Cars are pictured at the Ford factory in Almussafes near Valencia, Spain June 15, 2018. REUTERS/Heino Kalis/File Photo Purchase Licensing Rights, opens new tab
CompaniesLISBON/MADRID, July 22 (Reuters) - Ford Motor (F.N), opens new tab and China's Geely (0175.HK), opens new tab have struck a landmark deal under which the U.S. automaker will sell part of its Almussafes plant near Valencia, paving the way for Geely to manufacture electric vehicles in Spain, ABC newspaper reported on Wednesday.
Citing sources familiar with the matter, ABC said the announcement is expected during a visit to the Almussafes plant on Thursday by Spanish Prime Minister Pedro Sanchez and Ford Europe President Jim Baumbick.
Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
Ford and Geely did not immediately respond to requests for comment emailed outside regular business hours.
ABC said the deal would give Geely, owner of brands including Volvo, Polestar and Lotus, a manufacturing base inside the European Union, helping it to avoid EU tariffs on electric vehicles imported from China while providing direct access to the European market.
For Ford, the deal would cut fixed costs through the shared use of factory infrastructure while helping to safeguard jobs and production at Almussafes, the future of which has been clouded by the phasing out of several models and its dependence on its Kuga model.
The newspaper said the agreement would allow Geely to produce its EX2 electric vehicle at Almussafes.
Reporting by Sergio Goncalves and Victoria Waldersee Editing by David Goodman
Our Standards: The Thomson Reuters Trust Principles., opens new tab
GM má 6,3 miliardy USD odložených tržeb, což odráží rostoucí podíl softwaru a služeb s opakovanými příjmy. GM očekává v roce 2026 více než 3 miliardy USD tržeb ze softwaru a služeb.
Buried in the company’s prepared remarks was a figure that has quietly grown into a multibillion-dollar asset: $6.3 billion in deferred revenue. That growing backlog reflects what CFO Paul Jacobson called GM’s “highly profitable software and services revenue,” a business that continues to expand through connected vehicles, subscriptions and digital services rather than one-time vehicle sales.
The number offers perhaps the clearest sign yet that GM wants investors to think beyond vehicles and begin valuing the company as a recurring revenue business.
GM’s Software Business Is Quietly Getting BiggerAccording to Jacobson, GM expects “more than $3 billion of software and services revenue” in 2026 while ending the year with “$6.3 billion of deferred revenue on our balance sheet.” He also said the company expects “over 1 million new software subscriptions” this year, underscoring the growing contribution of connected vehicle services.
Unlike vehicle sales, which are recognized immediately, deferred revenue represents money that will be recognized over time as customers continue paying for software-enabled features and services. Every new subscription adds to a backlog of future revenue that is already under contract.
The strategy marks a notable shift for a company historically valued on vehicle deliveries and manufacturing scale. Instead, GM is increasingly generating recurring revenue long after customers leave the dealership through connected services, Super Cruise and other digital offerings.
The Bigger Story Isn’t Cars. It’s Recurring Revenue.GM reinforced that strategy elsewhere during the earnings call by expanding one of its flagship software products.
Barra said the company is “making Super Cruise standard on our High Country Silverado and Denali Sierra” while expanding availability across much of the pickup lineup. Beginning with the 2027 model year, she said the move is expected to add “approximately 160,000 incremental Super Cruise units annually.”
For investors, that announcement is about more than a premium driver-assistance feature. Every additional Super Cruise-equipped vehicle creates another opportunity for GM to deepen customer engagement and expand its recurring software business over time.
The deferred revenue balance, meanwhile, offers a tangible measure of that transformation. As Jacobson put it, “Our highly profitable software and services revenue continues to grow,” highlighting a business that is becoming an increasingly meaningful contributor to GM’s earnings profile.
Photo courtesy: Jonathan Weiss / Shutterstock.com
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AbbVie čeká ve 2. čtvrtletí mírný pokles tržeb z onkologie na 1,62 mld. USD, protože růst Venclexty a nových léků má převážit slabost Imbruvicy. Příspěvek Decnupazu má být po květnovém schválení FDA jen omezený.
Key Takeaways AbbVie's Q2 oncology revenues are expected to decline slightly as Imbruvica sales remain under pressure.ABBV expects growth from Venclexta and newer therapies to be offset by continued Imbruvica weakness.Decnupaz may add only a modest Q2 revenue contribution following its FDA approval in May. AbbVie’s (ABBV - Free Report) oncology franchise has evolved considerably in recent years. What was once largely a hematology-focused business has expanded into solid tumors through a series of acquisitions, collaborations and internal innovation. However, the continued decline in Imbruvica sales remains the franchise’s biggest headwind ahead of the company’s second-quarter 2026 results on July 31.
The portfolio currently comprises six marketed therapies. While blood cancer drugs Imbruvica and Venclexta continue to generate the majority of oncology revenues, AbbVie has expanded its portfolio with newer products. These include Epkinly for lymphoma, Elahere for ovarian cancer, Emrelis for lung cancer and, most recently, Decnupaz for blastic plasmacytoid dendritic cell neoplasm (or BPDCN – a rare and aggressive blood cancer).
The Zacks Consensus Estimate for oncology revenues is pegged at $1.62 billion, suggesting a slight decline from the year-ago period. Growth from Venclexta and newer therapies, such as Epkinly, Elahere and Emrelis, is expected to be more than offset by the continued weakness in Imbruvica. Sales of this blockbuster blood cancer drug are likely to remain the franchise's biggest drag as competitive pressure from newer BTK inhibitors and the impact of Medicare IRA pricing continue to weigh on sales.
Since Decnupaz received FDA approval in May, its contribution to second-quarter revenues is expected to be modest.
Competition in the Oncology SpaceOther bigger players in the oncology space are AstraZeneca (AZN - Free Report) , Merck (MRK - Free Report) and Pfizer (PFE - Free Report) .
For AstraZeneca, oncology sales now account for 44% of total revenues. Sales in its oncology segment rose 16% year over year in first-quarter 2026, driven by the strong performance of medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).
Merck’s key oncology medicines are PD-L1 inhibitor Keytruda and PARP inhibitor Lynparza, which it markets in partnership with AstraZeneca. Keytruda, approved for several types of cancer, alone accounted for roughly half of MRK’s total revenues in first-quarter 2026.
Pfizer’s oncology revenues grew 7% in first-quarter 2026, driven by drugs such as Lorbrena, the Braftovi-Mektovi combination and Padcev. The segment now accounts for more than 26% of Pfizer’s total revenues.
ABBV’s Price Performance, Valuation & EstimatesShares of AbbVie have outperformed the industry year to date, as seen in the chart below.
Image Source: Zacks Investment Research
From a valuation standpoint, AbbVie is trading at a discount to the industry. Based on the price/earnings (P/E) ratio, the company’s shares currently trade at 16.74 times forward earnings, lower than its industry’s average of 18.78.
Image Source: Zacks Investment Research
EPS estimates for 2026 and 2027 have declined over the past 30 days.
Image Source: Zacks Investment Research
AbbVie currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Palantir Technologies Inc. (NYSE:PLTR) stock fell on Wednesday, driven by targeted regulatory scrutiny regarding its UK National Health Service (NHS) Federated Data Platform (FDP) contract.
The Nasdaq is down 0.21% while the S&P 500 has gained 0.11%, and Technology is the weakest sector on the day (down 0.4%), setting a tougher backdrop for high-multiple software names.
• Palantir Technologies shares are sliding. Why is PLTR stock dropping?
UK Regulator Addresses FDP MetricsThe UK’s Office for Statistics Regulation (OSR) addressed public concerns on Wednesday regarding NHS England’s communication of performance metrics for the FDP.
On June 6, NHS England updated its methods page, adding: "We cannot therefore draw conclusions about cause and effect as other variables have not been controlled for."
The OSR noted that NHS England added the caveat following Freedom of Information requests regarding FDP data analysis. NHS England committed to placing caveats on its main FDP website and commissioning Imperial College to conduct an independent academic evaluation.
Contract Controversies and CriticismThe regulatory developments follow broader scrutiny over the NHS contract.
Jo Maugham, executive director of the Good Law Project, stated: “Palantir is not — and frankly never has been — a company that can be trusted with this nationally important contract.”
Domestic Alternatives In the UKRegional NHS entities have also opted out of the system. In a Guardian letter published on July 20, Dr. Devan Moodley, CEO of Health Connect Global, highlighted that Greater Manchester’s integrated care board declined the platform, relying instead on local capabilities built with UK universities and firms.
Financial Results ApproachingPalantir will report its second-quarter financial results on Aug. 3. Analysts project earnings per share of 33 cents on quarterly revenue of $1.81 billion.
Technical AnalysisFrom a trend perspective, Palantir is still trying to stabilize after a longer downtrend: it’s trading 2.9% below its 50-day SMA ($132.22) and 17.1% below its 200-day SMA ($154.84), keeping the intermediate and long-term bias tilted bearish. The 20-day SMA ($126.81) is just underneath price, but the 20-day remains below the 50-day (bearish), and the Death Cross that formed in February (50-day below 200-day) continues to hang over rallies.
Momentum is best read through RSI, which sits at 47.37 — neutral and consistent with a stock that’s chopping rather than trending strongly.
Key Resistance: $136.50 Key Support: $122.50 PLTR Stock Price Activity: Palantir Technologies shares were down 4.93% at $126.12 at the time of publication on Wednesday, according to Benzinga Pro data.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Intuitive Surgical ve 2. čtvrtletí zvýšila opakující se tržby o 19 % na 2,47 miliardy USD, což bylo 85 % celkových tržeb. Počet výkonů da Vinci a Ion vzrostl meziročně o 16 %.
Key Takeaways ISRG's recurring revenue rose 19% to $2.47 billion, accounting for 85% of total revenue.Da Vinci and Ion procedures grew 16%, led by 36% Ion growth and a 61% increase in SP procedures.Intuitive Surgical faces slower U.S. growth, bariatric declines and pressure on China placements. Intuitive Surgical (ISRG - Free Report) remains a procedure-driven growth story built around robotic systems, instruments, services and software.
The central question for investors is whether da Vinci 5, SP, Ion and digital tools can keep expanding clinical reach while offsetting weaker areas such as bariatric surgery, U.S. deferrable procedures and China placements.
ISRG Builds on a Broad Robotic PlatformIntuitive Surgical’s platform spans da Vinci multi-port systems, the da Vinci SP single-port platform and Ion. Da Vinci supports robot-assisted soft tissue surgery across general surgery, urology, gynecology, cardiothoracic care and head and neck specialties.
Ion extends the company into minimally invasive lung biopsy through a flexible, robotic-assisted, catheter-based platform. ISRG is building a broader care ecosystem designed to widen procedure reach across specialties and settings.
Intuitive Surgical Gains From Recurring RevenueRecurring revenue is central to the model because instruments, accessories, leases and services rise with utilization and installed-base growth. In the second quarter of 2026, recurring revenue increased 19% to $2.47 billion.
That represented 85% of total revenue, making the business less dependent on one-time system sales. Instruments and accessories revenues rose 18% to $1.73 billion, while service revenues grew 21% to $472 million.
ISRG Procedure Growth Still Drives the StoryProcedure volume remains the key operating indicator. In the second quarter of 2026, total da Vinci and Ion procedures increased 16% year over year, including 15% da Vinci growth and 36% Ion growth.
International da Vinci procedures rose 20%, with Europe and Asia each up 20%. SP procedures increased 61%, while cardiac and nipple-sparing mastectomy procedures rose 39% and 43%, respectively. Management maintained its 2026 da Vinci procedure growth outlook of 13.5% to 15.5%, with expectations near the midpoint.
Intuitive Surgical Expands the Ecosystem With Digital ToolsSoftware and data are becoming more important to the Intuitive Surgical’s business model. The company began rolling out more than 100 planned da Vinci 5 updates focused on telepresence, simulation-based training and care-team workflow.
It also completed its first My Intuitive+ renewals, covering telepresence, simulation and artificial intelligence-driven case insights. No customer in the initial cohort opted out, suggesting these tools can deepen engagement and make the installed base more valuable.
What ISRG Investors Should Watch NextThe bottom line is that ISRG still has a clear platform-dependent growth scenario. Da Vinci 5 upgrades, Ion adoption, SP growth, recurring revenue and digital tools all support a wider ecosystem.
Risks remain visible. U.S. da Vinci procedure growth moderated to 12% in the second quarter from 14% in the first quarter, bariatric procedures declined at a high-single-digit rate and China remains pressured by lower tender activity, local competition and policy-driven pricing.
Medtronic plc (MDT - Free Report) and Johnson & Johnson (JNJ - Free Report) are relevant comparables for investors tracking surgical robotics and digitally enabled medical technology. Their presence keeps the competitive context important, even as ISRG maintains a competitive moat with high installed systems, improving utilization and procedure-linked revenue as well as strong clinical evidence.
Investors should pair this operating view with ISRG’s current Zacks Rank #2 (Buy) and Zacks Style Scores of B before forming a fuller stock view. The Zacks Rank is a short-term timeliness indicator, while the Style Scores help evaluate value, growth and momentum characteristics. Higher grades, especially A or B, are more favorable when considered alongside top-ranked stocks, but they should be weighed with procedure trends, placement dynamics and margin risks. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TSMC oznámila rekordní čtvrtletí, ale akcie po zveřejnění výsledků klesly. Firma zároveň zvýšila výhled kapitálových výdajů na fiskální rok 2026 na 60–64 miliard USD.
SummaryTaiwan Semiconductor Manufacturing Company Limited reported another record-breaking quarter, but TSM stock reacted ambivalently despite strong AI-driven revenue growth.HPC now dominates TSMC's revenue mix, with North America contributing 75% of revenue and China below 10%, reflecting increased geographic and segment concentration.TSMC forecasts Q3 2026 revenue of $44.6–45.8 billion and gross margins of 65–67% but faces margin pressure from aggressive U.S. and Taiwan fab expansions.Raised FY 2026 CapEx guidance to $60–64 billion signals significant capital deployment and potential pricing power to offset higher production costs. Getty Images
After Taiwan Semiconductor Manufacturing Company Limited, aka TSMC (TSM), announced its Q2 2026 earnings on the 16th of July, the market’s reaction to the stock has been ambivalent at best, with the stock slipping after
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I lead research at an ETP issuer that offers daily-rebalanced products in leveraged/unleveraged/inverse/inverse leveraged factors with various stocks, including some mentioned in this article, underlying them. As an issuer, we don't care how the market moves; our AUM is mostly driven by investor interest in our products.
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.
ServiceNow klesá o 5,9 %, protože slabé výsledky Pegasystems naznačily, že zákazníci odkládají objednávky softwaru kvůli přesunu výdajů do AI. Investoři teď čekají na dnešní výsledky ServiceNow.
Shares of ServiceNow (NOW -6.42%) were pulling back today after disappointing results from Pegasystems (PEGA -17.13%), a small-cap enterprise automation software company, seemed to confirm a concerning trend for ServiceNow, that customers were delaying software orders as they spend on AI.
As of 12:44 p.m. ET, ServiceNow was down 5.9%, while Pegasystems had lost 16.2%, and the iShares Expanded-Tech Software ETF, which tracks top software stocks like ServiceNow, was down 2.7%, showing software stocks were down broadly even as the major indexes were flat.
Image source: Getty Images.
Why the Pegasystems report is bad news for ServiceNow Pegasystems missed estimates on the top and bottom lines as management said, "Unprecedented changes in the AI market caused clients to delay their purchasing decisions."
That commentary and the poor results echo the update from IBM last week, as the legacy tech giant plunged after it warned that several large customer deals were delayed as its customers redirect capital expenditure budgets to AI hardware, with prices for components like memory rising rapidly.
Pega CEO Alan Trefler also said cost uncertainties around generative AI programs were causing companies to be more hesitant, adding that decision cycles have lengthened.
The development has implications for ServiceNow, which relies on similar budgetary spending on its cloud software.
Today's Change
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-6.56
Current Price
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95.51
What's next for ServiceNow ServiceNow is due to report second-quarter earnings after the bell, and investors may be expecting to hear similar commentary from the enterprise software giant.
The analyst consensus calls for revenue to grow 22.2% to $3.93 billion, and for adjusted earnings per share to tick up from $0.82 to $0.86.
ServiceNow has been one of the biggest losers in the so-called SaaSpocalypse as software stocks have plunged on fears of AI disruption. The stock is now down more than 50% from its peak in late 2024, even as it's continued to deliver solid results.
Tonight's report comes at a pivotal moment. Expect the stock to swing big one way or the other tomorrow, depending on the results.
Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends International Business Machines and ServiceNow. The Motley Fool has a disclosure policy.
Intuit ve spolupráci s Mastercard představil novou firemní kreditní kartu napojenou na QuickBooks. Má pomoci malým firmám spravovat výdaje, úvěr i finanční zdraví na jednom místě.
Intuit has debuted a new small business-focused credit card in collaboration with Mastercard.
The World Elite Business Mastercard, announced Wednesday (July 22), is designed to sync with Intuit’s QuickBooks platform to help businesses manage spending, access credit and get a handle on their financial health from a single place.
“We know businesses don’t have a one-size-fits-all need for capital, which is why we’re building a range of capital solutions on the Intuit platform,” David Hahn, executive vice president and general manager of Intuit’s services group, said in a news release. “The Intuit Business Credit Card introduces a smarter way to power business growth with critical controls and value on every dollar spent. This is an important part of Intuit’s broader commitment to building the capital solutions small businesses need to grow with confidence.”
The release points to in-house findings from Intuit showing that businesses that use financing are almost twice as likely to be “in an active growth phase” than businesses who rely on personal funds.
“Yet many businesses still lack timely access to capital and real-time visibility into their financial health, relying on disconnected tools and manual processes to manage spending, accounting, and financing,” the release said.
Intuit argues its new card addresses this by combining spending, credit, and financial data, allowing for “smarter cash flow control, confident spending, and growth opportunities.”
Research by PYMNTS Intelligence and Mastercard has found that a sizable number of small- to medium-sized businesses (SMBs) don’t use a business credit card, with 30% saying they use personal cards to cover work-related expenses.
“With small businesses alone numbering 36 million in the United States and driving 43.5% of U.S. GDP, it all adds up to a lot of missed opportunity for card issuers,” PYMNTS wrote earlier this year.
More recently, PYMNTS spoke with Ginger Siegel, North America small and medium business lead at Mastercard, about some of the working capital burdens facing SMBs.
“The biggest challenge that small businesses face is really around cash flow uncertainty and everything that cascades from it,” Siegel said in an interview earlier this week, adding that lag times require owners to tap into personal reserves or credit lines.
Siegel went on to say that many businesses also lose purchasing opportunities while waiting for funds to settle, a burden compounded by administrative work that falls to owners who often oversee finance, operations and customer service on their own.
“The card is becoming more than a payment vehicle, and in fact is becoming a salve against those pain points,” PYMNTS wrote.
See More In: credit, credit cards, Intuit, Mastercard, News, partnerships, PYMNTS News, QuickBooks, small businesses, What's Hot, working capital
, /PRNewswire/ -- The Board of Directors of Air Products (NYSE: APD) today declared a quarterly dividend of $1.81 per share of common stock.
The dividend is payable on November 9, 2026 to shareholders of record at the close of business on October 1, 2026.
About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world's largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.
Air Products had fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.
Extra Space Storage má za 2. čtvrtletí vykázat meziroční růst výnosů o 3,07 % na 867,4 mil. USD a core FFO na akcii na 2,06 USD. Konkurenční tlak mohl omezit ceny.
Key Takeaways Extra Space Storage is expected to report higher Q2 revenues and FFO per share year over year.EXR's diversified portfolio, strong brand and recession-resilient demand support expected top-line growth.Competitive pressure in the fragmented self-storage market may have weighed on pricing during the quarter. Extra Space Storage (EXR - Free Report) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its second-quarter 2026 results on July 28, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and funds from operations (FFO) per share.
In the last reported quarter, this Salt Lake City, UT-based REIT reported FFO per share of $2.04, surpassing the Zacks Consensus Estimate of $2.01. Results reflected a year-over-year increase in same-store NOI. However, lower occupancy during the quarter was a spoilsport.
The company beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with the average surprise being 1.11%. The graph below depicts this surprising history:
Factors to Consider & Projections for EXRIn the second quarter, Extra Space Storage is likely to have gained from its high brand value, geographically diversified portfolio and presence in key cities in the United States. The self-storage asset category is need-based and recession-resilient in nature. The self-storage industry continues to benefit from favorable demographic changes. Collectively, these factors are likely to have contributed to the company’s top-line growth.
The Zacks Consensus Estimate of $738.7 million for quarterly property rental revenues suggests an increase from the year-ago period’s $721 million. The consensus estimate for revenues from tenant reinsurance is pegged at $91.3 million, up from the year-ago reported figure of $88.6 million. The consensus mark for management fees and other income for the quarter stands at $34.2 million, slightly up from $32 million in the year-ago period.
The Zacks Consensus Estimate of $867.4 million for quarterly revenues suggests a 3.07% increase year over year.
