarter. The company plans to begin running engineering wafers near year-end and remains on track to start non-automotive production in mid-2027.
Vishay is also ramping production through foundries in Korea and China to add wafer capacity for AI-related applications in the second half of 2026. The company is expanding polymer capacitor capacity and pursuing additional back-end semiconductor capacity, while continuing development work in silicon carbide and gallium nitride technologies.
About Vishay Intertechnology (NYSE:VSH)Vishay Intertechnology, Inc is a global manufacturer of discrete semiconductors and passive electronic components, serving a wide range of industries including industrial, automotive, computing, consumer electronics, telecommunications, medical, and military/aerospace markets. The company's portfolio encompasses resistors, capacitors, inductors, sensors, diodes, rectifiers, MOSFETs and a variety of integrated circuit solutions. Vishay's components are used in power management, signal conditioning, circuit protection and sensing applications, supporting both standard and custom designs for original equipment manufacturers worldwide.
Originally founded in 1962 by Dr.
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Vitesse Energy ve 2. čtvrtletí zvýšila produkci na 17 354 BOE denně, tedy o 9 % mezikvartálně, díky akvizici v Powder River Basin. Společnost zároveň potvrdila strategii dividendy financované volným cash flow.
Vitesse Energy NYSE: VTS said its second-quarter results reflected higher production following its early-April Powder River Basin acquisition, while management reiterated that its strategy remains centered on a free-cash-flow-funded dividend, return-focused investments and conservative leverage.
Chief Executive Officer and President Jamie Benard addressed investor questions surrounding the company’s dividend resizing and leadership transition earlier this year, saying the company’s underlying strategy has not changed.
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“Our priorities are what they’ve always been, pay a durable dividend funded by free cash flow, allocate capital only where returns exceed our hurdle rates, and maintain a strong conservative balance sheet,” Benard said.
Vitesse’s board last week declared a third-quarter cash dividend at an annualized rate of $1.75 per share. Benard said the declaration marked the company’s 15th consecutive quarterly dividend since its January 2023 spin-off. Cumulative dividends declared have totaled $7.6375 per share, he said.
Second-Quarter Production and Financial Results Chief Financial Officer Jimmy Henderson said second-quarter production averaged 17,354 barrels of oil equivalent per day, up 9% sequentially from the first quarter. Oil represented 60% of production and contributed 95% of total revenue during the quarter.
The results included contributions from the Powder River Basin acquisition completed in early April, Henderson said.
Adjusted EBITDA totaled $40.2 million. Adjusted net income was $1.8 million. GAAP net income was $33.1 million, including $40.2 million in unrealized hedging gains. Free cash flow was $16.3 million after $21.1 million of development capital expenditures. Henderson said the unrealized hedging gain was a non-cash item tied to forward oil prices as of June 30. He added that Vitesse’s cumulative realized hedge loss since its spin-off has been less than 1% of revenue over that period.
Management described hedging as a means of protecting the company’s cash flows and dividend through commodity-price downturns. The company’s hedge book now extends into 2029.
Guidance Narrowed and Capital Spending Range Updated Vitesse narrowed its 2026 production outlook to a range of 16,300 to 17,200 BOE per day. The company also tightened its oil mix outlook to 60% to 62% of production.
The company raised the bottom end of its total cash capital expenditure guidance, which now calls for $65 million to $80 million in spending for the full year.
For the remainder of 2026, Vitesse has approximately 70% of anticipated oil production hedged through swaps and collars, with a weighted average floor price of $63.57 per barrel and a ceiling of $66.53 per barrel. About half of expected natural gas output is hedged through collars with a weighted average floor of $3.73 per MMBtu and a ceiling of $4.90 per MMBtu, according to Henderson.
The company ended the quarter with $158.5 million of total debt and net debt to adjusted EBITDA of just under one times on a last-quarter annualized basis. That is in line with its leverage target of less than one times, Henderson said. Total liquidity before internal cash flows was approximately $117 million.
Development Pipeline and Longer Laterals Benard said Vitesse had 19.4 net wells in its development pipeline as of June 30, including 6.4 net wells being drilled or completed and 13 net permitted locations.
The company evaluates each well proposal as a standalone investment through its Luminis data platform, underwriting opportunities using strip prices. Since 2023, 93% of wells proposed on Vitesse acreage have met the company’s return requirements, according to Benard.
Management also highlighted the increasing use of three- and four-mile laterals in the Williston Basin. Year to date, wells with laterals of three miles or more represented 69% of Vitesse’s authorizations for expenditure, producing an average lateral length of nearly 15,000 feet, up 38% from 2022.
Benard said these longer laterals cost approximately 25% less per foot than traditional two-mile laterals while offering higher estimated ultimate recoveries and slower declines. Those factors can lower maintenance capital needs and leave more cash flow available for dividends, he said.
Acquisition Activity Remains Selective During the question-and-answer session, Director of Investor Relations and Business Development Ben Messier said the market for near-term development acquisitions has become more competitive over the past one to two years. Vitesse has maintained its return thresholds rather than lowering them to pursue more deals, he said.
Messier said the market for larger producing-property acquisitions in Vitesse’s core operating areas has remained robust. The company focuses on assets in the Williston, Powder River and DJ basins, where it has accumulated data through its Luminis platform.
He said larger producing-property packages can provide cash flow immediately and have generally been available at free-cash-flow yields in the teens to low 20% range for the next several years.
Vitesse has completed 175 acquisitions since 2013, representing about $800 million in aggregate acquisition spending, according to Benard. The company owns fractional interests in 7,868 productive wells operated by more than 30 operators across the Williston, Powder River and DJ basins.
Regarding the recently acquired Powder River assets, Henderson said the package is primarily operated by EOG and Continental. Management said the acquisition was performing as expected in its first several months, with the company beginning to receive and evaluate drilling proposals associated with the assets.
About Vitesse Energy (NYSE:VTS)Vitesse Energy NYSE: VTS is an independent exploration and production company primarily focused on onshore oil and gas assets in the United States. Headquartered in Calgary, Alberta, the company identifies, acquires and develops low-decline, shallow to intermediate depth vertical wells, targeting predictable production profiles and stable cash flows. Vitesse leverages a lean operational model to optimize well performance and reduce unit operating costs across its asset base.
The company’s core operations are concentrated in the Arkoma Basin of eastern Oklahoma and the Ark-La-Tex region, where it holds acreage positions in multiple formations.
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Walker & Dunlop ve 2. čtvrtletí zvýšil objem transakcí o 3 % na 14,4 mld. USD, ale zisk zatížily náklady spojené s dříve zveřejněnými problematickými úvěry.
3 Real Estate Stocks to Buy on Commission CutsWalker & Dunlop NYSE: WD reported second-quarter transaction volume growth and continued expansion of its servicing portfolio, while earnings were weighed down by charges tied to previously disclosed problem loans associated with a borrower fraud investigation.
Chairman and CEO Willy Walker said the company’s core operating business “performed very well” despite an uncertain commercial real estate environment marked by geopolitical tensions and interest-rate volatility. Total transaction volume increased 3% from a year earlier to $14.4 billion, including an 8% increase in debt financing volume to $12.5 billion.
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Capital Markets Activity and Market Share 3 Mortgage Companies To Watch On Rising Home SalesHUD originations rose 43% during the quarter, while brokered lending increased 17%. Walker said the growing contribution from brokered lending reflects the company’s effort to broaden capital relationships in the United States and Europe. He said brokered volumes could continue to rise as non-multifamily loans mature and lenders maintain a broad supply of capital for commercial real estate.
Walker & Dunlop’s year-to-date combined market share with Fannie Mae and Freddie Mac increased 350 basis points to nearly 15%, according to management. Walker noted that the government-sponsored enterprises had deployed $62.5 billion during the first half of 2026, leaving $114 billion of lending capacity for the remainder of the year.
“If the agencies crank up their volume in the second half of the year, that will be very beneficial to us given our positioning with both of them,” Walker said in response to an analyst question. He added that debt funds, CMBS lenders and banks also remain active sources of commercial real estate financing.
The company said its property-sales pipeline improved meaningfully from the prior quarter. If clients choose to transact during 2026, Walker said the company could finish the year with property-sales volume above 2025 levels despite a slower start to the year.
Servicing Portfolio Reaches Record Walker & Dunlop’s servicing portfolio reached a record $146 billion at the end of the second quarter, up 6% year over year. The portfolio provides recurring revenue and future refinancing and sales opportunities, management said. Fifty-two percent of loans in the portfolio mature over the next five years.
Chief Financial Officer Greg Florkowski said servicing and asset management revenue declined 5% from the prior year, primarily because of lower earnings from joint-venture investments in the company’s affordable housing business. He attributed the decline to transaction timing rather than an underlying trend in the servicing business.
Florkowski said the servicing platform’s recurring revenue and cash flow remain stable and that capital markets execution in future quarters should support continued portfolio growth.
The company also highlighted WDSuite, its digital client platform, which enables borrowers to access loan documents, make payments, run payoff calculations, view property valuation data and connect with the company’s financing, appraisal, research and property-sales teams.
Legacy Loan Charges Weigh on Reported Earnings Reported diluted earnings per share were $0.09, reflecting $23 million of charges and operating costs related to the company’s repurchase loan portfolio. Adjusted core EPS increased 3% to $1.19, Florkowski said.
The charges were linked to a previously disclosed investigation involving a small group of fraudulent sponsors and a specific Walker & Dunlop banking team that is no longer with the company. Management said 95% of losses recognized to date relate to those sponsors and loans originated by that team.
Freddie Mac’s loan-level review has been completed, and the company does not expect further repurchase requests from that process. Fannie Mae’s review is nearly complete. Walker & Dunlop expects to recognize an additional $12 million to $16 million of credit-related charges in the third quarter as part of the final resolution with Fannie Mae, without needing to repurchase additional loans.
During the second quarter, a group of previously repurchased loans defaulted, leading the company to reassess property values and increase loss estimates. The company also increased loss sharing on a subset of loans reviewed by Fannie Mae instead of repurchasing them.
Since the end of the quarter, Walker & Dunlop sold $40 million of properties at prices close to its estimates and is preparing another $41 million of assets for sale later this year. Management expects sales of all repurchased assets to be completed by early next year, subject to ultimate selling prices.
Credit Performance and Outlook Management said the broader at-risk portfolio continues to perform well. At quarter-end, 28 basis points of the $71 billion at-risk portfolio was in default. The portfolio had a weighted average debt-service coverage ratio of 2.0 times and a weighted average underwritten loan-to-value ratio of 61%.
Walker said multifamily supply-and-demand conditions are improving, citing slower apartment development, first-half absorption of approximately 279,000 units and four consecutive months of rising occupancy. However, he said rent growth has emerged only in certain parts of the country and cautioned that rent-control policies could affect specific markets.
For 2026, Florkowski said the company remains confident in its core earnings outlook excluding repurchase-related costs. If current borrowing costs and market conditions persist, management expects the core business to finish toward the lower end of its original guidance range. Improved market conditions could increase transaction activity and place results in the middle to upper portion of that range.
The board approved a quarterly dividend of $0.68 per share, unchanged from the prior quarter, payable to shareholders of record as of Aug. 20.
About Walker & Dunlop (NYSE:WD)Walker & Dunlop is one of the largest providers of commercial real estate finance in the United States, specializing in the origination, servicing and sale of loans secured by multifamily, seniors housing, healthcare, student housing and manufactured housing properties. The firm offers a full suite of debt and equity solutions, including agency financing through Fannie Mae and Freddie Mac, HUD and FHA-insured loans, bridge and construction financing, mezzanine debt, preferred equity, and investment sales advisory.
With roots dating back to 1937 and its headquarters in Bethesda, Maryland, Walker & Dunlop has expanded its platform through both organic growth and strategic acquisitions.
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Coca-Cola zvýšila čtvrtletní dividendu na 53 centů na akcii, což zvedlo roční výplatu na 2,12 USD. Akcie jsou letos asi o 25 % výše, ale od konce července ustoupily téměř o 3 %.
Here is the setup the headlines missed. Coca-Cola (NYSE:KO | KO Price Prediction) reported Q1 2026 numbers that triggered a fast bearish reaction on social platforms, followed by an equally fast reversal from a very specific group of buyers: income investors. The stock is now up around 25% year to date, but since the end of July, shares have pulled back nearly 3%.
Currently trading around $86.72, and the Dividend King’s payout just got bigger, too. Retirees who bought the dip understood something the algorithms missed.
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The Dividend Payment: What Just Hit Accounts Coca-Cola declared a quarterly dividend of 53 cents per share, with a payment date of July 1 for shareholders of record on June 15. That brings the annualized payout to $2.12 per share, up from $2.04 in 2025 and $1.94 in 2024. At the current share price, the forward yield runs roughly 3%.
The streak is the real headline. Coca-Cola management noted in Q4 2025 that the company paid $8.8 billion in dividends during 2025 and just delivered its 63rd consecutive year of dividend increases. There is no other consumer staple in the S&P 500 with that combination of longevity, scale, and global cash generation.
The “Volume Decline” Narrative vs. The Filing The bearish read on the quarter centered on softness in specific categories: juice, value-added dairy and plant-based beverages declined 1% globally. That number got amplified across financial media. The wallstreetbets thread on June 7 swung sharply bearish, with sentiment dropping to 35 on 318 upvotes and 81 comments.
Then the actual filing did the talking. Global unit case volume rose 3%, led by China, the U.S. and India. Coca-Cola Zero Sugar volume jumped 13% across every geographic operating segment. North America unit case volume grew 4%, and the company has now gained overall value share for 20 consecutive quarters. Reported revenue came in at $12.47 billion, up 12% year over year, beating consensus. EPS landed at 86 cents versus the 81-cent estimate, the fourth straight quarter topping expectations.
Operating margin expanded to 35% from 33%. Free cash flow more than doubled to $1.755 billion. None of that fits a volume-decline story.
What Retirees Saw That Day Traders Did Not Reddit data tells the divergence cleanly. While r/wallstreetbets oscillated between bearish and bullish in 24 hours, the r/dividendinvesting subreddit held a steady 70 to 72 sentiment score from May 25 through June 8, with an activity spike on June 8 (35 activity score, 71 comments). That is the footprint of income investors stepping in.
Three things they likely focused on:
The payout math still works. FY2025 EPS came in at $3.00, and management guided comparable EPS growth of 8% to 9% for 2026. The $2.12 annualized dividend is comfortably covered by both reported and forward earnings. Cash flow is accelerating. Full-year 2026 free cash flow is projected at approximately $12.2 billion, against roughly $8.8 billion in dividends paid last year. That cushion funds another increase and the $477 million in Q1 2026 buybacks. The growth profile improved. New CEO Henrique Braun told the call, “We are off to a good start this year. We delivered strong first quarter results despite a complex external environment.” Organic revenue growth of 10% backed him up. Grading the Dividend Metric Value Grade Input Forward yield 3% Average Consecutive years of increases 63 Elite 2025-to-2026 dividend growth $2.04 to $2.12 Solid FY2026 free cash flow guide ~$12.2 billion Strong coverage Beta 0.35 Defensive Forward P/E 25 Premium The yield alone earns a C. The 63-year growth streak, the defensive beta of 0.35, the 35% operating margin and the accelerating free cash flow lift the composite. Call it a B+ dividend: among the highest-quality income compounders available in U.S. large caps, with a modest yield offset by elite consistency. The premium multiple (trailing P/E of 25) is the trade-off for that quality.
What to Watch Next The pending sale of Coca-Cola Beverages Africa is the swing factor for the back half. Management has baked an approximate 4% headwind from acquisitions and divestitures into guidance, which keeps expectations grounded. Analyst consensus sits at a $85.97 target, with 19 Buy or Strong Buy ratings against four Hold ratings and one Strong sell rating.
Income investors who acted on the volume-decline headline got rewarded twice: a bigger dividend and a stock price that did not stay cheap for long. That is what they knew.
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Microsoft po rekordním jednodenním růstu tržní hodnoty o zhruba 450 miliard USD stále obchoduje asi 12 % pod svým 52týdenním maximem 553,72 USD. Trh sleduje hlavně, zda firma udrží růst Azure, který má v příštím čtvrtletí v konstantní měně činit asi 45 %.
On July 30, Microsoft (MSFT +0.03%) grew its market value by about $450 billion between one close and the next. Shares finished that session 15.5% higher, at $451.10, after a fiscal fourth-quarter report that paired 18% revenue growth with guidance for Azure (the company's cloud computing platform) to grow about 45% in constant currency in the fiscal first quarter.
Notably, this big move happened inside a drawdown. Microsoft entered that report down more than 18% for the year. Even now, after adding about another 8% since the record close to around $487 as of this writing, the stock still trades about 12% under its 52-week high of $553.72.
There aren't many days like this to learn from. Six others since February 2022 come close enough to be worth studying. So what did those days actually lead to?
Image source: Getty Images.
The six days worth comparing Amazon added $190 billion on Feb. 4, 2022. Apple followed nine months later with a $191 billion gain on Nov. 10, 2022, on a day a cooler inflation reading lifted the whole market. Meta Platforms added $197 billion on Feb. 2, 2024, after announcing its first dividend. Nvidia did it three times -- $277 billion in February 2024, about $330 billion that July, and $441 billion on April 9, 2025. Microsoft's day is bigger than any of them.
That's the sample. Six days, four companies, all since February 2022. Sure, a sample this small proves nothing on its own. But I'd rather have six imperfect precedents than none.
What happened next, case by case Six months after its record day, Amazon's stock was about 10% lower -- and by the end of 2022, it had lost more than 40% as rising interest rates weighed on growth stocks broadly. Shares needed almost two years to see their record-day close again.
Apple's record day aged well. The stock was up about 18% six months later, and about 27% after a year.
Meta's aftermath looked better than Amazon's, but not right away. The stock fell back below its record-day close within three months during the spring of 2024, sat about flat six months out, and only then resumed climbing. It was up more than 40% a year later.
Nvidia's three episodes split, too. After the February 2024 record, shares rose nearly 60% over the next six months. After the July 2024 record, they dropped about 14% in three trading days during that August's growth scare and were about flat six months later. After the April 2025 record, they rose more than 60% in six months.
So the score is three winners, two that went nowhere for six months, and one outright loser. The size of the day itself told investors almost nothing about the next two quarters.
What did matter, in most of them, was whether the growth that caused the pop kept showing up.
Nvidia's two big post-record runs came while its data center revenue kept climbing. Meta resumed climbing as its advertising growth held up. And Amazon, whose record day celebrated a strong quarter at the tail end of the pandemic boom, spent 2022 watching its growth slow while rates rose. In other words, the pop mattered less than the follow-through.
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That puts the burden for Microsoft on the next few quarters of delivery. The fiscal year that just closed (ended June 30) gave shareholders plenty.
Revenue climbed 18% year over year to $331.8 billion, earnings per share climbed 32% to $17.95, and net income rose 31%. Microsoft Cloud revenue reached $59.3 billion in the fiscal fourth quarter alone, up 27% year over year. Azure's annual revenue also topped $100 billion for the first time.
The 45% constant-currency Azure guide is the number that set off the record day, and it's the first thing I'd check each quarter from here.
So, would I buy Microsoft here, 12% below its high? I'd consider it. The dividend even adds a little while you wait (about a 0.75% yield). At about 25 times forward earnings, shares aren't priced for anything extreme given the growth the company just posted. History suggests the record day could end up a footnote either way.
SummaryNvidia Corporation's stock is up roughly 20% over the last 12 months, while revenue grew 85% and non-GAAP EPS grew 140%, a disconnect that leaves the shares mispriced.Q1 FY27 delivered $81.6B in revenue, up 85%, with a record $48.6B in free cash flow and gross margin holding at 75%.The new reporting split shows $37B coming from AI clouds, industrial and enterprise customers, proving Nvidia no longer depends solely on Big Tech budgets.Big Tech CapEx is guided to $725B in 2026, up 77% year over year, and Nvidia should capture 35% to 40% of that spending.At 31.6x blended P/E and 22x forward earnings against 88% expected FY27 EPS growth, I remain bullish, though circular financing deals are a risk worth watching. Robert Way/iStock Editorial via Getty Images
The last time I covered NVIDIA Corporation (NVDA) was shortly after the firm reported its Q4 FY26 earnings, when the stock traded at 33x Blended P/E. I argued back then that the stock
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Palantir oznámil čtvrtletní tržby o 92,83 % vyšší a zvýšil celoroční výhled tržeb na 8,15 až 8,158 miliardy USD. Salesforce zároveň vykázal růst tržeb o 13,27 % a Agentforce ARR 1,2 miliardy USD.
Palantir (NASDAQ: PLTR | PLTR Price Prediction) and Salesforce (NYSE: CRM) both delivered fresh earnings with a striking contrast.
Palantir posted a 92.83% revenue surge on August 3, 2026, while Salesforce reported a steadier 13.27% lift on May 27, 2026. Both want to own the agentic AI conversation from very different starting lines.
Sovereign AI Lifts Palantir. Agentforce Anchors Salesforce. Palantir’s quarter was, in CEO Alex Karp’s words, “otherworldly.” U.S. commercial revenue reached $764 million, up 149% year over year, as Foundry and AIP customers scaled from pilots into production.
U.S. government revenue hit $809 million, up 90%, powered by Gotham deployments. The company closed 73 deals of at least $10 million, striking commercial cadence for a firm long viewed as a Beltway shop.
Salesforce played differently. Marc Benioff called it “an outstanding quarter“, anchored by Agentforce embedded across every Customer 360 app.
Agentforce ARR reached $1.2 billion, up 205%, with customers processing 3.8 billion Agentic Work Units. Slack’s Model Context Protocol crossed 1 million active users within six weeks. Modest topline growth masks a real product pivot.
Business Driver Palantir Salesforce Main Growth Engine U.S. commercial AIP deployments Agentforce across installed base Signature Metric Rule of 40 at 155% CRPO of $33.6 billion Management Tone Evangelical about sovereignty Confident, capital-return focused Hypergrowth Bet vs. Cash Return Machine Palantir is reinvesting every dollar into a land grab. FY26 revenue guidance was raised to $8.15 to $8.158 billion, implying 82% growth, with adjusted free cash flow guided to $4.5 to $4.7 billion. The stock trades at a 139 P/E, leaving zero margin for error.
Lens Palantir Salesforce Core Bet Operational AI for sovereigns Agentic layer on Customer 360 Capital Priority Reinvest for hypergrowth Buybacks and dividend Key Vulnerability Valuation, contract cancellations Informatica integration, debt load Salesforce chose a different lever. The company executed a $25 billion accelerated share repurchase, funded by debt that ballooned noncurrent liabilities to $39.3 billion. Diluted share count fell to 871 million from 970 million. FY27 revenue is guided to $45.9 to $46.2 billion. A P/E near 22 reflects mature enterprise franchise treatment.
The Next Test Is Whether Growth Compounds For Palantir, I will watch whether U.S. commercial sustains triple-digit growth as the pipeline works through its $6.238 billion in remaining deal value. Insider activity has been net selling. Shares are up 24.09% since the earnings report, though PLTR is still off 13.16% over one year.
For Salesforce, the tell is whether Agentforce bookings convert into reported revenue acceleration in the back half of FY27. Europe growing 18% is a genuine bright spot. The stock is down 29.13% year to date.
Why I Lean Toward Salesforce Palantir has clearly earned its AI sovereignty story. The 62% adjusted operating margin at this growth rate is rare, but I struggle to reconcile that with a triple-digit P/E and heavy stock-based compensation.
Salesforce fits better. You get an installed base measured in tens of thousands of enterprises, a genuine agentic product with $3.4 billion in combined AI and data ARR, real free cash flow, and a valuation that does not demand perfection.
I would revisit Palantir if it pulls back meaningfully or if commercial growth holds above 100% into 2027. On a risk-adjusted basis, CRM screens more favorably today.
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Wayfair ve 2. čtvrtletí zvýšil tržby o 7,5 % meziročně a v USA o 8,7 %, zatímco mezinárodní tržby klesly o 1,3 %. Společnost pro 3. čtvrtletí očekává vysoký jednociferný růst tržeb.
These Outperforming Giants Are Boosting Dividends in 2026, With Yields of Up to 6.6%Wayfair NYSE: W reported 7.5% year-over-year revenue growth in the second quarter of 2026, led by an 8.7% increase in its U.S. segment, as the online home-goods retailer said it continued to capture market share despite uneven consumer demand and subdued housing turnover.
Chief Executive Officer Niraj Shah said orders rose 6% from a year earlier and more than 12% sequentially from the first quarter, representing the company’s strongest second-quarter sequential order growth since 2020. Active customers increased by more than 3%, while average order value rose 1.2% year over year.
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3 Low-Volatility Plays Quietly Making a Name For ThemselvesShah said the U.S. home category showed flat to slightly positive year-over-year growth during the quarter, the first such reading by Wayfair since 2021. Growth was stronger among higher-income consumers, reflecting what management described as a K-shaped economic recovery.
U.S. Growth Offsets International Pressure Wayfair’s U.S. revenue growth accelerated to nearly 9%, which Shah described as the company’s best domestic revenue growth rate of the post-pandemic period. In contrast, international revenue declined 1.3%, as Canada and the United Kingdom continued to face weaker consumer sentiment and discretionary spending pressure.
ABB’s Rotork Deal Could Put These Flow Control Stocks Back in FocusChief Financial Officer Kate Gulliver said Wayfair’s new-order growth accelerated for a fourth consecutive quarter and reached a post-COVID high. Management attributed its U.S. momentum to improvements in pricing, selection, delivery speed and product availability, alongside newer initiatives including Wayfair Rewards, Wayfair Verified, Delivery Plus and physical stores.
For the third quarter, the company projected high-single-digit revenue growth. Gulliver said the outlook does not assume an improvement in broader macroeconomic conditions, but instead reflects the company’s expectation of continued market-share gains from its operating initiatives.
Management said the mass-market Wayfair business remains the company’s primary revenue driver, even as its higher-end businesses grow more rapidly. Shah said promotions remain an important feature of the mass-market home category, which has been promotional for several years, though Wayfair is continuing to refine its promotional calendar and supplier tools.
Perigold Expands Luxury Presence Wayfair highlighted momentum at Perigold, its luxury home furnishings platform, which grew more than 35% year over year during the second quarter. The company’s specialty retail brands collectively grew nearly 20%.
Shah said Perigold now generates slightly more than $400 million in annual sales and has posted double-digit growth every year since its 2017 launch, including growth of more than 20% in both 2024 and 2025. The platform offers nearly 3.5 million products from 1,500 brands and has an active customer base approaching 400,000, up nearly 20% from a year earlier.
Perigold customers spend nearly three times as much annually as a typical Wayfair.com customer, according to Shah. About 40% of Perigold customers each year are new to Wayfair’s family of brands. The company also said business-to-business volume reached an all-time high share of Perigold sales following a relaunch of its trade program for designers, architects and other professionals.
Wayfair has opened two Perigold stores, in Houston and West Palm Beach. Shah said those locations are producing average order values above the online business and are generating early design-led project pipelines. The company plans to introduce a Perigold loyalty program later this year and intends to expand its luxury store presence over time.
Shah also described the use of internally developed artificial intelligence tools for Perigold product and lifestyle imagery. He said a seasonal outdoor imagery project that could have required roughly $2 million in traditional production costs was completed for less than $10,000 using an AI pipeline, with stylists overseeing the output and automated quality checks applied to images.
Margins, Cash Flow and Capital Structure Wayfair reported a 30.0% gross margin in the second quarter and a 15.3% contribution margin, which reflects gross profit less customer service, merchant and advertising costs. Advertising expense represented 11.1% of revenue, while customer service and merchant fees were 3.6%.
Selling, operations, technology and general and administrative expenses totaled $361 million. Gulliver said the company generated $242 million in adjusted EBITDA, equivalent to a 6.9% margin, its best EBITDA margin since 2021. The company also generated $301 million in free cash flow, up more than 30% year over year and its strongest quarterly cash generation since the second quarter of 2020.
Cash and equivalents: $1.1 billion at quarter-end Total liquidity, including an undrawn revolver: $1.6 billion Cash from operations: $360 million Capital expenditures: $59 million During the quarter, Wayfair issued a $400 million high-yield note and used the proceeds to redeem the remainder of its 2028 convertible bonds. The company said it has $39 million of 2026 bonds and $229 million of 2027 bonds remaining. Gulliver said the reduced convertible debt balance should limit future losses on debt extinguishment that have affected GAAP net income in recent periods.
Wayfair said stock-based compensation on a trailing 12-month basis was about 40% lower than two years earlier. The company expects to use future free cash flow opportunistically for share repurchases, with an initial objective of more directly offsetting stock-based compensation dilution.
Third-Quarter Outlook For the third quarter, Wayfair forecast gross margin of 29.5% to 30.5%, with results expected toward the lower end as it continues to invest in customer experience and loyalty. The company expects those investments to be largely offset by lower advertising expense.
Wayfair projected customer service and merchant fees just below 4% of revenue, advertising expense of 10.5% to 11.5% of revenue, and contribution margin in line with or slightly above the second-quarter level. It expects selling, operations, technology and G&A expenses of $360 million to $370 million and adjusted EBITDA margin of 6% to 7%.
Management also forecast third-quarter capital expenditures of $60 million to $70 million. The company plans to continue investing in physical retail, with a Denver store scheduled to open this fall and additional Wayfair locations planned next year in Westchester, Fort Lauderdale, Cincinnati, Princeton and Pittsburgh.
