Track market-moving stories before they get noisy

Key Takeaways Commerce Bancshares has ample liquidity and capital to support shareholder returns and growth investments.CBSH raised its buyback authorization to 7.5M shares while maintaining dividends.FineMark added loans, deposits and wealth assets as CBSH continued investing in franchise expansion. Commerce Bancshares’ (CBSH - Free Report) healthy earnings, solid capital position and liquidity provide meaningful flexibility to balance shareholder returns with investments aimed at expanding its franchise. As of June 30, 2026, the company had $2.91 billion in cash and due from banks and interest-earning deposits with banks. Meanwhile, federal funds purchased, repurchase agreements and other borrowings totaled $2.45 billion.

Combined with its solid regulatory capital ratios and investment-grade credit profile, the balance-sheet position gives CBSH flexibility to meet funding requirements while continuing to deploy capital strategically.

Commerce Bancshares has increasingly used this flexibility to return excess capital to shareholders. In April 2026, the company increased its share repurchase authorization by 2.5 million shares to 7.5 million shares. As of June-end, 5.43 million shares remained available for repurchase under the program.

The company also continues to pay out regular cash dividends and has maintained a 5% annual stock dividend for more than 25 years. While the stock dividend does not represent a cash distribution in the same way as dividends or repurchases, the company’s long record of shareholder-friendly actions underscores its commitment to capital returns.

Strong Earnings Support CBSH’s Capital FlexibilityCommerce Bancshares’ second-quarter 2026 net income increased to $159.8 million from $152.5 million in the year-ago period. For the first six months of 2026, net income rose to $301.4 million from $284.1 million a year earlier.

At the same time, shareholders’ equity increased to $4.36 billion as of June 30, 2026, from $3.79 billion at the end of 2025. Stronger earnings generation, together with the enlarged equity base, provides CBSH with additional capacity to absorb shareholder distributions while maintaining adequate capital for growth.

FineMark Expansion Keeps Growth Spending ElevatedCommerce Bancshares completed the acquisition of FineMark Holdings on Jan. 1, 2026. The transaction added $2.7 billion in loans, $3.1 billion in deposits and $8.7 billion in assets under administration.

FineMark also expanded Commerce Bancshares’ geographic presence into Florida, Arizona and South Carolina while strengthening its private banking, wealth management and trust capabilities. Beyond the immediate increase in assets and deposits, the acquisition provides CBSH with opportunities to deepen relationships with high-net-worth clients, broaden fee-based revenue sources and expand its wealth-management franchise.

However, integrating FineMark also requires continued spending. Systems integration is expected to continue through the second half of 2026, while CBSH is simultaneously investing in technology and broader franchise-development initiatives. These expenditures suggest that management is not simply directing excess capital toward shareholder distributions but is also allocating resources toward initiatives that can support longer-term revenue growth.

Thus, CBSH’s capital-return program has so far remained compatible with continued growth investment. Healthy earnings, liquidity and capital levels give the company flexibility to maintain dividends and selectively repurchase shares while funding organic expansion, technology initiatives and FineMark integration.

How Are CBSH’s Peers Distributing Capital?A similar capital-allocation strategy is visible at regional banking peers UMB Financial (UMBF - Free Report) and Cullen/Frost Bankers (CFR - Free Report) , where shareholder distributions are occurring alongside continued balance-sheet investment.

On April 28, 2026, UMB Financial’s board approved a share-repurchase program covering up to 2 million shares. In the second quarter, the company repurchased approximately $5 million worth of shares. At the same time, UMB Financial continued expanding its balance sheet. Loans at the end of June 2026 increased 6.1% from the end of 2025, while second-quarter net income available to common shareholders rose to $271.8 million.

The combination of loan growth, rising earnings and capital distributions illustrates how healthy internal capital generation can allow regional banks to pursue growth while returning a portion of excess capital to shareholders.

Cullen/Frost has taken a similar approach. The company authorized a $300-million share-repurchase program in January 2026 and repurchased $160 million worth of stock during the first half of the year. CFR also has a long history of increasing its cash dividend, with 2026 marking its 33rd consecutive annual dividend increase based on its planned quarterly payments.

A month has gone by since the last earnings report for Snowflake Inc. (SNOW - Free Report) . Shares have lost about 4.1% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Snowflake due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Snowflake Q2 Earnings Beat on Product Revenues and AI StrengthSnowflake reported second-quarter fiscal 2027 non-GAAP earnings of 62 cents per share, up 77.1% year over year and surpassed the Zacks Consensus Estimate by 37.78%.

Revenues of $1.55 billion increased 35.1% and beat the consensus mark by 4.91%. Growth was driven by strength in the core data platform and a meaningful step-up in AI revenue.

SNOW Top-line DetailsSNOW’s fiscal second-quarter performance was driven by consumption across its core platform, with product revenues representing the majority of results. Product revenues rose 37% to $1.49 billion and accounted for 96% of total revenues in the fiscal second quarter. Professional services and other revenues were $54.9 million, representing the remaining 4% of revenues and increasing 0.8% year over year.

Geographically, the Americas contributed 77% of revenues, while EMEA accounted for 17% and APJ contributed 6%. Management said that product revenue growth accelerated for the third consecutive quarter, supported by the core data platform and AI demand.

Snowflake’s AI Products Broaden Platform UsageCoCo surpassed 9,100 accounts, adding more than 2,000 during the quarter. CoWork expanded to 5,800 accounts, up nearly 11% sequentially. Management said that AI products, including CoCo, CoWork, AI functions and AI Gateway, contributed roughly half of the acceleration in growth.

Snowflake launched more than 330 product capabilities to general availability in the first half of fiscal 2027, up 35% year over year. New offerings included Cortex Sense and Cortex AI Gateway, which integrates Natoma to extend AI from insight to action.

Customer use cases deployed on the platform increased 89% year over year, while use cases won per account executive rose 43%. Management also said that accounts using CoCo consumed more of the core platform, while gross retention remained relatively flat across recent quarters.

SNOW Expands Customer Scale and CommitmentsSNOW ended the quarter with 14,554 total customers after adding 692 net new customers, a 32% year-over-year increase in net additions. The company added 14 Forbes Global 2000 customers, taking that total to 829.

Large-customer momentum remained strong, with 828 customers generating more than $1 million in trailing 12-month product revenues, up 27% year over year. Another 65 customers exceeded $10 million in trailing product revenues.

Retention remained a key support for the consumption model. Net revenue retention rate was 126%, reflecting healthy expansion within the existing customer base.

Contracted demand also remained solid, with remaining performance obligations (RPO) of $9.00 billion, up 30% year over year. Snowflake expects roughly 54% of RPO to be recognized as revenue over the next 12 months. As of July 31, 43% of customers had at least one stable data-sharing edge, while Marketplace listings reached 4,105, up 21%.

Snowflake’s Expense Discipline Lifts Operating MarginThe non-GAAP gross margin contracted 120 basis points (bps) year over year to 71.8%. Non-GAAP product gross margin was 74.7%.

Non-GAAP sales and marketing expense represented 32% of revenues, down from 34% a year ago, while research and development fell to 20% from 22%, and general and administrative expense declined to 5% from 6%.

Non-GAAP operating income reached $237.0 million, producing a 15.3% operating margin. The year-ago non-GAAP operating margin was 11.1%. Management attributed the improvement to strong revenue growth and disciplined headcount management.

Year to date, Snowflake added 334 employees, including 173 from Observe, compared with 935 additions in the year-ago period.

SNOW’s Cash Flow and Liquidity DetailsAs of July 31, 2026, cash, cash equivalents, and short- and long-term investments were $4.3 billion compared with $4.39 billion as of April 30.

In the reported quarter, net cash provided by operating activities was $91.4 million. Free cash flow totaled $83.8 million, while adjusted free cash flow was $92.3 million.

For the first six months of fiscal 2027, operating cash flow increased to $334.6 million from $303.3 million a year earlier, while adjusted free cash flow rose to $357.8 million from $274.0 million.

Snowflake Raises Fiscal 2027 Product Revenue OutlookFor the third quarter of fiscal 2027, Snowflake expects product revenues between $1.588 billion and $1.593 billion, implying 37% to 38% year-over-year growth. The company expects a non-GAAP operating margin of 15.5%.

For fiscal 2027, product revenues are projected to be $6.07 billion, representing 36% growth, up from the prior guidance of $5.84 billion and 31% growth. Snowflake also raised its non-GAAP operating margin outlook to 14.5% from 13.5%, expects a 74% non-GAAP product gross margin, and reiterated a 23% adjusted free cash flow margin.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

The consensus estimate has shifted 26.29% due to these changes.

VGM ScoresAt this time, Snowflake has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Snowflake has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerSnowflake is part of the Zacks Internet - Software industry. Over the past month, GitLab Inc. (GTLB - Free Report) , a stock from the same industry, has gained 1.3%. The company reported its results for the quarter ended July 2026 more than a month ago.

Gitlab reported revenues of $286.25 million in the last reported quarter, representing a year-over-year change of +21.3%. EPS of $0.24 for the same period compares with $0.24 a year ago.

