Track market-moving stories before they get noisy

Posted by Defense World Staff on Aug 9th, 2026

Altshuler Shaham Ltd increased its position in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 6,451.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 637,236 shares of the computer hardware maker’s stock after acquiring an additional 627,510 shares during the quarter. NVIDIA comprises about 1.8% of Altshuler Shaham Ltd’s investment portfolio, making the stock its 19th largest position. Altshuler Shaham Ltd’s holdings in NVIDIA were worth $111,134,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Lifetime Wealth Management P.C. bought a new stake in shares of NVIDIA in the 4th quarter valued at about $26,000. Longview Financial Advisors Inc. acquired a new position in NVIDIA during the first quarter valued at approximately $27,000. Longfellow Investment Management Co. LLC increased its stake in NVIDIA by 47.9% in the second quarter. Longfellow Investment Management Co. LLC now owns 207 shares of the computer hardware maker’s stock valued at $33,000 after purchasing an additional 67 shares in the last quarter. Phillip James Consulting Co. bought a new stake in NVIDIA in the first quarter valued at approximately $40,000. Finally, Spurstone Advisory Services LLC acquired a new stake in NVIDIA in the second quarter worth $40,000. Institutional investors own 65.27% of the company’s stock.

Wall Street Analysts Forecast Growth A number of brokerages have recently weighed in on NVDA. President Capital lifted their price target on shares of NVIDIA from $280.00 to $295.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Raymond James Financial restated a “strong-buy” rating and issued a $330.00 price objective on shares of NVIDIA in a research report on Thursday, May 21st. Tigress Financial reiterated a “strong-buy” rating and set a $425.00 target price (up from $360.00) on shares of NVIDIA in a report on Wednesday, May 27th. CICC Research boosted their target price on NVIDIA from $240.60 to $268.30 and gave the company an “outperform” rating in a research note on Friday, May 22nd. Finally, BTIG Research assumed coverage on NVIDIA in a report on Wednesday, April 15th. They issued a “buy” rating for the company. Three equities research analysts have rated the stock with a Strong Buy rating, forty-eight have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $304.26.

Read Our Latest Research Report on NVDA

Key Stories Impacting NVIDIA Here are the key news stories impacting NVIDIA this week:

Positive Sentiment: Reports that SpaceX plans to deploy NVIDIA’s next-generation AI hardware across terrestrial and orbital computing infrastructure reinforced expectations for another major customer and expanded demand for NVIDIA systems. Time to Buy Nvidia or SpaceX Stock After Their AI Partnership? Positive Sentiment: Strong spending by hyperscalers, demand for AI data-center capacity, and NVIDIA-backed projects such as Firmus’ $2 billion fundraising in Australia and Asia-Pacific supported the view that AI infrastructure investment remains robust. Firmus nearly doubles valuation to over $10.5 billion Positive Sentiment: Analyst and market commentary highlighted NVIDIA’s leadership in sovereign AI, with one report estimating a 92% share, while investors continued to describe the company as evolving from a GPU supplier into a broader AI infrastructure platform. What’s Going On With NVIDIA Stock Friday? Positive Sentiment: Recent commentary pointed to accelerating AI demand, strong cash flow and valuation support, with the median analyst price target reported at $308.50 versus recent trading levels. Should You Buy NVIDIA Stock After Its 11% Rally in a Month? Neutral Sentiment: NVIDIA’s rally has lifted the stock roughly 12% over five sessions, increasing focus on the upcoming earnings report. Analysts remain constructive, but some traders are pausing because near-term catalysts may be limited after the sharp advance. Two reasons why Nvidia’s stock saw its biggest weekly surge Negative Sentiment: AMD’s acquisition of AI-inference chip startup Taalas could strengthen its competitive position and create a longer-term challenge to NVIDIA, although initial investor commentary suggested the deal does not immediately close NVIDIA’s AI gap. AMD Is Buying Its Way Deeper Into AI Inference Negative Sentiment: QuiverQuant data showed 45 NVIDIA insider sales and no insider purchases during the past six months, a potential caution signal as the stock trades near its highs. NVIDIA Stock Opinions on AI Market Position NVIDIA Stock Performance NVDA opened at $223.96 on Friday. The company has a market capitalization of $5.42 trillion, a price-to-earnings ratio of 34.30, a P/E/G ratio of 0.44 and a beta of 2.23. The business’s 50-day moving average price is $205.66 and its two-hundred day moving average price is $197.19. NVIDIA Corporation has a 1 year low of $164.07 and a 1 year high of $236.54. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.44 and a quick ratio of 2.85.

NVIDIA (NASDAQ:NVDA – Get Free Report) last posted its quarterly earnings data on Wednesday, May 20th. The computer hardware maker reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.11. The company had revenue of $81.61 billion during the quarter, compared to analysts’ expectations of $78.42 billion. NVIDIA had a return on equity of 96.94% and a net margin of 62.97%.During the same period in the prior year, the firm earned $0.81 earnings per share. NVIDIA’s revenue for the quarter was up 85.2% compared to the same quarter last year. Equities analysts expect that NVIDIA Corporation will post 8.79 EPS for the current fiscal year.

NVIDIA Increases Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Thursday, June 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 0.4%. This is an increase from NVIDIA’s previous quarterly dividend of $0.01. NVIDIA’s dividend payout ratio (DPR) is 15.31%.

NVIDIA declared that its Board of Directors has authorized a stock buyback plan on Wednesday, May 20th that authorizes the company to repurchase $80.00 billion in shares. This repurchase authorization authorizes the computer hardware maker to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity In related news, Director Mark A. Stevens sold 885,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $210.17, for a total value of $186,000,450.00. Following the completion of the transaction, the director owned 5,207,271 shares of the company’s stock, valued at approximately $1,094,412,146.07. This trade represents a 14.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen C. Neal sold 15,500 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $215.73, for a total transaction of $3,343,815.00. Following the completion of the transaction, the director directly owned 116,135 shares of the company’s stock, valued at approximately $25,053,803.55. This trade represents a 11.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,901,125 shares of company stock worth $410,583,015 over the last ninety days. Insiders own 3.94% of the company’s stock.

NVIDIA Profile (Free Report)

NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

Read More Five stocks we like better than NVIDIA Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish

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Mark Cuban recently raised concerns about how the artificial intelligence (AI) boom is being financed. In a July 28 post on X, he described Nvidia (NVDA +2.27%) as the sector's IPO, "funding everyone and anyone."

Cuban was not suggesting that Nvidia literally takes companies public. He was comparing Nvidia's role with the dot-com boom, when IPOs gave young internet companies money to expand. Nvidia is now investing in AI model developers and cloud operators, as well as other companies supporting the wider AI market.

Image source: Getty Images.

Nvidia's financing role is becoming significant Nvidia exited the first quarter of fiscal 2027 (ending April 26, 2026) with $42.3 billion of private investments and another $27 billion of contingent investment commitments. Nvidia's wider investment portfolio includes model developers OpenAI and Anthropic, cloud operators CoreWeave (CRWV +6.26%) and Nebius Group (NBIS -1.01%), and technology suppliers such as Intel, Synopsys, Nokia, and Coherent.

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Some of these investment deals could benefit Nvidia twice. Nvidia's investment may rise in value, while the company receiving the money may buy more Nvidia technology. But that link is not automatic. Several investments are also supporting suppliers and technology partners, not just customers. Therefore, its investment portfolio alone does not show that Nvidia is creating its own sales.

Impact on AI stocks Cuban's warning is not a blanket argument against AI stocks. Large cloud providers and profitable AI chip and networking players can fund much of their spending from existing operations. A slowdown in data center construction could reduce their free cash flow, orders, or valuations, but it would not immediately threaten their ability to operate.

The warning matters most for companies that need regular outside funding to keep expanding. Specialized cloud operators face greater risk.

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CoreWeave generated nearly $2.1 billion in revenue but spent $6.8 billion on capital expenditures in the first quarter of 2026 (ending March 31, 2026). Nebius shows a similar gap, with $399 million in revenue and nearly $2.5 billion in capital expenditures in the first quarter.

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Demand is not necessarily the problem. CoreWeave exited the first quarter with a $99.4 billion revenue backlog, while Nebius had nearly $4.8 billion of deferred revenue. The challenge is funding the GPUs and data centers needed to deliver that future revenue before much of the cash comes in.

Iren (IREN +8.70%) is also a close Nvidia partner, but Nvidia has not yet made the full agreed-upon $2.1 billion investment. Instead, Nvidia has the right to purchase up to 30 million Iren shares at $70 each, subject to certain conditions.

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Iren faces a similar timing issue at an earlier stage. The company generated $144.8 million of revenue in the third quarter of fiscal 2026 (ending March 31, 2026). But the company spent about $1.36 billion on computer hardware, property, and equipment.

Hence, Nvidia's stake in these companies is only part of the story. The bigger issue is whether they can eventually fund expansion with cash from their own businesses. Companies that still depend on external financing could face slower growth if funding becomes harder to obtain.

Assenagon Asset Management S.A. lowered its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 16.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,785 shares of the oil and gas company’s stock after selling 46,874 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Phillips 66 worth $39,183,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MUFG Securities EMEA plc raised its position in shares of Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Phillips 66 by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock worth $177,018,000 after purchasing an additional 199,646 shares in the last quarter. Horizon Investments LLC grew its position in Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares during the last quarter. LBP AM SA increased its stake in Phillips 66 by 237.8% during the 4th quarter. LBP AM SA now owns 56,380 shares of the oil and gas company’s stock valued at $7,275,000 after purchasing an additional 39,690 shares in the last quarter. Finally, Truist Financial Corp increased its stake in Phillips 66 by 1.6% during the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 15,707 shares of company stock worth $3,059,584. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades PSX has been the topic of several analyst reports. BMO Capital Markets upped their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. TD Cowen upped their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group increased their target price on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Phillips 66 in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $206.50.

Get Our Latest Stock Analysis on PSX

Phillips 66 Stock Down 0.7% PSX opened at $204.05 on Friday. The stock has a market capitalization of $81.42 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 0.16 and a beta of 0.68. The firm has a 50 day moving average price of $188.40 and a 200-day moving average price of $172.95. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $216.08. The company has a quick ratio of 0.85, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX – Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter last year, the company posted $2.38 earnings per share. Equities research analysts forecast that Phillips 66 will post 23.01 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Phillips 66 Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 28.95%.

Phillips 66 News Roundup Here are the key news stories impacting Phillips 66 this week:

Positive Sentiment: Record earnings and broad-based operating improvement: Second-quarter adjusted earnings reached approximately $3.8 billion, with net profit rising sharply as refining margins more than doubled. Refining, midstream, chemicals and marketing all contributed, while stronger execution helped the company exceed earnings expectations. Phillips 66 Profit Jumps as Refining Margins More Than Double Positive Sentiment: Favorable refining outlook: Management said tight product supply and limited refining capacity could keep margins strong through 2027, extending the period of elevated profitability. Phillips 66 sees strong refining margins continuing through 2027 Positive Sentiment: Balance-sheet and shareholder-return catalysts: Debt reduction, midstream growth and potential for enhanced capital returns are improving the investment case. TD Cowen maintained a Buy rating and raised its price target to $255 from $240, citing stronger fundamentals and a healthier balance sheet. TD Cowen raises Phillips 66 price target Neutral Sentiment: Analyst sentiment is positive but not unanimous: Brokerages collectively rate PSX a “Moderate Buy,” while a fair-value estimate increased to $207.53. However, Bank of America reiterated a Hold rating with a $213 target, indicating some analysts view much of the upside as already reflected. Phillips 66 receives Moderate Buy recommendation Negative Sentiment: Cyclical and valuation risks remain: The stock is near its 12-month high after a substantial rally, leaving investors concerned that refining margins may normalize and that current earnings could represent a peak. That caution may be limiting further gains despite the upbeat results. About Phillips 66 (Free Report)

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

Recommended Stories Five stocks we like better than Phillips 66 Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).

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Posted by Defense World Staff on Aug 9th, 2026

Shares of Gen Digital Inc. (NASDAQ:GEN – Get Free Report) have received an average rating of “Hold” from the nine research firms that are presently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $31.6667.

A number of research firms have commented on GEN. Barclays upped their target price on shares of Gen Digital from $27.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday. Jefferies Financial Group downgraded shares of Gen Digital from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Royal Bank Of Canada upped their price objective on shares of Gen Digital from $27.00 to $30.00 and gave the stock a “sector perform” rating in a report on Friday. Argus raised shares of Gen Digital to a “strong-buy” rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company increased their price objective on shares of Gen Digital from $22.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Friday.

Read Our Latest Report on Gen Digital

Gen Digital Price Performance NASDAQ:GEN opened at $29.17 on Thursday. Gen Digital has a 52 week low of $17.78 and a 52 week high of $32.22. The stock’s fifty day moving average is $25.96 and its two-hundred day moving average is $23.33. The company has a market capitalization of $17.46 billion, a P/E ratio of 16.96 and a beta of 1.21. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.07.

Gen Digital (NASDAQ:GEN – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Gen Digital had a return on equity of 57.01% and a net margin of 20.73%.The company’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 EPS. Gen Digital has set its FY 2027 guidance at 2.870-2.970 EPS and its Q2 2027 guidance at 0.710-0.730 EPS. Equities analysts expect that Gen Digital will post 2.61 EPS for the current year.

Gen Digital Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 17th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, August 17th. Gen Digital’s dividend payout ratio is 31.65%.

