Alphabet i Tesla zvýšily kapitálové výdaje kvůli AI, ale obě firmy vykázaly záporný volný peněžní tok za poslední čtvrtletí: Tesla 1,1 miliardy USD a Alphabet 5,9 miliardy USD. Akcie po výsledcích v after-marketu klesly, u Tesly o 4 % a u Alphabetu o více než 3 %.
When Alphabet and Tesla kicked off tech earnings season on Wednesday, one theme became immediately clear: AI spending is under a microscope.
Both companies reported negative free cash flow for the latest quarter and told investors to prepare for higher capital expenditures. They both also reported better-than-expected revenue, but that wasn't enough to prevent an after-market selloff, with Tesla shares sliding 4% and Alphabet down more than 3%.
It's a potentially ominous sign for the tech industry, particularly the other megacaps, which are mostly set to report quarterly results next week. Meta and Microsoft are scheduled to report next Wednesday, followed a day later by Amazon and Apple.
Much of the AI boom to date has been fueled by historic levels of infrastructure spending among a small crop of companies, including hefty investments into model developers OpenAI and Anthropic. But the recent emergence of cheaper open-source models, largely out of China, along with signs that corporate America is getting more frugal when it comes to spending on AI services, has raised concerns about the future returns on investment.
Heading into Wednesday's reports, Alphabet's stock was already on pace for its third straight monthly decline after surging in April, while Tesla shares were down 11% in July and 17% for the year. The tech-heavy Nasdaq has dropped about 5% since reaching a record in early June.
While Alphabet and Tesla are both spending at unprecedented levels, their numbers vary dramatically.
Google's parent company forecast capex for this year of $195 billion to $205 billion and warned of higher numbers in 2027. Prior guidance was for spending of $180 billion to $190 billion. At the top end of the new range, Alphabet could be the biggest spender in tech this year, as Amazon's latest guidance was for more than $200 billion, though that number may increase when the company reports results next week.
watch now
Google and its hyperscaler peers are building out data centers packed with advanced chips so they can provide the computing power necessary to build and run the leading AI models and the services they power.
Mizuho analysts wrote in a note that Google's capex increase was "broadly anticipated," and that the overall story is positive, largely due to the surge in cloud revenue, which jumped 82% from a year earlier, blowing past estimates. Cloud margins expanded and usage of Google's Gemini model accelerated.
"As such we are surprised the stock is trading off after hours and would expect it to recover in trading tomorrow," wrote the analysts, who recommend buying the stock.
'As fast as we can spend'Tesla reiterated expectations for more than $25 billion in capex this year, which would represent about 200% year-over-year growth. In the second quarter, capex soared 142% to $5.79 billion. The company boosted spending on self-driving technology, AI and robotics initiatives that CEO Elon Musk has been touting for years.
Tesla is now retooling its factories to make the two-seater driverless Cybercab, and to manufacture Optimus humanoid robots, which are still being developed, while also preparing to start construction of a sprawling AI chip-manufacturing plant in Texas.
"We should be spending on capex as fast as we can spend, as fast as we can without it being too wasteful," Musk said on the earnings call. He added, "It's ok to be a little less capital efficient if we get things done sooner."
For both companies, the aggressive growth plans are resulting in a major hit to their cash holdings.
Free cash flow at Tesla turned negative in the quarter, with a deficit of $1.1 billion after the company generated $146 million in free cash flow a year ago and $1.44 billion in the first quarter of 2026.
"This is a massive capex year but we are confident that all the things that we are investing in will yield incredible returns," Musk said. He compared Tesla's spending and building in "many different arenas simultaneously," to that of Henry Ford with the Model T.
"I think probably this is the fastest industrial scale-up since World War II in America," Musk said.
watch now
The numbers at Alphabet were even more stark, with free cash flow sinking to negative $5.9 billion after the company, which is lauded for its fat margins from online ads, generated almost $25 billion in free cash flow a year ago.
"We expect the free cash flow will remain under pressure, driven by our investments in technical infrastructure, which enables us to capitalize on the AI opportunity and continue to drive attractive returns," CFO Anat Ashkenazi said on the earnings call.
Most of the company's $44.9 billion in capex in the second quarter went to infrastructure to support the AI buildout, Ashkenazi said.
In addition to building its own data centers, Google executives said they also plan to rely on capacity from third-party cloud providers to meet feverish computing demand, building on a recent compute deal with Musk's SpaceX, which now owns xAI and its Memphis data centers.
The results on Wednesday did nothing to squash the enthusiasm of bullish analysts and investors.
Keith Fitz-Gerald, principal at investment consulting firm Fitz-Gerald Group, said that at Tesla, "profitability is being sacrificed for infrastructure" just as it was previously at companies including Amazon and Netflix.
"I expect it to pay off in spades over the next 12-24, even 36 months," Fitz-Gerald wrote in a note after the report.
And Rebecca Wettemann, CEO of tech research firm Valoir, said in an email that Google's core business remains strong and that its AI investments are generating returns.
"Google's momentum should calm some market fears about AI overspending," she wrote. "Strong performance across its businesses show search isn't dead, advertising still matters, and cloud investment is still a good bet."
International Business Machines Corporation (IBM) Q2 2026 Earnings Call July 22, 2026 5:00 PM EDT
Company Participants
Olympia McNerney - Global Head of Investor Relations
Arvind Krishna - CEO, President & Chairman
James Kavanaugh - CFO and Senior VP of Finance & Operations
Conference Call Participants
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Brent Thill - Jefferies LLC, Research Division
Benjamin Reitzes - Melius Research LLC
Fatima Boolani - Citigroup Inc., Research Division
Erik Woodring - Morgan Stanley, Research Division
Matthew Swanson - RBC Capital Markets, Research Division
Presentation
Operator
Welcome, and thank you for standing by. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.
Now I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.
Olympia McNerney
Global Head of Investor Relations
Thank you. I'd like to welcome you to IBM's Second Quarter 2026 Earnings Presentation. I'm Olympia McNerney, and I'm here today with Arvind Krishna, IBM's Chairman, President and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.
We'll post today's prepared remarks and a replay of today's webcast on the IBM Investor website within a couple of hours. The earnings presentation is already available. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.
Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's
Arbitrum zvažuje Fast Feed, placený datový stream pro Arbitrum One, který by měl být nezávislý na pořadí. Návrh chce poslat 97 % předplatného do pokladny Arbitrum DAO a 3 % Arbitrum Developer Guild.
Arbitrum governance is considering a Fast Feed proposal that would create a paid, authenticated data streaming product for Arbitrum One and route most subscription revenue back to the DAO treasury.
The Constitutional AIP proposes giving subscribers access to sequencer ordering details after finalization. The revenue split is one of the most interesting parts of the proposal: 97% would go to the Arbitrum DAO Treasury, while 3% would go to the Arbitrum Developer Guild.
That makes the proposal more than a technical data product. It is also a protocol revenue experiment.
At a time when major Layer 2 networks are trying to prove they can generate sustainable economic value, Arbitrum’s Fast Feed proposal gives the DAO a direct way to monetize infrastructure demand.
TL;DR Arbitrum’s Fast Feed proposal would create a paid authenticated data stream for Arbitrum One. The proposed revenue split sends 97% to the Arbitrum DAO Treasury and 3% to the Arbitrum Developer Guild. The feed is ordering-neutral and does not allow transaction reordering or frontrunning. What Fast Feed Is Designed To Do Fast Feed is aimed at users who need faster and more authenticated access to Arbitrum One data.
In practice, that kind of product is likely most relevant to sophisticated market participants, infrastructure providers, and teams that care deeply about timing, ordering, and execution visibility.
But the proposal is careful about the limits.
The feed is described as ordering-neutral. It does not allow subscribers to reorder transactions, manipulate sequencing, or gain direct frontrunning rights. That matters because any product connected to transaction ordering can quickly raise concerns about MEV advantages.
Arbitrum’s proposal instead frames Fast Feed as a paid data access product.
That distinction is important for governance. A network can monetize infrastructure without giving users unfair control over transaction flow. The proposal’s design will be judged partly on whether delegates believe that line is protected.
Layer 2 Networks Need Revenue Models Layer 2 networks are no longer early experiments.
Arbitrum, Base, Optimism, zkSync, Starknet, Polygon, and others are now competing for developers, liquidity, users, and institutional integrations. That competition requires funding. It also raises a bigger question: where does long-term protocol revenue come from?
Sequencer fees are one answer. Ecosystem grants are another. Partnerships, data products, and infrastructure services may become additional sources.
Fast Feed fits into that broader search for revenue.
If there is real demand for authenticated low-latency data, charging for access could create value for the DAO without increasing costs for ordinary users. The proposed 97% treasury allocation makes that explicit.
For tokenholders and delegates, treasury revenue matters because it can support future ecosystem funding, reduce reliance on token sales, and make governance more sustainable.
That is the theory.
The practical question is whether enough users will pay for the product.
Why The 97% Treasury Split Matters The proposed revenue split is unusually direct.
Sending 97% of subscription revenue to the DAO Treasury makes the product easy to evaluate as a public-goods revenue source. The remaining 3% allocation to the Arbitrum Developer Guild gives the developer group an incentive while keeping the vast majority of value inside the DAO.
That could appeal to delegates who want Arbitrum to build more self-sustaining revenue streams.
DAOs often spend heavily on grants, incentives, operations, and ecosystem growth. Revenue can be harder to identify. A product like Fast Feed gives governance a more tangible model: create useful infrastructure, charge users who need premium access, and return the proceeds to the treasury.
If successful, that model could be repeated.
Other data products, analytics services, or infrastructure feeds may eventually become part of how Layer 2 ecosystems fund themselves.
The MEV Question Will Not Disappear Even with ordering-neutral design, the MEV question will remain part of the debate.
Any faster data product can make some market participants more informed than others. That does not automatically make it harmful, but it does mean governance needs to be clear about access, fairness, pricing, and technical limits.
If Fast Feed gives users better visibility without control, delegates may view it as acceptable monetization. If critics believe it creates unfair market structure, the proposal could face pushback.
That is why the details matter.
Arbitrum’s governance process gives delegates a place to test those assumptions before implementation.
A Test Of DAO-Owned Infrastructure Fast Feed is a small but interesting example of where Layer 2 governance may be heading.
The next phase of L2 competition will not only be about transaction fees or total value locked. It will also be about whether networks can turn infrastructure into durable revenue without compromising neutrality.
Arbitrum’s proposal attempts to do that by monetizing authenticated data access while routing almost all revenue back to the DAO.
If delegates approve the plan and users pay for the service, Fast Feed could become a useful case study in DAO-owned infrastructure monetization.
If demand is weak or governance concerns grow, it may remain a narrow experiment.
Either way, the proposal shows Arbitrum is thinking beyond simple blockspace fees. It is exploring how a major Layer 2 can sell specialized infrastructure access while keeping the economic benefit inside the ecosystem.
That is exactly the kind of model large DAOs will need to understand as crypto networks mature.
This article is based on the Arbitrum governance forum proposal for Fast Feed monetization.
This article was written by the News Desk and edited by Samuel Rae.
Arbitrum bridge nebyl hacknut; skutečný útok zasáhl Ostium, které při manipulaci s orákulem přišlo zhruba o 24 milionů USDC. ARB po incidentu klesl asi o 4 %.
A brief panic rippled through the Arbitrum ecosystem on July 15 when on-chain watchers flagged a suspicious $24 million USDC withdrawal that looked, at first glance, like a bridge exploit. It wasn’t. Arbitrum’s native bridge remains intact, and the real victim was Ostium, a decentralized exchange focused on real-world asset trading that got drained through a compromised oracle key.
The distinction matters enormously. A bridge hack would signal systemic risk across the entire Layer 2 network. An oracle manipulation attack on a single protocol, while painful, is a contained problem. But the roughly $24 million that walked out the door still represents a significant blow, both to Ostium and to confidence in oracle-dependent DeFi protocols.
How the attack worked The attacker gained access to a compromised oracle signer private key, specifically one tied to a PriceUpKeep role within Ostium’s system. The falsified reports contained future-dated price entries. The system treated these bogus reports as legitimate, which allowed the attacker to generate phantom profits on positions. Those fake gains were then withdrawn as very real USDC from Ostium’s liquidity vault, known as the OLP.
The damage was substantial. Estimates place the total loss between $18 million and $24 million USDC, with some on-chain analysis pinpointing the figure at approximately $23.75 million across multiple transactions. Given that the OLP vault held roughly $63 million in total value, the attacker managed to siphon off about 28% of the entire pool.
Advertisement
On-chain security firm Blockaid detected the suspicious activity and alerted the community. Ostium responded by halting all trading operations and freezing affected positions while launching a full investigation.
Why the bridge confusion happened The initial alarm bells rang because the stolen funds were transferred from Arbitrum to Ethereum, which naturally drew attention to bridge infrastructure. But the transfers used authorized routes, primarily through MetaMask, and were validated by the network’s validators as legitimate transactions. The bridge did exactly what it was designed to do: process valid withdrawal requests. The problem was upstream, in how those funds were illegitimately obtained in the first place.
That said, the ARB token still took a hit, declining approximately 4% in the aftermath.
Ostium’s track record and what’s at stake Ostium isn’t a fly-by-night protocol. The platform had previously raised $27.8 million in funding and processed over $50 billion in cumulative trading volume. That pedigree makes the exploit more surprising, not less.
What makes this particular incident notable is that it wasn’t a flash loan attack or a price manipulation scheme using on-chain liquidity pools. It was a key compromise. Someone either stole, phished, or otherwise obtained access to a private key that had elevated privileges within the oracle system.
What this means for investors For Arbitrum holders, the good news is straightforward: the network’s core infrastructure wasn’t breached. The 4% ARB decline looks more like a knee-jerk reaction than a fundamental repricing of risk.
For Ostium liquidity providers, the situation is considerably grimmer. Losing 28% of a vault’s value in a single incident is the kind of event that permanently reshapes a protocol’s risk profile.
Investors should be scrutinizing how protocols manage oracle infrastructure with the same intensity they apply to smart contract audits. Look at how many signer keys exist, what privileges they carry, whether multi-signature requirements are enforced, and what happens if one key is compromised.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Arkham uvedl, že trader „watershedpath“ drží největší on-chain long na HYPE za více než 80 milionů USD. Za poslední dva týdny je v nerealizované ztrátě asi 18 milionů USD.
A significant leveraged position in HYPE, the native token of Hyperliquid, has drawn attention after the blockchain analytics firm Arkham Intelligence identified a trader as the current holder of the largest on-chain HYPE long. Despite facing an unrealized loss of approximately $18 million, the trader has maintained the position, reflecting both the high-risk approach common in leveraged cryptocurrency trading and the expanding profile of altcoin derivatives markets.
Arkham highlights largest HYPE long positionArkham Intelligence, a company specializing in blockchain data analysis, reported that the on-chain trader known as “watershedpath” holds the biggest HYPE long position, valued at over $80 million. The account has endured an estimated $18 million paper loss over the past two weeks, as HYPE experienced a retreat from its recent price highs.
Despite these losses, Arkham stated that “watershedpath” has kept the position open, relying on a margin balance reportedly around $16 million to support the leveraged trade. This level of margin provides collateral, helping to prevent immediate liquidation as long as HYPE’s price does not drop to the estimated liquidation threshold.
Trader “watershedpath” holds the largest HYPE long on-chain right now, with a position worth over $80M, according to Arkham Intelligence. Liquidation may occur if the HYPE price declines by approximately $6 from current levels.
Arkham noted that reaching the liquidation threshold could lead to forced closure of the position, impacting both the trader and potentially the broader HYPE market.
Mini dictionary: Hyperliquid is a decentralized perpetual trading platform that allows users to trade crypto derivatives with leverage through an on-chain order book system, offering increased transparency compared to centralized exchanges.