For the current quarter, Gitlab is expected to post earnings of $0.20 per share, indicating a change of -20% from the year-ago quarter. The Zacks Consensus Estimate has changed -6.4% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #5 (Strong Sell) for Gitlab. Also, the stock has a VGM Score of F.

As the software market shifts toward products driven by artificial intelligence (AI), investors comparing enterprise software names may find themselves choosing between Salesforce (CRM -1.01%) and Palantir Technologies (PLTR -0.05%). This comparison looks at which company offers the better balance of value and growth.

Salesforce describes itself as a global leader in customer relationship management (CRM) technology and is now focused on Agentforce, its line of autonomous AI agents. Palantir sells software platforms that governments and companies use to integrate their data and apply AI to daily operations. For investors researching AI stocks to buy, the two companies present very different financial profiles.

The case for SalesforceSalesforce sells cloud-based software that helps businesses manage customer relationships and sales pipelines. Its annual report for fiscal 2026, which ended on Jan. 31, 2026, lists 83,334 employees and states that the company sells to businesses across almost every industry. On Aug. 26, 2026, Salesforce said annual recurring revenue from Agentforce had passed $1.5 billion. It completed its acquisition of Fin, an AI customer agent company formerly known as Intercom, on Sept. 10, 2026.

In fiscal 2026, revenue reached approximately $41.5 billion, up 9.6% from the prior fiscal year. Net income was nearly $7.5 billion, and net margin rose to 18% from 16.4%. About $1.0 billion in net gains from strategic investments contributed to that improvement, compared with a small net loss on those investments a year earlier.

As of Jan. 31, 2026, Salesforce had about $14.4 billion in total debt and $59.1 billion in shareholder equity, a debt-to-equity ratio of about 0.2x. Its current ratio, which compares current assets with liabilities due within a year, was roughly 0.8x.

The debt picture has changed since then. Salesforce issued about $25 billion in debt in the quarter that ended April 30, 2026, to fund an accelerated share repurchase, and its July 31, 2026, balance sheet shows $39.3 billion in debt against $38.4 billion in equity, a ratio of about 1.0x.

Free cash flow, defined as operating cash flow minus capital expenditures, was about $14.4 billion in fiscal 2026. Stock-based compensation (SBC) equaled roughly 23.4% of operating cash flow, which is worth noting because SBC is a non-cash expense that is added back in the cash flow statement.

The case for Palantir TechnologiesPalantir develops software platforms that help organizations integrate their data and operations, and it sells them to government agencies and commercial customers.

Government customers supplied 54% of its 2025 revenue. Palantir also works with other companies that investors follow as tech stocks, including a collaboration with Nvidia (NVDA +1.69%) announced on Sept. 10, 2026, and a global partnership with Fujitsu (FJTSF +2.38%). Its commercial customer count reached 870 for the 12 months ended June 30, 2026, up 26% from a year earlier.

In the fiscal year ended Dec. 31, 2025, revenue reached roughly $4.5 billion, a 56.2% year-over-year increase. Palantir reported net income of about $1.6 billion. Net margin was about 36.3%, up from 16.1% in 2024.

Palantir had no debt outstanding as of Dec. 31, 2025, resulting in a debt-to-equity ratio of 0.0x. Its current ratio at that date was approximately 7.1x, indicating ample liquid assets to cover short-term liabilities. Free cash flow, calculated the same way as for Salesforce (operating cash flow minus capital expenditures), was about $2.1 billion.

Palantir's own adjusted free cash flow, which adds back employer payroll taxes tied to stock-based compensation, was about $2.3 billion. SBC equaled roughly 32% of operating cash flow.

Risk profile comparisonSalesforce competes with established enterprise software vendors and AI-native start-ups in a market that its annual report calls highly competitive. Salesforce and its Slack unit sued Microsoft (MSFT +0.42%) in London's High Court in April 2026, alleging that the tying and bundling of Teams harmed competition.

Microsoft has said the case lacks merit, and the outcome is uncertain. Salesforce must also integrate large acquisitions such as Informatica, which closed in fiscal 2026, and Fin, and it now carries far more debt than it did at the start of the fiscal year. On Sept. 29, 2026, it also agreed to acquire Listen Labs, an AI customer research company, in a deal it expects to close in the fourth quarter of fiscal 2027.

Palantir's annual report flags a limited number of customers that account for a substantial portion of its revenue, with the top three supplying 16% of 2025 revenue, and a sales cycle it calls long and unpredictable.

The company depends on third-party computing infrastructure. It also warns that news coverage or other outside scrutiny of the company or its leadership could harm its reputation. A shareholder lawsuit that a federal court dismissed in April 2025 was still on appeal as of June 30, 2026.

Valuation comparisonSalesforce trades at a much lower forward P/E, which compares the stock price to future earnings estimates, and a much lower P/S ratio, which measures price relative to sales over the past 12 months.

MetricSalesforcePalantir TechnologiesForward P/E14.4x85.5xP/S ratio4.5x71.4xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Salesforce looks like the better buy to me, with the caveat that it's a slower-growing and more indebted company than the fiscal 2026 figures above suggest. On Aug. 26, 2026, management guided for revenue growth of 11% to 12% in fiscal 2027, which ends in January 2027.

By its own math, more than a quarter of that growth comes from the Informatica acquisition. Salesforce also borrowed heavily earlier this year to fund its accelerated share repurchase. Its debt has more than doubled since January and roughly equaled shareholder equity at the end of July. The appeal is the price.

A business that turns about a third of its revenue into free cash flow, at a forward P/E in the mid-teens, leaves room for Agentforce to grow slowly without the investment case falling apart.

Palantir is growing far faster. Its revenue nearly doubled in the second quarter, and on Aug. 3, 2026, management raised its full-year outlook. The catch is a forward P/E ratio more than five times Salesforce's, which leaves the stock with little cushion if growth cools.

Growth rates this high are also hard to sustain as a company gets bigger. I'd rather hold Palantir as a small position in a diversified portfolio than pay that premium for a large one. Even so, a company expanding this quickly with no debt has earned a spot on a growth investor's watch list.

It turned into a relatively busy week, with several key market developments potentially providing fresh fuel for the bull market.

This morning, the latest employment data showed a slowdown in hiring, which the market welcomed as it reduced expectations for further rate hikes. On Wednesday evening, Micron delivered another outstanding earnings report, reinforcing the strength of the AI infrastructure boom. And finally, Bitcoin and the broader crypto market have continued to gain momentum, signaling a notable improvement in risk appetite.

Taken together, these developments have helped support increasingly constructive price action across risk assets. The Nasdaq is printing fresh all-time highs this morning, while the S&P 500 is knocking on the door of record highs.

Micron Technology Crushes Earnings and the Stock Points HigherMicron Technology ((MU - Free Report) ) delivered another outstanding earnings report Wednesday evening, reinforcing the strength of the AI-driven memory boom. Revenue, earnings and margins all surged, while management offered another strong outlook as demand continues to overwhelm available supply.

More important than any single quarter, however, is memory’s rapidly growing importance within the AI infrastructure buildout. According to UBS estimates, memory represented roughly 14% of total AI capital spending in 2025, but that share is expected to jump to 37% in 2026 and 64% by 2027.

That is an extraordinary shift and helps explain the dramatic acceleration in Micron’s business. As increasingly memory-intensive AI systems are deployed, demand for DRAM, HBM and NAND continues to rise while new supply remains difficult to bring online quickly.

Micron is sitting directly in the middle of that supply-demand imbalance, and its latest results suggest the cycle still has considerable momentum.

The price action is also encouraging. After peaking at the start of the summer following a manic year-long rally, Micron spent several months building a broad sideways consolidation and digesting those gains.

Over the last few weeks, shares broke decisively above that range before forming another bullish continuation pattern. Now, Micron appears to be breaking out from that bull flag as well, potentially setting the stage for another leg higher in the near term.

Image Source: TradingView

Jobs Report: Weaker, But Not Necessarily WeakThis morning’s employment report was undeniably soft. The U.S. economy added just 29,000 jobs in September, while July was revised down to a 10,000-job loss and August was revised lower to 133,000. Altogether, July and August payroll growth was reduced by another 60,000 jobs.

For markets, however, there may be a silver lining. The weakening labor data reduces pressure on the Fed to raise rates again and has helped pull Treasury yields lower.

More importantly, today’s payroll numbers may not be quite as alarming as they would have been several years ago. The number of new jobs needed each month simply to keep unemployment stable has fallen considerably as population and labor-force growth have slowed. St. Louis Fed estimates put that breakeven rate somewhere around 15,000 to 87,000 jobs per month.

So there are really two messages in today’s report. Hiring has clearly cooled, and the downward revisions reinforce that trend. But 29,000 jobs today does not necessarily carry the same recessionary implications it once would have.

For investors, that could prove to be a favorable combination: enough labor-market cooling to ease pressure on interest rates, without yet signaling a major deterioration in the economy.

For investors, that combination could be constructive: enough cooling to take pressure off interest rates, without clear evidence that the economy is rolling over.

Bitcoin Goes from Laggard to Market LeaderOne of the more interesting developments over the last three months has been the dramatic change in Bitcoin’s relative performance.