Insider Buying and Selling at Gen Digital In other news, Director Ondrej Vlcek sold 100,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $24.78, for a total transaction of $2,478,000.00. Following the completion of the transaction, the director directly owned 3,832,724 shares in the company, valued at $94,974,900.72. This trade represents a 2.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John C. Chrystal acquired 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average price of $27.06 per share, for a total transaction of $81,180.00. Following the acquisition, the director directly owned 31,419 shares in the company, valued at approximately $850,198.14. This trade represents a 10.56% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 9.70% of the company’s stock.

Institutional Trading of Gen Digital Institutional investors and hedge funds have recently bought and sold shares of the business. Wealthfront Advisers LLC acquired a new stake in shares of Gen Digital during the second quarter worth about $965,000. Foster & Motley Inc. acquired a new position in shares of Gen Digital in the second quarter valued at approximately $1,204,000. Meeder Advisory Services Inc. acquired a new position in shares of Gen Digital in the second quarter valued at approximately $584,000. Dunhill Financial LLC acquired a new position in shares of Gen Digital in the second quarter valued at approximately $50,000. Finally, Deutsche Bank AG purchased a new stake in Gen Digital during the 2nd quarter worth approximately $146,639,000. 81.38% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Gen Digital Here are the key news stories impacting Gen Digital this week:

Positive Sentiment: Quarterly results exceeded expectations. Gen Digital reported fiscal Q1 2027 adjusted EPS of $0.71, versus the $0.69 consensus estimate, while revenue increased 6.3% year over year to $1.34 billion, topping expectations of $1.31 billion. EPS also improved from $0.64 a year earlier. Gen Digital quarterly earnings report Positive Sentiment: Management raised fiscal 2027 targets. Gen Digital now expects full-year EPS of $2.87 to $2.97 and revenue of $5.4 billion to $5.5 billion, above analyst consensus of $2.83 EPS and approximately $5.4 billion in revenue. Second-quarter EPS guidance of $0.71 to $0.73 also exceeds the $0.70 consensus estimate. Reuters report on Gen Digital’s raised forecast Positive Sentiment: Cybersecurity demand remains supportive. The company cited strong demand for its family of digital-security products, double-digit bookings growth and increasing online threats powered by artificial intelligence. These trends support recurring revenue and Gen Digital’s growth outlook. Gen Digital fiscal Q1 2027 results release Positive Sentiment: Barclays raised its price target from $27 to $32 while maintaining an Equal Weight rating, suggesting additional potential upside based on the firm’s updated valuation. Benzinga analyst update Neutral Sentiment: Gen Digital declared a quarterly dividend of $0.125 per share. Investors of record on August 17 will receive payment on September 9. The dividend provides ongoing shareholder income, although the 1.7% yield is unlikely to be the primary catalyst for the stock. Negative Sentiment: Wells Fargo raised its price target from $22 to $28 but retained an Equal Weight rating. The new target remains below the stock’s current trading level, signaling valuation caution despite the improved earnings outlook. Benzinga analyst update Gen Digital Company Profile (Get Free Report)

Gen Digital (NASDAQ: GEN) is a global cybersecurity company specializing in consumer- and small-business-focused security, privacy, and identity protection solutions. The company offers a suite of products designed to safeguard devices, networks, and personal information against malware, ransomware, phishing attacks and other digital threats. With a focus on user-friendly interfaces and cross-platform compatibility, Gen Digital develops antivirus software, VPN services, parental controls, password management tools, and comprehensive identity-theft monitoring services.

Gen Digital traces its origins to the consumer software division of Symantec Corporation, which was spun off in late 2019 under the NortonLifeLock name.

Further Reading Five stocks we like better than Gen Digital Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish

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Ensign Energy Services TSE: ESI reported higher second-quarter revenue and adjusted EBITDA as operating activity increased across Canada, the United States and international markets, while the company continued to reduce debt and prepared to close its acquisition of Citadel Drilling Ltd.

Revenue for the second quarter of 2026 rose 7% year over year to C$397.3 million. Adjusted EBITDA increased 6% to C$85.8 million, compared with C$81.4 million in the prior-year quarter. For the first six months of 2026, revenue increased 1% to C$815.4 million, while adjusted EBITDA declined 2% to C$180.7 million.

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CFO Trevor Russell said the quarterly EBITDA improvement primarily reflected higher operating activity, partly offset by the foreign-exchange impact of translating U.S.-dollar-denominated revenue. Operating days increased 7% in Canada to 2,667, 5% in the U.S. to 3,088 and 15% internationally to 1,246.

Debt Reduction and Capital Spending Ensign repaid C$30 million of debt during the quarter and C$37.37 million during the first six months of the year. Interest expense fell 13% year over year to C$16.1 million, which Russell attributed to lower debt, lower effective interest rates and foreign-exchange translation effects.

The company revised its 2026 debt-reduction target to net C$60 million from a previously announced C$125 million target. Russell said the revision reflects the planned Citadel acquisition and increased capital investment. He said Ensign expects liquidity to be in the low C$90 million range at the end of 2026 after the acquisition closes.

Net purchases of property and equipment totaled C$58.1 million in the quarter, including C$25.4 million in upgrade capital and C$41.4 million in maintenance capital, offset by C$8.7 million in asset-disposition proceeds. Ensign maintained its 2026 maintenance capital expenditure outlook at about C$162 million and projected selective upgrade spending of approximately C$95.8 million, including C$68.6 million that is customer funded.

Citadel Deal Expands Permian Presence President and COO Bob Geddes said the Citadel Drilling acquisition was expected to close the following week and would add six active 2,000-horsepower rigs to Ensign’s Permian fleet. He said the rigs were fully utilized but declined to provide further financial details prior to closing.

Geddes said the acquisition would increase Ensign’s presence in the Permian Basin to roughly 11%, from approximately 7% to 8% currently. The company had 41 rigs under contract in the U.S. at the time of the call, excluding the Citadel fleet, and expected to add approximately one rig per month through year-end. Including Citadel’s rigs, management indicated Ensign expected to add four additional U.S. rigs by year-end.

In the company’s U.S. operations, Ensign had five high-specification ADR rigs under contract in California, eight active rigs in the Rockies and 27 active rigs in its U.S. Southern division. Geddes said the Permian remained the company’s most active market, with demand supporting expectations for four to five additional rigs to begin work by year-end. Nearly half of the company’s U.S. rigs were operating under performance-based contracts, he said.

Canadian Activity, Pricing and International Operations Ensign had 51 rigs active in the Western Canadian Basin, up 17% from a year earlier. Geddes said all five rigs that underwent five-year recertifications during breakup had returned to work. Management expects to add several Canadian rigs by year-end and said some operators are seeking to secure high-specification ADR rigs into spring 2027 and beyond.

Geddes said Ensign was raising rates by C$1,000 per day per quarter as contracts move into the second half of 2026 and into 2027. More broadly, he said the company expects rates on contract renewals to rise roughly 5% to 10% amid tightening supplies of high-specification rigs, rising contractor costs and longer lead times for new equipment.

Internationally, Ensign’s fleet reached 27 rigs following the transfer of a high-specification ADR 1500 rig to Venezuela and commissioning of a fifth ADR rig in Oman. The company’s two rigs in Kuwait and two rigs in Bahrain were shut down amid the Middle East conflict, while all five Oman rigs remained active. Ensign expects one Bahrain rig to be recontracted before year-end and has submitted bids for its two Kuwait rigs, though potential Kuwait work would not begin until mid-2027.

Ensign had four rigs operating in Australia, with a fifth expected to start within 30 days. Its two ADR 2000 rigs in Argentina remained contracted into 2027. In Venezuela, Ensign had three rigs in the country and signed a contract for a fourth rig expected to arrive in early 2027. Geddes said all of the Venezuela rigs are under three-year contracts.

Contract Backlog and Automation Geddes said Ensign’s forward guaranteed contract book expanded 25%, bringing its long-term contracted revenue runway to C$1.4 billion. He said oilfield-service conditions remained supported by limited excess high-specification rig capacity, although producers continued to focus on cash flow and maintaining production.

The company’s Edge drilling-rig control platform was installed on 65% of Ensign’s rigs globally. Geddes said Ensign sees an opportunity to grow the automation business’s revenue and profit by 15% annually. Its directional drilling, trucking, rentals and managed-pressure-drilling businesses continued to generate steady revenue and margins with little or no capital required, he added.

About Ensign Energy Services (TSE:ESI)Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas, and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment and well servicing. Please visit our website at www.ensignenergy.com.

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Posted by Defense World Staff on Aug 9th, 2026

Amundi lifted its holdings in Commercial Metals Company (NYSE:CMC – Free Report) by 118.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,443 shares of the basic materials company’s stock after purchasing an additional 11,065 shares during the quarter. Amundi’s holdings in Commercial Metals were worth $1,256,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Global Retirement Partners LLC grew its stake in shares of Commercial Metals by 110.7% in the 4th quarter. Global Retirement Partners LLC now owns 573 shares of the basic materials company’s stock worth $40,000 after buying an additional 301 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Commercial Metals during the 4th quarter valued at about $54,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Commercial Metals by 617.2% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 832 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 716 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Commercial Metals in the fourth quarter worth about $59,000. Finally, EverSource Wealth Advisors LLC grew its position in Commercial Metals by 105.0% in the first quarter. EverSource Wealth Advisors LLC now owns 1,222 shares of the basic materials company’s stock worth $75,000 after acquiring an additional 626 shares in the last quarter. Institutional investors own 86.90% of the company’s stock.

Insider Activity In other news, CEO Peter R. Matt purchased 8,230 shares of the stock in a transaction that occurred on Friday, July 10th. The stock was purchased at an average price of $61.30 per share, for a total transaction of $504,499.00. Following the completion of the acquisition, the chief executive officer owned 181,522 shares of the company’s stock, valued at approximately $11,127,298.60. This trade represents a 4.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.62% of the company’s stock.

Key Commercial Metals News Here are the key news stories impacting Commercial Metals this week:

Positive Sentiment: Share buyback supports the stock: Commercial Metals authorized a program to repurchase up to $600 million of its outstanding shares, representing as much as 7.5% of the company’s stock. The authorization signals management believes the shares are undervalued and could support earnings per share by reducing the share count. Commercial Metals to Repurchase $600 Million in Outstanding Shares Positive Sentiment: Zacks raises longer-term EPS estimates: Zacks Research increased its forecasts across several periods, including Q1 2027 EPS to $1.79 from $1.77, FY2027 EPS to $7.13 from $7.08, and FY2028 EPS to $7.32 from $7.27. Estimates for Q4 2027, Q1-Q3 2028 were also raised by $0.01 per share, suggesting slightly improved expectations for future profitability. Neutral Sentiment: Analyst target rises, but rating remains cautious: BMO Capital Markets lifted its price target for CMC from $77 to $80 while maintaining a “Market Perform” rating. The higher target offers moderate potential upside, but the unchanged rating indicates BMO does not expect substantial outperformance relative to the broader market. BMO Capital Markets Raises Commercial Metals Price Target Wall Street Analysts Forecast Growth A number of equities research analysts have issued reports on the company. The Goldman Sachs Group restated a “buy” rating and set a $85.00 price objective on shares of Commercial Metals in a research report on Thursday. BNP Paribas Exane upgraded Commercial Metals from a “neutral” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Wednesday, July 8th. Bank of America lowered their price target on Commercial Metals from $84.00 to $78.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. BMO Capital Markets lifted their price objective on shares of Commercial Metals from $77.00 to $80.00 and gave the stock a “market perform” rating in a research note on Thursday. Finally, Morgan Stanley increased their target price on shares of Commercial Metals from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, June 22nd. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $81.18.

Read Our Latest Research Report on Commercial Metals

Commercial Metals Stock Performance CMC stock opened at $75.17 on Friday. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73. The business’s fifty day simple moving average is $69.80 and its two-hundred day simple moving average is $70.32. Commercial Metals Company has a twelve month low of $52.74 and a twelve month high of $84.87. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 0.43 and a beta of 1.52.

Commercial Metals (NYSE:CMC – Get Free Report) last issued its earnings results on Thursday, June 25th. The basic materials company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.03. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.40 billion. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business’s revenue was up 22.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.74 earnings per share. Analysts predict that Commercial Metals Company will post 6.64 earnings per share for the current year.

Commercial Metals announced that its board has authorized a stock repurchase plan on Wednesday, August 5th that permits the company to repurchase $600.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 7.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Commercial Metals Announces Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s payout ratio is currently 15.07%.

Commercial Metals Profile (Free Report)

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.