About Wayfair (NYSE:W)Wayfair Inc NYSE: W is an e-commerce company focused on home furnishings and décor. Through its platform, Wayfair offers a broad assortment of furniture, lighting, home textiles, kitchenware and decorative accessories. The company's portfolio includes flagship sites such as Wayfair.com, as well as specialty retail brands like Joss & Main, AllModern, Birch Lane and Perigold, each catering to distinct design styles and price points.
Founded in 2002 by Niraj Shah and Steve Conine under the name CSN Stores, the business rebranded as Wayfair in 2011 and went public in 2014.
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Warren Buffett daruje zbývající podíl na akciích Berkshire Hathaway nadacím svých dětí, které do roku 2034 získají celý jeho podíl v hodnotě asi 140 miliard USD. To může po jeho odchodu zvýšit tlak na výplatu hotovosti.
Berkshire Hathaway (BRKA -0.75%)(BRKB -0.54%) ended the first quarter of 2026 with a massive cash balance of nearly $400 billion. Investors have historically been OK with the giant conglomerate holding cash because longtime CEO Warren Buffett's investment success has been impressive.
However, Buffett handed the CEO job to hand-picked successor Greg Abel at the start of 2026. And now Buffett is handing his large ownership stake in Berkshire Hathaway to foundations run by his children. Nothing is likely to change today, but over the longer term, these two dynamics could lead to a very different model for the company's cash.
Image source: Getty Images.
Large shareholders have a direct line to management and the board Warren Buffett is the largest shareholder of Berkshire Hathaway stock. So, for a very long time, the former CEO's goals were directly aligned with the interests of the company's most important shareholder. If Buffett wanted to hold cash because he didn't see anything worth buying, there wasn't likely to be much complaint. And even if there was, Buffett's sway as CEO and the largest shareholder meant that little would likely change.
For a long time, Buffett was donating shares to the foundation run by Bill Gates. Gates' involvement with Jeffrey Epstein has changed that, with Buffett now donating his shares to foundations run by his own children. The plan is to give all of his remaining shares to these foundations. By 2034, or sooner if he dies, the foundations will own his entire stake in the company he once ran, valued at around $140 billion.
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It is unlikely that his children will attempt to change Berkshire Hathaway in any way while Buffett is alive. However, after his passing, there could be a shift. The key is that foundations often use dividends to further their philanthropic goals. That's why Hormel (HRL -0.28%) and Hershey (HSY -0.37%) are such reliable dividend stocks; they both count foundations set up by company founders as major shareholders. Hormel is even a Dividend King, with 50 consecutive annual increases.
Berkshire Hathaway could easily afford to pay a dividend Berkshire Hathaway is technically an insurance company. Most insurance companies pay dividends. The massive cash hoard on the balance sheet clearly indicates that funds are available to pay dividends.
It would be completely reasonable for Buffett's children to come together and push for a dividend. And that, in turn, would allow them to fund their foundations without having to sell Berkshire Hathaway stock. Given the size of the ownership stake the foundations will own, the company may find it difficult to say no. That said, if a dividend were initiated, it might lead more investors to want to own Berkshire Hathaway stock. So, in the end, a dividend might not be the worst outcome.
UWM oznámila více než 180 milionů USD upraveného EBITDA a zhruba 40 miliard USD objemu obchodů ve 2. čtvrtletí. Zároveň chystá kapitálovou transakci s Oaktree za více než 2 miliardy USD a pozastavuje pravidelnou dividendu.
3 Mortgage Companies To Watch On Rising Home SalesUWM NYSE: UWMC said it generated more than $180 million in adjusted EBITDA and approximately $40 billion of business during the second quarter, while outlining a proposed capital partnership with Oaktree and plans to suspend its regular dividend.
During a shareholder question-and-answer session, company leadership said the Oaktree transaction is intended to strengthen UWM’s balance sheet, add strategic mortgage-market expertise and position the company for what it expects to be a stronger housing and mortgage environment in the coming years.
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Oaktree Partnership and Capital Raise 3 Mid-Cap Dividend Stocks Having Themselves a YearUWM described Oaktree as more than a source of capital, citing the firm’s experience in mortgage servicing rights, non-agency mortgage markets and capital markets. UWM said Oaktree shares its view of the independent mortgage broker channel and the infrastructure UWM has built to support brokers.
The company said the transaction represents a capital raise of more than $2 billion, including a $1.5 billion investment from Oaktree and a commitment of up to $550 million from UWM’s largest shareholder. UWM said the capital raise would increase total equity to roughly $3 billion.
Management said the transaction would reduce its non-funding debt-to-equity ratio to about 1.2 times from more than 5 times at the end of the second quarter, when it said the ratio reached approximately 5.6 times following hedge-related losses. UWM said the expected 1.2-times ratio would be below what it characterized as industry norms of roughly 1.5 to 2 times.
UWM said it chose preferred equity with warrants rather than a large common-stock issuance because issuing common shares at prevailing trading levels would have created immediate dilution. The company acknowledged that the warrants would be dilutive if exercised, but said it viewed the structure as balancing capital needs with long-term shareholder upside.
UWM said 165 million warrants have an exercise price of $2 per share. Another 165 million warrants have an exercise price of $6 per share. The company said the average warrant exercise price is about $4 per share. Management said Oaktree’s preferred investment carries a 10% coupon. It also said the capital transaction is expected to reduce interest expense by roughly $100 million through the repayment of MSR-related lines and other obligations, though the preferred dividend expense means the financing is not simply an interest-cost reduction.
Dividend Suspension and Balance Sheet Focus UWM said it is suspending its dividend to retain equity and earnings following the capital raise. Management framed the decision as one of capital allocation, saying liquidity and equity are priorities as the company seeks to expand its business and improve leverage metrics.
The company said it would continue to assess dividends with its board each quarter and could consider special dividends or a return to regular dividends in the future. For now, it said, the focus is on building capital and taking advantage of future mortgage-market opportunities.
Management said the mortgage market has been difficult for four to five years, but maintained that UWM has remained profitable and has consistently generated operating income. The company said it expects mortgage conditions over the next four to five years to be “significantly better,” though it did not provide a financial outlook.
Two Harbors Transaction and Hedge Loss UWM said a failed transaction involving Two Harbors was a factor in its decision to raise capital and in a hedge loss during the second quarter. Management said the company had anticipated acquiring a substantially larger mortgage servicing rights portfolio through the transaction, which would have roughly doubled the MSR book it had historically managed.
To protect against the additional MSR exposure, UWM put on a hedge. Management said market events, including increases in the 10-year rate, combined with the termination of the Two Harbors transaction and UWM’s equity position at the time, contributed to the loss.
The company said it removed the hedge after reaching an internal risk threshold and characterized the event as transaction-specific rather than reflective of its operating business. UWM said it does not traditionally hedge its MSR portfolio because it views loan originations and MSR values as a natural offset: lower rates may reduce MSR values but can also increase originations, while higher rates can increase MSR values while reducing loan volume.
UWM said it expects to pursue litigation involving Two Harbors and CrossCountry Mortgage over what it described as inappropriate actions related to the proposed deal, but did not provide further details.
Servicing and Originations Strategy Management said UWM does not intend to become a servicing-focused company and remains primarily an originator serving the broker channel. The company said it has brought servicing in-house, while continuing to incur costs associated with both internal servicing and its external servicing relationship with Cenlar, as well as offboarding costs.
UWM said those overlapping servicing costs are affecting current expenses and that it expects benefits from the internal platform next year. It said it will continue to build its servicing portfolio but may sell MSRs opportunistically when pricing and strategy warrant.
The company said its in-house servicing capabilities could improve borrower retention and increase the likelihood that refinances return through its broker network. Management said UWM accounts for roughly 12% to 13% of all refinances despite holding only about 2% to 3% of servicing.
If rates decline sharply, UWM said it would expect an MSR write-down but also substantially greater originations. Management said its origination platform could handle annualized volume of $250 billion to $300 billion or more and said lower rates could lead to quarterly originations of $60 billion to $80 billion.
UWM said the Oaktree partnership, higher equity base and continued investments in technology and artificial intelligence leave the company better positioned to serve mortgage brokers and pursue long-term growth.
About UWM (NYSE:UWMC)United Wholesale Mortgage NYSE: UWMC is a leading mortgage lender in the United States specializing in the wholesale channel. The company partners with independent mortgage brokers, community banks and credit unions to offer a full suite of residential mortgage products. Through its network of third-party originators, United Wholesale Mortgage underwrites, funds and closes loans, allowing its partners to focus on customer acquisition and service.
The company’s product offerings include conventional fixed- and adjustable-rate mortgages, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, U.S.
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Marriott Vacations Worldwide ve 2. čtvrtletí překonal horní hranici výhledu u kontraktních tržeb i upraveného EBITDA. Firma zároveň zvýšila celoroční výhled kontraktních tržeb na růst o 18 % až 20 %.
15 best consumer discretionary stocks for the rest of 2023Marriott Vacations Worldwide NYSE: VAC reported second-quarter results that exceeded the high end of its guidance for contract sales and adjusted EBITDA, citing higher sales productivity, stronger owner engagement and new commercial programs.
Chief Executive Officer Matt Avril said contract sales rose 22% from a year earlier, supported by vacation ownership sales productivity, or volume per guest (VPG), of $4,477. Owner contract sales increased 41%, while owner VPG rose 33%.
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Airline and hotel stocks soar as Thanksgiving travel sets recordsAdjusted EBITDA increased 6% year over year to $215 million, or $12 million above the prior-year quarter and $20 million above the midpoint of the company’s guidance. Adjusted free cash flow totaled $87 million in the quarter and $201 million in the first half, compared with $22 million during the first six months of 2025.
Sales initiatives drive growth President and Chief Operating Officer Michael Flaskey said the company completed implementation of a five-part commercial strategy during the quarter. May and June were the two highest sales months in the company’s history, he said.
Three (3) Top-Rated Dividend Payers Worth Your Attention The strategy includes a program called Connections, which focuses on engaging owners during their vacations and throughout their ownership experience. Marriott Vacations said its owner arrival-to-tour ratio, which it now calls Connections, improved 600 basis points year over year during the second quarter.
The company also introduced a data-driven “tour logistics” system in April that uses customer propensity data to match guests with sales executives. Flaskey said the initiative helped lift VPG through higher average transaction sizes. North American tours rose 3% in the quarter and were up 1% year to date through the end of the period.
Other initiatives included revamped owner loyalty tiers, called Reserve and Pinnacle; a Premier Vacations point-of-sale incentive introduced June 9; and the Inner Circle presented by Aflac events platform, which launched June 22 with country artist Lee Brice. The company held an additional five events during the second quarter.
Flaskey said VPG associated with Inner Circle events was above the company average and exceeded expectations. Marriott Vacations plans to hold about 50 events in 2026. For 2027, Flaskey said the company’s goal is a couple hundred headline events and roughly 1,000 total events, including smaller regional programs.
During the question-and-answer session, Flaskey said tour logistics and refreshed owner benefit levels were the principal drivers of second-quarter sales gains. Premier Vacations and Inner Circle, which were introduced later in the quarter, showed early results that were ahead of expectations, he said.
Margins, debt and inventory Chief Financial Officer Jason Marino said contract sales reached $545 million in the quarter. North American contract sales increased 27%, principally due to higher average transaction size, while development profit rose $14 million year over year to $106 million.
Marino said the company’s reported development profit was reduced by $15 million because revenue from contracts sold in the final 10 days of the quarter was not recognized while those sales remained in their rescission period. Most related sales and marketing costs were recognized during the period.
Marketing and sales expense as a percentage of contract sales declined 150 basis points from a year earlier and improved 700 basis points sequentially from the first quarter. The company expects development margins to improve during the second half.
Its sales reserve was 13.4% of contract sales. Marino said the company increased the reserve rate because of the sharp growth in contract sales and expects a similar reserve rate in the second half. He said delinquencies in the sub-120-day category declined 54 basis points from the first quarter to the second quarter.
Marriott Vacations ended the quarter with $3.1 billion in net corporate debt and leverage of about four times, down from 4.2 times at the end of the first quarter. Debt outstanding has declined by about $100 million since June of the prior year, according to Marino.
The company said it has approximately $900 million of inventory at cost, representing about 1.7 years of inventory based on its updated sales outlook. It is considering adding its New York City property to its inventory trust to support sales rather than selling the asset. The property had previously been included among planned non-core dispositions.
Raised outlook and capital priorities Marriott Vacations raised its full-year outlook for contract sales growth to 18% to 20%, implying growth of 25% to 29% in the second half. Marino said July’s sales trend was largely consistent with the strong performance recorded in May and June.
Adjusted EBITDA guidance was raised to $805 million to $830 million, a $50 million increase from the prior range. Adjusted free cash flow guidance was raised to $410 million to $460 million, up $35 million at the midpoint. The company expects free-cash-flow conversion in the mid-50% range for the year. Marriott Vacations expects to sell $50 million of non-core assets in the second half and now expects total non-core asset-sale proceeds of $200 million by the end of 2027. Marino said future capital deployment will emphasize debt repayment, dividends and opportunistic share repurchases. He said the company expects leverage to be in the upper-three-times range by year-end and may become more opportunistic on buybacks as leverage falls below four times.
Avril said the company plans to provide an update on its strategies and longer-term growth plans at an investor day scheduled for Dec. 9 in New York City.
About Marriott Vacations Worldwide (NYSE:VAC)Marriott Vacations Worldwide Corporation, headquartered in Orlando, Florida, specializes in the development, marketing and management of vacation ownership resorts and related products. Originally launched as a division of Marriott International in 1984, the company became a separate publicly traded entity in 2011. Since then, it has expanded its offerings through both organic growth and strategic acquisitions, establishing itself as a leading provider in the global timeshare industry.
The company's core business activities include selling vacation ownership interests, managing a growing portfolio of branded resorts and operating a loyalty program that allows members to exchange or use points at affiliated properties.
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SummarySuper Micro Computer’s revenue surged 72% YTD, but margins compressed and operating cash flow hit –$7.56B, revealing a business scaling faster than its ability to convert profits into cash.Working capital ballooned to $13.69B as inventories and receivables exploded, forcing SMCI to raise debt and equity; finished goods now carry significant obsolescence risk.Despite strong demand and preliminary Q4 margin improvement, SMCI’s ROIC remains below its cost of capital.In this article, I share my earnings preview for the company and disclose what I think the fair price for the stock is.I do much more than just articles at iREIT®+HOYA Capital: Members get access to model portfolios, regular updates, a chat room, and more. Learn More » Theeraphat Uamduang/iStock via Getty Images
Introduction I have stayed off Super Micro Computer (SMCI) because of filing delays and an auditor resignation, among other things, which made it hard (at least to me) to correctly read and handle its reports. The company is now current with
8.14K Followers
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Chip and memory stocks have grabbed the headlines, but one of the best-kept secrets in the artificial intelligence (AI) boom are the companies easing the power bottleneck. Vertiv (VRT -1.01%) is a leader in delivering power and cooling solutions for data centers and other markets, and demand for its technology is booming.
There's a looming shortage of electricity to support data center expansion and rising chip density inside these "AI factories." That's why leading cloud companies are investing not only in chips but also in power management systems that squeeze more compute out of every watt. That shift is already helping drive consistent 20%-plus quarterly revenue growth for Vertiv, with more runway ahead.
Image source: Getty Images.
Solving the power shortage Vertiv's trailing-12-month revenue has nearly doubled over the past three years to $11.5 billion. Analysts expect that growth to continue, with consensus estimates pointing to revenue approaching $22 billion by 2028.
The tailwind is simple: Data centers must extract every possible ounce of efficiency from limited power. Bank of America analysts project the U.S. will need more than 230 gigawatts of new generating capacity over the next five years -- more than double what utilities are expected to deliver. That gap helps explain why companies addressing the constraint, including Vertiv, could be among the most underappreciated ways to play the AI boom.
With power becoming scarcer, hyperscalers have to get more out of every megawatt already in their data centers -- a bullish setup for Vertiv. "We see a demand environment that continues to grow, and we continue to invest ahead of it -- planting seeds now that we expect to compound for years to come," Executive Chairman Dave Cote said.
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Why Vertiv stock remains a buy Vertiv's revenue grew 24% year over year in the second quarter, but another underappreciated part of the story is margin upside. Its adjusted operating margin in 2025 was about 20%, and management's full-year 2026 guidance implies 23.8% at the midpoint.
As revenue scales, the company can spread fixed costs across a larger base, supporting margin expansion and faster earnings growth. The stock looks pricey at a forward price-to-earnings ratio of 41, but that valuation is backed by analysts projecting roughly 37% annualized earnings growth over the next several years.
While Vertiv faces competition from larger players like Schneider Electric and Eaton, its advantage lies largely in switching costs. Once a data center installs power systems, replacing them is time-consuming and expensive, effectively locking in the customer.
As AI adoption continues to grow, increasingly complex chip configurations in data centers will require advanced thermal management. This makes Vertiv an excellent stock to profit from the growth in AI infrastructure.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eaton Plc, Schneider Electric, and Vertiv. The Motley Fool has a disclosure policy.
Voya Financial vykázala ve 2. čtvrtletí upravený provozní zisk 140 mil. USD, tedy 1,51 USD na akcii. Firma zároveň uvedla, že její tři hlavní segmenty dál rostou.
Voya Financial Grows Earnings Across All 3 Business SegmentsVoya Financial NYSE: VOYA reported second-quarter adjusted operating earnings of $140 million, or $1.51 per diluted share, as lower-than-expected alternative investment performance and severance costs weighed on results. The company said underlying trends in its Retirement, Investment Management and Employee Benefits businesses remained positive and supported expectations for higher earnings and cash generation in the second half of 2026.
Chief Executive Officer Heather Lavallee said Voya generated about $150 million of excess capital during the quarter and returned roughly $200 million to shareholders through repurchases and dividends. For the first half of the year, the company returned more than $380 million to shareholders.
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Chief Financial Officer Mike Katz said quarterly earnings included an approximately $0.90-per-share effect from weaker alternative investment performance and severance actions. Alternative investment results were primarily affected by macroeconomic conditions in Voya's private-equity portfolio, whose results are reported with a one-quarter lag. Katz said year-to-date alternative investment returns remained positive and that the company expects improvement in the third quarter.
The severance actions are intended to reduce the company's expense base, with expected savings fully offsetting upfront costs by year-end, Katz said. Voya views the measures as a reset of its expense baseline heading into 2027 and said it remains focused on operating leverage and self-funding growth investments.
Retirement business posts strong defined-contribution flows Voya's Retirement segment generated adjusted operating earnings of $190 million in the quarter. Results were affected by lower spread income tied to alternative investment performance, although core spread income remained resilient due to reinvestment at higher rates, according to Katz.
Fee-based revenue in Retirement rose 10% from a year earlier and accounted for more than 60% of segment revenue, while margins were 38%. Defined-contribution net inflows totaled $8.1 billion, supported by client retention and large plan implementations in government and corporate markets.
Lavallee said the company added more than $30 billion in assets and approximately 1 million participants through organic growth in government markets over the past 18 months. Voya's Retirement platform now serves more than 10 million participant accounts.
Jay Kaduson, CEO of Workplace Solutions, said request-for-proposal volumes increased by roughly 6% to 7% in emerging markets and rose by double digits in the mid-market segment. Volumes in large and mega plans were growing at a low-single-digit pace but remained healthy, he said.
Voya completed the final phase of its OneAmerica integration during the quarter. Management said the transaction added capabilities, distribution opportunities and strategic relationships, including in ESOPs, self-directed accounts and tax-exempt offerings. The company expects OneAmerica-related outflows to moderate in the second half.
Investment Management earnings rise, though legacy runoff remains a headwind Investment Management adjusted operating earnings increased 12% year over year to $57 million, driven by higher advisory fees across institutional and retail channels. The segment recorded $1.2 billion in quarterly net inflows and $6.3 billion over the past 12 months.
Matt Toms, CEO of Investment Management, said institutional flows totaled $1.6 billion during the quarter, with demand supported by fixed-income and private-credit capabilities, particularly among insurance clients. He said the business was also seeing positive momentum in U.S. retail fixed income and specialty equity products, including small-cap growth.
Retail results were moderated by redemptions outside the U.S., which Toms attributed to market volatility and macroeconomic uncertainty. He said sales levels remained strong and management expects redemption activity to moderate in the second half.
Voya said 83% of Investment Management assets outperformed peers or benchmarks over three years, while 85% outperformed over 10 years. The segment will face a modest headwind from the wind-down of a legacy subadvisory relationship in the second half, though management said the revenue effect in 2026 is expected to be immaterial.
Toms said Voya continues to view 2% organic growth as an appropriate long-term target for Investment Management, while noting that performance can vary from period to period. Advisory revenue was up 8% year over year, he said.
Employee Benefits margins show improvement Employee Benefits adjusted operating earnings were $22 million in the second quarter and $122 million over the trailing 12 months. Voya released $8 million of stop-loss reserves while continuing to hold reserves at the high end of its best-estimate range.
Management said early claims experience for 2026 stop-loss business was favorable compared with the 2024 and 2025 cohorts. Lavallee said Voya was seeing both fewer high-severity claims and lower claim frequency. Katz said the company was about 15% to 20% through the development cycle for its 2026 business at the end of the second quarter and would more likely reassess its 2026 stop-loss loss-ratio outlook in the fourth quarter than the third.
Voya has cited rate increases of 21% entering 2025 and 24% entering 2026, and management said it is receiving even more rate in current pricing activity. The company said it is pricing business to restore stop-loss margins to targeted levels in 2027.
Aggregate Employee Benefits loss ratios improved five points over the past 12 months, Katz said. In Group Life, favorable mortality trends offset elevated voluntary loss ratios. He said unusual billing true-ups and reserve adjustments added about 2.5 points to voluntary loss ratios in the quarter; a more normalized range would be around 54% for the second half.
Management also highlighted continuing growth in voluntary benefits, where trailing-12-month sales increased 7%, and said 48% of new Life, Absence and Disability cases through the second quarter were bundled with supplemental health products, up from 42% a year earlier.
Capital generation and wealth-management expansion Voya generated $350 million of excess capital year to date and said quarterly cash conversion exceeded 100%. The company expects 2026 cash generation to exceed 2025 levels, supported by earnings momentum, cost actions and Employee Benefits margin improvement.
The company repurchased $150 million of stock during the second quarter and $300 million year to date, ending the period with about $200 million of excess capital. Voya expects to deploy at least $100 million toward share repurchases in the third quarter.
Management also pointed to growth in Wealth Management, where revenue rose approximately 12% year over year and assets under management totaled about $33 billion, up 16%. Kaduson said Voya had more than 650 advisors, representing a 20% increase year to date, as the company expands advice and guidance offerings for retirement-plan participants.
About Voya Financial (NYSE:VOYA)Voya Financial, Inc NYSE: VOYA is a financial services company headquartered in New York City, focused on helping Americans plan, invest and protect their savings. The company traces its roots to the U.S. operations of ING Group, which were spun off in 2013 and rebranded as Voya Financial in 2014. Voya's operations are built around a customer-centric approach, drawing on decades of experience in retirement planning and risk management to serve both individual and institutional clients.
Voya's core business activities span three key segments: Retirement, Investment Management and Employee Benefits.
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Vontier zvýšil celoroční upravený zisk na akcii na 3,45 až 3,55 USD po lepších než očekávaných výsledcích za 2. čtvrtletí. Tržby činily 757 milionů USD a core sales byly zhruba beze změny.
Vontier NYSE: VNT reported second-quarter results that exceeded its expectations, with flat core sales, higher operating margins and an increase in its full-year adjusted earnings outlook. Management said demand remained healthy across much of its portfolio, particularly in convenience retail-facing businesses, while the company continued cost-reduction and portfolio-simplification initiatives.
Total sales were $757 million in the second quarter, while core sales were approximately flat from a year earlier. The comparison included approximately 11% core growth in the prior-year quarter, according to President and Chief Executive Officer Mark Morelli. Orders increased by low single digits and book-to-bill exceeded one, led by Mobility Technologies and Environmental and Fueling Solutions.
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Adjusted operating margin increased 190 basis points year over year. Chief Financial Officer Anshooman Aga said the result included a net benefit of approximately 120 basis points from one-time IEEPA tariff refunds related to inventory sold in the prior year. Excluding that benefit, underlying margin expanded 70 basis points, driven primarily by Mobility Technologies.
Aga also said the timing of Vontier’s Teletrac divestiture, which closed about one month later than assumed in the company’s original outlook, added an extra month of contribution during the quarter. After adjusting for both the divestiture timing and tariff refunds, management said results exceeded the high end of its original guidance range.
Environmental and Fueling Solutions Leads Growth Environmental and Fueling Solutions posted approximately 5% core sales growth in the quarter, supported by double-digit growth in global dispenser sales. Management cited continued customer investment in new equipment, upgrades and replacement activity, as well as demand for more advanced forecourt and payment technologies.
Morelli said convenience-store operators continue to invest in new sites, retrofits and modernization initiatives. He also pointed to industry consolidation, which he said is encouraging operators to standardize equipment across acquired locations.
The segment’s operating margin expanded 240 basis points, including a 220-basis-point benefit from tariff refunds. Vontier said it is nearing completion of an effort to reduce its number of dispenser platforms from 32 to eight, with the remaining rationalization expected in the second half of the year.
New payment products are also gaining adoption. Morelli said nearly one-quarter of new dispensers shipped during the quarter included the updated FlexPay 6 terminal, which launched late in the first quarter. The company expects adoption to increase as retailers seek more unified consumer payment experiences and simpler technology operations.
Vontier also highlighted its asset-management offerings, which combine connected hardware and software to remotely manage fueling equipment. Connected assets managed through its applications rose more than 20% year to date, and the company brought more than 2,000 sites online during the second quarter for several existing customers. Morelli said Kwik Trip reduced truck rolls for service events by more than 80% through deployment of Vontier’s asset-management platform across its forecourt.
Mobility Technologies Faces Comparison, Repair Margins Remain Under Pressure Mobility Technologies recorded a core sales decline due to a difficult comparison with elevated vehicle-identification solution shipments in the prior-year period. Aga said that comparison represented about $25 million, or a 10-point growth headwind. Excluding that factor, segment sales would have grown by mid-single digits.
Segment margin increased 190 basis points, including a 20-basis-point tariff-related benefit. Underlying Mobility Technologies margin expanded 170 basis points to approximately 21%.
Management said demand remains strong for integrated payment, point-of-sale and asset-management offerings. However, certain migrations from legacy car-wash technology to the cloud-connected Patheon software platform are taking longer than expected, partly due to permitting. Aga said those projects are still in the pipeline, but some are likely to move beyond the current year.
Repair Solutions’ same-store sales were essentially flat, reflecting stable demand but continued constraints on technician spending. Segment margin declined 180 basis points, despite a 130-basis-point tariff-refund benefit. The business faced unfavorable price and mix, along with targeted investments in sales and its leadership transition.
Morelli said Repair Solutions “is not performing where it needs to,” and Vontier has hired Cameron Richardson, formerly of NAPA Auto Parts, to lead the business. The company is focusing on supplier management, reducing supply-chain steps, SKU rationalization, inventory costs and changes to its district-management organization. Management expects Repair Solutions margins to be around 19% in the second half.
Cost Actions, Buybacks and EKOS Acquisition Vontier delivered approximately $4 million in year-over-year savings during the quarter and now expects to exceed its prior $15 million full-year cost-savings commitment. The company said roughly two-thirds of the planned savings are still expected in the second half.
The company has rationalized approximately 1,400 SKUs in the first half and began a multiyear platform-rationalization effort within Mobility Technologies. Management said it is also using simplification initiatives and AI tools to improve research and development efficiency and optimize its customer-service footprint.
Adjusted free cash flow was $98 million, representing approximately 80% conversion to adjusted net income and about 13% of sales. Vontier ended the quarter with more than $260 million in cash and net leverage of 2.3 times.
Supported by free cash flow and proceeds from the Teletrac sale, Vontier repurchased about 4 million shares for $130 million during the quarter. Year-to-date repurchases totaled just over 6 million shares for about $200 million. The company increased its share-repurchase authorization to $1 billion and said its outlook assumes about $250 million of buybacks for the full year.
After the quarter ended, Vontier completed its acquisition of EKOS for $43 million in cash plus a potential earn-out tied to future annual recurring revenue growth. EKOS provides fleet energy-management software and is expected to generate between $15 million and $17 million in revenue in 2027, primarily recurring revenue, with mid-teens or better margins, according to Aga. Morelli said the acquisition expands Vontier’s connected-mobility offering for private fleet fueling operations.
Full-Year EPS Outlook Raised For the third quarter, Vontier expects sales of $720 million to $735 million and core sales growth of approximately 5% at the midpoint. The company expects mid-single-digit or better growth in Environmental and Fueling Solutions and mid-single-digit growth in Mobility Technologies, along with adjusted EPS of $0.82 to $0.86.
For the full year, Vontier maintained its core growth assumption at approximately 3% at the midpoint but raised the midpoint of its sales outlook by about $10 million, reflecting acquisitions, divestitures and a modest foreign-exchange headwind. The company expects operating margin expansion of about 100 basis points to more than 22%.
