Track market-moving stories before they get noisy

Oracle just burned through billions in free cash flow while a $664 billion backlog sits waiting to convert, and Wall Street analysts are betting the gap between those two numbers holds the key to a 67% return.

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Oracle (NYSE:ORCL | ORCL Price Prediction) trades at $142.50. Cash burn today funds AI capacity customers have already signed up to use.

Oracle built its name on database software and enterprise applications. Cloud now drives the story, reaching 60% of total revenue last quarter. The stock is down 50.16% over the past year from a 52-week high of $319.46. Investors pulled back after free cash flow came in at negative $23.7 billion in fiscal 2026 and negative $5.4 billion last quarter.

A $664 Billion Backlog Is Converting Into Revenue Q1 fiscal 2027 revenue rose 29.6% to $19.345 billion, with cloud infrastructure revenue up 121% to $7.39 billion. Remaining performance obligations hit $664 billion, with management expecting “around half of our RPO to convert into sales over the next 36 months.” GPU utilization was 97.9%, and renewed capacity commanded a 20% premium.

Oracle booked over $30 billion in new AI contracts requiring no extra cash, mostly structured as prepayments or bring-your-own-hardware deals. Operating cash flow rose 184% to $23.1 billion. Guidance calls for at least $90 billion in fiscal 2027 revenue and $8.10 in non-GAAP EPS. The stock trades at 18x forward earnings with a PEG ratio of 0.807.

A Ballooning Capex Bill Strains the Balance Sheet Capex reached $28.5 billion in a single quarter, and management expects $90 to $95 billion for the full year. When asked when free cash flow turns positive, management said, “We haven’t given a particular timeframe on that yet.” Interest expense rose 55% to $1.4 billion, and total liabilities stand at $236.06 billion. A completed $20 billion at-the-market equity program diluted existing shareholders.

Software license revenue fell 15%. The backlog is concentrated in a few large AI customers, and new sites in New Mexico and Wisconsin still face regulatory approval and power hurdles (the same power and cooling constraint we broke down across seven AI infrastructure suppliers: here). Shares fell 13% after the Q2 fiscal 2026 revenue miss.

Investor Day Could Settle the Margin Debate Management expects gross margins to flatten as expansion finishes and will detail margins at its upcoming Investor Day. Shares trade under the 200-day moving average of $162.89 and near the 50-day average of $143.59. A firm free cash flow timeline or smooth Vera Rubin delivery would strengthen the bull case. A capex increase without matching prepayments would strengthen the bearish thesis.

Wall Street Sees 67% Upside in a Stock Cut in Half The average analyst target is $237.97, meaning 67% upside. Of 43 analysts covering the stock:

Strong Buy: 7 Buy: 28 Hold: 7 Sell: 1 Oracle trades at 22 times trailing earnings. Over the past year the stock lost 50.16% while the S&P 500 gained 15.01%. Year to date, Oracle is down 26.28% and the index is up 12.86%.

Negative Free Cash Flow Is Funding a Contracted Growth Engine At $142.50, Oracle’s investment case rests on cash flow quality and backlog conversion.

Negative free cash flow exaggerates the problem. After prepayments, Q1 cash capex was $18 billion, below operating cash flow. Management caps full-year net cash capex at 70 billion. Hilary Maxson said scaled projects deliver “a free cash flow conversion ratio of something like 100% to post-tax EBITDA.”

RPO conversion drives upside. Q2 guidance calls for 65-71% cloud growth. Co-founder Larry Ellison also canceled his plan to sell Oracle stock.

The thesis breaks if renewal pricing falls, utilization drops, or the prepayment share shrinks and forces more debt. Those three signals are the key metrics to monitor each quarter.

At 18x forward earnings, Oracle carries a $664 billion signed backlog, with prepayments already offsetting part of its cash burn.

Contact [email protected] for any questions or corrections.

One of the most exciting yet controversial stocks in the market today is no doubt Palantir Technologies (PLTR -0.68%). The stock is up nearly 675% over the past five years, as of this writing, but it has also drawn criticism from respected short-seller Michael Burry. Burry made a name for himself by calling the housing collapse and is one of the key figures in the movie The Big Short, which documented that collapse.

The running joke around Palantir has long been that no one actually knows what the company does, despite the stock's strong performance. The company was formed shortly after the Sept. 11, 2001, terrorist attacks and was backed by PayPal co-founder Peter Thiel, who believed PayPal's fraud-detection framework could be adapted for use by security analysts.

Image source: Getty Images.

Palantir's first commercially successful product, stemming from these efforts, was its Gotham platform. The solution could gather and analyze data from disparate sources and help spot anomalies to detect potential threats. The government used the platform to follow money trails to uncover terrorist activities, and its Foundry solution was later adopted to track COVID-19 cases. Today, its platforms are used for a variety of use cases by the government, including out on the battlefield, helping with military intelligence.

While Foundry is used by the government, it has also helped push the company into the commercial market. Foundry aggregates information from various parts of an organization and unifies it into an ontology that links the data to physical objects and real-world processes. The solution took off after the company built its Artificial Intelligence Platform (AIP) on top of it, serving as an AI orchestration layer. The combination of clean data that can be linked to physical assets and everyday concepts has significantly reduced AI hallucinations in third-party AI models and delivered actionable insights. In essence, this has turned Palantir's AIP into something akin to an AI operating system.

Palantir consistently reports accelerating growth The rise of AI and the launch of Palantir's AIP set in motion huge growth for the company, especially in the U.S. commercial sector. The company's revenue growth has now accelerated for 12 consecutive quarters, culminating in a huge 93% year-over-year surge in Q2 2026.

Metric (YOY)

Q2 2023

Q3 2023

Q4 2024

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2026

Revenue growth

13%

17%

20%

21%

27%

30%

36%

39%

48%

63%

70%

85%

93%

Source: Company earnings reports. YOY = Year over year.

U.S. commercial revenue has been leading the way, skyrocketing 149% last quarter to $764 million in the quarter, while U.S. commercial remaining deal value soared 124% to $6.24 billion. The company is both adding new customers at a strong clip and seeing rapid growth with existing customers. Last quarter, its U.S. commercial customer count rose by 35% year over year and 6% sequentially. Perhaps the most impressive metric from Palantir's Q2 report, though, was its net revenue retention, which measures revenue growth from existing customers that have been with the company for more than 12 months. This metric came in at an eye-popping 157%.

Despite Palantir's impressive growth, Burry has thrown shade on the stock and has been increasing his short position. The most obvious knock on the stock is its valuation, which currently sits at a forward price-to-sales (P/S) ratio of 37 times 2027 analyst estimates. That's a hefty valuation, although the hypergrowth Palantir is currently experiencing can bring that multiple down pretty quickly if it can be sustained.

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Burry has also argued that Palantir's metrics resemble those of a consulting firm like Accenture rather than a software-as-a-service (SaaS) company, given its mounting receivables. However, the company's 85% gross margin doesn't look like anything close to Accenture's 32% gross margin last quarter, and its receivables are tied directly to how the government pays its customers.

Burry also thinks AI models could threaten Palantir's competitive moat. First, admitting the company has a moat seems to contradict his first argument that it is more akin to a consulting firm, as expressing concern over a threat to a moat implicitly acknowledges that a moat exists in the first place. Meanwhile, the importance of AI-model-agnostic software layers is becoming more evident by the day. AIP does not compete with AI models, and instead is a hugely important orchestration layer that sits on top of them.

Overall, while I agree Palantir stock isn't cheap, I still think it could become one of the largest and most important AI companies in the world over the next decade. This makes the bullish case stronger.

Geoffrey Seiler has positions in PayPal. The Motley Fool has positions in and recommends Accenture Plc, Palantir Technologies, and PayPal. The Motley Fool recommends the following options: long January 2028 $260 calls on Accenture Plc, short December 2026 $62.50 calls on PayPal, and short January 2028 $280 calls on Accenture Plc. The Motley Fool has a disclosure policy.

The Charles Schwab Corporation (NYSE:SCHW) will release earnings for its third quarter before the opening bell on Thursday, Oct. 15.

Analysts expect the Westlake, Texas-based company to report quarterly earnings of $1.67 per share, up from $1.31 per share in the year-ago period. The consensus estimate for SCHWs quarterly revenue is $7.21 billion. It reported $6.13 billion last year, according to Benzinga Pro.

On Oct. 1, Charles Schwab announced it will begin dual listing its common stock on the Texas Stock Exchange (TXSE).

Shares of Charles Schwab fell 1.7% to close at $96.70 on Friday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Piper Sandler analyst Patrick Moley maintained the stock with a Neutral rating and cut the price target from $118 to $100 on Oct. 2, 2026. This analyst has an accuracy rate of 79%. Compass Point analyst Ed Engel initiated coverage on the stock with a Buy rating and a price target of $135 on Aug. 3, 2026. This analyst has an accuracy rate of 61%. Morgan Stanley analyst Michael Cyprys maintained the stock with an Overweight rating and raised the price target from $133 to $136 on July 27, 2026. This analyst has an accuracy rate of 67%. Argus Research analyst Stephen Biggar maintained the stock with a Buy rating and raised the price target from $108 to $114 on July 23, 2026. This analyst has an accuracy rate of 72%. UBS analyst Michael Brown maintained the stock with a Buy rating and raised the price target from $122 to $128 on July 22, 2026. This analyst has an accuracy rate of 56%. Considering buying SCHW stock? Here’s what analysts think:

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CALGARY, Alberta, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation (TSX: ATH) (“Athabasca”) in a cash and stock transaction with an implied enterprise value of $5.7 billion.

Transaction Highlights

Clear strategic fit with Cenovus’s core oil sands business – Adds approximately 45 thousand barrels of oil equivalent per day (MBOE/d)1, including thermal production proximal to Cenovus’s Christina Lake, May River and Thornbury assets, expanding the company’s position in a core resource fairway.High-quality, long-life resource – Over 75 years of proved plus probable reserves life1, including high-quality oil sands assets at Leismer and Corner, providing significant growth potential and a pathway to accelerate thermal production to 115 thousand barrels per day (Mbbls/d) by 2032.Leverages Cenovus’s SAGD operating expertise – Application of Cenovus's proven SAGD operating model to Athabasca’s assets is expected to enhance reservoir performance, reduce steam-to-oil ratios, and accelerate resource recovery. Together with a differentiated project execution track record, including the profitable completion of over 30 successful oil sands phase expansions to date, Cenovus is uniquely positioned to optimize the value of the acquired SAGD assets.$85 million of annual corporate and commercial synergies – Cenovus expects to realize approximately $85 million per year of corporate and commercial synergies, with the majority captured in the first full year following closing of the transaction.Consolidates scalable Duvernay platform – Consolidates ownership of Duvernay Energy Corporation, a high-quality, oil-weighted position in the Kaybob Duvernay, with the option to accelerate development and grow production to a sustainable 20 MBOE/d. “This transaction strengthens our position in one of the world’s premier oil-producing regions and is a natural extension of our oil sands strategy,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Athabasca’s high-quality, long-life assets fit well with our portfolio and provide a clear opportunity to apply our scale and operating expertise to improve performance, grow production and create long-term shareholder value.”

1 Production and reserves life based on estimated 2026 production exit rate. See Advisory.

Transaction details

Under the terms of the arrangement agreement, Cenovus will acquire all of the issued and outstanding common shares of Athabasca at a price of $12.00 per share, payable in cash and Cenovus common shares. Each Athabasca shareholder (other than dissenting Athabasca shareholders) will have the option to elect to receive, for each Athabasca common share held: (i) $12.00 in cash; (ii) 0.264 of a Cenovus common share; or (iii) such other proportion of cash and Cenovus shares as specified by the Athabasca shareholder. Shareholders who do not make a valid election will be deemed to have elected to receive cash for each of their Athabasca common shares.