TraderPosition ValueMargin RemainingUnrealized LossLiquidation Gapwatershedpath$80 million$16 million$18 million~$6 price dropImpact of large leveraged trades on HYPE marketLarge leveraged trades like this one are closely watched by market participants due to their potential to drive market volatility, especially if liquidation levels are approached. In leveraged positions, even small market moves can result in automatic liquidations, producing sharp increases in buying or selling activity and contributing to volatility across perpetual futures platforms.
The size of this HYPE position goes beyond a single trader, as forced liquidation might influence overall market liquidity and sentiment. If the position is triggered, it could also affect other leveraged holders, potentially setting off additional unwinding of positions. As long as the trader’s margin remains sufficient, the position can be sustained despite current losses.
Hyperliquid’s growth in decentralized derivativesHyperliquid has recently established itself among the fastest-growing decentralized exchanges for perpetual derivatives, utilizing an on-chain order book for trading. The platform emphasizes transparency, with large positions visible and trackable in real time by third-party analytics providers such as Arkham Intelligence.
This transparency offers traders insight into major market participants, making risk management a crucial consideration in such an environment.
Monitoring risk and liquidation levelsThe outcome of the largest HYPE leveraged position will depend largely on movement in HYPE’s price in the coming days. A recovery could allow the trader to reduce losses, while extended declines could trigger a liquidation if the margin buffer is depleted. This scenario underscores the need for close monitoring of leverage, margin requirements, and broader market factors when trading digital assets.
Investors remain attentive to significant leveraged positions as indicators of both conviction and risk in the rapidly evolving market for altcoin perpetual futures.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
First American Financial (FAF) za 2. čtvrtletí vykázala zisk 2,08 USD na akcii a tržby 2,12 miliardy USD, obojí nad odhady. Zisk i tržby překonala už počtvrté za poslední čtyři čtvrtletí.
First American Financial (FAF - Free Report) came out with quarterly earnings of $2.08 per share, beating the Zacks Consensus Estimate of $1.8 per share. This compares to earnings of $1.53 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +15.56%. A quarter ago, it was expected that this financial services company would post earnings of $1.06 per share when it actually produced earnings of $1.33, delivering a surprise of +25.47%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
First American Financial, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $2.12 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.43%. This compares to year-ago revenues of $1.84 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
First American Financial shares have added about 16.6% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for First American Financial?While First American Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for First American Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.75 on $2.01 billion in revenues for the coming quarter and $6.74 on $7.88 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
United Fire Group (UFCS - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.
This property and casualty insurance company is expected to post quarterly earnings of $0.72 per share in its upcoming report, which represents a year-over-year change of -20%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
United Fire Group's revenues are expected to be $378.9 million, up 13% from the year-ago quarter.
Medpace (MEDP - Free Report) came out with quarterly earnings of $4.25 per share, beating the Zacks Consensus Estimate of $4.08 per share. This compares to earnings of $3.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.17%. A quarter ago, it was expected that this provider of outsourced clinical development services would post earnings of $3.74 per share when it actually produced earnings of $4.28, delivering a surprise of +14.44%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Medpace, which belongs to the Zacks Medical Services industry, posted revenues of $707.33 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.12%. This compares to year-ago revenues of $603.31 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Medpace shares have lost about 5.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Medpace?While Medpace has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Medpace was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.22 on $694.23 million in revenues for the coming quarter and $17.04 on $2.79 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Avantor, Inc. (AVTR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -20.8%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.
Avantor, Inc.'s revenues are expected to be $1.62 billion, down 3.5% from the year-ago quarter.
RLI Corp. (RLI - Free Report) came out with quarterly earnings of $0.83 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $0.84 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +16.90%. A quarter ago, it was expected that this specialty insurance company would post earnings of $0.85 per share when it actually produced earnings of $0.83, delivering a surprise of -2.35%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
RLI Corp., which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $463.14 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.61%. This compares to year-ago revenues of $441.32 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
RLI Corp. shares have lost about 5.9% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for RLI Corp.?While RLI Corp. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for RLI Corp. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.54 on $458.53 million in revenues for the coming quarter and $2.75 on $1.83 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
HCI Group (HCI - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This property and casualty insurance holding company is expected to post quarterly earnings of $5.08 per share in its upcoming report, which represents a year-over-year change of -1.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
HCI Group's revenues are expected to be $240.67 million, up 8.5% from the year-ago quarter.
Cadence Design Systems (CDNS) v poslední seanci klesla o 2,21 % na 337,02 USD, tedy více než S&P 500, který oslabil o 0,14 %. Akcie za poslední měsíc ztratily 9,08 %.
In the latest close session, Cadence Design Systems (CDNS - Free Report) was down 2.21% at $337.02. This change lagged the S&P 500's daily loss of 0.14%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.
Coming into today, shares of the maker of hardware and software products for validating chip designs had lost 9.08% in the past month. In that same time, the Computer and Technology sector lost 4.82%, while the S&P 500 gained 0.25%.
Investors will be eagerly watching for the performance of Cadence Design Systems in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 27, 2026. The company is forecasted to report an EPS of $2.05, showcasing a 24.24% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.58 billion, indicating a 23.58% growth compared to the corresponding quarter of the prior year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.94 per share and a revenue of $6.2 billion, signifying shifts of +11.2% and +17.11%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Cadence Design Systems holds a Zacks Rank of #3 (Hold).
Digging into valuation, Cadence Design Systems currently has a Forward P/E ratio of 43.42. This indicates a premium in contrast to its industry's Forward P/E of 15.81.
We can also see that CDNS currently has a PEG ratio of 3.2. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software industry had an average PEG ratio of 1.28 as trading concluded yesterday.
The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 38% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
QuantumScape oznámila novou víceletou spolupráci s Hondou na vývoji solid-state baterií pro automobily i další využití. Zároveň potvrdila celoroční odhad upravené ztráty EBITDA ve výši 250 až 275 milionů USD.
MarketBeat Week in Review – 06/29 - 07/03QuantumScape NYSE: QS said it made progress in the second quarter of 2026 on automotive commercialization, new end-market expansion and pilot production of its solid-state lithium-metal battery cells, while reiterating its full-year adjusted EBITDA loss guidance.
On the company’s earnings call, Chief Executive Officer Siva Sivaram highlighted a newly announced multi-year partnership with Honda aimed at advancing QuantumScape’s solid-state lithium-metal battery technology for automotive and other applications in Honda’s product portfolio. Sivaram said the agreement followed “one of the most rigorous assessments of our technology to date” and gives QuantumScape another pathway into high-value markets.
Get QuantumScape alerts:
Burger King’s Turnaround Is Putting Restaurant Brands Back in FocusThe company also updated its ongoing collaboration and licensing arrangement with Volkswagen’s PowerCo. Sivaram said the revised scope includes milestones and payments tied to automotive cell development, larger-format cells and QuantumScape’s future technology roadmap. He added that the relationship remains strong and that the overall goal is unchanged: industrializing QuantumScape’s technology and transferring it to PowerCo for automotive commercialization.
Automotive Partnerships Remain Central to Commercialization Sivaram said QuantumScape is working with four of the top 10 global automotive original equipment manufacturers, including Volkswagen and Honda. The company also shipped cells to an additional automotive OEM customer during the quarter and continues to strengthen relationships with automakers in North America, Europe and Japan.
Slice of the Pie: Why Yum’s Deal Lifts QSRAsked about the updated PowerCo agreement, Sivaram said QuantumScape has updated the Volkswagen PowerCo agreements annually as the relationship has progressed. “There is not anything philosophically different about the objectives of the joint program,” he said, adding that the milestones are now aligned with items such as larger-format cells and future technology work.
Chief Financial Officer Kevin Hettrich said the revised PowerCo scope reduced the total possible payments under the agreement from approximately $131 million to approximately $75 million, but also lowered expected project expenses. He said QuantumScape expects a “net neutral financial impact in terms of cash” compared with the 2025 scope of work. Hettrich also said the separate $130 million royalty prepayment from PowerCo is unchanged and is tied to technical milestones and alignment on form factor.
When asked whether Volkswagen PowerCo’s previously discussed 2029 start-of-production timeline remained the target, Sivaram said QuantumScape had not announced any change from its original plans.
Company Creates Three Business Verticals QuantumScape said it is organizing around three business verticals to address automotive and non-automotive markets:
QSEV, focused on electric vehicles and automotive OEMs, including Volkswagen and Honda. QSDC, focused on AI data centers and working with original design manufacturers and data center architects. QSAS, focused on advanced solutions, including aerospace and defense applications. Sivaram said the company sees interest in its technology beyond electric vehicles, including AI data centers, aerospace, defense, consumer electronics and medical devices. He said the core QuantumScape technology platform can serve these markets, though each may require a different go-to-market strategy.
For data centers, Sivaram said the market is moving quickly and that QuantumScape is working with data center architects and ODMs on designs based on QSE-5 technology. He said the transition to 800-volt DC designs and megawatt racks creates “natural deadlines,” with deployments expected toward the end of 2028, meaning QuantumScape needs to develop and deliver integrated products ahead of that timeframe.
In advanced solutions, Sivaram said QSAS has shipped QSE-5 cells to a major American defense prime and is engaged with global customers across aerospace and defense. He said the advanced solutions business will also explore opportunities such as medical devices and consumer electronics.
Eagle Line Ramps Cell Output QuantumScape said its Eagle Line, a highly automated pilot cell production line in San Jose, California, remains a key part of its commercialization strategy. Sivaram said the line is intended to increase sample volumes for customers, accelerate process development and serve as a proving ground for scaling production.
The company said core tools on the Eagle Line are showing uptime greater than 90%, while key productivity metrics are meeting targets. QuantumScape is ramping sample volumes and shipping cells to customers. Sivaram said the company aims to further double cell output in the second half of 2026 and expects customer sample shipments to accelerate across all three verticals.
In response to a question about shipments to the defense market, Sivaram said improved Eagle Line productivity enabled the company to ship QSE-5 cells to a U.S. defense prime. He said the higher volumes also help QuantumScape learn more quickly and support eventual technology transfer to higher-volume lines.
Safety and Larger-Format Cells Highlighted Sivaram said customers have consistently identified safety as a valuable aspect of QuantumScape’s technology, in addition to energy density and power capability. He contrasted the company’s ceramic separator with next-generation approaches involving silicon or lithium-metal anodes with liquid electrolytes, which he said can pose serious safety hazards.
QuantumScape said increased Eagle Line output is enabling larger-scale safety testing, including nail penetration, external short circuit and thermal stability testing up to 300 degrees Celsius. Sivaram said the results continue to show QSE-5 as “a significantly safer cell design” compared with conventional and next-generation lithium-ion cells.
The company also said it has demonstrated that its Cobra process can produce larger-area separators for higher-capacity cell designs. Sivaram said larger-format cells can improve packing efficiency and potentially increase cell-level energy density.
Financial Results and Outlook For the second quarter, QuantumScape reported GAAP operating expenses of $106.1 million and a GAAP net loss of $98.2 million. Adjusted EBITDA loss was $64.2 million, which Hettrich said was in line with expectations.
The company reiterated its full-year 2026 adjusted EBITDA loss guidance of $250 million to $275 million. QuantumScape lowered its full-year capital expenditure guidance to a range of $27 million to $37 million, citing capital discipline and cost savings on specific projects. Second-quarter capital expenditures were $4.6 million, primarily related to technology roadmap investment and associated facility spending.
Hettrich said customer billings in the second quarter were $10.8 million, bringing total customer billings through the first half of 2026 to $21.8 million. That exceeded full-year 2025 customer billings of $19.5 million, meeting the company’s public goal for 2026. He noted that customer billings represent invoices issued to customers and partners regardless of accounting treatment and are not a substitute for revenue under U.S. GAAP.
QuantumScape ended the quarter with $859 million in liquidity. Hettrich said the company will remain prudent with its balance sheet as it invests in commercialization, new markets and technology development.
About QuantumScape (NYSE:QS)QuantumScape Corporation is a development-stage company specializing in the research and commercialization of next-generation solid-state lithium-metal batteries for electric vehicles. The company's core technology replaces the traditional liquid electrolyte with a solid ceramic separator, aiming to deliver higher energy density, faster charging times and enhanced safety compared to conventional lithium-ion cells. QuantumScape's product roadmap focuses on enabling electric vehicle manufacturers to extend driving range and reduce charging downtime, addressing key barriers to widespread EV adoption.
Founded in 2010 and headquartered in San Jose, California, QuantumScape has attracted significant strategic investment and formed partnerships with leading automotive OEMs.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in QuantumScape Right Now?Before you consider QuantumScape, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and QuantumScape wasn't on the list.
While QuantumScape currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
In the latest trading session, AeroVironment (AVAV - Free Report) closed at $150.35, marking a +1.01% move from the previous day. This change outpaced the S&P 500's 0.14% loss on the day. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.
The stock of maker of unmanned aircrafts has fallen by 0.16% in the past month, leading the Aerospace sector's loss of 5.8% and undershooting the S&P 500's gain of 0.25%.
Market participants will be closely following the financial results of AeroVironment in its upcoming release. The company's upcoming EPS is projected at $0.34, signifying a 6.25% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $474.57 million, up 4.38% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.26 per share and revenue of $2.17 billion, indicating changes of -1.51% and +9.78%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for AeroVironment. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 19.7% lower. Right now, AeroVironment possesses a Zacks Rank of #3 (Hold).
Digging into valuation, AeroVironment currently has a Forward P/E ratio of 45.66. Its industry sports an average Forward P/E of 37.24, so one might conclude that AeroVironment is trading at a premium comparatively.
It's also important to note that AVAV currently trades at a PEG ratio of 5.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Aerospace - Defense Equipment stocks are, on average, holding a PEG ratio of 2.3 based on yesterday's closing prices.
The Aerospace - Defense Equipment industry is part of the Aerospace sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AVAV in the coming trading sessions, be sure to utilize Zacks.com.
Graco Inc. (GGG - Free Report) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +12.35%. A quarter ago, it was expected that this company would post earnings of $0.75 per share when it actually produced earnings of $0.66, delivering a surprise of -12%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Graco, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $590.55 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.98%. This compares to year-ago revenues of $571.81 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Graco shares have lost about 10.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Graco?While Graco has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Graco was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.81 on $584.75 million in revenues for the coming quarter and $3.10 on $2.35 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - General Industrial is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Dover Corporation (DOV - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.
This company is expected to post quarterly earnings of $2.72 per share in its upcoming report, which represents a year-over-year change of +11.5%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
Dover Corporation's revenues are expected to be $2.21 billion, up 7.9% from the year-ago quarter.
For the quarter ended June 2026, Packaging Corp. (PKG - Free Report) reported revenue of $2.49 billion, up 14.7% over the same period last year. EPS came in at $2.35, compared to $2.48 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.4 billion, representing a surprise of +3.57%. The company delivered an EPS surprise of +1.73%, with the consensus EPS estimate being $2.31.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Packaging Corp. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Segment Sales- Packaging: $2.31 billion compared to the $2.21 billion average estimate based on three analysts. The reported number represents a change of +15.2% year over year.Segment Sales- Corporate and Other: $21.3 million versus $21.64 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +8.7% change.Segment Sales- Paper: $157.3 million versus the three-analyst average estimate of $160.04 million. The reported number represents a year-over-year change of +7.9%.Segment operating income (loss) excluding special items- Packaging: $327.8 million compared to the $317.11 million average estimate based on two analysts.Segment operating income (loss) excluding special items- Corporate and Other: $-47.2 million versus the two-analyst average estimate of $-39.57 million.Segment operating income (loss) excluding special items- Paper: $34.3 million compared to the $32.53 million average estimate based on two analysts.View all Key Company Metrics for Packaging Corp. here>>>
Shares of Packaging Corp. have returned -2% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Fulton Financial vykázala za 2. čtvrtletí zisk 0,6 USD na akcii a tržby 367,87 milionu USD, obojí nad odhady. Zisk byl meziročně vyšší než 0,55 USD na akcii.