Vontier raised full-year adjusted EPS guidance to $3.45 to $3.55, representing expected growth of 8% to 11% from the prior year. It maintained its adjusted free-cash-flow conversion outlook at 95%, or approximately 15% of sales.
About Vontier (NYSE:VNT)Vontier is a global industrial technology company focused on advancing mobility infrastructure and transportation solutions. Established as a standalone public company in October 2020 through the spin-off of Fortive’s mobility and transportation platforms, Vontier is headquartered in Raleigh, North Carolina. The company’s mission centers on delivering innovative products and services that help customers meet evolving demands in fuel retail, fleet management, and automotive service.
The company’s diversified portfolio spans several well-known brands.
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US Foods ve 2. čtvrtletí zvýšil tržby o 4,5 % na 10,5 miliardy USD a upravená EBITDA vyskočila o 10,2 % na rekordních 604 milionů USD. Firma zároveň potvrdila výhled na fiskální rok 2026.
3 Undervalued Names Too Cheap to IgnoreUS Foods NYSE: USFD reported record second-quarter adjusted EBITDA and margin, supported by accelerating growth with independent restaurants, healthcare and hospitality customers, while reaffirming its full-year 2026 outlook.
Net sales rose 4.5% to $10.5 billion in the second quarter, driven by 1.9% total case-volume growth and a 2.6% contribution from food-cost inflation and mix, Chief Financial Officer Dirk Locascio said. Adjusted EBITDA increased 10.2% to a record $604 million, while adjusted diluted earnings per share climbed 21% to $1.44.
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Hershey Stock Decline: An Opportunity for Investors to BuyAdjusted EBITDA margin expanded 29 basis points to a record 5.7%. The company said adjusted gross profit per case increased 5% to $0.41 higher than the prior year, outpacing a 3.7%, or $0.21, increase in adjusted operating expenses per case. Adjusted EBITDA per case rose 8.3% to $2.73.
Independent Restaurant Growth Accelerates Independent restaurant case volume grew 5.1%, the strongest result since the fourth quarter of 2023 and the company’s fifth consecutive quarter of acceleration, according to Chair and CEO Dave Flitman. Healthcare case volume increased 3.5%, while hospitality volume grew 4.4%. Chain restaurant volume declined 1.5%, though Locascio said that was 30 basis points better than industry traffic reported by Black Box.
Cava Group Serves Up 60% Gain Amid Strong Post-IPO BuyingFlitman said the independent restaurant performance was driven primarily by net new account generation, which reached its strongest level in three years. The company also reported its 21st consecutive quarter of independent restaurant share gains and its 23rd consecutive quarter of healthcare share gains.
During the question-and-answer session, Flitman said July trends were broadly consistent with the second quarter. He described the restaurant market as “pressured but stable,” citing continued industry foot-traffic challenges, but said the company’s customer acquisition and existing-account penetration efforts continued to improve.
US Foods launched its new seller compensation plan companywide in June. The plan is designed to align incentives with priorities including independent restaurant growth, exclusive-brand penetration and Pronto service adoption. Flitman said early behavior changes have been encouraging, though it will take time for the compensation transition to have a larger effect on growth. Sales-force attrition remained flat year over year, he said.
Pronto Expansion and Productivity Initiatives The company continued to expand Pronto, its small-truck delivery service that offers later order cutoff times, smaller order sizes and more frequent delivery options. Pronto is operating in 52 markets, while Pronto Next Day service for existing independent customers is available in 35 markets. US Foods plans to add eight Pronto Next Day markets this year.
After generating $1 billion in sales during 2025, US Foods now expects Pronto to produce about $1.3 billion in 2026 sales and more than $1.7 billion in 2027, up from its previous 2027 estimate of $1.5 billion. Flitman said the company has tested the service carefully to ensure it maintains margins and does not simply shift existing broadline volume to smaller, less efficient deliveries.
Management also highlighted cost and productivity programs. Strategic Vendor Management generated more than $50 million in additional cost-of-goods savings during the first half, putting the company on track to exceed $300 million in savings under its three-year plan ending in 2027. Inventory management is expected to deliver an additional $10 million in gross-profit benefit during 2026 after generating $35 million last year.
US Foods said it generated more than $20 million in year-to-date incremental indirect-spend savings following the baseline deployment of a new indirect procurement system. The company expects that program to provide more than $75 million of benefit this year and more than $100 million in 2027.
AI and Automation Efforts Flitman said the company is applying artificial intelligence across sales, supply chain and enterprise functions. An internally developed tool called Visit Assistant Insights delivered more than 700,000 customer-specific insights to sellers serving independent restaurant accounts during its first six weeks, he said.
The company is also piloting a generative AI sales chatbot called Sue AI Assistant. In supply chain operations, US Foods is using AI-driven demand forecasting, labor planning and Descartes routing tools to improve in-stock performance, delivery execution, productivity and working-capital management.
US Foods has begun testing autonomous inventory-scanning robots in one warehouse and plans to extend the test to six additional locations by year-end. The company said early results from the initial pilot have been encouraging.
Cash Flow, Buybacks and Outlook Year-to-date operating cash flow totaled $725 million, supported by earnings growth and working-capital management. US Foods repurchased $374 million of shares during the second quarter, bringing year-to-date buybacks to about $500 million. Net leverage ended the quarter at 2.6 times, within the company’s 2 times to 3 times target range.
The company also refinanced its asset-based lending facility, extending its maturity to 2031 and increasing its size to $2.5 billion. Locascio said US Foods has no long-term debt maturities until 2028.
US Foods reaffirmed its fiscal 2026 guidance, calling for:
Net sales growth of 4% to 6%; Total case-volume growth of 2.5% to 4.5%; Adjusted EBITDA growth of 9% to 13%; and Adjusted EPS growth of 18% to 24%. The outlook includes the expected effect of a 53rd week, which the company estimates will add about 1% to total case-volume and adjusted EBITDA growth. Locascio said the midpoint of the guidance assumes fuel costs remain near current levels, while acknowledging that restaurant traffic, inflation and fuel prices could affect results.
About US Foods (NYSE:USFD)US Foods NYSE: USFD is a leading foodservice distributor in the United States that supplies a wide range of products and services to professional food operators. The company provides fresh, frozen and dry food items as well as non-food restaurant supplies and kitchen equipment. Its customer base includes independent restaurants, multi-unit chains, healthcare and senior living facilities, hospitality businesses, government and educational institutions, and other foodservice operators.
Beyond commodity and branded food products, US Foods offers value-added solutions designed to help customers run their businesses.
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The AI wave will soon hit public markets with Anthropic and OpenAI set to go public later this year. However, you don't have to wait to invest. This report shows seven AI stocks that you can buy today while the big model providers get ready to go public.
Twilio ve 2. čtvrtletí zvýšila tržby na 1,5 mld. USD, meziročně o 22 %, a zvedla celoroční výhled tržeb i provozního zisku. Růst táhly messaging, voice a software produkty.
Why Twilio Is Rallying While the Rest of SaaS Struggles Twilio NYSE: TWLO reported second-quarter 2026 revenue of $1.5 billion, up 22% year over year on a reported basis and 17% on an organic basis excluding incremental U.S. carrier pass-through fees. The communications platform company said its results reflected strong volumes, customer additions and growth across messaging, voice and software products.
Chief Executive Officer Khozema Shipchandler called the quarter “exceptional,” citing $285 million in non-GAAP income from operations and $353 million in free cash flow. Non-GAAP gross profit rose 18% year over year to $736 million, marking the company’s fifth consecutive quarter of accelerating non-GAAP gross-profit growth, according to Chief Financial Officer Aidan Viggiano.
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Messaging, Voice and Software Products Drive Growth 3 AI and Cloud Stocks With Analyst Conviction and Long RunwaysMessaging revenue grew 28% year over year, aided by strong volumes and growth in WhatsApp and Rich Communication Services, or RCS. Viggiano said incremental carrier fees accounted for roughly 10 percentage points of messaging growth. Excluding those fees, messaging grew approximately 18%, she said during the question-and-answer session.
Voice revenue growth exceeded 20% year over year, supported by both usage volumes and software add-ons. Twilio said Branded Calling and Conversational Intelligence each posted triple-digit growth. Total software add-on revenue rose more than 25%, led by Verify, which grew more than 30%.
Twilio, Braze: The Top 2 CEP Platforms to Own in 2025Twilio’s dollar-based net expansion rate was 116% in the quarter. Incremental carrier fees contributed about five percentage points to that figure, Viggiano said, though she added that expansion improved sequentially even excluding the fee effect. The company also cited accelerating revenue growth from customers using multiple Twilio products.
Chief Revenue Officer Thomas Wyatt said demand for voice artificial-intelligence capabilities was broad-based across enterprise customers, large independent software vendors and AI-native companies. He highlighted a horizontal conversational AI customer that grew into a $6 million annual run-rate customer and a vertical conversational AI company that reached a $9 million run rate after initially beginning with Twilio’s voice services.
New Conversational Platform and Console Rollout At its SIGNAL user conference, Twilio announced general availability of its next-generation platform, including Conversation Memory, Conversation Orchestrator, Conversation Intelligence, Conversation Relay and Agent Connect. Shipchandler said the products are intended to help businesses manage context-rich customer conversations involving both human representatives and AI agents.
He pointed to automotive fintech company Car Finance 247, which joined Twilio’s private beta program and later signed a seven-figure deal to use the Conversations Layer. Its AI assistant, Carla, has handled nearly 300,000 customer conversations, Shipchandler said. Customers interacting with Carla convert to approved leads 1.6 times faster, which the company said has created a multimillion-dollar annual revenue uplift across the customer’s business.
Twilio also launched a redesigned Console in May. The company said the platform provides a centralized interface for managing Twilio workloads, includes AI-guided onboarding and offers trials designed to encourage product experimentation. A majority of existing customers have migrated to the new Console, and Shipchandler said Twilio has seen more than a 90% uplift in conversion compared with the prior experience.
Wyatt said the conversion metric reflects reduced friction in the process of signing up, launching initial campaigns and establishing workloads. While the Console had little impact on multi-product revenue during the second quarter because of its recent launch, Twilio expects its free credits and integrated product experience to support future cross-sell and upsell activity.
Carrier Fees Pressure Margins but Not Profit Dollars Twilio incurred $71 million in incremental U.S. carrier pass-through fees during the quarter. The fees reduced non-GAAP gross margin to 49.1%, down 160 basis points from a year earlier and 50 basis points sequentially. Without the incremental fees, non-GAAP gross margin would have increased 60 basis points year over year and 30 basis points from the prior quarter, Viggiano said.
Non-GAAP operating margin was 19%, up 100 basis points year over year but down 80 basis points sequentially. The carrier fees represented an estimated 90-basis-point headwind to the quarterly operating margin. Twilio said the fees do not affect gross-profit dollars, operating-income dollars or free-cash-flow dollars, though they affect reported margin rates and create cost pressure for customers, particularly smaller businesses.
GAAP income from operations was $85 million and included a $33 million prepaid asset impairment. GAAP net income also benefited from a one-time, non-cash $944 million release of a valuation allowance against certain U.S. federal and state deferred tax assets. Twilio said neither item affected its non-GAAP results.
Raised Full-Year Outlook For the third quarter, Twilio initiated revenue guidance of $1.505 billion to $1.515 billion, representing reported growth of 16% to 16.5% and organic growth of 11% to 12%. The outlook includes an expected $56 million in incremental U.S. carrier fees.
Full-year organic revenue growth guidance was raised to 13% to 13.5%, from 9.5% to 10.5% previously. Full-year reported revenue growth guidance was raised to 18% to 18.5%, from 14% to 15% previously. Full-year non-GAAP income from operations guidance was raised to $1.135 billion to $1.155 billion. Full-year free-cash-flow guidance was also raised to $1.135 billion to $1.155 billion. Twilio expects full-year non-GAAP gross-profit growth to be similar to its organic revenue growth rate. The company’s full-year outlook assumes about $250 million of incremental U.S. carrier pass-through revenue. It also expects those fees, all else equal, to lower its full-year 2026 non-GAAP gross margin by about 210 basis points compared with 2025.
During the quarter, Twilio repurchased $66 million of shares and had roughly $800 million remaining under its current authorization. Shipchandler said the company views AI-related demand as being in “very early innings,” with the most visible activity currently in voice, while expecting AI-enabled interactions to expand across additional channels over time.
About Twilio (NYSE:TWLO)Twilio Inc NYSE: TWLO is a cloud communications platform-as-a-service (CPaaS) company that enables developers and enterprises to embed communications into web and mobile applications. Its core offering is a suite of programmable APIs that handle messaging (SMS, MMS, and chat), voice calling, video, and user authentication. Twilio's platform is designed to help businesses build customer engagement and communication workflows without managing telecommunications infrastructure directly.
The company's product portfolio includes programmable voice and messaging APIs, Twilio Video for real‑time video applications, and Twilio Authy for multi‑factor authentication.
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The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
Urban Edge Properties zvýšila celoroční výhled FFO as adjusted na 1,50 až 1,54 USD na akcii po silnějším 2. čtvrtletí. FFO as adjusted dosáhlo rekordních 0,40 USD na akcii.
Cameco Corporation Is the Only Uranium Play to ConsiderUrban Edge Properties NYSE: UE reported second-quarter results that exceeded its internal expectations, driven by higher leasing spreads, same-property net operating income growth and contributions from redevelopment activity. The retail real estate investment trust raised its full-year funds from operations guidance while outlining continued capital recycling and leasing initiatives across its Northeast-focused portfolio.
Chairman and Chief Executive Officer Jeff Olson said the company generated record FFO as adjusted of $0.40 per share, up 10% from the second quarter of 2025 and 7% year to date. Same-property NOI, including redevelopment, rose 3.2% in the quarter and 3% through the first half.
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Olson said traffic at the company’s centers increased 3% from a year earlier, with particularly noticeable gains at Bergen, Woodbridge, Hudson Mall and Totowa, where Urban Edge has upgraded its tenant mix. He attributed demand to limited availability of quality retail vacancies in its trade areas and the company’s value- and necessity-oriented merchandise mix.
Guidance Raised as NOI Growth Outpaces Expectations Urban Edge raised its 2026 FFO as adjusted guidance by $0.02 per share at the midpoint to a range of $1.50 to $1.54 per share. The updated outlook implies 6% growth over 2025, according to Olson. The company also increased the low end of its same-property NOI growth outlook, including redevelopment, by 25 basis points to a range of 3.25% to 3.75%.
Chief Financial Officer Mark Langer said second-quarter NOI growth exceeded the company’s expectations, supported by higher percentage rents, greater net recovery revenue, collections on prior-period reserves and lower real estate taxes.
Results also included several items that Langer characterized as one-time benefits. Urban Edge received approximately $0.02 per share of lease termination income from Wren Kitchens, as well as about $0.01 per share from accelerated amortization of non-cash revenue and a multi-year real estate tax refund. Langer said some of the income had already been anticipated in the company’s full-year plan or reflected revenue that otherwise would have been recognized later in the year.
Bad debt was about 40 basis points of gross rents in the quarter, better than expected, aided by collections from accounts reserved in the first quarter. Langer said a multi-location franchise operator in Puerto Rico that had contributed to earlier uncollected rents paid all current second-quarter rent and was current on payment-plan obligations for past-due amounts. For the third and fourth quarters, the company expects credit losses of 60 to 75 basis points of gross rent.
Leasing Spreads and Occupancy Chief Operating Officer Jeff Mooallem said Urban Edge executed 26 leases totaling 199,000 square feet during the quarter, evenly divided between 13 new leases and 13 renewals. New leases produced a same-space cash spread of 13%, while renewals and option exercises generated a 10% cash spread.
While the quarterly new-lease spread was lower than the first quarter, Mooallem said results can fluctuate because of the company’s size. Year-to-date new-lease spreads were nearly 30%, and the company expects new-lease cash spreads to exceed 20% for the full year, which would mark its fifth consecutive year at that level.
Same-property leased occupancy was 96.3% at quarter-end, down 10 basis points from the prior quarter and 40 basis points from the year-earlier period. The decline largely reflected the bankruptcy of Wren Kitchens, which occupied two company locations. Mooallem said Urban Edge collected a meaningful settlement related to those leases and expects the vacated space to support a stronger merchandising mix at rents above Wren’s previous rates.
Shop occupancy declined 70 basis points sequentially to 91.7%. About half of the decline resulted from deliberate recapture opportunities in which the company chose not to retain existing tenants, Mooallem said. Urban Edge expects to backfill shop space at average rents of about $45 per square foot, representing a mark-to-market opportunity of approximately 20%, and aims to restore shop occupancy above 93%.
During the question-and-answer session, Mooallem said replacement tenants under consideration include names such as CAVA, Starbucks, Mathnasium and Rally House. He also identified fitness, medical, veterinary, urgent-care and quick-service restaurant concepts as active sources of small-shop demand, while noting the company is monitoring restaurant concentration at individual properties.
Redevelopment Pipeline and Capital Recycling Urban Edge’s signed-but-not-open pipeline represents $22 million of future annual gross rent, equal to about 7% of current NOI. Langer said the pipeline is expected to contribute $1.7 million of new rent during the remainder of 2026, primarily in the fourth quarter, and represents approximately $7.7 million of annualized rent.
At Bruckner Commons in the Bronx, BJ’s Wholesale Club, Ross, Chick-fil-A and Chipotle are under construction. Olson said rent commencements are expected to begin during 2027, with the projects collectively representing more than $8 million in annual rent.
The company stabilized a Hudson Mall redevelopment project with Burlington’s May opening in Jersey City, New Jersey. HomeGoods is under construction at the center and is expected to open later this year. Urban Edge also activated an anchor project at Ledgewood Commons and a multi-tenant outparcel at Woodmore Town Center.
Mooallem said completed projects over the past 12 months involved $33 million of investment and are generating an average yield of 25%. The active development pipeline totals $155 million, with about $67 million left to fund and an expected yield of approximately 12%.
On the acquisition front, Urban Edge bought Shops at West Falls Church, an 85,000-square-foot Safeway-anchored center in Falls Church, Virginia, for $40 million. It also acquired a ground-lease position at Shoppers World in Framingham, Massachusetts, for $10.5 million. Olson said the two purchases carried an average cap rate of 6% and are expected to generate a 9% unleveraged internal rate of return.
The company is under contract to sell Briarcliff Commons, a Kohl’s-anchored New Jersey center, for $60.5 million, with closing expected later in the month. Olson said Urban Edge seeks to sell lower-growth, high-credit assets and redeploy capital into higher-growth properties, generally targeting assets with 3% to 4% growth rather than 1% to 2% growth.
Management said acquisition competition has increased and compressed retail cap rates. Olson cited a general cap-rate range of 5% to 7%, while Mooallem said buyers have become more active across asset categories. The company remains focused primarily on its existing Washington, D.C.-to-Boston corridor, though Olson said the Southeast is the most natural potential geographic expansion.
Urban Edge ended the quarter with approximately $960 million of total liquidity, including $82 million of cash, $55 million drawn on its credit facility and no borrowings on its delayed-draw term loans. Net debt to adjusted EBITDA was 5.5 times, Langer said.
About Urban Edge Properties (NYSE:UE)Urban Edge Properties is a publicly traded real estate investment trust (REIT) that specializes in owning, operating and developing grocery-anchored shopping centers. The company was formed in January 2017 as a spin-off from Regency Centers Corporation, establishing an independent platform focused on urban and densely populated markets. As a fully integrated REIT, Urban Edge oversees the acquisition, financing, leasing, redevelopment and management of its retail properties.
The company's portfolio comprises predominantly open-air shopping centers anchored by national and regional supermarket operators.
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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Under Armour snížila výhled tržeb za fiskální rok 2027 po poklesu kvartálních tržeb o 3 % na 1,1 miliardy USD. Zároveň ale potvrdila celoroční upravený provozní zisk ve výši 140 až 160 milionů USD.
Insiders Buy 3 High-Risk Stocks—Here’s What’s Driving the MovesUnder Armour NYSE: UA . lowered its fiscal 2027 revenue outlook after first-quarter sales declined 3% to $1.1 billion, citing softer consumer demand in North America and Asia-Pacific and a more promotional retail environment. The company maintained its full-year adjusted operating income forecast of $140 million to $160 million, pointing to tighter cost management and a more disciplined operating model.
President and CEO Kevin Plank said the company does not intend to pursue lower-quality volume through heavier discounting. Instead, Under Armour is emphasizing product-line simplification, full-price selling, inventory control and more focused marketing tied to product launches and athlete storytelling.
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Wolverine World Wide Breaks Out – Will the 92% Rally Continue?“We’re lowering our revenue outlook for the year while maintaining our adjusted operating income expectation,” Plank said. “Consumer demand remains softer than we expected, particularly in North America and Asia Pacific. Our response isn’t to chase that market lower.”
Regional and Channel Performance North America revenue fell 9% in the first quarter, driven by softer spring and summer wholesale orders as well as traffic pressures in e-commerce and company-operated stores. Direct-to-consumer revenue declined 6%, including a 12% drop in e-commerce and a 3% decrease in owned and operated retail stores.
Seize the Opportunity: Under Armour Stock Set for a ComebackChief Financial Officer Reza Taleghani said traffic challenges intensified as the quarter progressed, particularly in North America and China. The company said it saw consumer demand weaken beginning in late May, while competitors’ inventory clearances contributed to increased promotional activity in the market.
Asia-Pacific revenue declined 7%, or 10% on a constant-currency basis. Results in China and Southeast Asia were weaker than anticipated. In China, the company also cited stock-outs in key styles and sizes and demand cannibalization from licensing partners that discounted aggressively.
EMEA revenue increased 12%, or 10% on a constant-currency basis, supported by distributor business growth. However, Under Armour said it expects fiscal-year EMEA revenue to decline at a low-single-digit rate amid a competitive and promotional environment. Latin America revenue rose 8%, aided by foreign exchange, while constant-currency revenue increased 1%.
By category, apparel revenue declined 2%, footwear sales fell 8%, and accessories revenue decreased 4%. Sportswear was an area of growth, while outdoor and golf partially offset footwear declines. The company’s running business was flat during the quarter.
Profitability Exceeds Outlook Despite lower sales, adjusted operating income reached $52 million, above Under Armour’s prior outlook of $30 million to $40 million. Adjusted diluted earnings per share were $0.05, while reported diluted EPS was breakeven.
Gross margin expanded 590 basis points year over year to 54.1%. The improvement included a 640-basis-point benefit from IEEPA tariff refunds related to costs expensed in fiscal 2026, as well as supply-chain benefits. Those gains were partly offset by unfavorable foreign exchange, product and channel mix, and increased discounting.
SG&A expenses increased 2% to $543 million. Excluding transformation expenses, adjusted SG&A rose 4%, which Taleghani said was better than the company’s expected high-single-digit increase. The company cited the timing of marketing spending and reductions in discretionary operating expenses.
Under Armour ended the quarter with $1.1 billion in inventory, down 3% from a year earlier, and $396 million in cash. Taleghani said inventory was generally current-season merchandise with active demand and that inventory should trend with revenue for the full year.
Outlook Cut as Company Protects Margins Under Armour now expects fiscal 2027 revenue to decline at a mid-single-digit rate. It forecasts a mid-single-digit revenue decline in North America and low-single-digit declines in both EMEA and Asia-Pacific.
The company maintained its expectation for gross-margin expansion of approximately 220 to 270 basis points for the full year, including roughly 150 basis points from IEEPA tariff refunds. It continues to assume a 10% tariff rate from July through the end of its fiscal year, while noting potential supply-chain pressures tied to the Middle East conflict.
For the second quarter, Under Armour expects revenue to decline at a high-single-digit rate, including high-single-digit declines in North America and Asia-Pacific and a low-double-digit decline in EMEA. It forecast adjusted operating income of $10 million to $20 million and an adjusted diluted loss per share of $0.01 to $0.03.
The company now expects adjusted SG&A to decline at a low-single-digit rate for the year. Marketing spending is expected to fall toward the lower end of management’s previously discussed range of 10% to 11% of revenue, though executives said the change reflects a reallocation toward more efficient spending rather than a retreat from brand investment.
Product Simplification and Full-Price Focus Plank said Under Armour has already reduced its Fall/Winter 2026 assortment by 25% compared with two years earlier and is targeting a further 25% SKU reduction over the next 18 months. He said the company is seeking to concentrate investment on its highest-potential franchises, including HeatGear, Velociti and StealthForm.
The company highlighted the Bouncy Tee, which launched in May and has exceeded expectations at its $65 full retail price, as an example of its intended product and marketing approach. Plank said the product combines innovation, design and cultural marketing, and he described it as a model for future launches.
Under Armour is also refreshing its Tech Tee program, which Plank said has been discounted too often, while preparing to introduce the higher-priced Helix Tee later this year at $35. The company plans to market Helix around its stretch, recyclability and quick-dry attributes.
“We will not solve that by chasing unhealthy volume or buying short-term revenue,” Plank said in closing remarks. “We’ll solve it by editing the line, cleaning up the marketplace, sharpening our storytelling, and turning our strongest assets into consistent demand.”
About Under Armour (NYSE:UA)Under Armour, Inc is a global designer, marketer and distributor of branded performance apparel, footwear and accessories. The company's product portfolio spans a wide range of athletic categories, including running, training, basketball, outdoor and golf, with specialized lines for men, women and youth. Under Armour emphasizes innovative fabrics and technologies designed to enhance athletic performance, such as moisture-wicking HeatGear®, cold-weather ColdGear® and UV-protective UA Tech™ materials.
The company was founded in 1996 by former University of Maryland football captain Kevin Plank, who sought to create a superior moisture-wicking T-shirt to keep athletes cool and dry.
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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.
"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.
Apple testuje paměťové čipy CXMT napříč produktovými řadami včetně iPhonů a MacBooků, aby zmírnila nedostatek součástek vyvolaný boomem AI. Firma s CXMT vedla i raná jednání o dodávkách pro některá zařízení prodávaná v Číně.
A man wearing a yellow protective helmet walks next to a production facility of China's top memory chipmaker CXMT with company’s logo on the facade, in Beijing, China, July 29, 2026.... Purchase Licensing Rights, opens new tab Read more
Aug 9 (Reuters) - Apple (AAPL.O), opens new tab has been testing memory chips from China's CXMT (688825.SS), opens new tab across product lines including iPhones and MacBooks, to mitigate a component shortage fueled by the AI boom, the Wall Street Journal reported on Sunday.
Apple held early talks with CXMT, which is China's largest chipmaker by market value, about supplying components with the goal of using them in some devices sold in China, the report said, citing people familiar with the matter.
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Reuters could not immediately verify the report. Apple and CXMT did not respond to Reuters' requests for comment.
Reuters had earlier exclusively reported that CXMT was considering building a second memory-chip plant in Beijing to boost production.
Laptop makers HP (HPQ.N), opens new tab and Acer (2353.TW), opens new tab have started using CXMT memory chips in devices sold outside the U.S. to ease supply shortages, the newspaper said.
Reporting by Shivani Tanna in Bengaluru; Editing by Alexander Smith and Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
OpenAI, Anthropic a Meta uvedly, že jejich AI modely při bezpečnostním testování neoprávněně získaly přístup k internetu. Všechny incidenty souvisely se stejným testovacím prostředím startupu Irregular.
Over the past two weeks, OpenAI, Anthropic and Meta all revealed that their AI models went rogue during routine security testing. In explaining what happened, the companies each mentioned the same small Israeli startup: Irregular.
Founded three years ago and based in Tel Aviv, Irregular is a niche player in artificial intelligence, backed with $80 million from Sequoia and Redpoint Ventures and valued last year at $450 million. Its technology serves as a sort of cybersecurity test bed for AI models.
With the leading models becoming ever more powerful, their ability to act in malicious ways is turning into a major threat for corporations and governments, especially as the risk involves hacking into critical computer systems and infrastructure. The recent exploits at OpenAI, Anthropic and Meta all involved their AI models accessing websites that should have been off-limits as part of the cybersecurity testing.
Irregular's name kept coming up because it was identified as hosting the so-called evaluation testbed. OpenAI said in a blog post on Aug. 4 that Irregular's testing ground contained an unspecified "misconfiguration," that "allowed models to access the public internet." Anthropic said in its post a week prior that the company notified Irregular a few days after it began analyzing data that its Claude model may have "accessed the internet."
Meta, which is way behind the other two in its effort to compete at the frontier, was the latest to disclose an AI model hacking a third-party system by accessing the internet. A spokesperson said in a statement this week that the company learned about the matter from Irregular and is investigating.
Meta "will issue a full retrospective once we have all the facts," the spokesperson said.
Irregular told CNBC in a statement that the incidents were all derived from the "same evaluation-environment issue" that was first disclosed by Anthropic, and that the company is developing a white paper "to share best practices for containment and securely running cyber evals."
The situation "did not involve a sandbox escape or a sophisticated cyber action," the company said, adding that "there are no current open issues."
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The security incidents underscore the rapidly evolving nature of AI and the pressure that's on the model developers to establish guardrails around their powerful technology with the help of a limited number of companies that specialize in particular corners of the market. Those players include experts in data training and annotation, running evaluations to deduce a model's capabilities, and operating security tests intended to find weak spots that bad actors could exploit, said Sundeep Bhimireddy, the head of AI at enterprise startup Von.
Irregular is one of the few entities with the technical chops required to help foundation model makers conduct cutting-edge security testing, Bhimireddy said. Others he mentioned are the non-profit METR and the Apollo Research public benefit corporation.