Earlier in the summer, Bitcoin ((IBIT - Free Report) ) was a notable laggard even as technology stocks continued to advance. That divergence raised questions about risk appetite and liquidity beneath the surface of the market. Since then, however, the picture has changed sharply.

As the chart shows, Bitcoin has gone from severe underperformance to major outperformance, gaining roughly 35% over the period compared with about 10% for the Nasdaq 100. Just as importantly, Bitcoin has repeatedly consolidated those gains in bullish continuation patterns before breaking higher again.

That matters beyond crypto itself. Bitcoin tends to be one of the more liquidity- and risk-sensitive assets in financial markets, so renewed leadership can be viewed as evidence that investors are becoming increasingly willing to take risk.

It is not a perfect market-timing signal, but alongside new highs in technology stocks, easing pressure from interest rates, and continued strength in AI spending, Bitcoin’s breakout adds another piece of evidence that the broader risk-on environment is improving.

Image Source: TradingView

The Bull Market Gets More Support

Taken together, this week’s developments strengthen the broader bull case. Micron’s results confirm that the AI infrastructure boom remains firmly intact, softer labor data is taking pressure off interest rates, and Bitcoin’s resurgence points to improving liquidity and risk appetite.

There are still risks, particularly if the labor market weakens more sharply from here. But for now, the combination of strong earnings, easing rate pressure and improving participation across risk assets continues to favor further upside.

Four oil giants all pay dividends, but when crude prices drop, their balance sheets tell very different stories about which payouts survive and which ones get cut to the bone.

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Energy dividends are paid out of oil and gas sales, and the companies don’t control the price of either. When crude is high, every payout looks safe. When crude falls, a weak balance sheet shows up fast. Right now prices are working in shareholders’ favor: Brent averaged $103.85 per barrel in the second quarter, and the big producers are using that cash to pay down debt, buy back stock and raise dividends. For an income investor, the real question is which payouts would still hold when oil falls. Below, Exxon Mobil (NYSE:XOM | XOM Price Prediction), Chevron (NYSE:CVX), BP (NYSE:BP) and Occidental Petroleum (NYSE:OXY) are compared on coverage, free cash flow, debt and dividend history, starting with the safest.

Exxon Mobil: 43 Straight Years of Raises Backed by a Fortress Balance Sheet Exxon yields 2.56%. It is a fully integrated major. It pumps oil and gas in the Permian Basin, Guyana and its LNG projects, then processes that output and turns it into chemicals. Those best assets made up 59% of 2025 production, and total output reached a new high of 4.7M boe/d. Having refining and chemicals helps when crude prices fall, because cheaper oil brings down the cost of their raw material.

Dividend safety: This is the strongest income profile in the group. The forward annual dividend is $4.12 per share, compared with trailing diluted EPS of $7.81. The free cash flow yield of 3.50% is higher than the dividend yield, so the payout is covered by cash the business actually brings in. Exxon generated $26.13B of free cash flow in 2025. Debt is low: the debt-equity ratio is 0.168, net debt to EBITDA is 0.548, and earnings cover interest costs 56.3x. Exxon says it has grown annual dividend per share for 43 consecutive years. The quarterly payout went from $0.95 in 2024 to $0.99 in 2025 and is now $1.03.

Bull case: Exxon has cut $15.6B in structural costs since 2019 and is aiming for $20B by 2030. It also plans $20B of share repurchases this year. Fewer shares outstanding makes each future raise cheaper to fund. The stock trades at 21 and 15 times trailing and forward earnings, respectively. The CEO, Darren Woods, said “ExxonMobil is a fundamentally stronger company than it was just a few years ago,” and called it a “durable platform to grow earnings, cash flow, and shareholder value through 2030 and beyond.”

Risk: Reported earnings can swing a lot. In the first quarter, net income fell to $4.18B after a $3.88B mark-to-market timing charge and $706M in losses from Middle East supply disruptions. The effective tax rate also rose to 40%.

Chevron: Bigger After Hess and Generating Cash Fast Chevron yields 3.14%, which is the most income of the two US majors. It is also integrated, with production, processes, chemicals and now power generation. After buying Hess, it is much larger: worldwide production grew 20% from a year earlier to 4,070 MBOED in the second quarter, and US refineries ran at 97% utilization.

Dividend safety: The forward annual dividend is $7.12, compared with trailing diluted EPS of $10.38. The free cash flow yield of 4.08% is above the dividend yield. Second-quarter operating cash flow was $22.63B against capex of $4.54B, leaving $18.10B of free cash flow. Chevron used part of that to repay $8.41B of debt. The debt-equity ratio is 0.251 and interest coverage is 13.7x. The dividend has gone up in every year of the recent record: from $1.12 a quarter in 2018 to $1.29 in 2020, $1.71 in 2025 and $1.78 now. That includes a raise during 2020, when oil prices fell.

Bull case: The Hess deal is already paying off. Chevron reached a $3B annual run rate of cost savings six months ahead of plan and captured $1.5B in Hess synergies within a year. It has now returned over $5 billion to shareholders for the 16th consecutive quarter. It also signed a 20-year power deal for a 2.67 GW West Texas AI data center project, which adds a source of income that doesn’t depend on oil prices. The forward P/E is 15.

Risk: Hess added debt. Net debt to EBITDA is 1.08, compared with Exxon’s 0.548. That gives Chevron less of a cushion if a long oil downturn hits while it is still integrating the deal.

BP: The Biggest Yield, With a Turnaround Attached BP yields 4.59%, the highest in this group. US investors own it through an American Depositary Share (ADS), which trades on the NYSE in dollars and represents a set number of BP’s London-listed ordinary shares. BP announces its dividend in cents per ordinary share and then converts it to a per-ADS amount. The latest payout was 8.660 cents per ordinary share, or $0.5196 per ADS. BP is an integrated major with a large processes business, which helped this year: its refining margin indicator was $29.6/bbl versus $11.9/bbl a year earlier.

Dividend safety: Coverage is fine at current oil prices. Second-quarter operating cash flow was $10.86B against capex of $3.09B. Its finances are weaker. Net debt was $25.3B at the end of the first quarter, up from $22.2B at year end. The dividend history includes a cut: the ADR payout fell from $0.63 to $0.315 in 2020. It has been raised steadily since then and recently went from $0.4992 to $0.5196.

Bull case: On forward earnings, BP is the cheapest stock here at 10 times. Management expects $8 to $9B in divestment proceeds this year, including the roughly $6B Castrol sale, and has raised its cost-cutting target to $6.5 to $7.5B by 2027. The CEO, Meg O’Neill, has been direct about BP’s problems: “Our performance over the past few years has not met our own expectations… we have written off too much value; and our costs and liabilities are not resilient enough in a low price environment.”

Risk: BP carries liabilities its US peers don’t. It still has $6.9B in Gulf of America oil spill provisions on the books, it expects about $1.6B in settlement payments this year, and its UK operations pay an Energy Profits Levy with a 78% headline rate through March 2030.

Occidental Petroleum: A Fast-Growing Dividend Tied Directly to Crude Occidental yields 1.82%, and it is a different kind of company from the other three. It is classified as an Oil & Gas E&P company, meaning exploration and production. It has no large refining business to absorb a drop in crude, and it has sold its OxyChem chemicals unit. Its cash flow therefore rises and falls almost directly with the price of oil. Its realized crude price was $96.78/bbl in the second quarter.

Dividend safety: The current payout is easy to cover. The forward annual dividend is $1.12, compared with trailing diluted EPS of $3.39, and second-quarter free cash flow was $3.02B. The company is still paying down debt. Principal debt fell to $13.3B in the first quarter and to $11.8B in the second, and the next target is $10.0B. Its dividend record is the weakest of the four. In 2020 the quarterly payout went from $0.79 to $0.01. It has since been rebuilt to $0.28.

Bull case: Dividend growth is the main appeal here. The payout has been increased 8% this year, and the next payment is on October 15. Operations are improving: production of 1,433 Mboed beat guidance, and operating costs fell to $8.70/BOE. Goldman Sachs (NYSE:GS) is getting more positive, with Barron’s reporting a Goldman upgrade this week.

Risk: Occidental has the most to lose if oil prices fall. In its May outlook, the EIA forecast OPEC output recovering from 20.90 million barrels per day in the second quarter of 2026 to 28.28 million in the fourth quarter. More supply would brings down the prices that are currently funding Occidental’s debt paydown.

Where Big Oil Income Lands Now Exxon Mobil and Chevron are the most reliable income in this group: both cover their dividends with free cash flow, both carry little debt, and both kept raising the payout through the 2020 oil crash. BP offers the highest yield, but that yield depends on its recovery and on paying down debt. Occidental cut its dividend in 2020 and is now growing it quickly, which makes it a payout to keep an eye on in a downturn more than a foundation for an income portfolio. When oil prices fall, the dividends with strong balance sheets behind them are the ones most likely to hold.

Contact [email protected] for any questions or corrections.

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Get Free Report) hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $399.95 and last traded at $399.1930, with a volume of 952607 shares changing hands. The stock had previously closed at $388.41.