All elections will be subject to pro-ration based on a maximum of $4.3 billion in cash, equivalent to 75% of the total consideration, and a maximum of 44.4 million Cenovus common shares, equivalent to 35% of the total consideration. As a result, the aggregate consideration will comprise between 65% and 75% cash and between 25% and 35% Cenovus shares, based on elections made and deemed to be made by Athabasca shareholders. Depending on a particular shareholder’s election and pro-rationing, an Athabasca shareholder may ultimately receive entirely cash, entirely Cenovus shares or a combination of both.

Transaction funding

The cash portion of the consideration will be funded with cash on hand and certain short-term borrowings. Cenovus’s financial framework and net debt target of $4 billion are to remain unchanged.

Cenovus’s net debt at the end of the third quarter was approximately $3.0 billion. Including the cash component of this transaction, year-end 2026 pro forma net debt is expected to be between $5.0 billion to $5.5 billion2 at strip pricing representing less than 0.5 times adjusted funds flow3.

2 Assumes the maximum aggregate cash consideration of 75% or $4.3 billion and includes estimated transaction costs incurred upon closing. Forecasted at forward strip pricing as of September 30, 2026. Pro forma net debt may differ based on Athabasca shareholder elections and pro-ration.
3 Non-GAAP financial measure. See Advisory.

Timing and approvals

The transaction has been unanimously approved by the Board of Directors of both companies. Athabasca’s directors and executive officers have entered into voting and support agreements with Cenovus, pursuant to which they have agreed, subject to their terms, to vote all Athabasca common shares beneficially owned or controlled by them, representing approximately 2.2% of Athabasca’s issued and outstanding common shares, in favour of the transaction.

Cenovus expects the acquisition to close in December 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval of the transaction by Athabasca shareholders. The transaction is not subject to any financing contingency.

Advisors

CIBC Capital Markets is acting as the exclusive financial advisor to Cenovus. McCarthy Tétrault LLP is acting as legal advisor to Cenovus.

Conference call today

Cenovus will host a conference call today, October 5, 2026, starting at 7 a.m. MT (9 a.m. ET).

For analysts wanting to join the call, please register in advance.

To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the "Call Me" option to receive an automated call directly.

An audio webcast will also be available and archived for approximately 30 days.

A slide presentation with further details on the transaction can also be accessed in the investor section of our website at cenovus.com.

Advisory

Basis of Presentation
Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

Forward-looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of Cenovus, including following the acquisition of Athabasca, based on certain assumptions made in light of Cenovus’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “accelerate”, “acquire”, “anticipate”, “consolidate”, “create”, “depend”, “enhance”, “expect”, “leverage”, “maintain”, “may”, “opportunity”, “optimize”, “option”, “position”, “potential”, “realize”, “reduce”, “remain”, “synergy”, “target” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: acquiring all of the issued and outstanding common shares of Athabasca pursuant to a plan of arrangement (the “Acquisition”); elections of Athabasca shareholders and the associated pro-rations of cash and share consideration; integrating Cenovus’s and Athabasca’s businesses and operations and realizing the anticipated strategic, operational, commercial, corporate and financial benefits and synergies of the Acquisition and value and timing thereof; anticipated operation and development plans, including but not limited to, integrated development, expansion, existing asset optimization and potential asset integrations; the ownership consolidation of Duvernay Energy Corporation and the benefits therefrom; Cenovus's ability to provide a scalable platform and the associated optionality to accelerate development; the benefits of the Acquisition and the timing for realizing such benefits, including with respect to SAGD operation scaling, asset fit, thermal production growth, development, steam-to-oil ratio reduction, accelerated resource recovery, reserve and resource life, value optimization of Athabasca’s and Duvernay Energy Corporation's assets, integration of assets, synergies and the sources of such synergies, accretion to adjusted funds flow per share, long-term shareholder value, accretion to asset quality and financial impact; the funding of consideration; Cenovus's financial framework and net debt target of $4 billion remaining unchanged following the closing of the Acquisition; net debt and pro forma net debt following the closing of the Acquisition; anticipated pro forma net debt relative to adjusted funds flow at strip pricing; and timing of closing of the Acquisition.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and Athabasca and others that apply to the industry generally. The factors or assumptions on which the forward-looking information in this news release is based include, but are not limited to: information currently available to Cenovus about itself and Athabasca and the businesses in which they operate; the completion of the Acquisition on anticipated terms and timing; the satisfaction of customary closing conditions and obtaining regulatory and Athabasca shareholder approvals; general economic, market and business conditions; anticipated tax treatment; that actions by third parties do not delay or otherwise adversely affect completion of the Acquisition; that any litigation relating to the Acquisition does not prevent, materially delay or otherwise adversely affect its completion; integrating Cenovus’s and Athabasca’s businesses and operations and realizing the anticipated strategic, operational, commercial, corporate and financial benefits and synergies of the Acquisition and value and timing thereof; anticipated operation and development plans, including but not limited to, integrated development, expansion, existing asset optimization and potential asset integrations; the ownership consolidation of Duvernay Energy Corporation and the benefits therefrom; Cenovus's ability to provide a scalable platform and the associated optionality to accelerate development; the benefits of the Acquisition and the timing for realizing such benefits, including with respect to SAGD operation scaling, asset fit, thermal production growth, development, steam-to-oil ratio reduction, accelerated resource recovery, reserve and resource life, value optimization of Athabasca’s and Duvernay Energy Corporation's assets, integration of assets, synergies and the sources of such synergies, accretion to adjusted funds flow per share, long-term shareholder value, accretion to asset quality and financial impact; the accuracy of the reserve and resource estimates and the operating and development assumptions underlying the anticipated outcomes; that adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, arising from the announcement or completion of the Acquisition, do not materially impair completion, integration or realization of the anticipated benefits; combined company production estimates; the quality of the integrated resource/assets meeting expectations; that there will be no material change to Athabasca’s operations prior to completion of the Acquisition; assumptions regarding Athabasca shareholder elections and the associated rounding and pro-ration of cash and share consideration, including the applicable aggregate limits; the availability of cash on hand and short-term borrowings to fund the cash consideration and Cenovus’s ability to issue the shares required to satisfy the share consideration; Cenovus’s financial framework and net debt target remaining unchanged; the assumptions regarding shareholder elections, commodity prices, operating results, capital spending and funding underlying anticipated net debt, pro forma net debt and pro forma net debt relative to adjusted funds flow at strip pricing; no material changes to laws and regulations adversely affecting Cenovus’s or Athabasca’s operations or the Acquisition; commodity prices; and the assumptions inherent in Cenovus’s updated 2026 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward-looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; not completing the Acquisition on anticipated terms and timing, or at all, including failure to satisfy customary closing conditions or obtain required regulatory and Athabasca shareholder approvals; failing to complete the Acquisition on the terms contemplated by the arrangement agreement between Cenovus and Athabasca; differences in Athabasca shareholder elections and the resulting cash and share consideration from those assumed; the combined company’s inability to issue securities; potential litigation relating to the Acquisition that could be instituted against Cenovus or Athabasca; the delay or inability to integrate Cenovus’s and Athabasca’s businesses and operations and realizing the anticipated strategic, operational, commercial, corporate and financial benefits and synergies of the Acquisition and value and timing thereof; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the Acquisition; the inability or failure to achieve the anticipated operation and development plans, including but not limited to, integrated development, expansion, existing asset optimization and potential asset integrations; delay or inability to achieve the anticipated benefits from the ownership consolidation of Duvernay Energy Corporation; Cenovus's ability to provide a scalable platform and the associated optionality to accelerate development; delay or inability to achieve the anticipated benefits of the Acquisition and the timing for realizing such benefits, including with respect to SAGD operation scaling, asset fit, thermal production growth, development, steam-to-oil ratio reduction, accelerated resource recovery, reserve and resource life, value optimization of Athabasca’s and Duvernay Energy Corporation's assets, integration of assets, synergies and the sources of such synergies, accretion to adjusted funds flow per share, long-term shareholder value, accretion to asset quality and financial impact; inaccuracies in reserve and resource estimates or in the underlying operating and development assumptions; the quality of the integrated resource/assets failing to meet expectations; changes to Cenovus’s financial framework or net debt target; differences in shareholder elections, commodity prices, operating results, capital spending or funding; net debt, pro forma net debt or pro forma net debt relative to adjusted funds flow differing from anticipated levels; material changes to laws and regulations adversely affecting Cenovus’s or Athabasca’s operations or the Acquisition; the consequences of not completing the Acquisition, including the volatility of the share prices of Cenovus and Athabasca, negative reactions from the investment community and the required payment of certain costs related to the Acquisition; potential undisclosed liabilities in respect of Athabasca unidentified during the due diligence process; inaccuracies in the pro forma financial information of the combined company after the Acquisition; the interpretation of the Acquisition by tax authorities; the focus of management’s time and attention on the Acquisition and other disruptions arising from the Acquisition; volatility of, and other assumptions regarding, commodity prices; product supply and demand; market competition, including from alternative energy sources; inability to maintain relationships with partners or successfully manage and operate integrated businesses; and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the periods ended December 31, 2025 and June 30, 2026 and the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

The guidance in respect of Cenovus's expectations of future periods in this news release may be considered to be a financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and which may become available in the future. These projections constitute forward-looking statements and are based on several material factors and assumptions set out above. Actual results may differ significantly from such projections. See above for a discussion of certain risks that could cause actual results to vary. The financial outlook contained in this news release has been approved by management as of the date of this news release. Readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. Cenovus and its management believe that the financial outlook contained in this news release has been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgments, and represents, to the best of management's knowledge and opinion, expected and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

In respect of the net debt disclosure herein, readers are directed to Cenovus’s MD&A for the periods ended December 31, 2025 and June 30, 2026 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com), which includes a detailed composition of how Cenovus calculates the metric.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2025 and June 30, 2026 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

Certain financial measures in this news release do not have a standardized meaning as prescribed by IFRS Accounting Standards including Adjusted Funds Flow. These measures may not be comparable to similar measures presented by other issuers and are described and presented in order to provide shareholders and potential investors with additional measures for analyzing our ability to generate funds to finance our operations and information regarding our liquidity. This additional information should not be considered in isolation, or as a substitute for, measures prepared in accordance with IFRS Accounting Standards. Readers are directed to “Advisory – Specified Financial Measures” in Cenovus’s MD&A for the periods ended June 30, 2026 for further information.

Oil and Gas Advisory

Barrels of Oil Equivalent – natural gas volumes are converted to BOE on the basis of six Mcf to one bbl. BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

This news release makes assumptions relating to future production volumes based on reserve evaluation calculations prepared by third-party independent evaluators. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent in estimating quantities of proved and proved plus probable reserves and in projecting future rates of production. The total amount or timing of actual future production may vary significantly from reserves and production estimates.

This press release contains certain oil and gas metrics, such as “reserves life”, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional information regarding Cenovus’s acquisition of Athabasca; however, such measures are not reliable indicators of future performance and future performance may not compare to performance in previous periods and therefore such metrics should not be unduly relied upon.

Athabasca reserves life is calculated using total gross reserves on a 2P basis and dividing them by Athabasca management’s current anticipated 2026 exit production, in each case as included in Athabasca’s public disclosure. Although Cenovus has no knowledge that would indicate that any information contained in the documents filed by Athabasca are untrue or incomplete, Cenovus does not assume any responsibility for the accuracy or completeness of the information contained in such documents, or for any failure by Athabasca to disclose events that may have occurred or that may affect the significance or accuracy of any such information, which are unknown to Cenovus.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors
Investor Relations general line
403-766-7711

Media
Media Relations general line
403-766-7751

5.10.2026 11:48, BAAPRIUA

Český výrobce bezpilotních letounů Primoco UAV zveřejnil na svých stránkách předběžné konsolidované výsledky za první tři čtvrtletí roku 2026.