Extra Space Storage’s activities during the second quarter were adequate to gain analysts’ confidence. The Zacks Consensus Estimate for the quarterly core FFO per share has moved a cent upward to $2.06 over the past two months. It also indicates a 0.5% rise from the year-ago reported figure.
However, EXR operates in a highly fragmented market in the United States, facing intense competition from numerous operators. This competitive environment is likely to have weighed on pricing in the to-be-reported quarter.
What Our Quantitative Model Predicts for EXROur proven model likely predicts a surprise in terms of core FFO per share for Extra Space Storage this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is the case here.
Extra Space Storage currently has an Earnings ESP of +0.39% and carries a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks That Warrant a LookHere are two stocks from the broader REIT industry — BXP, Inc. (BXP - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
BXP, which is scheduled to report quarterly results on July 28, has an Earnings ESP of +0.18% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties is slated to report quarterly numbers on July 30. CUZ has an Earnings ESP of +0.45% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Strategy prodala akcie za zhruba 263,5 mil. USD a vůbec nekoupila Bitcoin, čímž zvýšila rezervu v USD na asi 3,2 mld. USD, včetně očekávaných výnosů z prodejů přes ATM, které ještě nebyly vypořádány. Podíl akcionářů se tím zředil asi o 2 %.
Companies rarely get rewarded for issuing more shares. Dilution reduces existing shareholders’ ownership percentage, and investors usually view it as a warning sign that management needs more capital. But Strategy (NASDAQ:MSTR | MSTR Price Prediction) has spent years convincing shareholders that dilution can be productive if the money raised increases the value of the company’s Bitcoin (CRYPTO:BTC) holdings or strengthens its balance sheet.
That unusual strategy has made Michael Saylor’s company one of the market’s most debated stocks. Strategy is no longer simply a software company holding Bitcoin on its balance sheet. It has become a capital markets machine built around issuing securities, managing liquidity, and maintaining its position as the largest corporate Bitcoin holder.
The latest move asks investors to accept another round of dilution in exchange for a stronger financial cushion.
Strategy Sold Stock to Build Its Cash Safety Net Strategy sold approximately $263.5 million of Strategy shares over the prior week while purchasing zero Bitcoin — the second straight week it has declined to make any purchases. Instead of immediately adding to its cryptocurrency holdings, the company used capital markets to increase its U.S. dollar reserve.
That decision marks a shift from Strategy’s earlier playbook. For years, the company raised money primarily to buy more Bitcoin, betting that increasing its Bitcoin holdings would create value for shareholders. Now, the focus is liquidity.
Strategy maintains its dollar reserve to support obligations tied to its preferred stock dividends and debt payments. The company said its USD Reserve reached approximately $3.2 billion, including expected proceeds from ATM share sales that had not yet settled.
Investors saw their ownership stake cut by roughly 2% in exchange for a larger liquidity buffer.
For Strategy, that calculation depends on two things:
The value of its Bitcoin holdings. The company’s ability to access capital markets at favorable prices. Strategy reported holding 843,775 Bitcoin with an aggregate purchase price of approximately $63.69 billion, or an average purchase price of $75,476. Bitcoin currently goes for around $65,925, meaning it is underwater by about 25% on paper.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and MicroStrategy didn't make the cut. Grab the names FREE today.
Yet, that Bitcoin position is the foundation of the entire investment thesis. If Bitcoin rises over time, shareholders may benefit from owning exposure through a company that can continue expanding its holdings and managing liquidity.
However, the reverse is also true. If Bitcoin declines and Strategy’s stock loses more of its premium compared with the value of its cryptocurrency holdings, issuing additional shares becomes less attractive. The company’s ability to turn dilution into shareholder value depends on maintaining investor confidence.
The Risk Is That Investors Stop Paying the Premium Strategy’s biggest advantage has historically been that investors valued MSTR shares above the underlying value of its Bitcoin holdings. That premium allowed the company to sell stock, buy Bitcoin, and potentially increase Bitcoin exposure per share. But that advantage is not guaranteed.
Recent market pressure has destroyed Strategy’s valuation premium compared with its Bitcoin holdings, creating a tougher environment for the company’s capital strategy. And it began selling Bitcoin.
Granted, building a cash reserve is not the same as abandoning the Bitcoin strategy. A stronger balance sheet can give Strategy more flexibility during market downturns. But Strategy’s primary strategy now is to pay the dividends on its preferred stock, not maximize retail investor value. That’s what the USD Reserve does.
Still, the same investors who dislike dilution today may benefit if the additional liquidity allows the company to avoid selling Bitcoin during a weak market.
Key Takeaway In short, Strategy is asking shareholders to accept a familiar trade: more dilution today in exchange for a stronger financial position tomorrow.
That trade makes sense only if investors believe Saylor can continue creating value through disciplined capital management and Bitcoin ownership growth. The company’s strategy is not low-risk, and dilution will remain a major concern for shareholders.
But the latest stock sale is not about buying more Bitcoin. It is about ensuring Strategy has enough financial flexibility to survive Bitcoin’s volatility for the benefit of preferred shareholders. For investors who believe Bitcoin has a long-term upward trajectory, that reserve may ultimately prove valuable. For investors looking for a straightforward Bitcoin investment without corporate financing complexity, owning Bitcoin directly or buying spot ETFs is still the simpler — and better — option.
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Corning zveřejní výsledky za 2. čtvrtletí 28. července; tržby mají dosáhnout 4,6 miliardy USD a zisk na akcii 76 centů. Růst má táhnout hlavně Optical Communications díky AI infrastruktuře a optickým vláknům.
Key Takeaways Corning reports Q2 2026 earnings on July 28, with Optical Communications expected to lead growth.GLW's AI infrastructure, fiber broadband and solar businesses are expected to support results.GLW has topped earnings estimates in the past four quarters but lacks a favorable earnings beat signal. Corning Incorporated (GLW - Free Report) is scheduled to report second-quarter 2026 earnings on July 28, 2026. The Zacks Consensus Estimate for sales and earnings is pegged at $4.6 billion and 76 cents per share, respectively. Earnings estimates for GLW have decreased 0.31% to $3.18 for 2026 and increased 0.96% to $4.22 for 2027 over the past 60 days.
GLW Estimate Trend
Image Source: Zacks Investment Research
Earnings Surprise HistoryThe advanced glass substrates producer has a solid trailing four-quarter earnings surprise history, having exceeded expectations on each occasion. It delivered a four-quarter earnings surprise of 2.41%, on average.
Image Source: Zacks Investment Research
Earnings WhispersOur proven model does not conclusively predict an earnings beat for Corning for the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. That is not the case here.
Corning currently has an ESP of -0.70% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factor Shaping Upcoming ResultsCorning's Optical Communications business is expected to remain the primary growth engine in the second quarter. Growing investment in AI infrastructure will likely propel growth in this segment. Rising deployment of AI data centers is increasing demand for the company's optical fiber, cable and connectivity products.
Ongoing expansion of fiber broadband networks is another growth factor. Telecom carriers continue investing in fiber-to-the-home infrastructure to meet rising bandwidth requirements, creating strong demand for Corning's optical solutions.
The Solar business is expected to remain a major contributor. Demand for domestically manufactured solar products, including polysilicon, wafers and modules, remains healthy. Customers increasingly prefer U.S. made products and suppliers to increase reliability in their supply chain amid growing geopolitical volatility and trade uncertainty. Growing investment in advanced chip production and AI-related semiconductor capacity is supporting demand for the company's high-performance materials and optical technologies.
Per the Zacks Consensus Estimate, net sales from the optical communications segment are pegged at $1.94 billion, up from $1.56 billion a year ago. Net sales from the automotive and Life Sciences vertical are pegged at $453.36 million and $315.35 million, respectively.
Price PerformanceOver the past year, Corning has surged 191% compared with the industry’s growth of 251.2%. It has outperformed peers like Amphenol Corporation (APH - Free Report) but lagged Ciena Corporation (CIEN - Free Report) over this period. While Amphenol has gained 56.7%, Ciena has jumped 371.1%.
Image Source: Zacks Investment Research
Key Valuation MetricFrom a valuation standpoint, Corning appears premium relative to the industry but is trading above its mean. Going by the price/earnings ratio, the company shares currently trade at 43.17 forward earnings, higher than 39.47 for the industry and higher than the stock’s mean of 31.88.
Image Source: Zacks Investment Research
Investment ConsiderationCorning is positioning itself as a critical supplier to the AI ecosystem. An AI data center requires massive GPU clusters, high-speed optical interconnects, robust fiber networking infrastructure and advanced photonic solutions. Hyperscalers are rapidly expanding AI data centers, and this is directly boosting demand for Corning’s leading-edge optical fiber and connectivity products.
The company's Solar business has also emerged as an important growth engine. Its vertically integrated U.S. manufacturing platform, spanning polysilicon, wafers and solar modules, positions Corning to capitalize on growing demand for domestically produced solar components. Growing demand for specialty optical materials used in semiconductor manufacturing further diversifies its revenue base. Despite some weakness, demand for premium Corning’s Gorilla Glass products remains resilient. A diverse portfolio and strong focus on innovation enable it to maintain its competitive edge amid growing competition from other players, such as Amphenol and Ciena.
Corning's ongoing productivity initiatives are expected to remain a positive driver. Improved manufacturing efficiency, disciplined cost management and a more favorable product mix are expected to drive strong margin expansion.
End NoteCorning continues to strengthen its competitive position through innovation across optical connectivity, advanced glass and semiconductor applications. Expansion into high-growth markets, such as AI data center, solar, automotive and semiconductor, is a positive factor. Upward estimate revisions underscore growing confidence among investors regarding the stock's growth potential. Owing to these factors, Corning seems to be a good investment option at present.
Dell uvádí, že tržby z AI serverů rostou meziročně o více než 700 % a EPS má v tomto čtvrtletí vzrůst o více než 100 %. Společnost tak těží z rozmachu AI infrastruktury.
Key Takeaways Dell's AI server sales are growing 700% YoY.EPS is projected to double this quarter.Dell shares are forming a classic high-tight-flag pattern. Dell Technologies Company OverviewZacks Rank #1 (Strong Buy) stock Dell Technologies ((DELL - Free Report) ) is a leading provider of servers, storage, and PCs. The Round Rock, Texas-based company is a leader in the traditional PC space. However, over the past few years, Dell has transformed into a primary enterprise hardware vendor providing the “picks and shovels” needed for the massive global AI infrastructure buildout. Dell operates in more than 150 countries and reported over $100 billion in annual revenue last year.
Dell: An AI Infrastructure JuggernautDell’s fastest-growing business is its AI-optimized server segment, which is experiencing mind-boggling year-over-year growth of more than 700%! Dell’s AI servers are ultra-high-performance computers designed to process immense quantities of information at once. Unlike standard computers that can only handle one or two tasks simultaneously, these specialized servers can handle millions of complex math problems simultaneously. These AI servers perform the two most important AI tasks: training (feeding the AI massive quantities of data) and inference (hosting the AI so customers can use it).
Dell separates itself from competitors through its “plug-and-play” service. Instead of selling individual products to customers, Dell combines the chips, software, and power systems so clients receive a complete AI rack ready to use immediately. Dell’s expanding ecosystem supports a fuller stack for customers that want to run AI on infrastructure they control. Management recently highlighted partners including NVIDIA ((NVDA - Free Report) ), Google ((GOOGL - Free Report) ) Cloud, OpenAI, Palantir ((PLTR - Free Report) ), ServiceNow ((NOW - Free Report) ), and others.
The AI Buildout is Not Slowing Tuesday, Super Micro Computer ((SMCI - Free Report) ), a direct Dell competitor, trounced earnings and guided for gross margins to nearly double from ~8.8% to 15-17%. The news suggests that Dell, which has much higher margins than SMCI, will be able to increase those margins further in the coming quarters. Separately, Dell customer OpenAI raised its projected compute spending through 2030 to ~$750B from $600B earlier this year.
Dell’s Scorching-Hot GrowthDell is growing earnings at a rapid clip. Zacks Consensus Estimates suggest that the company’s EPS will more than double in the current quarter and will grow ~66% in 2026.
Image Source: Zacks Investment Research
Meanwhile, Dell has proven an ability to deliver positive EPS surprises in recent quarters. For instance, last quarter, Dell beat consensus estimates by a juicy 59.87%.
Image Source: Zacks Investment Research
Dell Sets Up High Tight FlagDELL shares are set up in a classic high tight flag pattern. An HTF occurs when a stock doubles in 8 weeks or less then corrects no more than 20%.
Image Source: TradingView
Bottom Line
Dell has successfully evolved from a traditional PC manufacturer to a hardware leader in the global AI buildout. With massive earnings growth, expanding partnerships, and a unique “plug-and-play” service, Dell’s bullish trajectory is likely to continue.
Akcie společnosti Dell ve středu vzrostly o 9 % po silné předběžné aktualizaci společnosti Super Micro Computer, která posílila očekávání dalšího utrácení za AI infrastrukturu.
Dell Technologies Inc. DELL shares moved 9% higher on Wednesday after Super Micro Computer released a stronger-than-expected preliminary update that reinforced expectations for continued spending on artificial intelligence infrastructure.
The rally followed Super Micro's announcement that it received more than $60 billion in new orders during its fiscal fourth quarter, driving its order backlog to a record high.
The update lifted sentiment across AI hardware stocks as investors viewed the results as evidence of sustained demand from enterprise customers and hyperscale cloud providers.
Dell and Super Micro both assemble Nvidia graphics processing units into AI server racks, making Dell one of the companies expected to benefit from continued investment in AI infrastructure.
Investor optimism spread across the server hardware sector after Super Micro reported record order activity despite guiding revenue toward the lower end of its previously announced fourth-quarter range of $11 billion to $12.5 billion.
The company's outlook for gross margins, however, exceeded expectations, with projected margins of between 15% and 17%, well above previous guidance.
The strong order intake overshadowed the softer revenue outlook and suggested that demand for AI servers remains robust.
The update provided a positive read-through for companies supplying AI infrastructure, including Dell, which has positioned itself as a major provider of enterprise AI servers powered by Nvidia chips.
Dell has already reported an AI backlog of $51.3 billion, representing 85.5% of its annual sales target.
The company also said first-quarter fiscal 2027 AI-optimized server revenue reached $16.1 billion, a 757% increase from a year earlier, contributing to total quarterly revenue of $43.8 billion.
The company serves more than 5,000 active AI customers.
Analysts remain optimistic ahead of earningsWall Street analysts continue to maintain positive expectations for Dell as demand for AI computing infrastructure expands.
Evercore ISI recently raised its price target on Dell to $500 while maintaining an Outperform rating, citing confidence in the company's position within the AI infrastructure market.
JPMorgan also increased its target price to $550 and reiterated its Overweight rating.
Morgan Stanley lifted its target to $477, pointing to continued enterprise server demand driven by AI infrastructure spending, compute shortages and hardware refresh cycles.
The broader analyst consensus price target stands near $503, above Dell's recent share price.
According to Fiscal.ai estimates, analysts expect Dell to report revenue of $44.39 billion for the quarter ending July 2026, representing nearly 50% year-over-year growth.
Earnings per share are projected to reach $4.90, compared with $2.32 during the same period a year earlier.
Technical picture remains constructiveDell shares continue to trade above their major moving averages, reflecting a strong longer-term trend.
The stock remains approximately 5.2% above its 20-day simple moving average and nearly 17% above its 50-day moving average. It also trades well above its 200-day moving average, with the bullish golden cross formed earlier this year remaining intact.
Momentum indicators suggest that upside momentum has moderated.
The moving average convergence divergence indicator remains below its signal line, indicating that while the broader trend remains positive, the pace of gains has slowed.
Key technical levels include resistance around $463.50 and support near $378.50, an area that aligns closely with the 50-day moving average and may serve as an important level for investors monitoring the stock's trend.
Mondelez oznámí výsledky za 2. čtvrtletí 28. července; tržby se očekávají na 9,22 miliardy USD a EPS na 67 centů. Ziskovost může dál tlačit drahé kakao a inflace.
Key Takeaways Mondelez to report second-quarter 2026 earnings on July 28, with revenue estimates of $9.22 billion.MDLZ EPS consensus stands at 67 cents, indicating an 8.2% decline year over year.MDLZ earnings may face pressure from elevated cocoa costs, inflation and higher brand spending. Mondelez International, Inc. (MDLZ - Free Report) is likely to witness top-line growth when it reports second-quarter 2026 earnings on July 28. The Zacks Consensus Estimate for revenues is pegged at $9.22 billion, indicating growth of 2.6% from the prior-year quarter’s reported figure.
The consensus mark for earnings has remained unchanged over the past 30 days at 67 cents per share, which, however, implies an 8.2% decline from the figure reported in the year-ago quarter. MDLZ has a trailing four-quarter earnings surprise of 5.4%, on average.
Factors Likely to Influence MDLZ’s Upcoming ResultsMondelez’s second-quarter performance is likely to have been supported by resilient demand across its global snacking portfolio, particularly in emerging markets, where consumer demand has remained relatively healthy. Pricing actions across several categories, coupled with continued strength in chocolate, biscuits and gum, are likely to have aided revenue growth despite mixed volume trends in certain developed markets. These factors are likely to have helped the company deliver year-over-year top-line improvement during the to-be-reported quarter.
The company’s broad geographic footprint is also likely to have remained a key strength. Emerging markets are likely to have continued driving business momentum, backed by wider distribution, strong brand execution and healthy performances across key regions. At the same time, developed markets are likely to have shown gradual stabilization, with improving retail dynamics in Europe and sequential recovery in the U.S. biscuit business strengthening the overall operating backdrop.
Mondelez’s continued focus on innovation, brand investments and channel expansion is also likely to have reinforced its competitive positioning. The company has been witnessing steady consumer demand for its well-established brands despite a challenging macro backdrop, supported by premium offerings, product innovation and a broader channel presence. Growing traction across convenience, club and e-commerce channels is also likely to have strengthened customer demand and supported market share trends.
However, profitability is likely to have remained under pressure in the upcoming quarter, as elevated cocoa costs and persistent commodity inflation continued to weigh on gross margins despite pricing actions. Higher brand-building investments and promotional spending might have further pressured operating margins, while pricing-related elasticity and package resizing initiatives are also likely to have weighed on earnings performance.
Earnings Whispers for MDLZOur proven model predicts an earnings beat for Mondelez this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is exactly the case here.
Mondelez carries a Zacks Rank #3 and has an Earnings ESP of +0.38%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Other Stocks With the Favorable CombinationHere are some other companies worth considering, as our model shows that these also have the right combination of elements to beat on earnings this reporting cycle.
Archer-Daniels-Midland Company (ADM - Free Report) currently has an Earnings ESP of +12.50% and a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Archer-Daniels’ upcoming quarter’s EPS is pegged at $1.28, which implies a 37.6% rise year over year. The consensus estimate for ADM’s quarterly revenues is pinned at $22.4 billion, which calls for 5.7% growth from the figure reported in the prior-year quarter. ADM delivered a trailing four-quarter earnings surprise of 5.4%, on average.
Kimberly-Clark Corporation (KMB - Free Report) currently has an Earnings ESP of +2.70% and a Zacks Rank of 3. The Zacks Consensus Estimate for Kimberly-Clark’s upcoming quarterly revenues is pegged at $4.2 billion. The figure implies a 1.7% increase from the prior-year quarter.
The Zacks Consensus Estimate for Kimberly-Clark’s quarterly earnings per share is pegged at $2.00, indicating a 4.2% gain from the year-ago period figure. KMB delivered a trailing four-quarter earnings surprise of 19.1%, on average.
Monster Beverage Corporation (MNST - Free Report) currently has an Earnings ESP of +0.45% and a Zacks Rank of 3. The consensus estimate for Monster Beverage’s quarterly revenues is pinned at $2.4 billion, which implies 14.6% growth from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the upcoming quarter’s EPS is pegged at 59 cents, which indicates a 13.5% jump year over year. MNST delivered a trailing four-quarter earnings surprise of 9.6%, on average.
D.R. Horton snížil průměrnou uzavírací cenu o 2 % na 362 000 USD ve 3. čtvrtletí fiskálního roku 2026, aby podpořil dostupnost a poptávku. Hrubá marže z prodeje domů klesla na 20,7 % kvůli vysokým pobídkám.
Key Takeaways D.R. Horton lowered average closing prices 2% to $362,000 to support affordability and demand.DHI improved construction cycle times and kept aged completed inventory limited with faster turns.DHI's gross margin fell to 20.7% as incentives stayed high despite lower stick-and-brick costs. D.R. Horton, Inc. (DHI - Free Report) is working through a housing market where affordability, mortgage-rate volatility and cautious buyers still shape demand.
The company’s current setup rests on a practical trade-off. It is using incentives, lower prices, product mix and its mortgage platform to keep homes moving while trying to protect returns.
DHI Leans on Affordable DemandD.R. Horton’s demand defense starts with affordability. In the third quarter of fiscal 2026, its average closing price declined 2% year over year to $362,000, reflecting a continued push toward more affordable offerings.
First-time buyers remain central to that strategy. They represented 65% of mortgage closings in the quarter, while net sales orders totaled 23,084 homes with an order value of $8.4 billion despite a difficult housing backdrop.