Further Reading Five stocks we like better than Commercial Metals Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish

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Posted by Defense World Staff on Aug 9th, 2026

California State Teachers Retirement System boosted its holdings in shares of Prestige Consumer Healthcare Inc. (NYSE:PBH – Free Report) by 21.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,310 shares of the company’s stock after acquiring an additional 10,117 shares during the quarter. California State Teachers Retirement System owned 0.12% of Prestige Consumer Healthcare worth $3,397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lido Advisors LLC increased its position in shares of Prestige Consumer Healthcare by 5.4% during the fourth quarter. Lido Advisors LLC now owns 3,778 shares of the company’s stock worth $235,000 after buying an additional 192 shares during the period. Cerity Partners LLC lifted its holdings in Prestige Consumer Healthcare by 5.9% in the second quarter. Cerity Partners LLC now owns 3,884 shares of the company’s stock valued at $310,000 after buying an additional 218 shares during the period. UMB Bank n.a. lifted its holdings in Prestige Consumer Healthcare by 110.1% in the fourth quarter. UMB Bank n.a. now owns 418 shares of the company’s stock valued at $26,000 after buying an additional 219 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in Prestige Consumer Healthcare by 69.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 574 shares of the company’s stock valued at $35,000 after acquiring an additional 236 shares during the last quarter. Finally, Diversify Advisory Services LLC boosted its position in Prestige Consumer Healthcare by 4.6% during the third quarter. Diversify Advisory Services LLC now owns 5,837 shares of the company’s stock valued at $354,000 after acquiring an additional 256 shares during the last quarter. 99.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets Several research firms recently commented on PBH. Weiss Ratings cut Prestige Consumer Healthcare from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 25th. Canaccord Genuity Group dropped their price target on Prestige Consumer Healthcare from $86.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Oppenheimer lowered shares of Prestige Consumer Healthcare from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 14th. Finally, Zacks Research lowered Prestige Consumer Healthcare from a “hold” rating to a “strong sell” rating in a report on Monday, May 18th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.75.

Check Out Our Latest Stock Analysis on PBH

Key Headlines Impacting Prestige Consumer Healthcare Here are the key news stories impacting Prestige Consumer Healthcare this week:

Positive Sentiment: Adjusted EPS was $0.98, exceeding the $0.89 analyst consensus and rising from $0.95 a year earlier. Revenue increased 6.5% year over year to $265.7 million, above the $250.3 million consensus estimate. Prestige Consumer Healthcare Q1 Earnings and Revenues Surpass Estimates Positive Sentiment: Organic sales grew 3.2%, led by the gastrointestinal and dermatological categories, suggesting underlying demand remained resilient despite a challenging consumer environment. Positive Sentiment: Prestige raised fiscal 2027 guidance to revenue of $1.290 billion-$1.315 billion, adjusted EPS of $4.55-$4.65, and adjusted free cash flow of at least $270 million. The revenue outlook includes the recently acquired Breathe Right portfolio and LaCorium Health. Prestige Consumer Healthcare Fiscal 2027 First Quarter Results Positive Sentiment: Adjusted free cash flow rose to $83.7 million, and management said the cash generation should support deleveraging. The company also extended $400 million of debt maturities to 2034, moving its closest maturity to 2031. Neutral Sentiment: An analyst roundup cited a $70.75 price target, indicating potential upside relative to recent trading levels, though price targets reflect individual estimates rather than company guidance. Analysts Set Prestige Consumer Healthcare Price Target Negative Sentiment: GAAP diluted EPS fell to $0.61 from $0.95, while net income declined to $29.2 million from $47.5 million. Gross margin also contracted to 51.3% from 56.2%, and acquisition-related expenses and higher interest costs weighed on reported profitability. Negative Sentiment: Prestige ended the quarter with approximately $2 billion of net debt, increasing financial leverage and execution risk as it integrates the new acquisitions. Prestige Consumer Healthcare Price Performance Prestige Consumer Healthcare stock opened at $54.92 on Friday. Prestige Consumer Healthcare Inc. has a 52 week low of $42.62 and a 52 week high of $71.07. The company’s 50 day moving average price is $48.82 and its two-hundred day moving average price is $56.06. The company has a quick ratio of 2.25, a current ratio of 3.23 and a debt-to-equity ratio of 1.06. The stock has a market cap of $2.60 billion, a P/E ratio of 15.38, a P/E/G ratio of 1.70 and a beta of 0.34.

Prestige Consumer Healthcare (NYSE:PBH – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.09. Prestige Consumer Healthcare had a net margin of 15.57% and a return on equity of 11.39%. The company had revenue of $265.71 million during the quarter, compared to analyst estimates of $253.02 million. During the same quarter in the prior year, the business earned $0.90 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. Prestige Consumer Healthcare has set its FY 2027 guidance at 4.550-4.650 EPS. On average, equities analysts predict that Prestige Consumer Healthcare Inc. will post 4.6 earnings per share for the current year.

About Prestige Consumer Healthcare (Free Report)

Prestige Consumer Healthcare, Inc is a leading manufacturer and marketer of branded over-the-counter (OTC) healthcare products. The company focuses on developing, acquiring and commercializing a diverse portfolio of non-prescription remedies designed to address common consumer health needs, including pain relief, cold and cough, digestive health, eye care, skin care and women’s health.

Key brands in Prestige’s portfolio include Clear Eyes (eye health), Carmex (lip care), Chloraseptic (sore throat relief), Dramamine (motion sickness), Rolaids (antacid), Monistat (women’s health), BC Powder (pain relief), Little Remedies (pediatric cold and gas relief) and TheraTears (dry eye therapy).

Featured Articles Five stocks we like better than Prestige Consumer Healthcare Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding PBH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Prestige Consumer Healthcare Inc. (NYSE:PBH – Free Report).

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Posted by Defense World Staff on Aug 9th, 2026

Arista Wealth Management LLC bought a new position in shares of Axon Enterprise, Inc (NASDAQ:AXON – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,101 shares of the biotechnology company’s stock, valued at approximately $617,000.

Several other hedge funds have also modified their holdings of the business. Brighton Jones LLC acquired a new stake in shares of Axon Enterprise in the fourth quarter valued at about $480,000. NewEdge Advisors LLC lifted its position in shares of Axon Enterprise by 41.1% during the 1st quarter. NewEdge Advisors LLC now owns 2,294 shares of the biotechnology company’s stock valued at $1,207,000 after acquiring an additional 668 shares during the period. Empowered Funds LLC boosted its stake in shares of Axon Enterprise by 8.4% during the 1st quarter. Empowered Funds LLC now owns 2,028 shares of the biotechnology company’s stock worth $1,067,000 after acquiring an additional 157 shares in the last quarter. Woodline Partners LP boosted its stake in shares of Axon Enterprise by 40.6% during the 1st quarter. Woodline Partners LP now owns 6,932 shares of the biotechnology company’s stock worth $3,646,000 after acquiring an additional 2,003 shares in the last quarter. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Axon Enterprise in the 2nd quarter worth approximately $284,000. 79.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Axon Enterprise In related news, CEO Patrick W. Smith sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $643.79, for a total transaction of $6,437,900.00. Following the sale, the chief executive officer owned 3,040,997 shares in the company, valued at approximately $1,957,763,458.63. This trade represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Elizabeth Reid Coughlin sold 1,554 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $485.00, for a total transaction of $753,690.00. Following the sale, the insider owned 34,024 shares in the company, valued at approximately $16,501,640. This trade represents a 4.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 58,989 shares of company stock valued at $30,527,983. Corporate insiders own 4.20% of the company’s stock.

Axon Enterprise News Summary Here are the key news stories impacting Axon Enterprise this week:

Positive Sentiment: Strong Q2 growth and higher outlook: Axon reported second-quarter revenue of approximately $904 million, up 35% year over year and above analyst expectations. The company raised its 2026 revenue-growth forecast to 32%–34%, citing record bookings, international expansion and demand for its connected devices and software. Axon Beat Estimates and Raised Guidance, Shares Dropped Positive Sentiment: AI and Dedrone momentum: AI Era revenue, including Draft One automated police-report software, grew nearly 700% from a year earlier. Dedrone counter-drone revenue exceeded $100 million, supported by deployments at all 11 World Cup sites, strengthening Axon’s long-term growth narrative. Axon Stock Falls After AI, Drone Wins Fuel Q2 Earnings Beat Positive Sentiment: Analyst and retail support: UBS raised its price target to $600 while maintaining a Neutral rating, and retail traders showed interest in buying the post-earnings pullback. William Blair also reiterated a Buy rating, highlighting recurring-revenue growth, counter-drone demand and Axon’s expanding AI platform. UBS Raises Axon Price Target Neutral Sentiment: Valuation remains elevated: Axon’s rapid share-price recovery has increased scrutiny of its valuation. Some analysis considers the stock expensive on discounted cash flow and only fairly valued on sales multiples, potentially limiting further gains unless growth remains strong. Axon Stock Could Be Overvalued Negative Sentiment: Margins and cash flow pressured the initial reaction: Software gross margin declined to 71.3% from 75.6%, while a greater mix of professional services, memory costs and investments in new products reduced profitability. Free cash flow also turned negative, and quarterly EPS was reported as slightly below some consensus estimates, prompting an initial post-earnings selloff. Axon Posts Lower Quarterly Gross Margin Axon Enterprise Stock Up 9.3% Shares of NASDAQ:AXON opened at $571.01 on Friday. The company has a quick ratio of 1.93, a current ratio of 2.15 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $46.02 billion, a P/E ratio of 236.93, a P/E/G ratio of 11.65 and a beta of 1.39. Axon Enterprise, Inc has a 52-week low of $339.01 and a 52-week high of $878.62. The stock’s fifty day simple moving average is $513.80 and its 200-day simple moving average is $474.59.

Axon Enterprise (NASDAQ:AXON – Get Free Report) last announced its earnings results on Tuesday, August 4th. The biotechnology company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.04. Axon Enterprise had a net margin of 6.19% and a return on equity of 2.84%. The firm had revenue of $904.39 million during the quarter, compared to the consensus estimate of $876.42 million. During the same quarter in the previous year, the company posted $2.12 EPS. The firm’s revenue for the quarter was up 35.3% on a year-over-year basis. As a group, equities research analysts forecast that Axon Enterprise, Inc will post 1.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth AXON has been the subject of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Axon Enterprise from $750.00 to $755.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $715.00 target price on shares of Axon Enterprise in a research report on Thursday. Weiss Ratings reissued a “hold (c-)” rating on shares of Axon Enterprise in a report on Wednesday. UBS Group raised their price target on Axon Enterprise from $440.00 to $600.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Morgan Stanley lifted their price target on Axon Enterprise from $600.00 to $640.00 and gave the stock an “overweight” rating in a research note on Thursday. Thirteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $730.92.

Read Our Latest Report on AXON

About Axon Enterprise (Free Report)

Axon Enterprise, Inc develops technology and weapons systems for public safety and law enforcement agencies, combining hardware, software and cloud services. The company’s hardware portfolio includes conducted energy weapons (commonly known as TASER devices), body-worn cameras and in-car camera systems. Axon pairs these devices with a suite of connected products and accessories designed to capture, store and manage field evidence.

Beyond hardware, Axon operates a subscription-based software platform for digital evidence management, evidence review and records management.

Recommended Stories Five stocks we like better than Axon Enterprise Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding AXON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Axon Enterprise, Inc (NASDAQ:AXON – Free Report).

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Posted by Defense World Staff on Aug 9th, 2026

Bank of America Corp DE cut its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR – Free Report) by 19.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 568,358 shares of the business services provider’s stock after selling 137,235 shares during the quarter. Bank of America Corp DE owned 0.49% of Broadridge Financial Solutions worth $92,347,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of BR. Edgestream Partners L.P. purchased a new stake in shares of Broadridge Financial Solutions in the first quarter valued at about $2,229,000. Bull Harbor Capital LLC acquired a new stake in Broadridge Financial Solutions in the first quarter valued at about $209,000. South Dakota Investment Council purchased a new stake in Broadridge Financial Solutions in the 1st quarter valued at approximately $764,000. Smith Group Asset Management LLC purchased a new stake in Broadridge Financial Solutions in the 1st quarter valued at approximately $301,000. Finally, Amundi increased its position in Broadridge Financial Solutions by 67.5% during the 1st quarter. Amundi now owns 1,059,021 shares of the business services provider’s stock worth $172,070,000 after purchasing an additional 426,587 shares during the period. 90.03% of the stock is owned by institutional investors and hedge funds.

Broadridge Financial Solutions Price Performance BR stock opened at $166.47 on Friday. The firm has a 50 day moving average of $148.26 and a 200-day moving average of $162.88. The company has a market cap of $18.98 billion, a price-to-earnings ratio of 17.30 and a beta of 0.87. The company has a current ratio of 1.24, a quick ratio of 0.94 and a debt-to-equity ratio of 1.15. Broadridge Financial Solutions, Inc. has a 12-month low of $133.83 and a 12-month high of $268.17.

Broadridge Financial Solutions (NYSE:BR – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The business services provider reported $3.82 earnings per share for the quarter, topping analysts’ consensus estimates of $3.76 by $0.06. Broadridge Financial Solutions had a return on equity of 40.25% and a net margin of 15.04%.The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.17 billion. During the same quarter in the prior year, the firm posted $3.55 EPS. The company’s revenue was up 7.5% compared to the same quarter last year. Broadridge Financial Solutions has set its FY 2027 guidance at 10.370-10.750 EPS. As a group, equities analysts expect that Broadridge Financial Solutions, Inc. will post 10.54 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Stockholders of record on Thursday, September 3rd will be given a $1.09 dividend. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.97. This represents a $4.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, September 3rd. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 45.32%.

Insider Buying and Selling at Broadridge Financial Solutions In other news, insider Hope M. Jarkowski sold 1,966 shares of Broadridge Financial Solutions stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $155.00, for a total transaction of $304,730.00. Following the completion of the transaction, the insider owned 1 shares of the company’s stock, valued at $155. The trade was a 99.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In BR has been the subject of a number of analyst reports. Needham & Company LLC cut their target price on Broadridge Financial Solutions from $255.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, May 1st. DA Davidson decreased their price target on Broadridge Financial Solutions from $228.00 to $214.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. UBS Group dropped their price objective on Broadridge Financial Solutions from $250.00 to $165.00 and set a “neutral” rating on the stock in a report on Monday, May 4th. Morgan Stanley increased their price objective on Broadridge Financial Solutions from $169.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Royal Bank Of Canada raised their target price on Broadridge Financial Solutions from $200.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Broadridge Financial Solutions has an average rating of “Moderate Buy” and a consensus price target of $213.71.