Předběžné konsolidované výsledky Primoco (BAAPRIUA) za 9M 2026   9M 2026 9M 2025 Tržby (mil. Kč) 431 258 Zisk EBITDA (mil. Kč) 143 75 Čistý zisk (mil. Kč) 105 50 Za první pololetí společnost celkově prodala 2 letouny a 2 letouny dodala, v samostatném druhém kvartálu nedodala ani neprodala jediný letoun. V srpnu společnost dle tiskové zprávy dodala 12 letounů, přičemž v roce 2026 při naplnění smluvního harmonogramu dodá dalších 18 letounů, které představují očekávané tržby přibližně 515 mil. Kč.

Detailní výsledky za třetí čtvrtletí společnost zveřejní 2. listopadu 2026.

Výhled Pro celý rok 2026 společnost očekává konsolidované tržby v rozmezí 900 mil. až 1,0 mld. Kč a zisk EBITDA v rozmezí 225 až 300 mil. Kč.

Akcie Primoco UAV Akcie Primoco UAV (BAAPRIUA) na pražské burze posilují 7,44 % na 664,0 Kč.

Zdroj: Primoco UAV

Jan Prokeš, Fio banka, a.s.

Související odkazy Pražská burza otevírá týden poklesem, Primoco zveřejnilo pololetní výsledky Primoco UAV reportovalo za 1H, dodávky se údajně přesouvají do druhého pololetí Primoco se vyjádřilo ke sporu s akcionářem ohledně změny stanov Primoco UAV posiluje management o dvě nové ředitelky Výrobce bezpilotních letadel Primoco reportoval za 1Q

Toronto, Ontario--(Newsfile Corp. - October 5, 2026) - TempraMed Technologies Ltd. (CSE: VIVI) (OTCQB: TMPTF) (FSE: 9DY) ("TempraMed" or the "Company"), a medical technology company transforming the storage, protection and management of temperature-sensitive medications, is pleased to announce that its VIVI Cap Smart™ platform now supports connectivity with Apple Health and Google Fit, advancing the Company's strategy to make injectable medication use visible within leading health and wellness ecosystems.

VIVI Cap Smart™ is TempraMed's connected temperature-protection device for insulin pens, GLP-1 therapies and other injectable medications. The product combines TempraMed's validated passive thermal-shield technology with digital capabilities designed to help patients monitor medication exposure, track injections, receive reminders and share medication-use information with caregivers, healthcare professionals and remote patient management systems.

Management believes this connectivity represents an important strategic milestone for TempraMed as the healthcare market shifts toward home-based care, wearable devices, AI-enabled health platforms and patient-generated health data. While today's wearable and health platforms commonly track activity, heart rate, glucose, sleep, app engagement and health records, injectable medication use remains a major missing signal. VIVI Cap Smart is designed to close this gap by capturing medication-use and temperature-integrity data from the injectable therapies patients use every day.

Highlights

Connects injectable medication use to leading health platforms: VIVI Cap Smart connectivity with Apple Health and Google Fit is designed to allow patients to include injection-related information alongside broader personal health data.

Creates a new data layer for injectables: The platform helps capture injection activity, medication reminders, temperature exposure and adherence-related signals from insulin, GLP-1 and other injectable medication use.

Supports home-care and remote monitoring models: VIVI Cap Smart is designed to enable better visibility for patients, family members, caregivers and healthcare professionals as more chronic therapies move from clinics into the home.

Pen-agnostic and platform-ready: Unlike smart-pen solutions tied to a single drug manufacturer or device format, VIVI Cap Smart is designed to work across multiple pen brands and therapy categories while adding temperature protection.

Positions TempraMed for strategic partnerships: The Company believes injectable medication data is increasingly relevant to wearable, digital-health, AI, pharma, medical-device and payer platforms seeking new clinical signals and better patient engagement.

Supports recurring digital-health revenue: VIVI Cap Smart is built around a connected-device and subscription model, creating the potential for software-enabled revenue in addition to hardware sales.

The Missing Signal in Digital Health: Injectable Medication Use

Hundreds of millions of patients worldwide now use injectable medications for diabetes, weight management, autoimmune conditions, fertility, allergies and other chronic or acute conditions1. At the same time, wearable devices and health platforms are becoming central to how patients and healthcare providers monitor health trends, adherence and outcomes.

Despite this momentum, injectable medication behavior remains largely disconnected from the digital-health ecosystem. Wearables may track vital signs and biosensor data, but they generally do not know whether a patient actually used an injectable medication, when the injection occurred, or whether the medication was exposed to damaging temperatures before use.

VIVI Cap Smart was developed to address that gap. The platform is designed to provide a universal injectable-therapy layer that combines:

Temperature protection for in-use medications;

Automatic injection-event capture;

Medication reminders;

App connectivity;

Voice dose recognition and manual dose entry;

Real-time alerts and data analytics; and

Integration potential for remote patient monitoring and health platforms.

"VIVI Cap Smart is about much more than protecting medication from heat and cold, it turns the injectable medication into a connected data point. For patients, that means better reminders, more confidence and better visibility. For caregivers and clinicians, it means access to information that is usually missing. For digital-health platforms, it adds one of the most important clinical signals they do not currently capture: injectable medication use," said Ron Nagar, Chief Executive Officer of TempraMed. "Apple Health, Google Fit and other health platforms are becoming the operating systems of personal health, Our vision is that every injectable medication—whether insulin, GLP-1 therapy, biologic, epinephrine or other critical medication—should be both temperature protected and digitally visible. VIVI Cap Smart is pen agnostic, and designed to make that possible without requiring drug manufacturers, device makers or platforms to build a new solution for each pen or medication format."

VIVI Cap Smart provides a practical way to connect injectable medication behavior to these ecosystems, while also solving the real-world challenge of medication temperature exposure. VIVI Cap Smart is strategically relevant to the next generation of health platforms because it brings a new layer of patient-generated data into the ecosystem.This creates a differentiated opportunity for TempraMed across several partner categories:

Wearable and health platforms, which can add injectable medication behavior to existing health data streams;

Pharmaceutical companies, which can better support patients using insulin, GLP-1 therapies, biologics and other injectables;

Medical-device companies, which can strengthen connected-care offerings around injection therapy;

Payors and health systems, which can support adherence, reduce waste and improve real-world visibility; and

Remote patient monitoring platforms, which can incorporate medication-use signals into care-management workflows.

Making Every Injection Device Connected and Temperature Protected

TempraMed's long-term strategy is to make every injection device connected and temperature protected. VIVI Cap Smart represents a key step in that strategy by combining the Company's patented thermal-shield platform with smart connectivity and health-data integration.

The Company's broader smart platform roadmap includes connected solutions for insulin pens, GLP-1 therapies, epinephrine auto-injectors, vials, biologics and multi-medication storage formats.

Management believes this approach positions TempraMed as a potential enabling technology layer for the rapidly expanding market of injectable therapies, home care, digital health, wearables and AI-driven health platforms.

About TempraMed Technologies Ltd.

TempraMed Technologies Ltd. is a global medical-device company with a portfolio of innovative, temperature-controlled medication-storage solutions. Founded with the mission to safeguard the effectiveness of life-saving medications, TempraMed develops patented, FDA-registered thermal-insulation devices that operate continuously without batteries or external power. Its commercial product portfolio includes VIVI Cap™, VIVI Cap Smart™, VIVI Epi™, and VIVI Med™. TempraMed enables patients and healthcare providers to confidently manage temperature-sensitive medications anywhere, anytime.

Cautionary Statements

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE'S REGULATION SERVICES PROVIDER.

This press release contains "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements can be identified by words such as "anticipate," "believe," "expect," "intend," "plan," "may," "will," "should," "strategy," "future," "potential," and similar expressions.

Forward-looking statements in this press release include, without limitation, statements regarding the Company's VIVI Cap Smart platform, its connectivity with Apple Health and Google Fit, the expected benefits of such connectivity, the Company's strategy to integrate injectable medication data into digital-health platforms, future partnerships, recurring digital-health revenue, market adoption, patient engagement, remote patient monitoring opportunities, and the Company's broader connected-product roadmap.

Forward-looking statements are based on current expectations, assumptions and estimates of management as of the date of this press release and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such risks include, among others, changes in customer demand, timing of product development and commercialization, technical integration risks, third-party platform requirements, regulatory developments, data-privacy requirements, market acceptance, competitive factors, availability of financing, supply-chain constraints and general economic and business conditions.

Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

1 https://www.marketsandmarkets.com/Market-Reports/injectable-drug-delivery-market-150.html

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317246

Source: TempraMed Technologies Ltd.

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With a market cap hovering near $60 billion, Argenx SE (ARGX -1.79%) is no longer a new kid on the block in the biopharmaceutical world. However, the drugmaker still has a long way to go before becoming one of the largest healthcare companies.

Quite a few people on Wall Street believe that Argenx will make some headway on that goal in the near future, though. While the biotech stock was priced at roughly $919 as of the market close on Friday, Oct. 2, 2026, 10 analysts predict that it's headed to at least $1,200 over the next 12 months.

Image source: Getty Images.

Wall Street's take on Argenx Two analysts are especially bullish about Argenx. Wells Fargo (WFC +0.25%) and UBS (UBS +0.29%) set 12-month price targets of $1,415 and $1,400, respectively, for the stock, reflecting potential gains of more than 50%.

Another two analysts are only slightly less upbeat. TD Cowen (TD +0.23%) thinks Argenx can climb to $1,353, while Citi (C +1.18%) expects the stock to rise to $1,301.

Six others also have price targets of between $1,200 and $1,300: Citizens JMP (CFG +0.99%), H.C. Wainwright, Jefferies (JEF +1.59%), Piper Sandler (PIPR -0.64%), Morgan Stanley (MS +1.22%), and Stifel Nicolaus (SF -0.09%).

Granted, some analysts aren't as enthusiastic about Argenx. Still, the average price target for the stock is around $1,182, which represents potential upside of roughly 29%. Of the 21 analysts who have rated Argenx in the past three months, all but one rated it a "buy." The sole outlier recommending holding the stock.

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What's behind the optimism? It shouldn't be surprising that most analysts are optimistic about Argenx. The company delivered $1.5 billion in global product net sales in its latest quarter, up 60% year over year and 17% quarter over quarter.

Vyvgart and Vyvgart Hytrulo are driving Argenx's growth. Both drugs are approved in the U.S. for the treatment of generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP), autoimmune diseases that affect different parts of the nervous system. Vyvgart is also approved in Japan for the treatment of primary immune thrombocytopenia (ITP).

More approvals for other autoimmune diseases could be on the way. In August 2026, Argenx announced positive results from a late-stage study evaluating Vyvgart Hytrulo for the treatment of adults with autoimmune myositis. The company expects to report data from two other late-stage studies next year, one targeting primary ITP and another targeting Sjogren's disease.

Argenx isn't a two-trick pony, though. Its pipeline also features empasiprubart, which is being evaluated in registrational clinical trials for the treatment of multifocal motor neuropathy (MMN) and CIDP. The company is testing adimanebart as a treatment for congenital myasthenic syndromes (CMS) and spinal muscular atrophy. Argenx recently completed its acquisition of Forte Biosciences, adding promising experimental autoimmune disease therapy FB102 to its quiver.

Wall Street overwhelmingly views Argenx stock as a great stock to buy right now. But are the majority of analysts right? I think so.

It's important not to ignore the potential challenges for the company, though. Argenx's success hinges on positive results from its multiple ongoing Phase 3 clinical studies. Any disappointments from those trials could cause the stock to decline. More than one clinical setback could send Argenx's shares spiraling downward.

Argenx also faces a headwind in China. Net product sales in the country plunged 62% year over year in the second quarter of 2026. Granted, China accounts for only a small percentage of Argenx's total revenue, but it remains an important long-term opportunity.

Whether or not Argenx's share price can soar 30% or more over the next 12 months, as many Wall Street analysts expect, remains to be seen. However, the risk-reward proposition for this biotech growth stock looks attractive.

Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) has raised about £1.2 million before expenses, selling 27.5 billion new shares at 0.00436p apiece to a group of institutional and professional investors.

The money goes towards firing up operations again at the Zulu Lithium and Tantalum Project in Zimbabwe, including a possible restart of the processing plant and the remobilising of mining.

It marks a shift in approach as the original plan was to build a larger run-of-mine stockpile before processing resumed. Instead, Premier will work through roughly 13,000 tonnes of ore already sitting on the ROM pad.

The first job is a campaign of about 15 days, with the focus on keeping the plant running steadily and checking throughput, recoveries and product quality.

Managing director Graham Hill said a successful run should give the board, shareholders and potential funders a clearer read on what Zulu can do, and a firmer footing for deciding the next step.

More blasted ore within the EPO could be moved to the pad afterwards, subject to how the plant performs and whether the working capital is there.

The new shares should start trading on AIM on or around 9 October, taking the share count to 77.6 billion.

China's Huawei Technologies (HWT.UL) said on Monday it had agreed a broad multi-year ​patent licence deal with Qualcomm (QCOM.O) covering ‌artificial intelligence, 5G, computing and networking technologies.

Here are some details:

The agreement includes Qualcomm's purchase of ​certain Huawei US patents related to ​computing, AI and networking, Huawei said in ⁠a statement.

It is Huawei's first patent ​licensing deal with Qualcomm that covers 5G ​technologies.

Huawei said the deal is expected to push the total value of its patent licensing agreements ​to more than $6.9 billion once completed.

The ​company said its intellectual property licensing business has generated ‌positive ⁠revenue since 2021, reflecting years of heavy investment in research and development.

Huawei ramped up R&D spending in recent years, as ​US trade ​restrictions since ⁠2019 have limited its ability to buy advanced chips and ​crucial software.

Huawei made its first licensing ​payment ⁠to Qualcomm in 2001, while it received its first licensing income in 2011 ⁠from ​Motorola.

The Qualcomm agreement follows a ​licensing deal with HP Inc (HPQ.N) announced by Huawei in August.

Australia's CSL (CSL.AX) said on Monday it had entered ​into an agreement with Switzerland-based Alentis Therapeutics to ‌co-develop and co-promote a treatment for rare kidney and liver diseases, in a deal worth up to $1.6 billion before development ​funding.

Under the partnership, CSL will make an upfront ​payment of $355 million, while Alentis is eligible for ⁠up to $1.2 billion in commercial milestone payments.

The deal ​gives the Australian biotech giant rights to jointly develop ​and commercialise lixudebart, a potential first-in-class treatment being studied for rare kidney and liver diseases.

Lixudebart, formerly known as ALE.F02, is currently ​in a Phase 2 trial for a rare autoimmune ​kidney disease that can cause irreversible kidney damage and end-stage renal ‌disease.

The ⁠drug was granted orphan drug designation — a special status granted by the US FDA to investigational therapies intended to prevent, diagnose, or treat rare diseases or ​conditions — for the ​treatment of ⁠idiopathic pulmonary fibrosis, or chronic lung disease, in 2024.

The companies also plan to advance ​the drug as a potential treatment for ​focal ⁠segmental glomerulosclerosis (FSGS), a chronic kidney disease, and primary sclerosing cholangitis (PSC), a chronic liver disease for which there is ⁠currently ​no approved therapy.

Once commercialised, global profits ​from the drug will be shared 55% to CSL and 45% to ​Alentis.

Unless otherwise noted, all financial figures are presented in Canadian dollars (Cdn$).

Calgary, Alberta--(Newsfile Corp. - October 4, 2026) -

Agreement reached to sell interests in Terra Nova, White Rose, and West White Rose for $1.2 billion cash and an additional contingent payment of up to $350 million Increased share repurchases from $500 million to $750 million per month beginning in October 2026 Investor Day commitments to grow normalized free funds flow by $2 billion and reduce WTI breakeven by US$5/bbl through 2028, remain unchanged Suncor Energy (TSX: SU) (NYSE: SU) announced today that it has entered into a definitive agreement to sell its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets to Ithaca Energy plc (Ithaca) for $1.2 billion (US$860 million) of upfront cash and an additional contingent payment of up to $350 million (US$250 million), based on future oil prices.

In addition, Ithaca will assume investment commitments and all future liabilities associated with the assets, including a $500 million regulatory well compliance program starting in 2027 at Terra Nova and the total estimated abandonment and lease liabilities of $1.4 billion.

Ithaca is one of the largest independent operators in the UK North Sea, bringing new capital and significant offshore expertise to Canada's East Coast industry. As part of its entry into the region, Ithaca intends to assume operatorship of Terra Nova.

"This transaction further focuses our efforts on opportunities that generate the greatest long-term shareholder value," said Rich Kruger, Chief Executive Officer. "We are aligning our portfolio around our competitive advantages and the strengths of our unparalleled, physically-integrated business, underpinned by large-scale, long-life oil sands resources."

The transaction has an effective date of July 1, 2026 and is expected to close in early 2027, subject to customary closing conditions, regulatory approvals and partner consents. Suncor will retain its interests in Hebron and Hibernia.

"Our Investor Day commitments to grow normalized free funds flow and reduce WTI breakeven remain unchanged, reflecting the strength of our integrated asset base and confidence in our ability to deliver," added Rich Kruger.

Concurrent with this announcement, Suncor has increased share repurchases under its normal course issuer bid from $500 million to $750 million per month beginning in October 2026.

Suncor Energy - Canada's leading integrated energy company

Suncor's operations span the full energy value chain, including oil sands mining and in situ operations, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing and trading, and nationwide Petro-Canada™ retail and wholesale networks - delivering reliable energy that fuels economic growth and meets the needs of customers across Canada and globally. With an unwavering focus on safety, operational excellence, and profitability, Suncor is committed to delivering industry-leading performance and long-term shareholder value. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.

For more information, visit suncor.com, subscribe to Energy Rising or follow us on LinkedIn, Instagram and Facebook.

Legal Advisory - Forward-Looking Information

Forward-looking statements in this news release include statements about expected share repurchases, including the amount and timing of such repurchases; 2026 Investor Day commitments including the increases in normalized free funds flow by 2028 and the US$5 per barrel reduction to WTI breakeven by 2028; and expectations regarding the sale of the non-core offshore assets, including the expected timing thereof. Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor's actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.

Suncor's Annual Information Form and Annual Report to Shareholders, each dated February 25, 2026, its Form 40-F dated February 26, 2026 and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available by referring to suncor.com/FinancialReports or to the company's profile on SEDAR+ at sedarplus.ca or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317317

Source: Suncor Energy Inc.

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 | Source: Vaxcyte, Inc.

SAN CARLOS, Calif., Oct. 04, 2026 (GLOBE NEWSWIRE) -- Vaxcyte, Inc. (Nasdaq: PCVX), a clinical-stage vaccine innovation company, today announced it will host a webcast and conference call tomorrow, October 5, 2026 at 8:00 a.m. ET / 5:00 a.m. PT to present topline data from the OPUS-1 adult pivotal Phase 3 trial evaluating the safety, tolerability and immunogenicity of VAX-31, the Company’s 31-valent pneumococcal conjugate vaccine (PCV) candidate designed to prevent invasive pneumococcal disease (IPD) and pneumococcal pneumonia.

To participate in the conference call, please dial 800-445-7795 (domestic) or 785-424-1699 (international) and refer to conference ID PCVX1005. A live webcast of the conference call will also be available on the investor relations page of the Vaxcyte corporate website at www.vaxcyte.com. 

After the live webcast, the event will remain archived on the Vaxcyte website for at least 30 days.

About Vaxcyte
Vaxcyte is a vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. VAX-31, a 31-valent PCV candidate being evaluated in the OPUS Phase 3 adult clinical program and in a Phase 2 infant clinical program, is being developed for the prevention of IPD and is the broadest-spectrum PCV candidate in the clinic today. VAX-24, a 24-valent PCV candidate, has generated positive Phase 2 clinical results in both adults and infants and is designed to cover more serotypes than any PCV on-market. VAX-31 and VAX-24 are designed to improve upon standard-of-care PCVs by covering the serotypes in circulation that cause a significant portion of IPD and are associated with high case-fatality rates, antibiotic resistance and meningitis, while maintaining coverage of previously circulating strains. VAX-XL, in earlier-stage development, also leverages the Company’s carrier-sparing, site-specific conjugation technology with the aim of further expanding coverage to deliver the broadest-spectrum candidate in the Company’s PCV franchise.

VAX-A1 is a prophylactic vaccine candidate designed to provide broad, strain-independent protection against disease caused by Group A Strep and is currently being evaluated in a Phase 1 clinical study in adults. Group A Strep remains a significant global cause of morbidity and mortality across both adult and pediatric populations and is a leading driver of antibiotic use, underscoring the substantial public health burden.

Vaxcyte is re-engineering the way highly complex vaccines are made through XpressCF®, its cell-free protein synthesis platform exclusively licensed from Sutro Biopharma, Inc. Unlike conventional cell-based approaches, the Company’s system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits. Vaxcyte’s pipeline also includes VAX-GI, a vaccine candidate designed to prevent Shigella. For more information, visit www.vaxcyte.com.

Contacts:
Patrick Ryan, Executive Director, Corporate Affairs
Vaxcyte, Inc.
415-606-5135
[email protected]

Jeff Macdonald, Executive Director, Investor Relations
Vaxcyte, Inc.
917-371-0940
[email protected]

Howard Hughes (NYSE:HHH) shareholders elected all 11 board nominees, approved the company’s advisory executive-compensation proposal and ratified KPMG as independent auditor for 2026, according to preliminary results announced at the company’s annual meeting.

Executive Chair Bill Ackman said each director received more than 96% support, while the say-on-pay proposal and auditor ratification each received about 99% support. Final voting results are expected to be filed with the Securities and Exchange Commission within four business days.

Company outlines insurance-led strategy Following the formal meeting, Ackman outlined Howard Hughes’ strategy to become an insurance-led diversified holding company while reshaping its real estate operations into a more capital-light business. The centerpiece of that strategy is the company’s June acquisition of specialty insurance and reinsurance company Vantage. Ackman said Howard Hughes injected $900 million of capital into Vantage, with $300 million coming from Howard Hughes’ balance sheet and the remainder provided by Pershing Square. Howard Hughes owns slightly more than half of Vantage, while Pershing Square holds the remaining economic interest through a preferred instrument that Howard Hughes can redeem over seven years.

Ackman said the company’s initial focus is to expand Vantage’s capital base and eventually consider redeeming the preferred interest, depending on relative investment opportunities. He said the company does not expect major insurance acquisitions in the near term.

Vantage Executive Chair Marc Grandisson said the insurer’s approach will emphasize underwriting discipline over premium growth. “Top-line volatility leads to bottom-line stability,” Grandisson said, describing a strategy of writing more business when market conditions are favorable and reducing exposure when pricing does not meet return requirements.

Grandisson, formerly CEO of Arch Capital, said Vantage has room to grow because of its relatively small scale and opportunities across specialty insurance and reinsurance. He identified Europe and London as potential areas for expansion, while also citing opportunities to build in existing product lines and potentially add areas such as liability coverage.

David Gansberg is expected to become Vantage’s CEO in June, while Grandisson continues as executive chair. Ackman also highlighted the addition of Lucy Fato, formerly vice chair and general counsel at AIG, to the broader leadership effort.

Investment portfolio repositioned Ackman said Vantage’s investment portfolio was repositioned shortly after the acquisition. At closing, the roughly $3.1 billion portfolio consisted primarily of fixed-income investments. The company sold its longer-duration fixed-income holdings and shifted capital toward short-term U.S. Treasuries and a common-stock portfolio managed by Pershing Square.

According to Ackman, short-term Treasuries now represent about 62% of the portfolio, while common stocks account for about 37%. He described the approach as a “barbell” strategy intended to maintain liquidity for insurance obligations while seeking higher long-term returns from equities.