D.R. Horton Gains From Faster TurnsOperational speed is another part of the thesis. Median construction cycle times improved roughly three weeks year over year in the quarter, helping homes move through inventory more quickly.
D.R. Horton ended the quarter with 38,000 homes in inventory, including 23,300 unsold homes. Completed unsold homes were 7,600, with only 600 completed for more than six months, limiting the drag from aged supply.
DHI Uses Its Lot Strategy for FlexibilityThe company’s lot position supports future volume without forcing too much owned land onto the balance sheet. At June 30, 2026, D.R. Horton controlled 568,500 homebuilding lots, including 126,600 owned lots and 441,900 lots under purchase contracts.
That structure gives DHI room to adjust if demand changes. During the first nine months of fiscal 2026, 67% of homes closed were built on lots developed by Forestar or third parties, reinforcing its flexible land model.
PulteGroup (PHM - Free Report) is another large homebuilder competing for buyers across major housing markets, so its trends remain relevant to the same demand cycle. Toll Brothers (TOL - Free Report) , with a more luxury-oriented position, offers a useful contrast to DHI’s affordability-led approach.
D.R. Horton Still Faces Margin PressureThe offset is profitability. Home sales gross margin fell to 20.7% in the third quarter of fiscal 2026 from 21.8% a year earlier, even as closings increased 4% year over year.
Cost relief has not fully solved the issue. Stick-and-brick costs declined 5% year over year, but lot costs rose 5%, while incentives are expected to remain elevated through the fourth quarter as affordability remains the primary demand constraint.
DHI Signals a Balanced Stock SetupDHI’s setup remains balanced rather than one-sided. The company is using scale, inventory control and land flexibility to defend demand, but margin pressure and rate-sensitive buyers keep the near-term earnings picture measured.
The stock currently carries a Zacks Rank #3 (Hold), which fits a neutral short-term earnings-revision backdrop. DHI also has a VGM Score of A, Value Score of B, Growth Score of C and Momentum Score of A. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores point to favorable value and momentum characteristics, while the Growth Score is more middle-of-the-road. For investors, the combination suggests that DHI has useful support factors, but the Rank keeps the stock in hold territory until earnings visibility improves.
EU antimonopolní regulátoři schválili plánovanou akvizici Warner Bros. Discovery společností Paramount Skydance. V USA ale transakci dál brzdí žaloba skupiny státních zástupců.
European Union antitrust regulators said on Wednesday they had signed off on Paramount Skydance's proposed acquisition of Warner Bros. Discovery.
The approval, which included concessions made by Paramount, comes as the deal has been delayed in the U.S. due to concerns raised by state attorneys general.
A Paramount spokesperson didn't immediately respond to comment.
In order to garner the approval, the European Commission said Paramount agreed to divest its stake in a film distribution joint venture with United International Pictures in Europe, and said it would not enter into any film distribution deal with Universal for the next 10 years in Europe.
"These commitments fully address the competition concerns identified by the Commission by ensuring that the films of the merged entity will not be distributed jointly with those Universal or Disney," according to the EU's release.
Paramount's stock rose 3% in midday trading.
The EU's approval marks a major regulatory milestone for the $110 billion proposed merger.
The deal earlier won approval from the antitrust division of the U.S. Department of Justice. Various other global jurisdictions have also signed off on the deal.
However, in the U.S., a lawsuit brought forward by a group of state attorneys general last week has become a potential holdup in this deal moving forward.
The coalition led by California's Rob Bonta filed a lawsuit seeking to block the merger due to antitrust concerns. The tie-up is set to combine two major film studios, Paramount and Warner Bros., a massive portfolio of pay TV networks and streaming services HBO Max and Paramount+.
Earlier this week a California district judge granted a temporary restraining order that puts a 14-day pause on anything moving forward with the merger.
Paramount previously said it is on track to close the merger by the end of September.
CME Group Inc. (CME) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT
Company Participants
Adam Minick - Investor Contact
Terrence Duffy - Chairman & CEO
Lynne Fitzpatrick - Senior MD, President & CFO
Tim McCourt - Senior MD & Global Head of Equities, FX and Alternative Products
Derek Sammann - Senior MD & Global Head of Commodities Markets
Julie Winkler - Senior MD & Chief Commercial Officer
Suzanne Sprague - Senior MD, Group COO & Global Head of Clearing
Michael Dennis - Senior Managing Director & Global Head of Fixed Income
Conference Call Participants
Daniel Fannon - Jefferies LLC, Research Division
Alex Kramm - UBS Investment Bank, Research Division
Christopher Allen - Keefe, Bruyette, & Woods, Inc., Research Division
Kenneth Worthington - JPMorgan Chase & Co, Research Division
Patrick Moley - Piper Sandler & Co., Research Division
Brian Bedell - Deutsche Bank AG, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Michael Cyprys - Morgan Stanley, Research Division
William Katz - TD Cowen, Research Division
Simon Alistair Clinch - Rothschild & Co Redburn, Research Division
William Qi - RBC Capital Markets, Research Division
Presentation
Operator
Welcome to the CME Group Second Quarter 2026 Earnings Call. [Operator Instructions]
I will now turn the call over to Adam Minick. Please go ahead.
Adam Minick
Investor Contact
Good morning, and I hope you're all doing well today. Earlier this morning, we released our earnings commentary, which provides extensive details on the second quarter 2026, which we will be discussing on this call. I'll start with the safe harbor language, and then I'll turn it over to Terry.
Statements made on this call and in the other reference documents on our website that are not historical facts are forward-looking statements. These statements are not guarantees of future performance. They involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes
Royal Gold ve 2. čtvrtletí prodal 69 000 GEO, což je meziročně o 8 % více, ale méně než v 1. čtvrtletí. Tržby ze streamingové části vzrostly na 311 milionů USD a firma splatila dluh ve výši 200 milionů USD.
Key Takeaways Royal Gold sold 69,000 GEOs in Q2, up 8% year over year but below Q1's 96,300 GEOs.RGLD's stream sales jumped to $311 million, while royalty sales are estimated at $137-$142 million.Royal Gold repaid $200 million of debt and settled an outstanding gold delivery with Americas Gold and Silver. Royal Gold, Inc. (RGLD - Free Report) issued a preliminary sales update for second-quarter 2026. In the quarter, Royal Gold sold 69,000 gold equivalent ounces (GEOs), comprising 54,500 ounces of gold, 595,500 ounces of silver, 2.5 million pounds of copper and 1.3 million pounds of lead.
This marks a decrease from 96,300 GEOs sold in the first quarter of 2026 but an increase from 63,900 GEOs sold in the second quarter of 2025.
In the second quarter of 2026, the cost of sales totaled $871 per GEO compared with $596 in the prior year quarter.
The company reported stream segment sales of $311 million compared with $123 million in the second quarter of 2025. Royalty segment sales for the second quarter of 2026 are estimated between $137 million and 142 million. The company posted Royalty segment sales of $51.1 million in the prior year quarter.
During the second quarter, RGLD repaid $200 million of debt. As of June 30, 2026, it had an outstanding balance of $400 million on its revolving credit facility, with $1.0 billion undrawn and available.
Royal Gold’s Other Updates Royal Gold and Americas Gold and Silver Corporation (USAS - Free Report) announced that they reached an agreement during the second quarter of 2026 to settle their outstanding gold delivery. USAS originally entered into a Precious Metals Delivery Agreement with Sandstorm Gold Ltd. in 2019 before Sandstorm Gold was acquired by Royal Gold in 2025. The new deal resolves America's Gold and Silver's outstanding commitment to deliver 8,861 ounces of gold to RGLD between June 2026 and December 2027.
Americas Gold and Silver will clear the outstanding obligation immediately in exchange for 5,000 ounces of gold and 2,652,532 common shares issued at a deemed price of $5.86 per share. RGLD recognized the proceeds from the settlement of the gold delivery as stream sales in the second quarter of 2026, which added $12 million of additional DD&A expense.
RGLD Stock’s Price Performance & Zacks RankIn the past year, Royal Gold shares have gained 24.4% compared with the industry’s growth of 32.3%.
Image Source: Zacks Investment Research
Royal Gold currently has a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Preliminary Results of Other Mining StocksEndeavour Silver Corp. (EXK - Free Report) produced 1.94 million ounces of silver in the second quarter of 2026. This reflected a 31% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production grew 35% year over year to 10,474 ounces. The company’s silver-equivalent ounces production increased 36% year over year.
Fortuna Mining Corp. (FSM - Free Report) produced 72,217 GEO from ongoing operations in the second quarter of 2026, bringing the total first-half production to 145,089 GEOs. With first-half production already exceeding half of Fortuna Mining’s lower-end guidance, the company seems on track to achieve its 2026 production target of 281,000-305,000 GEO. The second-quarter 2026 reported figure marked a 1.4% increase from the year-ago quarter. The reported figure was broadly in line with 72,872 ounces produced in the first quarter of 2026.
Northrop Grumman podepsal s Airbus Defence and Space memorandum o spolupráci na rozšíření ISR schopností NATO s využitím MQ-4C Triton. Dohoda zahrnuje komunikace, zpracování dat, analýzu zpravodajských informací i velení a řízení.
Key Takeaways NOC signed an MOU with Airbus to expand NATO ISR capabilities using MQ-4C Triton systems.The pact covers communications, data processing, intelligence analysis, dissemination and command systems.NOC's NATO experience and partnerships support faster deployment and allied interoperability. Northrop Grumman (NOC - Free Report) continues to strengthen its position in the Intelligence, Surveillance and Reconnaissance (ISR) market through its advanced unmanned aircraft systems, communications technologies and mission-critical defense solutions. The company develops integrated ISR capabilities that help military customers improve situational awareness, enhance decision-making and support operations across multiple domains.
A key example is Northrop Grumman's recently signed Memorandum of Understanding (MOU) with Airbus Defence and Space to support the expansion of the NATO Intelligence, Surveillance and Reconnaissance Force with MQ-4C Triton uncrewed aircraft systems. The collaboration will explore a transatlantic solution to deliver advanced ISR capabilities for NATO operations while strengthening defense cooperation across the Alliance.
Per the agreement, Northrop Grumman will work with Airbus and several European defense companies to provide services that include airborne and ground communications, data processing, intelligence analysis and dissemination, as well as command and control capabilities. The partnership also builds on the company's experience supporting NATO's existing RQ-4D Phoenix fleet, helping accelerate the deployment of next-generation ISR capabilities and strengthen interoperability among allied forces.
As defense agencies worldwide continue to invest in advanced ISR capabilities, demand for integrated surveillance, communications and command systems is expected to remain strong. Northrop Grumman's expanding international partnerships, proven MQ-4C Triton platform and expertise in communications, networking and mission systems position it well to benefit from long-term defense modernization programs and growing demand for ISR solutions.
Other Stocks to Keep on the WatchlistOther aerospace and defense companies expanding their ISR capabilities are discussed below:
General Dynamics (GD - Free Report) : Through its General Dynamics Information Technology business, the company provides ISR and C5ISR solutions, including secure communications, systems integration and mission support services for military customers.
L3Harris Technologies (LHX - Free Report) : The company offers advanced ISR solutions, including airborne sensors, intelligence systems and secure communications that help improve surveillance, information sharing and mission effectiveness.
The Zacks Rundown for NOCShares of NOC have lost 0.2% in the past month compared with the industry’s 3.6% decline.
Image Source: Zacks Investment Research
The company shares are trading at a discount on a relative basis, with its forward 12-month Price/Sales being 1.60X compared with its industry’s average of 2.46X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for NOC’s 2026 earnings has moved south over the past 60 days.
Travel + Leisure zvýšila celoroční výhled po silném 2. čtvrtletí a oznámila akvizice Yes& Vacations a Spinnaker Resorts. Ty přidají 23 resortů, včetně 6 v Hilton Head a 7 na Maui, a více než 100 000 majitelů.
Travel + Leisure NYSE: TNL raised its full-year 2026 outlook after reporting stronger second-quarter results and announcing two acquisitions that management said will expand its resort network and owner base.
President and Chief Executive Officer Michael Brown said the company’s second-quarter and first-half performance reflected “consistent execution” and the durability of its business model, citing healthy owner trends, robust travel demand, recurring upgrade sales and increasing new owner sales.
For the second quarter, Travel + Leisure reported revenue of $1.06 billion and adjusted EBITDA of $269 million. Brown said gross vacation ownership interest, or VOI, sales increased 6% and exceeded the company’s guidance range, supported by high-quality tours and strong owner engagement. Volume per guest rose 2% year over year to $3,318, also ahead of plan.
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Chief Financial Officer Erik Hoag said revenue increased 4%, adjusted EBITDA rose 8% and adjusted earnings per share grew 14% in the quarter. Adjusted EBITDA margin expanded 70 basis points, which he attributed to operating leverage across the business.
Vacation Ownership Drives Growth The company’s Vacation Ownership segment remained the primary driver of results. Hoag said gross VOI sales increased 6% to $693 million, while segment revenue rose 6% to $907 million. Segment adjusted EBITDA increased 13% to $247 million.
Hoag said tours increased 1% in the quarter, reflecting solid demand and new owner acquisition. New owner mix was slightly higher year over year, with healthy transaction volume and close rates.
Brown said the company’s consumer remains healthy and continues to prioritize travel. He pointed to first-half arrivals, adjusted for strategic resort closures, increasing year over year, as well as strong forward bookings. The booking window was 109 days and the average length of stay was four days, both at or above prior-year levels.
In response to a question from Patrick Scholes of Truist Securities about the state of the consumer, Hoag said booking patterns, forward bookings, length of stay and distance traveled remained consistent with what the company saw in the first quarter. “We’ve not seen anything in our metrics that would indicate there’s a weakening occurring,” Hoag said.
Guidance Raised After Strong First Half and Acquisitions Travel + Leisure raised its full-year outlook, citing stronger-than-expected core business performance and the expected contribution from the acquisitions of Yes& Vacations and Spinnaker Resorts.
Hoag said that, excluding acquisitions, the company now expects full-year adjusted EBITDA of $1.05 billion to $1.065 billion. Including the expected contribution from the acquisitions, Travel + Leisure now expects:
Gross VOI sales of $2.6 billion to $2.675 billion; Adjusted EBITDA of $1.065 billion to $1.085 billion; A consolidated loan loss provision rate of approximately 21%; A full-year adjusted tax rate of approximately 29%; Free cash flow conversion of roughly half of adjusted EBITDA; and Year-over-year adjusted EPS growth of approximately 20%. For the third quarter, the company expects gross VOI sales of $700 million to $740 million, adjusted EBITDA of $275 million to $285 million, and volume per guest of $3,300 to $3,350.
Yes& Vacations and Spinnaker Resorts Add Resorts and Owners Brown said the acquisitions of Yes& Vacations and Spinnaker Resorts add 23 resorts, including six properties in Hilton Head and seven in Maui. He described those markets as high-demand leisure destinations where new development is challenging.
The acquisitions also add more than 100,000 owners, expanding Travel + Leisure’s owner base by more than 10%. Brown said the acquired owners are similar in age and average income to the company’s existing owner base, and approximately 80% have fully paid off their timeshare loans.
Hoag said Travel + Leisure is investing approximately $340 million to acquire businesses expected to generate about $50 million of adjusted EBITDA on a full-year synergized basis. After securitizing roughly $80 million of finance receivables, he said net capital deployed falls to about $260 million, implying a net investment multiple of approximately 5 times adjusted EBITDA.
Hoag said the transactions add approximately 0.2 turn of leverage, and the company expects to end 2026 with leverage of 3.2 times. He said the deals were funded through cash and existing debt capacity and did not require a change to the company’s capital return commitment.
During the question-and-answer portion of the call, Brown said the acquisitions provide both resort portfolio expansion and a larger owner base for potential future upgrades, particularly as owners are introduced to Travel + Leisure’s broader network and points-based system.
Capital Returns Continue Management emphasized that shareholder returns remain a priority. Brown said the company returned $253 million to shareholders through dividends and share repurchases during the first half of the year and reduced common shares outstanding by 4%.
Hoag said the company repurchased approximately $88 million of common stock in the second quarter, up 25% from the prior year, while continuing to pay its quarterly dividend. He said Travel + Leisure expects a similar level of buybacks in 2026 compared with 2025, even after the announced acquisitions.
The company ended the quarter with more than $1.2 billion of available liquidity across cash and its revolving credit facility. Hoag also said Travel + Leisure completed its second asset-backed securities transaction of the year, raising $300 million at a 98% advance rate and a 5.52% coupon.
Loan Performance and Segment Trends Hoag said credit performance remained consistent with underwriting standards. Weighted average FICO scores at origination remained above 740, down payment levels improved year over year, and the loan provision rate was flat year over year. Delinquency rates improved sequentially from the first quarter.
Asked about loan loss trends, Hoag said early-stage delinquencies improved by roughly 80 basis points from the first quarter, more than the roughly 40 basis points of seasonal improvement the company would typically expect. He reiterated that Travel + Leisure expects its organic 2026 loan loss provision to be below 2025 levels, though the acquired portfolios are expected to add some pressure.
The Travel and Membership segment remained under pressure. Hoag said second-quarter revenue declined 5% to $157 million, while segment adjusted EBITDA fell 11% to $49 million, reflecting the continued evolution of the exchange business. He said the company is focused on stabilizing long-term earnings and free cash flow through operational improvements, strategic partnerships and digital initiatives.
Brown also highlighted progress in Travel + Leisure’s multi-brand strategy, saying Margaritaville is on track to exceed $150 million in annual VOI sales, Accor Vacation Club sales are on track to nearly double in 2026, and Eddie Bauer Adventure Club sales are exceeding expectations. Sports Illustrated Resorts is progressing, with the Nashville resort expected to open in the third quarter and sales already underway at a new sales center.
Brown closed the call by saying 2026 is “shaping up to be another great year” for the company, supported by first-half growth, the two acquisitions and continued capital discipline.
About Travel + Leisure (NYSE:TNL)Travel + Leisure Co NYSE: TNL is a leisure travel company headquartered in Orlando, Florida, that specializes in vacation ownership, membership programs and branded travel experiences. The company operates an extensive portfolio of vacation clubs and destination services, offering members access to resorts, hotels, cruises and guided tours in markets around the world. Through its flagship membership brands, Travel + Leisure Co provides curated vacation packages, exchange services and unique travel itineraries that cater to both individual and family travelers.
In addition to its membership offerings, Travel + Leisure Co manages a network of resort properties and hospitality assets across North America, the Caribbean, Europe and Asia-Pacific.
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].
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Vydavatelé karet se po schválení žádosti stále více soustředí na to, kterou kartu zákazník skutečně používá, a nabízejí různé produkty podle úvěrového profilu i útraty.
Issuers are becoming more selective within credit tiers as they pursue growth across the credit spectrum.
New account growth remains strong, shifting the contest toward which cards consumers actually use once they are approved.
Private-label, co-branded and general-purpose cards are increasingly giving issuers different routes to the same consumer.
Capital One and Synchrony earnings results this week highlight a consumer credit market that is becoming more segmented: lenders are drawing finer distinctions within credit tiers, millions of new accounts are still being opened and card products are increasingly being matched to both a borrower’s credit profile and expected spending behavior.
Beyond the traditional measures of spending, balances and credit losses, the second-quarter earnings calls provide a closer view of how two of the largest card issuers are approaching consumers after several years of tightening, normalization and changes in household finances.
1. Prime Versus Subprime Capital One continues to originate across the spectrum, but its treatment of the Discover portfolio illustrates how much can differ among borrowers within broad credit categories. Discover expanded credit during 2022 and 2023 before reducing originations and credit-line increases beginning late in 2023. Since acquiring the company, Capital One has tightened further in areas where it is less comfortable with borrowers’ ability to withstand financial pressure, particularly among high-balance revolvers.
At the same time, Capital One is investing heavily at the other end of the market. Chairman and CEO Richard Fairbank said during the earnings call that the company continues to pursue its “heavy spender franchise at the top of the market,” while also pointing analysts toward its originated upmarket portfolio as a better comparison with issuers that do not deliberately originate subprime accounts.
PYMNTS Intelligence data shows why improving credit metrics do not erase pressure among subprime consumers. About 17% of U.S. consumers, or 44 million adults, are subprime, and 55% struggle to pay monthly bills. Yet their card behavior is changing: the share that always or usually revolves balances fell from roughly 50% in mid-2023 to 38% in January 2026, while 35% hold no credit or store card at all. For issuers, subprime remains a sizable market, but one increasingly defined by cash-flow pressure and changing credit use rather than FICO scores alone.
Synchrony has also experienced a change in its credit mix as it has added and renewed major partners. When an analyst asked about the implications of the portfolio moving toward higher-credit-quality consumers, CEO Brian Doubles said the company evaluates programs against its long-term return requirements, including newer and smaller programs.
A FICO score establishes an important measure of risk, but lenders also have to account for balance size, propensity to revolve, expected spending and the economics of acquiring and retaining that particular account.
2. Opening the Account Is Becoming Only Half the Job Synchrony generated more than 5.1 million new accounts during the second quarter and roughly 9.5 million to 10 million during the first half. CFO Brian Wenzel said that puts the company on a trajectory toward about 20 million new accounts for the year. The growth extends across partners and retail categories rather than depending on a single program.