Fulton Financial (FULT - Free Report) came out with quarterly earnings of $0.6 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +13.21%. A quarter ago, it was expected that this financial holding company would post earnings of $0.5 per share when it actually produced earnings of $0.55, delivering a surprise of +10%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Fulton Financial, which belongs to the Zacks Banks - Northeast industry, posted revenues of $367.87 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.75%. This compares to year-ago revenues of $328.46 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Fulton Financial shares have added about 27.4% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Fulton Financial?While Fulton Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Fulton Financial was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.56 on $372.25 million in revenues for the coming quarter and $2.18 on $1.44 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Chain Bridge Bancorp, Inc. (CBNA - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $1.32 per share in its upcoming report, which represents a year-over-year change of +88.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Chain Bridge Bancorp, Inc.'s revenues are expected to be $19.53 million, up 54.7% from the year-ago quarter.
Cathay General (CATY) ve 2. čtvrtletí vydělal 1,37 USD na akcii a tržby dosáhly 222,3 milionu USD, obojí nad odhady. Zisk meziročně vzrostl z 1,10 USD na akcii.
Cathay General (CATY - Free Report) came out with quarterly earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.01%. A quarter ago, it was expected that this holding company for Cathay Bank would post earnings of $1.19 per share when it actually produced earnings of $1.29, delivering a surprise of +8.4%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Cathay, which belongs to the Zacks Banks - West industry, posted revenues of $222.3 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.89%. This compares to year-ago revenues of $196.61 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Cathay shares have added about 28.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Cathay?While Cathay has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Cathay was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.34 on $223.68 million in revenues for the coming quarter and $5.42 on $882.63 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Sierra Bancorp (BSRR - Free Report) , has yet to report results for the quarter ended June 2026.
This parent company of Bank of the Sierra is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of +14.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Sierra Bancorp's revenues are expected to be $39.3 million, up 0.2% from the year-ago quarter.
Cathay General Bancorp (CATY) Q2 2026 Earnings Call July 22, 2026 6:00 PM EDT
Company Participants
Georgia Lo - Assistant Secretary & Investor Relations
Chang Liu - CEO, President & Director
Albert Wang - Executive VP, CFO & Treasurer
Conference Call Participants
David Chiaverini - Jefferies LLC, Research Division
Matthew Clark - Piper Sandler & Co., Research Division
Gary Tenner - D.A. Davidson & Co., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Presentation
Operator
Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's Second Quarter 2026 earnings conference call. My name is Asha, and I'll be your coordinator for today. [Operator Instructions] Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.
Now I would like to turn the call over to Georgia Lo, Investor Relations of Cathay General Bancorp. Please go ahead.
Georgia Lo
Assistant Secretary & Investor Relations
Thank you, Asha, and good afternoon. Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Al Wang, our Executive Vice President and Chief Financial Officer.
Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events, and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2025, at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time. As such, we caution you not to place undue reliance on such forward-looking statements.
Polymesh v8 je na mainnetu a přináší permissionless onboarding, přímé držení aktiv na účtech a EVM smart kontrakty. Confidential Assets zatím běží jen na testnetu.
Polymesh v8 is live on Mainnet: permissionless onboarding, frictionless transfers, account-level asset holding, EVM smart contracts, and Confidential Assets on Testnet.
Polymesh v8 is now live on Mainnet. It's the largest upgrade to the network since launch, and it touches most of the core systems: onboarding, settlement, asset holding, smart contracts, and hardware wallet support. Much of it is aimed at removing long-standing friction for users and developers while keeping the identity and compliance model that Polymesh is built around.
Simpler onboardingUntil now, joining Polymesh meant going through a CDD Provider. You completed identity verification and received a CDD claim before you could do much of anything. In practice this often meant sitting through two onboarding flows: one for the chain, and another for the application or asset you actually wanted to use.
v8 removes the CDD claim requirement. Any account can now register an identity (DID) for itself directly on-chain, with no intermediary involved. CDD Providers have been renamed to DID Registrars, and they still work the way you'd expect: they can onboard identities on behalf of users who want a managed experience, and businesses that need verified-identity workflows can continue to layer those on with claims.
For new users and developers this is a much shorter path onto the network. For institutions, nothing is lost. Registrar-based onboarding is still there for anyone who wants it.
Automatic receiver affirmationIn previous versions, settlement instructions waited on the receiver's affirmation by default. This prevents unwanted transfers, but it adds a step before assets can settle, and it tends to surprise anyone coming from other blockchain ecosystems where transfers simply land in your account.
In v8, receiver affirmation is automatic by default. When assets are sent to you, they settle without you having to approve them first. Workflows that need explicit receiver approval can opt back in on a per-identity basis, which some institutional flows will want to do.
If you build applications on Polymesh, this deserves a close look. Any code that assumes incoming transfers require the receiver's approval should be reviewed.
Assets held directly on accountsPolymesh has always organized holdings through identity-owned portfolios. In v8, accounts (signing key public addresses) can also hold assets directly, both fungible tokens and NFTs, with no portfolio involved. A new transfer method moves funds between any combination of accounts and portfolios without creating a settlement instruction.
Portfolios remain fully supported and are still the right model for institutional setups that need shared control through secondary keys. Developers can now choose whichever ownership model fits their application.
v8 also adds allowances: an account can authorize another account or a smart contract to move a set amount of its assets within limits it defines. Anyone who has worked with ERC-20 tokens will recognize the approve-and-spend pattern. It makes delegated and contract-driven workflows possible without handing over signing authority.
EVM smart contractsv8 brings EVM compatibility to Polymesh through a new dual-VM contract engine. Solidity contracts can run either as native PolkaVM bytecode or as standard EVM bytecode in a full EVM environment. A new Ethereum JSON-RPC proxy lets MetaMask, ethers.js, and other standard Ethereum tooling talk to Polymesh contracts directly.
Solidity developers can now build and deploy on Polymesh with the tools they already know. This release lays the groundwork; direct access from contracts to Polymesh's native identity, compliance, and settlement features is a major focus of ongoing development, and we'll share more as that work progresses.
Confidential Assets on Testnetv8 introduces Confidential Assets, currently on Testnet. They use zero-knowledge proofs to keep the sender, receiver, asset, and amount of a transfer private, while retaining the auditor and mediator controls that regulated markets require.
Confidential Assets are available on Testnet today for experimentation and feedback. They are disabled on Mainnet while development, testing, and auditing continue. We'll publish more on this in the coming weeks.
Better hardware wallet supportv8 adds a metadata-hash-based signing scheme that lets generic signers, including the generic Polkadot Ledger app, decode and display full Polymesh transaction details. Your Ledger can now show you exactly what you're signing, and because verification runs against the runtime's own metadata, it keeps working as the network evolves. The dedicated Polymesh Ledger app is being updated to support the same scheme. Existing accounts and derivation paths continue to work.
Under the hoodv8 also retires several custom components in favor of standard, widely audited Polkadot SDK implementations, including the balances and staking systems. Most users won't notice a difference day to day, but Polymesh now benefits directly from upstream improvements and security review across the broader Polkadot ecosystem, and works better with standard tooling.
What to do nextIf you're a user, the easiest way to see the difference is to onboard fresh. Creating an identity and holding an asset is now a much shorter process.
If you're a developer or run infrastructure against the chain, be aware that v8 is a major release with real breaking changes. Call indices, event shapes, and storage layouts have moved. We've published a full migration changelog covering every pallet; start there before you upgrade.
Thank you to everyone who tested, filed issues, and ran nodes on Testnet throughout the v8 cycle. We're looking forward to seeing what you build.
Read the full v7.4 → v8.0 changelog on the developer portal
Pinnacle Financial vykázala za čtvrtletí končící v červnu 2026 výnosy 1,23 mld. USD a EPS 2,50 USD, obojí nad odhady. Výnosy meziročně vzrostly o 144 %.
Pinnacle Financial (PNFP - Free Report) reported $1.23 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 144%. EPS of $2.50 for the same period compares to $2.00 a year ago.
The reported revenue represents a surprise of +0.45% over the Zacks Consensus Estimate of $1.23 billion. With the consensus EPS estimate being $2.46, the EPS surprise was +1.63%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Pinnacle Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Interest Margin: 3.4% versus the four-analyst average estimate of 3.5%.Average balances - Total interest-earning assets: $112.67 billion compared to the $111.82 billion average estimate based on three analysts.Nonaccrual loans: $415 million versus $468.37 million estimated by three analysts on average.Annualized net loan charge-offs to avg. loans: 0.2% versus 0.2% estimated by three analysts on average.Total nonperforming assets: $444 million versus the three-analyst average estimate of $500.84 million.Net Interest Income: $956 million versus $965.58 million estimated by four analysts on average.Total noninterest income: $247 million compared to the $263.11 million average estimate based on four analysts.Non-Interest Revenue- Income from equity method investment: $24 million compared to the $24.03 million average estimate based on two analysts.Non-Interest Revenue- Capital markets income: $18 million versus the two-analyst average estimate of $14.97 million.Non-Interest Revenue- Income from bank-owned life insurance: $19 million versus $19.9 million estimated by two analysts on average.Non-Interest Revenue- Other non-interest income: $28 million compared to the $26.82 million average estimate based on two analysts.Non-Interest Revenue- Wealth management revenue: $85 million versus $86.1 million estimated by two analysts on average.View all Key Company Metrics for Pinnacle Financial here>>>
Shares of Pinnacle Financial have returned +0.8% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Raymond James Financial vykázala za čtvrtletí zisk 3,14 USD na akcii a tržby 3,93 miliardy USD, obojí nad odhady. Zisk vzrostl z 2,18 USD na akcii před rokem.
Raymond James Financial, Inc. (RJF - Free Report) came out with quarterly earnings of $3.14 per share, beating the Zacks Consensus Estimate of $2.91 per share. This compares to earnings of $2.18 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.90%. A quarter ago, it was expected that this company would post earnings of $2.76 per share when it actually produced earnings of $2.83, delivering a surprise of +2.54%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Raymond James Financial, which belongs to the Zacks Financial - Investment Bank industry, posted revenues of $3.93 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.69%. This compares to year-ago revenues of $3.4 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Raymond James Financial shares have added about 4.6% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Raymond James Financial?While Raymond James Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Raymond James Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.33 on $4.15 billion in revenues for the coming quarter and $11.84 on $15.58 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Investment Bank is currently in the top 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
BGC Group (BGC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This brokerage company is expected to post quarterly earnings of $0.34 per share in its upcoming report, which represents a year-over-year change of +9.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
BGC Group's revenues are expected to be $814.9 million, up 3.9% from the year-ago quarter.
Goosehead Insurance (GSHD - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +23.08%. A quarter ago, it was expected that this insurance company would post earnings of $0.2 per share when it actually produced earnings of $0.3, delivering a surprise of +50%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Goosehead, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $113.39 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.70%. This compares to year-ago revenues of $94.03 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Goosehead shares have lost about 27% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Goosehead?While Goosehead has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Goosehead was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.59 on $106.96 million in revenues for the coming quarter and $2.18 on $418.27 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Multi line is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Oscar Health, Inc. (OSCR - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +150.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Oscar Health, Inc.'s revenues are expected to be $4.89 billion, up 70.9% from the year-ago quarter.
Equity Lifestyle Properties (ELS - Free Report) came out with quarterly funds from operations (FFO) of $0.74 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to FFO of $0.69 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.78%. A quarter ago, it was expected that this resort community operator would post FFO of $0.84 per share when it actually produced FFO of $0.84, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Lifestyle Properties, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $397.82 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.02%. This compares to year-ago revenues of $376.87 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Lifestyle Properties shares have added about 7.1% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Lifestyle Properties?While Equity Lifestyle Properties has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Lifestyle Properties was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.79 on $398.99 million in revenues for the coming quarter and $3.18 on $1.57 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, LXP Industrial (LXP - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $0.83 per share in its upcoming report, which represents a year-over-year change of +3.8%. The consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level.
LXP Industrial's revenues are expected to be $88.12 million, up 0.5% from the year-ago quarter.
Knight-Swift Transportation Holdings oznámila za 2. čtvrtletí zisk 0,63 USD na akcii, nad odhadem 0,49 USD. Tržby dosáhly 2,1 miliardy USD a také překonaly očekávání.
Knight-Swift Transportation Holdings (KNX - Free Report) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +28.57%. A quarter ago, it was expected that this trucking company would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Knight-Swift, which belongs to the Zacks Transportation - Truck industry, posted revenues of $2.1 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.26%. This compares to year-ago revenues of $1.86 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Knight-Swift shares have added about 46.7% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Knight-Swift?While Knight-Swift has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Knight-Swift was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $2.1 billion in revenues for the coming quarter and $2.04 on $8.02 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Truck is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
ArcBest (ARCB - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This freight transportation and logistics company is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +60.3%. The consensus EPS estimate for the quarter has been revised 9% higher over the last 30 days to the current level.
ArcBest's revenues are expected to be $1.19 billion, up 16.8% from the year-ago quarter.
Equity Residential (EQR - Free Report) came out with quarterly funds from operations (FFO) of $1.02 per share, beating the Zacks Consensus Estimate of $1.01 per share. This compares to FFO of $0.99 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +0.99%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.95 per share when it actually produced FFO of $0.99, delivering a surprise of +4.21%.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Equity Residential, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $785.05 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $768.83 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Equity Residential shares have added about 8.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Equity Residential?While Equity Residential has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Equity Residential was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.04 on $793.72 million in revenues for the coming quarter and $4.07 on $3.16 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Mid-America Apartment Communities (MAA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This real estate investment trust is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of -3.3%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.
Mid-America Apartment Communities' revenues are expected to be $557.28 million, up 1.3% from the year-ago quarter.
DEXE spadl zhruba o 85 % z červencového maxima 48,89 USD poté, co dvě peněženky spojené s projektem poslaly na Binance tokeny v hodnotě 6 milionů USD nebo více. Objem obchodů při výprodeji vyskočil téměř o 300 %.
DEXE fell roughly 85% from its July 13 all-time high of $48.89, trading near $4-5. Two wallets tied to the DeXe project deposited a combined $6 million or more in DEXE to Binance shortly before the collapse. Trading volume jumped nearly 300% during the sell-off, pointing to concentrated selling rather than a market-wide event. No hack or exploit has surfaced, but traders are calling the move a rug pull. DEXE, the governance token of the DeXe Protocol, lost most of its value in a matter of hours on July 22 after two wallets connected to the project sent a combined $6 million or more in tokens to Binance. The token had rocketed from $1.80 in February to nearly $48 in early July, then reversed just as fast, dropping to around $4 and wiping out roughly 85% of its value from the peak. The speed of the collapse, paired with the size of the deposits, has traders across crypto forums asking whether this was an orderly correction or an inside job.
A ChangeNOW Listing Sparked an 18x Squeeze in Four Days DeXe Protocol builds no-code infrastructure for launching decentralized autonomous organizations, letting communities manage treasuries and voting on-chain without writing custom code. The token itself had traded quietly for years before a July 9 listing on the instant-swap platform ChangeNOW gave it fresh exposure. Within a day, DEXE broke out of a bullish pennant pattern, a setup traders watch for continuation after a sharp initial move. That breakout ran straight into a wall of short positions built up during the prior grind, and the forced buying from traders covering those shorts added fuel to a rally that was already accelerating. By July 13, DEXE had printed a record $48.89, an 18-fold gain in about five months.
On-chain activity backed up the price action rather than contradicting it. Network growth hit one of its largest single-day spikes of the year, with more than 160 new wallets created, while whale transactions above $100,000 climbed to their fourth-highest daily count in 2026. Fresh wallets don’t show up like that on their own. Someone was buying, and buying hard.