View Our Latest Research Report on BR

Broadridge Financial Solutions Profile (Free Report)

Broadridge Financial Solutions is a global fintech company that provides technology-driven solutions and outsourcing services to the financial services industry. The firm’s core offerings center on investor communications, securities processing and post-trade services, and technology platforms that support capital markets and wealth management operations. Broadridge positions itself as a provider of mission-critical infrastructure that helps financial institutions manage regulatory requirements, investor engagement and operational complexity.

Products and services include proxy and shareholder communications, investor disclosure and digital communications, proxy voting and tabulation, clearing and settlement support, trade processing and reconciliation, and a range of software-as-a-service platforms for wealth and asset managers.

See Also Five stocks we like better than Broadridge Financial Solutions Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding BR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadridge Financial Solutions, Inc. (NYSE:BR – Free Report).

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Posted by Defense World Staff on Aug 9th, 2026

Assenagon Asset Management S.A. lowered its position in shares of JFrog Ltd. (NASDAQ:FROG – Free Report) by 42.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 338,252 shares of the company’s stock after selling 250,638 shares during the quarter. Assenagon Asset Management S.A. owned about 0.28% of JFrog worth $30,740,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FROG. Avior Wealth Management LLC purchased a new position in JFrog in the second quarter valued at approximately $289,000. Moody National Bank Trust Division purchased a new stake in JFrog during the second quarter worth approximately $822,000. Lavelle Capital LP purchased a new stake in JFrog during the first quarter worth approximately $1,046,000. Alpine Woods Capital Investors LLC acquired a new stake in shares of JFrog in the first quarter worth $294,000. Finally, Western Wealth Management LLC acquired a new stake in shares of JFrog in the first quarter worth $30,000. Institutional investors and hedge funds own 85.02% of the company’s stock.

JFrog Trading Up 7.8% NASDAQ FROG opened at $89.52 on Friday. The company’s fifty day simple moving average is $85.16 and its 200-day simple moving average is $63.11. JFrog Ltd. has a 52 week low of $34.05 and a 52 week high of $99.22. The stock has a market cap of $10.84 billion, a P/E ratio of -241.94 and a beta of 1.22.

JFrog (NASDAQ:FROG – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.03. The business had revenue of $163.77 million during the quarter, compared to the consensus estimate of $155.63 million. JFrog had a negative net margin of 7.35% and a negative return on equity of 2.76%. The business’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. JFrog has set its Q3 2026 guidance at 0.220-0.240 EPS and its FY 2026 guidance at 0.960-1.000 EPS. On average, research analysts expect that JFrog Ltd. will post -0.15 EPS for the current fiscal year.

Insiders Place Their Bets In other news, Director Frederic Simon sold 120,000 shares of JFrog stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $85.84, for a total transaction of $10,300,800.00. Following the sale, the director directly owned 3,224,328 shares of the company’s stock, valued at approximately $276,776,315.52. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Yoav Landman sold 150,000 shares of JFrog stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $89.99, for a total value of $13,498,500.00. Following the sale, the chief technology officer directly owned 5,539,038 shares in the company, valued at approximately $498,458,029.62. The trade was a 2.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 938,649 shares of company stock worth $76,347,827 in the last quarter. 11.80% of the stock is owned by corporate insiders.

Key Headlines Impacting JFrog Here are the key news stories impacting JFrog this week:

Positive Sentiment: Q2 results beat expectations. JFrog reported adjusted earnings of $0.27 per share versus the $0.24 consensus estimate, while revenue rose 28.7% year over year to $163.8 million, above both analyst expectations and the company’s prior guidance. JFrog Q2 Earnings Beat Estimates on Cloud and Security Growth Positive Sentiment: Cloud and security momentum strengthened. Cloud revenue jumped 53% to approximately $87.5 million, representing 53% of total revenue. JFrog also reported 97 customers with more than $1 million in annual recurring revenue and 121% net dollar retention, supporting the company’s expansion and recurring-revenue outlook. JFrog stock jumps as Q2 results top guidance and full-year outlook moves higher Positive Sentiment: JFrog raised its outlook. Fiscal 2026 revenue guidance increased to $648 million-$652 million from $628 million-$632 million, while adjusted EPS guidance rose to $0.96-$1.00. Third-quarter guidance of $164 million-$166 million in revenue and $0.22-$0.24 in EPS also exceeds consensus estimates. JFrog forecasts 2026 revenue amid cloud growth outlook Positive Sentiment: Analysts raised targets following the report. Benchmark raised its target to $120 and JPMorgan, Oppenheimer, and BTIG lifted theirs to $115. Truist increased its target to $110, while Piper Sandler raised its target to $90 but retained a neutral rating. Analyst price-target updates Neutral Sentiment: Software stocks broadly moved higher as solid earnings reduced concerns about artificial-intelligence disruption, providing a favorable sector backdrop for FROG. Stocks that explain today’s market Negative Sentiment: Recent insider-trading data shows company insiders recorded numerous open-market sales and no purchases over the past six months. This may temper enthusiasm, although the selling can also reflect scheduled transactions or equity compensation. Analyst Upgrades and Downgrades A number of brokerages have recently commented on FROG. Piper Sandler raised their target price on shares of JFrog from $65.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday. Canaccord Genuity Group set a $105.00 price target on shares of JFrog in a research report on Friday. Needham & Company LLC increased their price target on JFrog from $80.00 to $115.00 and gave the company a “buy” rating in a report on Friday. TD Cowen raised their price objective on JFrog from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. Finally, Cantor Fitzgerald boosted their price objective on JFrog from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Twenty-one equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, JFrog currently has a consensus rating of “Moderate Buy” and a consensus target price of $105.81.

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JFrog Profile (Free Report)

JFrog is a software company specializing in DevOps solutions designed to streamline the management, distribution and security of software binaries. Its core offering, JFrog Artifactory, serves as a universal artifact repository manager compatible with all major package formats, enabling development teams to store, version and share build artifacts across the software delivery pipeline. The company’s platform also includes tools for continuous integration and delivery (CI/CD), security scanning and release automation.

Among JFrog’s flagship products are JFrog Xray, a security and compliance scanning service that analyzes artifacts and dependencies for vulnerabilities; JFrog Pipelines, a CI/CD orchestration engine that automates build and release workflows; and JFrog Distribution, which accelerates the secure distribution of software releases to edge nodes and end users.

Featured Stories Five stocks we like better than JFrog Quantum Earnings Week: Winners and Losers Are Finally Emerging Axon’s Post-Earnings Pullback May Be More About Valuation Than Growth Uber Stock Lags in 2026, But Cash Flow and AV Bets Fuel Upside AppLovin Stock Hits 52-Week Low as Analysts Trim Targets, Stay Bullish Want to see what other hedge funds are holding FROG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for JFrog Ltd. (NASDAQ:FROG – Free Report).

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« PREVIOUS HEADLINEAxon Enterprise, Inc $AXON Shares Sold by Assenagon Asset Management S.A.

Buy now, pay later (BNPL) company Sezzle (SEZL -33.89%) closed at $178.53 on Thursday. By Friday's close, the stock was at $118.02 -- a one-day decline of 33.89% that wiped out about $2 billion of market value. The whole company was worth about $6 billion at Thursday's close and just under $4 billion a day later.

The report that triggered it, released Thursday evening, didn't look like that kind of news. Second-quarter revenue rose 51.7% year over year to $149.7 million -- a record, and ahead of analysts' estimates. Net income came in at $40.8 million, up 47.7%, and earnings per diluted share reached $1.17, from $0.78 a year earlier.

Active subscribers surged 76.4% to 854,000, the largest year-over-year gain in the company's history. And management raised its full-year guidance for the third time this year.

So why did a quarter that strong cost the stock a third of its value? Much of it comes down to the second half the new guidance implies, and to where the stock was trading when the report landed.

Image source: Getty Images.

Another record quarter Measured against a year ago, the second quarter was Sezzle's best. Gross merchandise volume, or GMV (the total dollar value of purchases financed on the platform), grew 37.9% year over year to $1.3 billion. Non-GAAP (adjusted) net income rose 58.4% to $39.3 million, and adjusted EBITDA reached $58 million, a 38.8% margin.

And the engagement behind those numbers deepened. Average purchase frequency hit a company high of 7.2 times per quarter, up from 6.1 a year ago.

The updated outlook moved higher, too. Management now expects revenue to grow 35% this year, the top of its prior 30% to 35% range, and raised its adjusted earnings target to $5.25 per diluted share. In February, that guidance was 25% to 30% growth and $4.70 per share. The company keeps outrunning its own forecasts.

Why did the stock fall so hard? Revenue, though, grew about 14 percentage points faster than the dollar volume behind it. That gap came from yield: Revenue as a percentage of GMV reached 11.7%, after 10.6% in the year-ago quarter. Sezzle earned more on every dollar its shoppers spent, and that yield expansion drove a meaningful share of the quarter's 51.7% growth rate.

The guidance carries the bigger signal. First-half revenue totaled $285.2 million, up 40% year over year. Growing 35% for the full year, on last year's $450.3 million, implies about $608 million of revenue in 2026, which leaves roughly $323 million for the second half.

That's about 31% growth, a sharp slowdown from the 51.7% just reported.

Some of that math reflects an easy comparison, since the year-ago second quarter was the softest stretch of Sezzle's 2025. This quarter's growth rate was likely always going to flatter the trend. But the direction is the same either way -- a second half growing near 31%, closer to volume growth than to the headline rate Sezzle just reported.

That mattered because of where the stock stood. Coming into the report, shares had climbed about 260% from their 52-week low of $49.50 and sat within about 10% of their 52-week high.

At Thursday's close, shares cost about 34 times the newly raised full-year adjusted earnings target. Investors were paying for the 51.7%, not the 31%.

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A much cheaper stock than on Thursday One day later, the price asks far less. At $118.02, Sezzle trades at about 22 times the full-year adjusted earnings figure management just guided to. That's for a growth stock still expected to grow revenue 35% this year, with a net income margin near 27% and a subscriber base up 76% from a year ago.

Of course, BNPL is a credit business, and a credit business's growth can look terrific right up until losses catch up with it. Sezzle's yield gains won't repeat forever, either. And the second half will test whether marketing spending, which more than doubled in the first half, keeps producing subscribers at this pace.

Still, I'd call Friday's move a repricing more than a verdict on the business. The quarter was excellent, but investors had been paying for the headline rate, and the new outlook shows that rate cooling toward volume growth in the second half. At about 22 times guided earnings, the stock is arguably priced much closer to the forecast the company gave.

Upstart (UPST +4.64%) stock dropped 23% in July, according to data provided by S&P Global Market Intelligence. There was macroeconomic data pointing to continued pressure for lenders, which is its core business, as well as continued concern about agentic artificial intelligence (AI) replacing software-as-a-service (SaaS) products.

Upstart is in for a long recovery Upstart stock plunged several years ago when it couldn't sustain incredibly high growth as interest rates rose, and it hasn't gotten back on its feet yet. The business has somewhat recovered, but it's not where it used to be. It's also facing a tough macroeconomic environment, hampering market confidence in its future.

Image source: Getty Images.

On top of that, the market has soured on many SaaS stocks in the age of agentic AI. The worry is that agents can perform many of the tasks that these companies take care of. Upstart is an AI-based credit evaluation platform, and it claims to approve more loans without adding risk to the lender. It uses machine learning and thousands of data points to continually improve, offering real value to its clients, and it says its underwriting model has been 2.74 times as good as traditional models over the past eight years. The fear is that agents can do this just as well.

So far, Upstart continues to make its way back up, and it has been demonstrating solid performance over the past few quarters. In the 2026 second quarter, revenue increased 42% year over year, and originations were up 50%. Net income nearly tripled to $16.5 million, but Upstart has been in and out of generally accepted accounting principles (GAAP) profitability for several quarters.

The future still looks bright The company is still well-positioned to keep growing. Management is targeting a 40% revenue increase for the 2026 full year, and it also provided longer-term guidance of a 35% compound annual growth rate through 2028.

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It continues to expand, and new products present new opportunities. It has added auto loans and home loans to its original, core personal lending products, and its secured auto and home loan originations increased 218% year over year in the second quarter. Management says that it has reduced the cost of its home equity product by 15%, and that it can be approved in six days with a price advantage of two percentage points vs. competitors.

It has also signed several funding rounds for its loans so it's keeping a small amount on its books. That reduces its direct exposure to high interest rates.

Upstart stock rose after earnings, but the stock is still well off its high as the market weighs its performance against its risks.

A $100 million investment in World Liberty Financial’s governance tokens, the largest single publicly disclosed purchase of WLFI tokens, traces back to a Chinese businessman currently under investigation by UK law enforcement for money laundering.

The investment, made on June 26 through the UAE-based Aqua1 Foundation, directed as much as $75 million toward entities controlled by the Trump family and affiliates of co-founder Zach Witkoff. The man behind the foundation, Guren “Bobby” Zhou, was arrested in the UK in March 2021 on suspicion of money laundering. British officials have confirmed the investigation remains active as of late July.

Following the money World Liberty Financial launched in 2024 as a decentralized finance protocol with deep ties to the Trump family. Eric Trump serves among its co-founders alongside Witkoff, the son of Trump’s special envoy Steve Witkoff. The project has raised hundreds of millions through its WLFI governance token sales, attracting capital from domestic and international sources alike.