Capital One next expansion could also come from Discover once the portfolio conversion is complete. Half of Discover’s new originations are already running on Capital One technology, with the front book expected to be fully converted by the end of the third quarter.
Digital Channels Raise the Stakes After Approval The large number of new accounts makes the post-approval relationship more consequential. PYMNTS Intelligence found that 70% of cardholders use their primary card’s mobile app and 69% say app quality influences which credit card becomes their most used card. That figure reaches 87% among Gen Z. Nearly one-third of app users said they increased spending on a card after adopting its app.
The digital channel therefore connects account acquisition to spending behavior. An issuer can approve a customer and still receive little economic value if another card captures most of that consumer’s transactions. Apps increasingly serve as the place where cardholders check balances, manage payments and rewards, and decide how actively to use the account.
3. One Consumer Can Now Fit Several Card Products The discussion on conference calls indicate that issuers are using different products to capture consumers with different credit and spending profiles.
Synchrony’s Lowe’s relationship provides a clear example. Its commercial co-branded card now operates alongside the retailer’s private-label program, creating another route for applicants who do not fit the underwriting requirements of the co-brand.
Wenzel said applicants who might otherwise receive nothing after applying for the co-brand can be “offered at least a private label card.”
The implications extend beyond Lowe’s. Private-label cards can be targeted around purchases with a particular retailer, while co-branded general-purpose cards can follow spending outside that merchant. Different underwriting criteria can consequently place consumers into different products rather than treating approval as a binary decision.
Capital One is approaching segmentation through its Discover integration. Fairbank said putting Discover originations onto Capital One technology will allow the company to deploy “full spectrum underwriting” alongside its spender capabilities, which it expects eventually to support more originations and purchase volume.
The earnings point toward a card business becoming more precise at several points in the consumer relationship. Issuers are differentiating more closely among borrowers, competing harder for spending after an account is opened and using multiple card products to accommodate different credit profiles.
Centene má 28. července oznámit výsledky za 2. čtvrtletí, trh čeká zisk na akcii 89 centů při tržbách 47,53 mld. USD. Marži by mělo podpořit zlepšení poměru zdravotních nákladů na pojistné na 91,5 % z 93 %.
Key Takeaways Centene is set to report Q2 2026 results on July 28, with EPS estimated at 89 cents on $47.53B revenue.CNC's profitability may improve from pricing, cost controls and portfolio optimization amid membership falls.The health benefits ratio is projected to improve to 91.5% from 93%, supporting margins. Healthcare plan provider Centene Corporation (CNC - Free Report) is set to report second-quarter 2026 results on July 28, 2026, before the opening bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at 89 cents per share on revenues of $47.53 billion.
The second-quarter earnings estimate remained stable over the past 60 days. The bottom-line projection indicates a year-over-year improvement from a loss of 16 cents per share. However, the Zacks Consensus Estimate for quarterly revenues suggests a year-over-year decline of 2.5%.
Image Source: Zacks Investment Research
For 2026, the Zacks Consensus Estimate for Centene’s revenues is pegged at $190.97 billion, implying a fall of 2% year over year. Yet, the consensus mark for 2026 EPS is pegged at $3.46, signaling a growth of 66.4% year over year.
Centenebeat earnings estimates in three of the last four quarters and missed once, with the average surprise being 74.9%. This is depicted in the figure below.
Q2 Earnings Whispers for CenteneOur proven model does not conclusively predict an earnings beat for the company this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. That’s not the case here.
CNC has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
What’s Shaping Centene’s Q2 Results?The Zacks Consensus Estimate for the company’s total commercial memberships indicates a 39.1% year-over-year decrease, primarily due to a decline in the commercial marketplace. The consensus estimate for the company’s total Medicaid memberships indicates a 4.6% decline from a year ago.
As such, the Zacks Consensus Estimate for total membership indicates a 7.6% year-over-year decline, which reflects its portfolio optimization efforts. However, the consensus mark for Medicare PDP memberships signals 12.1% growth from the year-ago quarter.
The consensus estimate projects the company’s premium growth at only 1.8% year over year. The consensus mark for the company’s investment and other income indicates a 3.2% year-over-year decline from $371 million. Moreover, the projection for service revenues indicates a 0.6% fall from the year-ago quarter’s $727 million. These are likely to have affected the second quarter top line.
Nevertheless, due to its cost-curbing efforts, better pricing and portfolio optimization, the bottom line is likely to have improved. The Zacks Consensus Estimate for the total health benefits ratio is pegged at 91.5%, down from 93% in the year-ago period, meaning a higher portion of premiums remaining in hand after paying claims.
CNC’s Price Performance & ValuationCentene's stock has gained 64.3% in the year-to-date period compared with the industry’s growth of 31%. Its peers, such as Humana Inc. (HUM - Free Report) and Molina Healthcare, Inc. (MOH - Free Report) , have jumped 57.9% and 30.5%, respectively, during this time. Meanwhile, the S&P 500 has only increased 9.5%.
YTD Price Performance – CNC, HUM, MOH, Industry & S&P 500 Image Source: Zacks Investment Research
Now, let’s look at the value Centene offers investors at current levels.
CNC is trading at 16.91X forward 12-month earnings, above its five-year median of 11.31X. But it is still below the industry’s average of 18.12X. In comparison, Humana and Molina Healthcare are currently trading at 31.75X and 31.80X, respectively.
Image Source: Zacks Investment Research
How Should You Play CNC Stock Now?The company has made meaningful progress in restoring profitability through disciplined pricing, portfolio optimization and cost-control initiatives following last year's setback. A healthier medical benefit ratio, stronger cash generation and improving performance in its Medicaid and Medicare businesses provide reasons for optimism, while the stock's sharp year-to-date rally reflects growing investor confidence in the turnaround.
However, expectations have also become more demanding. Membership declines tied to portfolio optimization are likely to weigh on revenue growth, and Centene remains exposed to policy changes affecting government-sponsored healthcare programs. Elevated operating costs, despite signs of moderation, and below-average capital efficiency also suggest that the turnaround is still a work in progress.
Given these factors, existing shareholders may prefer to hold the stock and monitor management's commentary on medical costs, reimbursement trends and membership growth after the earnings release. New investors, meanwhile, may benefit from waiting for greater clarity on the company's execution and full-year outlook before initiating positions.
Retirees living off a portfolio care about one thing above all: when the checks show up. The five names below all pay monthly, and the anchor of the group, Realty Income (NYSE:O | O Price Prediction), has now declared unbroken monthly payments documented back to at least 1999, an income streak few dividend stocks on any US exchange can match. Yields here range from mid-single digits to double digits, but yield is only half the story. What follows is a safety-first read on each name, with the coverage math, balance sheet, and track record that determine whether that monthly deposit keeps landing.
Realty Income (O) Realty Income trades near $65.53 with a monthly dividend of $0.271 per share and an annualized forward payout of $3.252 per share. That puts the current yield in high-yield territory rather than ultra-high-yield, and for most retirees that is the point: you are buying the most durable monthly check in the group.
Safety leads the case. First-quarter AFFO of $1.13 per share, up 6.6% year over year, easily covers the current run-rate dividend, and management raised 2026 AFFO guidance to $4.41 to $4.44 per share. Portfolio occupancy sits at 98.9% with lease recapture of 103.4%, and net debt to adjusted EBITDAre improved to 5.2x from 5.4x. Behind the numbers is the record: 670 consecutive monthly dividends and, per the company, 114 consecutive quarterly increases.
The bull case for income investors is boring in the best way. Realty Income deployed $2.8 billion at a 7.1% initial cash yield in Q1, and 2026 investment guidance was raised to $9.5 billion, which supports continued small monthly dividend bumps. The risk to watch: client concentration, with the top 20 tenants representing 35.8% of annualized base rent, plus impairments of $129.3 million in the quarter tied to weaker credits.
Main Street Capital (MAIN) Main Street Capital (NYSE:MAIN) is an internally managed business development company yielding 5.73% at a recent price of $55.49. The regular monthly dividend was recently raised to $0.265 per share, layered on top of a $0.30 supplemental paid roughly every quarter.
On safety, distributable net investment income of $1.00 per share in Q1 2026 lines up with the monthly dividends paid, and management describes DNII as significantly exceeding the regular monthly payout. Net asset value per share ticked up to $33.46, non-accruals sit at just 1.2% of the portfolio at fair value, and the operating expense ratio is an industry-lean 1.3% of assets. Full-year 2025 ROE ran at 17.1%. On track record: MAIN has paid monthly dividends without interruption for 17+ years with no cuts, and the base has climbed from $0.24 in 2024 to $0.26 in 2026.
The bull case is a rare combination of monthly base, quarterly supplementals, and a trailing 12-month dividend total of $4.30 per share. Risk to acknowledge: falling benchmark rates compress floating-rate income, and shares trade at 1.605 times book value, so premium-to-NAV compression is a real drawdown risk if credit sours.
AGNC Investment (AGNC) AGNC Investment (NASDAQ:AGNC) is the ultra-high-yield of the group. At a recent $11.18 and an annualized dividend of $1.44 per share, the mortgage REIT’s yield sits comfortably above the 6% ultra-high-yield line. The $0.12 monthly dividend has now been held steady since March 2020.
On coverage, net spread plus dollar roll income was $0.42 per share in Q1 2026, versus roughly $0.36 in quarterly dividends, and net interest spread widened to 2.06%. For 2025, AGNC posted an economic return on tangible common equity of 22.7% and a total stock return of 34.8% with dividends reinvested. Balance sheet: $94.7 billion portfolio, 7.4x leverage, 83% hedge coverage. Track record is not spotless (the 2020 cut from $0.16 to $0.12 is a matter of record), but the current payout has been durable for six years.
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The bull case for income investors is that AGNC funds a genuine double-digit yield out of net spread income while managing hedges actively. The risk: book value volatility. Tangible book fell 5.6% to $8.38 in Q1 2026, and the economic return was -1.6% as Agency MBS spreads widened. When spreads move against the book, principal takes the hit.
Gladstone Investment (GAIN) Gladstone Investment (NASDAQ:GAIN) is a smaller buyout-focused BDC yielding 5.79% on the regular monthly, with a recent price of $16.49. The $0.08 monthly distribution has been in place since 2023, and the model layers in periodic supplementals sourced from realized buyout gains, including a $0.9375 supplemental with a July 15, 2026 ex-date.
The safety read is nuanced. Regular monthly coverage runs tight: adjusted NII of $0.20 per share in fiscal Q4 supports the $0.24 quarterly regular, and supplementals from exits have historically filled any gap. Portfolio fair value stands at 124.4% of cost, the weighted-average yield on interest-bearing investments is 12.9%, and NAV per share climbed to $16.78, up 23.8% year over year. Shares trade near 0.988 times book.
Bull case: you effectively own a monthly-paying private equity vehicle. Realized gains from exits like the KBK Industries sale ($17.3 million realized gain) get returned to shareholders as special distributions. Risk to weigh: 52.5% of debt investments sit at a rate floor, so a lower SOFR trims income, and the J.R. Hobbs restructuring caused a $29.9 million realized loss, a reminder that lower-middle-market credit can gap down.
Gladstone Land (LAND) Gladstone Land (NASDAQ:LAND) is the ultra-high-yield of the REIT group, yielding 6.47% at a recent price of $8.68. The farmland REIT owns 98,688 acres concentrated in fresh produce, almonds, and pistachios, and pays a $0.0467 monthly distribution with a $0.5604 annualized forward rate. Monthly payments have been maintained with an unbroken cadence through the entire tracked period.
Coverage is where the caveat leads. FY 2025 AFFO of $0.39 per share did not cover the annualized common distribution of $0.5604, though revenue is Q4-concentrated because of participation-rent structures. Q1 2026 AFFO grew to $0.08 per share, up 35.1% year over year. The balance sheet is a real strength: nearly 100% of debt is fixed rate, with more than $145 million of available capital and over $110 million in unencumbered properties. Shares trade at 0.543 times book.
Bull case: a hard-asset monthly payer with almost no floating-rate debt exposure at a time when the 10-year Treasury sits at 4.55%. Risk: occupancy has slipped to 94.9%, management is considering additional property sales, and until AFFO catches up to the distribution rate, the ultra-high-yield here demands the closest monitoring in this group.
Building the Monthly Paycheck Together, these five names give a retiree twelve deposits a year across triple-net retail, lower-middle-market credit and equity, Agency mortgages, buyout gains, and US farmland. Realty Income anchors the group on safety, MAIN offers the strongest coverage and growth combination, AGNC delivers the biggest headline yield with the biggest book-value swings, GAIN sweetens the base with realized-gain supplementals, and LAND is the highest-yielding hard-asset piece with the tightest coverage. Weighting them by safety rather than by yield is how a nest egg turns into a paycheck that keeps arriving.
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RPM International vykázala rekordní čtvrtletí a tržby ve 4. fiskálním čtvrtletí vzrostly o 7,2 % na rekord, tažené stavební divizí a nátěrovými hmotami. Akcie po výsledcích vyskočily o 15 %.
RPM International's Blowout Quarter Sparks a 15% Rally RPM International NYSE: RPM reported record fiscal fourth-quarter results, with management saying each of its three segments increased sales and adjusted EBIT despite inflation, supply chain disruption and continued softness in do-it-yourself consumer markets.
Chairman and Chief Executive Officer Frank Sullivan said the company’s Construction Products Group and Performance Coatings Group continued to lead growth by focusing on maintenance and restoration, higher-growth end markets and “system selling,” an approach that combines multiple RPM products into broader engineered solutions. Sullivan said the quarter marked the 16th time in the past 18 quarters that RPM achieved record adjusted EBIT results.
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RPM International Thrives in Rate-Cut Driven Construction Rally“Our associates demonstrated their ability to adapt to increased global uncertainty, procure raw materials, continue implementing operational efficiency improvements, and serve customers with high-quality products and services,” Sullivan said.
Construction and coatings businesses lead growth Michael Laroche, vice president, controller and chief accounting officer, said consolidated sales rose 7.2% to a record, driven by engineered solutions for high-performance buildings and infrastructure projects, acquisitions and pricing actions intended to offset inflation. Adjusted EBIT and adjusted EPS also reached records, according to Laroche.
RPM International Pulls Back Critical Levels; Is It Time To Buy?Laroche said all international regions posted double-digit growth, led by emerging markets, while North American sales rose 5% on strength in turnkey and system solutions for high-performance buildings. Growth in Europe was driven by mergers and acquisitions, and foreign currency translation also helped sales in most countries outside the United States.
Within the Construction Products Group, Laroche said sales reached a record on broad-based strength, led by the concrete admixtures business. Demand was strongest in roofing and wall systems for high-performance buildings, including data centers and infrastructure projects. Volume growth and operational efficiencies helped lift adjusted EBIT to a record.
The Performance Coatings Group also posted record sales, with growth led by infrastructure project solutions, food coatings and ingredients, emerging markets, and fireproofing systems for high-performance buildings. Adjusted EBIT reached a record, though results were partly offset by a $3.2 million bad debt expense tied to a customer bankruptcy.
Consumer segment improves despite weak DIY demand RPM’s Consumer Group delivered record sales and higher adjusted EBIT, with results helped by acquisitions and pricing. Laroche said DIY end markets remained soft, while MAP operational improvements, including SG&A-focused optimization actions, more than offset lower fixed-cost absorption from reduced volumes and inflation. Adjusted EBIT excluded a $9.7 million non-cash impairment charge related to the Color Group.
During the question-and-answer portion of the call, Sullivan said Consumer unit volume in the quarter was down about 2% to 3%, while Construction Products and Performance Coatings saw low- to mid-single-digit unit volume growth. He said the Consumer segment benefited from The Pink Stuff and Ready Seal acquisitions, but DIY takeaway has been weak for roughly two years.
“It does feel like after two years of a pretty steady single-digit negative declines in consumer takeaway and volume impact, that we’re hitting bottom,” Sullivan said. He added that he did not yet see evidence of a “robust rebound.”
Raw material inflation remains a focus Management said raw material inflation and supply availability remain key considerations for fiscal 2027. Sullivan said RPM’s center-led procurement team helped the company secure supply and limit exposure to spot-price volatility. He said price-cost mix was slightly favorable in the fourth quarter, with businesses implementing price increases where needed.
For the first quarter of fiscal 2027, RPM expects raw material inflation of 5% to 6%, with pricing up by a similar dollar amount. For the second quarter, inflation could reach 6% to 8%, Sullivan said. The company expects price increases, including in Consumer, to recover gross margin percentage lost in the first quarter as the year progresses.
Sullivan said supply availability improved overall, but a fire at a supplier’s plant has caused tightness in propylene oxide-derived raw materials in North America. He also noted tight MDI supplies due to supplier issues. In response to an analyst question, Sullivan said the supplier fire would have some negative cost impact and could affect first-quarter sales growth in Tremco Roofing, but he described the issue as temporary.
Cash flow, buybacks and acquisitions Matt Schlarb, vice president of investor relations and sustainability, said RPM generated $899 million of operating cash flow in fiscal 2026, the second-highest amount in company history. The company returned $349 million to shareholders through dividends and share repurchases, up more than 7% from the prior year.
Schlarb said RPM’s board authorized a $700 million increase to its share repurchase program, in addition to $115 million remaining under a prior authorization. Sullivan said during the Q&A that the company’s stronger balance sheet and improved cash generation give it more capital to deploy, including for acquisitions and potentially more opportunistic repurchases.
Capital expenditures totaled about $224 million for the year, slightly below the prior year. Schlarb cited investments including a shared European distribution center and a new operating facility in India. RPM also spent $202 million on acquisitions, including Kalzip, a metal roofing and facades company acquired by the Construction Products Group in the fourth quarter. Schlarb said RPM expects Kalzip to be margin accretive once fully integrated over the next couple of years.
Fiscal 2027 outlook calls for growth amid volatility Chief Financial Officer Russell Gordon said RPM expects first-quarter sales to rise in the mid-single-digit range, with all segments expected to grow at a similar pace. Adjusted EBITDA is also expected to increase in the mid-single-digit range.
For full-year fiscal 2027, RPM forecast sales growth of 3% to 7% and adjusted EBITDA growth of 5% to 10%. Gordon said the company expects Consumer end markets to stabilize, though he noted RPM has the least visibility in that segment. He said price-cost is expected to be somewhat negative in the first half of the year before becoming more neutral in the second half as additional pricing takes effect and inflation moderates.
RPM also expects previously announced SG&A optimization actions to generate about $75 million in benefits during fiscal 2027, partly offset by higher healthcare and benefits expenses. Sullivan said RPM has trained 620 associates through its Green Belt efficiency program, which has developed a pipeline of more than $30 million of additional savings. The company plans to provide more detail on its MAP 3.0 strategic plan at an investor day on Nov. 9.
Asked whether the fiscal 2027 outlook represented a new growth algorithm for RPM, Sullivan said the company could generate mid-single-digit revenue growth and double-digit earnings growth “in a period of stability.” However, he said the current environment remains volatile due to geopolitical developments, oil prices, trade flows, transportation costs and tariffs.
About RPM International (NYSE:RPM)RPM International Inc is a global holding company whose subsidiaries specialize in the manufacture and marketing of high-performance coatings, sealants, building materials, and specialty chemicals. Through its two principal operating segments—Performance Coatings and Industrial Coatings—RPM serves a diverse range of end markets, including construction, consumer products, industrial maintenance, and specialty applications.
The company's Performance Coatings segment offers a broad portfolio of architectural coatings, waterproofing systems, and specialty building products used by contractors, builders, and homeowners.
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Key Takeaways Dycom's backlog reached $11.9 billion, up 46.5%, with a strong 2.2x book-to-bill ratio.Fiber projects and Power Solutions are expanding DY's role across the data center infrastructure ecosystem.Dycom raised fiscal 2027 revenue guidance to $7.38-$7.65 billion as AI infrastructure demand accelerates. Dycom Industries, Inc. (DY - Free Report) appears increasingly well-positioned to benefit from the convergence of Artificial Intelligence (AI), data center expansion and fiber infrastructure spending. The rapid growth of AI workloads is intensifying demand for data center capacity, while hyperscalers and other customers continue investing in the networks needed to connect these facilities with businesses and homes.
Dycom's latest results highlight the strength of this opportunity. Fiscal 2027 first-quarter contract revenues jumped 56.1% year over year to $1.96 billion, while organic growth was 24.7%. Total backlog reached a record $11.9 billion, up 46.5%, with a 2.2x book-to-bill ratio. Customers are also extending contract durations to secure Dycom's skilled workforce, providing greater visibility into future growth.
The Communications segment remains a key beneficiary of fiber-to-the-home, long-haul and middle-mile infrastructure projects. Meanwhile, Building Systems is expanding its role in the data center ecosystem. Power Solutions delivered strong first-quarter performance, and DY’s pending $275 million acquisition of National Technology Integrators is expected to add structured cabling, security and advanced audiovisual capabilities.
The strategy could create a more comprehensive offering spanning data center racks, electrical systems, fiber networks and connections to businesses and homes. Management's raised fiscal 2027 revenue outlook of $7.38-$7.65 billion further reflects confidence in the demand environment.