Howard Hughes and Pershing Square compared the strategy to Berkshire Hathaway’s longstanding practice of holding substantial liquid assets against insurance float while investing surplus capital in equities. Ackman said Howard Hughes intends to maintain lower leverage than a typical property-and-casualty insurer and write less premium relative to equity than the industry norm, although management said those levels could evolve as Vantage grows.

Grandisson said Vantage currently has limited catastrophe exposure and that risk management will focus on avoiding events that could materially impair capital. He said the company monitors a range of potential exposures and uses conservative assumptions in assessing probable maximum losses.

Real estate business to seek partners Howard Hughes also plans to bring outside capital into its real estate portfolio, with the objective of extracting capital for redeployment into Vantage while retaining operating control and a meaningful ownership interest in projects.

Ackman said the company intends to seek joint-venture partners for approximately 80% of the equity invested in income-producing assets and its master planned community business. The company also plans to sell certain non-core assets.

David O’Reilly, CEO of Howard Hughes, said advisers are expected to begin marketing the income-producing portfolio to potential partners by the end of the year. He said the company has about $2 billion to $2.2 billion of equity in income-producing assets. Ackman said the company believes it could generate more than $2 billion of capital “comfortably into next year,” though he described timing around the master planned community business as less certain.

The company estimated the after-tax value of its real estate assets at roughly $5 billion and said it could retain about $1 billion of equity exposure while potentially extracting about $4 billion for other uses. Ackman said the new structure would allow Howard Hughes to earn management, performance and incentive fees on third-party capital while continuing to own and control interests in its real estate assets.

O’Reilly said asset-level transactions would involve sales of equity rather than the elimination of existing property debt. For residential land, which generally does not carry substantial leverage, the company expects the strategy to retain a meaningful equity stake while enabling additional development activity where risk-adjusted returns justify it.

Management addresses valuation and capital allocation Ackman said management believes Howard Hughes shares trade at a discount to the after-tax value of its real estate portfolio, with Vantage valued near cost in the market. He argued that transitioning from an asset-heavy real estate company to a capital-light real estate manager and insurance-led holding company could improve returns on equity and lead to a higher market valuation.

When asked whether the company should repurchase shares, Ackman said he believes the highest-return use of marginal capital is currently investment in Vantage, including potentially redeeming Pershing Square’s preferred interest, rather than buying back Howard Hughes shares.

Management also said it does not expect to materially expand its long-term land bank. O’Reilly said Teravalis, the company’s 37,000-acre community west of the White Tank Mountains in Arizona, has commercial-development potential that could include data centers. He said the company has water supply certificates for the first 5,000 acres of the community and is in discussions with companies considering relocations.

About Howard Hughes (NYSE:HHH) Howard Hughes Holdings Inc (NYSE: HHH) is a real estate development and management company focused primarily on master planned communities and mixed-use properties. The company develops residential neighborhoods and supporting infrastructure while also owning and operating commercial, retail, office, multifamily, hospitality and entertainment assets.

Its portfolio includes master planned communities such as The Woodlands, Bridgeland and The Woodlands Hills in the Houston area; Summerlin in the Las Vegas region; Ward Village in Honolulu; and Teravalis in the Phoenix metropolitan area.

Torex Gold Resources (TSE:TXG) outlined plans to build on production from its Morelos property in Mexico, advance the Los Reyes development project and return capital to shareholders as it seeks to close what it described as a valuation gap.

During a company presentation, Andrew, a Torex speaker, said the company’s strategy rests on “strong execution, visible growth, and disciplined capital allocation.” He said Torex expects to generate about C$600 million in free cash flow this year at current spot prices and plans to use that cash flow for growth investments and shareholder returns.

The company said it expects to return C$350 million to shareholders this year through dividends and share buybacks. The program, initially announced in November and increased in May, includes a dividend yield of about 1%, according to the presentation. Morelos Production and Expansion Plans Torex’s flagship Morelos property in Guerrero State, Mexico, is expected to produce close to 450,000 ounces this year. The company said the asset has a 10-year mine life at an annual production rate of about 450,000 ounces, while providing additional opportunities to extend mine life and increase output.

The company completed construction of the Media Luna underground mine, its second underground operation at Morelos, a year ago. Andrew said Media Luna reached design levels in the first quarter, a year ahead of schedule.

Torex is spending a record C$50 million on drilling this year at Morelos, including work at the ELG and Media Luna underground mines and across the Media Luna cluster. The company recently reported drilling results pointing to a potential mineralized area known as the San Miguel Corridor, extending from Media Luna South to Media Luna East.

Andrew said Torex could increase spending on the corridor next year and drill it from west to east. If drilling progresses as planned, the company could declare an inaugural resource for the area in the first quarter of 2028. He said the corridor’s proximity to Media Luna could allow the company to connect any future resource to existing infrastructure, including the Guajes Tunnel and material-handling systems.

Torex also expects first ore from Media Luna North, which would become its third underground mine at the Morelos property, in December. The company said the new mine would shift Morelos from being mine-constrained to plant-constrained, creating additional options for higher production.

A debottlenecking project could increase processing throughput and production by about 10% with approximately C$10 million of capital investment. Torex said benefits from the debottlenecking work could begin as early as late 2027. A separate plant-expansion study is evaluating an increase in throughput to 14,500 tonnes per day, or about 35% above current throughput. The larger expansion is expected to cost about C$100 million, with a potential decision in the first half of next year. Second-Half Production Expected to Improve Torex produced about 200,000 ounces during the first half of 2026 and expects output to rise significantly during the second half, driven by higher grades, Andrew said. The company’s first-half mine plan included more lower-grade secondary stopes because its paste plant, commissioned after coming online in September of the prior year, limited mining flexibility.

With additional stopes now backfilled, Torex expects to mine higher-grade areas in the second half. Andrew said third-quarter performance was tracking to plan and that the company was comfortable producing around the midpoint of its 2026 guidance.

Los Reyes and Exploration Pipeline Beyond Morelos, Torex is advancing the Los Reyes gold-silver development project in Sinaloa. A preliminary economic assessment issued in July outlined a potential 14-year mine life, with production of 161,000 ounces annually during the first 11 years, estimated all-in sustaining costs of C$1,600 per ounce and C$550 million in capital required to bring the project online.

The company has started a pre-feasibility study that it expects to release in the second half of next year. A feasibility study is planned for 2028, followed by a two-year construction period in 2029 and 2030. Torex said it is targeting production at Los Reyes by 2031.

Torex also has five exploration assets, including Griffin and Medicine Springs in Nevada, and three properties in northern Mexico. The company said it is drilling at four of the five projects this year and will advance them based on results and their ability to compete for capital within its portfolio.

Andrew said Torex is applying for a New York Stock Exchange listing and expects the process to be completed in the coming months. He also said the company has received more permits in Mexico over the past 12 months than in the preceding eight years, describing the permitting environment as improving.

About Torex Gold Resources (TSE:TXG) Torex Gold Resources Inc is a Canadian mining company engaged in the exploration, development, and production of gold, copper, and silver from its flagship Morelos Complex in Guerrero, which is currently Mexico’s largest single gold producer.

CoreWeave (CRWV +1.19%) is a stock that many investors struggle with. It is a leader among neocloud companies, and Nvidia's stake in and partnership with CoreWeave gives it a competitive advantage.

Unfortunately, as an emerging company, CoreWeave has had to rely heavily on debt to meet its growing backlog, making its prospects uncertain should the artificial intelligence (AI) boom slow down. Consequently, the question for investors is whether the cloud stock is a buy despite that risk.

Image source: The Motley Fool.

The state of CoreWeave Admittedly, CoreWeave is likely on track for massive gains if it can survive its challenges. Its backlog grew to more than $104 billion as of the end of the second quarter of 2026. Also, since it signed an additional $25 billion deal in early Q3, that figure will almost certainly increase after the Q3 release.

Moreover, it appears to have some pricing power, as Q2 revenue of nearly $2.6 billion increased by 112% from year-ago levels. Amid that growth, it lost $626 million as its interest expense hit $640 million.

Furthermore, its price-to-sales (P/S) ratio of 6 might imply the stock is a screaming buy. Still, from another perspective, it suggests the stock is cheap for a reason.

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That metric inspired my purchase and later exit from the stock as I became concerned about one growing problem: the massive debt load. CoreWeave reported over $14 billion in capital expenditures (capex) in the first half of 2026 after spending $10 billion in 2025. To fund that spending, it has accumulated over $35 billion in total debt, a tremendous burden for a company with $5 billion in book value.

Indeed, the debt may not be a problem if revenue continues to grow rapidly. Still, rising interest rates will probably make this financing more expensive.

Additionally, higher interest rates could put the brakes on a rapidly growing industry, potentially leading to an AI bust. If that were to occur, CoreWeave's ability to service its debt could become uncertain.

Hence, while investors can buy this up-and-coming AI stock cheaply, they also take on tremendous risks by buying now.

Given the level of risk, CoreWeave stock is probably not a buy unless it proves it can survive a pullback in the AI industry.

Indeed, the stock is cheap, and if it can stay afloat amid its debt burden, it could make investors wealthy. For now, it looks like it is doing just that.

However, that could change if rising interest rates or another headwind cause an industry slowdown. It was that issue that persuaded me to sell my shares, at least for now.

Despite that concern, I do not think AI is going away, and I believe the world will need neoclouds regardless of industry cycles. If CoreWeave shows it can survive such an event, I will likely reestablish my position in this stock.

Nonetheless, a rising-rate environment is not one in which I want to own a heavily indebted company, and that risk could outweigh the potential rewards of holding shares right now. Thus, unless one has a high risk tolerance, I do not think investors should own CoreWeave at this time.

What happened Meta Platforms, Inc. (NASDAQ: META) agreed in August to an approximately $18 billion youth-safety settlement with 52 attorneys general. The payment is scheduled in annual installments over 10 years, pending judicial approval.

About $12.7 billion is allocated to participating states. The remaining approximately $5.3 billion is released only if YouTube and TikTok adopt specified protections and each makes a matching payment. Meta Platforms, Inc. (NASDAQ: META) expects to accrue an approximately $10 billion legal expense in the third quarter.

Read more: Meta Platforms (META) stock analysis and investment case Why it matters The quick answer is no: the approximately $18 billion headline is neither a fixed near-term cash bill nor the expected third-quarter accounting charge. State attorneys general describe the settlement as up to $17.1 billion, reinforcing that the public figures are estimates of a structured agreement, not one certain check.

The decisive number is 29.4%. Divide the approximately $5.3 billion conditional portion by the $18 billion headline. Nearly three-tenths of the announced amount depends on rival platforms adopting protections and funding their shares.

The approximately $10 billion expected charge is still material. In the second quarter, Meta Platforms, Inc. (NASDAQ: META) produced $31.9 billion of operating cash flow, but only $784 million of free cash flow after $31.1 billion of capital spending and finance-lease payments. An accrual is not the same as immediate cash outflow, but the comparison shows why investors cannot wave the settlement away.

The strongest countercase is not just the payment. Default time limits, night restrictions, age assurance and independent audits could raise compliance costs or change teen engagement. Other youth-related cases can also create losses outside this agreement. None of those effects is quantified yet.

Related: Can Meta Platforms, Inc. (NASDAQ: META) Win Enterprise AI?

What's next The next earnings report should confirm the final third-quarter charge, balance-sheet treatment and cash-flow effect for Meta Platforms, Inc. (NASDAQ: META). Investors should also watch whether YouTube and TikTok trigger the conditional funds and whether Meta changes guidance.

That evidence can change the answer. A smaller charge and slow cash schedule would limit the near-term financial hit. Higher implementation costs, weaker engagement or additional legal losses would make the settlement a broader earnings problem.