Key Headlines Impacting Palo Alto Networks Here are the key news stories impacting Palo Alto Networks this week:

Positive Sentiment: Strong earnings and AI-security demand support the rally. Recent coverage highlights Palo Alto Networks’ better-than-expected quarterly results, 34.5% year-over-year revenue growth and growing demand for AI-powered cybersecurity. Investors appear encouraged that AI is expanding cybersecurity budgets and could support future growth. Why Is Palo Alto PANW Up 21% Since Last Earnings Report? Positive Sentiment: An analyst upgrade and a favorable interest-rate backdrop have helped sentiment. PANW shares jumped following an analyst upgrade, while cooler inflation data eased concerns about additional Federal Reserve rate hikes. Lower-rate expectations generally benefit high-growth software and cybersecurity stocks by supporting their valuations. Palo Alto Networks Stock Jumps Following Analyst Upgrade Palo Alto Stock Rises on Cool Inflation, Easing Fed Fears Neutral Sentiment: Investor debate centers on whether to hold after the sharp advance. Commentary remains broadly bullish on Palo Alto Networks and CrowdStrike, but investors are weighing continued AI-driven growth against the possibility that much of the good news is already reflected in PANW’s price. All In On Cybersecurity: Palo Alto Networks or CrowdStrike Negative Sentiment: Valuation and cost concerns could encourage profit-taking. Analysts note PANW’s premium valuation and rising costs, while two insiders reported selling shares. These factors may limit near-term upside after the recent rally, despite the company’s longer-term growth prospects. PANW Stock Rises 21% in a Month Insider Aparna Bawa Sells Shares Insider Dipak Golechha Sells Shares Analysts Set New Price Targets Several analysts recently weighed in on PANW shares. Truist Financial set a $400.00 price target on Palo Alto Networks in a report on Wednesday, September 2nd. Phillip Securities downgraded shares of Palo Alto Networks from a “moderate buy” rating to a “hold” rating and boosted their price objective for the company from $320.00 to $346.00 in a research report on Monday, September 7th. UBS Group restated a “neutral” rating and issued a $390.00 price target (up from $300.00) on shares of Palo Alto Networks in a research note on Wednesday, August 19th. Robert W. Baird set a $420.00 target price on Palo Alto Networks and gave the stock an “outperform” rating in a report on Wednesday, September 2nd. Finally, Rosenblatt Securities raised their price target on shares of Palo Alto Networks from $355.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Thirty-eight equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $390.47.

View Our Latest Stock Analysis on Palo Alto Networks Palo Alto Networks Stock Performance The firm has a market capitalization of $324.13 billion, a P/E ratio of 776.98, a P/E/G ratio of 11.44 and a beta of 0.93. The stock has a fifty day simple moving average of $360.46 and a two-hundred day simple moving average of $283.95. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last issued its quarterly earnings results on Tuesday, September 1st. The network technology company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.04. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.35 billion. Palo Alto Networks had a return on equity of 8.50% and a net margin of 2.67%.The company’s revenue was up 34.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 earnings per share. Palo Alto Networks has set its FY 2027 guidance at 4.160-4.190 EPS and its Q1 2027 guidance at 0.960-0.980 EPS. On average, research analysts predict that Palo Alto Networks, Inc. will post 2.31 EPS for the current year.

Insider Buying and Selling at Palo Alto Networks In other Palo Alto Networks news, EVP Dipak Golechha sold 27,500 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were sold at an average price of $391.60, for a total value of $10,769,000.00. Following the completion of the sale, the executive vice president directly owned 117,750 shares in the company, valued at approximately $46,110,900. This trade represents a 18.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John P. Key sold 2,500 shares of Palo Alto Networks stock in a transaction on Monday, September 14th. The shares were sold at an average price of $376.03, for a total transaction of $940,075.00. Following the completion of the sale, the director directly owned 10,000 shares of the company’s stock, valued at approximately $3,760,300. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 54,260 shares of company stock valued at $20,804,474 over the last 90 days. Insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows A number of institutional investors have recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new position in Palo Alto Networks during the 3rd quarter worth approximately $218,000. Greenwich Wealth Management LLC acquired a new stake in Palo Alto Networks in the second quarter valued at approximately $405,000. QRG Capital Management Inc. grew its stake in Palo Alto Networks by 20.9% in the second quarter. QRG Capital Management Inc. now owns 103,822 shares of the network technology company’s stock valued at $35,405,000 after acquiring an additional 17,982 shares during the period. State Street Corp increased its holdings in shares of Palo Alto Networks by 4.2% during the second quarter. State Street Corp now owns 36,979,497 shares of the network technology company’s stock valued at $12,610,748,000 after acquiring an additional 1,493,179 shares in the last quarter. Finally, Wellington Altus USA Inc. increased its holdings in shares of Palo Alto Networks by 17.8% during the second quarter. Wellington Altus USA Inc. now owns 993 shares of the network technology company’s stock valued at $339,000 after acquiring an additional 150 shares in the last quarter. 79.82% of the stock is owned by institutional investors and hedge funds.

Palo Alto Networks Company Profile (Get Free Report)

Palo Alto Networks, Inc is a cybersecurity company that provides solutions designed to help organizations protect networks, endpoints, cloud environments, applications and users from cyber threats. Its offerings include next-generation firewalls, cloud-delivered security services, secure access service edge (SASE) solutions, endpoint protection and security operations tools.

The company also provides platforms and services for cloud security, threat intelligence, incident response, vulnerability management and the automation of security operations.

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Continued improvement: An increased response was seen in participants on litifilimab from week 24 through week 52, with more individuals achieving clear or almost clear skin (27.2%; CLA IGA 0-1) and improvements in disease activity (28.8%; CLASI-70) than at week 24 (19.0% and 21.7%, respectively)Rapid onset: Participants that switched from placebo to litifilimab experienced improvements in skin disease activity in as early as four weeks -- consistent with results seen in participants who started on litifilimab reported earlier this yearConsistent safety: Litifilimab's safety profile remained consistent with previous studies, with no new safety signals identifiedResults from the Phase 3 part of AMETHYST are expected in the first half of 2027; in January 2026 the FDA granted Breakthrough Therapy Designation to litifilimab in CLE CAMBRIDGE, Mass., Oct. 02, 2026 (GLOBE NEWSWIRE) -- Biogen Inc. (Nasdaq: BIIB) today announced 52-week results from the Phase 2 part of the ongoing AMETHYST Phase 2/3 study (Part A) of litifilimab in people living with cutaneous lupus erythematosus (CLE). The updated results, presented at the European Academy of Dermatology and Venereology (EADV) 2026 Congress in Vienna, Austria, represent the longest dataset reported for litifilimab in CLE and further support its potential to achieve rapid and durable improvements in skin disease activity. In the study, participants treated with litifilimab in the double-blind, placebo-controlled period showed continued clinical improvements in skin disease activity through Week 52. Notably, participants who switched from placebo to litifilimab treatment at Week 24 experienced a rapid onset of treatment effect as early as four weeks.  

“Access to 52-week data is critical when evaluating a treatment for a lifelong, chronic disease like cutaneous lupus erythematosus, which can cause permanent scarring and disfigurement that many patients will carry with them forever. That is why achieving clear or almost clear skin, which is rarely seen in CLE, is a truly transformative treatment goal for this disease,” said Joseph F Merola, MD, MMSc, dermatologist, rheumatologist and President of the Rheumatologic Dermatology Society, Lupus Foundation Medical and Scientific Board. “It is highly encouraging to see continued improvement in skin clearance with litifilimab treatment – with over a quarter of participants reaching clear or almost clear skin – and data supporting litifilimab's long-term safety profile.”

Litifilimab is being evaluated as a potential once-monthly, first-in-class treatment designed to reduce inflammation at its source by selectively targeting blood dendritic cell antigen 2 (BDCA2) receptors on plasmacytoid dendritic cells (pDCs), which play a central role early in the inflammatory process in CLE. In January 2026, litifilimab was granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration (FDA) for the treatment of CLE. 

The Phase 2 portion of the ongoing Phase 2/3 AMETHYST study evaluated 93 adults with active skin symptoms for whom standard antimalarial medications were not effective or not tolerable. Over the course of a full year, the study tracked key measures of skin redness, scaling and disease activity to assess how well litifilimab helped participants achieve healthier skin. By Week 52, more than a quarter (27.2%) of participants who received litifilimab from the beginning of the study achieved the clinical endpoint of clear or almost clear skin, as measured by a Cutaneous Lupus Activity Investigators' Global Assessment Revised (CLA-IGA-R) erythema score of 0 or 1, up from 19.0% at Week 24. Similar improvements were seen on the Cutaneous Lupus Erythematosus Disease Area and Severity Index Activity-70 (CLASI-70) measurement with 28.8% of participants receiving litifilimab from the beginning of the study achieving a 70% or greater reduction in CLASI A at Week 52, compared to 21.7% at Week 24. For participants who started the study on placebo and transitioned to litifilimab halfway through the study, the onset of benefit was rapid – as early as four weeks – when skin symptoms began to improve. By Week 52, approximately one in three (33.7%) of these crossover participants reported clear or almost clear skin.