With AI and data center investment accelerating alongside fiber deployments, Dycom's expanding capabilities, record backlog and strategic M&A could position it to capture a larger share of America's digital infrastructure buildout.
Dycom, Quanta and Sterling: Is AI Fueling a Backlog Bonanza?Dycom is well-positioned to benefit from surging demand for AI-driven data centers, power infrastructure and fiber connectivity, alongside other market peers like Quanta Services, Inc. (PWR - Free Report) and Sterling Infrastructure, Inc. (STRL - Free Report) .
Quanta offers broader exposure to the power grid and energy infrastructure needed to support data center growth, while its diversified platform benefits from rising electricity demand. Sterling, meanwhile, is positioned to capitalize on data center site development and digital infrastructure construction, with backlog growth providing visibility into future projects.
Dycom stands out for its record $11.9 billion backlog and 2.2x book-to-bill ratio, supported by robust fiber-to-the-home, long-haul and middle-mile demand. Its expansion into data center electrical work through Power Solutions and the pending National Technology Integrators acquisition strengthens its end-to-end digital infrastructure capabilities. While all three companies have strong secular tailwinds, DY’s combination of fiber exposure, expanding data center capabilities and record backlog gives it a compelling growth profile as AI infrastructure investment accelerates.
DY Stock’s Price Performance & Valuation TrendShares of this specialty contracting firm have gained 15% in the past six months, outperforming the Zacks Building Products - Heavy Construction industry, the broader Zacks Construction sector and the S&P 500 index.
Image Source: Zacks Investment Research
DY stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 23.45, as shown in the chart below.
Image Source: Zacks Investment Research
Earnings Estimate Trend Favors DycomDycom’s earnings estimates for fiscal 2027 and fiscal 2028 have trended upward over the past 60 days to $16.35 per share and $19.95 per share, respectively. The estimated figures for fiscal 2027 and fiscal 2028 imply year-over-year growth of 36.6% and 22%, respectively.
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Dycom stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Post Holdings přestavuje pet food portfolio, protože slabá poptávka po suchém krmivu pro psy tlačí na výsledky. Relaunch značky Nutrish má být během většiny 3. čtvrtletí fiskálního roku 2026 plně promítnut do trhu a do 4. čtvrtletí fiskálního roku 2026 podpořit zlepšení trendů.
Key Takeaways Post Holdings is rebuilding its pet food portfolio as weak dry dog food demand weighs on results.POST expects the Nutrish relaunch to support improving category trends by the fourth quarter of fiscal 2026.POST is refining pricing on key brands to stabilize volumes and strengthen pet food performance. Post Holdings, Inc. (POST - Free Report) is rebuilding its pet food business through the Nutrish relaunch alongside targeted pricing actions across selected brands. The company indicated that category demand has been weaker than anticipated, with dry dog food experiencing particular softness. As dry dog food accounts for approximately 60% of its portfolio, weakness in that category has weighed on pet food performance.
The Nutrish relaunch is expected to take most of the third quarter of fiscal 2026 to be fully reflected across the market, particularly in the food channel. The relaunch features updated positioning, packaging and price points as part of the brand's refresh. Management reported encouraging sequential improvement at a major retailer where the rollout is complete, indicating a positive early response. The company expects Nutrish's performance to improve to roughly flat or slight year-over-year growth by the fourth quarter of fiscal 2026.
Post Holdings noted that price increases on roughly one-third of the 9Lives brand resulted in higher-than-expected price elasticity and the loss of placement at a couple of retailers. The company believes the issue can be addressed using the same approach applied to Gravy Train, combining short-term price rollbacks with longer-term price-pack architecture adjustments. The company noted that Gravy Train is now growing about 40% in pounds at one of its largest retailers following those changes.
Overall, Post Holdings is rebuilding its pet food portfolio through disciplined brand repositioning and pricing adjustments. The company expects these initiatives to strengthen brand performance and support improving category trends as the Nutrish relaunch reaches broader distribution.
The Zacks Rundown for POSTShares of this Zacks Rank #4 (Sell) company have lost 10% in the past six months compared with the industry’s 3.2% decline.
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From a valuation standpoint, POST trades at a forward price-to-earnings ratio of 10.66, lower than the industry’s average of 14.55.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for POST’s current and next fiscal year earnings implies a year-over-year increase of 4.7% and 11.8%, respectively.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks have been discussed below:
United Natural Foods Inc. (UNFI - Free Report) distributes natural, organic, specialty, produce, and conventional grocery and non-food products in the United States and Canada. It presently has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for UNFI’s current fiscal-year sales indicates a decline of 2.1%, and the same for earnings indicates growth of 254.9% from the prior-year reported levels. UNFI delivered a trailing four-quarter earnings surprise of nearly 30%, on average.
Medifast, Inc. (MED - Free Report) operates as a health and wellness company that provides habit-based and coach-guided lifestyle solutions to address obesity and support a healthy life in the United States. MED currently carries a Zacks Rank of 1.
The Zacks Consensus Estimate for MED's current fiscal-year sales and earnings implies a decline of 25.9% and 140.2%, respectively, from the year-ago actuals. MED delivered a trailing four-quarter negative earnings surprise of 635%, on average.
Mama’s Creations, Inc. (MAMA - Free Report) , together with its subsidiaries, manufactures and markets fresh deli-prepared foods in the United States. MAMA currently carries a Zacks Rank of 2 (Buy).
The Zacks Consensus Estimate for MAMA's current fiscal-year sales & earnings implies growth of 30% and 73.3%, respectively, from the year-ago actuals. MAMA delivered a trailing four-quarter negative earnings surprise of 129.2%, on average.
Hartford čeká ve 2. čtvrtletí růst výnosů o 6 %, ale EPS má meziročně klesnout o 8,2 % na 3,13 USD na akcii. Tlak vytvářejí vyšší náklady a horší combined ratio.
Key Takeaways Hartford is expected to report revenue growth in Q2, but EPS is projected to decline year over year.HIG may benefit from higher premiums, fee income and investment income across key business segments.Hartford faces pressure from higher costs, weaker combined ratios and fewer policies in force. The Hartford Insurance Group, Inc. (HIG - Free Report) is set to report second-quarter 2026 results on July 23, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $3.13 per share on revenues of $5.2 billion.
The second-quarter earnings estimate has witnessed no upward estimate revisions against one downward movement over the past seven days. Meanwhile, the bottom-line projection indicates a year-over-year decline of 8.2%. The Zacks Consensus Estimate for quarterly revenues suggests year-over-year growth of 6%.
Image Source: Zacks Investment Research
For the current year, the Zacks Consensus Estimate for Hartford’s revenues is pegged at $21 billion, implying a rise of 4.8% year over year. However, the consensus mark for current-year EPS is pegged at $12.74, implying a fall of around 5.1% on a year-over-year basis.
HIG beat the consensus estimate for earnings in three of the last four quarters and missed once, with the average surprise being 16.5%.
Q2 Earnings Whispers for HIGOur proven model does not predict an earnings beat for Hartford Insurance this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
HIG has an Earnings ESP of -3.95% and currently carries a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
What’s Shaping HIG’s Q2 Results?The Zacks Consensus Estimate for net premiums earned for the second quarter indicates 4.5% growth year over year. Also, the consensus estimate indicates an 8.2% increase in fee income in the quarter under review.
The consensus estimate for Business Insurance’s net investment income is $507.7 million, indicating 13.1% growth from the year-ago quarter’s figure. The Zacks Consensus Estimate for net investment income in the Personal Insurance business is pegged at $66.3 million, which indicates a 9.2% increase from the prior-year quarter’s reported figure.
The consensus mark for the Employee Benefits business’ revenues is pegged at $1.8 billion, indicating a 3.8% rise from the prior-year quarter's figure.
However, the bottom line is expected to have been pressured by higher insurance operating costs and other expenses. The Zacks Consensus Estimate for Hartford’s Personal Insurance combined ratio for the quarter under review is pegged at 96.5%, indicating deterioration from the prior-year reported figure of 94.1%. Also, the same for the Business Insurance combined ratio is pegged at 91.9%, up from 87% a year ago.
The Zacks Consensus Estimate for Hartford’s homeowners’ policies in force for the quarter under review indicates a decline of 0.6% year over year. Also, the consensus estimate indicates a 10.8% year-over-year decline in automobile policies in force.
Stocks That Warrant a LookWhile an earnings beat looks uncertain for HIG, here are some companies from the broader Finance space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this time around:
Skyward Specialty Insurance Group, Inc. (SKWD - Free Report) has an Earnings ESP of +1.39% and carries a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Skyward Specialty Insurance Group’s earnings for the to-be-reported quarter is pegged at $1.15 per share, indicating 29.2% year-over-year growth. The consensus estimate for revenues is pegged at $459.6 million. SKWD beat earnings estimates in each of the past four quarters, with the average surprise being 17%.
American Express Company (AXP - Free Report) currently has an Earnings ESP of +1.15% and a Zacks Rank #3.
The Zacks Consensus Estimate for American Express’ bottom line for the to-be-reported quarter is pegged at $4.41 per share, indicating 8.1% year-over-year growth. It beat earnings estimates in three of the past four quarters and missed once, with the average surprise being 4%. The consensus estimate for AXP’s revenues is pegged at $19.6 billion.
Aon plc (AON - Free Report) has an Earnings ESP of +0.24% and carries a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Aon’s bottom line for the to-be-reported quarter is pegged at $3.77 per share, indicating 8% year-over-year growth. It beat earnings estimates in each of the past four quarters, with the average surprise being 3.1%. The consensus estimate for AON’s revenues is pegged at $4.3 billion.
Voya Financial za poslední rok vzrostla o 35,7 % a obchoduje se poblíž 52týdenního maxima 103,85 USD. Firma těží ze silných tržeb, vysoké retence a odkupu akcií.
Key Takeaways Retirement growth is supported by strong sales, high retention and the successful OneAmerica acquisitionInvestment Management benefits from fee-based revenue growth and the Allianz Global Investors partnership.VOYA continues returning capital through buybacks and dividends, backed by strong excess capital generation. Shares of Voya Financial, Inc. (VOYA - Free Report) have gained 35.7% in the past year, outperforming the industry’s growth of 10.8%. The stock closed at $98.25 on Tuesday, near its 52-week high of $103.85, reflecting investor confidence.
Growth in the Retirement and Investment Management businesses, improved Employee Benefits segments' performance, strategic acquisitions and partnerships, record net flows and strong excess capital generation are driving the stock. The momentum is likely to continue, supported by sustained strength in its core businesses, strategic acquisitions and ongoing share repurchases.
Shares of Voya Financial have outperformed its peers, including Reinsurance Group of America, Incorporated (RGA - Free Report) , Primerica, Inc. (PRI - Free Report) and Brighthouse Financial, Inc (BHF - Free Report) , which have gained 21.4%, 15.7% and 25.7%, respectively, in the past year.
VOYA’s Attractive ValuationVoya Financial shares are trading at a price-to-book value of 1.38X, lower than the industry average of 2.33X.
Image Source: Zacks Investment Research
VOYA’s Growth ProjectionThe Zacks Consensus Estimate for Voya Financial’s 2026 earnings per share (EPS) indicates a year-over-year increase of 6.2%. The consensus estimate for revenues is pegged at $1.33 billion, implying a year-over-year decline of 2.5%. The consensus estimate for 2027 EPS and revenues indicates an increase of 19.3% and 9.1%, respectively, from the corresponding 2026 estimates.
Earnings have grown 8.8% in the past five years, better than the industry average of 5.9%. The expected long-term earnings growth rate is 11.6%.
Mixed Analyst Sentiment on VOYAThe Zacks Consensus Estimate for 2026 has moved south 2.1%, while 2027 earnings have moved north 1.7%, in the past 30 days.
Factors Acting in Favor of VOYAVOYA’s earnings are driven by its solid segmental performances across Retirement, Investment Management and Employee Benefits segments. These businesses represent higher-growth, capital-light and higher-return units, bolstering the company’s solid presence in the market.
The Retirement segment is experiencing significant growth, driven by higher revenues, favorable market impacts, higher alternative investment income, active portfolio management, positive defined contribution flows and disciplined management of spend. Management expects strong commercial momentum in retirement, driven by robust sales, more than 95% retention and new plan implementations.
Management described the OneAmerica retirement acquisition as highly successful, generating returns above 30%. It has meaningfully strengthened the scale and earnings power of the Retirement business, which now serves nearly 10 million Retirement accounts.
The Investment Management segment should benefit from higher investment capital returns, primarily driven by overall market performance, higher fee-based revenues, strong commercial momentum and disciplined management of spend. Voya Financial remains confident of sustaining more than 2% organic growth. Management also highlighted continued strength in retail income and growth strategies. VOYA is constantly taking strategic steps to ramp up growth in its Investment Management segment. Voya Financial’s long-term strategic partnership with Allianz Global Investors has added scale and diversification to Voya Investment Management.
The Employee Benefits segment of the insurer is likely to gain from improving Stop Loss underwriting and pricing, reserve releases, margin recovery, a smaller block of business, lower premium-driven expenses, favorable Group Life claims experience, higher alternative investment income and active portfolio management.
The company’s capital levels remain strong. In the first quarter of 2026, VOYA generated approximately $200 million of excess capital and returned that amount to shareholders through share repurchases and dividends. It also executed an additional $150 million of share repurchases in the second quarter, with $413 million remaining under its authorization. Supported by strong free cash flow generation, ROE above 18% and disciplined capital deployment, the company remains well positioned to enhance shareholder value.
Risks for VOYAThe company plans to invest up to $75 million of excess capital in 2026 to strengthen its wealth management platform. These investments are expected to create a near-term earnings drag and reduce Retirement segment margins by about 200 basis points.
VOYA faces intense competition from broker-dealers, financial advisors, diversified financial institutions and start-up financial services providers, which could result in increased pricing pressure on certain products and services.
Voya Financial's long-term debt rose to $1.9 billion in the first quarter of 2026, up 26% from year-end 2025, causing the financial leverage ratio to deteriorate 220 basis points year over year to 29.7%. Higher leverage could weigh on future earnings and returns.
ConclusionVoya Financial is well-positioned for strong earnings growth across all three business segments, positive net flows, favorable retention and strategic partnerships. It should continue to benefit from financial flexibility and effective capital deployment. However, high competition and rising debt remain concerns.
Given the mixed analyst sentiment, it is wise to retain this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wendy’s potvrdila výhled upravené EBITDA na 460–480 mil. USD pro rok 2026, i když ve 1. čtvrtletí klesla upravená EBITDA o 13,2 mil. USD na 111,3 mil. USD. Spoléhá na Project Fresh, který má ve druhé polovině roku vrátit globální systémové tržby k růstu.
Key Takeaways WEN maintained its 2026 adjusted EBITDA outlook of $460-$480 million despite a $13.2 million Q1 decline.Wendy's company-operated restaurants outperformed the broader U.S. system by 310 basis points in Q1.WEN expects global systemwide sales to return to growth in the second half as Project Fresh gains traction. The Wendy's Company (WEN - Free Report) is advancing its Project Fresh turnaround strategy amid persistent traffic pressure, intense value competition and elevated restaurant costs. U.S. same-restaurant sales declined 7.8% in the first quarter of 2026, primarily because of lower traffic, severe weather and adjustments to restaurant operating hours. Wendy’s nevertheless maintained its full-year outlook and expects sequential quarterly improvement, with global systemwide sales returning to growth in the second half as its turnaround initiatives gain traction.
Project Fresh focuses on strengthening brand relevance, restaurant execution and franchisee economics. Wendy’s introduced its Biggie Deals platform at $4, $6 and $8 price points to provide consistent everyday value while reinforcing product quality. The company also upgraded its core hamburger offerings, completed a significant enhancement to its spicy chicken sandwich and strengthened its innovation process. Customer-segmentation insights and a more audience-based marketing approach are expected to improve advertising effectiveness and strengthen customer engagement as the year progresses.
Early operational indicators support the strategy’s potential. Company-operated restaurants, which have fully implemented the operating playbook, outperformed the broader U.S. system by 310 basis points during the first quarter. Restaurants with the highest customer-satisfaction scores also generated same-restaurant sales that were approximately 400-500 basis points stronger than those of the lowest-performing locations. Wendy’s is expanding training, performance-management programs, order-accuracy technology and restaurant-cleanliness initiatives to extend these operational gains across the franchise system.
The path to EBITDA stabilization, however, remains dependent on a meaningful improvement in restaurant-level performance. First-quarter adjusted EBITDA declined $13.2 million year over year to $111.3 million, reflecting weaker company-operated restaurant margins, lower franchise royalty revenues and higher spending on brand revitalization, field support and international expansion. Wendy’s maintained its full-year adjusted EBITDA outlook of $460-$480 million and expects a U.S. company-operated restaurant margin of 13%, plus or minus 50 basis points. Lower-income consumer pressure, beef inflation and labor-rate increases remain headwinds, while system optimization is expected to create a $15-$20 million adjusted revenue headwind in 2026.
Wendy’s ability to generate EBITDA progress amid weak traffic will likely depend on whether Project Fresh can sustain stronger restaurant execution, improve customer engagement and translate better service levels into a sustained improvement in same-restaurant sales. These factors can support restaurant margins, franchise royalty revenues and operating leverage, making disciplined execution central to the company’s turnaround in a challenging QSR environment.
WEN’s Competitor LandscapeStarbucks Corporation (SBUX - Free Report) provides a relevant turnaround benchmark for Wendy’s because it is using service execution, menu innovation and loyalty engagement to rebuild transactions while navigating continued investment pressure. Under its Back to Starbucks strategy, the company is strengthening staffing, scheduling, technology and coffeehouse leadership through Green Apron Service, while its Grow reporting system is reinforcing more consistent store-level execution. Starbucks is also using a redesigned Rewards program, faster menu innovation and coffeehouse upgrades to increase engagement across morning and afternoon occasions. These efforts helped drive U.S. comparable sales growth of 7.1%, led by transaction growth of more than 4%, while consolidated operating margin expanded 110 basis points to 9.4% in the second quarter of fiscal 2026.
McDonald’s Corporation (MCD - Free Report) provides a closer operating comparison because it competes directly in the burger QSR category and is using value, marketing and menu innovation to protect traffic in a pressured consumer environment. Its “3 for 3” strategy combines McValue’s under-$3 items and meal deals across dayparts with culturally relevant campaigns and full-margin beef and chicken limited-time offerings. McDonald’s is also expanding its beverage platform through McCafé refreshers and crafted sodas. This approach supported U.S. comparable sales growth of 3.9%, favorable comparable sales and guest-count performance relative to close competitors and continued market-share strength during the first quarter of 2026.
Against this backdrop, Wendy’s faces a more demanding recovery than its larger peers. Starbucks is already translating stronger service execution and loyalty engagement into transaction-led growth, while McDonald’s is using its scale, value architecture and marketing reach to protect traffic and market share. Wendy’s competitive position will depend on whether Biggie Deals and its upgraded core menu can narrow the traffic gap while broader adoption of the Project Fresh operating playbook strengthens franchisee economics.
WEN’s Price Performance, Valuation & EstimatesShares of Wendy’s have gained 10.1% in the past three months against the industry’s 5% drop.
WEN Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, WEN trades at a forward price-to-sales (P/S) multiple of 0.65, below the industry’s average of 3.28.
WEN’s P/S Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for WEN’s 2026 earnings per share (EPS) implies a year-over-year decline of 34.1%. The EPS estimates for 2026 have remained unchanged in the past 30 days.
EPS Trend of WEN Stock
Image Source: Zacks Investment Research
WEN’s Zacks RankWEN stock currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PulteGroup ve 2. čtvrtletí zvýšila čisté nové objednávky o 6 % na 7 536 domů a potvrdila celoroční výhled dodávek i marže. Tržby klesly na 3,8 miliardy USD a zisk na akcii činil 2,48 USD.
The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on ItPulteGroup NYSE: PHM reported higher second-quarter orders and reaffirmed its full-year delivery and margin outlook, even as revenue and earnings declined from a year earlier amid fewer closings and a lower average sales price.
On the company’s earnings call for the quarter ended June 30, 2026, President and CEO Ryan Marshall said he was “extremely pleased” with PulteGroup’s operating and financial results for both the quarter and the first half of the year. He pointed to order growth across all buyer groups, reduced incentives from the first quarter and continued progress shifting the business back toward build-to-order sales.
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Netflix, Pulte, and Mobileye Are Buying Their Own Dips—Should You?Second-quarter net new orders rose 6% year over year to 7,536 homes, while the value of orders increased 5% to $4.1 billion, according to Executive Vice President and CFO Jim Ossowski. Orders increased across first-time, move-up and active adult buyer segments, rising 5%, 4% and 12%, respectively.
Orders Rise, While Revenue and EPS Decline PulteGroup generated home sale revenue of $3.8 billion in the second quarter, down from $4.3 billion in the prior-year period. Ossowski said the decline reflected an 8% decrease in closings to 6,997 homes and a 3% decrease in average sales price to $544,000.
Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales TankOssowski said mix was a meaningful factor in the lower average selling price, as the company had fewer closings from its Northeast and West operations, which he described as PulteGroup’s two highest-priced operating geographies.