More from OptimistFi META stock: the Meta Platforms thesis, its status and the next test to watch Meta VR Glasses Put Reality Labs' Losses Back in Focus Is AI Spending Paying Off for Meta Platforms, Inc. (NASDAQ: META)? Century Therapeutics, Inc. (NASDAQ: IPSC) Adds Two CNTY-813 Batches Stock research on every company OptimistFi covers Latest stock research and investment-case updates OptimistFi: evidence-first equity research Sources Meta Platforms, Inc. (NASDAQ: META) youth-safety settlement terms — Published August 26, 2026. Approximate $18 billion headline, $12.7 billion state allocation, $5.3 billion conditional portion, 10-year installments and expected $10 billion third-quarter expense. Meta Platforms, Inc. (NASDAQ: META) second-quarter 2026 results — Published July 29, 2026. Operating cash flow, free cash flow, capital spending, liquidity, debt and outstanding youth-related legal risk. New York Attorney General settlement announcement — Government description of the participating states, monetary structure and mandatory teen-account reforms. Photo: Meta Platforms headquarters entrance by LPS.1 — Authentic file photograph taken March 27, 2022, at Meta's Menlo Park headquarters. Original photograph unchanged; responsive display may crop. Photo license: CC0 1.0 Universal — LPS.1 dedicated the photograph to the public domain under CC0 1.0. Read the full OptimistFi thesis on Meta Platforms, Inc.: https://optimistfi.com/stocks/META

See what would break the Meta Platforms, Inc. thesis and track it live on the OptimistFi Thesis-Break Engine.

Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.

The full Meta Platforms, Inc. investment case, its status and the next test to watch live on the Meta Platforms, Inc. thesis page.

Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.

Jim Cramer shocked viewers by questioning his loyalty to Amazon on live television after watching a Meta AI demo, and the timing landed against a backdrop of sharply diverging stock moves that has Wall Street debating which company controls the…

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Jim Cramer said it live on CNBC’s Squawk on the Street on September 28, 2026, after seeing a demonstration of a new AI shopping capability from Meta Platforms (NASDAQ:META | META Price Prediction): “I’m an Amazon guy, but maybe I shouldn’t be. This seemed impressive.” He made the comment during the full Squawk on the Street discussion on CNBC. He was speaking as a shopper, with his comment limited to his own buying habits.

Meta Gained 24% While Amazon Slid Into His Remarks From August 28 to September 28, 2026, Meta rose 23.89%, from $577.61 to $715.62, according to CNBC. Over the same window, Amazon (NASDAQ:AMZN) fell 7.61%, from $266.43 to $246.15.

Since then, Amazon’s decline has narrowed. At the October 2 close, Meta traded at $728.08 and Amazon at $251.52. For the trailing month from September 2 to October 2, Meta is up 22.9%, and Amazon is down 1.36%. The gap is still wide, and both moves reflect factors beyond Cramer’s comments. Recent coverage has tied Amazon’s decline to concerns about Meta’s Muse AI, which The Wall Street Journal called Amazon’s “Muse Blues,” while Barron’s said those threats are “overstated.”

Why a Raincoat Search Puts Amazon’s Front Door at Risk Cramer compared it to Amazon’s Rufus assistant, which he uses today: “Look, I want the cheapest raincoat, the quality raincoat.” What he now wants is an assistant that will “scour the world for the cheapest raincoat and then maybe I’ll go buy it.”

Structurally, an assistant that searches one retailer’s catalog is a feature of that retailer. An assistant that searches everywhere sits above every retailer. That threatens Amazon’s most valuable asset: being the default place shoppers start. That default supports Amazon’s $19.8 billion advertising business, which grew 26% last quarter and leads with sponsored products. Jim Cramer described the stakes this way: “I don’t know, I just feel like it’s 3 billion people that are up for grabs.” Meta already reaches 3.60B daily active people across its apps.

Amazon has its own answer. Management said over 350 million customers used Alexa for Shopping in the past 12 months, and that those users spend over 40% more per order. Meta launched Meta Enterprise the same morning Cramer spoke, and he said Meta has a “first mover advantage” in this area. None of this shows that either assistant performs better on any tested basis.

Fundamentals Behind Both Names In Amazon’s second-quarter 8-K filing, AWS revenue rose 37% to $42.23B, its fastest growth in 18 quarters. Meta grew revenue 28%, but its EPS of $6.18 missed the $7.22 estimate, and it guided 2026 capex to $130-$145B. Meta trades at about 27 times earnings and Amazon at about 35.

Cramer’s Limit and What Would Have to Change The comments came three days after Cramer listed Amazon on Mad Money as a recession-proof buy. He also set a firm limit on AI assistants: “If you really want to entrust it with your cash sweep, good luck. I wouldn’t do that.”

For Amazon to lose its position, shoppers would have to start their product searches somewhere else in large numbers. Investors can check for that in Amazon’s next earnings reports. Warning signs would include ad growth slowing from 26%, paid units growing more slowly than last quarter’s 17%, and lower engagement with Alexa for Shopping. On Meta’s side, the test is whether its agents start making purchases outside its own apps.

Contact [email protected] for any questions or corrections.

JPMorgan Chase & Co. (NYSE:JPM) declared a quarterly dividend on Tuesday, September 15th. Stockholders of record on Tuesday, October 6th will be given a dividend of $1.65 per share by the financial services provider on Saturday, October 31st. This represents a $6.60 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, October 6th. This is a 10.0% increase from JPMorgan Chase & Co.’s previous quarterly dividend of $1.50.

JPMorgan Chase & Co. has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 15 consecutive years. JPMorgan Chase & Co. has a payout ratio of 33.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect JPMorgan Chase & Co. to earn $25.21 per share next year, which means the company should continue to be able to cover its $6.60 annual dividend with an expected future payout ratio of 26.2%.

JPMorgan Chase & Co. Stock Down 0.3% NYSE JPM opened at $332.18 on Friday. The business has a fifty day moving average price of $352.44 and a 200 day moving average price of $327.11. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $882.99 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.39 and a beta of 1.02. JPMorgan Chase & Co. has a one year low of $279.10 and a one year high of $366.50.

JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $6.14 earnings per share for the quarter, topping analysts’ consensus estimates of $5.59 by $0.55. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The firm had revenue of $58.02 billion for the quarter, compared to analyst estimates of $50.72 billion. During the same period in the previous year, the business posted $4.96 earnings per share. JPMorgan Chase & Co.’s quarterly revenue was up 27.7% on a year-over-year basis. Research analysts anticipate that JPMorgan Chase & Co. will post 24.11 EPS for the current fiscal year. Key Stories Impacting JPMorgan Chase & Co. Here are the key news stories impacting JPMorgan Chase & Co. this week:

Positive Sentiment: JPMorgan’s strong earnings-surprise history and favorable Zacks indicators suggest the bank may again exceed estimates in its upcoming quarterly report. Will JPMorgan Chase & Co. Beat Estimates Again? Positive Sentiment: Analysts collectively maintain a “Moderate Buy” recommendation, supporting the view that JPM’s valuation remains attractive despite recent weakness. JPMorgan Receives Moderate Buy Consensus Positive Sentiment: J.P. Morgan Payments partnered with Al Salam Bank on an overnight Murabaha liquidity solution, expanding its payments and Islamic-finance capabilities in Bahrain. Al Salam Bank and J.P. Morgan Payments Feature Liquidity Solution Positive Sentiment: The Federal Reserve’s revamped stress-testing framework could reduce volatility in banks’ capital requirements and improve planning visibility for JPMorgan. Fed Revamps Bank Stress Tests Positive Sentiment: JPMorgan remains highlighted as an income-oriented stock with an upcoming dividend ex-date, which may support demand from dividend investors. High-Yield Dividends With Ex-Dates Days Away Neutral Sentiment: JPMorgan’s bond-market activity shows continued access to wholesale funding, but investors are assessing whether the additional borrowing improves growth or pressures the capital structure. JPMorgan Taps Bond Markets Neutral Sentiment: The elevation of Doug Petno and Troy Rohrbaugh to co-presidents advances succession planning, but also increases investor focus on the eventual replacement for CEO Jamie Dimon. JPMorgan Elevates Co-Presidents Negative Sentiment: JPMorgan’s credit-loss reserve grew even though provisions declined year over year during the first half of 2026. The unusual combination may signal conservatism, but it also raises questions about management’s expectations for future loan losses ahead of third-quarter results. JPMorgan Reserves for Losses That Have Not Arrived Negative Sentiment: Broad selling across money-center banks has weighed on JPMorgan and the wider financial sector, reflecting reduced investor risk appetite rather than a company-specific catalyst. Bank Stocks Slide (Get Free Report)

JPMorgan Chase & Co is a global financial services company headquartered in New York City. Through its businesses, the company provides banking, investment banking, asset management, private banking, commercial banking, consumer lending and payment services to individuals, businesses, institutions and governments.

The company operates through major business areas that include Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management. Its products and services include deposit accounts, credit cards, mortgages, auto loans, business financing, investment and advisory services, securities trading and custody, payment processing, and wealth-management solutions.

JPMorgan Chase serves customers in the United States and maintains operations and client relationships across international markets.

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Graphics processing units (GPUs) are the most important data center chips for processing artificial intelligence (AI) workloads, which is why investors have piled into suppliers like Nvidia and Advanced Micro Devices over the last few years. However, GPUs require an increasing amount of high-bandwidth memory (HBM) to keep data flowing smoothly. Without it, bottlenecks would throttle the performance of AI chatbots and agents.

Micron Technology (MU -2.05%) is one of the world's top suppliers of memory, and it's experiencing significant AI-related demand across multiple categories, including the data center. As a result, its revenue and earnings are growing at an explosive rate, fueling a whopping 500% gain in its stock over the last 12 months (as of the market close on Thursday, Oct. 1).

Can the rally continue, or have investors already priced in most of the company's future growth?

Image source: The Motley Fool.

Micron just reported a blockbuster set of results for fiscal 2026 Micron wrapped up its 2026 fiscal year on Sept. 3. The company generated a record $133.1 billion in total revenue, a staggering 256% increase from the previous year. That growth rate accelerated significantly from fiscal 2025 when revenue increased by 49%.

AI-related demand for memory fueled the incredible result, and it didn't come solely from the data center industry. Below are Micron's four business units, their fiscal 2026 revenue, and their growth rates.

Segment

Fiscal 2026 Revenue

Growth (Year Over Year)

Cloud Memory

$43.1 Billion

219%

Core Data Center

$37.6 Billion

420%

Mobile and Client

$36.6 Billion

209%

Automotive and Embedded

$15.9 Billion

234%

Data source: Micron Technology.

The cloud memory segment is where Micron accounts for memory sales to hyperscale customers (including companies like Amazon and Microsoft), as well as HBM sales to all data center customers. The core data center business includes sales of storage and non-HBM memory solutions to data center operators.

The mobile and client segment includes memory sales to manufacturers of smartphones and personal computers. This is an increasingly important category because AI models are quickly becoming more efficient, so many devices can now process them locally rather than relying on external data centers.

Finally, the automotive and embedded business is where Micron accounts for memory sales to car and robot manufacturers. The company says vehicles fitted with Level 4 autonomous capabilities (full self-driving) require more than double the memory and storage capacity than vehicles with older Level 2 and Level 3 technologies. Moreover, humanoid robots are expected to use as much memory as Level 4 autonomous vehicles, so both of these emerging industries present Micron with an enormous opportunity.

In a series of prepared remarks to shareholders released on Sept. 30, Micron Chief Executive Sanjay Mehrotra said memory supply could be even tighter in fiscal 2027 and fiscal 2028 compared to fiscal 2026, suggesting the company's revenue is likely to continue growing at a brisk pace.

Micron stock is technically cheap, but there's a catch The ongoing global shortage of memory is giving suppliers the ability to dictate prices, significantly boosting their profit margins. As a result, Micron's earnings exploded higher by 879% to $74.33 per share during fiscal 2026. That places its stock at a price-to-earnings (P/E) ratio of just 14.7, so it's cheaper than both the S&P 500 and the Nasdaq-100 indexes which trade at P/E ratios of 23.5 and 35.2, respectively.