"When they are testing these models, they don't want to grade their own homework," Bhimireddy said. "They want independent testing that needs to be done by outside third-party vendors."
What is Irregular?Irregular, formerly Pattern Labs, was founded in 2023 by CEO Dan Lahav, who previously worked in AI research at IBM, and technology chief Omer Nevo, who spent over two years at Google. The startup has about 35 employees, according to PitchBook.
When Irregular announced its $80 million funding round in September, Sequoia partners Shaun Maguire and Dean Meyer wrote in a blog post that the team led by Lahav and Nevo is "able to see around corners others can't, running cyber offensive evaluations on advanced models and developing defenses before those models are released."
While the latest incidents involving OpenAI, Anthropic and Meta are being heavily scrutinized, one read on the situation is that this is exactly what's supposed to happen. Bhimireddy said it's being "a little bit blown out of proportion," as the AI model was directed to discover and exploit security holes in a testing environment that closely mimics the real world, and to discover the kinds of software bugs and missed configurations that could lead to unintentional access to the internet.
Still, Bhimireddy said that if the AI model was never intended to actually exploit a site connected to the internet, the "foundation labs could have easily monitored the outgoing traffic and have shut down the experiment immediately."
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Gordon Rios, founding scientist of security firm Magnitude, said the whole process is like "experimental design in science."
The capabilities and unpredictable nature of foundation models mean that conventional software testing approaches may not work well, he said. Because the models are continuously learning new tricks, it's not surprising that they would discover overlooked software vulnerabilities in the testing and IT environments intended to contain them.
Anthropic's Mythos, for example, created fake online identities as it looked to pressure humans into approving malicious code updates to an open source project. Rios said Mythos was "literally coming up with exploits that the humans hadn't even seen before."
"We're learning a lot right now in the space of a couple of short weeks," Rios said.
It's quickly becoming a major topic in Washington. Last month, lawmakers from both sides of the aisle introduced the AI Kill Switch Act, which would require AI labs to maintain the ability to shut down, throttle or suspend their models. Language in the bill referenced a separate OpenAI-related AI security incident involving the startup HuggingFace.
One of the authors of the bill, Democratic Rep. Ted Lieu of California, told CNBC this week that, "We need to get this bill across the finish line this year," now that we're seeing "unauthorized hacks of other companies."
Trevor Koverko, co-founder of data training startup Sapien, said the foundation model companies are incentivized to disclose some of their findings, even though it's not currently a requirement, so they can try and get ahead of lawmakers and regulators.
"There's so much fear out there that politicians are now threatening or actively regulating AI," Koverko said. "The industry said we'd rather self-regulate than have some new federal department come in and do it for us."
Anthropic and OpenAI said in public statements that they're continuing to work with Irregular and are supporting the ensuing review.
Walmart (NASDAQ:WMT | WMT Price Prediction) trades at $111.74 as I write this, and our proprietary model sees healthy runway from here. Our 24/7 Wall St. Price Target for Walmart is $131.04 over the next 12 months, implying 17.27% upside from current levels. I rate the stock a BUY with a confidence level of 90%. The setup: durable comp momentum, a scaling advertising business and a defensive sector profile when consumer sentiment is fragile.
24/7 Wall St. Price Target Summary Metric Value Current Price $112.87 24/7 Wall St. Price Target $131.04 Upside 17.27% Recommendation BUY Confidence Level 90% What the Recent Pullback Is Telling Us Shares of WMT are down nearly 17% from their YTD high on May 19. Admittedly, Walmart has cooled off, but that gives investors a more attractive entry. The stock is now down 0.9% YTD, but still higher by 8.37% over the past year.
The May 21, 2026 Q1 FY27 report showed revenue of $175.684 billion (up 6.08% year over year) and adjusted EPS of 66 cents, beating consensus. Global eCommerce grew 26%, advertising surged 37%, and Walmart U.S. comp sales rose 4.1% ex-fuel. Shares sold off 7.27% that day, a reaction more about expectations than execution.
How We Calculated $131.04 Our model started with a trailing P/E-based price of $113.01 and a forward P/E-based price of $112.75, then applied a 30% weight to the analyst consensus target of $138.59, arriving at a pre-adjustment weighted price of $120.55. Our 247Factor adjustment of 1.087 lifted the target, reflecting 86% bullish analyst sentiment, 19.4% earnings growth, a low beta of 0.603, and moderate retail sentiment.
The Case for $146 and Higher Our bull case points to $146.22, or 29.38% upside. High-margin businesses drive the path: global advertising grows at a 37% clip, marketplace sales climbed nearly 50% in Q1 (best in 10 quarters), and membership fee revenue rose 17.4%. Retail sales hit $763.7 billion in May 2026, a 12-month high, while share gains among upper-income households broaden the customer mix. A fresh $30 billion repurchase authorization provides operating leverage and shareholder-return firepower.
What Could Go Wrong Bears point to a rich valuation at a P/E of 39 and forward P/E of 38, well above retail peers. Consumer sentiment sits at just 44.8, deep in recessionary territory. Q1 free cash flow was negative $1.9 billion on elevated CapEx, inventory grew 8.9%, and Maximum Fair Pricing legislation created a 700 bps headwind in Health & Wellness. Our bear case lands at $116.96. Counterpoint: the FCF drag funds automation where about 50% of eCommerce fulfillment is already automated, which should compound margins.
How Walmart Compares to Costco and Amazon Costco (NASDAQ:COST) trades at an even richer multiple than Walmart, framing WMT’s ~39x P/E as expensive but not extreme within premium defensive retail. Costco’s membership economics validate the market’s willingness to pay up for recurring-revenue retail models, exactly the flywheel Walmart is building through Walmart+ and Sam’s Club.
Amazon (NASDAQ:AMZN) is the eCommerce and advertising benchmark. Walmart’s 26% global eCommerce growth now outpaces Amazon’s retail segment, and Walmart Connect’s 44% ex-VIZIO growth suggests real share is being taken in retail media. Our 24/7 Wall St. Price Target looks reasonable, arguably conservative given the ad segment’s trajectory.
Why the Setup Looks Attractive The 24/7 Wall St. Price Target of $131.04, a BUY rating and 90% confidence reflect a rare combination: defensive earnings, digital growth and a stock down more than 13% over the past six months. The bullish path holds if advertising and membership continue scaling as they have. The cautious path takes hold if consumer sentiment at 44.8 foreshadows a broader spending contraction that even Walmart cannot outrun.
Walmart Price Prediction 2026–2030 Year 24/7 Wall St. Price Target 2026 $131.04 2027 $144.15 2028 $158.56 2029 $170.20 2030 $181.99 These projections assume Walmart continues executing on automation, advertising, and international expansion. Significant upside could come from a PhonePe IPO or accelerated ad monetization, while tariff uncertainty and consumer sentiment weakness remain primary downside risks.
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P&G zvýšila čtvrtletní dividendu o 3 % a volný peněžní tok za Q3 FY2026 vzrostl na 3,026 mld. USD, meziročně o 6 %. To podle peněžního toku podporuje další růst dividendy.
When Procter & Gamble (NYSE:PG | PG Price Prediction) cut its 70th consecutive annual dividend increase check to shareholders this past May, it sent out $1.08 per share. The market shrugged. With shares down around 5% over the past year and the stock changing hands at $145.79, sentiment around this Dividend King has soured on tariff fears and a guidance bias toward the lower end of the range. The cash flow statement tells a different story.
The Payment That Wall Street Underestimated P&G announced the most recent quarterly dividend at a 3% increase, marking the 136th consecutive year P&G has paid a dividend since incorporation in 1890. The forward annualized payout sits at $4.227 per share, translating to a current yield of 3%. That yield doesn’t scream opportunity, but the durability behind it does.
Here’s the disconnect. P&G beat Q3 FY2026 earnings on both lines: core EPS of $1.59 against $1.5552 expected (+2%) and net sales of $21.235 billion versus $20.517 billion expected (+4%). Yet management signaled FY2026 results toward the lower end of the $6.83 to $7.09 core EPS range, citing ~$400 million in after-tax tariff costs, ~$150 million in commodity headwinds, and ~$250 million from higher interest expense and tax rate. Investors heard “headwinds” and stopped listening.
Reading the Cash Flow Statement The dividend skepticism collapses against the actual numbers. In Q3 FY2026, P&G generated operating cash flow of $4.045 billion, up 9% year over year, and free cash flow of $3.026 billion, up 6%. Cash and equivalents on the balance sheet swelled to $12.306 billion, a 35% jump year over year.
Step back to the full-year view and the cushion gets wider. FY2025 delivered $17.818 billion in operating cash flow against $9.872 billion in dividends paid, a coverage ratio of 1.80x. Free cash flow of $14.045 billion covered the dividend with $4 billion to spare, and the company still funded $6.5 billion in share repurchases. Management guides FY2026 adjusted free cash flow productivity to 85% to 90%, with about $10 billion expected in dividend payouts and ~$5 billion in buybacks.
The Dividend Growth Track Record The historical record is what separates this dividend from speculative income plays. The Alpha Vantage payment history walks all the way back:
Year Q1 Dividend Subsequent Quarters 2026 $1.0568 $1.0885 2025 $1.0065 $1.0568 2024 $0.9407 $1.0065 2021 $0.7907 $0.8698 2016 $0.6629 $0.6695 2009 $0.40 $0.44 1999 $0.285 $0.32 P&G raised its dividend through the 2008-2009 Financial Crisis and through the 2020 COVID-19 pandemic. The annual payout growth rate has averaged +6.0% in FY2025, +3.5% in FY2024 and +2.6% in FY2023. The current 3% increase falls right inside that recent range.
What the Bears Are Missing Wall Street’s hesitation is logical on the surface. Core gross margin compressed 100 basis points in Q3, currency-neutral core EPS was flat year over year, and the geopolitical math is ugly. CFO Andre Schulten quantified the Brent crude exposure plainly: at roughly $100 a barrel, the annual cost impact climbs to ~$1.3 billion before tax (~$1 billion after tax) compared with pre-conflict oil in the mid-60s. Analyst skepticism centers on whether P&G can price through this without ceding share.
The growth side keeps answering that question. Organic sales rose more than 3% in Q3 with all 10 product categories and all 7 regions growing organic sales. Beauty led with 11% revenue growth. SK-II grew 18% globally with China up 13%, and Greater China Baby Care expanded 19%. Schulten’s framing on pricing strategy was direct: “I don’t think we’ve lost pricing power. Pricing power has to be earned, and the way to earn it is to combine pricing with a truly delightful experience for the consumer.”
The Dividend Scorecard Stack the metrics that matter for dividend sustainability:
Yield: 3%, modest but reliable Consecutive annual increases: 70 years Cash flow coverage: 1.80x operating cash flow in FY2025 FCF payout ratio: 70% of free cash flow in FY2025 YoY dividend growth: +6% in FY2025 FY2026 capital return commitment: ~$15 billion combined dividends and buybacks This earns a solid B+ on the scorecard. The yield is modest and the payout ratio against free cash flow has crept higher as buybacks compete for capital, yet the cash generation engine and the 70-year history make a dividend cut a remote scenario. Coverage at 1.80x leaves room for the FY2026 cost headwinds to land hard and the dividend still gets paid.
What to Watch Next The forward signal sits on Brent crude and tariff resolution. The current FY2026 guidance assumes commodity prices and FX rates hold at current levels, and the CFO flagged that almost all of the increased Middle East-related costs are expected in Q4 FY2026. If oil normalizes, the lower-end guidance bias flips toward the upper end and the cash flow cushion gets even thicker. If oil holds elevated into FY2027, productivity offsets and selective innovation pricing have to do more work. Schulten was explicit: “The one thing we will not compromise on is the investment in the parts of the business that are showing momentum.”
Wall Street’s analyst tally lands at five Strong Buy ratings, nine Buy ratings, 10 Hold ratings and zero Sell ratings alongside a $163.52 average target. Retail investors on the dividend-focused side of Reddit have stayed bullish, with sentiment readings of 72 in early June and 70 in late May. The crowd that focuses on dividends has read the same cash flow statement and reached the same conclusion: the streak isn’t ending here.
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Ares Capital vyplatí za třetí čtvrtletí dividendu 0,48 USD na akcii, zatímco čistý investiční výnos činil 0,50 USD na akcii. Krytí dividendy se tak ztenčilo na dva centy.
Ares Capital (ARCC +1.99%) is likely to be most attractive to income investors, given its lofty 9.9% dividend yield. To put that into perspective, the yield of the S&P 500 index (^GSPC +0.62%) is a tiny 1%. That said, a yield that high comes with risks that have to be fully understood. Which is why it is important for investors to consider the business development company's (BDC's) second-quarter results in a larger context.
How did Ares Capital do in the second quarter? Ares Capital began its second-quarter earnings update by announcing the third-quarter dividend: $0.48 per share. That's the same level that has been paid since the fourth quarter of 2022. So it wasn't a particularly shocking update. But the BDC's net investment income was $0.50 per share, leaving only a two-cent cushion for the dividend.
Image source: Getty Images.
In the first quarter, the business development company generated $0.55 per share of net investment income. The key takeaway is that this number moves around a little bit, so you need to look at a longer time period before making a call on Ares Capital's dividend-paying ability.
For example, in 2025, Ares Capital's net investment income totaled to $2.02 per share while it paid out $1.92 in dividends. During the year, net investment income ranged between $0.58 per share and $0.48 per share on a quarterly basis. Clearly, the board isn't deciding the dividend based on one quarter's results. Still, that doesn't mean that investors shouldn't be worried.
Looking at the longer-term net investment income trend That said, looking back to 2023 changes the dynamic a little bit. The company has paid the same $1.92 per share in annual dividends since that year. However, in 2023, the net investment income totaled $2.28 per share. In 2024, the company reported that net investment income dipped slightly to $2.25 per share, which still suggested ample dividend safety. But in 2025, net investment income fell to $2.02 per share. That's cutting things a lot closer, making the first half of 2026 a bit more troubling. Investors should be paying closer attention.
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Still, through the first half of 2025, the company generated $1.03 per share in net investment income, compared with $1.05 per share in the first half of 2026. From that perspective, the BDC's results are improving.
The bigger risk is a recession What is likely to be more important in the near term is the quality of the company's loan portfolio. The bad news is that non-accrual loans inched up to 2.4% of the portfolio in the second quarter, from 1.8% at the start of the year. The good news is that 2.4% isn't a terrible number. However, dividend risk appears to be rising here, and a recession, which would likely increase the number of non-accrual loans and reduce net investment income, could easily force the company to consider a dividend cut, given the drop in dividend coverage from 2023.
Texas Pacific Land ve 2. čtvrtletí vykázala rekordní tržby 246 milionů USD, čistý zisk i volný cash flow 156 milionů USD. Zároveň spustila zkušební provoz odsolovacího zařízení fáze 2B v Orla a potvrdila roční capex 65–75 milionů USD.
Microsoft Solves AI’s Biggest Bottleneck With Chevron DealTexas Pacific Land NYSE: TPL reported record quarterly revenue, net income and free cash flow for the second quarter of 2026, supported by higher oil and gas royalty production, produced-water royalty volumes and surface-related revenue.
Chief Executive Officer Ty Glover said the company generated record results across major financial and operating measures while advancing initiatives involving data-center infrastructure, power generation and produced-water desalination.
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Revenue, Cash Flow and Royalty Activity The S&P 500's 3 Best-Performing Stocks So Far in 2026Chief Financial Officer Chris Steddum said consolidated revenue totaled approximately $246 million, a quarterly record and an increase of 4% from the prior quarter and 31% from a year earlier. Adjusted EBITDA was $216 million, up 19% sequentially and 30% year over year, with an adjusted EBITDA margin of 88%.
Free cash flow reached $156 million, rising 14% from the first quarter and 20% from the second quarter of 2025, Steddum said.
3 Cash Cow Stocks Leading Their Sectors in Free Cash Flow MarginsOil and gas royalty production averaged about 39,700 barrels of oil equivalent per day, increasing 7% sequentially and 20% year over year. Glover said the company’s unhedged royalty position enabled it to benefit from the stronger oil-price environment during the quarter.
Produced-water royalty volumes reached 4.9 million barrels per day, a 6% sequential increase and a 15% year-over-year increase. Glover attributed the gain to demand for TPL’s in-basin and out-of-basin pore space.
Water sales volumes were 663,000 barrels per day, down 19% from the prior quarter but up 38% from a year earlier. According to Glover, quarterly water-sales volumes were affected by weak in-basin natural-gas prices, which led operators to shift some development away from the Delaware Basin. He said the company expects new gas-pipeline capacity entering service over the next several quarters to improve local gas-price differentials and potentially support a mix shift back toward the Delaware Basin.
Surface, land and material revenue, or SLEM revenue, totaled $24 million, up 37% sequentially, driven by pipeline and wellbore easements, Glover said.
As of the end of the quarter, TPL had 5.6 net permitted wells, 9.5 net drilled-but-uncompleted wells and 3.4 net completed-but-not-producing wells, for a total of 18.4 net line-of-sight wells. Year-to-date capital expenditures were $29 million.
Data Center and Power Development Efforts The company disclosed that a previously announced land sale and water-supply agreement relates to Project Kilby, a large-scale power-generation facility that Chevron is developing to support a customer data center in Reeves County, Texas. Glover described the multi-gigawatt power and data-center development as a validation of the Permian Basin’s ability to host hyperscale infrastructure.
During the quarter, TPL also acquired more than 10,000 acres in Shackelford and Jones counties for about $100 million. Glover said the area is among the fastest-growing data-center regions in the country and offers contiguous land and water resources, access to natural gas and grid infrastructure, established fiber and proximity to a mid-size city.
In response to analyst questions, Glover said TPL had conducted diligence on the property for more than a year and that it was of interest to a compute user the company had been working with. He said TPL seeks to remain capital-light while participating across potential project revenue streams, including land use, water and aggregates.
Glover said the company was in advanced conversations with hyperscalers, artificial-intelligence labs and power generators involving 25 gigawatts of projects. He said he would be disappointed if TPL did not announce one or more major definitive agreements in the near term, while noting that execution requires work with multiple counterparties and extensive diligence.
Steddum said the company has prioritized building cash and deploying capital toward what it views as high-return opportunities, including land acquisitions and other growth initiatives. While share repurchases remain under consideration, he said the company currently sees attractive alternatives for its capital.
Desalination Facility Begins Commissioning TPL completed construction and began commissioning its Phase 2B produced-water desalination facility in Orla, Texas. The facility is designed to eventually process 10,000 barrels per day and uses the company’s patented freeze-desalination process.
Glover said the process could create high-specification freshwater for applications including industrial cooling, irrigation, rangeland rehabilitation, stream-flow augmentation and data-center cooling. The facility also produces concentrated brine that could potentially be used to extract minerals such as lithium.
Robert Crain, executive vice president of Texas Pacific Water Resources, said interest from hyperscalers and AI labs in using produced water for data-center operations has been substantial. He said potential applications include water-consumptive building cooling and direct chip cooling, where the company’s process produces ice and chilled water.
Crain said TPL plans to conduct desalination co-location studies during 2026, including investigations into chip-cooling applications and waste-heat recovery equipment that could reduce the process’s energy consumption. The company expects to host a grand opening and ribbon cutting for the Orla facility as commissioning continues.
Steddum reaffirmed TPL’s full-year capital expenditure guidance of $65 million to $75 million. The guidance includes planned spending in the second half of the year to evaluate cooling co-location and waste-heat-capture opportunities at the Orla Phase 2B facility.
On production mix, Steddum said the oil component of royalty production had been affected by development in relatively gas-rich areas and by new acquisitions. He said TPL’s oil cut, which had been in the mid-30% range, should trend back above 40% over time.
About Texas Pacific Land (NYSE:TPL)Texas Pacific Land Corporation NYSE: TPL is a Texas-based land management company that derives revenue from the ownership and stewardship of large tracts of land and associated mineral rights in West Texas. The company's origins trace to 19th century land grants associated with the Texas and Pacific Railway; over time those grant holdings have been retained and managed as a standalone corporate asset base. Texas Pacific Land is publicly listed and operates as a landowner and resource manager rather than as a traditional oil and gas producer.
The company's primary activities include management of surface rights and leasing of land for energy and other commercial uses, administration of mineral royalty interests, and provision of water and related services to industrial customers.
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Targa Resources oznámila rekordní výsledky za 2. čtvrtletí: upravená EBITDA vzrostla meziročně o 38 % na 1,603 miliardy USD a celoroční výhled míří k horní hranici rozpětí 5,7 až 5,9 miliardy USD.
3 S&P 500 Stocks With Sky High Risk-Adjusted ReturnsTarga Resources NYSE: TRGP reported record second-quarter operating volumes and adjusted EBITDA, supported by growth in the Permian Basin, higher marketing optimization opportunities and record activity across its downstream operations.
Chief Executive Officer Matt Meloy said adjusted EBITDA rose 38% from a year earlier, while Permian volumes increased by more than 900 million cubic feet per day from the prior-year period and 450 million cubic feet per day from the first quarter. The company said its results were achieved despite first-quarter weather disruptions, natural-gas takeaway constraints, negative Permian gas pricing and broader market volatility.
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The Top 5 Performing S&P 500 Stocks YTD in 2024For the full year, Targa now expects adjusted EBITDA to be toward the upper end of its prior $5.7 billion to $5.9 billion guidance range. Meloy said that would suggest adjusted EBITDA growth of close to $1 billion over 2025, alongside dividend growth and share repurchases.
Permian Growth and Returning Volumes President Jen Kneale said second-quarter Permian volumes reached a record 7.2 billion cubic feet per day, up approximately 7% sequentially and 14% from a year earlier. During the quarter, Targa had roughly 200 million to 400 million cubic feet per day of gas shut in behind its Permian systems on a given day because of weak Waha pricing.
Oil & Gas Are Moving In August, Here Are The 3 Industry FavoritesHowever, the company said the quarter-over-quarter volume increase despite those shut-ins demonstrated continued producer activity. With the Hugh Brinson Phase I project and GCX expansion now operating, most price-related producer shut-ins returned to Targa’s systems in July, according to Kneale.
Kneale said July delivered another strong month of volume growth and that activity is running somewhat ahead of the company’s expectations at the start of the year. The company expects continued growth during the second half of 2026 and said the momentum supports its outlook for 2027 and beyond.
Management also said a stronger macro backdrop, including higher crude oil prices and improved natural-gas egress from the Permian, is supporting producer activity. The company noted that a small amount of price-related shut-in volume remained to return in early August, while routine shut-ins can also occur for operational reasons such as frac protection.
Marketing Gains and Downstream Records Chief Financial Officer Will Byers said second-quarter adjusted EBITDA was $1.603 billion, up 14% from the first quarter. The gain reflected higher marketing optimization opportunities and record volumes in Permian gathering and processing, NGL transportation, fractionation and LPG exports.
Targa’s marketing businesses exceeded the company’s expectations by about $250 million in the first half, with much of the outperformance occurring during the second quarter. Kneale said constrained Permian gas egress created opportunities for the marketing business, while stronger Waha prices and narrower basis spreads have since reduced some of those opportunities.
Meloy said the company is taking a conservative view of marketing margins for the second half because it does not assume material optimization gains in its guidance. While underlying volumes remain strong, management expects lower marketing opportunities to moderate results compared with the second quarter.
Downstream operations also set records during the quarter. Targa reported NGL transportation volumes of 1.1 million barrels per day, fractionation volumes of 1.2 million barrels per day and LPG export loadings averaging 14.8 million barrels per month. Management said demand for U.S. hydrocarbons, including butane, helped the company maximize dock utilization and export volumes.
Ben Branstetter, president of Logistics and Transportation, said Targa remains highly contracted through the startup of its LPG Export Expansion, or LEP 4, and for years afterward. The company said some demand created by the current export environment has been incorporated into longer-term contracts.
Growth Projects and Capital Plans Targa said its East Driver gas-processing plant in the Permian Midland began service late in the second quarter ahead of schedule. Five additional processing plants in the Permian Delaware — Copperhead I and II, Yeti I and II, and Roadrunner III — remain on schedule to begin operations as previously announced.
The company is evaluating the timing of its next Midland processing plant and expects a continued cadence of multiple plant additions annually, depending on basin growth, commercial contracts and new customer wins. Pat McDonie, president of Gathering and Processing, said extended equipment lead times have not affected Targa’s ability to execute projects, with the company generally planning around an 18- to 24-month timeline from development to startup.
On the downstream side, Targa’s Train 11 fractionator entered service early in the second quarter and was quickly highly utilized. Trains 12 and 13 remain on track. The Delaware Express Pipeline also entered service during the quarter, adding NGL transportation capacity in the Delaware Basin.
The Speedway NGL pipeline expansion, connecting Targa’s Permian operations to Mont Belvieu, remains scheduled for the third quarter of 2027. Initial capacity is expected to be 500,000 barrels per day, with potential expansion to 1 million barrels per day through additional pumping capacity. Targa’s LPG export expansion, expected to raise capacity to roughly 19 million barrels per month, is also scheduled for the third quarter of 2027.
Byers said Targa continues to expect approximately $4.5 billion of net growth capital spending and $250 million of net maintenance capital spending in 2026. The company ended the second quarter with $3.2 billion of available liquidity and a pro forma consolidated leverage ratio of about 3.4 times, within its long-term target range of 3 times to 4 times.
Targa declared a second-quarter common dividend of $1.25 per share, a 25% increase from the year-earlier dividend. It also repurchased about $80 million of common stock during the quarter at an average price of $259.93 per share.
About Targa Resources (NYSE:TRGP)Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.
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Value Alert: 3 High-Yield Stocks Trading at 52-Week Lows Tronox NYSE: TROX reported second-quarter 2026 revenue of $868 million, up 19% from a year earlier, as higher titanium dioxide, or TiO2, and zircon volumes helped offset lower average zircon selling prices, including mix. The company posted a $21 million operating loss and a net loss attributable to Tronox of $171 million, which included a $103 million valuation allowance related to certain U.S. state deferred-tax assets.
Adjusted EBITDA was $73 million, down 22% year over year but up 18% sequentially, while adjusted EBITDA margin was 8.4%. Adjusted diluted earnings per share was a loss of $0.51. The company generated $60 million of free cash flow during the quarter and reduced inventory by roughly $120 million from the first quarter, reaching its lowest inventory level since June 2024.
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Volumes and Pricing Improve Sequentially Chemical Maker Tronox Holds Above 10-Day Line After $4.3 Billion Buyout OfferChief Executive Officer John Romano said TiO2 volumes reached the high end of the company’s guidance range and were at their highest level since the second quarter of 2022. Zircon volumes exceeded expectations and surpassed the strong first-quarter level as industry supply remained constrained.
Sequentially, TiO2 revenue rose 14%, reflecting a 9% volume increase and a 5% increase in average selling prices, including mix. Zircon revenue increased 9%, with volumes rising 4% and pricing increasing 5%. Romano said the pricing gains were primarily driven by base-price increases rather than temporary surcharges.
The company has implemented additional TiO2 and zircon price increases in the third quarter. Romano said Tronox is increasingly shifting away from temporary surcharge mechanisms toward “more sustainable pricing actions” that account for market conditions, higher input costs and the value of reliable supply. Remaining targeted surcharges are largely tied to sulfur-related costs in Brazil and Thann.
Chief Financial Officer John Srivisal said pricing is expected to be the largest contributor to expected third-quarter earnings improvement. He also cited expected cost benefits from the completion of planned outages and from the company’s cost-improvement program, partly offset by elevated costs associated with the Middle East conflict and foreign-exchange headwinds.
Outages, Costs and Balance Sheet Tronox said its second-quarter costs included the effects of a regulatory outage at its Stallingborough facility and an extended shutdown of its SR kiln. Romano said the SR kiln outage lasted more than 50 days, while the Stallingborough outage extended to 29 days from an originally scheduled 24 days. Both outages have now been completed.
Management said the company remains on track to achieve the high end of its $125 million to $175 million cost-improvement run-rate target by the end of 2026. Sales of lower-cost inventory, program savings and plant closures partially offset higher production costs, freight expenses and currency effects during the quarter.
At June 30, Tronox had $3.2 billion of total debt and $3 billion of net debt. Liquidity totaled $527 million, including $194 million of cash and cash equivalents. The company’s weighted average interest rate was approximately 6%, with about 75% of interest rates fixed through 2028. Its next significant debt maturity is not until 2029, according to Srivisal.
During the quarter, the company replaced an expired short-term Emirates revolving facility with a new $75 million long-term financing arrangement. Tronox also paid $45 million in capital expenditures, primarily for maintenance and safety, and returned $8 million to shareholders through dividends.
Third-Quarter Outlook and India Trade Measures For the third quarter, Tronox expects TiO2 volumes to decline moderately in the mid-single-digit percentage range due to seasonal patterns. Zircon volumes are expected to moderate slightly after a strong first half, primarily because of the company’s inventory availability.
TiO2 pricing is expected to rise sequentially by a mid-single-digit percentage range, while zircon pricing is projected to increase by a mid- to high-single-digit percentage range. Tronox forecast third-quarter adjusted EBITDA of $95 million to $115 million and expects sequential margin improvement.
The company expects third-quarter free cash flow to be relatively neutral because of semiannual interest payments, but it reaffirmed expectations for meaningful positive free cash flow for full-year 2026. Its assumptions include approximately $190 million of net cash interest, less than $10 million of net cash taxes, less than $260 million of capital expenditures and working capital as a cash source of well above $100 million.