“Living with cutaneous lupus erythematosus carries a heavy physical toll, including dyspigmentation, pain, and scarring, which can be associated with comorbidities like depression and anxiety that can have a profound impact on daily life. These 52-week data reinforce litifilimab's potential to deliver rapid improvement and demonstrate its durable skin clearance effects,” said Daniel Quirk, M.D., Chief Medical Officer at Biogen. “We are encouraged by these results that build on findings in earlier studies as we anticipate the upcoming Phase 3 study results that reflect our commitment to advancing targeted therapies for serious autoimmune conditions.”

Over the course of the 52-week treatment period, litifilimab was generally well tolerated with a safety profile consistent with previously reported Phase 2 studies and no new safety signals identified. The majority of adverse events (AEs) reported were mild or moderate in severity, and serious AEs occurred in 3.4% (3/88) of participants during the extended treatment period. The most common AEs (≥5% during the extended treatment period) were nasopharyngitis, influenza and arthralgia.  

“People living with cutaneous lupus erythematosus face debilitating symptoms, including scarring, hair loss, and extreme sensitivity to light, yet they have long relied on treatments not specifically developed or studied for CLE,” said Albert T Roy, President and CEO of the Lupus Research Alliance. “The new data on litifilimab are encouraging because they point to the potential for both rapid symptom relief and durable improvement for people living with this condition. We look forward to seeing additional data from the Phase 3 study.”

About AMETHYST

AMETHYST is a two-part, Phase 2/3 multicenter, double-blind, placebo controlled, randomized study to evaluate the efficacy and safety of litifilimab compared to placebo. The study aims to assess the efficacy of litifilimab in participants with active subacute cutaneous lupus erythematosus (SCLE) and/or chronic cutaneous lupus erythematosus (CCLE) who are refractory or intolerant to antimalarial therapy. The Phase 2 and Phase 3 parts of the study are each 52 weeks in duration. Participants will be randomized to receive subcutaneous treatment with litifilimab or placebo every four weeks for 20 weeks with an additional dose at Week 2. All participants will receive litifilimab during the 28-week extended treatment period from Weeks 24 to 48. The Phase 3 part of the AMETHYST study remains blinded and is expected to read out in the first half of 2027. More information on the AMETHYST study (NCT05531565) is available at clinicaltrials.gov.

About Litifilimab (BIIB059)

Litifilimab (known as BIIB059) is an investigational first-in-class monoclonal antibody that is the first potential treatment developed by Biogen for lupus and is being evaluated in patients with systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE). Its targeted mechanism of action acts early in the disease pathway to address the immune dysregulation that drives lupus. Litifilimab selectively targets BDCA2 receptors on plasmacytoid dendritic cells (pDCs) to reduce inflammation. Biogen developed litifilimab over two decades as part of a dedicated lupus discovery and development program.

Litifilimab is an investigational therapeutic candidate that has not yet been approved by any regulatory authority, and its safety and effectiveness have not been established.

Positive results from the CLE portion of the two-part Phase 2 LILAC study were previously published in The New England Journal of Medicine (NEJM) showing litifilimab met the study's primary endpoint by demonstrating superior efficacy to placebo in reducing skin disease activity. In LILAC, litifilimab was generally well tolerated. The AMETHYST (NCT05531565) Phase 3 trial of litifilimab in CLE is currently ongoing.

About Cutaneous Lupus Erythematosus (CLE)

CLE, a type of lupus, is a serious autoimmune skin disease that impacts the daily lives of patients, including their emotional and mental health. It can lead to disfigurement in the form of hair loss, permanent scarring and abnormal skin color. In CLE, the immune system attacks healthy skin, causing rashes, pain, itching and sensitivity to sunlight. Currently, there are no approved targeted therapies for CLE and the last drug was approved in the 1950s.

About Biogen

Founded in 1978, Biogen is a leading biotechnology company that pioneers innovative science to deliver new medicines to transform patients' lives and to create value for shareholders and our communities. We apply deep understanding of human biology and leverage different modalities to advance first-in-class treatments or therapies that deliver superior outcomes. Our approach is to take bold risks, balanced with return on investment to deliver long-term growth.

We routinely post information that may be important to investors on our website at www.biogen.com. Follow us on social media – Facebook, LinkedIn, X, YouTube.

Biogen Safe Harbor

This news release contains forward-looking statements relating to, among others, the potential clinical effects of litifilimab; the potential of litifilimab to make a clinically meaningful improvement for patients living with cutaneous lupus erythematosus (CLE); the potential benefits, safety and efficacy of litifilimab; potential regulatory discussions, submissions and approvals and the timing thereof; the expected timing of trial results; the anticipation of Phase 3 trial results; the potential of Biogen's commercial business and pipeline programs, including litifilimab; and risks and uncertainties associated with drug development and commercialization. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “hope,” “intend,” “may,” “objective,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “prospect,” “should,” “target,” “will,” “would” or the negative of these words or other words and terms of similar meaning. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements. Given their forward-looking nature, these statements involve substantial risks and uncertainties that may be based on inaccurate assumptions and could cause actual results to differ materially from those reflected in such statements.

These forward-looking statements are based on management's current beliefs and assumptions and on information currently available to management. Given their nature, we cannot assure that any outcome expressed in these forward-looking statements will be realized in whole or in part. We caution that these statements are subject to risks and uncertainties, many of which are outside of our control and could cause future events or results to differ materially from those stated or implied in this document, including, among others, uncertainty of our long-term success in developing, licensing, or acquiring other product candidates or additional indications for existing products; expectations, plans, prospects and timing of actions relating to product approvals, approvals of additional indications for our existing products, sales, pricing, growth, reimbursement and launch of our marketed and pipeline products; the potential impact of increased product competition in the biopharmaceutical and healthcare industry, as well as any other markets in which we compete, including increased competition from new originator therapies, generics, prodrugs and biosimilars of existing products and products approved under abbreviated regulatory pathways; our ability to effectively implement our corporate strategy; difficulties in obtaining and maintaining adequate coverage, pricing, and reimbursement for our products; the drivers for growing our business, including our dependence on collaborators and other third parties for the development, regulatory approval, and commercialization of products and other aspects of our business, which are outside of our full control; risks related to commercialization of biosimilars, which is subject to such risks related to our reliance on third-parties, intellectual property, competitive and market challenges and regulatory compliance; the risk that positive results in a clinical trial may not be replicated in subsequent or confirmatory trials or success in early stage clinical trials may not be predictive of results in later stage or large scale clinical trials or trials in other potential indications; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; and the occurrence of adverse safety events, restrictions on use with our products, or product liability claims; and any other risks and uncertainties that are described in other reports we have filed with the U.S. Securities and Exchange Commission, which are available on the SEC's website at www.sec.gov.

These statements speak only as of the date of this press release and are based on information and estimates available to us at this time. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from past results and those anticipated, estimated or projected. Investors are cautioned not to put undue reliance on forward-looking statements. A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our subsequent reports on Form 10-Q. Except as required by law, we do not undertake any obligation to publicly update any forward-looking statements whether as a result of any new information, future events, changed circumstances or otherwise.

Digital Media Disclosure
From time to time we have used, or expect in the future to use, our investor relations website (investors.biogen.com), the Biogen LinkedIn account (linkedin.com/company/biogen-) and the Biogen X account (https://x.com/biogen) as a means of disclosing information to the public in a broad, non-exclusionary manner, including for purposes of the SECÕs Regulation Fair Disclosure (Reg FD). Accordingly, investors should monitor our investor relations website and this social media channel in addition to our press releases, SEC filings, public conference calls and webcasts, as the information posted on them could be material to investors.

Key Takeaways Franklin Templeton's AUM reached a record $1.79T, with long-term net inflows of $18.4B.Investment management fees rose 13.7% as AUM growth boosted revenues and alternatives expanded.Stoneshield deal could add $9B in AUM and strengthen European real estate and infrastructure capabilities. Franklin Templeton (BEN - Free Report) continues to benefit from solid assets under management (AUM) growth, aided by improving net flows, favorable market performance and expansion across private markets and alternative investments. With AUM reaching record levels, the growing asset base could remain an important driver of fee revenues and earnings. However, elevated expenses and sensitivity to market movements may limit the extent of bottom-line growth.

At the end of the fiscal third quarter on June 30, 2026, Franklin Templeton’s AUM reached a record $1.79 trillion, up 11.2% year over year. Average AUM climbed 11.8% to $1.75 trillion. More importantly, the company recorded $18.4 billion in long-term net inflows, a notable turnaround from long-term net outflows of $9.3 billion in the year-ago quarter.

AUM growth is particularly important for Franklin Templeton because investment management fees represent its largest revenue source. In the fiscal third quarter, investment management fees increased 13.7% year over year to $1.87 billion, while total operating revenues advanced 14.3% to $2.36 billion. The increasing contribution from alternative assets could further support the revenue mix. Alternative AUM reached $301.6 billion in August, up 1.8% from July.