Wall Street's average estimate (provided by Yahoo! Finance) suggests Micron could grow its earnings to $176.69 per share in fiscal 2027, placing its stock at a forward P/E of just 6.2. But why is a company growing at Micron's pace trading at such a steep discount to the broader market? Simply put, the semiconductor industry has always been highly cyclical, so investors know the recent bonanza probably won't last forever.

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Micron and its competitors are racing to build more manufacturing capacity, which will eventually ease supply constraints and put downward pressure on prices. Micron won't be able to maintain its current level of earnings when that time comes, so its stock might be more expensive than it currently appears at face value. Plus, the rising cost of chips and components could significantly impact demand in the near future.

Last Tuesday, ChatGPT creator OpenAI launched a new $500-per-month subscription plan to suit its heaviest users. At the same time, it halved the number of tokens available through its $200-per-month subscription, which used to be its top plan. In essence, the company has increased the price of its most expensive offering by 150% overnight, and rising infrastructure costs are almost certainly the reason why.

A few months ago, a survey conducted by UBS Group found that 60% of businesses were already routing some AI tasks to cheaper, more efficient models in an effort to reduce costs. These models use less computing power, so if this trend continues, Micron and every other semiconductor company could see a gradual drop in demand.

With all of that in mind, I personally won't be buying Micron stock at the current price. I'm not predicting it will suffer a sharp decline in the near term, but it's very difficult to determine its fair value given the potential shift in supply demand dynamics over the next couple of years.

Healthcare stocks have lagged broader equities over the past few years, but the company that is now the largest in that sector, Eli Lilly (LLY -0.61%), has delivered outstanding returns. One of the most important reasons for the drugmaker's run is that it has emerged as the leader in the anti-obesity market. Eli Lilly's Zepbound is currently the best-selling medicine in this niche, and it is posting outstanding sales growth. However, Eli Lilly has several pipeline candidates, and one of them could be even better than Zepbound.

Image source: The Motley Fool.

Triple G for the winZepbound was a breakthrough. It became the first medicine to mimic the GLP-1 and GIP gut hormones and be approved for weight loss. Its main competitor, Wegovy, only mimics GLP-1. The dual hormonal pathway approach has proved highly effective. Zepbound has produced greater weight loss than Wegovy in head-to-head trials.

Eli Lilly is going one step further with its next-gen medicine, retatrutide. This investigational therapy mimics the actions of GLP-1, GIP, and glucagon.

Eli Lilly dubbed it "Triple G." Does the fact that retatrutide mimics the action of three gut hormones result in greater weight loss than Zepbound?

So far, the data suggest an affirmative answer to that question. Phase 3 study results for retatrutide are out, and they are excellent. For instance, in one Phase 3 study, patients who had type 2 diabetes and were either overweight or obese lost an average of up to 20.8% of their body weight over 80 weeks.

This is significant because people with diabetes typically have a much harder time dropping pounds. It's always hard to compare across clinical trials, but note that Zepbound helped a similar population of patients lose up to 15.7% of their weight.

These weren't head-to-head studies, and retatrutide's trial was longer. Still, the medicine's results have been excellent. We could also point to retatrutide's up to 28.3% average weight loss in patients who were overweight or obese, compared to Zepbound's 20.2% average in a similar population.

Retatrutide has also shown strong clinical trial results in other conditions, including obstructive sleep apnea, reducing severity by up to 60.6% in a Phase 3 study. The medicine is undergoing several additional studies and could be used to treat many indications. Eli Lilly plans on formally requesting approval for the medicine in the first quarter of 2027.

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An embarrassment of richesMany companies are looking to enter the weight loss market and challenge Eli Lilly. On the one hand, that poses a problem for the pharmaceutical company. More weight loss drug launches will lead to more competition and, potentially, less pricing power for the healthcare giant. But there are at least two reasons why investors should be cautiously optimistic about the company's prospects.

First, the anti-obesity market is growing fast and should continue to do so for at least the next five years. Estimates vary, but according to some research, the weight-loss market will grow at a compound annual rate of 27% through 2036. So, there should be more than enough space for multiple winners.

Second, Eli Lilly's pipeline suggests the company could remain the undisputed leader in this market for a while.

It's not just retatrutide either. Consider another one of the company's promising candidates: eloralintide. This medicine mimics the action of the amylin hormone. Eli Lilly recently posted Phase 2 study results for the combination of eloralintide and tirzepatide (the active ingredient in Zepbound) for patients who were either overweight or obese and had type 2 diabetes.

The combo treatment led to a mean weight loss of 23.3% in a mere 48 weeks, beating tirzepatide's mean weight loss of up to 14.8% in the same study. Lilly plans to start Phase 3 clinical trials for this combination treatment in the fourth quarter. In another mid-stage clinical trial, eloralintide demonstrated GLP-1-like efficacy and strong tolerability, which could particularly appeal to patients who avoid weight-loss medicines due to side effects.

Eli Lilly has additional pipeline candidates, including many outside its core therapeutic area, as the company has sought to diversify in recent years. Investors should expect significant clinical and regulatory progress over the medium term. In the meantime, Eli Lilly could continue to post excellent financial results and deliver above-average market returns.

It's still time to invest in the stock.

The Bank of Nova Scotia (TSE:BNS – Get Free Report) (NYSE:BNS) declared a quarterly dividend on Tuesday, October 6th. Stockholders of record on Wednesday, October 28th will be paid a dividend of $1.14 per share by the bank on Wednesday, October 28th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Tuesday, October 6th.

Bank of Nova Scotia Stock Up 0.7% Shares of BNS stock opened at C$129.93 on Friday. Bank of Nova Scotia has a twelve month low of C$88.22 and a twelve month high of C$134.50. The stock’s fifty day simple moving average is C$127.15 and its 200 day simple moving average is C$116.10. The firm has a market capitalization of C$158.36 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.33 and a beta of 1.27.

Bank of Nova Scotia (TSE:BNS – Get Free Report) (NYSE:BNS) last released its quarterly earnings results on Tuesday, August 25th. The bank reported C$2.28 earnings per share for the quarter. Bank of Nova Scotia had a return on equity of 11.41% and a net margin of 14.08%.The company had revenue of C$10.54 billion for the quarter. As a group, equities research analysts expect that Bank of Nova Scotia will post 7.1286267 EPS for the current fiscal year.

(Get Free Report) Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: ‘for every future,’ we help our clients, their families and their communities achieve success through a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.5 trillion (as at January 31, 2026), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).

Read More Five stocks we like better than Bank of Nova Scotia Carnival and CarMax Pop on Strong Earnings, but Challenges Remain 3 Income Stocks Under $30 That Yield More Than the 10-Year Treasury Note 3 AI Winners, 3 Very Different Paths to Higher Margins Plexus Is Booming—But Can the Growth Story Last?

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Four fast food brands under one roof sounds like a safety net, but Tim Hortons carries so much of the weight that a slowdown in Canada could test a dividend that has never once been cut.

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Restaurant Brands International (NYSE:QSR | QSR Price Prediction) paid its latest dividend of $0.65 per share on October 2, 2026. Tim Hortons, Burger King, Popeyes and Firehouse Subs all pay into one pool. Shares closed at $69.92, down 10.57% over the past month. At that price, the $2.60 annualized payout yields about 3.7%. Do four brands give income investors four levels of protection, or just spread one consumer risk across four logos?

Royalties Generate the Cash Behind the Dividend More than 95% of RBI’s over 33,000 restaurants are franchised, generating nearly $49 billion in annual sales. Franchisees pay wages, rent and food costs. RBI takes a cut of sales, so the dividend depends on restaurant sales volume and requires little capital to keep.

In 2025, free cash flow reached $1.449 billion. Dividends used $1.108 billion of it, about 76%.

Four Logos Carrying Three Separate Risks Tim Hortons produces roughly 41% of operating profit, International about 29%, Burger King nearly 19% and Popeyes approximately 10%. Each faces distinct pressure.

Tim Hortons supply chain: RBI sells products to its Canadian franchisees, which makes money on margins, separate from royalties. Management expects those margins to land roughly in line with 2025. Canadian same-store sales slowed to 0.1% growth in Q2. Burger King turnaround: The Reclaim the Flame plan commits up to $700 million through 2028. U.S. same-store sales rose 8.5% in Q2. Carrols refranchising: RBI plans to sell a few hundred of these company-run restaurants to franchisees in 2026 and the rest in 2027. That reduces its exposure to restaurant-level costs. Popeyes same-store sales fell 5.1% in Q2.

How McDonald’s and Yum Stack Up About 95% of McDonald’s (NYSE:MCD) restaurants are franchised. The company generated $7.186 billion of free cash flow in 2025 and pays $1.86 a quarter after a 5% raise. Its net debt runs near 3.7x EBITDA, compared with RBI’s 4.1x net leverage.

Yum! Brands (NYSE:YUM) sold Pizza Hut and raised its quarterly dividend to $0.75 from $0.71. RBI is keeping Popeyes and investing to fix it.

A Payout That Has Never Been Cut RBI’s dividend has rose from $0.09 in 2015 to $0.65 with no cuts. This year’s raise lifted the quarterly payment from $0.62. In 2020, dividends of $959 million topped operating cash flow of $921 million, yet the payout still grew.

RBI plans to return $1.6 billion to shareholders in 2026, including about $500 million of buybacks. It expects $500 million to $520 million of net interest expense and around $400 million of capex and cash bonuses.

Verdict: Durable, With Clear Warning Signs The franchise structure makes this dividend durable. Royalties from more than 120 countries and territories kept the payout growing through the pandemic and now fund a Burger King overhaul. The four brands spread risk across regions, but Tim Hortons makes such a large share of profit that much of the risk sits in Canada.

Watch Tim Hortons Canada same-store sales, its supply chain margins, whether Popeyes returns to positive same-store sales, and progress toward the low to mid three times leverage target for 2028. As long as free cash flow covers the dividend before buybacks, the $0.65 payout is secure. For investors who want payers with multi-decade raise runs behind them, we ranked ten of them by valuation in a free Dividend Kings report.

Contact [email protected] for any questions or corrections.

Most chipmakers struggle to sustain dividends through brutal industry downturns, but three semiconductor companies have quietly built the cash flow machines and balance sheet discipline to keep raising payouts no matter where the cycle goes.

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Chipmakers have a reputation for wild earnings swings and huge factory bills, both of which can strain a steady dividend. That makes the few semiconductor companies that keep raising their payouts worth a closer look, because every check they mail says the business throws off cash through the whole cycle. The clearest example came when Texas Instruments (NASDAQ:TXN | TXN Price Prediction) increased its dividend 7% to $1.52 per share, marking 23 consecutive years of increases. The three names below are Broadcom (NASDAQ:AVGO), Texas Instruments and Qualcomm (NASDAQ:QCOM). Their yields are modest. Their cash flows are what make them notable for income investors, and each one has a different kind of cycle risk.

Broadcom: Record Free Cash Flow Dwarfs the Dividend Bill Broadcom has the lowest yield in this group at 0.76%, based on an annualized dividend of $2.60 per share and a recent price of $355.14. The dividend is lowest next to the share price, but it is very well covered.

Dividend safety: Broadcom produced $13.7 billion of free cash flow in its fiscal third quarter, equal to 46% of revenue. It paid $3.1 billion in dividends over the same period. Measured against trailing earnings per share of $7.83, the annual dividend takes about 33% of profits. The balance sheet is moving the right way. Cash ended the quarter at $24 billion, management repaid $5.6 billion of long-term debt during the quarter, and it retired another $1.5 billion of notes after the quarter closed. The remaining $59.6 billion of fixed-rate debt has an average coupon of 4%.