Two Wallets Sent $6 Million to Binance Hours Before the Drop On-chain data shows the deposits originated from two Gnosis Safe multisig wallets, a structure typically used by project teams and treasuries rather than individual holders. One safe moved 371,309 DEXE, worth close to $3.9 million, into an intermediate wallet roughly 14 hours before the crash, which then forwarded $3.68 million of that to a Binance hot wallet. A second safe sent 253,690 DEXE, worth about $2.66 million, through the same pattern, landing $2.51 million on Binance shortly after. Combined, the two transfers put roughly $6.2 million of DEXE onto the exchange within hours of the collapse. Team wallets don’t move that fast for no reason.
The price action lines up with that reading. DEXE bled out in stages rather than falling in one clean drop: first a slide of roughly 10%, then a pullback near 30%, then a steeper plunge of around 58%, before a final capitulation leg pushed it into the $4 handle. Trading volume surged close to 290% versus recent averages during the worst of the move, confirming that this was a concentrated liquidation event and not gradual profit-taking.
Date Price Level Event July 9 ~$8 ChangeNOW listing sparks initial buying July 10 Breakout Pennant breakout triggers short squeeze July 13 $48.89 All-time high printed July 22 (morning) ~$36 to $4.50 Team-linked wallets deposit $6M+ to Binance, price collapses July 22 (current) ~$4.80 Attempting to stabilize, still down over 85% from peak RSI Near 30 and a Flattening MACD Point to a Slowing Selloff Looking at the 30-minute chart, DEXE opened the session near $36 and pushed briefly to almost $50 before the selling took over completely, dropping the price to around $4.80. The relative strength index, a gauge that measures whether a token has been bought or sold too aggressively over the recent period, sank to around 30, which is deep in oversold territory. A reading this low usually signals that sellers have pushed the move further than fundamentals justify in the short term, though in a post-blow-off collapse like this one, oversold readings can persist for a while rather than triggering an immediate bounce.
The MACD indicator, which tracks the gap between two moving averages to flag momentum shifts, has curled back toward positive territory after bottoming out around minus six, suggesting the pace of the decline is slowing even though the broader trend remains firmly bearish. For now, price is holding just under $5. That’s the line I’m watching. Lose it on a daily close and there’s very little chart structure left to slow the next leg down. Hold it, and this starts looking like a bounce setup rather than a falling knife.
Santiment Flagged DEXE’s Selloff Risk a Day Before It Hit The pattern is familiar to anyone who’s traded through a few of these cycles. A listing catalyst turns into a squeeze, the squeeze turns into a chart everyone suddenly has an opinion on, and the people who bought at $8 start looking for buyers at $40. Here, those buyers were retail traders who caught the July euphoria. The wallets selling into them belonged to the project itself.
🔗 Live Chart https://t.co/ku4h5fqY04
👍 Uniswap and Curve have just broken their 2026-high in exchange outflows, with about 8.4M $UNI and 9.8M $CRV leaving exchanges in just 24 hours. This reduces near-term sell pressure just as Uniswap’s fee and burn narrative, Robinhood Chain… pic.twitter.com/ZGMPu2CYpn
— Santiment Intelligence (@SantimentData) July 21, 2026
Santiment flagged this exact risk a day before the crash, warning that DEXE and INJ carried elevated selloff risk after large token volumes moved onto exchanges. The warning noted that DEXE still carries a legitimate governance-token utility story, but that large exchange inflows leave any rally fragile until that supply gets absorbed by the market. INJ, by contrast, has additional support from regulated-access developments including Binance.US spot trading and CFTC-regulated futures, something DEXE lacks.
Whether the Binance Wallets Are Done Selling Is the Open Question For DEXE holders, the immediate question is whether the wallets that deposited to Binance have finished selling or whether more supply is still sitting on the exchange waiting to hit the market. Call it what you want. A rug pull, technically, means the team drains liquidity and disappears, and nobody’s disappeared here. What actually happened looks more like insiders cashing out into a blow-off top than an exit scam. Either label lands the same way for anyone who bought near $48.
The DeXe team has not issued a public statement addressing the wallet deposits or the crash as of this writing. Traders holding the token or considering an entry should treat the “rug pull” label circulating on social media as an accusation rather than a confirmed fact, while also recognizing that a governance token with an unclear maximum supply and a codebase that has seen little recent development carries real structural risk independent of this single event.
e.l.f. Beauty v posledním obchodním dni klesla o 1,09 % na 79,03 USD, což bylo horší než pokles S&P 500 o 0,14 %. Před zveřejněním výsledků trh očekává EPS 0,71 USD a tržby 425,66 milionu USD.
In the latest close session, e.l.f. Beauty (ELF - Free Report) was down 1.09% at $79.03. The stock's performance was behind the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.
Coming into today, shares of the cosmetics company had gained 25.85% in the past month. In that same time, the Consumer Staples sector gained 1.73%, while the S&P 500 gained 0.25%.
Analysts and investors alike will be keeping a close eye on the performance of e.l.f. Beauty in its upcoming earnings disclosure. The company is expected to report EPS of $0.71, down 20.22% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $425.66 million, indicating a 20.33% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.31 per share and a revenue of $1.86 billion, representing changes of +5.75% and +13.57%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for e.l.f Beauty. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.12% higher. Right now, e.l.f. Beauty possesses a Zacks Rank of #3 (Hold).
Investors should also note e.l.f. Beauty's current valuation metrics, including its Forward P/E ratio of 24.11. This expresses no noticeable deviation compared to the average Forward P/E of 24.11 of its industry.
Also, we should mention that ELF has a PEG ratio of 2.27. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Cosmetics stocks are, on average, holding a PEG ratio of 0.81 based on yesterday's closing prices.
The Cosmetics industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
SL Green (SLG - Free Report) came out with quarterly funds from operations (FFO) of $1.43 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to FFO of $1.63 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +20.17%. A quarter ago, it was expected that this commercial real estate investment trust would post FFO of $1.06 per share when it actually produced FFO of $0.84, delivering a surprise of -20.75%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
SL Green, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $171.85 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $147.54 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
SL Green shares have added about 10.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for SL Green?While SL Green has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for SL Green was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.16 on $174.14 million in revenues for the coming quarter and $4.61 on $687.33 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Rexford Industrial (REXR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.
This industrial real estate investment trust is expected to post quarterly earnings of $0.60 per share in its upcoming report, which represents a year-over-year change of +1.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Rexford Industrial's revenues are expected to be $246.07 million, down 1.4% from the year-ago quarter.
Blue Bird zakončil poslední seanci na 80,20 USD, což znamenalo pokles o 1,33 % za den. Před výsledky analytici čekají EPS 1,22 USD a tržby 498,7 mil. USD.
Blue Bird (BLBD - Free Report) ended the recent trading session at $80.20, demonstrating a -1.33% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq decreased by 0.57%.
Coming into today, shares of the school bus maker had gained 10.26% in the past month. In that same time, the Auto-Tires-Trucks sector lost 4.03%, while the S&P 500 gained 0.25%.
The investment community will be closely monitoring the performance of Blue Bird in its forthcoming earnings report. In that report, analysts expect Blue Bird to post earnings of $1.22 per share. This would mark year-over-year growth of 2.52%. Meanwhile, the latest consensus estimate predicts the revenue to be $498.7 million, indicating a 25.3% increase compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.74 per share and revenue of $1.74 billion. These totals would mark changes of +8.22% and +17.88%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Blue Bird. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.45% higher. Currently, Blue Bird is carrying a Zacks Rank of #3 (Hold).
Investors should also note Blue Bird's current valuation metrics, including its Forward P/E ratio of 17.15. Its industry sports an average Forward P/E of 19.24, so one might conclude that Blue Bird is trading at a discount comparatively.
It's also important to note that BLBD currently trades at a PEG ratio of 1.04. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Automotive - Domestic industry stood at 1.04 at the close of the market yesterday.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 105, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Waste Connections ve 2. čtvrtletí vykázala zisk 1,5 USD na akcii a tržby 2,56 miliardy USD, obojí nad odhady. Zisk meziročně vzrostl z 1,29 USD na akcii.
Waste Connections (WCN - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.35 per share. This compares to earnings of $1.29 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +11.11%. A quarter ago, it was expected that this solid waste services provider would post earnings of $1.19 per share when it actually produced earnings of $1.23, delivering a surprise of +3.36%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Waste Connections, which belongs to the Zacks Waste Removal Services industry, posted revenues of $2.56 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.06%. This compares to year-ago revenues of $2.41 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Waste Connections shares have lost about 4% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Waste Connections?While Waste Connections has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Waste Connections was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.51 on $2.59 billion in revenues for the coming quarter and $5.49 on $10 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Waste Removal Services is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Select Water Solutions, Inc. (WTTR - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Select Water Solutions, Inc.'s revenues are expected to be $365.9 million, up 0.5% from the year-ago quarter.
SpaceX plánuje na 23. července 13. testovací let Starshipu po několika zrušených pokusech. Úspěch je klíčový pro komercializaci rakety a další růst firmy.
SpaceX (SPCX -6.70%) is once again looking to launch a test flight of its Starship megarocket. Investors should be paying very close attention, as the impact on SpaceX’s stock price should be meaningful.
After several aborted attempts, the company is looking to complete the rocket’s thirteenth test flight on July 23. As with most SpaceX launches, the attempt will be livestreamed via the company’s website.
“The booster’s primary test objective will be executing a successful launch, ascent, stage separation, boostback burn, and landing burn at an offshore landing point in the Gulf of America,” SpaceX explains. “There have been several modifications to hardware and software to address issues seen on the previous flight.”
The impact of this test flight for SpaceX cannot be overstated. In many ways, SpaceX’s long-term growth plans hinge on the company’s ability to successfully commercialize its Starship rocket.
If you’re a current or potential SpaceX investor, there are two things you need to know.
Today's Change
(
-6.70
%) $
-8.28
Current Price
$
115.26
1. Starship is critical for SpaceX growth plansIn its IPO prospectus filed earlier this year, SpaceX was not shy about predicting its growth potential.
“We believe we have identified the largest actionable total addressable market in human history,” the company boasted. “We estimate that our quantifiable TAM is $28.5 trillion.”
Digging deeper, it may be surprising to learn that SpaceX attributes just $370 billion to what it calls “space-enabled solutions”. That bucket includes the total revenue potential of commercializing its Starship rockets.
With a market cap well above $2 trillion, successfully commercializing rockets may not seem critical to SpaceX’s long-term plan, given its relatively low growth potential. But investors must understand that the success of SpaceX’s Starship rocket will enable other growth opportunities that are much more lucrative long term. In other words, Starship’s value won’t be relegated to payload fees alone.
For example, SpaceX attributes $1.6 trillion of its total addressable market to its Starlink internet service. If successful, its Starship rocket would dramatically increase the number of satellites SpaceX can launch in any given year while also lowering the cost of getting them into space.
In other words, SpaceX’s Starship rocket will increase the odds that SpaceX will be able to realize as much of its claimed $1.6 trillion opportunity as possible.
Meanwhile, SpaceX attributes a massive $26.5 trillion of its total $28.5 trillion addressable market to a single opportunity: AI. While this bucket contains many smaller opportunities, one of SpaceX’s biggest growth catalysts should be the realization of orbital data centers.
Orbital data centers are exactly what they sound like: data centers that operate in space. In space, data centers can take better advantage of solar energy and low ambient temperatures, lowering ongoing operating costs.
There are many technical challenges to getting data centers to operate successfully in space. One of the biggest, however, is simply getting these systems into space economically. If successful, SpaceX’s Starship rocket would meaningfully improve the company’s chances of doing so.
Image Source: Getty Images
2. Competition for Starship is heating upSpaceX’s rocket program is arguably the most advanced rocket program on the planet. But there’s rising investment across the industry, which will create more competition for SpaceX over the coming months and years.
Government entities like China’s CNSA and India’s ISRO are pursuing their own rocket developments. Meanwhile, private companies, including Blue Origin, Rocket Lab (RKLB +0.91%), and Relativity Space are also aggressively pursuing the development of their own rocket systems.
SpaceX’s rocket program, however, is unique in terms of its vertical integration.
“SpaceX has also effectively achieved a high degree of vertical integration,” observes Government Technology, a public sector magazine. “It owns almost all parts of its supply chain, designing, building, and testing all its major hardware components in-house, with a minimal use of suppliers. That gives it not just control over its hardware but considerably lower costs, and the price tag is the top consideration for launch contracts.”
It’s hard to disagree about SpaceX’s success, both in terms of its launch achievements and its cost competitiveness. But it’s also clear that competition is heating up.
If SpaceX’s upcoming test flight is successful, that will help clear the path for the full commercialization of Starship. In this scenario, SpaceX will once again put itself ahead of the pack in terms of both technology and launch costs. Both of those factors will prove critical to the company’s ability to execute on its long-term growth potential.
SpaceX’s rocket program is arguably the most advanced rocket program on the planet. But there’s rising investment across the industry, a fact that will create more competition for SpaceX over the coming months and years.
Tesla ve 2. čtvrtletí vykázala solidní tržby, ale zisk výrazně zaostal za odhady trhu. Krátkodobě jí pomohly silné prodeje aut kvůli vyšším cenám benzínu.
SummaryTesla, Inc. delivered a solid revenue result in Q2, but earnings fell dramatically short of street estimates.Short-term performance was driven by strong auto sales amid high gas prices, shifting focus from long-term autonomous ambitions.TSLA stock trades at a substantial premium to the auto space and tech giants, but recent results don't justify this valuation. jetcityimage/iStock Editorial via Getty Images
After the bell on Wednesday, we received second quarter results from Tesla, Inc. (TSLA). The electric vehicle maker had a strong sales period thanks to higher gas prices amidst the U.S.
38.95K Followers
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from a broker or financial adviser before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Alphabet oznámil výsledky za 2. čtvrtletí 2026 a zdůraznil silný růst tržeb tažený hlavními službami a novými iniciativami. Firma dál sází na AI a cloud.
Editor’s Note: The transcripts have been removed and were published in error.
Alphabet (NASDAQ:GOOGL) released second-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.
Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.
The full earnings call is available at https://abc.xyz/investor/events/event-details/2026/2026-Q2-Earnings-Call-2026-GgTAq7Is0z/default.aspx
SummaryAlphabet Inc reported its financial performance for the second quarter of 2026, highlighting strong revenue growth driven by its core services and new initiatives.
The company emphasized its strategic focus on AI technology, particularly through the development and implementation of AI-driven solutions like Gemini, which aims to solve complex problems across various sectors.
YouTube TV was highlighted as a key product with expanding service plans, reflecting the company’s commitment to diversifying its revenue streams beyond traditional advertising.
Alphabet Inc announced continued investment in its cloud services, aiming to leverage AI capabilities to enhance its offerings and maintain competitive advantage.
Management expressed optimism about the future, focusing on the potential of AI to drive growth and innovation, while also addressing the company’s mission to tackle solvable diseases with new technology.
Market News and Data brought to you by Benzinga APIs
Google CEO Sundar Pichai. Bloomberg/Getty Images Imagine making nearly $100 billion extra and dedicating exactly one vague sentence to it. That's just what Google parent Alphabet did in its second quarter earnings report.
The tech giant reported that its "other income" totaled $98 billion in the second quarter, noting it came from unrealized gains on its investments.
Analysts didn't ask Alphabet executives about the gain on its earnings call. Instead, they focused on its rising capital expenditures and position in the AI race. The tech giant's stock closed down about 1.24%.
It's not the first time Alphabet has done this. In April 2025, the company disclosed a similar $8 billion paper gain. Google has no obligation to disclose exactly where those gains come from, and it doesn't.
The gains are almost certainly related to very savvy investments the company has made in companies like SpaceX, Anthropic, and Databricks.