The company reported pretax income of $622 million and net income of $472 million, or $2.48 per share. That compared with net income of $608 million, or $3.03 per share, in the second quarter of 2025. Diluted shares outstanding fell by 10 million shares, or 5%, from the prior year to 191 million, and the company repurchased 3.1 million shares for $373 million during the quarter.
PulteGroup’s financial services operations generated pretax income of $37 million, compared with $43 million a year earlier. Ossowski said the year-over-year decline was primarily due to lower closing volumes in the homebuilding business. The company’s mortgage capture rate was 85%, comparable to the second quarter of 2025.
Margins Hold Near 25% as Incentives Ease Sequentially PulteGroup reported a homebuilding gross margin of 25% for the quarter, up 60 basis points from the first quarter. For the first half of the year, homebuilding gross margin was 24.7%.
Marshall said the company’s margins reflect a disciplined land underwriting process, diversification across markets and buyer groups, and a balanced approach to price and pace. He said PulteGroup’s gross margins are “in some instances” several hundred basis points higher than those of peers.
Ossowski said second-quarter incentives were 10.4%, down 50 basis points from the first quarter. He attributed the sequential margin improvement to a greater mix of closings from higher-margin Florida markets, lower-than-anticipated discounts on homes sold and closed in the quarter, and lower build costs.
House costs were just under $75 per square foot in the quarter, down 5% from a year earlier and about 1% from the first quarter. Ossowski said the company expects to lose the tailwind from lower lumber costs as the year progresses, though it still expects year-over-year house costs to be slightly lower than in 2025.
In response to analyst questions, Marshall said incentives remain elevated because of affordability challenges and a competitive market. He said the company had previously identified the first quarter as the “high watermark” for incentives, but cautioned that the company is not expecting a sharp improvement from current levels.
Build-to-Order Shift Continues Marshall said PulteGroup continued to execute its transition back to build-to-order homes, with build-to-order sales representing 45% of new orders in the second quarter. Year to date, build-to-order sign-ups rose 500 basis points as a share of total orders compared with the first six months of 2025.
Ossowski said the company’s long-term goal is for orders to be about 60% build-to-order and 40% spec. Marshall said during the question-and-answer session that PulteGroup likely reaches that 60% target sometime next year.
The company ended the quarter with 14,980 homes in production, of which 6,638, or 44%, were spec homes. PulteGroup also had about 1,400 finished spec homes, equal to 1.3 finished specs per community, down from 1.9 a year earlier. Marshall said the company has effectively reached the spec inventory level it wants, though some work remains in select communities.
Marshall said build cycles have recovered from the supply chain disruptions that followed COVID, with cycle times down to 100 working days or fewer in some markets. He said that gives PulteGroup the ability to manage starts while still meeting production goals.
Regional Trends and Buyer Mix Management described overall demand as following typical seasonal patterns during the quarter, with sales and absorption paces easing month to month. Marshall said consumer activity was affected at times by global tensions, macroeconomic uncertainty and movements in interest rates.
Ossowski said net new orders increased in every region except the West, where consumer demand has been slower to recover. Florida remained a standout, with second-quarter orders up 19% year over year. Marshall also cited strength in Midwest markets such as Columbus, Cleveland and Chicago, as well as Greenville and Coastal Carolina. He said Dallas and Houston showed year-over-year order improvement, though he said it was too early to “declare victory” in Texas.
Second-quarter net new orders were 39% first-time buyers, 36% move-up buyers and 25% active adult buyers. Ossowski said active adult orders benefited from the opening of new Explore by Del Webb communities in Tampa and Columbus. Marshall said the company now has Explore by Del Webb communities open in Southern California, Columbus and Tampa, with another planned east of Park City, Utah.
Guidance Reaffirmed, Land Investment Continues PulteGroup expects to close between 7,000 and 7,400 homes in the third quarter and reaffirmed its full-year 2026 closing guidance of 28,500 to 29,000 homes. The company expects average selling prices of $550,000 to $560,000 in both the third and fourth quarters.
Ossowski said PulteGroup expects third-quarter gross margin of 24.5% to 25.0% and reaffirmed the same range for the full year. The company also maintained full-year SG&A guidance of 9.5% to 9.7% of home sale revenue and an expected tax rate of 24.5%, excluding discrete tax events.
PulteGroup invested $1.4 billion in land acquisition and development during the quarter, bringing year-to-date land spend to $2.7 billion. Ossowski said the company remains on track to invest about $5.4 billion in land in 2026. It ended the quarter with 228,000 lots under control, 55% of which were controlled by option.
The company ended the quarter with $1.4 billion in cash and a debt-to-capital ratio of 12.3%. Ossowski said PulteGroup continues to expect operating cash flow of about $1 billion for 2026.
Marshall also addressed industry consolidation, saying PulteGroup’s first question on any acquisition is whether it would make the company “better, not just bigger.” He said the company prefers smaller tuck-in acquisitions that build local market scale and views M&A primarily as another way to acquire land.
About PulteGroup (NYSE:PHM)PulteGroup, Inc NYSE: PHM is a U.S.-based residential homebuilder that designs, constructs and sells single-family homes and develops master-planned communities. The company operates multiple national and regional brands that target different buyer segments, including first-time buyers, move-up buyers and active-adult customers. Its operations encompass land acquisition and development, home design and construction, community amenities and ongoing customer service and warranty programs.
PulteGroup markets homes under several well-known brands, such as Pulte Homes, Centex and Del Webb, among others, offering a range of product types from entry-level detached homes to larger, higher-end residences and age-restricted active-adult communities.
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Arista Networks spustila AI-řízené ETM pro VeloCloud SD-WAN a přidala zero trust bezpečnost, firewall, prevenci hrozeb i filtrování Geo-IP a DNS. Novinka má zjednodušit správu poboček a snížit chyby při konfiguraci.
Key Takeaways Arista launched AI-driven ETM for VeloCloud SD-WAN with integrated zero trust security.ANET adds firewall, threat prevention, segmentation, Geo-IP and DNS filtering in one platform.Arista integrates AVA to explain policies and simulate traffic before deployment to reduce errors. Arista Networks, Inc. (ANET - Free Report) is strengthening its enterprise networking portfolio with the launch of artificial intelligence (AI)-driven Edge Threat Management (ETM) for its VeloCloud SD-WAN platform. The new offering integrates zero trust security directly into the SD-WAN edge, enabling enterprises to combine networking and security on a single unified platform while simplifying branch deployments.
Arista's software-based ETM upgrade adds advanced firewall protection, leading to threat prevention, zone-based segmentation, Geo-IP filtering and DNS filtering to the VeloCloud SD-WAN solution. Managed through the VeloCloud Orchestrator, the solution provides centralized visibility and a common policy engine, allowing businesses to simplify security management and enforce consistent policies across branch locations.
The company's new platform also integrates Arista Autonomous Virtual Assist (AVA) to enhance security operations with AI-powered intelligence. Through Ask AVA features such as Policy Explainer and Traffic Simulation, it helps administrators understand complex security rules in simple language and evaluate the impact of policy changes before deployment, reducing configuration errors and improving operational efficiency.
As enterprises increasingly prioritize unified networking and security, the latest launch expands Arista's VeloCloud capabilities while reinforcing its strategy of delivering AI-driven networking solutions for enterprise branch environments.
How Are Competitors Advancing in Enterprise Networking?Arista faces competition from Cisco Systems, Inc. (CSCO - Free Report) and NVIDIA Corporation (NVDA - Free Report) . Cisco has expanded its enterprise networking portfolio to meet the growing demand for AI and cloud infrastructure. The company offers advanced switches, routers, wireless networking and security solutions that improve network performance and reliability. Cisco's focus on software-defined and cloud-managed networking helps enterprises modernize their IT infrastructure.
NVIDIA has strengthened its enterprise AI business with new AI hardware, software and networking solutions. The company is helping businesses build and run AI applications through its AI platforms and computing systems. NVIDIA is working with cloud providers and enterprise customers to support the growing adoption of AI across industries.
ANET’s Price Performance, Valuation & EstimatesShares of Arista have gained 54.5% over the past year against the industry’s decline of 14.7%.
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From a valuation standpoint, Arista trades at a forward price-to-sales ratio of 16.98, above the industry average of 3.96.
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Earnings estimates for 2026 have increased 0.8% to $3.64 over the past 60 days, while the same for 2027 has also increased 0.2% to $4.39.
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Arista currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Avnet ve 3. čtvrtletí fiskálního roku 2026 zvýšil upravenou provozní marži na 3,1 % a rozšířil ji už třetí kvartál po sobě. Hrubá marže ale meziročně klesla na 10,4 % kvůli mixu prodejů a cenám pamětí.
Key Takeaways AVT expanded operating margin for a third straight quarter despite lower gross margins from sales mix changes.AVT expects further margin gains from SG&A discipline, improving demand and stronger book-to-bill trends.Avnet targets higher margins in EC and Farnell while maintaining its niche against Arrow and TD SYNNEX. Avnet's (AVT - Free Report) profitability continued to improve in the third quarter of fiscal 2026, even as gross margins remained under pressure, highlighting the benefits of disciplined cost management and operating leverage. The company reported an adjusted operating margin of 3.1%, up 38 basis points (bps) sequentially, marking its third consecutive quarter of expansion. Operating income grew more than twice as fast as sales, reflecting stronger execution across the business.
However, Avnet’s gross margin declined 68 bps year over year to 10.4%, primarily due to a greater mix of lower-margin Asia sales and memory price pass-throughs. Management noted that approximately half of sequential sales growth and one-quarter of year-over-year sales growth came from higher memory prices.
The company's largest Electronic Components (EC) segment expanded its operating margin to 3.5% from 3.2% in the previous quarter, driven by improving business conditions in Europe. Management expects EC operating margins to reach its 4% near-term target within the next fiscal year. Meanwhile, Farnell's operating margin improved to 5.2%, its sixth consecutive quarter of expansion, with management targeting a return to double-digit margins by the second half of 2027.
Looking ahead, rising book-to-bill ratios, improving lead times, stronger demand creation activity and continued SG&A discipline should support further operating margin expansion, even if gross margin remains constrained by product and geographic mix. Alongside this, AVT should also monitor how competitors are adapting to market dynamics and stay ahead of any new advancements.
How Competitors Fare Against AvnetAvnet operates in a competitive technology distribution market where it competes with global component distributors as well as broader IT distributors, including Arrow Electronics (ARW - Free Report) and TD SYNNEX (SNX - Free Report) . However, Avnet benefits from the niche it has created for itself, which helps to protect its margins.
Arrow Electronics competes directly with Avnet in electronic component distribution, semiconductor supply, embedded computing and engineering services. Both Arrow Electronics and Avnet serve OEMs, industrial manufacturers, automotive suppliers, communications equipment vendors and data center customers.
Avnet comes into crossroads with TD SYNNEX in the broader AI infrastructure value chain. AVT plays its role much earlier in the technology value chain by supplying electronic components directly to equipment manufacturers, making the overlap minimal with TD SYNNEX. Given these dynamics, Avnet has little to worry right now.
AVT’s Price Performance, Valuation and EstimatesAvnet shares have soared 86.9% in the year-to-date period, outperforming the Zacks Electronics - Parts Distribution industry’s 60.2% growth.
Avnet YTD Performance Chart
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Despite this outperformance, AVT stock is trading at a price-to-sales multiple of 0.26X, which is below the P/S multiple of industry’s P/S multiple of 0.39X. The undervaluation is further substantiated by Zacks Value Score of B.
The Zacks Consensus Estimate for AVT’s fiscal 2026 earnings is pegged at $5.12, implying year-over-year growth of 49%. The estimate has remained unchanged for the past 60 days.
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AVT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
PNW čeká v roce 2026 růst výnosů očištěných o počasí o 4–6 % díky datovým centrům a výrobě. Firma také potvrdila ziskový výhled na rok 2026 na 4,55–4,75 USD na akcii.
Key Takeaways PNW expects 4-6% weather-normalized sales growth in 2026, led by manufacturing and data centers. PNW secured nearly 4.5 GW of committed high-load demand, mainly from data centers and manufacturers. PNW plans to invest $7.95B from 2026 to 2028 in generation, transmission and distribution assets. Pinnacle West Capital (PNW - Free Report) benefits from robust economic growth across its service territory, driven by population growth and rising investments in semiconductor manufacturing, data centers and other industrial facilities. These trends support customer growth, boost electricity demand, drive infrastructure investments and expand the regulated rate base.
PNW projects 1.5-2.5% retail customer growth and 4-6% weather-normalized sales growth in 2026. Demand from new manufacturing facilities and several large data centers is expected to contribute 3-5% in 2026 and support 5-7% annual sales growth through 2030. The company has secured nearly 4.5 gigawatts of committed extra high-load customer demand, primarily from data centers and large manufacturers.
The expansion of TSMC's fabrication facilities and increasing investments from semiconductor suppliers across Arizona are driving higher industrial power demand. Rising industrial activity should boost electricity demand and support PNW's long-term earnings growth.
To meet rising electricity demand, PNW continues to expand its infrastructure. Pinnacle West Capital plans to invest $7.95 billion between 2026 and 2028 in generation, transmission and distribution assets to improve reliability and cater to rising demand across its service region. PNW also maintains its 2026 earnings guidance of $4.55-$4.75 per share, indicating confidence in continued demand growth. Construction has started on the Redhawk expansion, which will add approximately 400 megawatts of natural gas capacity, while the company advances the Desert Sun project and evaluates additional generation resources for 2029-2031.
Strong economic expansion, rising industrial electricity demand and disciplined capital investments position PNW to deliver sustainable earnings growth and create long-term value for shareholders.
Economic Expansion Fuels Long-Term Utility GrowthUtilities benefit from economic growth as expanding businesses, industries, data centers and electric vehicle adoption increase electricity demand. This supports utility investments, generates fresh demand for utility services, drives earnings growth and creates long-term shareholder value.
Evergy (EVRG - Free Report) is benefiting from expanding economic activity across Kansas and Missouri. Rising investments in data centers, advanced manufacturing and commercial projects support long-term rate-base and earnings growth.
PPL Corporation (PPL - Free Report) benefits from growing economic activity across Pennsylvania and Kentucky. Expanding data center and industrial investments are driving electricity demand, supporting rate-base expansion and long-term earnings growth.
The Zacks Rundown on PNWPNW’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a decrease of 6.34% and an increase of 17.60%, respectively, year over year.
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PNW’s Dividend YieldPNW currently offers a 3.45% dividend yield, exceeding the Zacks Utility - Electric Power industry's 3.02% average over the past year.
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PNW’s Stock Price PerformanceIn the past six months, Pinnacle West Capital shares have risen 14.1% compared with the industry’s 4.6% growth.
Axon Enterprise v 1. čtvrtletí čelila tlaku na marže kvůli vyšším nákladům, clům a výdajům na výzkum a vývoj. Firma přesto v roce 2026 čeká upravenou EBITDA marži kolem 25,5 %.
Key Takeaways Axon Enterprise faced margin pressure in Q1 as higher costs, tariffs and R&D spending weighed on results.AXON expects a roughly 25.5% adjusted EBITDA margin in 2026 through cost management and efficiency gains.Axon Enterprise reorganized its business segments to improve cost control and operational efficiency. Axon Enterprise, Inc. (AXON - Free Report) has been subject to rising operating costs and expenses over time. The company’s cost of sales increased 38.8% in the first quarter of 2026, on a year-over-year basis. Also, its selling, general and administrative expenses surged 15.9% in the first quarter.
Although AXON’s adjusted EBITDA in the quarter increased 29.9% year over year to $201.6 million, the adjusted EBITDA margin declined 70 basis points (bps) to 25%. AXON’s adjusted gross margin in the quarter also fell 200 bps to 61.6%. The decline was attributable to the adverse impacts of higher costs and expenses, global tariffs and increased investment in R&D.
Nevertheless, the company’s focus on effective cost management, revenue growth and manufacturing efficiency is anticipated to boost its margin performance. For 2026, AXON currently expects an adjusted EBITDA margin of approximately 25.5%, relatively flat year over year. The company has set a long-term financial target to achieve about 28% of adjusted EBITDA margin by 2028, supported by annual revenues of $6 billion.
In first-quarter 2025, Axon Enterprise realigned its business segments to enhance its visibility into segment-specific performance and effectively manage costs. This strategic move is expected to continue supporting its margin performance and operational efficiency.
Peer’s Margin performanceIn first-quarter 2026, Tyler Technologies’ (TYL - Free Report) cost of sales and selling & marketing expenses both increased 6.4% on a year-over-year basis. Despite higher costs, Tyler Technologies’ gross margin improved 90 bps to 51.3% in the quarter, supported by revenue mix improvement and cloud efficiency gains.
Woodward, Inc.’s (WWD - Free Report) total costs and expenses rose 23% year over year in second-quarter fiscal 2026 (ended March 2026). Woodward’s selling, general and administrative expenses also rose 22.1% year over year. Despite the rise in costs, Woodward’s segmental margins expanded, which was supported by sales growth, improved mix of commercial services activity and solid defense OEM demand.
AXON’s Price Performance, Valuation and EstimatesShares of Axon Enterprise have gained 30.1% in the past three months against the industry’s decline of 0.3%.
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From a valuation standpoint, AXON is trading at a forward price-to-earnings ratio of 54.41X, above the industry’s average of 39.83X. Axon Enterprise carries a Value Score of F.
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The Zacks Consensus Estimate for AXON’s 2026 earnings has been stable over the past 60 days.
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The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Revvity spustí v USA a EMEA na konci července 2026 program Signals for Startups pro rané biotechnologické firmy. Nabídne škálovatelný software, onboarding a licence pro startupy.
Key Takeaways Revvity will launch Signals for Startups in the United States and EMEA in late July 2026.The program offers scalable software, guided onboarding and startup-friendly licensing.It unifies research data, reduces rework and supports investor readiness and long-term growth. Revvity, Inc. (RVTY - Free Report) recently announced the launch of Signals for Startups, a new program to help early-stage biotechnology companies establish scalable digital informatics capabilities from the earliest stages of research. It is scheduled to launch across the United States, Europe, the Middle East and the Africa region in late July 2026.
The program provides startup biotechs with enterprise-grade Signals software, guided onboarding, startup-friendly licensing and best-practice configurations tailored to their needs. By enabling startups to adopt robust informatics capabilities from day one, the program aims to accelerate scientific innovation and research productivity, and reduce the time required to generate value from R&D investments.
Per management, Signals for Startups is built to help emerging biotech companies to grow fast without being held back by fragmented data or workflow challenges that limit their ability to scale. The combination of startup-friendly access, guided onboarding and scalable Signals workflows enables early-stage teams to establish a solid digital foundation, accelerate discovery and prepare for investor readiness and future growth.
Likely Trend of RVTY Stock Following the NewsShares of RVTY have risen 3.8% since the announcement on Monday. Year to date, the stock has gained 14.2% against the industry’s 2.2% fall. However, the S&P 500 has risen 9.5% in the same timeframe.
Revvity’s Signals for Startups program is expected to strengthen its software business by capturing emerging biotech companies early in their lifecycle. As these startups expand, the company can benefit from higher customer retention and increased adoption of its broader Signals portfolio. The initiative also enhances its competitive position in scientific informatics, broadens its presence in the fast-growing biotech sector and creates opportunities for sustained revenue growth through long-term customer relationships.
RVTY currently has a market capitalization of $11.87 billion.
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More on the NewsEmerging biotech companies often face the challenge of managing complex research data while operating with limited IT, informatics and operational resources. Signals for Startups addresses these challenges by offering a ready-to-use, scalable informatics environment that allows scientists to focus on innovation rather than system setup. With built-in workflows for both small- and large-molecule research, the platform helps standardize data management, streamline collaboration and create a strong digital foundation from the outset.
The program also provides startups with an easy entry into the Revvity Signals ecosystem through bundled software licenses suited to early-stage organizations, while offering the flexibility to expand as the business grows through funding rounds and commercialization. By replacing disconnected tools and fragmented data management with a unified informatics platform, Signals for Startups helps companies reduce inefficiencies, minimize rework and support long-term research scalability.
The program builds on the broader capabilities of Revvity Signals Software, a comprehensive cloud-based scientific informatics platform that supports research from early discovery through later-stage development. Designed to promote multidisciplinary collaboration, Signals helps research teams centralize scientific data, optimize R&D workflows and accelerate innovation across pharmaceutical, biotechnology, clinical and specialty chemical applications. Trusted by over one million users worldwide, with a 97% renewal rate and used by all of the world's top 20 biopharma companies, Revvity Signals has established itself as a trusted scientific software platform.
Industry Prospects Favoring the MarketGoing by the data provided by Precedence Research, the life science software market is predicted to be valued at $19.65 billion in 2026 and is expected to witness a CAGR of 10.7% through 2035.
Factors like the high investment in drug development and R&D by biotechnology and pharmaceutical companies to manage complex data, the need for integrated and compliant digital solutions, and urgent demand for AI-based automation in drug discovery and clinical trials to decrease time-to-market and R&D costs are boosting the market’s growth.