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The Aqua1 Foundation deal stands out not just for its size but for the circumstances surrounding its architect. Zhou has faced legal trouble on two continents. Beyond the UK money laundering investigation, Chinese courts have issued civil judgments against him totaling roughly 19.4 million yuan, approximately $2.4 million, for unpaid loans.

Eric Trump met with Zhou in Dubai to discuss the investment, according to reporting by The New York Times. Zhou later described the arrangement as involvement in “Trump’s family’s crypto venture.”

The due diligence question Standard anti-money laundering protocols, the kind that traditional financial institutions follow as a matter of routine, typically flag individuals with active investigations. Know-your-customer requirements exist precisely to prevent potentially illicit funds from flowing into financial products. With up to $75 million reportedly flowing to Trump-linked entities and Witkoff affiliates, the question of where that money originated becomes more than an academic exercise.

WLFI tokens function as governance tokens for the World Liberty Financial protocol, giving holders voting rights over protocol decisions. They do not represent equity or ownership in the traditional sense.

Regulatory crosshairs The stablecoin legislation debate in Congress has repeatedly circled back to the question of whether Trump-linked crypto projects should face enhanced disclosure requirements. A $100 million investment from an entity connected to a foreign national under money laundering investigation is the kind of case study that regulators point to when arguing for stricter oversight.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

7 hrs ago

4 min read

Hyperliquid has never traded more contracts, and it has never kept a smaller share of the money those contracts earn

Open interest, the total value of leveraged positions traders hold at one time, climbed to just above $11 billion on July 13, the platform's highest in 2026. Hyperliquid’s perpetual futures volume over the past 30 days ran to nearly $178 billion. Hyperliquid now settles roughly 9% of all open perp positions worldwide, centralized exchanges included, up from under 7% in late May.

But the platform’s revenue has gone the other way. Gross protocol revenue peaked at roughly $357 million in the third quarter of 2025 and has fallen every quarter since, to nearly $295 million, then roughly $217 million, then about $202 million in the second quarter of 2026, DefiLlama data shows. That is a 43% drop from the top, booked while the trade count climbed.

Hyperliquid Improvement Proposal (HIP-3) helps explain why Hyperliquid is keeping less of the activity it attracts. Since October 2025, anyone who stakes 500,000 HYPE, worth about $28 million at current prices, can deploy their own perpetual futures market on Hyperliquid's order books and keep up to half the trading fees.

At the start of 2026 these builder-deployed markets were about 2% of Hyperliquid's perp volume. They are now roughly half of it.

The pass-through shows up in the accounts. Cost of revenue, the portion of fees Hyperliquid hands straight back to builders, market makers and its own liquidity vault, was under 6% of gross revenue in the second quarter of 2025. A year later it was 18%.

Builder code fees, which front-ends like Phantom charge on top for routing an order, arrived at roughly $16 million of revenue in the second quarter and left as roughly $16 million of cost in the same quarter. Every dollar of it passes through.

Traders keep showing up because of what those builder markets list. Real-world asset perps, contracts on things like crude oil, gold, Nvidia, Tesla, a Nasdaq-100 tracker and pre-IPO names like SpaceX, hit a record $3.6 billion in open interest this month and overtook bitcoin as the platform's largest market by that measure.

Between July 13 and July 19, tokenized stocks and commodities did $25 billion in volume, 52% of the weekly total, outpacing crypto perps for the first time. The contracts settle in stablecoins, never expire, and trade through the weekend when the New York Stock Exchange is shut. A product such as leveraged Nvidia exposure, at 2 a.m. on a Sunday, has few other homes.

That growth sits largely on one set of shoulders. Trade.xyz accounts for more than 90% of all HIP-3 open interest, which means Hyperliquid's record numbers depend on a single deployer's oracle choices, margin settings and risk management.

The risk in that arrangement showed earlier this week on Monday, when a single trade on a thin Korean pre-market venue dropped Trade.xyz's SK Hynix contract 19% and triggered liquidations the firm has since agreed to reimburse.

Hyperliquid routes about 97% of trading fees into its Assistance Fund, which buys the token on the open market and retires it, taking roughly 44.5 million HYPE out of the total supply so far. The buyback is a fixed share of earnings, so it contracts when earnings contract. The fund bought nearly $290 million of HYPE in the third quarter of 2025. In the second quarter of 2026 it bought roughly $149 million, close to half as much.

HYPE traded near $55 on Friday, down 5% on the week and roughly 28% below the June 16 record near $77, CoinDesk data show. Annualized earnings of about $785 million put the token at roughly 16 times its circulating market value and about 70 times fully diluted.

Institutional holders including Multicoin Capital and Bitwise have moved sizeable amounts of HYPE to exchanges over the past month.

The ecosystem around it is thinner than a top-15 ranking suggests. Of the 48 tokens CoinGecko tracks in the Hyperliquid category, HYPE accounts for almost all of the value. The next two, Ethena's USDe at about $4.5 billion and USDT0 at roughly $4 billion, are stablecoins issued elsewhere and bridged in. The largest natively built token is PURR at about $53 million, under half a percent of HYPE. The market still values HYPE largely on Hyperliquid’s exchange economics rather than a broad base of native applications.

Supply and regulators press from the other side. Nearly 10 million HYPE unlocked to core contributors on Aug. 6, about $550 million at current prices, one of a monthly series running through 2027 against a circulating supply of only 222 million.

Spot HYPE ETFs posted their first weekly outflow in the week to July 17, roughly $7 million, ending a nine-week inflow run. Singapore's MAS added the platform to its investor alert list in late June, following earlier U.K. warnings, and CME and ICE executives have pushed the CFTC to review its commodity perps.

Meanwhile, competition has arrived from an unexpected direction. Robinhood Chain, the brokerage's month-old network, has been clearing more than $600 million in daily decentralized-exchange volume on memecoin trading, and by some measures now draws more daily speculative activity than Hyperliquid does.

None of which is the same as saying the business is failing. ARK research put Hyperliquid and Pump.fun together at 67% of all crypto application revenue as of July 31, and Grayscale has compared the platform to Amazon Web Services, a place where outside developers build the products while the operator takes a cut of everything traded.

That comparison contains the problem. Hyperliquid booked roughly $45 million in gross revenue through the first four weeks of the third quarter. Hold that pace and the quarter lands near $150 million, a fourth straight decline, and the bid under HYPE thins with it.

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Building the Zcash Machine: Tachyon and Quantum Readiness

Building the Zcash Machine: Tachyon and Quantum Readiness

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

Jun 30, 2026

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

Why it matters:

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

A memecoin factory just out-earned one of crypto’s most hyped derivatives exchanges. Pump.fun, the Solana-based token launchpad that lets anyone spin up a memecoin in seconds, posted $33.73 million in 30-day revenue, according to DeFiLlama data, surpassing Hyperliquid’s $32.73 million over the same period.

The $PUMP token responded accordingly, climbing roughly 12% to trade near $0.0027 with a market capitalization of approximately $1.055 billion.

The numbers behind the flip Pump.fun’s total fees over the 30-day window reached $84.35 million, while Hyperliquid collected $47.14 million in fees during the same stretch. The gap between fees and revenue for each protocol reflects their different economic models. Pump.fun converts a larger share of its fee intake into protocol revenue, while Hyperliquid distributes more of its fees back to liquidity providers and stakers.

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The TVL comparison tells a different story entirely. Hyperliquid sits on $6.041 billion in total value locked across its Layer 1 and Arbitrum deployments. Pump.fun holds $251.4 million, almost entirely on Solana. That means Pump.fun is generating more revenue per dollar locked by a factor of roughly 24x.

Historical data shows multiple instances where Pump.fun has outpaced Hyperliquid on daily and weekly revenue metrics. The monthly flip just makes the pattern harder to dismiss as noise.

How Pump.fun built its revenue engine Pump.fun launched in early 2024 and quickly became the go-to platform for memecoin creation on Solana. Its bonding-curve mechanism lets anyone deploy a token with built-in liquidity, no coding required. The platform’s cumulative lifetime revenue has reached $1.231 billion.

For comparison, Hyperliquid’s cumulative lifetime revenue sits at $1.188 billion. The memecoin launchpad has now surpassed the derivatives exchange on both trailing 30-day and all-time revenue metrics.

What this means for the competitive landscape The contrasting fee structures deserve attention from anyone allocating capital between these ecosystems. Pump.fun’s higher fee-to-revenue conversion rate means more value accrues directly to the protocol and, by extension, to token holders. Hyperliquid’s model redistributes more value to participants, which makes it stickier for power users but less immediately profitable as a protocol investment.

A protocol generating over $33 million in monthly revenue against a $1 billion market cap gives $PUMP a price-to-revenue multiple that looks attractive compared to many DeFi tokens trading at far higher valuations on thinner revenue streams.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

https://senate.arkansas.gov/senate-history-education/history-of-the-chamber/

The U.S. Senate has advanced the CLARITY Act, a significant cryptocurrency regulation bill, closer to a full vote, a move that could shape the future regulatory framework for digital assets. Majority Leader John Thune’s decision to set up a procedural vote points towards imminent consideration on the Senate floor, although the bill still requires sufficient support to overcome a potential filibuster. The legislation, which establishes federal guidelines for classifying digital assets as securities or commodities, comes after approval from the Senate Banking and Agriculture Committees earlier this year.

Market participants appear to interpret this legislative progress as a potential catalyst for Bitcoin’s future price movement. The likelihood of Bitcoin reaching $200,000 by the end of 2026 has seen a slight uptick, with certain sub-markets reflecting increased optimism. The movement suggests that passing the CLARITY Act may provide regulatory clarity that could be supportive of higher Bitcoin valuations.

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The active sub-markets for Bitcoin’s price reflect mixed sentiments, with some seeing a notable increase in odds for significant price milestones. As the Senate moves forward with this bill, market observers are closely watching for further developments that could influence these trends.

Key Takeaways Senate action on the CLARITY Act appears to suggest potential regulatory clarity for digital assets. Market pricing implies a slight increase in the likelihood of Bitcoin reaching $200,000 by the end of 2026. Sub-market activity indicates mixed but slightly optimistic sentiment regarding Bitcoin’s future price trajectory. What to Watch Watch for the outcome of the Senate vote on the CLARITY Act, as its passage could further influence Bitcoin’s price outlook. Key indicators will include whether the bill secures enough votes to overcome a filibuster and any subsequent market response. Additionally, developments in regulatory announcements or major institutional adoption could impact market sentiment further.

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What Price Will Bitcoin Hit Before 2027

Contract Odds Δ since publish Volume 24h December 31 2.1% — — View market → December 31 2.1% — — View market → December 31 2.9% — — View market → December 31 3.9% — — View market → December 31 4.5% — — View market → January 1 2027 8.5% — — View market → January 1 2027 21.5% — — View market → January 1 2027 3.9% — — View market → January 1 2027 2.4% — — View market → January 1 2027 2.1% — — View market → January 1 2027 3.4% — — View market → January 1 2027 4.2% — — View market → January 1 2027 5.5% — — View market → January 1 2027 59% — — View market → January 1 2027 8.5% — — View market → January 1 2027 1.8% — — View market → January 1 2027 3.2% — — View market → January 1 2027 36.5% — — View market → January 1 2027 13.5% — — View market → January 1 2027 7.5% — — View market → January 1 2027 3.6% — — View market → January 1 2027 2.5% — — View market → January 1 2027 1.8% — — View market → January 1 2027 1.2% — — View market → January 1 2027 0.9% — — View market → January 1 2027 11.5% — — View market → January 1 2027 23.5% — — View market → January 1 2027 34.5% — — View market → January 1 2027 52.5% — — View market → January 1 2027 72.5% — — View market → When Will Bitcoin Hit 150k

Contract Odds Δ since publish Volume 24h December 31, 2026 3.6% — — View market →

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

An attempt to expand the capabilities of XRP Ledger (XRPL) has sparked a heated technical debate in the crypto community. The discussion was triggered by a radical proposal to increase the limit of the transaction Memo field by 1,200 times, from the current 1 KB to approximately 1.3 MB. 

Blockchain enthusiasts have already begun discussing the upgrade's "limitless potential," but some have called for a sober assessment of the risks.

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The authors of the idea, including Vet from the XRPL Foundation, want to allow users to embed files directly into the ledger. The new limit would make it possible to upload the following content in XRPL transactions:

Images and PDF documents;Music tracks and short video clips;Software source code and compressed archives.Promo infographic pushing to increase the XRPL memo limit 1200x for on-chain files, Source: X.comThe proposed change is justified by the principle of freedom of choice — if a network participant is prepared to pay the fee for storing their content, the protocol should provide that option.

Matt Hamilton pushes Filecoin alternativeThe initiative's main critic is Matt Hamilton, a former developer relations director at Ripple. Commenting on the proposal, he criticized the initiative and directly called the new expansion plan "a really bad idea."

The problem lies in XRPL's architecture. The blockchain operates as a distributed payment ledger, not a file-sharing service. For the network to remain secure and synchronized, every validator and node must store the entire transaction history.

If XRP Ledger users begin filling the ledger with large media files, the database will start growing exponentially, Hamilton warned. 

Because every node has to store it forever. Really bad idea. Best use an actually storage network like Filecoin and have a way to link the two.

— Matt Hamilton (@HammerToe) August 9, 2026 This would significantly increase hardware requirements, make operating nodes too expensive for independent participants and, in the long term, threaten the network's decentralization.