Google was an early SpaceX investor, buying about 7% of the company in 2015. SpaceX also uses Google Cloud for its Starlink service. SpaceX is currently worth about $1.5 trillion dollars since its IPO last month. Google invested in SpaceX when it was worth only about $12 billion — that's a 133x return.
Google is also heavily invested in Anthropic, owning about a 14% stake in the company as of last March, according to filings seen by the New York Times. The AI lab was valued at almost $1 trillion in a massive $65 billion funding round in May. Some investors think it's already worth $1.2 trillion.
Additionally, Google is an investor in Databricks, which was valued at $188 billion in a funding round earlier this month.
Google, SpaceX, Anthropic, and Databricks didn't respond to requests for comment.
Google's investing chops are certainly impressive. But investors are more concerned about Google's own prospects.
The tech giant hiked its capital expenditures to a maximum of $205 billion this year as it races to compete on AI. While Google has strong advantages in distribution and chipmaking, its efforts to build a leading AI model haven't paid off.
It keeps delaying its next big AI chatbot, which some rivals are mocking online.
Still, many analysts remain bullish on Google's fundamentals. Its revenue jumped by almost 25% compared to last year on the back of strong ads and cloud sales, which are also being boosted by AI.
"Another impressive quarter for Google," said Emarketer principal analyst Nate Elliott.
Read next
Charles Rollet You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Charles Rollet is BI's tech correspondent in San Francisco. Prior to joining BI, Charles worked at TechCrunch covering startups and VC. Charles is based in the Bay Area, where he enjoys hiking with his dogs. You can contact Charles securely on Signal at charlesrollet.12 or +1-628-282-2811.
In the latest trading session, Amazon (AMZN - Free Report) closed at $244.85, marking a -1.09% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.
The online retailer's shares have seen an increase of 5.74% over the last month, surpassing the Retail-Wholesale sector's gain of 0.45% and the S&P 500's gain of 0.25%.
The investment community will be closely monitoring the performance of Amazon in its forthcoming earnings report. The company is scheduled to release its earnings on July 30, 2026. In that report, analysts expect Amazon to post earnings of $1.82 per share. This would mark year-over-year growth of 8.33%. Meanwhile, the latest consensus estimate predicts the revenue to be $196.85 billion, indicating a 17.38% increase compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.93 per share and a revenue of $826.74 billion, indicating changes of +24.55% and +15.32%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Amazon. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.49% higher within the past month. At present, Amazon boasts a Zacks Rank of #2 (Buy).
In the context of valuation, Amazon is at present trading with a Forward P/E ratio of 27.72. For comparison, its industry has an average Forward P/E of 17.14, which means Amazon is trading at a premium to the group.
Meanwhile, AMZN's PEG ratio is currently 1.6. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Internet - Commerce industry held an average PEG ratio of 1.12.
The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Nvidia darovala Naval Postgraduate School superpočítač s nejnovějšími čipy GB300 Grace Blackwell. Jde o první přímé využití jejích nejpokročilejších serverů v americké armádě.
An NVIDIA logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
SAN FRANCISCO, July 22 (Reuters) - Nvidia (NVDA.O), opens new tab and the Naval Postgraduate School (NPS) on Wednesday said that the AI chip leader has donated a supercomputer with its latest chips to a nonprofit linked to the institution.
The NPS is operated by the U.S. Navy and offers masters and doctoral degrees in fields such as computer science and aerospace engineering, among others, with an emphasis on their applications in warfare. Nvidia donated a system based on its GB300 "Grace Blackwell" servers, its most advanced AI computers, to the NPS Foundation, a nonprofit connected to the school.
The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.
Nvidia and the NPS did not disclose the size of the system, but confirmed it has been installed at the NPS campus in Monterey, California, where Adm. Samuel J. Paparo, commander of U.S. Pacific Command, and Nvidia CEO Jensen Huang planned to hold an event to announce the system.
While Nvidia's Blackwell chips are planned for use in U.S. government supercomputers built by the U.S. Department of Energy, the donation on Wednesday is the first direct use of Nvidia's most advanced servers by the U.S. military.
“AI will be a backbone of America’s defense,” Huang said in a statement.
Both the U.S. and China are racing to deploy AI for military purposes ranging from developing targeting lists to drone warfare.
“As we modernize our technology, we must also modernize how we educate our leaders,” Adm. Paparo said in a statement. “Access to advanced computing capability means NPS students and faculty understand the opportunities and responsibilities that come with these technologies.”
One of AI's strengths is the ability to work through complex, fast-changing problems much faster than traditional computer simulation techniques.
“Initially, we will need to carefully manage demand as we bring this capability online,” Trenton Hancock, chief information officer at NPS, said in a statement. “But what this system really gives us is the ability to explore more complex, real-world problems, especially those that mirror the challenges our operational fleet faces every day.”
Reporting by Stephen Nellis in San Francisco; Editing by Chizu Nomiyama
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Intel oznámil prvního veřejně jmenovaného externího zákazníka pro své služby foundry: Fortinet využije jeho výrobu pro čip SP6 na procesu Intel 4. Akcie v úterý uzavřely na 105,40 USD po růstu o více než 8 %.
Intel (INTC -2.47%) CEO Lip-Bu Tan told CNBC in May that "multiple customers" were working with the company's foundry business, but that it was his personal policy not to name them. On Tuesday, Intel finally named one.
Cybersecurity specialist Fortinet will use Intel's foundry (the business that manufactures chips for other companies) to produce its next-generation security chip, called the SP6, the two companies announced. The chip will be built on the Intel 4 process, and Fortinet becomes the first named outside customer for the foundry since Tan took over in March 2025.
Investors saw plenty to like. Intel shares jumped more than 8% on Tuesday to close at $105.40, adding to a run that has lifted the stock more than 300% over the past year.
And the timing raises the stakes. Intel reports second-quarter results after the market closes on Thursday, July 23.
So what does the Fortinet deal actually prove -- and what should investors watch for in the report?
Image source: Intel.
A name matters more than the chip Intel's foundry effort has never lacked announcements. What it has lacked is named, committed customers. And Intel has yet to land a major one for its most advanced manufacturing processes, known as 14A and 18A.
That history is what makes the Fortinet deal both encouraging and limited.
On the positive side, a company has now publicly committed a next-generation product to Intel's manufacturing. That is the kind of outside validation the foundry strategy has been missing, and it arguably makes the next customer conversation easier. Fortinet is a credible name, too. The cybersecurity company's dedicated security chips serve a market where demand has been climbing for years.
However, the SP6 will be built on Intel 4. That's an older, less advanced process, introduced in 2023 for the compute tile in Intel's own Core Ultra PC chips -- not the leading-edge technology Intel's turnaround ultimately depends on. A named customer on Intel 4 is progress. It isn't the marquee win that would prove Intel can manufacture the industry's most advanced chips in large quantities.
Today's Change
(
-2.47
%) $
-2.60
Current Price
$
102.85
The economics are still tiny The deal's financial weight is the other reason to stay level-headed. In the first quarter, Intel Foundry generated $5.4 billion of revenue, up 16% year over year. But nearly all of that came from making Intel's own products. External foundry revenue (money from manufacturing chips for outside customers) was just $174 million in the quarter. That's a sliver for a company that posted $13.6 billion in total revenue.
Demand for Intel's own chips, at least, is trending the right way -- even as the company confirmed this week that it is trimming jobs in that same data center unit. First-quarter revenue in the company's data center and artificial intelligence (AI) segment rose 22% year over year, faster than the company's overall 7% growth rate.
"The next wave of AI will bring intelligence closer to the end user," Tan said in the company's first-quarter earnings release, adding that the shift "is significantly increasing the need for Intel's CPUs and wafer and advanced packaging offerings."
Even so, Intel's reported bottom line is still in the red while it builds out capacity. The company posted a net loss of $3.7 billion in the first quarter -- though $4.1 billion of restructuring and impairment charges, largely a writedown of Mobileye goodwill, more than accounted for it. On a non-GAAP basis, which strips out those and other items, Intel earned $1.5 billion.
That's what makes Thursday's report the more important event of the week. Investors should watch three things: the trajectory of external foundry revenue, the size of the net loss, and any sign that a significant leading-edge customer is getting closer.
And the stock's run complicates the setup. After rising more than 300% in a year, Intel trades at nearly 90 times forward earnings -- a multiple that assumes the turnaround works, not one that leaves room for it to stumble. For a company still in the red on a reported basis, that is a lot of confidence to carry into an earnings report. And Tuesday's move, which came amid a broad chip-sector rally, showed how eager the market is to reward any scrap of foundry progress.
The Fortinet announcement is the first outside proof point of the Tan era, and I don't want to diminish it. A foundry needs customers willing to say so publicly, and now Intel has one. But the deal contributes a signal -- Intel didn't disclose what it contributes in dollars. At this valuation, Intel needs to deliver both. I'd want to see Thursday's numbers (external foundry revenue in particular) before paying nearly 90 times forward earnings for a turnaround still finding its footing.
IBM (IBM - Free Report) came out with quarterly earnings of $2.93 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $2.8 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this technology and consulting company would post earnings of $1.81 per share when it actually produced earnings of $1.91, delivering a surprise of +5.52%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
IBM, which belongs to the Zacks Computer - Integrated Systems industry, posted revenues of $17.16 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.03%. This compares to year-ago revenues of $16.98 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
IBM shares have lost about 28.9% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for IBM?While IBM has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for IBM was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.83 on $17.03 billion in revenues for the coming quarter and $12.13 on $70.75 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Integrated Systems is currently in the top 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, NCR Voyix (VYX - Free Report) , has yet to report results for the quarter ended June 2026.
This maker of ATMs and other hardware and software to handle payments is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of -15.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
NCR Voyix's revenues are expected to be $517.5 million, down 22.3% from the year-ago quarter.
Globe Life (GL - Free Report) came out with quarterly earnings of $3.61 per share, missing the Zacks Consensus Estimate of $3.67 per share. This compares to earnings of $3.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -1.64%. A quarter ago, it was expected that this life and health insurance company would post earnings of $3.46 per share when it actually produced earnings of $3.43, delivering a surprise of -0.87%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Globe Life, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $1.59 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.22%. This compares to year-ago revenues of $1.5 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Globe Life shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Globe Life?While Globe Life has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Globe Life was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.71 on $1.61 billion in revenues for the coming quarter and $15.64 on $6.4 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Accident and Health is currently in the top 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Trupanion (TRUP - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This provider of medical insurance covering cats and dogs is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Trupanion's revenues are expected to be $389.65 million, up 10.2% from the year-ago quarter.
Aztec popsal Fee Juice jako gas pro transakční poplatky a uvedl, že může být veřejný i soukromý. V aplikacích navíc může být poplatek abstraktován a placen v libovolném tokenu.
Gas on AztecGas on Aztec is known as Fee Juice and is used to pay for transaction costs. This is the same as $ETH on Ethereum. Some apps will handle transaction costs for you under the hood, but if you are using a browser extension wallet, you will not be able to send transactions without it. Fee Juice can be obtained by bridging the $AZTEC token on Ethereum to the Aztec Network L2. This means that under the hood, all activity that happens on Aztec is underpinned by the $AZTEC token bridged into the network. Some bridges like Shield (by human.tech) handle this for you, allowing you to allocate a portion of your bridged transaction to convert into Fee Juice and land in your wallet automatically.
Public vs Private AssetsAssets and transactions on the Aztec Network can be either public or private. If you bridge publicly, your tokens will arrive as public, traceable tokens visible to all. Privately bridging, on the other hand, will give you private assets that are visible only to you. These assets can then be sent privately to another user or wallet without ever revealing who you are, what tokens were sent, how many, or who the recipient is.
Public vs Private GasLike tokens on the Aztec Network, Fee Juice (gas) can also be public or private. The reason for this is that even if what you are sending is private, the gas you spend to execute that transaction could still be visible if you are using public Fee Juice, potentially revealing transaction patterns and activity. Private Fee Juice keeps your entire transaction footprint hidden. When you send a private transaction, you can use private Fee Juice, and when you send a public transaction, you can use public Fee Juice, which means your transaction costs are always aligned with the type of transaction you're making.
Fee Juice in AppsAztec has native fee abstraction, which means apps could let you pay for transactions in any token you want, or cover your fees entirely. Apps like Nyx may choose to cover part or all of a user's transaction costs, or allow you to pay in tokens that are convenient for you. This means you will most likely never see Fee Juice in an app; instead, you'll pay in whatever makes sense for what you're doing, on your terms. Similarly, you might never even see an Aztec wallet at all, because the app itself becomes your interface that you connect to using your MetaMask wallet.
Fee Juice in Browser WalletsIf you're using a browser extension like Azguard, you'll manage Fee Juice directly in your wallet alongside your private and public balances, converting between tokens as needed to cover transaction costs.
When you bridge tokens in, you'll need enough Fee Juice to cover the cost of your first transaction, then you'll need to monitor how much Fee Juice you have available to make transactions. Browser wallets will allow you to send either publicly or privately to other users and will default to using either public or private Fee Juice depending on the type of transaction. Both private Fee Juice and public Fee Juice will appear by default in your token list.
Wrapping upHow you handle Fee Juice depends on where you're transacting: apps can abstract it away entirely and let you pay in any token, while a browser wallet like Azguard puts it in your hands to manage across public and private balances. Match your gas to your transaction, keep private activity private down to the fee, and you move on your terms.
Read more
Aztec Network
Aztec Network
21 Jul
•
xx min read
Introducing Alpha V5The Aztec Network today activated Alpha V5, a major protocol upgrade passed by token-holder governance and executed onchain. Alpha V5 reduces private-transaction proving times by more than 2x compared to the previous version, lowers the cost of a fully private transaction by roughly 50%, resolves the critical issues found in V4, and sees the first wave of apps go live. Users can now send private transactions and earn yield on Aave simply by connecting their Ethereum wallets on Nyx, bridge from Ethereum to Aztec using Shield or TRAIN, privately collect NFTs on RavenHouse, or play Dark Forest Aztec, a hidden-information strategy game in a universe that lives entirely onchain.
"Alpha V5 continues Aztec's work at the frontier of client-side proving, with cryptographic breakthroughs that cut proving times by more than half this release," said Zac Williamson, Co-founder, Aztec Foundation. "We believe Aztec is now the fastest system in the world for proving a fully private transaction entirely on a user's own device, and every release moves the industry closer to private transactions at public transaction speeds."
As the only decentralized privacy L2, Aztec is the credibly neutral privacy layer for Ethereum. Aztec allows anyone to write smart contracts that include both private and public aspects – every private transaction is proven on the user's own device, so no operator, sequencer, or intermediary can see the data. The Alpha V5 proving improvements come from cryptographic advances that make this client-side proving faster than any prior release. The network remains in alpha, but with V5 it is ready for teams to begin building and deploying applications.
Performance - 2.5 second fully private transactions Making private transactions practical comes down to how quickly a proof can be generated on a user's own device, without offloading that work to a server that would learn what the user is doing. On Alpha V5, proving a private token transfer natively now takes approximately 2.5 seconds on a consumer laptop, down from 5.2 seconds on V4, and about 6.8 seconds in a browser, down from 12.5 seconds. Across every measured transaction flow, client-side proving times improved by approximately 2x compared with V4.
Bench machine: an M2 MacBook (12 cores, throttled to 8). "Native" runs Aztec's C++ proving binary; "WASM" runs the same prover in a browser engine (Node on V8).
Alpha V5 lowers ECDSA signature-verification cost by approximately 2x, speeds up Poseidon2 hashing by approximately 3x, and reduces the protocol circuit gate count by approximately 50% (gate count is the number of individual operations a proving circuit must perform, and it is the main driver of how long a proof takes to generate). Each of these lowers the amount of work a device performs to prove a transaction, and the reduction in gate count in particular compounds across every proof the network generates.