Track record: Broadcom has paid a dividend every quarter since December 2010, and the amount has stepped up many times. The two most recent increases took the quarterly payout from $0.53 to $0.59 to $0.65. The last raise was declared on December 9, 2025, so income investors should keep an eye on the fiscal fourth-quarter earnings report scheduled for December 9, 2026.

Bull case: Broadcom designs custom AI accelerators for hyperscalers including Google, Meta and OpenAI, sells the Ethernet switches that connect them, and runs an infrastructure software business with a 94% gross margin. AI semiconductor revenue reached $16.7 billion in the quarter, up 221% year over year. Management guided fourth-quarter revenue to about $34.8 billion and expects fiscal 2027 AI revenue of around $115 billion (that kind of early-mover setup is exactly what we studied in our free Next Nvidia playbook). Hock Tan, the chief executive on the call, put it this way: “Q3 demand was simply hot and we’re just getting started.” The stock trades at about 19 times forward earnings, so investors get that growth plus a growing payout.

Risk: This is a cycle tied to a handful of customers. Broadcom’s AI outlook depends on six XPU customers, and management said installations still depend on land, power and data center shells being ready. Should leading AI labs pull back on spending, Broadcom’s cash growth could stall quickly, even though the dividend would still be covered by a wide margin.

Texas Instruments: 23 Straight Years of Raises and a Cash Flow Rebound Texas Instruments yields about 2.07%, based on its new annualized dividend of $6.08 and its stock trading at $293.80. The newly raised $1.52 quarterly payment goes out on November 10 to shareholders of record on October 30.

Dividend safety: TI has the best dividend-growth record of the three. The quarterly payout went from $1.24 in 2023 to $1.30, $1.36, $1.42 and now $1.52, with one raise each autumn. Coverage is lower than at Broadcom. Trailing dividends of $5.62 per share against trailing EPS of $6.58 work out to a payout ratio near 85%. Free cash flow is what has changed. Trailing 12-month free cash flow reached $6.5 billion, up from $1.8 billion a year earlier, and TI returned $5.8 billion to owners over that stretch. The balance sheet holds $7 billion of cash and short-term investments against $14 billion of debt.

Bull case: TI makes analog and embedded processing chips. These are low-cost, long-lived parts that go into factory equipment, cars and power systems. Second-quarter revenue rose 22.82% to $5.463 billion, and data center revenue doubled year over year. For income investors, capital spending matters most. Quarterly capex fell to $514 million from $1,305 million a year earlier now that the heavy 300mm factory work is done, and that freed-up cash can go to shareholders. Management guided third-quarter revenue to $5.65 billion to $6.15 billion. The stock is up 72.21% year to date, which tells you investors already expect the recovery to last.

Risk: If the cycle turns, there is little buffer. The around 85% payout ratio leaves little room if industrial demand fades, and trailing free cash flow includes $1.6 billion of CHIPS Act incentives that will not repeat forever. Management also plans to fund the Silicon Labs acquisition with cash and new debt. A downturn would test how far that 23-year run can stretch. At about 28 times forward earnings, investors are paying up for the recovery.

Qualcomm: Licensing Cash and a Massive Buyback Back Up the Payout Qualcomm yields 1.93% on an annualized dividend of $3.68, with the latest quarterly check at $0.92. Its free cash flow yield is 6.49%, which means the dividend uses only about 30% of the free cash flow the business produces.

Dividend safety: The balance sheet is conservative. Debt to equity is 0.77, net debt is just 0.61 times EBITDA, with interest coverage at 18.61x. Qualcomm returned $2.3 billion to shareholders in its fiscal third quarter, including $1.4 billion of buybacks, and it has a $20 billion repurchase authorization in place. Because so much of the payout goes to buybacks, management could slow repurchases in a downturn and leave the dividend alone. The record shows a raise every year from 2020 through 2026, most recently from $0.89 to $0.92. Over the full history, the quarterly payout has grown from $0.05 in 2003.

Bull case: Qualcomm sells Snapdragon processors for phones, cars and connected devices, and it takes in patent royalties through its QTL licensing arm. That licensing business posted a 69% EBT margin, a high-margin source of cash that does not depend on building chips. The company also renewed its global patent license agreement with Apple in September. Automotive revenue rose 61% to $1.588 billion, its 23rd straight quarter of double-digit growth. Management is targeting $40B in non-handset revenue by fiscal 2029, helped by data center work that includes a new multi-generational collaboration with Amazon.

Risk: Qualcomm faces a handset cycle hitting at the same time as rising costs. Handset revenue fell 20% to $5.086 billion, and net income dropped 24.91% as memory, wafer and packaging costs rose. Management expects Apple product revenue to fall about 50% from the September quarter to the December quarter, and it guided chip-segment margins down to 23% to 25%. Non-GAAP EPS of $2.21 missed the $2.22 consensus estimate. Earnings coverage is weaker than cash coverage right now, with the stock at about 36 times trailing earnings.

Three Chipmakers, Three Ways to Get Paid Through the Cycle Broadcom has the widest coverage and the lowest yield, and AI cash flow is funding both the dividend and debt paydown. Texas Instruments has the strongest raise record and the highest yield of the three, but also the thinnest payout buffer, so its upcoming third-quarter report matters most for the dividend. Qualcomm sits in the middle: free cash flow covers the dividend comfortably, licensing royalties add a steady stream of cash, and a big buyback can be cut back before the dividend is touched. For income investors who want chip exposure, all three dividends look well supported by cash flow at this point in the cycle.

Contact [email protected] for any questions or corrections.

McDonald's is handing income investors bigger checks each year while Domino's holds its payout flat, and the reason behind that gap reveals which pizza-and-burger giant faces a trickier road ahead.

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Domino’s Pizza (NASDAQ:DPZ | DPZ Price Prediction) and McDonald’s (NYSE:MCD) reported second-quarter results this summer. Their dividends now move at different speeds. McDonald’s raised its payout again. Domino’s has held its payout flat since its February increase. Income investors are inspecting the yields.

Pizza Orders Climbed While Burger Traffic Slipped Domino’s U.S. same-store sales grew just 0.1%, compared with 3.4% a year ago. Order counts rose in both delivery and carryout, but the lower average check caused the slowdown. CFO Sandeep Reddy blamed a Premium Series that underperformed and promised, “We had a one-quarter blip on ticket. We’re not going to have another blip.”

McDonald’s grew global comparable sales 1.3%. Every segment posted positive comps, but U.S. restaurant traffic fell and sales declined in China and France. CEO Chris Kempczinski named Skye Anderson president of McDonald’s USA to “bring focus and urgency” to its biggest market.

Dividend Lens Domino’s McDonald’s Quarterly Payout $1.99, flat $1.93, up from $1.86 Forward Yield About 2.67% About 3.12% 2025 Free Cash Flow $671.5M $7.186B Cash Engine Supply chain plus royalties Rent plus royalties Domino’s Flat Year Matches Its Usual Pattern Domino’s raised its quarterly dividend from $0.20 in 2013 to $1.99 in 2026, raising once yearly then holding flat. On the balance sheet, stockholders’ equity is at negative $3.98B due to debt and buybacks, and cash fell 39.6% to $164.8M. Supply chain revenue of $731.7M provides regular cash as franchisees buy dough weekly.

McDonald’s makes rent as a landlord, a recurring income stream. It paid about $1.3B in dividends in the second quarter alone, while it also funds $3.7 to $3.9B in capital spending. One risk: management expects interest expense to rise 4% to 6% this year.

February Will Show Whether Domino’s Is Pausing or Stalling Domino’s announced its last increase in February 2026. A skipped increase next February combined with lower average checks and cash-draining buybacks would signal a real problem. Management cut its U.S. store-opening outlook to about 175 as franchisees make less. At McDonald’s, watch whether U.S. traffic recovers under its new president.

Regular Rent Versus Faster Dividend Growth McDonald’s offers regular, more predictable income. Its yield is higher, raises come yearly, and rent supports them. The tradeoff is slower dividend growth.

Domino’s offers faster dividend growth alongside more debt. Its payout rose from $0.20 in 2013 to $1.99 in 2026. A ticket recovery would strengthen the case. Another lower quarter followed by a skipped increase would change the outlook.

Contact [email protected] for any questions or corrections.

Shares of Adobe (ADBE -1.49%) have had a tough 2026. The stock ended last year at about $350 and trades near $240 as I write, down about 31%.

The software company has kept buying its own shares on the way down. In April, its board approved a new $25 billion stock buyback authorization, meant partly to "reduce share count over time." It runs through April 30, 2030.

And as Adobe's fiscal third quarter of 2026 ended Aug. 28, $24.55 billion of it was still unused.

Compared with Adobe's market value, the amount is large. With about 389.2 million shares outstanding in mid-September, Adobe is worth about $93 billion at today's stock price. The remaining authorization could buy back about 26% of it -- about 102 million shares.

Sure, an authorization isn't a promise. Adobe has around three and a half years to use it, and nothing forces the company to spend it all. But I think the company's pace this year shows it plans to put plenty of it to work.

Image source: Getty Images.

A steady, cash-funded paceIn the fiscal year's first three quarters, Adobe's buybacks averaged around $2.3 billion a quarter. That came to $6.82 billion, for 26.1 million shares, all bought on the open market.

And as the stock dropped, the same money bought more shares. The 9.5 million shares Adobe repurchased in fiscal Q3 cost an average of around $235 each, versus about $261 over all three quarters.

Notably, the company paid for it with cash from its operations. Adobe generated $7.65 billion of cash from operations during the same stretch, up around 11% year over year, and buybacks used close to 90% of it. Its balance sheet had $5.64 billion of cash and short-term investments at quarter-end, versus around $6.4 billion of debt.

This pace leaves room to spare. Spreading the unspent $24.55 billion evenly through April 2030 comes out to around $7 billion a year, about what Adobe spent in just those three quarters. If the company keeps buying at its recent rate instead, it could use up the authorization sometime in 2029.

Buybacks are doing about half the workAdobe's diluted share count (the number used to calculate earnings per share) was around 395 million in the fiscal third quarter. That compares to 402 million in the fiscal second quarter and 424 million in the year-ago quarter.

Management's fourth-quarter targets assume around 389 million. In other words, the count's dropping about 2% a quarter, and steadily.

Not every repurchased share sticks, though. Shares outstanding dropped by around 22 million in the nine months, fewer than the 26.1 million Adobe bought, because employee stock awards added some back.

Showing what the shrinking count means for shareholders, Adobe's non-GAAP (adjusted) net income rose around 8% year over year in fiscal Q3 to $2.42 billion. Adjusted earnings per share climbed 15% to $6.13.

On a GAAP basis, net income grew just 3%, but earnings per share climbed 11% to $4.62. In short, fewer shares drove about half of the quarter's adjusted per-share growth.

If Adobe spent all $24.55 billion at roughly $240 a share and its earnings stayed flat, retiring about 26% of its shares would raise earnings per share by over a third.

That won't happen all at once, and the price Adobe pays will move. A lower stock price would stretch the cash further, and a higher one would shrink it.

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Is the buyback a reason to buy?At roughly $240, Adobe shares cost about 13 times earnings. Using the midpoint of management's fiscal 2026 target for adjusted earnings per share ($24.45 to $24.50), the price is about 10 times adjusted earnings. When shares reached their 52-week high of $363.70, that same target worked out to almost 15 times adjusted earnings.

I'd say buying back stock at about 10 times adjusted earnings is one of the better uses of Adobe's cash right now.

True, a buyback can't fix slowing growth. Adobe's total annualized recurring revenue (ARR), its gauge of the subscription business on a yearly basis, rose 11.2% year over year in fiscal Q3, and management's full-year target is 10.2%. And the market's discount probably reflects worries that artificial intelligence tools might hurt Adobe's pricing power. But as long as the subscription business keeps growing, a falling share count should help earnings per share outpace the business itself.

All in all, I think the buyback makes a cheap stock more interesting. Adobe stock looks worth considering at this price, but I'd want the subscription business to keep growing at roughly its current pace.