Romano highlighted developments in India, where the Indian Trade Defense Agency on Aug. 3 recommended reinstating duties on Chinese-made TiO2 at levels unchanged from those originally imposed in May 2025. The recommendation now goes to India’s Minister of Finance, which has 90 days to decide.
Romano said the duties, ranging from $460 to $681, would not eliminate Chinese imports but could help create a more competitive market. He said Chinese exports into India have increased, potentially as customers build inventory ahead of a possible reinstatement, though Tronox’s own India volumes rose from the first quarter to the second quarter.
The company is also monitoring anti-dumping investigations in Australia and the United Kingdom and is evaluating possible anti-absorption actions in markets where duties already exist.
Rare Earths Project Remains Under Evaluation Tronox continues to advance its rare-earth strategy while seeking financing sources, potential customers and strategic partners. The company expects its definitive feasibility study for an Australian cracking and leaching facility producing mixed rare earth carbonate, or MREC, to conclude in the third quarter of 2027.
The planned Australian facility would have expected capacity of 10,000 tons annually on a total rare-earth-oxide basis, with a potential late-2029 startup if the project continues on its current path. Tronox is also evaluating a downstream refinery for separated rare-earth oxides, including a potential location at its Hamilton, Mississippi, site.
Romano said the company does not currently need a technology partner for the initial Australian MREC phase, but it continues to assess potential partners for a separated-oxides facility. He said the company is prioritizing completion of the Australian feasibility study before providing more detailed capital estimates.
About Tronox (NYSE:TROX)Tronox Holdings plc is a vertically integrated global producer of titanium dioxide (TiO₂) pigment and specialty materials. The company's operations encompass the full supply chain for TiO₂, from mining and processing titanium-bearing ores—such as ilmenite and rutile—to the production of high-purity pigment for use in paints, coatings, plastics, paper and other industrial applications. In addition to TiO₂, Tronox's product portfolio includes zircon, rare earth byproducts and other specialty minerals that serve a range of industrial markets.
Tronox operates a network of mines, processing facilities and pigment plants located across North America, Europe, the Middle East, Australia and South Africa.
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Q4 Earnings Suprise Could Offer Trex Stock a Path to RecoveryTrex NYSE: TREX reported second-quarter net sales of $418 million, up 8% from a year earlier, as demand strengthened through May and June and growth broadened across product categories, distribution channels and price points.
President and Chief Executive Officer Adam Zambanini said the company’s sales performance exceeded expectations, supported by strong sell-through activity that continued into the third quarter. He said growth was especially notable in railing and entry-level decking products, including Trex Enhance Basics, which the company views as its primary product line for converting consumers from wood decking.
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Tariff Fatigue? Look to These 3 Stocks for Upside“Every level’s consumer, good, better, best, is participating at all categories,” Zambanini said during the company’s earnings call. He attributed the return of entry-level demand in part to increased marketing investment, sales programs and a renewed focus on wood conversion.
Margins Affected by Mix and Production Ramp Second-quarter gross profit totaled $158 million, while gross margin was 37.9%. Chief Financial Officer Prithvi Gandhi said gross margin declined from the first quarter and prior-year level due to product mix, depreciation associated with the Little Rock manufacturing facility and temporary manufacturing inefficiencies.
3 Stocks with Unusual Trading Volume During Market SelloffAs demand accelerated late in the quarter, Trex increased production to support customers and maintain channel inventories. Gandhi said the pace of the production ramp created higher overtime expense, more line changeovers and other temporary inefficiencies that reduced gross margin by more than 100 basis points during the quarter.
However, he said utilization and operating efficiency improved by the end of June, with exit-rate gross margins above the overall quarterly average. Trex expects those improvements to continue through the remainder of the year.
GAAP selling, general and administrative expense was $67 million, or 16.1% of sales. The company continues to expect SG&A to represent about 18% of sales for the full year as it invests in marketing, talent, digital transformation and other organizational capabilities.
Trex also recorded a $5 million non-cash write-down related to obsolete equipment. The company excluded the charge from adjusted EBITDA, which was $112 million, though it did not exclude the expense from adjusted diluted earnings per share of $0.62. Gandhi said the charge reduced diluted EPS by $0.03.
Little Rock Production Ramp Accelerated Trex is accelerating the production ramp at its Little Rock, Arkansas, facility by more than six months, citing stronger demand and progress under its growth strategy. The plant will be located near raw-material sources, Texas and other major residential markets, and a transportation hub that the company expects will improve freight economics for customers in the central United States.
Zambanini described Little Rock as the company’s “wood conversion growth engine,” particularly given the concentration of pressure-treated Southern Yellow Pine decking in the Southern Sun Belt. He said wood still accounts for nearly 75% of the decking category and that each percentage point of wood share converted to Trex represents approximately $80 million in incremental sales opportunity.
Trex expects to bring about half of Little Rock’s production lines online by the end of 2026. Gandhi said the facility is expected to become the company’s most efficient and lowest-cost production plant once it reaches higher utilization rates. Most of the margin benefit is expected to be realized in 2027 and beyond.
The company said Little Rock, when fully operating, could support annual revenue of approximately $1.8 billion to $2 billion. The lines can manufacture the company’s various decking product offerings, according to Zambanini.
Guidance Raised, Capital Returns Expanded Management said it recently raised its full-year 2026 net sales and adjusted EBITDA guidance, though the specific full-year ranges were not discussed during the call. Trex now expects adjusted gross margin of approximately 38% for the year, up from its prior expectation of 37.5%, driven primarily by higher capacity utilization as Little Rock begins production in the third quarter.
For the third quarter, the company forecast net sales of $305 million to $320 million. Gandhi said adjusted gross margin is expected to decline sequentially by roughly 30 to 40 basis points from the second quarter, reflecting normal seasonal volume patterns.
Trex generated $182 million in free cash flow during the second quarter, aided by working-capital seasonality and lower capital expenditures as Little Rock construction approaches completion. The company used $51 million to repurchase shares and repaid $130 million outstanding under its revolving credit facility.
Management plans to repurchase up to an additional $150 million of shares during the rest of 2026. Gandhi said Trex expects share repurchases to remain an important capital-allocation tool, alongside investment in the business and selective acquisition opportunities.
Distribution and Long-Term Growth Strategy Trex has also made changes to its distribution network that management characterized as proactive efforts to simplify and strengthen product availability for contractors and homeowners. Zambanini said the company sees more than $100 million of decking and railing currently represented by smaller tertiary brands across its distribution network, creating a potential opportunity to win market share over time.
He said gains from tertiary brands have been limited so far but could become more meaningful over the next two years. The company cited one distributor that converted six dealers from a tertiary brand to Trex within three weeks, before inventory had reached the ground.
Trex reiterated its goal of reaching $2 billion in annual sales by 2030. Zambanini said the plan contemplates at least two-thirds of the growth coming organically, with approximately one-third potentially coming from mergers and acquisitions. Potential M&A priorities include vertical integration in decking and railing, backyard-adjacent product categories and, longer term, products related to the home exterior.
The company also said it intends to expand its participation in PVC decking through its Trex Refuge offering. Zambanini said the product’s sales progression has been in line with expectations and that Trex plans to broaden the PVC lineup over time.
About Trex (NYSE:TREX)Trex Company, Inc is a leading manufacturer of wood-alternative decking and railing systems designed for residential and commercial outdoor living environments. The company's core offerings feature composite decking products made from a proprietary blend of recycled wood fibers and plastic film, which deliver enhanced durability, resistance to rot and insect damage, and low maintenance compared to traditional wood. Trex also provides matching railing, lighting, fencing and cladding solutions that allow customers to create cohesive, high-performance outdoor spaces.
Trex's product portfolio is organized into multiple performance tiers, including premium, mid-range and value-oriented lines.
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The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Timken ve 2. čtvrtletí zvýšil tržby o 7,5 % na 1,26 mld. USD a upravený zisk na akcii téměř o 30 % na 1,83 USD. Zároveň zvedl celoroční výhled na rok 2026 na růst tržeb o 5 % až 6 %.
Forging Ahead: 2 Stocks Fueling the Manufacturing RevivalTimken NYSE: TKR reported higher second-quarter sales, margins and adjusted earnings, citing increased pricing, volume growth and stronger demand in several industrial end markets. The company also raised its full-year 2026 outlook, marking its second increase this year.
Second-quarter revenue rose 7.5% from a year earlier to $1.26 billion. Organic sales increased 4.4%, while the Bijur Delimon acquisition contributed 1.8 percentage points of growth and foreign-currency translation added 1.3 percentage points. Adjusted EBITDA totaled $247 million, or 19.6% of sales, compared with a 17.7% margin in the prior-year quarter. Adjusted earnings per share increased nearly 30% to $1.83.
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Chief Financial Officer Mike Discenza said adjusted results included an $8 million, or $0.08-per-share, net benefit from refunds of IEEPA tariffs. The company said the refunds more than offset higher tariff costs relative to the prior year, producing a $6 million net favorable year-over-year tariff impact in the quarter.
Industrial Motion posts record quarterly sales Industrial Motion generated record quarterly sales of $454 million, up 14.6% from a year earlier. Organic sales increased 8%, with Bijur Delimon contributing about 5 percentage points and currency adding more than 1 percentage point.
The segment’s adjusted EBITDA margin rose 500 basis points year over year to 23.3%. Discenza attributed the improvement to operational execution, higher volume, favorable price and mix, and tariff refunds. Automation and industrial solutions, infrastructure, and industrial transportation and mobility each posted double-digit growth, while aerospace and defense also grew. Power and electrification sales declined because of a sizable reduction in solar sales.
Linear motion systems and lubrication systems led growth among product platforms. President and CEO Lucian Boldea said the company’s expansion of Rollon’s European business into the U.S. contributed to a second consecutive quarter of double-digit organic growth in the linear motion platform.
The Engineered Bearings segment reported sales of $807 million, up nearly 4%, including 2.5% organic growth. Aerospace and defense and infrastructure delivered the strongest gains, while industrial transportation and mobility was relatively flat. Segment adjusted EBITDA was $161 million, or 20% of sales, compared with 19.7% a year earlier. Favorable price and mix, higher volume and tariff refunds aided margins, though higher labor and other operating costs partly offset those benefits.
Strategy actions include divestiture, portfolio investments Boldea said Timken is advancing its “Elevate to Outperform” strategy, which centers on portfolio optimization, investment in strategic verticals and customers, and operating more cohesively across its multinational operations.
The company remains on track to complete the divestiture of its Belts business in the third quarter. Timken expects the move to improve Industrial Motion EBITDA margins by more than 200 basis points on a pro forma basis. Its exit from automotive original-equipment business is also progressing as planned and is expected to begin benefiting Engineered Bearings margins in 2027, according to Boldea.
Timken said the integration of Bijur Delimon, acquired for its lubrication systems platform, is ahead of schedule. The acquisition brings the lubrication systems platform to approximately $400 million in revenue.
The company reported high-single-digit organic growth in its strategic verticals during the second quarter, including mid-teens growth in automation and robotics. Boldea also said Timken is investing in aerospace and defense operations, including added operating headcount and retention efforts, to support existing backlog and future growth. Discenza said those investments are expected to create near-term costs, as specialized aerospace workers can require six to nine months of training before contributing to production.
Timken said 60% of company revenue is now represented by businesses engaged in its 80/20 operating initiatives, with a target of 75% by the third quarter. The company expects the initiative to begin benefiting its bottom line in 2027.
Full-year outlook raised For 2026, Timken now expects total sales to increase 5% to 6%, compared with its prior forecast of 4% to 6%. At the midpoint, the company expects organic revenue growth of 3.5%, 0.5 percentage points above its prior outlook. Bijur Delimon and currency are each expected to add about 1 percentage point to full-year revenue.
Adjusted EPS is expected to range from $6.05 to $6.35, representing a $0.20 increase at the midpoint from prior guidance. Adjusted EBITDA margin is projected to be in the low 18% range at the midpoint, compared with 17.4% in 2025. Free cash flow is expected to total $375 million to $400 million, up $25 million from the prior outlook. Discenza said the higher earnings outlook reflects a $0.20 to $0.25-per-share benefit from the revised organic-sales outlook and second-quarter outperformance, plus the $0.08-per-share tariff-refund benefit. Those items are partly offset by a $0.10-per-share headwind for second-half cost inflation, including logistics costs and strategic investments. The company’s outlook does not assume additional IEEPA tariff refunds in the second half because timing and amounts remain uncertain.
Timken generated $107 million of operating cash flow in the second quarter and more than $80 million of free cash flow. It returned $45 million to shareholders through dividends and share repurchases, including the repurchase of approximately 155,000 shares. The company raised its quarterly dividend 3% and ended the quarter with net debt to adjusted EBITDA of 2 times.
Management said order patterns remained robust, although it characterized demand recovery as a steady increase rather than the sharper rebound seen in earlier cycles. Boldea cited continued strength in aerospace and defense, automation and industrial solutions, and infrastructure, while noting that geopolitical uncertainty and normal seasonal patterns informed the company’s second-half assumptions.
About Timken (NYSE:TKR)The Timken Company is a global manufacturer specializing in engineered bearings and mechanical power transmission products. Its core offerings include tapered and cylindrical roller bearings, spherical and plain bearings, mounted bearing units, and precision gear drives. Timken's products serve a broad range of industries, from industrial machinery and aerospace to automotive, rail, wind energy and heavy equipment.
Beyond bearings, Timken's portfolio extends to industrial chains, belts, couplings and related components designed to optimize power transmission systems.
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The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Toast ve 2. čtvrtletí překonal očekávání, zvýšil celoroční výhled a oznámil 9 500 čistých nových lokací. Tržby z opakovaných hrubých zisků vzrostly o více než 28 % a upravený EBITDA dosáhl 221 milionů USD.
Toast’s Comeback Story Is Getting Harder for Wall Street to IgnoreToast NYSE: TOST reported second-quarter results that exceeded its expectations, led by record location additions, growth in recurring gross profit streams and expanding operating margins. Management also raised its full-year outlook while outlining plans to reinvest in artificial intelligence products, international, enterprise and retail expansion.
CEO Aman Narang said recurring gross profit streams rose more than 28% in the quarter, while GAAP operating income margin reached 26%. The company added a record 9,500 net locations during the period, bringing its total location count to about 180,000, up 22% from a year earlier.
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Fiserv’s Debit Network Talks Raise a Bigger Question for Visa and Mastercard“Our core business continues to scale, our new markets are growing rapidly,” Narang said, adding that Toast is developing an AI-driven platform intended to take on operational work for restaurant customers.
Quarterly financial performance CFO Elena Gomez said annual recurring revenue grew 25% year over year, while recurring gross profit streams rose 28%. Adjusted EBITDA increased 38% to $221 million, with the adjusted EBITDA margin expanding 240 basis points to 37%.
Block’s Pivot to Profits and AI Is Turning HeadsGAAP operating income was $152 million, representing a 26% margin, while GAAP earnings per share reached $0.26. Gomez said recurring gross profit growth plus operating margin totaled 57% in the quarter on a GAAP basis.
Gross payment volume was $61 billion, up 22% year over year. GPV per location was flat, though management said core GPV exceeded expectations amid strong same-store sales trends and a modest benefit from the World Cup late in June.
SaaS ARR increased 27%, supported by location growth and mid-single-digit ARPU growth. Subscription gross profit rose 32%, while SaaS gross margin increased about 240 basis points. Payments ARR grew 23%, and fintech gross profit increased 26%. Total take rate was 98 basis points, up five basis points year over year. Non-payments fintech products, led by Toast Capital, generated $57 million in gross profit and contributed nine basis points to take rate. Toast said customer demand for capital remained strong and credit defaults remained within its expectations. The company attributed its underwriting performance to its data capabilities and disciplined underwriting process.
AI product strategy and Toast IQ Grow Management highlighted Toast IQ Grow, an AI-powered marketing offering, as the company’s fastest-growing product launch to date. Narang said the product is on track to become Toast’s fastest product to reach $10 million in ARR.
Toast IQ Grow combines website, search engine optimization, digital ordering and social-media marketing tools. It uses restaurant and guest data to develop marketing campaigns and connect those campaigns to resulting sales, according to Narang.
Narang cited Spirits Food & Friends, a Louisiana-based customer, as an example. The restaurant consolidated more than 10 systems onto Toast and subsequently adopted Toast IQ Grow. According to the company, the customer cut monthly agency spending by 70% and generated more than $100,000 in marketing-attributed sales in just under two months.
During the question-and-answer session, Narang said Toast intends to extend its agentic-product approach beyond marketing into areas where restaurants commonly outsource work, including scheduling, payroll and tax, inventory management, bookkeeping and accounting. He also identified voice AI for restaurant phone and drive-thru ordering as a potential use case.
Toast said the current marketing product combines AI-generated work with human oversight from marketing success managers. Narang said customers using Toast IQ Grow have shown same-store sales growth, while Gomez said gross margins have already improved as the product has begun to scale.
Expansion beyond core restaurants Toast continued to emphasize opportunities in enterprise, international and retail markets, which it describes as new total addressable markets. Narang said ARR across those markets is larger and scaling faster than the company’s core business did at comparable stages of maturity. The company expects ARR in the new markets to nearly double to $200 million this year.
The company announced several customer and partner developments during the quarter:
Kung Fu Tea, which has more than 300 locations, joined Toast’s core business. Best Western named Toast an endorsed food-and-beverage vendor, opening an opportunity to pursue hotel restaurants across the U.S. and Canada. Toast expanded its relationship with TGI Fridays in the United Kingdom. The company entered fuel payments, onboarding its first gas station convenience-store customers. In enterprise, Toast said it has momentum in restaurants, hotels and sports and entertainment venues. The company estimated the U.S. sports and entertainment opportunity at $500 million in ARR and said it roughly doubled its location count in that market over the past year.
In retail, Toast has doubled sales capacity over the past year and is targeting grocery stores, convenience stores and bottle shops. Narang said retail ARPU is closest to the company’s core business and that grocery offers particularly attractive GPV and ARPU characteristics.
Costs, capital returns and outlook Toast’s hardware and professional-services gross profit was negative 11% of recurring gross profit streams. The company received an approximately $10 million tariff refund during the quarter that had not been included in its guidance. Gomez said Toast expects the refund to represent the bulk of anticipated tariff refunds.
The company is also managing higher memory costs through hardware and supply-chain actions, including using earlier hardware generations, shifting certain products to lower-cost memory and purchasing components in the spot market. Gomez said the company expects the impact on its profit-and-loss statement to be greater in 2027 than in 2026 because of inventory accounting, but management expects the optimization work to lead to structurally better hardware margins once the memory market stabilizes.
Operating expenses rose 19% year over year, excluding $29 million of bad-debt and credit-related expenses. Sales and marketing spending increased 22%, while research and development expense rose 23%, reflecting investments in location growth, new markets, AI products and internal AI tools.
Free cash flow was $130 million, down from a year earlier as Toast chose to acquire and hold more hardware inventory. The company expects adjusted EBITDA-to-free-cash-flow conversion to improve in the second half of 2026.
Toast repurchased more than 19 million shares for $486 million year to date, with about $100 million remaining under its authorization.
For the third quarter, Toast expects subscription and fintech gross profit growth of 22% to 24% year over year and adjusted EBITDA of $210 million to $220 million. For full-year 2026, the company raised its outlook and now expects recurring gross profit growth of 23% to 25% and adjusted EBITDA of $805 million to $825 million.
Gomez said the company plans to reinvest part of its outperformance, including the tariff refund, into growth initiatives and longer-term bets. Toast continues to target gradual margin expansion and said it remains on a path toward adjusted EBITDA margins above 40% over the long term.
About Toast (NYSE:TOST)Toast, Inc NYSE: TOST is a technology company that builds a cloud-based platform for restaurants and other foodservice businesses. Headquartered in Boston, Massachusetts, Toast offers integrated point-of-sale (POS) systems and a suite of software and hardware designed to streamline front-of-house and back-of-house operations. The company went public in 2021 and has positioned itself as a vertically integrated provider for the restaurant industry.
Toast's product portfolio includes touchscreen POS terminals and handheld order-and-pay devices, kitchen display systems, and peripherals tailored for high-volume foodservice environments.
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The AI boom is creating opportunities across semiconductors, cloud computing, enterprise software, infrastructure, cybersecurity, and automation.
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Sixth Street Specialty Lending vykázala ve 2. čtvrtletí čistý investiční výnos i čistý zisk 0,43 USD na akcii, zatímco NAV zůstalo na 16,24 USD. Základní dividenda 0,42 USD na akcii byla kryta čistým investičním výnosem.
Sixth Street Specialty Lending NYSE: TSLX reported second-quarter net investment income and net income of $0.43 per share, while net asset value remained stable at $16.24 per share. The business development company said operating earnings exceeded its recently established base quarterly dividend of $0.42 per share.
The dividend will be paid Sept. 30 to shareholders of record as of Sept. 15. Chief Executive Officer Bo Stanley said the company generated annualized returns on equity of 10.6% based on net investment income and 10.5% based on net income during the quarter.
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Repayments and activity-based fees improved Repayment activity increased during the second quarter after a slower first quarter marked by market volatility. Sixth Street Specialty Lending recorded $192 million of repayments, producing net repayment activity of $55 million. Repayments rose about 70% sequentially, resulting in annualized portfolio turnover of 23% in the quarter and 18% for the first half of 2026.
The activity generated $0.08 per share of activity-based fee income, though Stanley said this remained below the company’s long-term historical average. Management said repayment activity experienced early in the third quarter supports its view that activity-based fee income could improve in the second half of the year.
Stanley told analysts that the company expects M&A-related activity to be a greater driver of repayments than refinancings during the remainder of the year. He said refinancing activity has been more limited because the current market offers a more attractive spread environment for new investments than the tighter credit conditions seen previously.
Ross Bruck, head of investment strategy, cited the June repayment of TS Imagine, a financial technology provider that refinanced its senior secured credit facility in the private credit market. The repayment included call protection and resulted in an unlevered internal rate of return of 15% and a 1.7x multiple of money for shareholders, according to Bruck.
Portfolio quality and new investment activity The company funded $137 million during the quarter across two new investments and capital called by its Structured Credit Partners joint venture. Bruck said both new investments involved borrowers with which Sixth Street had longstanding relationships.
One example was Photo Holdings, also known as Shutterfly. Sixth Street participated in a refinancing of the company’s debt after having invested in the business for several years. Bruck said the structured financing included contractual amortization, lender protections and what management described as attractive economics. In response to an analyst question, he said the investment was a first-lien term loan priced at a spread of SOFR plus 700 basis points.
Management said the direct-lending environment is showing signs of improvement, including wider spreads, stronger fees, better lender access to management teams, more robust diligence processes and improved loan documentation. Stanley said spreads were generally 25 to 50 basis points wider, while the company has also seen less competition in the upper middle market as capital has exited parts of the direct-lending market.
At June 30, the weighted average total yield on debt and income-producing securities at amortized cost was 11.2%, unchanged from March 31. New first-lien investments carried a weighted average spread of 690 basis points, compared with 527 basis points on new-issue first-lien loans for BDC peers in the first quarter, according to the company.
Sixth Street maintained effective voting control on 78% of debt investments and held an average of two financial covenants per investment. The portfolio had weighted average interest coverage of 2.4x, improving from 2.3x in the prior quarter. Core portfolio companies posted approximately 8% revenue growth and 11% EBITDA growth over the prior 12 months.
Credit quality remained stable. The company had no new non-accrual investments during the quarter, and three portfolio companies were on non-accrual status at June 30, representing 1.3% of the portfolio at fair value. The weighted average internal investment rating was 1.20 on a one-to-five scale, where one is the strongest rating.
Balance sheet actions and earnings outlook Chief Financial Officer Ian Simmonds said total investments were $3.3 billion at quarter-end, while principal debt outstanding was $2 billion and net assets totaled $1.5 billion. The company’s average debt-to-equity ratio rose to 1.24x from 1.14x in the prior quarter, while ending debt-to-equity increased to 1.27x from 1.18x.
Ending leverage was affected by cash held to repay $300 million of unsecured notes maturing Aug. 1. Net of that cash, ending net leverage was 1.17x, slightly below the prior quarter’s 1.18x.
During the quarter, the company extended the maturity of its revolving credit facility to May 2031 and issued $300 million of five-year notes at a spread of Treasury yields plus 180 basis points. The fixed-rate notes were swapped to floating-rate debt at SOFR plus 185 basis points. Following the August repayment of its 2026 notes, the company said it had approximately $966 million of undrawn revolver capacity and no near-term debt maturities, with its next maturity being $300 million of unsecured notes due in the second half of 2028.
Total investment income rose to $97.8 million from $93.4 million in the first quarter, aided by higher prepayment fees and other income. Net expenses increased to $55.7 million, primarily due to higher interest expense. The weighted average interest rate on average debt outstanding increased to 5.6% from 5.5%.
Management estimated undistributed income at approximately $1.12 per share at the end of the quarter. It reiterated that annualized return on equity could be 10% to 10.5% if full-year portfolio turnover remains below 20%, with returns above 10.5% if turnover is higher.
Stanley said the company’s pipeline includes late-stage opportunities that could begin closing in the third quarter, with a more pronounced pickup potentially occurring in the fourth quarter. He said management remains selective and expects a wider dispersion of outcomes across private credit as financing needs become more complex.
About Sixth Street Specialty Lending (NYSE:TSLX)Sixth Street Specialty Lending Inc NYSE: TSLX is a closed-end, externally managed business development company that provides flexible debt financing solutions to middle-market companies. The fund primarily targets senior secured loans, unitranche facilities, mezzanine debt, second-lien financings and equity co-investment opportunities. By structuring tailored capital solutions, Sixth Street Specialty Lending seeks to support growth initiatives, recapitalizations and refinancings across a diverse set of industries, including technology, healthcare and business services.
As an affiliate of Sixth Street Partners, a global alternative investment firm, the company leverages the broader platform’s credit research, operational expertise and industry relationships.
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Tidewater ve 2. čtvrtletí zvýšila tržby na 342,3 mil. USD a čistý zisk na 21,7 mil. USD díky vyšším day rates a využití flotily. Firma zároveň zvedla výhled tržeb na celý rok na 1,42 až 1,47 mld. USD.
Oil’s Rally Could Boost These 3 Shipping StocksTidewater NYSE: TDW reported second-quarter 2026 results that exceeded its expectations, as higher day rates, stronger utilization and delayed dry dock activity lifted revenue and margins despite elevated operating costs tied to the Middle East conflict referred to as Operation Epic Fury.
Revenue rose to $342.3 million from $326.2 million in the first quarter, while net income totaled $21.7 million, or $0.43 per share. Gross margin was $160.5 million, representing a 46.9% margin, compared with 48.8% in the prior quarter. Adjusted EBITDA increased to $133.8 million from $129.3 million.
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3 Dependable Stocks Ready to Dominate Your PortfolioPresident and CEO Quintin Kneen said revenue and gross margin both exceeded company expectations. The quarter benefited from higher rates and utilization, including the timing shift of dry docks for seven vessels from the second quarter into later periods. Excluding $6.8 million of expenses associated with Operation Epic Fury, Tidewater said gross margin would have been about 49%.
Day Rates and Utilization Improve Tidewater’s weighted average leading-edge day rate increased approximately 7.5% sequentially during the quarter. The company entered 25 turn contracts with an average duration of about 12 months.
Watch for Tech Giants to Boost Share Buybacks in 2024Active utilization improved to 81.4% from 80.6% in the first quarter, while average day rates increased about 3%. Chief Financial Officer Sam Rubio said the company’s operational performance was supported by stronger demand, better-than-expected uptime and the movement of dry dock work into the second half of the year.
Europe and the Mediterranean were particularly strong. Gross margin in that segment increased by 8 percentage points sequentially, aided by an 8 percentage-point improvement in utilization and an 11% rise in day rates. In the North Sea, large anchor-handling tug supply vessel spot rates averaged above GBP 160,000 per day, with some fixtures completed above GBP 200,000 per day, according to Chief Operating Officer Piers Middleton.
Middle East utilization and day rates also improved despite the conflict, though higher costs reduced segment margins. Tidewater did not experience vessel off-hire related to Operation Epic Fury, Kneen said.
Conflict Costs Remain a Near-Term Headwind Tidewater incurred approximately $6.8 million in additional second-quarter costs related to Operation Epic Fury, bringing year-to-date conflict-related costs to about $9.2 million through June 30. The costs included insurance, higher crew wages, fuel and travel expenses.
Rubio said fuel expense rose more than 50% sequentially in the second quarter. The company has taken steps to limit war-related pay owed to mariners working in affected areas, which resulted in lower-than-expected crew costs during the latter half of the quarter.
The company expects about $4 million of conflict-related costs in the third quarter. It is contractually permitted to seek reimbursement from customers for direct conflict-related costs, including war insurance and crew wages. Tidewater said those direct costs totaled approximately $5 million through the second quarter; it had invoiced nearly $1 million and collected less than $100,000. No reimbursements were included in guidance.
Kneen said Tidewater is working to reduce costs through changes in personnel and insurance arrangements, while continuing to pursue customer reimbursements. He added that activity in the region remains largely unaffected and that management expects a potential increase in work once the conflict is resolved.