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Drawing on his experience developing blockchain protocols, Hamilton pointed to more efficient engineering approaches that already exist. Specialized decentralized data storage networks, such as Filecoin, are designed for large files.

According to the expert, this hybrid approach allows users to work with any type of media content while keeping XRP Ledger what it was originally designed to be: a fast, lightweight and scalable payment tool.

3 Gold Stocks Under $5 With Massive UpsideGold Royalty NYSEAMERICAN: GROY reported record first-half revenue and adjusted EBITDA for 2026, while reiterating its full-year production guidance and outlining expected catalysts across its portfolio of more than 250 assets.

For the six months ended June 30, the company reported total revenue, land agreement proceeds and interest of $17.3 million, up 116% from the comparable period a year earlier. Gold equivalent ounces, or GEOs, increased more than 40% to 3,677, while adjusted EBITDA rose 212% to $12.6 million, Chair and CEO David Garofalo said during the company’s second-quarter earnings call.

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Second-quarter total revenue, land agreement proceeds and interest totaled $7.9 million, representing 1,757 GEOs. Adjusted EBITDA for the quarter was $5.6 million, compared with $2.4 million in the second quarter of 2025, according to Chief Financial Officer Andrew Gubbels.

Balance Sheet and Cash Allocation Gubbels said Gold Royalty ended the second quarter with more than $11.3 million in cash, no debt and a fully undrawn $150 million credit facility. He said the company expects its portfolio to generate consistent positive free cash flow and intends to maintain a modest cash balance while directing additional operating cash toward growth opportunities when appropriate.

The company is also considering a capital-return policy for its board, Gubbels said, adding that any such policy would be announced later. Garofalo said Gold Royalty reached positive free cash flow in mid-2025 and expects its balance sheet to strengthen as GEO volumes increase, interest costs remain eliminated and general and administrative expenses are rationalized.

Garofalo emphasized the company’s focus on net smelter return, or NSR, royalties, which are generally based on revenue rather than mine-site operating costs. He said the royalty model leaves Gold Royalty insulated from many forms of operating cost inflation borne by mine operators.

Guidance Maintained as Production Assets Ramp Up Gold Royalty maintained its 2026 guidance of 7,500 to 9,300 GEOs. Vice President of Capital Markets and Sustainability Jackie Przybylowski said first-half production represented 44% of the midpoint of that guidance range, above the company’s expected 40% first-half weighting.

The company expects volumes to be more heavily weighted to the second half as the Vareš and County Line operations ramp toward full production rates. Gold Royalty also cited potential production growth at Borden, Côté and Pedra Branca. Przybylowski said processing and sale of stockpiled material from the Canadian Malartic Barnat pit could provide additional upside, though it was not included in guidance.

When asked whether the range could be narrowed after the third quarter, Przybylowski said the company would consider it but did not guarantee an update. She identified the ramp-up at DPM Metals’ Vareš mine and the progress at CoreX’s Pedra Branca operation as important factors to monitor.

Gold Royalty expects its production to rise to between 28,000 and 34,000 GEOs by 2030, or about six times its actual 2025 result, from assets already in its portfolio, Przybylowski said.

Recent Royalty Acquisitions President John Griffith said Gold Royalty continues to pursue acquisitions but remains selective amid robust competition for larger royalty transactions, particularly those with near-term cash flow, favorable jurisdictions and established operators.

In June, the company acquired an additional 0.1875% NSR royalty on the REN project for $6.25 million. The project is operated by Barrick and jointly owned by Barrick and Newmont through the Nevada Gold Mines joint venture. Gold Royalty already held a 1.5% NSR royalty and a 3.5% net profits interest royalty on REN.

Barrick expects REN to reach first production by the end of 2026 and ramp to a production rate of 140,000 ounces annually by the end of 2027, Griffith said.

Subsequent to quarter-end, Gold Royalty acquired two Nevada royalties: a 2% NSR royalty on AngloGold Ashanti-operated Sterling and a 0.5% NSR royalty on portions of i-80 Gold-operated Granite Creek. Griffith said the Granite Creek royalty covers portions of the Felix and Blue Bell pits, which are not included in the initially envisioned eight-and-a-half-year mine plan but represent longer-term optionality.

Portfolio Catalysts The company highlighted several expected second-half developments, including DPM Metals’ planned achievement of commercial production at Vareš by the end of September and full production by year-end. Gold Royalty holds a stream on all copper produced at Vareš.

Other anticipated milestones include first production at REN by year-end; a third-quarter study on doubling plant capacity at Aura Minerals’ Borborema project; a third-quarter feasibility study for i-80 Gold’s Granite Creek underground project; and fourth-quarter studies related to First Majestic Silver’s Jerritt Canyon restart and Canadian Malartic’s Odyssey project.

Garofalo said the company will continue to prioritize accretive growth while maintaining discipline in capital allocation decisions.

About Gold Royalty (NYSEAMERICAN:GROY)Gold Royalty Corp is a precious metals royalty and streaming company that focuses on acquiring and managing royalty interests in gold, silver and other metal assets. The company provides upfront funding to mining operators in exchange for a percentage of future metal production, offering an alternative financing model that can reduce capital requirements and accelerate development timelines for mining projects.

The firm's diversified portfolio spans royalty and stream agreements across the Americas, with interests in operating mines, development‐stage assets and advanced exploration projects.

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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Sandisk (SNDK -3.68%) has been one of the hottest stocks in the market over the past year, up over 2,820%, but the stock continued its recent retreat following its fiscal Q4 earnings report and is now off around 47% from its June highs.

The memory chip maker continued to see surging revenue and substantial gross margin expansion in its fiscal Q4 that ended July 3. However, fiscal Q1 revenue guidance that fell just below analyst expectations helped sink the stock, as investors continue to look for signs that the memory cycle may turn.

Image source: The Motely Fool.

Trading near-term gains for more sustainable growth Sandisk has benefited from soaring NAND (flash) memory prices, as the market remains supply-constrained. This is largely due to the big three memory makers reducing NAND production and shifting their focus toward DRAM (dynamic random access memory) following a crash in the NAND market after the pandemic pulled forward demand for electronics.

However, NAND demand soon shot up as AI data centers suddenly began using enormous, high-performance solid-state drives (SSDs) composed of flash memory to store training data. Meanwhile, NAND capacity has been slow to increase, as the big three memory makers pour most of their resources into high-bandwidth memory (HBM), which gets packaged with graphics processing units (GPUs) and other AI chips, to reduce latency and improve power efficiency.

Given how cyclical the flash market has historically been, Sandisk has decided to give up some near-term gains in favor of long-term visibility and durability by signing long-term contracts. That is why the midpoint of its Q1 revenue guidance, between $10.3 billion and $10.8 billion ($10.55 billion midpoint), came up just short of the $10.62 billion consensus. Fiscal Q1 gross margins are expected to fall sequentially but remain robust between 83% and 85%, and the midpoint of its projected EPS of between $43 and $46 ($45 midpoint) was above the $44.21 consensus.

The company has added three new long-term deals since its fiscal Q3 earnings report, bringing the total to eight deals with data center and edge customers (devices like smartphones and laptops). It said the contracts include $93.9 billion in revenue at floor pricing and $16.5 billion in financial guarantees.

It expects to grow production at a mid-to-high-teens rate going forward and said that, with four years of visibility, supply and demand will catch up. It expects continued downward pressure in the consumer market this year, with smartphone and PC units down and growth returning next year. Meanwhile, it sees agentic AI and KV-cache as major opportunities.

As for the results themselves, Sandisk's revenue soared 372% year over year to $9 billion. Data center revenue went from $213 million a year ago to $3 billion, and more than doubled quarter over quarter. Its Edge segment saw revenue skyrocket 392% to $5.4 billion, while the consumer segment, which includes products like flash drives, saw revenue fall 5% to $556 million.

Revenue growth has largely been driven by higher NAND prices, which have also significantly bolstered the company's gross margins. For the quarter, gross margins climbed from 26.2% last year and 78.4% in fiscal Q3 to 84.6%. The company's adjusted earnings per share (EPS) surged from $0.29 a year ago to $39.25. That easily surpassed the adjusted EPS range of $30 to $33 it had previously forecast.

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Is the stock a buy on the dip? The biggest knock on Sandisk has been the cyclical nature of its business, so I don't view the company giving up a little near-term revenue and gross margin to lock in longer-term five-year deals to give it more sustained growth and visibility as a bad thing. The company is still making money hand over fist, and it should continue to do so over the next several years.

Meanwhile, Sandisk still has the potential to drive outsize growth through technological advancements like high-bandwidth flash. Developed with SK Hynix, this could become a big technology in the inference market.

Following the pullback, the stock trades at a forward price-to-earnings (P/E) ratio of 5.6 times fiscal 2027 analyst estimates. If the company is going to be printing money for at least the next four or five years, this looks like an attractive entry point for this AI stock.

3 Stocks Under $5 With Strong Analyst Upside PotentialVaxart OTCMKTS: VXRT said it has reported positive 12-month safety data from the 400-participant Sentinel cohort of its Phase II-B COVID-19 vaccine trial and remains on track to disclose top-line data from the larger, approximately 5,000-participant main cohort in the first half of 2027.

The company discussed the clinical update, financial position, partnership efforts and governance changes during a stockholder fireside chat. Vaxart’s Phase II-B COVID-19 study is funded through the Biomedical Advanced Research and Development Authority’s, or BARDA’s, Project NextGen initiative.

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Sentinel Cohort Shows Favorable Safety Profile Chief Medical Officer Dr. James F. Cummings said the Sentinel cohort was designed primarily to evaluate safety before expansion into the larger study population. In the cohort, 201 participants received Vaxart’s oral COVID-19 vaccine candidate targeting the XBB variant, while 199 received an approved injectable mRNA vaccine comparator.

According to Cummings, there were no vaccine-related serious health complications and no severe or long-lasting adverse events in either group over the 12-month period.

The most commonly reported side effects among oral-vaccine recipients were mild-to-moderate fatigue, reported by 20.9% of participants; headache, reported by 18.9%; and loss of appetite, reported by about 10%. Fewer than 10% of oral-vaccine recipients reported other side effects, he said.

Among mRNA vaccine recipients, more than 60% reported injection-site pain, while 40.2% reported injection-site tenderness. Other reported side effects included fatigue in 35.2% of participants, muscle pain in 33.2%, and headache in 28.6%. Cummings said between 10% and 15% of mRNA recipients reported joint pain, chills, nausea, diarrhea and arm swelling.

There were 33 symptomatic COVID-19 cases in the oral-vaccine arm and 30 in the mRNA comparator arm. Each group recorded 12 asymptomatic cases. However, Cummings emphasized that the 400-person Sentinel cohort was not designed or powered to establish statistically significant differences in vaccine efficacy.

The larger main cohort, which was vaccinated against the KP.2 variant and is fully enrolled, is intended to evaluate comparative safety and relative efficacy. Vaxart expects the complete data set, including the Sentinel and main cohorts, to be released in the first half of 2027, subject to BARDA approval of the timing and content of disclosures.

BARDA Funding Supports Expanded Analyses Chief Executive Officer Steve Lo said a June contract modification with BARDA released dedicated funding for additional scientific analyses. Cummings said $29 million under the modification will support final study execution as well as expanded exploratory safety, immunogenicity and efficacy analyses.

Those analyses include deeper sub-variant genomic sequencing and extended mucosal and cellular biomarker profiling across the more than 5,000 participants in the main cohort. The company also plans to evaluate mucosal immunity, including antibodies in the nose and mouth where respiratory viruses enter the body.

Cummings said some of this work had originally been contemplated as a second phase after initial data reporting. BARDA agreed to fund the work before final study completion, he said. The agency retains authority over the release of study readouts under the terms of the contract.

Founder and Chief Scientific Officer Dr. Sean Tucker said Vaxart’s platform generates mucosal immunoglobulin A, or IgA, responses and that the company believes IgA may have a greater ability to handle viral variation than IgG. He said prior studies had shown broad cross-reactivity from the company’s oral COVID-19 vaccine candidate, though further conclusions about durability and variant coverage will depend on analysis of the current Phase II-B data.

Norovirus Partnership Efforts Continue Vaxart continues to pursue a partner for its norovirus vaccine program, which Lo described as a significant unmet need. He said the company is taking a disciplined approach to partnership discussions and will not disclose valuation ranges under discussion.

Lo characterized Moderna’s recent decision to extend enrollment in its Phase III norovirus study for another season as a “mixed blessing.” While the delay could provide Vaxart with a competitive advantage, he said prospective partners are also considering the longer timeline and prior setbacks in the norovirus field, including HilleVax’s failed program.

Tucker said Vaxart believes intestinal antibodies are important for protection against norovirus and that its oral tablet could potentially provide stronger intestinal antibody responses than an injected vaccine. If Vaxart does not secure a suitable commercial partner, Lo said the company is also evaluating non-dilutive funding sources, including governments outside the U.S.

The company removed a projected norovirus timeline from its corporate presentation because a Phase II start remains contingent on securing funding, Lo said.

Second-Quarter Financial Results and Governance Changes Chief Financial Officer Jeroen Grasman said Vaxart ended the second quarter of 2026 with $64 million in cash equivalents and short-term investments. Based on its current operating plan, the company expects its capital to fund operations into the second quarter of 2027.