Franklin Templeton has been expanding in private credit, infrastructure and real estate, areas that continue to attract client demand. Its planned acquisition of a majority stake in Stoneshield Capital should further strengthen this business. The transaction is expected to add $9 billion in AUM and expand Franklin Templeton’s European real estate and infrastructure capabilities. The deal is also expected to support fee-earning AUM growth across institutional and wealth-management channels.

Overall, Franklin Templeton’s improving net flows, record AUM and growing alternatives franchise provide support for continued earnings growth. For the next 3-5 years, BEN’s earnings are expected to rise 30.4%.

AUM Performance of BEN’s PeersApollo Global Management’s (APO - Free Report) AUM witnessed a CAGR of 19.6% over the past three years (2022-2025), with the rising trend continuing in the first half of 2026. The increase in Apollo’s AUM is primarily driven by growth in its retirement services client assets, subscriptions across the platform and new financing facilities.

By 2029, Apollo Global Management expects its total AUM to reach $1.5 trillion by scaling its private equity business.

Similarly, Blackstone Inc. (BX - Free Report) has been witnessing a rise in its AUM balance. Over the past five years (2020-2025), total AUM and fee-earning AUM have recorded a CAGR of 15.6% and 14.4%, respectively. The total AUM rose 12% year over year in the first half of 2026.

Blackstone’s robust AUM base supports its long-term earnings growth by providing a larger pool of fee-generating capital across its private equity, real estate, credit and infrastructure platforms.

Dell's AI server order book just hit a record, yet management keeps repeating one word to explain why they cannot ship fast enough to meet it. That bottleneck could decide whether today's rally holds or reverses.

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Server hardware is drawing a concentrated bid, with two enterprise infrastructure makers rising together on artificial intelligence demand. Shares of Dell Technologies (NYSE:DELL | DELL Price Prediction) and Hewlett Packard Enterprise (NYSE:HPE) are both climbing, and the size of Dell’s order book makes the rally in Dell stock the more revealing one to analyze.

Dell stock is at $566.05, up 4% in afternoon trading. Meanwhile, HPE shares are at $69.54, up 8% and running ahead of the gain in Dell stock.

The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) trades at $769.19, up 0.7%, a far smaller advance than either hardware stock. Checking in on the tech sector, the Invesco QQQ Trust (NASDAQ:QQQ) is rising 1% to $749.82.

Dell’s Record Backlog Frames the Move Dell raised its revenue forecast for the current fiscal year on September 1, lifting the midpoint to $192 billion and pointing to artificial intelligence server demand as the reason. Management at Dell stated that the company closed its most recent quarter with a record artificial intelligence order backlog of $95 billion. A backlog of that scale shifts the debate around Dell from whether demand exists to whether the company can build fast enough to meet it.

Customer breadth adds weight to that order book, as Dell’s leadership stated plainly that “The acceleration is enterprise.” The comment signals that demand for Dell systems is spreading into traditional corporate buyers, a deeper and potentially steadier base than a handful of giant cloud builders.

Memory Supply Sets Dell’s Pace Memory chip supply is the constraint Dell management itself named as the main obstacle to converting that backlog into revenue. When Dell raised its outlook on September 1, leadership put it bluntly: “The constraints remain the same… DRAM, DRAM, DRAM, followed by NAND, NAND, NAND.” Those terms refer to the memory and flash storage chips every server needs, which makes component availability the factor that decides whether Dell meets its raised forecast.

Dell’s leadership also stated, “Demand outstrips supply,” and added, “We are supply constrained.” That framing cuts both ways for Dell stock. Customer appetite for Dell systems looks secure, yet any shortfall in memory deliveries could delay the company’s revenue and test the patience of shareholders who’ve lifted the shares to this level.

What HPE and the Fund Figures Show On September 30, HPE announced a large artificial intelligence systems order from the cloud provider Vultr and raised its networking growth outlook alongside it, according to Hewlett Packard Enterprise. This announcement precedes the latest gain, and HPE shares are advancing in step with Dell stock. HPE’s Vultr order feeds the same artificial intelligence expansion that sits behind Dell’s backlog.

Supply is a shared theme, and HPE management has described the same bottleneck: “Supply will continue to be constrained, which means we’re going to continue to run into high backlogs as we go forward.” The company also stated, “We booked more orders than any prior quarter in our history, resulting in a record-breaking backlog for the company.” Both HPE and Dell, in other words, face orders arriving faster than components.

Against that backdrop, the SPDR S&P 500 ETF Trust’s modest gain shows how narrow the buying is. With the fund up 0.7%, the outsized moves in Dell stock and HPE shares reflect a bid for server hardware specifically, concentrated in the companies tied most directly to artificial intelligence infrastructure (we covered seven of the suppliers driving this expansion, beyond the chipmakers, in a free report you can grab here).

What to Watch Next Dell’s next test is execution, because its raised forecast depends on securing enough memory to convert a record backlog into revenue. Traders can watch for updates on memory supply when Dell next reports, since component availability determines how quickly orders become sales.

Investors weighing their exposure should adjust their holdings carefully given that memory chip supply, a constraint Dell management named itself, could decide how fast Dell and HPE turn orders into revenue. Strong demand supports the bull case, while component shortages and the wide gap over the broad market keep the risk to their positions elevated.

Contact [email protected] for any questions or corrections.

Chimera Investment Corporation (NYSE:CIM – Get Free Report) gapped down prior to trading on Wednesday. The stock had previously closed at $10.20, but opened at $9.84. Chimera Investment shares last traded at $9.8550, with a volume of 164,202 shares trading hands.

Analyst Upgrades and Downgrades Several research analysts have commented on the company. Wall Street Zen upgraded Chimera Investment from a “sell” rating to a “hold” rating in a report on Sunday, June 28th. Keefe, Bruyette & Woods lowered their target price on Chimera Investment from $15.00 to $14.00 and set a “market perform” rating for the company in a report on Thursday, August 6th. Finally, Weiss Ratings downgraded Chimera Investment from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $14.50.

View Our Latest Analysis on CIM

Chimera Investment Stock Performance The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.07 and a current ratio of 0.07. The firm has a market cap of $782.94 million, a P/E ratio of -9.17 and a beta of 1.72. The firm’s fifty day moving average price is $11.48 and its 200 day moving average price is $12.61. Chimera Investment (NYSE:CIM – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.08). The business had revenue of $94.77 million during the quarter, compared to analysts’ expectations of $95.30 million. Chimera Investment had a return on equity of 9.82% and a net margin of 0.14%.

Chimera Investment Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.80 dividend on an annualized basis and a yield of 19.2%. Chimera Investment’s dividend payout ratio is currently -176.47%.

Institutional Inflows and Outflows Institutional investors and hedge funds have recently made changes to their positions in the stock. Nykredit A S bought a new stake in Chimera Investment during the second quarter valued at about $29,000. Integrated Wealth Concepts LLC purchased a new position in Chimera Investment in the second quarter valued at about $46,000. Public Employees Retirement System of Ohio bought a new position in Chimera Investment in the second quarter worth about $60,000. Global Retirement Partners LLC bought a new position in Chimera Investment in the second quarter worth about $79,000. Finally, IFP Advisors Inc lifted its position in shares of Chimera Investment by 52.5% during the second quarter. IFP Advisors Inc now owns 10,412 shares of the real estate investment trust’s stock valued at $139,000 after buying an additional 3,586 shares during the last quarter. 48.44% of the stock is currently owned by hedge funds and other institutional investors.

(Get Free Report)

Chimera Investment Corporation is a real estate investment trust that invests in residential mortgage assets. The company’s portfolio has historically included residential mortgage-backed securities, residential mortgage loans and other mortgage-related investments, including both agency and non-agency assets.

Chimera seeks to generate income from the interest and cash flows associated with its investments. Its activities are primarily focused on the U.S. residential housing and mortgage markets, and the company may invest in assets with different levels of credit and prepayment risk.

Founded in 2007, Chimera is externally managed and has operated as a mortgage-focused REIT.

See Also Five stocks we like better than Chimera Investment Everyone in AI Is Quietly Copying Palantir’s Playbook Advanced Micro Devices Is Spending $8.2 Billion to Learn What AI Needs Next JPMorgan Bets on Genius Sports as the Market Loses Patience Apple’s $5.7 Billion Patent Verdict Raises a Bigger Royalty Question Receive News & Ratings for Chimera Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chimera Investment and related companies with MarketBeat.com's FREE daily email newsletter.

It has been about a month since the last earnings report for NetApp (NTAP - Free Report) . Shares have added about 16% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is NetApp due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for NetApp, Inc. before we dive into how investors and analysts have reacted as of late.

NetApp Q1 Earnings Beat Estimates

NetApp delivered a record first quarter of fiscal 2027, with non-GAAP earnings of $2.58 per share, up 66.5% year over year. The figure beat the Zacks Consensus Estimate of $2.13 by 21.1%.

Net revenues rose 29.9% to $2,025 million and surpassed the $1,843 million consensus mark by 9.9%. Strong AI and modernization spending, accelerated purchases and pricing benefits supported growth. Billings increased 36.1% to $2,057 million.

Hybrid Cloud Business Leads Growth

Hybrid Cloud revenues advanced 30.1% year over year to $1,819 million. Product revenues climbed 50.9% to $987 million, while support revenues increased 11.3% to $720 million. Professional and Other Services revenues rose 15.5% to $112 million, mainly on continued Keystone growth.