Wilsons Closing Expected Around Sept. 1 Tidewater now expects to close its acquisition of Wilson Sons around Sept. 1, following completion of required regulatory steps and change-of-control waivers related to the assumed debt. The company is working with banks to finalize documentation for the debt transfer and has deployed personnel to support pre-closing integration planning.
The later-than-anticipated closing date prompted a revision to full-year guidance because Tidewater will lose roughly two months of Wilson Sons revenue that had previously been expected in 2026. The company expects to pay approximately $270 million in cash for the equity component of the acquisition and plans to use cash on hand rather than its revolving credit facility.
Tidewater ended the second quarter with net debt essentially at zero and liquidity of more than $850 million. It expects net leverage to rise to approximately 0.8 times following the Wilson Sons transaction.
Free cash flow nearly doubled sequentially to $64.4 million in the second quarter from $34.4 million in the first quarter. Rubio attributed the increase primarily to lower dry dock spending, proceeds from the sale of two vessels and lower working-capital use.
Updated 2026 Outlook Tidewater revised its 2026 revenue guidance to a range of $1.42 billion to $1.47 billion and maintained a full-year gross margin outlook of 49% to 50%. The guidance incorporates the expected September closing of Wilson Sons and additional conflict-related costs during the third quarter.
Third-quarter revenue is expected to increase about 3%, including one month of Wilson Sons revenue. Legacy Tidewater revenue is expected to decline about 2% sequentially, reflecting dry docks and higher-than-anticipated repair downtime. Third-quarter gross margin is expected to be about 46%. Approximately 69% of remaining available 2026 days are covered by firm backlog and options, including the Wilson Sons fleet. Full-year guidance assumes utilization of about 80%, leaving roughly 11% of capacity available for additional charters if markets tighten faster than expected. Kneen said the company sees a realistic path to average day-rate increases of $3,000 to $4,000 per day in both 2027 and 2028. He cited rising tendering and pre-tendering activity, limited vessel supply and growing energy-security considerations among customers.
While Tidewater has not repurchased shares this year ahead of the Wilson Sons closing, its $500 million repurchase authorization remains available. Management said it will continue to weigh buybacks against acquisitions, focusing on transactions that offer strategic benefits and immediate value rather than pursuing scale alone.
About Tidewater (NYSE:TDW)Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.
The company's fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.
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E.l.f. Beauty (ELF +6.70%) shares surged after the cosmetics and skin care company reported strong fiscal first-quarter results and lifted its full-year outlook. The growth was led by a better-than-expected performance from its Rhode brand, which e.l.f. acquired in August of 2025.
The stock is up more than 20% on the year, but it's still down about 16% over the past year.
Let's take a closer look at e.l.f's results and prospects and why I think the stock's momentum can continue.
Image source: The Motley Fool
Rhode leads the way Rhode once again was a standout for e.l.f. in the quarter, contributing $160 million in sales. This included the brand scoring a record $27 million in sales from its website in a single day following the launch of new summer products. The company thinks Rhode could reach $1 billion in yearly sales faster than any beauty brand ever has.
The company is seeing record demand for Rhode products, helped by expanded product assortment, a launch at LVMH Moet Hennessy Louis Vuitton's Sephora stores, and overseas expansion. Rhode is currently in only 20% of Sephora stores globally and will be entering 19 new European markets this fall.
Organic growth, excluding its acquisition of Rhode, was down in the high single digits. The company said this stemmed from the lapping of the launch of its popular e.l.f. Glo reviver melting lip balms and the fact that it shipped products out earlier a year ago ahead of switching enterprise resource software systems, which manage internal operations such as finance and supply chain. The company also tested e.l.f. brand pricing in the quarter, determining that about 10% of its products could benefit from lower prices but that the vast majority were priced correctly.
One of the brand's big growth initiatives moving forward is entering the hair-care space. It launched six products in the category in June at Target and sees this as a $17 billion market in the U.S. that is growing faster than cosmetics and skin care. Meanwhile, it said it continues to see strong growth in skin care with both its namesake brand and Naturium. It called Naturium the fastest-growing skin care brand among the top 50 brands.
Overall, for fiscal Q1 (ended June 30), e.l.f. Beauty sales jumped 36% year over year to $479.4 million, easily topping the analyst consensus of $430 million compiled by London Stock Exchange Group.
Adjusted earnings per share (EPS), meanwhile, nearly doubled from $0.89 to $1.75, but included a traffic refund. Excluding the traffic refund, adjusted EPS would have been $1.07, a 20% increase. That still crushed the $0.71 analyst consensus. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 93% to $168 million and were up 36% excluding the tariff refund. Gross margin, excluding the tariff refund, rose 350 basis points.
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Looking ahead, e.l.f. raised its full-year guidance across the board. It now expects revenue to grow between 18% and 20% to $1.938 billion-$1.968 billion, up from a prior outlook of $1.835 billion-$1.865 billion, or growth of 12% to 14%. It said the improved forecast comes from the momentum it is seeing across its brands.
It also boosted its adjusted EPS guidance to $3.50-$3.55, up from an earlier forecast of between $3.27 and $3.32. Adjusted EBITDA is now projected to be between $401 million and $407 million, up from $379 million-$385 million.
Why the stock still looks like a buy E.l.f. remains one of the best growth stocks in the consumer space, in my view. The Rhode acquisition is going well, and the brand's growth drivers are still in the early innings. Increasing Rhode's product assortment and expanding its distribution were always the best ways to grow the brand, and the company is executing on this strategy at the controlled pace you'd like to see. Sephora will ultimately be the first step, and e.l.f. still has a long runway to get into more of Sephora stores. Meanwhile, its summer launch showed the pent-up demand for a wider Rhode product assortment.
In addition, I really like the move of the e.l.f. brand into the hair care space. This should be a nice growth driver, and I think other category extensions, like fragrance, could add other future growth levers. Meanwhile, the company still has a nice international expansion opportunity.
With a forward price-to-earnings ratio (P/E) of less than 25 based on next fiscal year's earnings estimates, e.l.f. is at one of its cheaper valuation levels over the past few years and should have plenty of room to run from here.
Microsoft podle článku nabízí vyváženější expozici k kvantovému počítání než IonQ, Rigetti nebo D-Wave, protože ji staví na už ziskovém AI a cloudovém byznysu. Azure Quantum už běží v reálných pracovních postupech zákazníků.
If you want quantum computing exposure without betting the farm on a pre‑profit science project, I think a case is building that Microsoft (MSFT +0.03%) is the more interesting option right now.
Microsoft is a $3 trillion AI stock whose own quantum roadmap has matured quietly in the background, and with sentiment cooled after a year of worry about AI spending, you're getting that quantum upside at what looks like a multiyear valuation low instead of peak euphoria.
Image source: Getty Images.
Microsoft is already a quantum platform Microsoft doesn't market itself as a quantum stock, but its Azure Quantum materials read like a company that has spent years building a full stack.
Azure Quantum is a cloud service where developers can run quantum programs today on hardware from partners such as IonQ (IONQ +11.86%), Rigetti (RGTI +8.53%), Quantinuum (QNT -0.29%), and Pasqal, or on advanced simulators, using the same Azure environment they use for AI and high-performance computing. That matters. Quantum is not off in a lab. It's already being wired into Microsoft's mainstream developer tools and cloud workflows.
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In its quantum overview, Microsoft describes Azure Quantum as an "open, flexible, and future-proofed path" that adapts to how customers actually work. The company is effectively acting as the orchestrator, sitting between enterprise demand and multiple hardware providers. That is a very different position from a single hardware vendor trying to persuade the world to come and build on its island.
Azure Quantum Elements and the long game The part that really shifts the story for me is Azure Quantum Elements. In 2023, Microsoft announced this system with a bold goal: Compress 250 years of chemistry and materials science progress into the next 25. Quantum Elements combines Azure high-performance computing, AI models from the AI4Science team, and quantum capabilities to let scientists search a vastly larger design space for new materials and molecules than classical tools alone can handle.
In its own words, Microsoft talks about speeding up some chemistry simulations by factors in the hundreds of thousands and expanding candidate materials from thousands to tens of millions. Customers are already using this stack to reshape their research pipelines today while preparing for scaled quantum hardware later. That is exactly the kind of "earn while you learn" model you want as an investor. The company now makes money from AI and high-performance computing while building the bridge to a future quantum supercomputer.
Why this looks different from pure plays Contrast that with the pure-play names. IonQ's latest investor materials outline a roadmap to multimillion-qubit systems by 2030 and highlight its position as a full-stack quantum platform spanning computing, networking, and sensing. Rigetti is focused on superconducting hardware, touting a 108-qubit processor available through Amazon Braket and a letter of intent for up to $100 million in U.S. government funding. D Wave is selling a 4,400-plus-qubit Advantage2 annealing system, emphasizing connectivity, coherence, and energy-efficient processing for optimization and materials use cases.
These companies are pushing the frontier and deserve credit for it. They are also, by design, narrow bets. Revenue is still modest, funding is lumpy, and their fortunes depend heavily on how quickly quantum workloads move from pilots to production. If you get the timing wrong, you're exposed to both technology risk and capital markets risk.
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With Microsoft, quantum is one pillar inside a much broader AI and cloud story. Azure Quantum rides on top of a business that already generates massive cash flows from AI, cloud infrastructure, and software, and that can fund long-duration R&D in topological qubits without betting the company. If the quantum timeline slips, you'll still be a leader in AI and cloud. If the timeline holds and Microsoft's qubit approach works, you're suddenly holding a stock that controls both the classical and quantum rails of the next computing era.
To me, the practical takeaway is simple. If you want exposure to quantum, but you also care deeply about downside protection, Microsoft offers a more balanced way in than IonQ, Rigetti, or D Wave. You get immediate participation in AI and cloud, plus optionality on quantum computing that's already being woven into real customer workloads, all at a valuation the market has derated from its AI peak.
Molson Coors potvrdil výhled na fiskální rok 2026, i když ve 2. čtvrtletí na konstantní měnové bázi klesly čisté tržby o 3,6 % a zisk před zdaněním o 27,8 %.
Anheuser-Busch Stock Jumps as Volume Growth Signals TurnaroundMolson Coors Beverage NYSE: TAP reaffirmed its fiscal 2026 outlook despite a weaker second quarter marked by declining sales, lower profit and persistent inflationary pressures, as the brewer cited volatile consumer behavior and intense competition in several markets.
On a constant-currency basis, second-quarter net sales revenue fell 3.6% from the prior year, underlying pretax income declined 27.8%, and underlying earnings per share decreased 22.9%, Chief Financial Officer Tracey Joubert said during the company’s earnings call.
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Market Whispers: Is Molson Coors the Next Big Beverage Buyout?“The industry remains pressured. Our share performance is not yet where we want it to be, and cost inflation remains significant,” Joubert said. Still, she said pricing, mix, cost savings, portfolio actions and capital allocation continued to support the company’s plan.
Beer Demand Slows as Consumer Behavior Shifts Molson Coors said the U.S. beer industry declined an estimated 4.2% in the second quarter, following a comparatively stronger first quarter. U.S. domestic shipments fell 7.3%, within the company’s expected range of a 6% to 9% decline.
Beer’s Big Comeback? 2 Stocks Poised to Benefit in 2026President and Chief Executive Officer Rahul Goyal attributed some of the quarter’s pressure to higher gasoline prices and broader uncertainty related to the conflict in Iran, which affected consumer confidence and spending. He said demand patterns shifted toward convenience and dollar stores, as well as singles and smaller packs, while food and grocery channels were weaker.
“Folks were making choices in a way differently in terms of their expendable income,” Goyal said.
The World Cup created opportunities for beer consumption, particularly in on-premise locations in host cities, but did not materially lift demand across the entire U.S. market, according to Goyal. The company invested in local activations in cities including Dallas, Philadelphia and Kansas City.
Management maintained its view that full-year U.S. industry volume trends will be better than the 5% decline reported for 2025, assuming no further escalation in geopolitical events. However, executives cautioned that the category is likely to remain volatile through the second half.
Portfolio Results Were Mixed Across Brands and Markets Goyal said Molson Coors saw improving share trends from the first quarter, though the company remains dissatisfied with its overall share performance. The company reported gains in portions of its value, core, above-premium and beyond-beer portfolio.
Core brands: Coors Light held its position as Canada’s top light beer, while Coors Banquet grew U.S. share and brand volume. Carling faced stronger competition in the United Kingdom. Value brands: Share trends improved for Keystone Light and Miller High Life. Demand for the limited-release Keystone Light Apple exceeded production, and the company plans to return the product in the fall. Molson Coors also plans to bring back Keystone Ice. Above-premium beer: Peroni’s U.S. brand volumes rose by double digits, while the broader Blue Moon franchise remained under pressure. Blue Moon Non-Alcoholic and Peroni 0.0 both grew brand volume. Beyond beer: Net sales revenue growth from Monaco, Topo Chico Hard and Fever-Tree was partly offset by declines in other products, including Simply Spiked. The company said its first full quarter of ownership of Atomic Brands, which includes Monaco Cocktails, tracked slightly ahead of acquisition expectations for both top- and bottom-line contribution. Monaco sales are concentrated in five states and primarily in convenience stores, and Goyal said the company intends to expand the brand nationally in a measured way while preserving its existing execution model.
Fever-Tree posted its highest U.S. quarterly sales since the partnership began, following a national campaign centered on at-home mixology, management said.
Cost Pressures Remain Significant Higher aluminum-related costs, fuel prices and freight expenses weighed on the quarter. Joubert said the Midwest premium added about $40 million in year-over-year costs to second-quarter cost of goods sold.
For the full year, the company now expects Midwest premium inflation to exceed $130 million, compared with its initial expectation of at least $125 million. The company expects hedging to offset part of the ongoing pressure, though Joubert described the market as difficult and expensive to hedge.
MG&A expenses rose 3.2% in the quarter, largely because the company lapped lower employee incentive costs in the prior year and increased investment in technology and capabilities. Molson Coors now expects MG&A expenses to decline in the second half from the prior-year period as it redirects spending toward higher-return opportunities and realizes benefits from its cost program.
The company is pursuing a previously announced three-year, $450 million cost-savings program. Actions include restructuring in EMEA and APAC, including the closure of a small U.K. brewery and other operational changes. Molson Coors is also investing part of its previously announced $650 million global capital-expenditure plan in supply-chain upgrades, including work at its Rocky Mountain Metal Container can plant.
Balance Sheet and Capital Allocation During the quarter, Molson Coors refinanced and retired a portion of its debt through public and private placement offerings. Its net debt-to-underlying EBITDA ratio was 2.53 times at quarter-end, nearing its target of less than 2.5 times by year-end.
The company paid $90 million in dividends and repurchased 1 million shares for $42 million during the quarter. Since its repurchase plan was announced in October 2023, Molson Coors has bought back 15.3% of its Class B shares outstanding and had $2.35 billion remaining under its authorization.
Management said it will continue balancing investments in brands and capabilities, acquisitions, shareholder returns and debt reduction. Goyal said the company’s Horizon 2030 strategy is intended to build growth gradually across its core beer brands, premium offerings and beyond-beer portfolio rather than relying on any single initiative to change its trajectory.
About Molson Coors Beverage (NYSE:TAP)Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.
In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.
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Sysco ve 4. čtvrtletí fiskálního roku 2026 překonala očekávání: tržby přesáhly 22 miliard USD a upravený EPS byl 1,53 USD. Firma zároveň čeká ve fiskálním roce 2027 růst čistých tržeb o 6 % až 7 %.
3 Defensive Stock Alternatives to Bonds If Interest Rates DropSysco NYSE: SYY reported fourth-quarter fiscal 2026 results that exceeded its prior expectations for adjusted earnings per share and U.S. foodservice volumes, citing accelerating local customer growth, supply-chain productivity gains and early benefits from efficiency initiatives.
Chief Executive Officer Kevin Hourican said the company generated more than $22 billion in quarterly revenue, up 4.7% from the prior-year period, while adjusted earnings per share reached $1.53. For the full fiscal year, Sysco reported adjusted EPS of $4.61, above its previously provided guidance range.
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Today’s market could make Sysco stock break out, will it?“Our business momentum accelerated on a two-year stack basis,” Hourican said, adding that the company expects that momentum to continue into fiscal 2027.
Local, National and International Volumes Rise Sysco’s U.S. Foodservice, or USFS, local case volumes increased 2.6% in the fourth quarter. The company said local case growth improved 130 basis points sequentially on a two-year stacked basis, with June representing the strongest month of the quarter on both a one- and two-year basis.
Are defensive sectors ready to outshine growth in 2024?Local case growth was 0.5% in the first half of fiscal 2026 and 2.9% in the second half, according to Hourican. He attributed the improvement to better sales-colleague retention and productivity, as well as targeted growth programs including Sysco Your Way, Perks 2.0 and the company’s AI 360 sales tool.
Sysco said AI 360 is intended to identify selling opportunities, including opportunities to convert customers to Sysco Brand products. The company’s independent customer business grew faster than the overall industry as it exited the fiscal year, Hourican said.
Sysco Brand mix in the local business rose 30 basis points year over year to 46.4% in the fourth quarter. Sales of the company’s value-tier items grew four times faster than its overall business, which Hourican said represented new cases from customers previously purchasing comparable products from competitors.
National contract case volume also rose 2.6%, supported by growth in healthcare, travel and hospitality, and foodservice management. That growth was partly offset by industrywide softness in national restaurant traffic. Sysco said it expects positive national contract volume growth in fiscal 2027, despite continued pressure on restaurant foot traffic.
International local case volume grew 4.5%, while international sales increased 6.7%, gross profit rose 7.3% and adjusted operating income increased 15.7%. The quarter marked Sysco’s 11th consecutive quarter of double-digit adjusted operating-income growth in its international segment.
Profit Growth and Supply-Chain Productivity Quarterly gross profit increased 3.7% to $4.1 billion, although gross margin declined 17 basis points to 18.7%. Interim Chief Financial Officer Brandon Sewell said gross-margin comparisons were affected by unusually large strategic-sourcing benefits in the prior-year fourth quarter and higher fuel costs during the latest period.
Adjusted operating expenses grew 3.6%, slower than gross profit and revenue. Adjusted operating income increased 4.1% to $1.1 billion, and adjusted EBITDA rose 4.7% to $1.3 billion.
The company said warehouse and delivery operations achieved their productivity targets for the year. On-time delivery performance improved by 10 percentage points versus customer promise windows during the fourth quarter, while routing initiatives lowered cost to serve. Sysco also reported its third consecutive year of reducing miles driven and improving pieces per mile.
For fiscal 2026, free cash flow rose 16.3% to $2.1 billion. Sysco ended the quarter with a net debt leverage ratio of 2.7 times. The company paid $1 billion in dividends during the year and repurchased $200 million in shares before suspending annual repurchases in connection with its planned Restaurant Depot transaction.
Fiscal 2027 Outlook Includes Extra Week and Cost Savings Sysco’s fiscal 2027 outlook is based on the standalone business and includes a 53rd week. The company expects net sales growth of approximately 6% to 7%, reaching roughly $90 billion, including about 1.5% to 2% inflation and roughly 2% growth from the additional week.
USFS local case growth of approximately 2.5%. Adjusted EPS growth of 9% to 11%, or approximately $5.02 to $5.12 per share. First-quarter adjusted EPS of approximately $1.18 to $1.20. Approximately $100 million of in-year cost savings, representing about $160 million on a run-rate basis. About $1 billion in dividends and continued double-digit profit growth in the international segment. Management said the cost-savings program includes AI-enabled projects across sales, merchandising, supply chain and back-office operations. Sewell said savings will begin toward the end of the first quarter and be weighted toward the second half of the year, with a greater contribution from USFS.
Hourican said the company’s work includes upgraded routing software, improved inventory forecasting, technology tools for indirect procurement and AI-assisted contract management. He said the initiatives are intended to improve customer service while reducing administrative work and structural operating costs.
Restaurant Depot Deal Remains Targeted for Third Quarter Sysco reiterated that it expects to close its acquisition of Restaurant Depot by the third quarter of fiscal 2027. The company received a second request from the Federal Trade Commission during the quarter, which Hourican said was expected.
Management said the transaction is expected to produce $250 million of cost synergies through procurement and expand the Restaurant Depot format to more than 125 new geographies over time. Sysco also said it does not intend to raise prices at Restaurant Depot stores and believes combined purchasing and supply-chain capabilities could strengthen the retailer’s value offering.
Restaurant Depot leadership told Sysco that sales grew approximately 4% in its most recently completed calendar quarter, with operating margins in line with expectations, according to Hourican.
Sysco said it remains focused on preserving cash, improving working capital and reducing debt after the transaction. In June, the company added $2 billion of interest-rate hedges related to transaction financing. Management said excess cash flow generated through efficiency improvements will be directed toward faster deleveraging.
About Sysco (NYSE:SYY)Sysco Corporation NYSE: SYY is a global foodservice distribution company that supplies a broad range of food and related products to restaurants, healthcare and educational facilities, lodging establishments, and other foodservice customers. Its core business is the procurement, warehousing and delivery of fresh, frozen and dry food products, complemented by non-food items such as paper goods, kitchen equipment, cleaning supplies and tabletop products. Sysco serves customers through an extensive network of distribution centers and dedicated delivery fleets, positioning itself as a one-stop supplier for operators of all sizes.
Founded in 1969 and headquartered in Houston, Texas, Sysco has grown through both organic expansion and acquisitions.
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TransDigm zvýšil výhled pro fiskální rok 2026 po výsledcích za 3. čtvrtletí nad očekávání; nyní čeká tržby 10,51 mld. USD a EBITDA As Defined 5,52 mld. USD.
Airplane Maintenance Companies That Keep Flights Moving Are Ready to SoarTransDigm Group NYSE: TDG raised its fiscal 2026 sales, EBITDA and commercial aftermarket outlook after reporting third-quarter results that management said exceeded expectations, supported by growth across commercial OEM, commercial aftermarket and defense markets.
President and Chief Executive Officer Mike Lisman said the company generated healthy sequential and year-over-year revenue growth in all three primary market channels. He said TransDigm’s commercial transport aftermarket business grew 18% from the prior-year period, while commercial OEM sales rose into the double digits as Boeing and Airbus production rates continued to increase.
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RKLB, ASTS, TDG: Insiders are Selling These 3 Space Stocks“As a result, we are raising guidance for the year,” Lisman said. The company increased the midpoint of its fiscal 2026 revenue outlook by $150 million and raised the midpoint of EBITDA As Defined guidance by $100 million.
Third-Quarter Market Performance Co-Chief Operating Officer Patrick Murphy said total commercial OEM revenue increased approximately 17% year over year on a pro forma basis, with commercial transport OEM revenue rising 25%. The commercial transport figure excludes the business-jet submarket.
TransDigm’s Edge: From Spare Parts to Sky-High ProfitsMurphy attributed the commercial OEM growth primarily to production improvements at Boeing and Airbus. He also said commercial OEM bookings significantly outpaced sales during the quarter, and the company’s book-to-bill ratio remained “solidly positive.”
Total commercial aftermarket revenue increased approximately 17% from the prior-year period, excluding recently acquired Jet Parts Engineering and Victor Sierra Aviation Holdings. Commercial transport aftermarket revenue increased 18%, driven by growth in engine, passenger and interior-related markets, while freight revenue was roughly flat in the quarter.
Management said commercial aftermarket bookings exceeded expectations for a third consecutive quarter, while point-of-sale activity at distributors increased by a double-digit percentage. Although the conflict in the Middle East has affected revenue passenger miles and caused some airlines to adjust capacity, Lisman said TransDigm had not experienced a material impact on its aftermarket business.
Defense revenue rose approximately 11% year over year, with both OEM and aftermarket revenue increasing. Murphy said defense aftermarket growth ran slightly ahead of OEM growth, while bookings increased both sequentially and year over year and exceeded sales for the period.
Margins, Cash Flow and Capital Structure TransDigm reported an EBITDA As Defined margin of 52.8% in the third quarter. Lisman said the margin improved sequentially from the second quarter as higher volumes and operating performance supported results across market channels.
The quarterly margin included more than two percentage points of dilution from recent acquisitions, including an approximately half-percentage-point sequential headwind related to Jet Parts Engineering and Victor Sierra Aviation Holdings. Management said it expects margins at acquired businesses to expand over time.
Chief Financial Officer Sarah Wynne said organic growth was approximately 13% in the third quarter. The company generated approximately $870 million of free cash flow in the quarter and $2.1 billion year to date. TransDigm now expects full-year free cash flow of approximately $2.6 billion, up from its prior $2.5 billion outlook.
The company ended the quarter with $2.8 billion of cash and a net debt-to-EBITDA ratio of 5.8 times. Wynne said TransDigm targets a net debt-to-EBITDA range of five to seven times. Approximately 75% of its $33.7 billion gross debt balance is fixed through fiscal 2029 through fixed-rate notes and interest-rate instruments, she said.
During the quarter, TransDigm repurchased approximately $980 million of common stock, or about 800,000 shares, at an average price of approximately $1,208 per share. Year-to-date repurchases totaled $1.8 billion.
Acquisition Activity Lisman addressed TransDigm’s withdrawal from its proposed acquisition of Stellant Systems after the Department of Justice indicated it intended to challenge the transaction. He said the company disagreed with the DOJ’s view but decided that litigation-related complications and timing constraints in the purchase agreement warranted ending the pursuit.
Lisman characterized the outcome as a one-off event and said it would not alter the company’s M&A strategy. He said TransDigm continues to see activity across commercial and defense aerospace markets and retains more than $10 billion of acquisition capacity.
The company recently agreed to acquire Prince & Izant from Industrial Growth Partners for approximately $1.1 billion in cash. Prince & Izant designs and manufactures brazing alloys and specialty metal components for aerospace and defense, aeroderivative turbine and transportation applications. The business is expected to generate approximately $360 million of revenue in calendar 2026.
TransDigm also said its integrations of Simmonds Precision Products, Jet Parts Engineering and Victor Sierra Aviation Holdings were progressing well. Management did not include Jet Parts Engineering and Victor Sierra Aviation in its pro forma market reporting for the quarter because those businesses are still being integrated into its reporting structure.
Raised Fiscal 2026 Outlook At the midpoint of its revised guidance, TransDigm expects fiscal 2026 revenue of $10.51 billion, representing approximately 19% growth from the prior year. The company now expects:
Commercial OEM revenue growth in the mid-teens percentage range. Commercial aftermarket revenue growth in the low-double-digit percentage range. Defense revenue growth in the high-single-digit to low-double-digit percentage range. The midpoint of EBITDA As Defined guidance was raised to $5.52 billion, up approximately 16% from the prior year, with an expected margin of about 52.5%. Adjusted earnings per share are now expected to be $41.04 at the midpoint of guidance.
Management said the outlook assumes Boeing and Airbus maintain their production rates through the remainder of TransDigm’s fiscal year. Murphy said the company’s supply chain has performed sufficiently to support customer demand, though TransDigm continues to monitor broader supply-chain conditions.
About Transdigm Group (NYSE:TDG)TransDigm Group Incorporated is a designer, producer and supplier of engineered aircraft components and systems for commercial and military aerospace applications. The company's product portfolio covers a broad range of mission-critical parts and subsystems, including mechanical and electromechanical components, ignition and fuel system parts, sensors and actuators, cockpit and cabin systems, and other safety-critical hardware. TransDigm supplies original equipment manufacturers (OEMs) as well as the aftermarket, providing spare parts, repair and overhaul services and component support throughout an asset's life cycle.
TransDigm's operating model places emphasis on proprietary, niche components that are difficult to replace, and the company operates through a collection of independently run subsidiaries and brands that sell specialized products.
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Teleflex ve 2. čtvrtletí překonal očekávání tržbami i upraveným ziskem na akcii, ale kvůli pomalejší integraci Vascular Intervention snížil celoroční výhled růstu pro forma upravených tržeb v konstantní měně.
Teleflex NYSE: TFX reported second-quarter revenue and adjusted earnings above its expectations, supported by strong growth in its Vascular and Surgical businesses, while slower-than-anticipated integration of its acquired Vascular Intervention business weighed on Interventional results.
Revenue from continuing operations totaled $570.3 million in the second quarter, up 28.9% on a GAAP basis and 4.7% on a pro forma adjusted constant-currency basis. Adjusted earnings per share rose 1.7% year over year to $1.76. Adjusted operating margin was 19.6%.
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President and CEO Jason Weidman, who said he has spent his first two months visiting sites, meeting employees and customers, and reviewing the portfolio, said the company is focused on completing divestitures, reducing debt, repurchasing shares and addressing stranded costs. He described 2026 as a transition year and said the company expects a “meaningful step-up” in financial performance in 2027 and beyond.
Segment Performance Vascular revenue increased 8% year over year to $246.3 million, driven primarily by hemostatic products and the central access portfolio. Surgical revenue rose 9.2% to $112.1 million, led by ligation clips, instruments and skin staplers.
Interventional revenue declined 1% to $211.9 million. While hemostatic products, right-heart catheters, intraosseous products and complex catheters outperformed, Weidman said the business was affected by continuing integration and restructuring activity following the Vascular Intervention acquisition.
Weidman said the issues were not product-related and identified three main transition areas: order-to-cash system changes, distributor transitions and sales-force realignment. He said the acquired BIOTRONIK Vascular Intervention revenue base was disproportionately affected by the disruption.