Other NewsRevvity recently announced that its Signals Software business has been added to Anthropic’s directory for Model Context Protocol connectors, extending the capabilities of Signals AI beyond the Signals One platform. Through the integration, scientists can access Signals AI and connected R&D knowledge using Claude, including Claude Science, Anthropic’s AI workbench for scientific research.
RVTY’s Zacks Rank & Key PicksRevvity currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health (CAH - Free Report) .
West Pharmaceutical, currently sporting a Zacks Rank #1 (Strong Buy), reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%. You can see the complete list of today’s Zacks #1 Rank stocks here.
West Pharmaceutical has an estimated long-term earnings growth rate of 14.4%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 19.4%.
Intuitive Surgical, currently carrying a Zacks Rank #2 (Buy), reported second-quarter 2026 adjusted EPS of $2.80, which beat the Zacks Consensus Estimate by 12.9%. Revenues of $2.89 billion surpassed the Zacks Consensus Estimate by 3.1%.
Intuitive Surgical has an estimated long-term earnings growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.5%.
Cardinal Health, currently carrying a Zacks Rank #2, reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.
Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 10.3%.
Howmet v 1. čtvrtletí 2026 zvýšil výnosy z komerčního letectví o 20 % na více než 1,2 miliardy USD a z obranného letectví o 10 % meziročně. L3Harris sice hlásí rekordní backlog ve výši 40,7 miliardy USD, ale trápí ho vyšší dluh a slabší trend odhadů EPS.
Key Takeaways HWM's commercial aerospace and defense markets fueled strong first-quarter 2026 revenue growth. HWM benefits from aircraft production, defense demand and rising 2026 sales and EPS estimates. LHX posted record backlog and orders, but debt levels and weaker EPS estimate trends remain concerns. Geopolitical instability across the globe has fueled demand for defense equipment and technologies, providing a significant growth tailwind for companies like Howmet Aerospace Inc. (HWM - Free Report) and L3Harris Technologies, Inc. (LHX - Free Report) . These are two familiar names operating in the aerospace and defense industry.
Howmet is a leading manufacturer of components and systems for jet engines and airframes, while L3Harris provides integrated aerospace and defense technologies, including avionics, electronic systems, and command-and-control solutions, to customers in the United States and internationally.
Rising global defense spending and the continued recovery in commercial aviation have boosted investor interest in aerospace companies with defense exposure. But which of these two stocks is better positioned to capitalize on these trends? Let’s compare their fundamentals to find out.
The Case for HowmetHowmet’s strongest growth driver remains the sustained momentum in the commercial aerospace market. In the first quarter of 2026, revenues from this market increased 20% year over year to more than $1.2 billion, accounting for 53% of the company’s total quarterly sales. Healthy global air travel has boosted aircraft utilization, driving demand for replacement parts and components supplied by Howmet.
The favorable market environment benefited Howmet’s Engine Products segment, which reported a 29% year-over-year revenue increase in the first quarter. The continued strength was driven by solid momentum in the commercial aerospace, defense aerospace and gas turbine markets. The Fastening Systems segment recorded 14% revenue growth, benefiting from solid demand in both the commercial and defense aerospace markets.
Also, Boeing is witnessing a gradual production increase, particularly in the 737 MAX widebody aircraft, which is boosting demand for Howmet’s products in the market. Healthy build rates at Airbus for A320 (narrowbody) and A350 (widebody) aircraft also hold promise for HWM’s engine spares demand.
The company is also benefiting from strength in the defense aerospace market. In the first quarter, revenues from this market rose 10% year over year, fueled by higher demand for engine spares related to the F-35 program and increased orders for legacy fighter jet replacement parts.
It's worth noting that the fiscal year 2026 Defense Appropriations Act was signed into law in February 2026, providing a strong budgetary allocation for defense. Such robust provisions set the stage for Howmet, which remains focused on its defense business.
HWM’s measures to reward shareholders are encouraging. In the first three months of 2026, the company paid dividends of $48 million and repurchased shares worth $300 million. In August 2025, the company hiked its dividend by 20% to 12 cents per share (annually: 48 cents), marking its second dividend hike in 2025. Also, in July 2024, its board approved an increase in the share repurchase program by $2 billion to $2.487 billion of its common stock.
The Case for LHXL3Harris is well-positioned to benefit from robust U.S. defense spending, supported by favorable budgetary priorities and rising investments in advanced defense technologies. The fiscal 2027 President's Budget Request, introduced in April 2026, proposed roughly $1.5 trillion in funding for national defense programs, creating a favorable demand environment for the company's Space & Mission Systems, Communications & Spectrum Dominance, and Missile Solutions portfolios.
LHX also remains well aligned with key U.S. defense priorities, including the Golden Dome, missile defense and hypersonic tracking. In the first quarter of 2026, L3Harris generated $7.8 billion in orders, resulting in a robust 1.4x book-to-bill ratio, while its backlog reached a record $40.7 billion, providing strong revenue visibility for future program execution. Strengthening its position further, the company secured a Space Development Agency contract worth up to $843 million to build 18 infrared satellites for the Tranche 3 Tracking Layer, designed to detect and track advanced missile threats.
Also, its Aerojet Rocketdyne subsidiary entered into definitive agreements in April 2026 for a $1.0 billion investment from the U.S. Department of War to expand manufacturing facilities, accelerate research and development, and increase production capacity for critical propulsion and missile technologies.
Beyond the United States, L3Harris continues to benefit from rising defense spending among allied nations. The company is witnessing healthy demand across Europe, the Middle East and the Asia-Pacific region as governments strengthen their defense capabilities. In the first quarter of 2026, the company’s international revenues totaled $1.29 billion, led by the Communications & Spectrum Dominance and Space & Mission Systems.
L3Harris is also sharpening its portfolio while investing in future growth. The company is progressing with the sale of its Space Technology business to AE Industrial Partners for a net enterprise value of $825 million, with the transaction expected to close in the second half of 2026.
Despite these strengths, the company's leveraged balance sheet remains a concern. As of April 3, 2026, L3Harris had $0.59 billion in cash and cash equivalents compared with $9.19 billion in long-term debt.
Also, persistent labor shortages and supply-chain constraints across the aerospace and defense industry continue to pose execution risks, potentially affecting production schedules and timely program deliveries.
The Zacks Consensus Estimate for HWM & LHXThe Zacks Consensus Estimate for HWM’s 2026 sales and earnings per share (EPS) implies year-over-year growth of 18% and 32%, respectively. HWM’s EPS estimates for 2026 have increased over the past 60 days.
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The consensus estimate for LHX’s 2026 sales and EPS indicates year-over-year growth of 7.7% and 7.6%, respectively. LHX’s EPS estimates have been trending southward over the past 60 days for 2026.
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Price Performance and ValuationIn the past year, Howmet shares have soared 49.6%, while L3Harris stock has gained 3%.
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HWM is trading at a forward 12-month price-to-earnings ratio of 50.33X, above its median of 26.43X over the last five years. LHX’s forward earnings multiple sits at 21.98X, above its median of 16.70X over the same time frame.
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Final Take on HWM & LHXHowmet is benefiting from sustained strength in both commercial and defense aerospace markets, driven by the recovery in air travel, healthy demand for engine spares and higher defense spending. Backed by solid revenue growth and a strong order pipeline, the company continues to enhance shareholder value through dividends and share repurchases.
L3Harris is well-positioned for long-term growth, supported by its strong presence in both domestic and international defense markets, a record backlog and a robust pipeline of programs. However, ongoing supply-chain constraints, labor shortages and a highly leveraged balance sheet continue to pose challenges to its growth outlook.
Given these factors, HWM seems a better pick for investors than LHX currently. While Howmet currently has a Zacks Rank #2 (Buy), LHX carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Range Resources uvedla, že ve 2. čtvrtletí dosáhla rekordní efektivity vrtání a dokončování a zůstává na cestě k růstu produkce na 2,5 Bcfe denně do konce roku. Zároveň zvýšila výhled cen NGL na prémii 2,50 USD za barel vůči Mont Belvieu.
3 Energy Stocks to Watch Now as LNG Demand SurgesRange Resources NYSE: RRC said its second-quarter 2026 operations kept the company on track with a multi-year growth plan, as executives pointed to record drilling and completion efficiency, rising production and higher pricing expectations for natural gas liquids and natural gas.
Chief Executive Officer Dennis Degner said the quarter marked “a unique milestone” as Range reached the midpoint of the growth plan it announced early last year. He said the company’s cost structure, well performance and marketing portfolio are supporting free cash flow while Range grows production.
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These energy stocks are most-upgraded amid falling oil pricesSecond-quarter production averaged 2.3 billion cubic feet equivalent per day, Degner said. Range expects production to rise ratably through the rest of the year, reaching 2.5 Bcfe per day by year-end as gas processing and related infrastructure move through commissioning. Executives said that outlook remains consistent with prior guidance and positions the company for 2027.
Operational efficiency drives record activity Range reported second-quarter capital spending of $222 million. Degner said the company added a second completion crew to work through part of its drilled-but-uncompleted inventory that had accumulated over the prior 24 months. The quarter also included a spot horizontal rig for a single pad development expected to turn to sales later this year.
10 Best Natural Gas Stocks to Buy NowDegner said Range expects to return to a single horizontal rig and single frac crew in the fourth quarter, keeping capital plans aligned with prior guidance. The company drilled about 190,000 lateral feet during the quarter.
Range highlighted several operational records and efficiency gains during the call:
Drilling crews recorded 19 days in which they drilled more than one mile horizontally, including one 24-hour period above 10,500 feet. Two completion crews completed nearly 1,900 frac stages during the quarter, including downtime for moves between pad sites. The two crews averaged more than 10 stages per day per crew, while the company’s contracted electric frac fleet approached 14 stages per day. The company set records for most frac stages in one day by a single crew, at 20, and highest pumping hours in one day, at 22 hours. Degner said the stronger completion efficiency allowed Range to move a portion of second-half 2026 drilling activity into 2027 while remaining aligned with its 2026 and 2027 capital and development plans. In response to an analyst question, he said Range had planned to use about 400,000 lateral feet of DUC inventory over 2026 and 2027 and remains on track, though it is “a few wells ahead.”
Capital returns and balance sheet remain priorities Chief Financial Officer Mark Scucchi said Range repurchased $78 million of shares in the second quarter, bringing first-half repurchases to $105 million. The company also paid $24 million in dividends during the quarter, for a year-to-date total of $47 million, and reduced debt by $337 million in the first half.
Scucchi said the combined effect represented $489 million of year-to-date enterprise value returned to equity holders, or roughly 5.5% of Range’s market capitalization over six months. Since launching its repurchase program, Range has bought back 35.9 million shares, reducing its share count by nearly 10%, he said.
Scucchi described Range’s balance sheet as “roughly half a turn levered” and said the company is not delaying capital returns or business investments because of balance sheet needs. He also said Range’s balance sheet metrics are stronger than investment-grade peers, though the company remains rated below investment grade. In commercial discussions, Scucchi said, the credit rating has “never been a topic of discussion.”
Marketing outlook improves for NGLs and natural gas Range raised its full-year NGL pricing guidance to a premium of $2.50 per barrel over the Mont Belvieu index, citing strong international pricing and the structure of its physical sales agreements. Degner said Range captured an NGL premium of $3.49 per barrel over Mont Belvieu in the second quarter.
The company also improved its full-year natural gas guidance to a discount of $0.35 to $0.40 per Mcf versus Henry Hub, reflecting what Degner called a strong start to the year.
Degner said U.S. exports of LNG, ethane and LPG grew sharply from year-earlier levels during the second quarter. He said LNG feed gas averaged more than 17 Bcf per day, up 17% from the same period in 2025. U.S. waterborne ethane exports were estimated at 658,000 barrels per day, up 40% year over year, and waterborne propane and butane exports exceeded 2.6 million barrels per day, up 30% year over year.
Degner said Range expects export growth to support domestic fundamentals and pricing across its products. He also pointed to additional LPG export capacity expected in early 2027 and Repauno dock capacity that Range expects to enter service in 2027 as factors supporting continued access to international markets.
Management discusses growth beyond 2027 Executives repeatedly emphasized that Range’s current plan remains on track. Scucchi said the company previously laid out a three-year plan to grow production 20% to about 2.6 Bcfe per day in 2027. He said Range estimates it can maintain that level for less than $600 million of annual drilling and completion capital, or about $0.60 per Mcfe.
In analyst questions, management said growth beyond 2027 will depend on securing a “home” for incremental production. Degner said Range could potentially continue growing at a similar rate after 2027 with similar capital investment, provided demand materializes. He cited in-basin power and data center demand, takeaway capacity and Range’s inventory depth as key factors.
Scucchi said Range has more than 30 years of Marcellus inventory and described growth as a matter of “when and how much,” depending on customer demand and margins. He said the company would not simply grow volumes and sell into the basin without confidence that production has an end market.
Range also discussed potential longer-term flexibility in midstream investments. Degner said the company could evaluate investments in gathering and compression tied to incremental supply deals, depending on the economics of those molecules compared with traditional fee-based arrangements.
Degner said Range’s 2026 capital outlook is unchanged despite some resequencing of drilling activity. He said 2027 capital should be similar to what the company has communicated, unless a larger growth opportunity requires additional investment.
About Range Resources (NYSE:RRC)Range Resources Corporation, headquartered in Fort Worth, Texas, is an independent energy company engaged in the exploration, development and production of natural gas, oil and natural gas liquids. The company focuses its core operations on the Appalachian Basin, with a significant presence in Pennsylvania's Marcellus Shale. Through its drilling and completion activities, Range Resources seeks to optimize production efficiency while maintaining a disciplined approach to capital allocation and cost management.
The company's technical expertise centers on advanced horizontal drilling and hydraulic fracturing techniques, which it applies to unlock unconventional resources.
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].
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TE Connectivity oznámila hospodářské výsledky za 3. čtvrtletí fiskálního roku 2026 a výhled hospodaření na 4. čtvrtletí. Na konferenčním hovoru vedení představilo také komentář k výsledkům a výhledu.
TE Connectivity plc (TEL) Q3 2026 Earnings Call July 22, 2026 8:30 AM EDT
Company Participants
Sujal Shah - Vice President of Investor Relations
Terrence Curtin - CEO & Executive Director
Heath Mitts - CFO, Executive VP & Executive Director
Conference Call Participants
Scott Davis - Melius Research LLC
Mark Delaney - Goldman Sachs Group, Inc., Research Division
Ruplu Bhattacharya - BofA Securities, Research Division
Christopher Glynn - Oppenheimer & Co. Inc., Research Division
Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Joseph Giordano - TD Cowen, Research Division
Asiya Merchant - Citigroup Inc., Research Division
Steven Fox - Fox Advisors LLC
Manmohanpreet Singh - JPMorgan Chase & Co, Research Division
Joseph Spak - UBS Investment Bank, Research Division
Colin Langan - Wells Fargo Securities, LLC, Research Division
William Stein - Truist Securities, Inc., Research Division
Shreyas Patil - Wolfe Research, LLC
Presentation
Operator
Everyone, thank you for standing by, and welcome to the TE Connectivity Third Quarter Earnings Call for Fiscal Year 2026. [Operator Instructions] As a reminder, today's call is being recorded.
I would now like to turn the conference over to our host, Vice President of Investor Relations, Sujal Shah. Please go ahead.
Sujal Shah
Vice President of Investor Relations
Good morning, and thank you for joining our conference call to discuss TE Connectivity's third quarter results and outlook for our fourth quarter of fiscal 2026. With me today are Chief Executive Officer, Terrence Curtin; and Chief Financial Officer, Heath Mitts.
During this call, we'll be providing certain forward-looking information, and we ask you to review the forward-looking cautionary statements included in today's press release. In addition, we will use certain non-GAAP measures in our discussion this morning, and we ask you to review the sections of our press release and the accompanying slide presentation that address the use of these items. The press release and related tables, along with the slide presentation, can be found
Sterling rozšiřuje vertikálně integrované služby o elektrické a mechanické práce na mission-critical projektech. Tato strategie podporuje růst marží i díky backlogu 5,15 miliardy USD.
Key Takeaways Sterling is expanding from site development into electrical and mechanical work on mission-critical projects.Mission-critical projects made up more than 90% of E-Infrastructure backlog at the end of Q1 2026.A $5.15 billion backlog and cross-selling on data center campuses could support further margin gains. Sterling Infrastructure, Inc. (STRL - Free Report) has already delivered one of the strongest margin expansion stories in the engineering and construction industry. But the next phase of the company's profitability may depend less on project volume and more on how effectively it expands its vertically integrated service model.
That strategy became more evident following Sterling's $561.6 million acquisition of CEC Facilities Group. Traditionally recognized for large-scale site development, STRL can now provide specialty electrical and mechanical services, extending its capabilities further into mission-critical projects such as data centers, semiconductor fabrication facilities and advanced manufacturing plants. Rather than handing projects off to another specialty contractor after site preparation, Sterling is increasingly participating across multiple stages of the project lifecycle.
Early results suggest that the strategy is gaining traction. Mission-critical projects accounted for more than 90% of E-Infrastructure backlog at the end of first-quarter 2026. Segment revenues rose 174% year over year to $597.7 million, while operating income increased 187% to $133.8 million. CEC contributed $156.1 million in quarterly revenues, and Sterling is actively cross-selling its electrical capabilities with the company's legacy civil site-development services. STRL is already executing two major data center campuses under this integrated civil-and-electrical delivery model.
Vertical integration also strengthens the company's competitive position. Large customers increasingly prefer contractors capable of managing multiple phases of complex projects because it reduces coordination risk, streamlines execution and simplifies project oversight. For Sterling, providing a broader range of services increases the opportunity to capture a larger share of project spending, strengthens customer relationships and supports greater revenue visibility through its $5.15 billion combined backlog, particularly across fast-growing AI-driven data center and semiconductor markets.
Disciplined project selection, favorable mix and strong execution have already lifted profitability, while deeper integration across mission-critical projects could provide another avenue for margin expansion.
Integrated Capabilities Are Reshaping Industry CompetitionSterling's vertically integrated strategy reflects a broader industry shift, with contractors expanding their capabilities to capture a larger share of complex infrastructure projects. Companies like Comfort Systems USA, Inc. (FIX - Free Report) and MasTec, Inc. (MTZ - Free Report) are pursuing similar strategies to capitalize on growing demand from AI-driven data centers and other mission-critical facilities.
Comfort Systems continues to deepen its integrated mechanical and electrical capabilities as demand for technology infrastructure accelerates. The company reported a record backlog of $12.5 billion, with advanced technology projects accounting for 56% of revenues and remaining the largest driver of pipeline and backlog. Management also highlighted increased collaboration between its mechanical and electrical businesses, continued investments in modular manufacturing capacity and automation, and acquisitions that expand its electrical capabilities, enabling FIX to deliver more comprehensive solutions for large mission-critical projects.
MasTec is pursuing a similar strategy by broadening its turnkey infrastructure capabilities. Management emphasized that combining civil, power, telecom and construction-management expertise positions the company to capture a larger share of data center and critical infrastructure spending. MTZ continues to expand its self-perform capabilities to improve margins while customers increasingly seek deeper partnerships, alliance agreements and turnkey solutions that provide greater execution certainty for large, complex projects.
STRL Stock’s Price Performance & Valuation TrendShares of this Texas-based infrastructure services provider have surged 126.7% year to date, outperforming the Zacks Engineering - R and D Services industry, the broader Construction sector and the S&P 500 Index.
STRL's YTD Share Price Performance
Image Source: Zacks Investment Research
STRL stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 31.5, as shown in the chart below.
STRL’s P/E Ratio (Forward 12-Month) vs. Industry
Image Source: Zacks Investment Research
Earnings Estimate Revision of STRLSTRL’s earnings estimates for 2026 and 2027 have moved upward in the past 60 days to $19.12 and $25.83 per share, respectively. The revised estimates for 2026 and 2027 imply year-over-year growth of 74.7% and 32.9%, respectively.
Image Source: Zacks Investment Research
STRL's Zacks RankSterling stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Comstock Resources (CRK) má za čtvrtletí končící v červnu 2026 vykázat zisk 0,02 USD na akcii, což je meziročně o 84,6 % méně. Tržby mají klesnout na 415,15 milionu USD, tedy o 11,7 %.
The market expects Comstock Resources (CRK - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis oil and gas company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of -84.6%.
Revenues are expected to be $415.15 million, down 11.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 6.98% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Comstock?For Comstock, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -11.11%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Comstock will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Comstock would post earnings of $0.23 per share when it actually produced earnings of $0.15, delivering a surprise of -34.78%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Comstock doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
The market expects PennyMac Financial (PFSI - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis mortgage banking and investment management company is expected to post quarterly earnings of $2.08 per share in its upcoming report, which represents a year-over-year change of +103.9%.
Revenues are expected to be $535.43 million, up 20.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 11.9% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for PennyMac?For PennyMac, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that PennyMac will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that PennyMac would post earnings of $2.22 per share when it actually produced earnings of $2.19, delivering a surprise of -1.35%.
Over the last four quarters, the company has beaten consensus EPS estimates just once.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
PennyMac doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Wall Street expects a year-over-year increase in earnings on higher revenues when Clean Harbors (CLH - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis environmental services company is expected to post quarterly earnings of $2.73 per share in its upcoming report, which represents a year-over-year change of +15.7%.