Second-quarter revenue was $27.2 million, compared with $39.7 million in the prior-year quarter. Revenue primarily came from the BARDA contract, along with $2.9 million from Vaxart’s license and collaboration agreement with Dynavax. Research and development expense fell to $33.7 million from $49.7 million a year earlier. General and administrative expense was $6.6 million. Net loss was $13.5 million, or $0.06 per share, compared with a net loss of $15 million, or $0.07 per share, in the second quarter of 2025. Grasman said Vaxart also has access to a $25 million share purchase agreement with Lincoln Park Capital. The company is prioritizing financial discipline and evaluating government grants, nonprofit funding and strategic partnerships as potential non-dilutive funding sources.

Separately, Lo outlined governance actions following a cooperation agreement with a shareholder group. Vaxart reorganized board leadership, appointed new committee chairs, and is creating a Stockholder Engagement Committee and a Clinical and Regulatory Affairs Committee. The company is also seeking an additional independent director in collaboration with the shareholder group.

About Vaxart (OTCMKTS:VXRT)Vaxart, Inc is a clinical-stage biotechnology company pioneering the development of oral recombinant vaccines administered in tablet form. Leveraging a proprietary, room-temperature-stable platform, the company aims to simplify vaccine delivery while eliciting both systemic and mucosal immune responses. Its technology is based on the replication-defective adenovirus vector system, which encodes target antigens designed to protect against a range of infectious diseases without the need for injections or cold-chain logistics.

The company’s pipeline includes multiple vaccine candidates in various stages of development.

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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3 hot mid-caps set to report Q3 earningsYelp NYSE: YELP reported second-quarter revenue growth of 1% year over year as the company increased investment in artificial intelligence-driven products, data licensing and lead-management offerings while navigating what executives described as a challenging environment for local businesses.

Second-quarter net revenue rose to $376 million, exceeding the high end of the company’s outlook range by $8 million. Net income declined 28% from a year earlier to $32 million, or an 8% net income margin. Adjusted EBITDA fell 9% to $91 million, representing a 24% margin and coming in $16 million above the high end of Yelp’s outlook range.

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Are Dividend-Paying Office REITs Finally Staging A Comeback?Chief Executive Officer Jeremy Stoppelman said the company is advancing an AI transformation aimed at making local discovery more conversational, providing new tools for businesses and expanding Yelp’s content distribution through partnerships.

Advertising Revenue Reflects Local-Business Pressures Advertising trends remained pressured during the quarter. Services advertising revenue was flat year over year at $241 million, while restaurant, retail and other, or RR&O, advertising revenue declined 10% to $102 million.

Paying advertising locations fell 1% year over year to 510,000, as services locations remained flat and RR&O locations declined. Ad clicks decreased 5%, driven by fewer clicks in RR&O categories, though services-category clicks increased slightly. Average cost per click rose 1%, which Chief Financial Officer David Schwarzbach attributed to services clicks comprising a larger portion of total clicks.

Chief Operating Officer Jed Nachman said paying advertiser location trends showed improvement from the first quarter. Restaurant advertiser locations posted their strongest performance in several years, while services advertiser locations were flat. Still, Nachman said local businesses continue to contend with inflation, gas costs and other input-cost pressures, and the company does not expect a major turnaround in the broader local economy in the near term.

Other Revenue Nearly Doubles on AI Offerings Other revenue increased 98% year over year to a record $33 million. The growth reflected contributions from Hatch, Yelp’s lead-management business acquired in February, as well as growth in data licensing and food-order revenue.

Hatch’s annual revenue run rate reached $35 million in June, up 59% year over year. Stoppelman said Yelp significantly expanded the Hatch team during the second quarter to accelerate the product roadmap, though the expansion created what he described as an adjustment period during the quarter. The company saw improved trends in July.

Schwarzbach said Yelp is investing in Hatch across product, engineering and go-to-market functions as it seeks to scale what had been a startup operation. He said the company believes Hatch’s longer-term margin profile could resemble that of other subscription businesses, though Yelp intends to continue investing in the near term to pursue the market opportunity.

Yelp is targeting an annual run rate of $250 million in other revenue by the end of 2028. Schwarzbach said the company views AI-driven offerings, including Yelp Host, Hatch and data licensing, as important contributors to that objective.

Yelp Host, OpenAI Partnership Expand Product Reach Yelp Host, the company’s AI-powered call-answering service for restaurants, reached an annual run rate of 2.4 million calls handled in July, more than tripling from January. The company added support for 16 new languages and introduced an OpenTable integration that allows callers to book and manage reservations automatically through Yelp Host.

Yelp also added food-ordering functionality with point-of-sale integration, enabling restaurants to take pickup orders by phone without added fees. Stoppelman said the product has created positive synergies with Yelp’s restaurant sales efforts, which include Yelp Ads and Yelp Guest Manager, although he said it remains early and Yelp Host has not materially changed the company’s restaurant advertising business.

On the consumer side, Stoppelman said Yelp saw improvements in app installs and page views. Yelp Assistant, its conversational product across local categories, showed early positive engagement trends. In services, the assistant contributed to approximately 10% year-over-year growth in project submissions, according to the company.

Yelp also said its ratings and reviews began powering ChatGPT’s local experience in relevant categories through its OpenAI partnership. A Request a Quote integration with ChatGPT is expected to launch soon. Stoppelman said the relationship could become a meaningful distribution channel over time, though he characterized traffic and conversion data from the integration as too early to assess.

He said Yelp has also benefited from product work on search engine optimization, higher app downloads, partner-network traffic and what he described as positive Google algorithmic changes favoring user-generated content. Yelp’s paid traffic activity is relatively limited compared with its overall organic traffic, he said.

Outlook Calls for Continued Investment Yelp expects the difficult environment for local businesses to continue through the remainder of the year, weighing on advertising revenue across categories. For the third quarter, the company forecast net revenue of $365 million to $370 million and adjusted EBITDA of $70 million to $75 million.

For the full year, Yelp narrowed its revenue outlook to $1.460 billion to $1.470 billion and its adjusted EBITDA outlook to $315 million to $325 million. The company expects expenses to increase sequentially in the third quarter as it invests in its AI strategy, Hatch and consumer marketing.

Yelp repurchased $15 million of stock in the second quarter at an average price of $24.92 per share and approximately $25 million more in the third quarter, bringing year-to-date repurchases to about $200 million. The company said it has paused repurchases to pay down its revolving credit facility and expects to resume buybacks in 2027. Yelp had $339 million remaining under its existing repurchase authorization.

About Yelp (NYSE:YELP)Yelp is a digital platform that connects consumers with local businesses through user-generated reviews, ratings and multimedia content. The company's flagship offerings include the Yelp website and mobile applications for iOS and Android, where users can search for and discover restaurants, shops, service providers and other points of interest. In addition to crowd-sourced reviews and photographs, Yelp provides business profile pages featuring hours, contact information, menus and direct messaging capabilities.

Yelp generates revenue primarily through advertising services sold to small and medium-sized enterprises.

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Investors weren't loving AppLovin's (APP +3.32%) Q2 results, and a difficult year for the stock just got worse. The stock crashed last week after it missed revenue expectations, and its shares have been cut in half this year, as of this writing.

Let's dig into the adtech company's results and prospects to see if this dip is a good buying opportunity.

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Strong growth but missed expectations Since the launch of its artificial intelligence (AI) adtech platform, Axon 2.0, in 2023, AppLovin has seen tremendous growth. While its Q2 results came up short of analyst expectations, its growth was still strong. The company's revenue climbed 53% to $1.92 billion, which was just shy of the $1.94 billion analyst consensus.

Image source: The Motley Fool.

The company said the miss was due to its model not improving at its typical pace, and that the next big boost in model performance did not occur until after the quarter ended. Axon 2.0 helps gaming-industry advertisers attract more customers, and as its AI model improves and advertisers see better returns on their spending, ad spending on its platform tends to increase. It said it saw no signs of increased competition or weakening demand and that growth is already reaccelerating.

AppLovin believes its gaming ad business can compound at 30% annually over the long term. As such, it is investing in computing power and architectural changes that will help it build more complex models.

While revenue came up just short of expectations, adjusted EPS came in slightly above expectations. Earnings per share (EPS) from continuing operations climbed 57% from $2.39 a year ago to $3.76, beating the consensus by $0.01. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), meanwhile, jumped 58% year over year to $1.6 billion.

The company also continues to boost its gross margin while keeping its costs in check. In Q2, its gross margin improved to 88.3% from 87.7% a year ago, while it lowered its general and administrative expenses by 27%.

AppLovin also continues to produce a boatload of cash. In the quarter, it generated free cash flow of $863.3 million and $2.15 billion for the first half of the year. It ended the year with $500 million in net debt, down from $1 billion at the start of the year. The company also repurchased 1.1 million shares in the quarter, worth $551.32 million.

Looking ahead, AppLovin projected Q3 revenue between $2.055 billion and $2.085 billion, representing growth of 46% to 48%. The $2.07 billion midpoint, though, was slightly below the $2.08 billion consensus. It guided for adjusted EBITDA to be between $1.71 billion and $1.74 billion.

Is the stock a buy on the dip? AppLovin hasn't yet seen a big boost from opening its platform to smaller advertisers or expanding beyond the gaming industry. However, these newer opportunities still have potential.

For example, the consumer vertical saw a 28% increase in ad spend compared to Q4 2025 levels (which should be seasonally stronger given the holiday season), indicating progress. It is also pursuing third-party partnerships to attract more high-quality advertisers while looking to develop new creative tools and ad formats, which is the biggest hurdle it faces in moving non-gaming advertisers to its platform.

Despite the slight Q2 misstep, AppLovin's core gaming ad business remains strong. The company has been running a very lean operation, but it looks like it is willing to start spending some of its profits to drive higher growth. It has started to invest more in research and development and compute power but will only continue to do so if it translates into a material revenue lift.

Following the sell-off, the stock, which had gotten pricey, now once again looks cheap, trading at a forward price-to-earnings (P/E) ratio of below 16 times 2027 analyst estimates. Given its growth and opportunities, the stock looks like a buy for more aggressive investors.

Wendy’s has lost its place as America’s runner-up to McDonald's, ending a six-year run as the second-largest burger chain, being surpassed by a resurgent Burger King.

Burger King reclaimed the No. 2 position as its U.S. turnaround gains momentum, with domestic same-store sales jumping 8.5% in the second quarter. Wendy’s, meanwhile, reported a 7% decline in U.S. same-store sales, marking its sixth consecutive quarter of contraction.

Wendy’s new CEO Bob Wright acknowledged the chain’s problems Friday, saying its competitive edge has weakened as customers have pulled back.

"Today we are clearly not performing at our potential," he wrote in a statement.

BURGER KING UNVEILS 'WHOPPER GUARANTEE' WITH FREE BURGER IF ORDER MISSES THE MARK

Wendy's rose to prominence in with his famous "Where's the Beef" ad campaign, but has lost its six-year hold on the No. 2 spot to McDonald's in the U.S. burger battle. (Photo by ZAMEK/VIEWpress)

"Our traffic, our value proposition and franchisee economics are not meeting our expectations. We have already begun taking action across five areas that we've identified to drive the turnaround: rebuilding a quality menu at compelling value, marketing that drives demand, operational excellence, a digital experience that builds frequency, and restaurants as an engine for growth."

McDonald’s remains the dominant U.S. burger chain by a wide margin, leaving Burger King and Wendy’s fighting for a distant second place.

Wendy’s had surpassed Burger King roughly six years ago, helped by the successful nationwide rollout of its breakfast menu. But its hold on the No. 2 spot has eroded as Burger King poured money into improving restaurants, advertising and its core menu.

Restaurant Brands International, Burger King’s parent company, launched a broad U.S. turnaround effort in late 2022 after sluggish sales. The strategy has included restaurant remodels, increased marketing spending and changes intended to improve food quality and the customer experience.

BURGER KING'S IMPOSSIBLE WHOPPER TO HIT MENUS ACROSS THE US

The new Burger King Whopper is served in a box instead of a paper wrapper. (Burger King / Fox News)

More recently, Burger King has focused on its signature Whopper.

The chain revamped the burger earlier this year, making changes to its bun, packaging, mayonnaise and other elements. Burger King U.S. and Canada President Tom Curtis told The Wall Street Journal that the improvements are helping bring customers back.

"A lot of people are saying they’re coming back for the first time in a long time," Curtis said.

Burger King has also introduced a Whopper quality guarantee, pledging to remake an order if a customer is unhappy with it and provide another Whopper free on a future visit.

BURGER KING BRINGS BACK FAN FAVORITE FOR THE FIRST TIME IN 15 YEARS

A McDonald's Big Mac meal on June 8, 2024, in Bangkok, Thailand. (Lauren DeCicca/Getty Images / Getty Images)

"When we asked guests where we could do better, they gave us a lot of honest feedback, and now it's our responsibility to act on it," Curtis wrote in a statement in July. "We're not going to get everything right every single time, but we're committed to listening intently and improving every day.

"When guests choose us, they expect high-quality food, orders made the way they asked, and a team that's there when they need us. That's what these changes are about. We're raising the standard in our restaurants, so every Guest feels like they made the right choice."

Curtis said the chain believes it is taking market share from competitors, including potentially McDonald’s, and sees an opportunity to turn newly won customers into regulars.

"The next generation of burger lovers are being exposed to Burger King, and that means we’ve got runway ahead for years to come," Curtis told the Journal.

MCDONALD'S SAYS US SALES SLOWED AFTER VALUE DEAL PUSH FELL SHORT

The gains underscore a sharp reversal in fortunes for two longtime rivals that have wrestled with many of the same pressures in recent years.