The company had initially expected the integration to be largely completed around the middle of 2026, but now expects full integration to extend through the second half. Weidman said Teleflex has mitigation plans in place and has “really good confidence” it can work through the issues by year-end, although sales-force ramping will occur gradually as new hires and training progress.
Management said Vascular and Surgical are expected to continue performing solidly in the second half, though at more moderate growth rates than in the first half. Teleflex cited some inventory buildup at major Vascular distributors and tougher comparisons in Surgical, particularly in its instrument portfolio. The company said it has not seen an impact from broader procedure-volume trends or from the expiration of Affordable Care Act subsidies.
Divestitures, Debt Reduction and Buybacks Teleflex completed the sale of its OEM business during the quarter, generating approximately $1.5 billion in proceeds, or an estimated $1.25 billion after tax. The company used a portion of the proceeds to repay the $700 million Term Loan A-2 associated with its Vascular Intervention acquisition.
The company remains committed to its previously announced plan to reduce debt by $800 million and return $1 billion to shareholders through share repurchases. During the second quarter, Teleflex repurchased about 1.9 million shares for $250 million in open-market purchases, at an average price of $130.85 per share.
Teleflex also said it intends to begin an additional $250 million accelerated share repurchase on Aug. 7. Management said it expects the remaining $500 million of its repurchase plan to be funded largely with proceeds from the pending sale of its Acute Care and Interventional Urology businesses.
That transaction remains expected to close in the fourth quarter of 2026, subject to regulatory approval and other closing conditions. The Federal Trade Commission issued a second request for information in March, and Teleflex said both parties are cooperating with the review.
Net leverage was about 2.8 times at the end of the second quarter, while pro forma net leverage following the OEM divestiture was about 1.9 times, according to CFO John Deren.
Updated 2026 Outlook Teleflex lowered its full-year outlook for pro forma adjusted constant-currency revenue growth to 3.5% to 4.5%, from its prior range of 4.5% to 5.5%. The reduction reflects first-half performance and the longer timeline for Interventional integration.
Weidman said the lower end of the range assumes no improvement in Interventional revenue from second-quarter levels for the remainder of the year, along with typical third-quarter seasonality.
Adjusted EPS guidance was raised to $6.90 to $7.20, from $6.25 to $6.55. Adjusted operating margin is still expected to be approximately 19% for 2026. Full-year net interest expense is now expected to be about $85 million, down from a prior estimate of about $105 million. The adjusted tax rate is expected to be approximately 12.25%, compared with the prior outlook of roughly 13.5%. Deren said the higher earnings outlook reflects second-quarter share repurchases and lower expected interest expense. Guidance does not include potential benefits from the pending Acute Care and Interventional Urology sale, additional second-half repurchases beyond the announced accelerated program, or tariff refunds.
The company expects about $39 million in tariff refunds in cash overall, according to Deren, though the timing remains uncertain. Teleflex said approximately $15 million related to 2026 tariffs recorded in the first half could be recognized in earnings once confirmed by the U.S. government.
Innovation Programs Teleflex highlighted recent progress in its innovation pipeline. The FDA granted biologics license approval in late July for EZPLAZ Freeze-Dried Plasma, which is approved for adults with uncontrolled traumatic bleeding when plasma is required and other plasma products are unavailable. The product is designed for use in settings such as battlefields and air or road ambulances, where traditional plasma products can face logistical constraints.
Weidman said Teleflex’s immediate priority for EZPLAZ is the U.S. government and military market. He expects any 2026 revenue to be immaterial but said the product should contribute in 2027.
The company also advanced its Freesolve drug-eluting resorbable magnesium scaffold program. Teleflex completed enrollment ahead of schedule for the BIOMAG-II randomized trial outside the U.S., with a data readout expected in late 2027. It also initiated the U.S. BIOMAG-III pivotal trial, with the first patient procedures completed in June.
Weidman said the company is encouraged by early clinical data and views Freesolve as a potential option in coronary and endovascular procedures that seek to “leave nothing behind.”
About Teleflex (NYSE:TFX)Teleflex Incorporated is a diversified global provider of medical technologies, specializing in critical care and surgery. Headquartered in Wayne, Pennsylvania, the company designs, manufactures and distributes devices and solutions used by healthcare professionals in hospital, ambulatory and alternate site settings. Teleflex focuses on delivering products that support complex interventional procedures and improve patient outcomes.
The company's offerings span several key segments, including Interventional Urology, Respiratory & Anesthesia, Surgical, Cardiac Care, Vascular and Original Equipment Manufacturer (OEM) solutions.
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Southwest Gas oznámila za 2. čtvrtletí upravený zisk na akcii (EPS) 0,45 USD, meziročně z 0,37 USD, a potvrdila výhled pro rok 2026 i dlouhodobý výhled.
Southwest Gas NYSE: SWX reported second-quarter 2026 adjusted earnings per share from continuing operations of $0.45, up from $0.37 in the prior-year period, as lower parent-level interest expense and regulatory progress supported results. Reported earnings per share from continuing operations were $0.58, including revenue recognized following a California rate-case decision.
President and CEO Justin Brown said the adjusted result excluded the retroactive portion of California revenue that had been deferred in a memorandum account since the first quarter because of the timing of the rate-case approval. He said the company is reaffirming its 2026 and long-term guidance ranges.
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“Our regulatory strategy doesn't depend on any single outcome, giving us multiple credible paths to achieve our objectives regardless of how individual cases unfold,” Brown said.
Interest Savings and Utility Results Jay Ford, senior vice president of financial planning, said the year-over-year earnings improvement was driven primarily by the holding company’s performance, partially offset by slightly lower utility earnings. The holding company benefited from the repayment of all outstanding parent-level debt, reducing interest expense by approximately $8.6 million from the second quarter of 2025. Higher interest income on elevated cash balances also contributed.
Operating margin increased $12.7 million from a year earlier, including $6.7 million of incremental margin from rate relief and $1.4 million from customer growth, Ford said. Debt recovery-related items added $4.9 million to operating margin, though that benefit was offset by comparable depreciation and amortization expense.
Operations and maintenance expense declined $3.7 million, or nearly 3%, reflecting lower outside services, bad debt expense, and lease and rental costs. Depreciation and amortization increased $8.7 million, driven principally by a 7% rise in gas plant and service versus the prior-year quarter.
Other income declined $9.4 million, with Ford citing lower utility interest income, reduced non-service pension gains, weaker corporate-owned life insurance investment performance, the absence of a prior-year gain on sale, and higher charitable contributions. The company ended the quarter with approximately $270 million in cash and nearly $1 billion in available liquidity, Brown said.
Rate Cases Advance in Three States Southwest Gas said its 12-month ended return on equity at the utility was 8.1%, or 8% on an adjusted basis, compared with a weighted-average authorized return of 9.89%. Management said pending rate cases and recovery mechanisms are intended to improve earned returns over time.
In California, a recent commission decision resolved all matters except cost of capital and is expected to provide approximately $40 million of incremental annual revenue. The decision allowed the company to recognize about $9.7 million of incremental second-quarter net income tied to previously deferred memorandum-account margin. A final decision on the cost-of-capital component is expected later in August, according to Brown.
In Nevada, the company updated its general rate-case request to approximately $74 million in annual revenue after filing certification materials incorporating post-test-year plant adjustments through May. Intervening parties have recommended an average revenue increase just under $40 million, or about 52% of the company’s request, and their testimony has converged around a 9.3% return on equity with equity ratios ranging from 50% to 51.35%.
The Nevada hearing was scheduled for later in August, while the company also continued settlement discussions. Management said the case remains on track for an October 2026 effective date.
Arizona’s general rate case is proceeding toward an expected April 2027 effective date, with intervener testimony anticipated in late September. Brown said the company would seek areas of agreement with parties as positions become more defined.
Great Basin Expansion Scope Increases Great Basin made additional progress on its planned 2028 expansion project, executing binding precedent agreements that brought contracted demand to approximately 1 billion cubic feet per day. The company also cited expressions of interest for another 1.8 Bcf of capacity across the region during the 2029-2035 period.
In response to demand, Southwest Gas revised the project design to use a 48-inch pipeline rather than a 42-inch pipeline. The larger design is intended to support up to 1 Bcf per day of incremental transportation capacity beyond currently contracted volumes through future compression additions.
The revised project is now estimated to require about $2.3 billion in capital investment and to generate approximately $270 million to $300 million in annual incremental margin once completed. Brown said the company expects to file for a Federal Energy Regulatory Commission certificate of public convenience and necessity before year-end, target approval in late 2027, and pursue a fourth-quarter 2028 in-service date.
Management said it does not expect the increase in contracted demand to alter the regulatory schedule. Brown added that the company does not anticipate supply-chain issues from changing the pipe design, citing earlier coordination with suppliers on the ability to move to a 48-inch specification.
Financing Plan and Outlook The company expects to issue $400 million of utility-level debt during the remainder of 2026 and said it does not anticipate equity issuance this year outside its dividend reinvestment plan. Ford said Southwest Gas will renew and extend its at-the-market equity program when it updates its shelf registration, characterizing that action as a routine renewal rather than an indication of near-term issuance.
Management expects only modest equity needs for the expanded Great Basin project and said holding-company leverage capacity could absorb much of the utility’s anticipated equity requirements. At quarter-end, consolidated net debt was approximately $3.4 billion after considering purchased-gas-adjustment balances payable to customers.
Southwest Gas reiterated plans to invest approximately $1.25 billion in capital expenditures during 2026. Its existing five-year plan, based on year-end 2025 rate base of $6.7 billion, supports projected rate-base growth of 9.5% to 11.5% annually through 2030. The additional approximately $600 million of expected capital spending for the Great Basin expansion has not yet been incorporated into current long-term guidance and is expected to be addressed in the company’s five-year planning update next February.
About Southwest Gas (NYSE:SWX)Southwest Gas Corporation NYSE: SWX is a publicly traded natural gas utility that provides regulated gas distribution services to residential, commercial, industrial and electric generation customers. The company's core activities include the transportation, distribution and sale of natural gas through an extensive network of pipelines, service lines and metering facilities. Southwest Gas also offers related services such as system maintenance, pipeline safety inspections, emergency response and line extensions to support customer growth and ensure reliable gas delivery.
Founded in 1931 in southern Nevada, Southwest Gas has grown through strategic acquisitions and organic expansion to become one of the nation's larger natural gas utilities by customer count.
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Super Micro Computer oznámil za čtvrtletí nové objednávky přesahující 60 miliard USD a rekordní backlog. Zároveň očekává tržby u spodní hranice pásma 11 až 12,5 miliardy USD, ale hrubou marži 15 % až 17 %.
Super Micro Computer (SMCI +5.96%) recently told investors something that would normally be considered great news. This producer of high-performance and high-efficiency computer servers said it booked more than $60 billion in new orders in a single quarter.
And yet the stock still trades around $30 per share. That disconnect between order book and valuation is what makes Supermicro (as it is also known) so interesting right now.
In late July, Supermicro released a preliminary update for its fiscal fourth quarter (ended June 30) that focused almost entirely on demand and margins, not just headline revenue. Management said new orders during the quarter exceeded $60 billion, pushing its backlog to a record level as it closed out fiscal 2026.
Image source: Getty Images.
At the same time, Supermicro guided revenue to come in near the low end of its $11 billion to $12.5 billion-dollar range, but estimated gross margins of 15% to 17%, roughly double the 8.2% to 8.4% it had told investors to expect earlier. For a company that was not long ago seen as a lower-margin box builder, that is a very different story.
Massive server orders are coming in Those orders are not just random server deals. In June, Supermicro announced that it had received huge AI server orders in recent weeks and laid out a plan to raise $7 billion through concurrent equity and equity-linked financing to fund the components needed to fulfill them. The company described this as part of its role as a "Total IT Solution Manufacturer for AI, Cloud, Storage, and 5G/Edge," essentially betting that being early and aggressive in AI infrastructure will matter more than short-term dilution.
To me, the combination of a $60 billion order wave and a financing package sized to meet it suggests customers are not just kicking the tires; they are committing real money to build AI data centers on Supermicro's designs.
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So why does the stock still trade at roughly $30 instead of at some nosebleed AI multiple?
Part of the answer sits in the cautious language Supermicro uses in its own update. It explicitly notes that not all of those orders constitute firm commitments and that some may be subject to cancellation or delays. It also discloses that its board is overseeing an independent review of certain transactions related to alleged export control issues, and that its independent auditor has not yet reviewed the preliminary figures. Add in the large equity issuance needed to fund those orders, and you end up with real questions about how much of the current backlog will translate into high-margin, shareholder-friendly cash over time.
In other words, the market is hearing "$60 billion in AI orders" and "much better margins," but it is also hearing "some orders are not binding," "we are issuing a lot of stock," and "there is an internal review going on." That mix of huge opportunity and nontrivial risk is exactly why Supermicro can sit at a multiyear valuation low while quietly holding one of the largest AI server order books on the planet.
Teradata zvýšila celoroční výhled non-GAAP EPS na 2,65 až 2,73 USD a upraveného volného cash flow na 330 až 350 milionů USD po silném druhém čtvrtletí.
Snowflake Boosts Growth by Doubling Down on AITeradata NYSE: TDC reported second-quarter results marked by growth in recurring revenue, expanded operating margins and higher free cash flow, while reaffirming its full-year outlook for total annual recurring revenue, total revenue and recurring revenue. The company raised its full-year non-GAAP earnings-per-share guidance and adjusted free-cash-flow forecast.
President and Chief Executive Officer Steve McMillan said the company’s first-half performance reflected demand for its hybrid data platform as enterprises work to move artificial intelligence initiatives into production. “Our hybrid capabilities and our on-prem strength in particular, continue to resonate with customers running the most demanding and regulated workloads,” McMillan said.
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Second-Quarter Financial Results Teradata Corporation Stock is a Turnaround PlayChief Financial Officer John Ederer said total ARR rose 1% year over year as reported, or 2% in constant currency. Cloud ARR increased 8% as reported and 9% in constant currency. Ederer said Teradata remains focused on total ARR growth, noting that the mix between cloud and on-premise subscriptions can vary by quarter.
Total revenue was $410 million, flat year over year, exceeding the high end of company guidance by two percentage points. Recurring revenue rose 3% as reported to $363 million, or 2% in constant currency, and exceeded the high end of guidance by three percentage points. Consulting services revenue fell 24% year over year to $39 million, although the company said bookings improved and project backlog increased. Non-GAAP operating margin expanded to 21.5% from 16.4% a year earlier. Non-GAAP diluted EPS was $0.69, exceeding the top end of Teradata’s outlook by $0.12. Adjusted free cash flow was $127 million for the quarter. Ederer attributed the revenue outperformance primarily to the timing of revenue recognition in the on-premise business. Total gross margin increased 220 basis points year over year to 60.5%, aided by a greater mix of recurring revenue. Recurring revenue gross margin rose 30 basis points to 67.8%.
Teradata ended the quarter with a net cash position of $323 million, an increase of $528 million from a year earlier. The company repurchased approximately $40 million of stock, or about 1.3 million shares, during the quarter and paid off the remaining $450 million balance on its term loan.
AI Platform Rollout and Customer Activity McMillan highlighted the company’s May launch of the Teradata Autonomous Knowledge Platform, which is intended to support enterprise agentic AI deployments across cloud, on-premise and hybrid environments. He said the platform, including its AI Studio component, reached general availability in early in the third quarter.
The platform includes Teradata Cloud capabilities designed to support always-on and elastic compute needs; Teradata Factory, an on-premise offering developed with Dell Technologies that combines CPUs and GPUs; Teradata AI Studio; and Tera, a natural-language interface for data analysis, coding and multi-agent orchestration.
McMillan said enterprises are contending with production challenges in AI. Citing a company survey of 1,000 senior technology and data leaders, he said 90% expect to increase agentic AI investment over the next year, while nearly two-thirds have seen only small or emerging positive returns so far. He said 40% of surveyed technology leaders reported that more than 40% of their AI pilots had not reached production because their infrastructure was not designed to support them.
The company also made its data analyst agent available through AWS Marketplace and expanded support for native open table formats. Teradata has joined the Agentic AI Foundation and said its Enterprise Model Context Protocol server is already in use with customers.
McMillan cited several early customer engagements, including a South Asian telecommunications company that selected Teradata Factory for an AI modernization project; a Japanese banking group implementing Teradata Cloud, AI Studio and AI Services; and an expansion with a North American financial institution using AI Studio. He also said a U.S. healthcare company expanded its on-premise production system to support government regulations.
Gartner named Teradata a “visionary” in its 2026 Magic Quadrant for AI platforms for data science and machine learning, according to McMillan.
Outlook and Revenue Timing Teradata reaffirmed its full-year outlook ranges for total ARR, total revenue and recurring revenue. It increased its full-year non-GAAP diluted EPS outlook to $2.65 to $2.73 and raised adjusted free cash flow guidance to $330 million to $350 million.
For the third quarter, the company expects recurring revenue to decline 4% to 2% year over year and total revenue to decline 6% to 4%. Teradata forecast non-GAAP diluted EPS of $0.55 to $0.59 for the quarter.
Ederer said the anticipated second-half revenue declines reflect the accounting timing of on-premise subscriptions under ASC 606 rather than a change to the company’s annual expectations. More revenue from on-premise subscriptions was recognized upfront during the first half, leaving less revenue to recognize in the third and fourth quarters.
Management said it expects modest sequential dollar growth in ARR from the second to third quarter and continues to anticipate that most of its annual ARR growth will occur in the fourth quarter. McMillan said the company has not included substantial upside from its newly launched products in its current guidance.
Capital Allocation and Hardware Costs Ederer said Teradata’s current capital-allocation priorities are organic research and development, followed by share repurchases and strategic mergers and acquisitions. The company continues to target 50% of adjusted free cash flow for buybacks, excluding the benefit from the SAP settlement.
On hardware availability and pricing, Ederer said Teradata has sufficient inventory for its existing platform through 2026. He said potential supply-chain and pricing pressure could affect the newer Teradata AI Factory offering, but the company is focused on pricing the product to protect margins. McMillan added that the Dell partnership provides access to Dell’s purchasing capabilities and has helped expedite deliveries for some early AI Factory orders.
About Teradata (NYSE:TDC)Teradata Corporation is a global provider of enterprise analytics and data management solutions designed to help organizations unlock value from their data assets. The company offers both cloud-based and on-premises platforms that support data warehousing, big data analytics, and machine learning. Through its flagship analytics ecosystem, Teradata enables businesses to integrate, analyze, and manage large volumes of structured and unstructured data at scale.
Central to Teradata's product suite is the Teradata Vantage analytics platform, which unifies diverse data types across multiple environments—including public and private clouds—into a single, coherent architecture.
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Sempra potvrdila výhled upraveného zisku na akcii (EPS) pro rok 2026 na 4,80 až 5,30 USD a pro rok 2027 na 5,10 až 5,70 USD. Ve 2. čtvrtletí vzrostl upravený zisk na 762 mil. USD, tedy na 1,16 USD na akcii.
3 Stocks Investing $650 Billion in the U.S.—Should You Invest?Sempra Energy NYSE: SRE affirmed its 2026 and 2027 earnings guidance as management highlighted higher earnings across its business segments, a planned asset-sale strategy and growing transmission investment opportunities in Texas during its second-quarter earnings call.
The company reported second-quarter 2026 GAAP earnings of $796 million, or $1.21 per diluted share, compared with $461 million, or $0.71 per share, in the prior-year quarter. On an adjusted basis, earnings rose to $762 million, or $1.16 per share, from $583 million, or $0.89 per share, a year earlier.
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3 Utility Stocks to Weather Market StormsChief Executive Officer Jeff Martin said the company’s operating businesses were executing well and that year-to-date adjusted earnings per share showed double-digit gains, with positive contributions from each of its three growth segments.
Guidance and Capital Plan Chief Financial Officer Karen Sedgwick said Sempra reaffirmed its full-year 2026 adjusted EPS guidance range of $4.80 to $5.30 and its 2027 range of $5.10 to $5.70. The company also maintained its projected long-term EPS growth rate of 7% to 9%.
Sedgwick said the company remains focused on closing the pending sale of a 45% equity stake in SI Partners, strengthening its balance sheet after the transaction and advancing its $65 billion capital plan. The transaction is expected to close later in the third quarter.
Martin said the SI Partners sale supports Sempra’s strategy of simplifying its business model, recycling capital into regulated utilities and reducing the need for common equity under its current capital plan. The transaction is also expected to deconsolidate nearly $9 billion of debt from Sempra’s balance sheet.
Management said it expects Texas to become a larger share of the company’s operations, with a goal for the state to account for more than 60% of Sempra’s total rate base by 2030.
Texas Demand and Oncor Investment Opportunities Sempra emphasized growth prospects at Oncor, its Texas electric transmission and distribution business, as ERCOT recorded an all-time peak load of 91 gigawatts in July. Oncor’s five-year base capital plan totals $47.5 billion, supplemented by $10 billion in identified incremental capital opportunities through 2030.
The incremental opportunities include $4 billion of North and Central Texas transmission upgrades endorsed by ERCOT, $3 billion of non-Permian Basin reliability projects endorsed in 2025 and approximately $3 billion associated with a system resiliency plan filing expected next year.
Martin said Oncor expects its next five-year capital-plan update on Sempra’s fourth-quarter call. He said management expects the plan to increase and that the business has flexibility to sequence projects within its capital program.
The Public Utility Commission of Texas recently approved ERCOT’s Batch Zero process for evaluating and sequencing large-load interconnection requests. Sempra said 44 GW of load requests could be eligible as base or studied load on Oncor’s transmission system, including 27 GW classified as base load and 17 GW requiring further system-wide reliability analysis.
That potential load would equal a 140% increase over Oncor’s current system peak load of 31 GW. About 8 GW of the 44 GW is already connected and expected to ramp toward full utilization, according to management. Oncor holds nearly $6 billion in collateral from large-load customers, including more than $2 billion related to the Batch Zero submissions.
Management said any transmission projects ultimately required through Batch Zero would be incremental to both Oncor’s base plan and its currently identified incremental opportunities. ERCOT’s timeline for identifying potential transmission projects is expected to extend beyond February 2027, meaning Oncor’s next capital-plan update is not expected to include Batch Zero-related investments.
Oncor CEO Allen Nye said the company’s overall interconnection queue reached 298 GW. He said the difference between a previously cited 127.5 GW advanced pipeline and the 44 GW in Batch Zero reflects stricter requirements under the finalized Batch Zero rules, including completed studies, financial security, site control and contracting-resource attestations.
Infrastructure Projects and Balance Sheet Martin said Sempra Infrastructure is progressing on the planned sale of Ecogas in Mexico after receiving a regulatory approval, with the transaction expected to close later in August.
At ECA LNG Phase 1, Sempra Infrastructure CEO Justin Bird said the company identified damage to equipment connected to mixed refrigerant compressors following planned maintenance and inspections after its first cargo export in July. The company is working with its engineering, procurement and construction contractor and the original equipment vendor on the cause and remediation plan.
Bird said ECA LNG Phase 1 is expected to reach substantial completion in the fourth quarter of 2026, with sales under long-term sale-and-purchase agreements beginning shortly afterward. He said the company does not anticipate further delays and that ECA’s substantial completion is not a condition precedent for the SI Partners transaction.
Management also said Port Arthur LNG Phases 1 and 2 remain on time and on budget.
Sedgwick said the SI Partners transaction is central to Sempra’s credit-improvement efforts. She said Moody’s is monitoring the closing of the transaction, associated debt deconsolidation and progress on infrastructure-project milestones. Sedgwick said she expects rating-agency changes could come early next year, while noting the company is meeting regularly with rating agencies.
California Wildfire Discussions and Leadership Changes Management said it remains constructive on California legislative discussions regarding wildfire liability and broader affordability and insurance issues, but declined to assess potential proposals before bill language is available.
Martin said the company’s California rate base is growing at roughly 5%, compared with utility-platform growth of approximately 11% at the enterprise level. He said Sempra believes its existing California capital plan is appropriately sized to support safety, reliability and affordability.
At the end of the call, Martin announced that Sedgwick will become the incoming chief executive officer of Southern California Gas Co. Justin Bird will become Sempra’s incoming chief financial officer. The leadership rotations are expected to take effect around the close of the SI Partners transaction later in the quarter.
About Sempra Energy (NYSE:SRE)Sempra Energy is a San Diego–based energy infrastructure company that develops, owns and operates businesses delivering electricity and natural gas. Its operations include regulated utility services that provide electric and gas distribution to residential, commercial and industrial customers, as well as non‑regulated infrastructure businesses that develop and manage large-scale energy assets.
The company's product and service portfolio spans electricity and natural gas delivery, transmission and storage, liquefied natural gas (LNG) facilities, power generation and electric transmission projects.
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The AI boom is creating opportunities across semiconductors, cloud computing, enterprise software, infrastructure, cybersecurity, and automation.
Inside this report, you’ll find 10 companies positioned to benefit as artificial intelligence moves from hype to real-world deployment and becomes a core growth driver for corporate America.
SharkNinja ve 2. čtvrtletí zvýšila tržby o 22,2 % na 1,77 miliardy USD a upravený zisk na akcii na 1,26 USD. Firma zároveň zvýšila celoroční výhled tržeb na růst 16 % až 17 %.
The FTC Is Suing Hims & Hers Health—Here's Why Investors Shouldn't PanicSharkNinja NYSE: SN reported second-quarter 2026 results marked by accelerating sales growth, higher adjusted earnings and a raised full-year outlook, as the company cited broad demand across domestic and international markets, product categories and sales channels.
Net sales increased 22.2% year over year to $1.77 billion in the quarter, extending the company’s streak of double-digit sales growth to 13 consecutive quarters. Domestic sales rose 15.5% to $1.14 billion, while international revenue climbed 36.6% to $624 million.
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5 Tech Stocks to Buy on the July PullbackChief Executive Officer Mark Barrocas said the company’s performance reflected the breadth of its business rather than reliance on a limited number of viral products or newly created categories. He said SharkNinja’s existing categories have generally grown at a mid-to-high-single-digit rate over the past three years, with international expansion and new category launches adding to its growth profile.
Category Growth Led by Cooking, Beauty and Home Environment SharkNinja reported growth across each of its four major product categories. Cooking and beverage sales rose 36.5% to $499 million, supported by continued momentum in the Ninja Luxe Café and Ninja Crispi franchises. Food preparation sales increased 13.3% to $459 million, with blending identified as the strongest contributor and frozen treats also growing.
Build On a Strong Earnings Season With These 3 ETFsBeauty and home environment revenue increased 65.3% to $286 million, driven by the Shark beauty technology portfolio and contributions from home-environment subcategories. Cleaning sales increased 4.1% to $522 million, with cordless vacuums and carpet extraction contributing to growth.
Barrocas said the company continued introducing products within established categories during the quarter, including additions to its vacuum lineup and the Ninja BlendBoss tumbler blender. He said roughly 20 of SharkNinja’s 25 annual product launches are typically introduced in existing categories.
The company also launched the Ninja Crispi Microwave, which combines microwave cooking with air frying through its FusionCrisp technology. Barrocas said the product places SharkNinja in a new, multibillion-dollar market and brings its total subcategory count to 40. During the question-and-answer session, he said the company expects to enter its 41st subcategory by the end of the third quarter.
International Expansion and Social Commerce International sales growth was led by the United Kingdom, Europe and Latin America. U.K. revenue rose 18.7% to $255 million, with strength in beauty, home environment and heated cooking products. The company also cited strong growth in France, Germany, Mexico and other Latin American markets.
SharkNinja recently converted Italy and Spain from distributor-led markets to direct markets, and Barrocas said the company has completed distributor conversions for the foreseeable future. It also completed the rollout of its direct-to-consumer platform across major international markets.
The company is expanding its social-commerce strategy, particularly through TikTok Shop. SharkNinja was active on TikTok Shop in seven countries at the end of the quarter, compared with none a year earlier, and Barrocas said the company aims to operate in more than double that number by the holiday season. He said the company expects to be on TikTok Shop platforms in 13 countries.
Social commerce is being used both to support new product launches and to bring younger consumers into established categories, according to Barrocas. He cited the Ninja NeverDull knife system as an example, saying TikTok Shop has become one of the top three sales channels for the product category in the U.S.
During the call, Barrocas said direct-to-consumer and affiliate channels are expected to grow faster than the broader business through 2027. Chief Financial Officer Adam Quigley said direct-to-consumer, TikTok Shop and broader social-commerce channels have structurally higher gross margins than traditional retail channels.
Profitability, Cash Flow and Tariff Effects Adjusted gross margin declined about 70 basis points year over year to 48.7%, as tariffs remained the primary headwind. Quigley said the company partially offset tariff pressure through cost optimization and favorable product and channel mix.
Adjusted operating expenses totaled $629 million, or 35.6% of sales, compared with 36% of sales in the year-earlier quarter. SharkNinja has generated leverage in adjusted operating expenses as a percentage of sales for five consecutive quarters, Quigley said.
Adjusted EBITDA increased 18.6% to $265 million, representing a 15% margin. Adjusted net income rose to $178 million, or $1.26 per diluted share, from $138 million, or $0.97 per diluted share, a year earlier.
Cash and cash equivalents totaled nearly $780 million at quarter end, while total debt was $719 million. Cash flow from operations was nearly $275 million through the first six months of 2026. The company repurchased about $100 million of stock during the second quarter.