Apps - send, receive, and earn privately on EthereumAlpha V5 launches the first wave of apps on a network where privacy is built into the protocol rather than managed by an operator. On other networks that claim privacy, transactions still pass through an operator or node that reads them in plaintext, or depend on a viewing key that a third party holds, so users rely on someone else to protect their data and to decide when it gets disclosed. On Aztec, every private transaction is proven on the user's own device, so the app, the sequencer, and any operator never need to see the underlying data. Nyx is one of these apps, allowing users to privately send transactions and privately earn yield on Aave.
"On Ethereum, everything you do is public. That's why we built Nyx: a private account governed by your Ethereum wallet", said Nikhil, Co-founder of Nyx. "Now you can send, receive and earn in private. Nyx was the first app live on the Aztec Alpha, and we're excited to expand participation to more users with the added stability of Alpha V5."
Other apps on Alpha V5 include Azguard and Nethermind (wallets), Shield, TRAIN, and RavenHouse (bridges), and the Aztecscan block explorers. Also launching is Dark Forest Aztec, a game where users explore a universe, control planets, manage planetary energy, expand territory, and launch attacks through strategic play with private state and hidden actions.
Dark Forest Aztec private universe-building gameplayLower costs, higher security Transaction fees on Aztec come from two main sources: the cost of proving a transaction and the cost of verifying the rollup proof on Ethereum. Alpha V5 reduces both. It lowers the network's proving-cost parameter by 50%, and it reduces the L1 gas required to verify a rollup proof by approximately 40%. Because rollup proofs are verified on Ethereum and that cost is shared across all transactions in a batch, the L1 reduction lowers fees for every user, while the lower proving-cost parameter reduces the per-transaction proving fee directly. Together, these bring the average cost of a fully private token transfer to under a $0.05 transaction cost.
Alpha V5 also hardens the network on several fronts. It resolves critical vulnerabilities found in Alpha V4 along with additional bugs discovered since launch. Aztec's bug bounty program on Cantina also drew more than 234 security researchers to participate. The network remains in alpha, and further bugs may surface as usage grows, but each release has closed the issues found in the last and strengthened the protocol against new ones. With the critical V4 issues resolved and these safeguards in place, Alpha V5 is stable enough for teams to begin building and deploying applications.
AvailabilityAlpha V5 is live now, view the Alpha V5 landing page for a full list of features, performance updates, and live apps to explore.
About AztecAztec is the only decentralized, privacy-first Layer 2 on Ethereum. Developers write private and public logic in the same smart contract, and private functions are executed and proven on the user's own device, so no operator sees the underlying data. The protocol is upgraded through onchain governance, and the network settles to Ethereum. For more information, visit aztec.network.
Aztec Network
Aztec Network
30 Jun
•
xx min read
Inside an Aztec TransactionOn Ethereum today, each transaction reveals everything publicly. The token you moved, the size, the timing, the wallet it came from, every action you take. Given the limitations of this type of transparent network, the industry is now focusing on bringing privacy onchain as a top priority. The response to this has mostly been to enable private transactions that shield transfers in various ways. But when we look at how privacy works on Web2, it’s clear that users and developers need granular privacy controls: the ability to decide what is public or private and who is able to see different types of data.
Aztec was built so that one transaction can carry two halves. A private half that runs on your own device and never leaves it, and a public half that the network runs in the open. Apps can choose which aspects are private or public, and users can choose what they want to reveal and when.
This article will follow an example transaction on Aztec: a vote in an onchain election built on Aztec, where who you are and which candidate you chose stay private, while the running tally for each candidate stays public for anyone to verify.
Public and private in one movePicture the vote you cast in our example as two aspects that seamlessly weave together. In the first step, you act in private: an app records your vote on your device and hands the network a proof that the vote is valid without revealing it. In the second, the network acts in public: it checks that proof, then adds one to the chosen candidate's public tally. It is one transaction: one part stays with you, one part goes to the network. Both parts end up recorded onchain, in two separate state trees, one private and one public. The walkthrough below follows how these two aspects work together and what this means for how your transaction lands onchain.
It starts on your deviceYou open the voting app and connect an Aztec wallet. That first step looks like any onchain app. The difference is inside the wallet. An Aztec wallet carries a private execution environment, the PXE, pronounced "pixie", which runs on your phone or in your browser. The PXE is where the private half of your transaction executes, and where the proof of that work gets made, on your hardware, under your exclusive control.
Every account on Aztec is a smart contract rather than a bare key. That design, account abstraction, allows a wallet to authorize a transaction however its owner chooses without writing an identity onto the network for everyone to read. The wallet is the front door, and on Aztec you can decide if the door is open or closed, who you share your information with.
The private half runs on your deviceThe voting app is a smart contract with two kinds of functions. The private functions run first, and they run inside your PXE. Your identity and the candidate you picked are the private inputs, and they stay on your device.
The only thing to leave your device is a proof confirming the legitimacy of your vote. Aztec's client-side proving system, Chonk, takes the private execution and produces a zero-knowledge proof: a compact cryptographic receipt that your vote followed the rules, that you are eligible, and have not voted before, while revealing nothing about who you are or who you voted for. Think of it as a sealed ballot the network can confirm is valid without opening it. The network learns only that a legitimate vote happened. It does not learn how you voted, or even which account voted.
This is the part that used to be too slow to be practical. Generating a proof on a phone was the bottleneck every privacy app hit. Aztec’s Chonk is purpose-built for fast proving on low-memory devices, both natively and in the browser, so the private half runs on the device in your hand instead of on someone else's server.
The public half runs in the openSome elements of a vote should be public. The tally is shared infrastructure, the number everyone relies on to trust the result. Thanks to programmable privacy on Aztec, the app marks that part public. Public functions live on the network and run in the open, the way functions do on Ethereum.
On Aztec, private and public logic live in the same contract, and the developer decides which is which, function by function and variable by variable. Programmable privacy is a dimmer, not a switch. The voting app turns it up on the individual ballot and turns it down on the running tally. That boundary is a design decision written into the contract, and it is the thing no transparent chain and no fixed-privacy chain can offer.
The network checks the proof and runs the public partYour vote leaves your device as a bundle: the zero-knowledge proof of the private half, plus the call to the public function that updates the count. It goes to Aztec's sequencers, a decentralized set of thousands of independent operators, with more than 3,500 of them running the network today.
The sequencers do two jobs at once. They verify the proof of your private vote, confirming it is valid and eligible without seeing the choice behind it, and they run the public function that adds one to the chosen candidate and updates the public tally. Your ballot stays sealed. The count goes up by one for everyone to see. The same proof guarantees you cannot vote twice, even though no one learns which ballot is yours.
Two state trees, both onchainAztec has two main state trees, and both live onchain. One holds private state, the other holds public state, so the full record of what happened sits on the network rather than on any one person's laptop. The two trees store each record in two different ways depending on if it needs to be private or public.
The private tree uses a UTXO model, the same note-based design used by Zcash. In this model, state is written as commitments: each entry is a sealed record that a valid vote was cast, with the voter and the choice kept private. Just like with Zcash or Bitcoin, you do not edit a private entry in place. You write a new one, and the design stops the same vote from being cast twice (old state is nullified). The vote stays private, and the record of a legitimate vote happening is onchain for the network to check.
The public tree uses an account-based model, the same shape Ethereum uses: values that update in place, readable by anyone. This is where each candidate's tally lives.
One transaction wrote information to both trees. The private tree recorded that you voted, sealed. The public tree recorded the new totals, in the open. Everything is onchain. The difference between the two trees is how much each one reveals.
Every private app on Aztec writes into that same private tree. A vote, a payment, and a payroll run all land in one shared record of activity, so each user's privacy grows stronger as the network grows, instead of splitting into a separate pool for every app.
A block is proposed, and Ethereum records itAztec is an L2 on Ethereum, so everything settles to Ethereum L1. A sequencer on Aztec gathers transactions into a proposed block. Other sequencers validate it before it goes to Ethereum's pending chain. At that point the block sits on Ethereum, ordered and recorded, waiting for its proof. The network has agreed on what happened and the proposed block is just waiting a final proof.
Anyone can prove itProving a block is its own job, and on Aztec, it belongs to no one in particular. A decentralized, permissionless set of provers competes to take a full epoch, a 32-block stretch of the chain, and compresses it into a single zero-knowledge proof of the entire epoch. Anyone with the hardware can run a prover and bid for the work. There is no privileged operator, no committee you have to trust, no outside network holding a key.
That openness is the whole point of a privacy layer. A system that protects your data but routes it through one trusted server has only moved the exposure rather than removed it. Aztec keeps proving permissionless and your private inputs on your device, thereby avoiding any exposure.
The economics land in the voter's favor too. As an L2 network, Aztec spreads the cost of that one L1 proof across thousands of transactions in the rollup, so a vote costs pennies, not the millions of gas a private proof would cost verified alone on Ethereum.
Settled on Ethereum, verifiable by anyoneA prover then posts the epoch proof to Ethereum's proven chain, and the Aztec state is final. Ethereum verifies one proof and inherits the correctness of everything inside it. Aztec extends Ethereum and settles to Ethereum, so your hybrid transaction carries Ethereum's security without carrying Ethereum's enforced transparency.
Anyone can now verify that the result is valid and that every counted vote was legitimate. No one can see how any individual voted. The tally is on the shared ledger where it belongs, and your ballot stayed yours the whole way through.
What this unlocksFor the voter, their ballot was never a broadcast. The candidate you chose stayed yours, with no record tying your wallet to a name for anyone to read later, and you can still check that your vote was counted and the result is honest. You took part without your choice becoming data for systems built to act on it.
For a founder, the election app in this walkthrough is easy to implement without needing to build extensive custom code. Secret ballots with a public, verifiable count, in one contract, is a product category that opens up only because the boundary is programmable. You can build governance, elections, and polls where people vote without fear and the result still proves itself. And of course you can build anything that requires both public and private state to work seamlessly together.
For an infrastructure provider, the same machinery serves clients who need a result they can stand behind without exposing the people who produced it. Selective disclosure lets a client prove exactly what a counterparty needs to see, the count and the integrity of the process, and protect everything else, on their own terms. That is a guarantee a transparent chain cannot make.
A real vote needs two things at once: a secret ballot and a count anyone can check. A transparent chain makes you give up the first to get the second. On Aztec, you get both. The tally settled on Ethereum for anyone to verify, and how you voted stayed yours. The infrastructure is in place, what will you create with it?
->Review the Aztec Basics ->Head to the docs and start building today
Aztec Network
Aztec Network
23 Jun
•
xx min read
The Devil's Bargain - Privacy Without Credible Neutrality Crypto is in a long night. It is no secret that the industry is facing challenging circumstances and there has been a clear consolidation of the industry. Right now we are seeing a focus on real traction, demonstrable value projects shipping practical solutions that will meaningfully reach users.
Some of that discipline is overdue. However, in times like these the properties that made crypto structurally different begin to look expendable. Decentralization slows you down. It makes upgrades harder. It makes institutional sales harder. It removes the control surfaces that the existing financial world knows how to buy.
We used to accept those costs as the price of building something durable. But, in a famine, they look like unaffordable affectations. Discarding them wholesale, however, is like selling the land out from under our feet.
Permissionless, uncensorable transaction networks with rich composability - this is the clay from which our industry was grown. The long term commercial health of our industry depends on preserving these properties in an age of privacy and institutional adoption.
These trade-offs become more challenging and pernicious when privacy is involved. Privacy is the narrative for crypto in 2026, and for good reason. It’s the missing piece that will deliver the traction and real use-cases that the industry so desperately needs.
The challenges of decentralization multiply under the constraints of privacy and what we are seeing in the industry is not a pivot, but a complete capitulation of all of the differentiable value that made crypto valuable.
I have spent nearly a decade building a network that marries programmable privacy with decentralization. A network where users keep their data, where applications are composable with one another, where transactions can settle without a privileged party learning everyone’s business or deciding which products are allowed to exist. That required new cryptography, new programming models, new state architecture, new wallets, and a fairly insane number of tradeoffs that are invisible until you try to build the thing yourself. There are easier products to ship.
A centralized privacy service can give institutions something legible quickly, replicating how the existing financial sector works: a responsible operator, a viewing key, a way to block transactions, a way to explain the whole thing to a risk committee. Some of these products will be useful. Some will be good businesses. But they are not the thing we came here to build.
The Devil’s BargainInstitutional and enterprise adoption is one of the core growth areas in this crypto-winter and the playbook is simple: use the language of crypto as a skin-suit to sell products and services that pattern match onto existing financial rails, with their need for complete visibility, censorship, centralized network operators and all of the liabilities this incurs.
This is a tempting bargain because it shortens the path to adoption. It gives buyers and regulators a shape they understand. A company. A contract. A switch. But the moment you accept that bargain, the system changes character. It may still be encrypted. It may still contain proofs. It may still call itself private. But, it now behaves like and is an operated service.
There is a party with privileged knowledge and privileged control. Builders must shape themselves around it. Institutions negotiate with it. Regulators may pressure it. Attackers target it. Users ultimately depend on it. By a backdoor I mean something specific: a network or protocol-level viewing key where the product developer does not control who can see their users’ data, especially when paired with network-level controls that can block transactions or ban smart contracts entirely. I do not mean application-level controls. I do not mean user-authorised disclosure. I do not mean a dapp deciding that users must prove something before using it. Regulated applications will need rules. The issue is that the disclosure boundary of your application belongs to somebody else, and the same layer that sees can also decide whether your users are allowed to transact. In short, users lack a platform that has credible neutrality.
The Platform RiskPrivacy on top of centralized rails is fatal. If one party can see everything and stop anything, that party may be treated as responsible for seeing and stopping.
This compounds into substantial platform risk. If an entity builds on top of such a system they must surrender visibility and control to the network operator to satisfy their liabilities without consideration for yours. Decentralization and ultimately credible neutrality is the difference between whether you own durable infrastructure or are renting a service whose rules can change on a whim. Worse, you cannot “just build things”. For novel transaction flows approval must be sought and granted. Tell me, would Ethereum have grown if every smart contract deployment required approval from the Ethereum Foundation?
Privacy needs the same freedom. A private credit market, for example, touches identity, collateral, repayment history, payment flows, liquidation logic, lender disclosures, auditor access and borrower privacy. If every component lives inside a different permissioned service, each with its own operator and viewing assumptions, that is a bureaucratic friction that negates blockchain’s core value proposition; composability.
A decentralized and credibly neutral privacy network prevents the settlement layer from becoming the single place where all surveillance and censorship obligations naturally accumulate. It allows product developers to scope their code to satisfy their own narrow requirements without consideration for the obligations of a centralized operator.
Building for credible neutralityA lot of today’s privacy narrative treats architecture as if it were a detail. It is not. You cannot take a transparent ledger, staple confidentiality onto the edge, add a viewing key for comfort, and expect to get programmable private infrastructure.
If the state model is not private from the ground up you get wrappers, third party tools, data custodians, ad hoc disclosure paths and a pile of assumptions that every application drags into the next. Developers do not get a normal programming model where private contracts can call private contracts and users keep state on their own devices. They do not get composability.
The difference matters. In a real private execution environment, users generate transactions locally. They do not outsource their intent to a third party who learns what they are doing. Private contracts interact through a state model designed for privacy. The network settles proofs without becoming the party that knows everyone’s business. Privacy is part of the architecture.
This is why Aztec has taken so long. We built something that makes programmable private state and decentralised settlement live inside the same system. That means proving systems that run on consumer hardware, a transaction architecture built around local private execution, and a programming model where privacy is idiomatic and just works out of the box.
A centralized service can skip much of this. It can hold the key, run the prover, approve the flow and call the result privacy. It gets to market faster because it is not trying to arrive at the same place.