Both companies navigated the COVID-19 pandemic, supply-chain disruptions and rising food and labor costs before confronting increasingly price-conscious consumers frustrated by years of restaurant menu inflation.

Burger King responded with its multiyear turnaround campaign. Wendy’s, by contrast, has faced leadership turnover just as restaurant traffic weakened and beef costs added pressure to its business.

Longtime Wendy’s CEO Todd Penegor retired in 2024 after eight years at the helm. Former PepsiCo executive Kirk Tanner succeeded him but left a little more than a year later to become CEO of Hershey.

WENDY'S, MCDONALD'S LAWSUIT CLAIMS BURGER ADS MISLEAD CONSUMERS ON PATTY SIZES

Ticker Security Last Change Change % MCD MCDONALD'S CORP. 274.48 -1.78 -0.64% QSR RESTAURANT BRANDS INTERNATIONAL INC. 73.89 +0.97 +1.33% WEN THE WENDY'S CO. 7.69 +0.30 +4.06% SHAK SHAKE SHACK 71.13 +0.89 +1.27% JACK JACK IN THE BOX INC. 17.58 +0.20 +1.15% YUM YUM! BRANDS INC. 150.76 -1.52 -1.00% Wendy’s CFO Ken Cook then served as interim chief executive before the company named Wright, the former CEO of Potbelly, to the permanent job in May.

"I returned to Wendy's because I believe we can fix our issues and I am excited to work with our team and our franchisees to drive a strong turnaround," Wright wrote in Friday's release of second quarter results.

He said Wendy’s recent problems have hurt customer traffic and put pressure on restaurant economics, an increasingly important issue for a largely franchised chain whose operators must absorb higher costs while competing aggressively for value-conscious diners.

Burger King’s improvement also comes as McDonald’s works through challenges in its own U.S. operation. McDonald’s has been revamping its burgers, testing new menu items and looking for ways to improve food quality, service and value.

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Still, Burger King’s move ahead of Wendy’s does not put it close to overtaking the Golden Arches.

McDonald’s accounted for about 48% of the U.S. burger market in 2024, according to Barclays data. Wendy’s held an estimated 11.4% share at the time, compared with about 10% for Burger King.

ABB’s Rotork Deal Could Put These Flow Control Stocks Back in FocusWatts Water Technologies NYSE: WTS reported record second-quarter sales, operating income and earnings per share, driven by pricing, data center demand and contributions from recent acquisitions. The company raised its full-year sales and margin outlook, though executives said residential and non-institutional construction markets remain under pressure.

Second-quarter sales increased 19% on a reported basis to $763 million and rose 12% organically. Adjusted operating income increased 15% to $160 million, while adjusted operating margin declined 60 basis points to 21%. Adjusted earnings per share rose 18% year over year to $3.66.

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“We delivered another quarter of better-than-expected results, including record sales, operating income and earnings per share,” Chief Executive Officer Robert Pagano Jr. said. He attributed organic growth to data center demand and favorable pricing, partly offset by the company’s 80:20 product rationalization program.

Data Center Sales More Than Tripled Data centers continued to be a major source of growth for Watts during the quarter. Pagano said data center sales more than tripled from the prior-year period, supported by demand for cooling products, including the company’s recently launched CoolVault thermal storage tanks.

For the first six months of 2026, data center sales represented 8% of total company sales, including some customer-driven sales that were pulled forward from later periods. Watts now expects data center revenue to account for a mid- to high-single-digit percentage of full-year sales, compared with 3% in the prior year.

The company increased its estimate of its served addressable market for data center products to approximately $2 billion, from a prior estimate of more than $1 billion. Pagano said the revised estimate incorporates a broader global opportunity, including Europe, the Middle East and Southeast Asia, as well as growing adoption of liquid-cooling systems.

Watts said liquid cooling can increase its content opportunity per megawatt compared with traditional air-cooled systems. Pagano said the company’s content opportunity varies considerably by project, ranging from about $25,000 to $100,000 per megawatt. Liquid-cooled projects that include thermal storage tanks generally represent the higher end of that range.

While the company sees strong demand, management cautioned that data center projects can make quarterly results more variable. Customer requirements pulled roughly $5 million of data center project sales into the second quarter in the Americas and another approximately $5 million in APMEA, the Asia-Pacific, Middle East and Africa region.

Pagano said Watts has its greatest visibility into third-quarter construction schedules, while fourth-quarter timing is less certain because customers can shift project schedules or finalize designs closer to installation. The company said it is investing in inventory and capacity to respond to customer needs.

Regional Growth Led by Americas and APMEA The Americas segment posted 17% reported sales growth and 12% organic sales growth, largely reflecting pricing and volume tied to data center activity. Wholesale customers also pulled forward approximately $10 million in demand ahead of an SAP implementation at Watts’ largest site at the end of June.

Acquisitions contributed $28 million in Americas revenue, while the company’s product rationalization initiative reduced segment sales by approximately $8 million. Americas segment margin declined 150 basis points to 25.7%.

Europe reported sales growth of 12% and organic growth of 9%, supported by pricing and higher HVAC volumes. Foreign exchange also benefited reported growth. Europe’s segment margin increased 160 basis points to 13.3%.

APMEA delivered 57% reported sales growth and 31% organic growth. The company cited increased data center sales in China, including the pull-forward projects, as well as acquisition and foreign-exchange benefits. The Middle East conflict created headwinds, but the company said its recently acquired Saudi Cast operation has been relatively resilient because of its in-country business model. APMEA segment margin increased 100 basis points to 19.9%.

Margins, Cash Flow and Acquisitions Adjusted EBITDA rose 15% to $177 million, while adjusted EBITDA margin declined 70 basis points to 23.1%. Chief Financial Officer Diane McClintock said the margin decline primarily reflected 70 basis points of expected dilution from acquisitions, inflation and a difficult comparison against a prior-year tariff-related price-cost benefit.

Those factors were partly offset by favorable pricing, volume leverage and productivity gains. McClintock said the company recorded about 6% pricing in the second quarter and expects pricing to decline sequentially in the second half as it laps prior-year price increases. Watts has implemented selected price increases globally to address inflation linked to the Middle East conflict.

Year-to-date free cash flow was $108 million, compared with $105 million a year earlier. The company said higher accounts receivable from increased sales and a strategic inventory investment affected cash flow, but it expects seasonal improvement in the second half. Watts maintained its goal of converting at least 90% of net income into free cash flow for the full year.

Watts ended the quarter with a net debt-to-capitalization ratio of negative 12% and net leverage of negative 0.4 times. Pagano said the balance sheet provides capacity for strategic acquisitions, productivity investments, product development and other growth initiatives. The company completed five acquisitions in 2025 and said those businesses are performing well and remain on track to achieve or exceed targeted synergies.

Full-Year Outlook Raised Despite Construction Weakness Watts raised its full-year organic sales growth outlook to 8% to 11% and now expects reported sales growth of 14% to 17%. The company also increased its forecasts for adjusted EBITDA margin and adjusted operating margin expansion to a range of 20 to 80 basis points.

Americas organic sales are expected to rise 9% to 12%. Europe organic sales are projected to increase 1% to 4%. APMEA organic sales are forecast to grow 9% to 12%. Third-quarter organic sales growth is expected to be 5% to 8%. The guidance assumes no change in the Middle East conflict or in the current tariff structure. Watts also said it is excluding any potential refunds related to IEEPA tariffs from adjusted results.

Management said residential single-family construction conditions have become “slightly worse” than in the prior quarter, while multifamily construction remains soft. Healthcare and education have held up better, according to Pagano, but other nonresidential new-construction activity remains subdued outside of data centers.

“We are monitoring the macro environment, including tariffs, interest rates, and geopolitical developments,” Pagano said, adding that the company believes its repair-and-replacement exposure, which represents about 60% of sales, provides support across varying economic conditions.

About Watts Water Technologies (NYSE:WTS)Watts Water Technologies, Inc is a global manufacturer and distributor of flow control products and solutions designed to ensure the safe, efficient delivery and use of water. Founded in 1874 and headquartered in North Andover, Massachusetts, the company has built a reputation for engineering innovation in residential, commercial and industrial plumbing, heating, cooling and water treatment systems. Watts operates through a comprehensive portfolio of brands and product lines that address application-specific requirements in water safety, pressure regulation, flow control and filtration.

The company's product offerings span backflow preventers, pressure reducing valves, relief valves and steam traps, as well as hydronic balancing and temperature control devices for heating systems.

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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Advanced Drainage Systems NYSE: WMS reported first-quarter fiscal 2027 net sales of $1 billion, up 21% from a year earlier, as organic growth, the contribution from NDS and customer purchases ahead of price increases supported results. The company said it recorded more than $1 billion in quarterly revenue for the first time.

Organic revenue, excluding NDS, rose 9%. However, management estimated that $25 million to $30 million of revenue was pulled into the first quarter from the second quarter as customers sought to purchase before price increases took effect. Excluding that pull-forward, organic revenue growth was in the mid-single digits.

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Adjusted EBITDA increased 29% to $358 million, producing a 35.8% adjusted EBITDA margin, up 230 basis points from 33.5% a year earlier. Chief Financial Officer Scott Cottrill said the margin was the company’s second highest on record.

Stormwater and wastewater performance Stormwater revenue increased 24% to $809 million, while organic stormwater sales rose 10%, driven by pipe and allied products. Wastewater revenue increased 8%, supported by double-digit growth in tanks and residential advanced-treatment products.

President and CEO Scott Barbour said non-residential organic sales grew 14%, with resilient activity in commercial construction and large projects such as data centers and warehouses. Management also cited growth in institutional construction and continued demand for water-quality, storage and capture products.

The company’s stormwater storage category within allied products grew 18% during the quarter. Barbour pointed to product additions in the StormTech chambers line, the acquisition of Cultec and a partnership to market Aquabox plastic crates in the U.S. for projects requiring a tighter footprint.

Residential sales increased 29%, primarily reflecting NDS. On an organic basis, overall residential results were flat. Infiltrator residential revenue rose by double digits, driven by tanks and residential advanced-treatment systems, while the company experienced weakness in retail and residential land development within stormwater. Barbour attributed residential-market pressure to affordability concerns and elevated interest rates.

NDS integration and recycling investments NDS contributed $95 million in quarterly sales and posted year-over-year growth, according to management. Barbour said the quarter was NDS’s strongest seasonal quarter, although the company is still assessing the acquired business’s longer-term seasonal patterns.

Management said it is pursuing cross-selling opportunities but has not yet generated substantial revenue from those efforts. The company has begun trial programs in certain geographies after completing training, customer-facing work and back-office preparations. Barbour also said some smaller facility-related integration efforts are substantially complete, while a larger facility program is expected to affect results next year.

Advanced Drainage Systems is also expanding its use of recycled materials as virgin raw-material costs rise. Its Cordele, Georgia, recycling facility expansion is nearing completion and has begun contributing to material-cost mitigation, Barbour said. The site is not expected to reach full capacity during fiscal 2027, with full capacity expected next year.

The Cordele project is designed to increase processing capacity and create a fully integrated recycling operation capable of producing finished materials. Management said the company is working to return high-density polyethylene recycled content to 50% as quickly as possible, although some product applications and public-project requirements require virgin materials.

Costs, margins and outlook The company maintained its fiscal 2027 outlook for net sales of $3.35 billion to $3.55 billion and adjusted EBITDA of $1 billion to $1.05 billion. It continues to expect 55% to 60% of annual revenue to occur in the first half, though the first- and second-quarter revenue pattern will be affected by the customer pull-forward.

Cottrill said non-residential demand has been modestly better than anticipated, while residential demand has been modestly worse. The company expects to continue outperforming its markets, but management indicated that growth rates should be closer to mid-single digits over the full year rather than the elevated first-quarter levels.

Material costs benefited first-quarter profitability because the company used inventory purchased at more favorable costs in the prior year. Cottrill said resin costs are expected to become a significant year-over-year headwind in the remainder of the fiscal year, peaking in the second and third quarters based on current procurement visibility. Transportation costs, including diesel and common-carrier expenses, are also expected to remain elevated.

As a result, management expects second-quarter EBITDA margin to decline by more than its typical sequential 300-basis-point reduction from the first quarter, reflecting product mix, seasonality and higher resin costs. The company said it expects pricing actions to offset inflationary pressures on a dollar-for-dollar basis for the full year.

Cash flow and capital allocation Free cash flow totaled $203 million in the first quarter. The company ended the period with net leverage of about 1.5 times and approximately $901 million of available liquidity.

Advanced Drainage Systems expects about $200 million of capital expenditures in fiscal 2027, including completion of the Cordele expansion, automation investments and added capacity at Infiltrator. Management said it repurchased $57 million of stock during the quarter and returned nearly $250 million to shareholders when including dividends. The company said it will continue to prioritize organic investment and strategic acquisitions, while using dividends and opportunistic repurchases to return excess capital to shareholders.

About Advanced Drainage Systems (NYSE:WMS)Advanced Drainage Systems, Inc NYSE: WMS is a leading manufacturer and supplier of water management solutions in North America. Headquartered in Hilliard, Ohio, the company specializes in the design, production and distribution of high-density polyethylene (HDPE) drainage pipe and related products. Its core business addresses stormwater management, on-site septic systems and erosion control for residential, commercial and infrastructure projects.

The company's product portfolio includes corrugated plastic pipe, tubing, fittings, geocells, geogrids and stormwater structures such as inlets, manholes and detention/retention systems.

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