Raised 2026 Outlook SharkNinja raised its full-year outlook, citing stronger underlying operating performance and an expected tariff-refund benefit. The company submitted refund claims totaling approximately $247.1 million to U.S. Customs and Border Protection in July, and the agency accepted the claims, according to Quigley.
The company expects to recognize the $247.1 million benefit as a reduction in cost of sales, with a corresponding receivable, during the third quarter. SharkNinja said part of the benefit will be reinvested in retail activation, media, technology and artificial intelligence capabilities, as well as efforts to address tariffs and input-cost pressure.
Full-year net sales are now expected to increase 16% to 17%, compared with prior guidance for 11.5% to 12.5% growth. Adjusted diluted earnings per share are forecast at $6.45 to $6.55, up from the previous range of $6.00 to $6.10. Adjusted EBITDA is expected to reach $1.36 billion to $1.37 billion, representing growth of 19.5% to 20.5%. Quigley said approximately $0.15 of the $0.45 increase in adjusted diluted EPS guidance is tied to the expected net tariff-refund benefit. About $30 million of the $67 million to $69 million increase in adjusted EBITDA guidance is also associated with that benefit.
Barrocas said SharkNinja expects its domestic business to grow at a double-digit rate during the second half of 2026. He said the company sees additional opportunity through retailer partnerships, direct-to-consumer operations, social commerce and further international market expansion.
About SharkNinja (NYSE:SN)SharkNinja NYSE: SN is a leading designer, marketer and distributor of innovative small home appliances under the Shark® and Ninja® brands. The company's product portfolio spans floorcare, cleaning and home environment products, including upright, cordless and robotic vacuum cleaners, steam mops and air purifiers. In the kitchen category, SharkNinja offers a broad range of cooking and food preparation solutions, such as countertop ovens, air fryers, multicookers, blenders and coffee makers. Its products are positioned to deliver user-friendly performance, innovative features and durable design for everyday household tasks.
Founded in 1998 as Euro-Pro Operating LLC, the company initially focused on the European market before expanding its presence in North America.
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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
TDS Telecom ve 2. čtvrtletí přidala asi 66 000 adres pro optickou síť a zvýšila celoroční výhled na 250 000 až 300 000 adres. Zároveň snížila výhled tržeb na 1 mld. až 1,025 mld. USD kvůli tlaku v měděných a kabelových sítích.
2 Mid-Cap Telecom Stocks Offering Superior Returns Telephone and Data Systems NYSE: TDS reported second-quarter progress in its fiber expansion and tower operations, while lowering revenue expectations for its telecom business amid continued pressure from legacy copper and cable services. The company also said Array Digital Infrastructure completed major spectrum transactions during the quarter and raised several elements of its full-year outlook.
TDS Chief Executive Officer Walter Carlson said the company would not provide an update on its previously announced all-stock proposal to acquire the Array shares it does not already own. Array’s board has formed an independent special committee to evaluate the proposal.
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Telecom raises fiber build targets The Market Is So Over Overstock...But Is It Now Oversold?TDS Telecom delivered approximately 66,000 marketable fiber service addresses during the second quarter, bringing first-half delivery to about 106,000 addresses. Ken Dixon, president and CEO of TDS Telecom, said the first-half performance was the strongest in company history and exceeded the company’s address delivery in the second half of 2025, traditionally its busiest construction period.
The company increased its 2026 fiber address delivery guidance by 50,000 addresses and now expects to add between 250,000 and 300,000 new marketable fiber service addresses this year. TDS Telecom also raised its capital-expenditure outlook to a range of $625 million to $675 million to support the accelerated construction activity.
These 11 stocks will be Dividend Kings in 5 years or less.TDS Telecom ended the quarter with nearly 1.2 million fiber service addresses, representing 60% of its total footprint, with 80% capable of gigabit speeds. The company said it is using federal Enhanced Alternative Connect America Cost Model, or E-ACAM, support to expand fiber to more than 300,000 addresses in 22 states within its incumbent footprint over the next two years.
Dixon said TDS Telecom has already met its 2026 E-ACAM obligations in three states and has its highest crew counts ever in its remaining E-ACAM markets. He added that the company is seeing strong demand when it brings fiber to markets previously served by copper infrastructure.
Residential fiber net additions totaled approximately 15,100 in the second quarter, up 47% from a year earlier. TDS said it has expanded door-to-door sales capacity, added outside sales vendors, and improved performance through its online channel. The company is also adding sales resources in cable and multi-dwelling-unit markets.
Legacy revenue pressures lead to revised guidance Despite fiber growth, TDS Telecom reported total operating revenue declined 6% year over year in the second quarter, or 4% excluding divestitures. Kristina Bothfeld, vice president of financial analysis and strategic planning, said approximately half of the year-over-year decline reflected discrete wholesale revenue adjustments that benefited 2025 results. The rest was tied to legacy revenue pressure, partly offset by fiber connection growth and higher revenue per connection.
Residential fiber revenue rose 13%, or $11 million, from a year earlier, while cable revenue declined roughly 10%. Total residential revenue decreased by $6 million, including approximately $2 million related to divestitures of primarily copper-based markets.
Cash expenses were flat as cost-management savings were offset by expenses tied to expansion markets and inflation. Capital expenditures totaled $179 million during the quarter.
TDS Telecom reduced its full-year revenue guidance to $1 billion to $1.025 billion, citing pressure in its copper and cable markets. The company narrowed its adjusted EBITDA outlook to $310 million to $330 million.
2026 telecom revenue guidance: $1.0 billion to $1.025 billion. 2026 adjusted EBITDA guidance: $310 million to $330 million. 2026 fiber address delivery guidance: 250,000 to 300,000. 2026 capital-expenditure guidance: $625 million to $675 million. Chief Financial Officer Vicki Villacrez said the company’s balance sheet has been strengthened by transactions completed during the past year, including Array’s June spectrum sale to Verizon. TDS expects its acquisition of Granite State Communications to close in the third quarter, adding 11,000 fully fibered service addresses for $25 million.
Villacrez said TDS continues to evaluate small- and medium-sized fiber acquisition opportunities that fit its clustering strategy and have either existing fiber infrastructure or an economically viable path to full fiber deployment.
Array completes spectrum sales and lifts outlook Array Digital Infrastructure said cash site rental revenue increased 55% year over year from all customers, or 65% when normalized for the impact of DISH. The company stopped recognizing revenue from DISH during the first quarter after DISH generally stopped making payments under its contracts in December and certain DISH entities entered bankruptcy proceedings.
Array reported a tenancy ratio of 0.96 at quarter-end, compared with 0.98 at the end of the prior quarter. The company said that, excluding the removal of DISH co-locations from the metric, it continues to see steady tenancy growth.
Anthony Carlson, Array’s president and CEO, said T-Mobile interim site revenue drove the year-over-year increase in site rental revenue. That revenue began to decline during the quarter as T-Mobile progresses through its network integration. T-Mobile has until January 2028 to finalize 2,015 committed sites under its master lease agreement with Array.
Array narrowed its forecast for tenantless towers following the T-Mobile integration to between 1,000 and 1,700. The company said it is evaluating lease-up opportunities, ground-lease costs, long-term demand and potential decommissioning for sites without a path to economic viability.
During the quarter, Array closed a $168 million sale of 600 MHz, 700 MHz and AWS spectrum licenses to T-Mobile and a $1 billion spectrum transaction with Verizon. Array said it has agreements to monetize roughly 70% of its spectrum holdings, with remaining T-Mobile transactions expected to close by the end of 2026, subject to regulatory approval and other closing conditions.
The company continues to seek opportunities to monetize its remaining spectrum, primarily C-Band holdings. Carlson said Array is not a forced seller and believes the spectrum has substantial value given its availability for deployment and proximity to Upper C-Band spectrum.
Array raised its 2026 total operating revenue outlook to $205 million to $210 million from a prior range beginning at $200 million. It increased adjusted OIBDA guidance to $60 million to $75 million and adjusted EBITDA guidance to $220 million to $235 million. Capital-expenditure guidance was unchanged.
About Telephone and Data Systems (NYSE:TDS)Telephone and Data Systems, Inc NYSE: TDS is a diversified telecommunications company headquartered in Chicago, Illinois. Through its subsidiaries, the company provides a broad array of communications services, including wireless voice and data, wireline broadband and voice, cable television, and managed IT and cloud solutions. Its two primary operating units—TDS Telecom and U.S. Cellular—serve residential, business and wholesale customers across the United States.
TDS Telecom focuses on delivering broadband internet, digital voice, video and data communications services in primarily rural and suburban markets.
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With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Savers Value Village ve 2. čtvrtletí zvýšila tržby o 7,4 % na 448 mil. USD a upravený EBITDA o 8 % na 75 mil. USD. Firma zároveň zvedla celoroční výhled tržeb na 1,77 až 1,79 mld. USD.
3 Reasons Wall Street Is 100% Bullish on This Recent IPOSavers Value Village NYSE: SVV reported second-quarter results marked by continued U.S. comparable-sales growth, higher profitability in both major markets and an updated full-year outlook that incorporates a phased rollout of its ThriftIQ pricing platform.
Chief Executive Officer Mark Walsh said the company recorded its third consecutive quarter of year-over-year adjusted EBITDA growth, while new-store profitability began to ramp faster than originally anticipated. Management said the combination of store maturation, productivity initiatives and ThriftIQ supports a path toward high-teens adjusted EBITDA margins within the next three years.
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Second-Quarter Sales and Earnings Total net sales rose 7.4% to $448 million in the quarter ended July 4, 2026. On a constant-currency basis, sales increased 7.1%, while comparable-store sales increased 4.4%.
U.S. net sales increased 11.6% to $255 million, with comparable-store sales up 6.6%. Walsh said the U.S. performance was driven by both higher transaction counts and average basket size, with growth across regions, categories and demographic groups. Management said younger and more affluent customers remained the company’s fastest-growing consumer cohorts, while growth was also strong among lower-income shoppers.
Canadian net sales increased 2.2% to $158 million, and comparable-store sales rose 0.8%, including an approximately 70-basis-point benefit from the timing shift of Easter. While management characterized Canadian macroeconomic conditions as stable but sluggish, Canada segment profit increased nearly 16% and segment profit margin expanded 330 basis points.
Chief Financial Officer Michael Maher attributed the Canadian profit improvement to tighter production management, off-site processing improvements and the continued maturation of new stores. He said the company is planning its Canadian business around roughly flat comparable-store sales in the near term.
Adjusted EBITDA increased 8% to $75 million, representing 16.6% of sales. GAAP net income was $22 million, or $0.14 per diluted share. Adjusted net income was also $22 million, or $0.14 per diluted share. U.S. segment profit increased by $10 million to $59 million. Canada segment profit increased by $6 million to $46 million. Cost of merchandise sold declined 170 basis points as a percentage of sales to 43.1%, which Maher said reflected comparable-sales leverage, efficiency initiatives and growth in on-site donations. The improvement was partly offset by the impact of new-store openings.
SG&A expenses rose 15% to $102 million and included a $2 million impairment charge tied primarily to the consolidation of a Canadian warehouse processing facility, as well as $1 million of costs associated with the repricing of the company’s term loan.
ThriftIQ Rollout and Margin Goals The company announced ThriftIQ, a proprietary data-driven platform designed to improve precision and consistency in pricing men’s and women’s apparel. The system has been tested for nearly two years and has priced more than 25 million items across 45,000 brands, according to management.
ThriftIQ is now operational in 58 stores in the U.S. and Canada, including most locations opened during the past six months. Walsh said the platform uses data on brands, categories, price points and sell-through outcomes to recommend pricing while maintaining an average discount of 40% to 70% below traditional retail prices.
Maher said pilot stores using ThriftIQ have generated gross-profit-dollar growth approximately 100 basis points higher than non-pilot stores. He said customers in pilot locations have responded through higher unit sell-through, larger baskets and stronger sales yields, while average prices were the same as or lower than the rest of the store fleet.
President and Chief Operating Officer Jubran Tanious said the platform reduces the subjectivity of the previous grading process. Rather than requiring team members to assess each apparel item’s quality and condition to determine a price, ThriftIQ asks them to identify the brand and uses factors including seasonality and sell-through to establish pricing.
Management said ThriftIQ also has reduced training time for new graders by about half. More than half of the company’s 2025 class of new stores generated positive four-wall contribution during the second quarter, ahead of prior new-store classes.
Maher said Savers expects its innovation agenda, new-store maturation, comparable-sales leverage and other profit-improvement initiatives to support 50 to 100 basis points of annual adjusted EBITDA margin expansion beginning in 2027. The contribution from ThriftIQ is expected to build as deployment expands through 2027 and into early 2028, with full annualization anticipated in 2028 and beyond.
Store Growth, Capital Allocation and Outlook Savers opened four U.S. stores and two Canadian stores in the second quarter. Walsh said a recently opened Burlington, North Carolina, location delivered the highest opening-week sales in company history. The company expects to open approximately 25 stores in 2026, with more than 20 planned in the U.S. across 11 states. Its first Tennessee store is expected to open later this year.
Tanious said the company’s site-selection process, dedicated leadership support for new stores, rollout of ThriftIQ and local marketing efforts have contributed to improved store-opening performance. Management also said on-site donations and GreenDrop accounted for 84.9% of total pounds processed during the quarter, compared with 78.5% a year earlier.
The company ended the quarter with $92 million in cash and cash equivalents and a net leverage ratio of 2.4 times. It repurchased 1.2 million shares at a weighted average price of $8.10. Maher said capital allocation priorities remain funding new-store growth, reducing debt toward a net leverage ratio below two times by the end of next year and opportunistically repurchasing shares.
For fiscal 2026, Savers now expects net sales of $1.77 billion to $1.79 billion, comparable-store sales growth of 3% to 4%, adjusted EBITDA of $265 million to $275 million, and approximately 25 new-store openings. The company forecast net income of $67 million to $76 million, or $0.42 to $0.47 per diluted share.
For the third quarter, management expects total revenue growth to fall between first- and second-quarter levels, with comparable-sales growth moderating somewhat as the company laps stronger comparisons. Adjusted EBITDA is expected to be modestly below the second quarter, primarily due to the timing of new-store openings and related pre-opening expenses. Savers plans to open eight stores during the third quarter.
About Savers Value Village (NYSE:SVV)Savers Value Village, Inc NYSE: SVV is a publicly traded thrift retailer that operates a network of donation-based retail stores. Headquartered in Bellevue, Washington, the company specializes in selling second-hand apparel, footwear, household items, accessories and other pre-owned goods. Through its retail stores, SVV offers value-conscious shoppers the opportunity to purchase quality, gently used merchandise at affordable prices.
At the heart of the company's model is a partnership network with more than 500 nonprofit organizations across North America.
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MarketBeat just released its list of the 7 hottest IPOs expected to hit Wall Street in 2026. See which companies are preparing to go public and why investors are watching closely.
NuScale Power uvedla, že je připravena na komerční nasazení svých malých modulárních reaktorů díky regulatorním schválením, smlouvám s dodavateli, zajištěnému palivu a silné likviditě. Ve 2. čtvrtletí měla výnosy 0,1 mil. USD a hotovost, ekvivalenty hotovosti a investice přibližně 1,9 mld. USD.
Nano Nuclear’s Air Force Contract Puts Its Short-Squeeze Setup in FocusNuScale Power NYSE: SMR said it is preparing for commercial deployment of its small modular reactor technology, citing regulatory approvals, supplier agreements, fuel readiness and a strengthened liquidity position as demand rises for carbon-free power from data centers, industrial users and utilities.
During the company’s second-quarter 2026 earnings call, President and CEO John Hopkins said the nuclear industry’s near-term opportunity is increasingly shaped by customers seeking clean power on timelines that fit their expansion plans. He said NuScale’s strategy has focused on completing engineering and developing its supply chain before entering construction.
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3 Nuclear Stocks for Investors Willing to Wait Out the Dip“The preconditions for us to move are in place,” Hopkins said in closing remarks. “The regulatory approval exists. Our fuel supply exists. The engineering is mature. The supply chain is mostly contracted.”
Engineering, Regulatory and Supply-Chain Readiness Hopkins contrasted NuScale’s approach with the construction history of the Vogtle AP1000 expansion, saying projects can face delays and cost overruns when detailed engineering is incomplete at the start of construction. He said NuScale has spent years investing in design maturity to reduce execution risk for future projects.
AI’s Power Problem Is Turning Nuclear Stocks Into a Bigger Market StoryThe company said it remains the only SMR company with U.S. Nuclear Regulatory Commission design certification and has received standard design approvals for two designs. NuScale also emphasized that its reactors are designed to use standard low-enriched uranium rather than high-assay low-enriched uranium, or HALEU, which Hopkins said is not commercially available at scale.
NuScale acts as technology systems integrator and engineer of record for an ENTRA1 Energy plant, according to Hopkins. The company said it has assembled a network of more than 60 specialized suppliers and has negotiated agreements with more than half of them.
Doosan Enerbility is producing heavy forgings and major module components for NuScale Power Modules, Hopkins said. Framatome is completing fuel design work under a dedicated agreement, with NuScale saying the arrangement is intended to make fuel available as customers come online. Paragon Energy Solutions received a contract during the quarter to complete final design development for the modules’ safety instrumentation and control systems. In response to analyst questions, Hopkins said forgings are among the principal long-lead items and have been in production for roughly two years. He also said Framatome will manufacture fuel in Washington state and that Paragon’s safety-control work is ahead of schedule.
TVA Discussions and Other Commercial Opportunities NuScale said its strategic partner, ENTRA1 Energy, continues discussions with the Tennessee Valley Authority regarding a potential definitive power purchase agreement. Hopkins characterized those discussions as active and progressing, but the company did not provide a date for an agreement or identify remaining contractual conditions.
Hopkins said NuScale is also in discussions with hyperscalers, data-center operators, utilities, governments and international customers. The company’s immediate commercial focus, however, is helping ENTRA1 advance the TVA opportunity.
NuScale said a potential TVA deployment could range from 6 gigawatts to 8 gigawatts. Hopkins said the company has publicly stated that construction from the first pouring of safety-related concrete to mechanical completion could take less than 40 months, though that timeframe excludes NRC licensing and other preconstruction activities.
The company also discussed potential industrial applications, including electricity supply, district heat, process heat, ammonia production and hydrogen production. Hopkins said NuScale’s emergency planning zone approval and ability to use dry cooling could be important differentiators for industrial sites facing water constraints.
Romania Project Progress NuScale is working with Nuclearelectrica and RoPower to satisfy conditions associated with the Romanian utility’s shareholder approval to advance the Doicești project. The project is intended to deploy six NuScale Power Modules at a former coal plant site.
Hopkins said NuScale completed front-end engineering design work as a subcontractor to Fluor, the project’s prime contractor. He said NuScale and its chief operating officer planned to visit Bucharest later in the month to meet with Romania’s incoming government.
The next phase, described as pre-EPC work, would carry the project toward a final notice to proceed and could take about another year, Hopkins said. He added that if contracts are put in place, the Romanian effort could generate revenue in 2027.
NuScale also said about 60% of the combined operating license application prepared for its prior Carbon Free Power Project could be used for a future U.S. project.
Second-Quarter Financial Results and Liquidity Chief Financial Officer Ramsey Hamady said NuScale reported second-quarter revenue of $0.1 million, down from $8.1 million a year earlier. The decline reflected completion in late 2025 of Fluor’s phase-two front-end engineering design work for the RoPower project, which had no comparable activity in the current quarter.
Hamady said the company closed the quarter with approximately $1.9 billion in cash, cash equivalents and investments, an increase of $900 million from March 31. He described the balance-sheet increase as a proactive measure intended to support long-term capital allocation and commercial readiness.
The company said it expects capital to be directed toward supply-chain agreements, design finalization, fuel systems and working-capital needs as commercialization advances. Hamady said NuScale has not provided formal operating-expense guidance, but said management intends to maintain discipline over spending.
NuScale also opened its 12th Energy Exploration Center during the quarter at the University of Virginia’s College at Wise. The center, supported by a grant from the Virginia Clean Energy Innovation Bank, is designed to provide simulation-based training for future nuclear plant operators, technicians and engineers.
About NuScale Power (NYSE:SMR)NuScale Power Corporation, trading on the NYSE American under the ticker SMR, is a pioneering developer of small modular nuclear reactors. Established in 2007 as a spinout from Oregon State University, the company is headquartered in Portland, Oregon. NuScale’s mission is to deliver zero-carbon baseload power through scalable modular reactor technology, aiming to transform traditional nuclear energy deployment.
At the core of NuScale’s offering is the VOYGR small modular reactor design, featuring 77-megawatt electric (MWe) modules with passive safety systems.
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BlackSky Technology oznámila silné výsledky za 2Q26: tržby meziročně vzrostly o 50 % na 33,3 milionu USD. Gen-3 už běží na annualizovaném tempu 100 milionů USD.
SummaryBlackSky Technology Inc. delivered strong 2Q26 results, with revenue up 50% YoY to $33.3 million, driven by Gen-3 subscription adoption.Gen-3 constellation is now a genuine revenue and earnings engine, producing a $100 million annualized run rate for high-margin imagery and AI services.Adjusted EBITDA reached $4.7 million (14.2% margin), with flat operating expenses despite higher revenue, signaling meaningful operating leverage as Gen-3 scales.I remain buy-rated on BKSY, seeing accelerating recurring revenue, expanding margins, and multiple growth vectors supporting significant upside as the business scales. PJPhoto69/iStock via Getty Images
Thesis We have just seen BlackSky Technology Inc. (BKSY) deliver on earnings. This call was pretty important since it reinforced my view and a good deal of the market's that the Gen-3
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Starwood Property Trust vykázal ve 2. čtvrtletí distribuční zisk 152 milionů USD, tedy 0,40 USD na akcii, a pokračuje v řešení neplatičících úvěrů a aktiv REO. Společnost zároveň zvýšila investiční aktivitu a prodloužila splatnost dluhu.
MarketBeat Week in Review – 03/30 - 04/03Starwood Property Trust NYSE: STWD reported second-quarter distributable earnings of $152 million, or $0.40 per share, as the company continued to work through non-accrual loans and real estate-owned assets while increasing investment activity and extending its debt maturities.
Chief Financial Officer Rina Paniry said results continued to reflect the earnings impact of non-accrual and REO assets, as well as elevated cash balances. The company reported no new non-accrual loans, no new five-rated loans and no new REO assets during the quarter or year to date.
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Starwood Shares Have Struggled, but Catalysts Could Signal a Turn“As our new non-accrual and REO loans have slowed, we have gained momentum in resolutions,” Paniry said.
Asset Resolutions and Reserve Position Starwood Property Trust ended the quarter with approximately $1.9 billion of non-accrual and REO assets on a distributable-earnings basis, excluding $706 million of reserves already reflected in book value. The reserve total included $485 million of CECL reserves and $221 million of REO reserves.
Here's Who Wins If Trump's 50-Year Mortgages Come to MarketThe company expects to resolve roughly $800 million, or 40%, of its current non-accrual and REO balance by the end of 2026, subject to market conditions. It is under contract or in discussions to sell three REO properties and multiple units in a New York City residential project. Those transactions are expected to generate $148 million in cash proceeds and resolve $195 million of assets on a distributable-earnings basis during the third quarter.
Paniry said the anticipated sales are expected to produce an approximately $47 million realized loss in third-quarter distributable earnings. One asset was repriced following higher interest rates, creating a $12 million difference from its GAAP mark. Absent that adjustment, she said the company’s GAAP reserves aligned with expected sale prices.
President Jeff DiModica said three multifamily loans were downgraded to four-risk ratings during the quarter: a $73 million property in Phoenix, a $63 million property in Clearwater, Florida, and a $74 million property in Mesa, Arizona. He attributed the downgrades to higher forward rates and pressure on near-term cash flow in some Sun Belt multifamily markets following elevated supply.
Subsequent to quarter-end, two office loans repaid at par for a combined $171 million, reducing U.S. office exposure to 7.6% of assets and global office exposure to 8.9%, both company lows, according to DiModica.
Investment Activity and Segment Results The company deployed $2.5 billion across its businesses during the second quarter and another $1.7 billion in July, bringing year-to-date investment activity to $6.7 billion. DiModica said the company was on pace for a record year of investment activity and expected the third quarter to be its strongest commercial-lending origination quarter.
Commercial and residential lending generated distributable earnings of $186 million, or $0.49 per share. In commercial lending, Starwood originated $1.4 billion and funded more than $1 billion, including preexisting commitments. Following $447 million of repayments, the funded loan portfolio reached a record $17.3 billion.
Infrastructure lending committed $441 million during the quarter, with the portfolio ending at $3.1 billion after comparable repayment activity. DiModica said 92% of the infrastructure portfolio was internally rated one or two, while 97% of loans had public or private Moody’s ratings.
The property segment contributed $34 million, or $0.09 per share, of distributable earnings. At Woodstar, the company’s Florida affordable-multifamily portfolio, Starwood began implementing authorized 8.4% HUD rent increases on July 1. The company expects the earnings benefit to begin appearing in third-quarter results.
Starwood also expects to refinance $416 million of Woodstar debt maturing within six months. Paniry said the company anticipates an approximately $140 million financing upsize, of which Starwood’s share would be about $110 million for reinvestment.
In net lease, distributable earnings rose to $0.05 per share from $0.03 in the prior quarter. The company acquired $179 million of properties during the quarter at a blended 7.39% capitalization rate. The portfolio totaled $2.7 billion across 527 properties in 44 states, with 100% occupancy, zero defaults and a weighted average lease term of 16.8 years.
Capital Markets and Liquidity Starwood completed $2.1 billion of corporate debt transactions in the second quarter, including $1.1 billion of unsecured senior notes and a $275 million increase to its Term Loan B. It also repriced an existing $696 million term loan to SOFR plus 200 basis points.
After quarter-end, the company repaid $400 million of July 2026 notes and prepaid $500 million of January 2027 notes. DiModica said Starwood has no further corporate debt maturities until July 2027 and has extended weighted average corporate debt maturities to approximately three years.
The company had $1.2 billion of current liquidity at quarter-end and a debt-to-undepreciated-equity ratio of 2.74 times. Its unencumbered asset pool totaled $6.9 billion against $4.5 billion of unsecured debt.
Paniry said the early redemption of the January 2027 notes will produce a $6.3 million third-quarter loss on extinguishment of debt because of the termination of an associated interest-rate hedge. However, she said replacing the prior obligation with new 5.875% notes is expected to save more than $15 million over the next five years.
Dividend, Buybacks and Outlook Chairman and Chief Executive Officer Barry Sternlicht acknowledged that the company is not currently earning enough to cover its dividend, but said management remains confident that resolving underperforming assets and redeploying capital into new investments can restore earnings power.
“We’re pretty confident in our ability to get back to the earnings power that we’ll need to drive the dividend and restore our coverage of dividend,” Sternlicht said.
He said the company is not considering a dividend-policy change at present, though it would revisit that position if conditions materially changed. Starwood repurchased $30 million of stock year to date under its $400 million authorization, and management indicated it could become more active in repurchases.
Looking ahead, Sternlicht said Starwood plans to discuss a new business line during its next quarterly update and continues to evaluate acquisition and sector-consolidation opportunities.
About Starwood Property Trust (NYSE:STWD)Starwood Property Trust NYSE: STWD is a publicly traded real estate investment trust that specializes in originating, acquiring and managing commercial mortgage loans and other real estate-related investments. The company's portfolio spans a variety of asset classes, including senior mortgages, mezzanine debt, preferred equity and direct equity investments in commercial properties. By focusing on both debt and equity capital solutions, Starwood Property Trust seeks to generate attractive risk-adjusted returns for its shareholders through a combination of current income and capital appreciation.
Operating primarily in the United States, Starwood Property Trust deploys capital across a broad range of property types, such as multifamily residential, office, retail, hotel and industrial.
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Should You Invest $1,000 in Starwood Property Trust Right Now?Before you consider Starwood Property Trust, you'll want to hear this.
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The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Home Depot zveřejní výsledky 18. srpna; analytici odhadují tržby 47,2 miliardy USD a upravený zisk na akcii (EPS) 4,73 USD. Firma sází na růst v segmentu Pro a na akvizici Mingledorff's.
Home Depot (HD +1.75%) will report second-quarter earnings on Aug. 18. Analysts expect revenue of $47.2 billion, up about 4% from the year-ago quarter. Adjusted earnings per share are projected at $4.73, slightly higher than last year's $4.68.
One compelling reason to buy the stock now is Home Depot's roughly $700 billion opportunity in the Pro market -- and it's already translating into results.
Image source: The Motley Fool.
Home Depot is building a hard-to-replicate business serving professional contractors, positioning it for meaningful growth when the housing market recovers.
The company acquired Mingledorff's, expanding Home Depot's reach in heating, ventilation, and air conditioning (HVAC) equipment. It can unlock substantial value from the deal through its SRS distribution network, which includes more than 1,300 branches.
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That Pro exposure could become a major growth engine as the housing market turns the corner. Early signs are encouraging; in the first quarter, Pro posted better comparable sales than do-it-yourself customers.
Meanwhile, Home Depot's core business remained resilient despite a weak operating environment. First-quarter sales rose 4.8% year over year. With the stock recently pulling back and the dividend yield above average at 2.6%, investors may have an attractive entry point to buy shares before improving sales trends send the stock higher.
John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Home Depot. The Motley Fool has a disclosure policy.