The quarter included an additional week, which contributed approximately $65 million to revenues, mainly from support and Public Cloud. Excluding that benefit, total revenues increased 26% year over year. Management also cited a healthier demand environment as customers invested in AI and infrastructure modernization.

Flash and Public Cloud Momentum Accelerates

All-flash array revenues reached a record $1,309 million, up 46.6% from the prior-year quarter. Hybrid-flash and other revenues were $510 million versus $505 million a year ago. Together, all-flash and Public Cloud represented 75% of quarterly net revenues.

Public Cloud revenues grew 28% to a record $206 million, reflecting strong first-party and marketplace storage demand. Adjusted for the extra week, Public Cloud growth was 19%. NetApp won approximately 350 AI and data lake modernization deals, with management noting larger deal sizes as customers moved from pilots to production. The company also acquired DataPelago to expand its AI data infrastructure capabilities.

Margin Details

Non-GAAP gross margin was 70.6%, down 50 basis points year over year. The decline reflected a larger product mix, with product revenues accounting for 49% of sales versus 42% a year earlier. Product gross margin was 54.6%, pressured sequentially by higher component costs but partly offset by better pricing.

Hybrid Cloud gross margin was 68.8%, while Public Cloud gross margin reached 86.4%. Support gross margin totaled 93.2%, and Professional Services gross margin was 36.6%. Year-over-year margin expansion across product, support, Professional Services and Public Cloud partly offset the product-mix headwind.

Non-GAAP operating expenses rose 10.9% year over year to $784 million, driven primarily by variable compensation and the additional week, which added approximately $22 million. Even so, non-GAAP operating income increased 60.8% to $645 million.

The non-GAAP operating margin expanded to 31.9% from 25.7%. Non-GAAP net income increased 64% to $515 million. On a GAAP basis, net income rose 60.9% to $375 million, while earnings increased 63.5% to $1.88 per share.

Cash Flow Details

Cash from operations fell 25.3% year over year to $503 million, while free cash flow declined 35.3% to $401 million. Free cash flow margin was 19.8% compared with 39.8% a year ago. Capital expenditures increased to $102 million from $53 million.

NTAP ended the quarter with $3.58 billion in cash, cash equivalents and investments and $2.49 billion in gross debt, leaving net cash of $1.09 billion. Inventory increased to $375 million from $198 million at fiscal year-end as the company managed supply levels to support growing demand. NetApp returned $302 million through $200 million of repurchases and $102 million of dividends.

Fiscal 2027 Outlook

For the second quarter of fiscal 2027, NetApp expects revenues of $2.025-$2.175 billion. Non-GAAP gross margin is projected at 67-68%, operating margin at 30.9-31.9% and earnings at $2.54-$2.64 per share. Management expects the sequential gross-margin decline mainly from a higher product revenue mix.

For fiscal 2027, revenues are now forecast at $7.975-$8.225 billion, with the $8.10 billion midpoint representing 17% growth and a $650 million increase from prior guidance. Non-GAAP gross margin is expected at 68.1-69.1%, operating margin at 30.3-31.3% and earnings at $9.73-$10.03 per share. The $9.88 earnings midpoint represents 22% year-over-year growth.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 21.27% due to these changes.

VGM ScoresCurrently, NetApp has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of F on the value side, putting it in the bottom 20% quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise NetApp has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Key Takeaways JEF's Japan JV will combine SMBC's domestic reach with Jefferies' global equities platform and client network.JEF's M&A and ECM market share rose more than fourfold among selected jointly covered sponsor clients. SMBC's 20% stake and the planned 2027 JV deepen the alliance and expand cross-border growth opportunities. Jefferies Financial Group Inc. (JEF - Free Report) is expanding its partnership with Sumitomo Mitsui Banking Corporation (SMBC) with a Japan-based joint venture (JV), which is expected to begin serving clients in January 2027. As part of the broader strategic alliance, SMBC has increased its equity ownership in Jefferies to almost 20%, making it the company’s largest shareholder.

The venture will combine SMBC and SMBC Nikko’s domestic client coverage, equities, Equity Capital Markets (ECM), research and corporate access capabilities with Jefferies’ global client network, sector expertise, trading technology and capital-markets capabilities. The shared goal is to build a leading institutional Japanese equities and ECM franchise.

The partnership will strengthen Jefferies’ access to Japanese equities and ECM opportunities while helping Japanese clients tap into its global investment banking network. The venture will also jointly source and execute Japan-related cross-border mergers & acquisitions (M&A) and ECM transactions, leveraging the complementary strengths of both firms. The planned JV is also intended to scale a leading wholesale equities and equity capital markets business in Japan.

JEF’s Early Alliance Gains Support for Further ExpansionThe broader SMBC alliance is already showing commercial traction. Jefferies said joint coverage of selected large sponsor clients began in 2024, and its M&A and ECM market share for those jointly covered clients increased more than fourfold. The partners are now expanding joint coverage to larger sponsors globally, while SMBC-provided credit facilities are supporting Jefferies’ growth in targeted areas.

These early gains highlight the potential of combining SMBC’s Japanese investment banking presence and lending capabilities with Jefferies’ global advisory and capital-markets expertise. Management expects the collaboration to deepen as the partners expand their client coverage and capabilities.

JEF’s Global Platform Could Amplify Japan OpportunitiesThe JV will leverage Jefferies’ global reach and sector expertise to support Japanese companies pursuing international opportunities, while SMBC’s domestic relationships can broaden Jefferies’ access to Japanese clients. Management highlighted the overlap between the companies’ client networks as an opportunity to expand M&A, ECM and leveraged-finance activity.

The planned JV therefore provides Jefferies with a stronger local platform while extending the reach of its existing global investment banking capabilities. Management also expects the Japan JV to provide a template for other ways Jefferies and SMBC can work together globally.

Our Take on JEFThe planned Japan JV gives Jefferies a more established local platform to pursue Japanese equities, ECM and cross-border investment banking opportunities. SMBC’s increased ownership and position as Jefferies’ largest shareholder further underscore the strategic depth of the alliance. However, the venture is not expected to be launched until January 2027, making execution and the ability to convert the expanded platform into sustained transaction activity key factors to monitor.

JEF’s Peers Tap New Growth Opportunities Through ExpansionCitigroup Inc. (C - Free Report) is expanding its collaboration with Coinbase Global (COIN) to strengthen its role in stablecoin-based payments. The expanded partnership combines Coinbase’s digital-asset infrastructure with Citigroup’s virtual-account, payment, and fiat-settlement capabilities, enabling businesses to accept, hold, and pay funds while converting incoming fiat into stablecoins. Citigroup will also support institutional clients accepting stablecoin payments through Spring by Citi, with Coinbase Payments converting stablecoins into fiat and Citigroup handling settlement as the bank of record.

The expanded relationship could help Citigroup capture growth in the stablecoin payments market by extending its payments infrastructure to blockchain-based transactions without requiring merchants to directly hold or manage digital assets. With Citigroup already banking 90% of the top e-commerce companies and 15 of the world’s 20 largest fintechs, its institutional client base provides a broad potential distribution channel.

Likewise, JPMorgan Chase & Co. (JPM - Free Report) is expanding its cross-border payments capabilities through a partnership with Thunes, integrating Thunes’ Direct Global Network with J.P. Morgan Payments’ Xpedite Remit solutions. The collaboration will enable faster and simpler international payouts across more than 100 corridors, connecting businesses to local bank accounts and mobile wallets while providing foreign-exchange conversion and end-to-end payment traceability.

JPMorgan’s expanded payment reach could boost cross-border volumes and deepen client relationships, leveraging Thunes’ access to 12 billion accounts and wallets across 140 countries.  As businesses increasingly adopt faster, digital cross-border payment channels, the partnership could expand JPMorgan’s payment volumes, client reach, and fee-based revenue opportunities.

Northrop Grumman Corporation (NYSE:NOC – Get Free Report) gapped down before the market opened on Wednesday. The stock had previously closed at $504.61, but opened at $483.00. Northrop Grumman shares last traded at $484.5310, with a volume of 245,732 shares trading hands.