The edgeAdding decentralization does not make obligations disappear. Applications, issuers, frontends, custodians and regulated businesses will continue to exist in a web of obligations and responsibilities. Anyone pretending otherwise is unserious.
The question is where those obligations live. If they are pushed into the settlement layer, the settlement layer is no longer credibly neutral. It needs visibility into everyone and controls over everyone.
The better answer is selective disclosure. Users and applications should prove specific facts to specific parties for specific purposes. A regulated application may need to know that a user passed a check, that a transaction satisfies a policy, or that an auditor can inspect a particular flow. None of that requires the base network to hold a permanent key into everyone’s activity.
This will be harder to explain to the existing world. New infrastructure always fails to fit the categories built for the old infrastructure. Bitcoin did not arrive as a neatly regulated bank product. Ethereum did not wait for every lawyer to understand smart contracts. Stablecoins and DeFi forced institutions, regulators and users to develop new language around rails that kept existing.
If the standard for privacy infrastructure is to plug into the old world without changing anything, the answer will always be a service with a backdoor. And the result will be to catch crumbs falling from the tables of the old world.
The market worth buildingThe market we should be building is, well, a market. A private financial system that compounds: assets, liquidity, identity, credentials, credit and applications interacting through a shared settlement layer without forcing users to surrender their data to whoever sits in the middle.
Traditional finance is built out of vertically integrated information silos. Those silos are its moat. Banks, exchanges, custodians, payment processors and data brokers all benefit from controlling the information that flows through them. A global private settlement layer attacks that advantage directly. It lets liquidity and credentials move while outsourcing information custody to neutral cryptographic infrastructure.
A company wants a moat. A settlement layer wants surface area. A permissioned privacy provider can ration access, raise fees, exclude applications, shape disclosure rules and define acceptable use around its own risk tolerance. These are products pretending to be networks, and not durable financial infrastructure. What bothers me is this compounding category confusion. Networks adding protocol-level viewing keys and transaction controls are using the same language as decentralised programmable privacy, and commentators are treating them as variations of the same thing. They are not.
We have spent nine years walking the hard road. Now, just as we are close, the market has lost faith. Everyone is reaching for whatever lifeline looks immediate. Some of those lifelines will be real. Some will make money. But if crypto responds to its long night by rebuilding financial privacy as permissioned services, then we will have survived by surrendering the property that made the industry worth building.
Markets can grow when the platform is removed from the position where it can dictate the rules. It would be perverse to forget that lesson while building privacy, the domain where control over information matters most.
The land we tillCrypto is in a famine. The land is struggling. We could sell our land for a pittance and survive the season. But the famine will pass, and when it does the land will blossom again. Without the land we are nothing.
We have struggled immensely to create a permissionless network that can marry privacy with decentralisation: an indestructible network whose users cannot be surveilled and whose transactions cannot be censored. This is the soil we have to grow our crops. To surrender a backdoor or a centralized operator for temporary relief is to sell our land for the price of a stablecoin. And we cannot sell the land.
Follow Zac on X to get more insights
Follow Aztec on X for updates & breaking news
Aztec Network
Aztec Network
2 Jun
•
xx min read
Who controls your privacy off-switch?Privacy has become a baseline requirement for L1s and L2s who care about bringing real-world users onchain. Users don't want their activity broadcast to competitors or the general public, but applications operating at scale also need some form of auditability, whether for regulators, compliance requirements, or tax reporting. Selective disclosure resolves that tension: privacy by default, with the ability to prove specific facts when required. What separates these networks is not whether they offer that switch, but who gets to hold it.
Aztec, Canton, Starknet, Tempo, and zkSync all offer some form of privacy with selective disclosure, but under the hood they make fundamentally different architectural decisions about who can see your data and who can turn your privacy off. Those decisions determine whether your privacy stays under your own control or sits behind a switch that someone else operates.
Three questions reveal where these networks actually diverge:
Who sees your data?Who can prove the network followed its own rules?Who controls when something gets disclosed?The answers determine whether your privacy off-switch is held by a policy, by an operator's good behavior, or by you alone through a cryptographic proof. As you'll see in this post, there are legitimate reasons to use each one with different tradeoffs. Aztec is the only network, however, where that switch stays in the user's hands, answering all three questions without putting a permissioned set of operators or a standing viewing key in control of your privacy. That gives developers the flexibility to build apps that comply with applicable laws while still keeping full privacy under the user's control.
This article will compare the privacy approaches of Aztec, Canton, Starknet, Tempo, and zkSync to give developers insight into the privacy tradeoffs of each network.
TL;DRHere’s how each network handles the selective disclosure privacy off-switch, and who has control over your privacy:
Aztec: Only you can see your data, client-side proofs settled to Ethereum let anyone verify every transaction without trusting an operator, and the off-switch stays in your hands, allowing you selectively share information.Canton: Participant nodes read your data in plaintext, no outside party can verify the global ledger, and your off-switch sits with those nodes rather than with you, since disclosure depends on them staying honest.Starknet: No operator ever sees your plaintext because proofs are generated client-side, and those proofs verify the rules, but your off-switch is a standing viewing key that a designated auditor can use to decrypt and trace your entire history on request.Tempo: The zone operator sees every transaction in plaintext, mainnet validity proofs let anyone verify the zone ran correctly, and the operator holds the off-switch, so you are private from the public but not from the operator. zkSync: The operator reads every transaction in plaintext while a validity proof on Ethereum proves it cannot forge state, and the operator holds the off-switch over who sees what, giving you privacy from the outside world but not from the operator.The Comparison In One View
Comparing your privacy off-switch Each of these networks offers privacy with selective disclosure, but each rests on a different network design with its own tradeoffs. We have ordered them by who holds your privacy off-switch, starting with designs where a third party controls access to your data and ending with designs where that control stays with you. At the top, the switch sits behind a policy promise and an honest operator, and further down it is replaced by proofs that the user generates and controls.
CantonCanton keeps data private by controlling viewing permissions for the various actors on its network. A transaction splits into per-participant views, so each party receives only the sub-transactions that name it, and the parts it is not entitled to never reach it. The sequencer and mediator move those views without reading them, which is real privacy against those roles.
However, the data is still read in plaintext by the participant nodes that host the relevant parties, and in the common regulated-asset pattern where the issuer is a signatory on its own token, the issuer's node sees every transfer. The harder gap is verification, because no third party can reconstruct the global ledger, so correctness rests on the confirming nodes staying honest and their keys staying safe. In practice the off-switch sits with those nodes rather than with you, since you cannot see when your data is read and cannot stop it.
TempoTempo is designed for payments and uses validity proofs to verify that each zone is executing correctly, while still giving the zone operator full plaintext visibility into every transaction within that zone. Privacy comes from Tempo Zones, which are parallel execution environments connected to the Tempo mainnet.
By design, the zone operator has visibility into all transactions within the zone, while users see only their own and the public sees only a proof that the zone is valid. Token issuers set compliance controls, allowlists, blocklists, and freezes, enforced across zones. The mainnet checks each zone's validity, so execution is verified, while the operator still reads every transaction in plaintext and holds the off-switch over what is revealed. Your privacy is from the public, not from the operator.
zkSync PrividiumzkSync Prividium adds the verifiability piece that Canton lacks. Every batch produces a validity proof settled to Ethereum, so a compromised operator cannot forge state or mint tokens from nothing without also forging a proof, which it cannot do. The tradeoff is that the operator processes every transaction in plaintext and decides who sees what, which means the off-switch stays with the operator and your privacy is from the outside world rather than from the operator itself.
This tradeoff has legitimate uses in high-trust institutional environments. If Bank of America, JPMorgan, and Wells Fargo are transacting on a shared network, a zone where BofA's infrastructure processes BofA-originated transactions satisfies internal control requirements while still delivering genuine ZK privacy from the other banks and the rest of the world. Where this model breaks down is in lower-trust environments where giving an operator full plaintext access and the switch that comes with it holds back product design possibilities.
Starknet STRK20Starknet's STRK20 breaks from relying on an operator for privacy. It shields ERC-20 balances and transfers in a privacy pool, and every private transaction carries a zero-knowledge proof generated client-side, so no operator sees your plaintext in order to build it.
Disclosure is where STRK20 diverges from Aztec. To join the Starknet Privacy Pool, you register an encrypted viewing key onchain, and it sits there for the life of your participation. On a regulatory request, a designated auditing entity can decrypt that key and trace your complete transaction history, forwards and backwards. StarkWare calls this ‘not a backdoor’ but a carefully scoped access mechanism, and the safeguard is a policy promise that the auditor decrypts only when required. The privacy is cryptographic, but the off-switch is a standing key that someone else holds and can flip whether or not you are watching.
AztecOn Aztec your private state lives as encrypted private data that only you can decrypt. The contract developer can choose what state is public and what is private, and whether your encrypted private data is emitted onchain as a private log or shared off-chain instead.
Your transactions get proven client-side on your own device, so no sequencer or operator sees your unencrypted private data. Those proofs settle to Ethereum, which gives the same integrity anchor marketed by Prividium, with every transaction verified and no forged state, but without a single operator who reads your data. The base protocol decentralizes sequencing, proving, and governance, so there is no operator to choose and trust in the first place.
Disclosure is your choice too: you decide who learns your private data, and whether they learn it in encrypted or decrypted form. To grant discovery without readability, you share an app-specific tagging secret that lets an auditor find your data in encrypted form without being able to decrypt and read it. This is enough to prove things calculated from that data, such as a tax basis or a profit and loss figure. Granting permission to actually read the data works differently. There's no per-contract read key you can hand out, because decryption uses your master viewing key, which would unlock all your data across every contract. So instead of sharing a key, you share the data itself, plus a proof that your plaintext is what encrypts to the on-chain ciphertext.
Aztec has true selective disclosure in that you can selectively share it, and nothing else you don’t need to. This is app specific, meaning that private data discoverability access on one app does not grant access on another. Most importantly, the off-switch stays in your hands, and you never need to trust the network to handle access to any of your private data and activity.
This is not just conceptual: here is a working proof-of-concept of this model on Aztec. PrivPNL takes you from private DEX trades through a tagging-key disclosure to a browser-generated ZK proof of your PnL. The auditor verifies a proof while the prover only has to reveal the amount they owe, and your portfolio stays private.
Users need to hold their own off-switch, not a promise to look awayCanton keeps the switch with the participant nodes that read your data in plaintext, so disclosure rests on those nodes staying honest rather than on anything you control. Tempo similarly gives the off-switch to a zone-based node operator, but allows you to verify the correctness of transactions using validity proofs. Prividium hardens that promise with a proof settled to Ethereum, a real improvement, but the operator still reads every transaction and still decides who sees what. This can work well for large institutions, but small to medium sized enterprises are left with the same privacy as their current banks unless they run their own Prividium nodes. STRK20 moves the switch into a standing viewing key and asks you to trust that a designated auditor reaches for it only when needed. In each of these models the real question is not whether your privacy can be switched off, but who gets to do the switching, and whether you would even know it happened.
Aztec takes the operator and the standing key out of the question entirely. You keep the data, you generate the proof, and you disclose the result, one fact at a time and only when you choose to. The off-switch never leaves your hands, and no operator, auditor, or node can reach it on your behalf. This is one of the benefits of a network that offers fully programmable, privacy-preserving smart contracts that put you in control.
Selective disclosure is how privacy survives contact with a regulator, and the model you pick decides who can open your history when you are not looking. On Aztec, that answer is no one but you.
Let's BuildDive into the technical details: Try a live demo of selective disclosure on Aztec and read the technical article on how it was built.
Integrate with Aztec: Reach out if you are interested in integrating privacy into your project.
Bill McDermott uvedl, že ServiceNow má „kill switch“ pro zdivočelé AI agenty a AI adopce posiluje jeho konkurenceschopnost. Firma zároveň zvýšila celoroční výhled.
ServiceNow CEO Bill McDermott said on Wednesday that the rapid adoption of artificial intelligence is strengthening the company's competitive position.
His comments come just one day after OpenAI disclosed that one of its advanced AI agents escaped a controlled testing environment during a cybersecurity evaluation and compromised the infrastructure of AI startup Hugging Face before it was detected and contained.
"We have a kill switch that stops AI agents that go rogue, so those things don't need to happen, and they wouldn't happen when companies run ServiceNow," McDermott said on CNBC's "Mad Money."
ServiceNow offers a suite of software applications and tools used by companies to manage and automate workflows across IT, human resources, and customer service operations. It's also expanded its cybersecurity presence, in part through the acquisitions of Veza and Armis. Both deals closed this year.
Agentic systems are an increasingly popular corner of AI, going beyond a more simplistic chatbot that answers queries with a written response. These advanced systems are capable of executing multi-step tasks with little to no human intervention.
McDermott said ServiceNow's AI Control Tower is its system that gives companies a central place to monitor, manage, and secure the growing number of AI agents, helping businesses move "from AI chaos to AI discipline."
Shares of ServiceNow rose in extended trading after the company reported better-than-expected earnings and revenue. Even after the jump, however, the stock remains down more than 30% this year after software shares sold off during what investors dubbed the "SaaSpocalypse" amid concerns that advances in AI would disrupt the industry's traditional seat-based business model.
McDermott dismissed concerns that growing AI competition could pressure ServiceNow's profits or cause customers to shorten contract terms.
"If you look at the terms of our contracts, they've actually gotten longer," McDermott said.
Instead, he argued that broader AI adoption should increase demand for ServiceNow's software.
"There's going to be more AI. There's going to be more incidents, and all these things drive more and more volume to ServiceNow," he said. "That's why we increased the full-year guide."
OpenAI did not immediately respond to CNBC's request for comment but said earlier that AI is accelerating the discovery and exploitation of vulnerabilities, which means model security and safety need to keep up.
"We are strengthening the containment, monitoring, access controls, and evaluation practices used during model development," the ChatGPT maker said.
ServiceNow koupil zhruba 5% podíl v BusinessNext v transakci, která oceňuje indickou softwarovou firmu na 700 milionů USD. BusinessNext zároveň získal 40 milionů USD v rámci kola Series C.
CompaniesJuly 22 (Reuters) - ServiceNow (NOW.N), opens new tab has acquired roughly 5% of BusinessNext in a deal that values the software provider at $700 million, as the Indian company looks to expand its autonomous banking tools through a partnership with the U.S.-based software giant.
BusinessNext said on Wednesday it raised $40 million in a Series C round from ServiceNow Ventures, a venture capital arm of the company.
Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.
Here are some details:
BusinessNext CEO Nishant Singh told Reuters that the funding will primarily be allocated to strengthening the company's sales efforts, initially focusing on expanding distribution in Southeast Asia and Australia.
"Every company has to go to an IPO. Right now, we're not looking at the IPO part," he said, adding that BusinessNext's ambition "right now is to run in every bank in the world."
The deal comes as banks are increasingly adopting AI tools offered by companies like BusinessNext to customize services, address customer queries and automate operations, helping them in saving time and attract more customers.
BusinessNext competes with companies like Freshworks (FRSH.O), opens new tab and has more than 120 customers including India's largest lender State Bank of India (SBI.NS), opens new tab and HDFC Bank (HDBK.NS), opens new tab.
The company said this partnership that will allow for enhanced monitoring of BusinessNext's AI agents through ServiceNow's AI control tower, a centralized platform for managing and governing AI models and agents across an enterprise.
Singh said BusinessNext has been "above $50 million for a couple of years now" in annual revenue, adding that the company has nearly 1,300 employees.
On Wednesday, ServiceNow raised its forecast for annual subscription revenue for the second time after beating second-quarter revenue and profit estimates, driven by growing demand for its AI-powered software.
Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles., opens new tab
AvalonBay Communities (AVB - Free Report) came out with quarterly funds from operations (FFO) of $2.86 per share, beating the Zacks Consensus Estimate of $2.8 per share. This compares to FFO of $2.82 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +2.14%. A quarter ago, it was expected that this apartment building owner would post FFO of $2.8 per share when it actually produced FFO of $2.83, delivering a surprise of +1.07%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
AvalonBay, which belongs to the Zacks REIT and Equity Trust - Residential industry, posted revenues of $777.77 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.31%. This compares to year-ago revenues of $760.2 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
AvalonBay shares have added about 5.2% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for AvalonBay?While AvalonBay has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for AvalonBay was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $2.81 on $784 million in revenues for the coming quarter and $11.28 on $3.12 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Residential is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, UMH Properties (UMH - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This real estate investment trust is expected to post quarterly earnings of $0.24 per share in its upcoming report, which represents a year-over-year change of +4.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
UMH Properties' revenues are expected to be $72.33 million, up 8.5% from the year-ago quarter.
CN a Union Pacific uzavřely závazné memorandum, které rozšiřuje jejich provozní práva v Chicagu a otevírá nové přepravní možnosti mezi Kanadou a Mexikem.
Agreement expands operating rights in Chicago and creates new Canada-Mexico service opportunities for customers July 22, 2026 18:50 ET | Source: Canadian National Railway Company
MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) today announced the signing of a binding Memorandum of Understanding that will strengthen rail service across North America, improving both railroads' ability to serve customers.
The agreement provides Union Pacific with expanded operating rights over CN's Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago, while granting CN new rights over Union Pacific's network between Memphis, Tennessee, and Eagle Pass, Texas, to support freight movements between Canada and Mexico.
“We are thrilled to have an agreement with Union Pacific to expand CN’s access to Mexico. This is a natural extension of our north-south franchise and will open new routes for customers, provide greater choice and strengthen connections between Canada and Mexico,” said Tracy Robinson, President and CEO of CN. “By extending our reach, we are creating new opportunities for growth while continuing to deliver the safe, reliable service our customers expect. This is another example of CN’s commitment to strengthening rail competitiveness across North America.”
"I’ve seen the benefits first-hand of what the EJ&E route around Chicago can do for a railroad, and we look forward to having access to the quickest way around Chicago,” said Jim Vena, CEO of Union Pacific.
Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Contacts:
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) [email protected]@cn.ca
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
Union Pacific Media Contact: [email protected]
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific
CN a Union Pacific uzavřely závazné memorandum, které CN zajistí širší přístup na trh v souvislosti s plánovanou fúzí Union Pacific s Norfolk Southern. Dohoda posiluje konkurenci a rozšiřuje přítomnost CN na Středozápadě.
July 22, 2026 18:51 ET | Source: Canadian National Railway Company
MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) announced today that they have signed a binding Memorandum of Understanding establishing a framework for CN to secure competitive access in connection with the proposed transaction between Union Pacific and Norfolk Southern (NYSE: NSC).
The settlement agreement preserves customer options and resolves terminal railroad ownership issues, while expanding CN’s presence in the Midwest and reaffirming gateway protections for all customers and railroads.
Under the settlement agreement, which is contingent on the Surface Transportation Board’s (STB) approval and closing of the merger:
CN gains access to shipper facilities where Class I railroad options would be reduced from 2-to-1 or 3-to-2, where commercially and operationally feasible.CN acquires Norfolk Southern's ownership interests in the Kansas City Terminal Railway Company (KCT) and the Terminal Railroad Association of St. Louis (TRRA). CN gains new access in the Midwest through overhead rights between Tuscola, Illinois, and East St. Louis, Illinois, and rights to serve customers between St. Louis, Missouri, and Kansas City, Missouri. For the first time, CN will have a footprint in the heart of Kansas City, with usage of Union Pacific’s Neff Yard. CN will not oppose the Union Pacific-Norfolk Southern merger. Both parties will collaborate through the STB process to ensure that this agreement takes effect. “From day one, we’ve said our merger with Norfolk Southern will preserve and enhance competitive options and create a stronger railroad industry that delivers better service for customers,” said Union Pacific CEO Jim Vena. “This settlement agreement reinforces those commitments by giving expanded access and operating rights to a tough competitor.”
“As the rail industry considers significant structural change, it is essential that customers continue to benefit from meaningful competition and choice,” said CN President and CEO Tracy Robinson. “This framework would preserve competitive access to key markets, including Kansas City, while positioning CN to continue providing reliable and efficient options for customers across North America.”
Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Contacts:
MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) 399-0052 [email protected]@cn.ca ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.
Union Pacific Media Contact: [email protected]
www.up.com
www.facebook.com/unionpacific
www.twitter.com/unionpacific
Crown Castle (CCI - Free Report) came out with quarterly funds from operations (FFO) of $1.13 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to FFO of $1.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +13.00%. A quarter ago, it was expected that this operator of wireless communications towers would post FFO of $1.01 per share when it actually produced FFO of $1.02, delivering a surprise of +0.99%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Crown Castle, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $1.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.52%. This compares to year-ago revenues of $1.06 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Crown Castle shares have lost about 14.3% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Crown Castle?While Crown Castle has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Crown Castle was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.20 on $1.02 billion in revenues for the coming quarter and $4.43 on $4.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Easterly Government Properties (DEA - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.
This property management company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of +6.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Easterly Government Properties' revenues are expected to be $91.34 million, up 8.4% from the year-ago quarter.
In the latest trading session, UiPath (PATH - Free Report) closed at $10.70, marking a -11.13% move from the previous day. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq decreased by 0.57%.
Prior to today's trading, shares of the enterprise automation software developer had gained 18.5% outpaced the Computer and Technology sector's loss of 4.82% and the S&P 500's gain of 0.25%.
The upcoming earnings release of UiPath will be of great interest to investors. The company's earnings per share (EPS) are projected to be $0.15, reflecting no change from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $397.59 million, up 9.91% from the prior-year quarter.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.8 per share and revenue of $1.78 billion. These totals would mark changes of +11.11% and +10.4%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for UiPath. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. UiPath is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, UiPath currently has a Forward P/E ratio of 15.05. This represents a discount compared to its industry average Forward P/E of 19.55.
We can additionally observe that PATH currently boasts a PEG ratio of 0.72. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software industry had an average PEG ratio of 1.06 as trading concluded yesterday.
The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 104, this industry ranks in the top 43% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Molina (MOH - Free Report) came out with quarterly earnings of $1.51 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to earnings of $5.48 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +10.22%. A quarter ago, it was expected that this provider of Medicaid-related services would post earnings of $1.57 per share when it actually produced earnings of $2.35, delivering a surprise of +49.68%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Molina, which belongs to the Zacks Medical - HMOs industry, posted revenues of $10.87 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $11.43 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Molina shares have added about 30.5% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Molina?While Molina has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Molina was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.01 on $11.06 billion in revenues for the coming quarter and $5.23 on $44.41 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - HMOs is currently in the top 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The Joint Corp. (JYNT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +283.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
The Joint Corp.'s revenues are expected to be $14.7 million, up 10.7% from the year-ago quarter.
First BanCorp. (FBP) Q2 2026 Earnings Call July 22, 2026 10:00 AM EDT
Company Participants
Ramon Rodriguez - Senior Vice President of Corporate Strategy / Investor Relations
Aurelio Alemán-Bermúdez - President, CEO & Director
Said Ortiz - Executive VP & CFO
Conference Call Participants
Arren Cyganovich - Truist Securities, Inc., Research Division
Kelly Motta - Keefe, Bruyette, & Woods, Inc., Research Division
Stephen Moss - Raymond James & Associates, Inc., Research Division
Manuel Navas - Piper Sandler & Co., Research Division
Presentation
Operator
Good morning, and welcome to the First BanCorp. Second Quarter 2026 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the call over to Ramon Rodriguez, First BanCorp.'s Corporate Strategy and Investor Relations Officer. Thank you. Please go ahead.
Ramon Rodriguez
Senior Vice President of Corporate Strategy / Investor Relations
Thank you, [ Julianne ]. Good morning, everyone, and thank you for joining First BanCorp.'s conference call and webcast to discuss the company's financial results for the second quarter of 2026. I'm here with Aurelio Aleman, President and Chief Executive Officer; and Said Ortiz, CFO, Chief Financial Officer. Before we begin today's call, it is my responsibility to inform you that this call may involve certain forward-looking statements such as projections of revenue, earnings and capital structure as well as statements on the plans and objectives of the company's business. The company's actual results could differ materially from the forward-looking statements made due to the important factors described in the company's SEC filings. The company assumes no obligation to update any forward-looking statements made during the call. If anyone does not already have a copy of the webcast presentation or press release, you can access them at our website at fbbinvestor.com. At this time, I'd like to turn the call over to our CEO, Aurelio Aleman.
RPM International oznámila rekordní čtvrtletní EBIT a růst tržeb i upraveného provozního zisku ve všech třech segmentech. CFO Russell L. Gordon mezitím prodal 1 137 akcií kvůli daňové povinnosti po vestingu akciových jednotek.
Russell L. Gordon, VP and CFO of RPM International Inc. (RPM +5.81%), reported a disposition of 1,137 shares of common stock on July 19, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$119,500Shares sold1,137Post-transaction shares (directly held)80,281Post-transaction value$8.16 millionKey questionsWhat were the mechanics behind this transaction?
The transaction was a non-discretionary sale of 1,137 shares at $105.08 per share to cover tax liabilities stemming from the vesting of performance stock units granted in 2023. This disposition was part of a pre-arranged tax-withholding process and does not reflect a discretionary trade based on the executive's view of the company's valuation.What is the insider's remaining equity exposure?
After this transaction, Gordon holds 80,281 shares directly. The CFO also holds 219,800 direct derivative securities, which include stock appreciation rights granted between 2017 and 2026 that vest in four equal annual installments.How does this activity align with the company's financial profile?
RPM International Inc. provides specialty chemicals for construction and industrial markets. As of the July 20, 2026, market close, the company had a market capitalization of $13 billion, with trailing twelve-month revenue of $7.7 billion and net income of $665.9 million.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$101.63Market Capitalization$13.0 billionRevenue (TTM)$7.7 billionNet Income (TTM)$665.9 millionCompany SnapshotRPM International Inc. manufactures and distributes specialty chemicals for construction, industrial, specialty, and consumer markets, including waterproofing and coating systems, sealants, air barriers, roofing solutions, and resin flooring systems across four operating segments.The company generates revenue through the development and sale of high-performance specialty chemical products that address specific application needs in construction, building maintenance, industrial manufacturing, and consumer home improvement sectors.RPM serves a diverse customer base, including construction contractors, building maintenance professionals, industrial manufacturers, and residential consumers seeking specialized chemical solutions for waterproofing, sealing, bonding, and protective coating applications.RPM International Inc. is a $13.0 billion market capitalization specialty chemicals manufacturer generating $7.7 billion in TTM revenue. The company maintains a diversified portfolio across construction, industrial, and consumer markets, leveraging proprietary formulations and established distribution networks to compete in fragmented specialty chemical segments. RPM's strategic positioning in high-growth end markets such as building weatherization, infrastructure maintenance, and industrial flooring solutions provides sustainable competitive advantages through product differentiation and customer relationships.
What this transaction means for investorsThe performance shares that triggered this filing were granted in 2023 and paid out this month, which means the vesting rewards three years of results that just culminated in a strong finish. Gordon kept 80,281 shares plus a large stack of appreciation rights, and ultimately, nothing about a withholding trade signals his view of the stock.
The timing does line up with news, though. RPM just capped fiscal 2026 with record fourth-quarter results, each of its three segments growing sales and adjusted operating profit, and CEO Frank Sullivan noted the quarter marked "the 16th time in the past 18 quarters” the company hit record adjusted EBIT — despite eight straight quarters of weak do-it-yourself demand. Against the records, long-term investors should keep an eye on this dynamic and the consumer softness. RPM keeps setting profit highs on cost discipline and its construction and coatings segments, but a persistently weak DIY market is the drag that has offset its efficiency, and with shares down about 4% in the past year, it’s clear investors are craving more.
Read Next
About the Author
Jonathan Ponciano is a contributing stock market analyst at The Motley Fool. He has nearly a decade of experience as a financial journalist, most recently as an editor and senior reporter at Forbes focused on markets, technology, and entrepreneurship. Jonathan has also written for Investopedia and the Los Angeles Business Journal. He holds a dual B.A. in Business Journalism and Economics from the University of North Carolina at Chapel Hill and an M.B.A. from Columbia Business School. A North Carolina native now based in New York City, Jonathan has also lived in Mexico City and Los Angeles.
Akcie AppLovin uzavřely se ztrátou 3,78 % na 412,48 USD, což bylo horší než denní pokles indexu S&P 500 o 0,14 %. Za poslední měsíc akcie odepsaly 8,21 %.
AppLovin (APP - Free Report) ended the recent trading session at $412.48, demonstrating a -3.78% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.14%. Meanwhile, the Dow experienced a drop of 0.01%, and the technology-dominated Nasdaq saw a decrease of 0.57%.
Shares of the mobile app technology company witnessed a loss of 8.21% over the previous month, trailing the performance of the Business Services sector with its gain of 4.1%, and the S&P 500's gain of 0.25%.
Market participants will be closely following the financial results of AppLovin in its upcoming release. The company plans to announce its earnings on August 5, 2026. The company is expected to report EPS of $3.72, up 64.6% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $1.94 billion, indicating a 53.99% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $15.93 per share and a revenue of $8.24 billion, indicating changes of +58.67% and +41.98%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for AppLovin. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.28% decrease. Right now, AppLovin possesses a Zacks Rank of #3 (Hold).
Looking at its valuation, AppLovin is holding a Forward P/E ratio of 26.92. Its industry sports an average Forward P/E of 16.41, so one might conclude that AppLovin is trading at a premium comparatively.
One should further note that APP currently holds a PEG ratio of 0.7. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Technology Services industry had an average PEG ratio of 1.44 as trading concluded yesterday.
The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 98, placing it within the top 40% of over 250 industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
Akcie Constellation Energy ve středu vzrostly o 4,66 % po zprávách o 30leté jaderné dohodě o spolupráci mezi USA a Saúdskou Arábií a o plánu vlády podpořit výstavbu elektráren za 200 milionů USD.
Constellation Energy (CEG +4.66%) stock was true to its name on Wednesday, as investors energetically traded it almost 5% higher. This was part of a broader rally in nuclear stocks, on the back of a splashy deal signed between the U.S. government and a key ally, plus reports of a new top-down initiative to spur power plant build-outs in this country.
The Saudi deal The Trump administration announced Wednesday that it had signed a long-term deal to help develop nuclear technology with Saudi Arabia. The 30-year pact formalizes nuclear cooperation between the two nations and pushes several U.S. energy companies into leading roles in build-outs in the strategic Middle Eastern country.
Image source: Getty Images.
It's important to note that Constellation isn't likely to be one of the main companies involved in the work, as its concentration is on domestic energy generation. Yet as the No. 1 operator of American nuclear plants, it could serve in an advisory or training capacity.
Besides, the government's striking this deal is yet another strong indication of its desire to promote and support the nuclear power industry.
Today's Change
(
4.66
%) $
12.23
Current Price
$
274.45
Continued domestic push Separately, Bloomberg reported that the administration is also planning to launch a new, $200 million program to support the construction of power plants within our borders. A key goal of this initiative, not surprisingly, is to satisfy the considerable power needs of artificial intelligence (AI)-ready data centers.
As nuclear plants produce considerable clean power, they are considered ideal facilities for such a push.
The Bloomberg article, which cited a document its reporters had seen, mentioned small modluar reactor (SMR) specialists Oklo and X-Energy as participants on the energy industry side, and Microsoft and Nvidia as partners from the tech sector.
Constellation was not mentioned in the article, as it operates full-scale nuclear facilities and not SMRs. Even if it doesn't end up playing a role in the program, it's sure to benefit from this latest top-down effort to boost the nation's power-generating capacity.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Constellation Energy, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