Revenues are expected to be $1.62 billion, up 4.8% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.73% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Clean Harbors?For Clean Harbors, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +3.82%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination indicates that Clean Harbors will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Clean Harbors would post earnings of $1.15 per share when it actually produced earnings of $1.19, delivering a surprise of +3.48%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Clean Harbors appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Waste Removal Services industry, Clean Harbors (CLH - Free Report) , is soon expected to post earnings of $2.73 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +15.7%. Revenues for the quarter are expected to be $1.62 billion, up 4.8% from the year-ago quarter.
The consensus EPS estimate for Clean Harbors has been revised 1.7% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +3.82%.
When combined with a Zacks Rank of #2 (Buy), this Earnings ESP indicates that Clean Harbors will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
e.l.f. Beauty posiluje péči o pleť: ve fiskálním roce 2026 tvořila 23 % globálních tržeb oproti 9 % v roce 2023. e.l.f. SKIN přinesla přibližně 200 milionů USD v globálních maloobchodních tržbách.
Key Takeaways Skin care reached 23% of e.l.f. Beauty's global consumption in fiscal 2026, up from 9% in fiscal 2023. e.l.f. SKIN generated about $200 million in retail sales and rose to No. 11 in U.S. mass skin care.Naturium nearly doubled pre-acquisition sales, while rhode's net sales grew more than 80% year over year. e.l.f. Beauty, Inc. (ELF - Free Report) is building a larger presence in skin care through e.l.f. SKIN, Naturium and rhode. The category accounted for 23% of the company’s global consumption in fiscal 2026, up from 9% in fiscal 2023, showing that skin care has become a more meaningful part of its brand portfolio.
e.l.f. SKIN provides the foundation of this expansion. The brand generated approximately $200 million in global retail sales in fiscal 2026. Its strategy centers on offering products inspired by prestige beauty at accessible prices. Over the past five years, e.l.f. SKIN has advanced from the No. 25 mass skin care brand in the United States to No. 11.
Despite that progress, the brand held only about 2% of the mass skin care category compared with 13% for the leading brand. This gap highlights the available share opportunity, although further gains will depend on continued product innovation and consumer adoption.
Naturium adds another established growth platform. The brand delivered nearly $250 million in global retail sales in fiscal 2026, roughly double its pre-acquisition level. It was also the fastest-growing brand among the top 50 skin care brands during the fourth quarter. Rhode brings additional scale and momentum. On a pro forma annualized basis, the brand generated more than $500 million in global retail sales and approximately $390 million in net sales in fiscal 2026, with net sales increasing more than 80% year over year.
Together, the three brands give e.l.f. Beauty exposure across different skin care segments. The next leg of growth will depend on whether e.l.f. SKIN can keep gaining share while Naturium and rhode maintain their current pace.
ELF Stock Price Performance, Valuation & EstimatesShares of this Zacks Rank #3 (Hold) company have jumped 20.6% over the past three months compared with the industry’s growth of 10.9%.
ELF Price Performance Versus Industry
Image Source: Zacks Investment Research
From a valuation standpoint, e.l.f. Beauty trades at a forward price-to-earnings ratio of 23.46, above the industry’s average of 19.48.
ELF Valuation Compared to Industry
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ELF’s current and next fiscal-year earnings per share implies year-over-year growth of 5.8% and 9.9%, respectively.
Stocks to ConsiderUnited Natural Foods, Inc. (UNFI - Free Report) , a major food wholesaler serving grocery retailers, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for United Natural’s current and next fiscal-year earnings per share suggests a year-over-year increase of 254.9% and 21.4%, respectively. UNFI delivered a trailing four-quarter earnings surprise of 29.9%, on average.
The Estee Lauder Companies Inc. (EL - Free Report) , a leading global prestige beauty company with a diversified portfolio of skin care, makeup, fragrance and hair care brands, carries a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for The Estee Lauder Companies’ current and next fiscal-year EPS calls for a year-over-year jump of 59.6% and 31.7%, respectively. EL delivered a trailing four-quarter earnings surprise of 39.1%, on average.
Mama's Creations, Inc. (MAMA - Free Report) , a maker of refrigerated prepared foods for retail and foodservice, carries a Zacks Rank #2 at present.
The Zacks Consensus Estimate for Mama's Creations’ current and next fiscal-year EPS suggests growth of 73.3% and 46.2%, respectively, from the prior-year reported levels. MAMA delivered a trailing four-quarter earnings surprise of 129.2%, on average.
Reddit klesl o 9 % poté, co Wall Street Journal uvedl, že zvažuje zablokování Googlu v přístupu k obsahu pro trénink AI modelů. Spor souvisí s obnovou datové licenční dohody za zhruba 60 milionů USD ročně.
Shares of Reddit (NYSE:RDDT | RDDT Price Prediction) are down 9% to $169.48 in Wednesday afternoon trading following a Wall Street Journal report that the company is weighing whether to cut off Alphabet‘s (NASDAQ:GOOGL) Google from using Reddit content to train artificial intelligence models.
The move leaves Reddit stock 26% lower year to date (YTD), and extends a rough stretch that included a 15% pullback over the past week. Reddit’s market capitalization sits near $32.3 billion.
WSJ Report on Google Renewal Sparks Selling According to the Wall Street Journal, Reddit is considering whether to block Google’s access to its content as the two sides negotiate a renewal of their 2024 data-licensing agreement, estimated at about $60 million per year. No final decision has been made.
The core issue is traffic cannibalization. Google’s AI Overviews answer user queries directly on the search page, reducing the referral clicks Reddit relies on to sell ads. Reddit executives reportedly want usage-based fees on the next deal.
The bullish read is that Reddit’s human-conversation data is among the most-cited sources feeding AI answers, and the company also licenses data to OpenAI, giving it real pricing leverage in a renewal. The bearish take is that if AI Overviews keep siphoning clicks, other publishers including USA Today, Politico, Reuters, The Economist, and People Inc. are also reassessing their Google relationships, and Reddit’s ad engine could weaken over time.
Peers, the ETF Wrapper, and Insider Noise The read-through to social-media advertising rivals is muted so far. Meta Platforms (NASDAQ:META) stock is trading at $629.44, while Snap (NYSE:SNAP) shares sit at $4.51 and are down 43% YTD. If Reddit’s referral base erodes, Meta Platforms and Snap could benefit competitively for the same digital ad dollars, though that is a potential risk rather than a reported outcome.
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Alphabet stock is little changed, up less than 1%, as its sheer scale absorbs the headline. The Global X Social Media ETF (NASDAQ:SOCL) holds Reddit, Meta Platforms, Snap, and Alphabet, but the fund is heavily weighted toward international names and Reddit is only 7% of net assets, so a Reddit-specific stumble barely moves the ETF. That said, the fund is a narrow, volatile, single-theme vehicle with real concentration risk.
On the ownership side, Allspring Global Investments Holdings disclosed a reduction in its Reddit stake, and COO Jennifer Wong recently sold Reddit stock. The Wong sale was executed under a pre-arranged Rule 10b5-1 trading plan, which is routine and not a directional signal.
Fundamentals and Sentiment Still Look Strong Reddit’s underlying business remains healthy. The company’s Q1 FY2026 revenue grew 69% year over year (YoY) to $663.41 million, EPS came in at $1.01 versus a $0.56 consensus, and management guided Q2 revenue to $715 million to $725 million. CEO Steve Huffman has called the platform “fuel” for AI.
Reddit-community sentiment on RDDT stock is actually running bullish, with a sentiment score of 67, and one top post argued the threat is “extremely bullish” as a negotiating posture. The RDDT analyst target price still sits at $227.30, well above today’s level.
What to Watch Next Alphabet reports its Q2 results after Wednesday’s close, and any management commentary on content and licensing costs could move both Reddit stock and Alphabet stock. Investors can watch for whether either company confirms or denies the WSJ report, and whether the standoff surfaces on Reddit’s own Q2 call. If a richer renewal lands, today’s selloff may look like an overreaction; if Google’s AI Overviews keep draining clicks, the ad thesis needs a rethink.
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Ichor těží z investic do AI a silnější poptávky po zařízení pro výrobu waferů, zejména v leptání a depozici. Tržby mezikvartálně vzrostly o 15 % na 256,1 mil. USD a non-GAAP EPS činil 15 centů, oproti 1 centu v předchozím čtvrtletí.
Key Takeaways Ichor is entering a stronger demand phase as AI investment boosts wafer fab equipment activity.Etch and deposition exposure benefits from advanced logic, HBM and gate-all-around process intensity.Higher proprietary content, automation and lower-cost plants are supporting margin expansion. Ichor Holdings, Ltd. (ICHR - Free Report) is moving into a stronger demand phase as semiconductor equipment spending improves and AI-related chip investment lifts activity in wafer fabrication.
The investment case now centers on two issues: whether Ichor can benefit from its exposure to etch and deposition tools, and whether operational changes can translate that demand into better margins.
How ICHR Fits Into Chip EquipmentIchor designs, engineers and manufactures critical fluid delivery subsystems and precision-engineered components used mainly in semiconductor capital equipment. Its gas and chemical delivery systems help control specialty gases and chemicals used in etch, deposition, chemical-mechanical planarization and cleaning.
That niche matters because chipmaking tools depend on precise delivery of materials during highly complex manufacturing steps. Ichor’s relationships with major equipment makers, including Lam Research (LRCX - Free Report) , Applied Materials (AMAT - Free Report) and ASML Holding, give it relevance across the wafer fab equipment supply chain.
Lam Research is especially important to the etch and deposition ecosystem, making it a useful reference point for investors tracking Ichor’s end-market exposure. Applied Materials also sits at the center of semiconductor equipment spending, reinforcing why Ichor’s customer base is closely tied to industry capital investment trends.
Ichor’s AI and Etch TailwindThe core upside argument is that AI infrastructure, advanced logic and high-bandwidth memory are driving a more favorable wafer fab equipment cycle. These areas require more complex chip architectures and more process intensity.
That matters for Ichor because the current cycle favors etch and deposition, where the company has significant exposure. Gate-all-around architectures require roughly 30% more process steps, supporting demand for the types of tools and subsystems tied to Ichor’s business.
Why ICHR Margins Could ImproveIchor’s margin story is not just about higher volume. The company is pursuing vertical integration, expanding proprietary product content and optimizing manufacturing to improve profitability as revenues rise.
Management has been shifting manufacturing activity to lower-cost facilities in Mexico and Malaysia, increasing automation and improving production efficiency. Ichor entered 2026 with its branded components representing 25% of content in the systems it builds, up from 15% in 2024, and targets 35% by the end of 2026.
First-quarter 2026 results showed early operating leverage. Revenues rose 15% sequentially to $256.1 million, while non-GAAP gross margin improved to 12.8% and non-GAAP EPS reached 15 cents, up from one cent in the prior quarter.
Where Ichor Still Looks VulnerableThe risks remain meaningful. Ichor depends heavily on a small number of large semiconductor equipment customers, with Lam Research and Applied Materials accounting for 76% of 2025 revenues.
That concentration can amplify swings when customers adjust orders, delay capacity additions or change sourcing strategies. The company also remains tied to the cyclical wafer fab equipment market, where spending can shift quickly with memory conditions, macro weakness or geopolitical uncertainty.
Execution risk is another key issue. Margin expansion depends on customer qualifications, smooth manufacturing transfers, higher proprietary content and efficient production ramps. Delays or disruptions could limit the earnings leverage investors expect.
What ICHR’s Ratings Say NowThe bottom line is that Ichor’s business setup is improving, but the stock’s near-term signal set remains uneven. AI-related demand and margin initiatives provide a stronger fundamental story, yet valuation, execution and cyclicality still matter.
ICHR currently carries a Zacks Rank #4 (Sell). That rank points to weak near-term positioning over the one-to-three-month horizon, even as the longer-term business narrative has improved. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores also show a mixed profile. ICHR has a Value Score of F, Growth Score of C, Momentum Score of B and VGM Score of D. The Momentum Score is the strongest part of the setup, but the weak Value Score and VGM Score suggest investors may want more evidence that growth and margin execution can keep pace with the stock’s expectations.
Summit Therapeutics uvedla, že delší sledování studie HARMONi u pacientů s EGFR-mutovaným, lokálně pokročilým nebo metastatickým neskvamózním NSCLC ukazuje lepší trend celkového přežití u ivonescimabu ve spojení s chemoterapií. Data už poslala FDA jako podporu žádosti o schválení.
The study is evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy for endothelial growth factor receptor (EGFR)-mutated, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who were previously treated with a third-generation EGFR tyrosine kinase inhibitor (TKI).
The latest analysis continues to demonstrate a favorable overall survival trend and a consistent safety profile across diverse patient populations.
Prolonged Follow-Up Enhances Efficacy TrendsThe HARMONi trial investigates ivonescimab paired with chemotherapy against a placebo and chemotherapy regimen.
The study focuses on patients battling advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) harboring EGFR mutations, following prior treatment with third-generation therapies.
In the primary analysis from April 2025, patients receiving the ivonescimab combination exhibited a median overall survival of 16.8 months, compared to 14.0 months for the placebo group.
While initially showing a positive trend without reaching statistical significance, subsequent evaluations highlighted improving outcomes.
By September 2025, extended monitoring of Western participants yielded a hazard ratio of 0.78.
The most recent data cut in June 2026, featuring a 23.2-month median follow-up for Western patients, showcased an even stronger hazard ratio of 0.76.
Safety Profile And Regulatory Next StepsWith longer observation periods, the magnitude of survival benefits for Western participants now aligns with the results seen in Asian patients, who had longer follow-up times during earlier assessments.
Furthermore, ivonescimab maintained a manageable safety profile with no new adverse signals detected.
Summit has provided these updated findings to the FDA to support its Biologics License Application. The regulatory agency has set a target action date of November 14, 2026, to decide on the drug’s approval.
SMMT Price Action: Summit Therapeutics shares were up 2.26% at $14.96 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo by Piotr Swat via Shutterstock
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Smurfit Westrock (SW - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on July 29. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis paper and packaging company is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of -6.7%.
Revenues are expected to be $7.99 billion, up 0.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 4.98% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Smurfit Westrock?For Smurfit Westrock, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Smurfit Westrock will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Smurfit Westrock would post earnings of $0.36 per share when it actually produced earnings of $0.33, delivering a surprise of -8.33%.
The company has not been able to beat consensus EPS estimates in any of the last four quarters.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Smurfit Westrock doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
It has been an up-and-down year for Iren (IREN +2.86%), but the stock of the neocloud operator surged 20% on July 20 after it announced $2.8 billion in new contracts. The stock has more than doubled over the past year, but has also been cut nearly in half from its highs.
The average weighted length of Iren's new contracts is four years and includes deals with hyperscalers, frontier labs, artificial intelligence (AI) developers, and enterprises. It also said that its recent arrangements include prepayments covering approximately 45% of the cost of the graphics processing units (GPUs) to be used in the deployments.
In addition to its new contract announcements, Iren also increased its year-end AI cloud computing annual revenue run rate outlook to more than $4 billion, up from a prior target of $3.7 billion. The company is expanding aggressively. A year ago, it had a capacity of 3 megawatts, and it's expected to bring that total to 480 megawatts in 2026 and 1.2 gigawatts in 2027. Despite its growth, it said demand continues to exceed its planned capacity additions.
Image source: The Motley Fool.
Iren is one of a handful of former Bitcoin miners that have shifted their focus toward AI data centers. While at first this shift may seem like a red flag, it actually does make a lot of strategic sense.
Cryptocurrency miners built their business around securing land for large campuses and securing power from utilities at attractive prices. After the AI boom, both of these became valuable assets, with access to cheap energy becoming a major AI data center bottleneck. Historically, Iren and others have been beholden to the price of Bitcoin, but moving to AI data centers gives them a more predictable and profitable business model.
And Iren hasn't been standing still. It acquired software and infrastructure companies, such as Mirantis, to create a fully integrated software layer and offer a full end-to-end cloud platform. And with permitted sites and power locked up in Texas and Australia, the company has a clear pathway for expansion.
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Iren has also partnered with other large players in the space, including Nvidia and Microsoft. It secured a massive five-year, $3.4 billion cloud services contract directly with Nvidia to host its internal AI and research workloads. It also has a $9.7 billion, five-year deal with Microsoft, with it dedicating 200 megawatts of power to the cloud giant.
While building massive data centers is a capital-intensive business, Iren has structured its deals to secure upfront cash payments to help fund GPUs. This helps somewhat de-risk the business and makes it a speculative, but intriguing, stock to add given its momentum.
Modine čeká za 1. fiskální čtvrtletí roku 2027 růst tržeb o 31,2 % a EPS o 30,2 %. Datová centra a rekordní objednávky mohou výsledky podpořit, ale nedostatek komponent brzdí výrobu.
Key Takeaways Modine is expected to report 31.2% revenue growth and 30.2% EPS growth in fiscal Q1 2027.Record data center orders & 80/20 gains could boost results, while component shortages may disrupt production.Modine expects 20-35% fiscal 2027 sales growth, but higher capex and working capital needs pressure cash flow. Modine Manufacturing Company (MOD - Free Report) is slated to release first-quarter fiscal 2027 results on July 29, after the closing bell. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share (EPS) and revenues is pegged at $1.38 and $895.51 million, respectively.
For the fiscal first quarter, the consensus estimate for Modine’s earnings has moved down 5 cents over the past 30 days. Its bottom-line estimates imply growth of 30.2% from the year-ago reported numbers.
The Zacks Consensus Estimate for MOD's quarterly revenues implies a year-over-year rise of 31.2%. The company's earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 14.18%. This is depicted in the graph below:
Q4 HighlightsModine posted adjusted earnings of $1.71 per share for the fourth quarter of fiscal 2026, which increased 53% from the year-ago quarter and came above the Zacks Consensus Estimate of $1.51 by 13.2%. Net sales were $954.4 million, which rose 47% year over year and topped the consensus mark of $907 million by 5.2%.
Things to NoteModine’s data center business is supported by record order intake and roughly five years of pipeline visibility, underpinned by strong exposure to hyperscale customers. The new long-term capacity agreement also improves visibility, with Modine set to supply more than $4 billion of Airedale chiller products to a strategic customer during calendar years 2027 through 2029 and supported by a $165 million upfront payment.
The company continues to apply 80/20 principles to simplify operations, improve capacity use and direct resources toward products and markets with the best return profiles. The framework supported Modine’s fourth consecutive year of record revenues and adjusted EBITDA in fiscal 2026. For fiscal 2027, the company expects total sales growth of 20-35% and adjusted EBITDA growth of 38-44%, with at least 100-200 basis points of consolidated margin expansion.
Strength in the data center business and benefits from the application of 80/20 principles are likely to have bolstered Modine’s performance in the to-be-reported quarter.
However, the shortages of critical components that emerged late in the quarter are affecting production schedules and efficiency. The company is qualifying new suppliers and implementing corrective actions, but these issues are expected to have temporarily negatively impacted fiscal first-quarter production. Also, Modine’s free cash flow is currently under pressure due to heavy investment and working capital needs. For fiscal 2027, the company expects capital expenditure of $150 million to $200 million, up from $143.3 million in fiscal 2026.
Expected production disruption and rising capital requirements are likely to have weighed on Modine’s fiscal first-quarter results.
Let’s have a look at the Zacks Consensus Estimate for Modine’s segmental performance.
The Zacks Consensus Estimate for Climate Solutions’ fiscal first-quarter revenues is pegged at $634 million, which suggests a rise of 59.7% year over year. The Zacks Consensus Estimate for Performance Technologies’ revenues is pegged at $289 million, which is in line with the revenues reported in the year-ago period.
The Zacks Consensus Estimate for Climate Solutions’ fiscal first-quarter adjusted EBITDA is pegged at $112 million, suggesting a year-over-year rise of 41.8%. The Zacks Consensus Estimate for Performance Technologies’ adjusted EBITDA is pegged at $37.5 million, which is the same as year-ago adjusted EBITDA.
Earnings WhispersOur proven model does not conclusively predict an earnings beat for Modine for the quarter to be reported, as it does not have the right combination of the two key ingredients. A positive Earnings ESP, combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), increases the odds of an earnings beat. This is not the case here.
Earnings ESP: MOD has an Earnings ESP of -10.15%. This is because the Most Accurate Estimate is pegged lower than the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: It currently carries a Zacks Rank #2.
Stocks With the Favorable CombinationHere are a few players from the auto space that, per our model, have the correct ingredients to post an earnings beat this time.
Cummins Inc. (CMI - Free Report) is slated to release second-quarter 2026 results on Aug. 4. The company has an Earnings ESP of +0.78% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CMI’s to-be-reported quarter’s earnings and revenues is pegged at $7.33 per share and $9.33 billion, respectively.
BorgWarner Inc. (BWA - Free Report) is scheduled to release second-quarter 2026 results on Aug. 5. The company has an Earnings ESP of +0.62% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for BWA’s to-be-reported quarter’s earnings and revenues is pegged at $1.26 per share and $3.58 billion, respectively.