Trending Headlines about Northrop Grumman Here are the key news stories impacting Northrop Grumman this week:

Positive Sentiment: Northrop Grumman opened a new Arizona facility to support in-space systems, reinforcing its position in the growing space-defense market and potentially expanding future production capacity. Northrop Grumman continues in-space industry leadership with new facility opening in Arizona Positive Sentiment: The company is accelerating extended-range counter-drone missile technology for the U.S. Army, supporting its missile-defense pipeline and adding potential follow-on revenue opportunities. Northrop Grumman to accelerate extended-range C-UAS missile technology Positive Sentiment: UBS issued a Buy rating, while separate analysis suggested NOC could be undervalued by roughly 24% following new space prototype work. These views may limit downside if execution remains solid. Northrop Grumman receives a Buy from UBS Neutral Sentiment: Northrop’s backlog remains approximately $105 billion, supported by the B-21 Raider and Sentinel programs. The loss of F/A-XX does not reduce existing contracted revenue, although investors will monitor how effectively the company ramps production and manages costs. Negative Sentiment: Boeing won the Navy’s F/A-XX development contract, potentially positioning it to capture decades of future fighter production and sustainment revenue. Northrop’s shares decreased as investors reassessed its growth prospects outside its current backlog. Boeing beats Northrop for a $20 billion Navy fighter contract Negative Sentiment: Analysts expect a single-digit year-over-year decline in third-quarter earnings, creating another near-term catalyst for caution ahead of the October results. Northrop Grumman’s third-quarter 2026 earnings outlook Analyst Upgrades and Downgrades A number of research firms have weighed in on NOC. TD Cowen upped their target price on Northrop Grumman from $550.00 to $590.00 and gave the stock a “hold” rating in a research report on Wednesday, August 19th. Citigroup boosted their price objective on Northrop Grumman from $617.00 to $667.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Jefferies Financial Group cut their price objective on Northrop Grumman from $620.00 to $580.00 and set a “hold” rating for the company in a report on Friday, June 26th. Morgan Stanley set a $745.00 target price on Northrop Grumman in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and set a $620.00 target price on shares of Northrop Grumman in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Northrop Grumman has an average rating of “Moderate Buy” and a consensus price target of $647.57.

Get Our Latest Stock Analysis on Northrop Grumman Northrop Grumman Stock Performance The company has a quick ratio of 1.06, a current ratio of 1.17 and a debt-to-equity ratio of 0.81. The stock has a market cap of $68.47 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.83 and a beta of -0.11. The company’s 50-day simple moving average is $538.98 and its 200-day simple moving average is $568.95.

Northrop Grumman (NYSE:NOC – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The aerospace company reported $7.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.82 by $0.86. The company had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $10.80 billion. Northrop Grumman had a return on equity of 24.25% and a net margin of 10.48%.The firm’s revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.15 earnings per share. Northrop Grumman has set its FY 2026 guidance at 28.600-29.100 EPS. Analysts predict that Northrop Grumman Corporation will post 28.97 EPS for the current fiscal year.

Northrop Grumman Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Stockholders of record on Monday, August 31st were issued a dividend of $2.47 per share. This represents a $9.88 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, August 31st. Northrop Grumman’s dividend payout ratio is currently 31.39%.

Insider Buying and Selling at Northrop Grumman In related news, Director Mark Welsh, III sold 95 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $547.53, for a total value of $52,015.35. Following the completion of the transaction, the director owned 4,393 shares in the company, valued at $2,405,299.29. This trade represents a 2.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.21% of the stock is owned by company insiders.

Institutional Trading of Northrop Grumman A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Northrop Grumman during the second quarter valued at $6,001,616,000. Bank of America Corp DE acquired a new stake in Northrop Grumman during the 2nd quarter worth about $1,298,141,000. Capital World Investors boosted its position in Northrop Grumman by 39.4% during the 4th quarter. Capital World Investors now owns 3,434,041 shares of the aerospace company’s stock worth $1,958,151,000 after acquiring an additional 970,029 shares during the period. Bank of New York Mellon Corp purchased a new position in Northrop Grumman during the 2nd quarter valued at about $376,135,000. Finally, Corient Private Wealth LP purchased a new position in Northrop Grumman during the 2nd quarter valued at about $44,039,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Northrop Grumman Company Profile (Get Free Report)

Northrop Grumman Corporation (NYSE:NOC) is a global aerospace and defense company that develops and produces systems for government and commercial customers, with the U.S. Department of Defense and other government agencies representing its primary markets. Its work spans advanced aircraft, autonomous systems, space systems, missile defense, command and control, cybersecurity, and other mission-critical technologies.

The company’s offerings include strategic and tactical aircraft, unmanned aerial vehicles, aircraft systems, satellites, spacecraft, launch vehicles, missile-warning and missile-defense systems, secure communications, and cyber and information systems.

Further Reading Five stocks we like better than Northrop Grumman Everyone in AI Is Quietly Copying Palantir’s Playbook Advanced Micro Devices Is Spending $8.2 Billion to Learn What AI Needs Next JPMorgan Bets on Genius Sports as the Market Loses Patience Apple’s $5.7 Billion Patent Verdict Raises a Bigger Royalty Question Receive News & Ratings for Northrop Grumman Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northrop Grumman and related companies with MarketBeat.com's FREE daily email newsletter.

Key Takeaways VAC's Premier Vacations program aims to bring customers back for more vacations and sales opportunities.VAC's second-quarter contract sales rose 22%, while VPG climbed 23% to $4,477.Premier Vacations and expanded hotel partnerships are designed to support VAC's raised 2026 outlook. Marriott Vacations Worldwide Corporation (VAC - Free Report) is expanding its Premier Vacations program to strengthen customer engagement and create a more consistent stream of future sales. Introduced in June, the initiative offers a vacation incentive at the point of sale, with the goal of bringing customers back to VAC properties for additional vacation experiences and sales opportunities.

The program comes at an important time for VAC, which is rebuilding sales momentum through several commercial initiatives. Second-quarter contract sales increased 22% year over year, while VPG climbed 23% to $4,477. Management said early results from Premier Vacations were better than expected and identified the program as a potential catalyst for the second half of 2026.

Premier Vacations is designed to support growth beyond the initial transaction. Management expects customers who use the incentive vacation to return to VAC's existing resorts, creating additional tour opportunities and a pipeline for future sales.

VAC is also expanding other channels, including partnerships with Marriott Bonvoy and World of Hyatt databases, hotel-lobby marketing and partnership marketing. These efforts are intended to broaden its reach among potential vacation-ownership buyers.

The strategy supports VAC's raised 2026 outlook, which calls for 18-20% contract-sales growth and adjusted EBITDA of $805-$830 million.

The key test will be whether Premier Vacations can convert its growing customer pipeline into sustained tour flow and sales growth over the coming quarters.

VAC Faces Competition From HGV and TNL in Vacation OwnershipThe key competitors to Marriott Vacations Worldwide in the vacation-ownership market are Hilton Grand Vacations (HGV - Free Report) and Travel + Leisure Co. (TNL - Free Report) . Hilton Grand Vacations reported $810 million in second-quarter 2026 contract sales, supported by healthy tour growth and expanded HGV Max membership, while its Club platform has more than 720,000 members.

Meanwhile, Travel + Leisure generated $693 million in gross VOI sales in the quarter, up 6% year over year, with VPG rising 2% to $3,318. The company also continues to use marketing channels and owner upgrade opportunities to generate tour flow and sales.

Against this backdrop, VAC’s Premier Vacations initiative is aimed at strengthening its own pipeline by bringing customers back to the resorts and creating additional sales opportunities. VAC is also expanding hotel partnerships and leveraging Marriott Bonvoy and World of Hyatt databases to attract prospective buyers.

Vail Resorts is paying shareholders a 6.47% dividend while borrowing money to do it, and management is betting everything on normal snowfall to avoid a repeat of what the CEO called the worst weather the company has ever faced.

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Vail Resorts (NYSE:MTN | MTN Price Prediction) declared a quarterly dividend of $2.22 per share, payable October 27, 2026. The annualized payout of $8.88 yields 6.47% at $140.50 per share. The problem: free cash flow did not cover the dividend.

How Season Passes Turn Snowfall Risk Into Prepaid Cash Vail sells Epic Passes months before the ski lifts open, collecting cash before snow conditions are known. Pass revenue rose 3.9% despite visitation falling 13.4%. In the third quarter, ski lifts revenue dropped 5.3% while visits declined 15.5%.

“Our advance commitment model provided considerable stability and strong cost discipline kept us on track to exceed our resource efficiency transformation plan savings for the year.”

CEO Rob Katz also described the weather the company faced:

“Conditions were particularly severe in the Rockies, where snowfall and snowpack were at or near historic lows and significantly below prior record-low seasons, resulting in the most difficult weather environment we have ever experienced.”

A Record-Bad Winter Opened a Coverage Gap Operating cash flow was $479.6 million. Capital spending amounted $231.6 million, leaving roughly $248.0 million in free cash flow to cover $317.1 million in dividends, a payout of roughly 128% of free cash flow. Fiscal 2025 coverage was about 103%. The dividend was also about 216% of GAAP EPS of $4.12.

The balance sheet covered the shortfall. Cash fell from $440M to $231M. Net leverage rose to 3.9x from 3.0x in the first quarter, and interest expense went up to $205.6 million.

Management Says Even the Low End Covers the Payout CFO Angela Korch spoke directly to coverage:

“Even at the low end of our fiscal 2027 guidance range, we expect to generate positive free cash flow after continuing to fund our capital program and dividend.”

Guidance calls for Resort EBITDA of $805M to $865M assuming normal weather conditions. Early demand is weaker: pass units are down about 12% and pass dollars down about 6%. Katz acknowledged the risk: “Last season was a true anomaly and it certainly creates risk heading into next season.”

How Six Flags and Host Hotels Show What Is at Stake Six Flags (NYSE:FUN) also runs a weather-exposed season-pass business. It carries roughly $4.9 billion in net debt, and its CEO, John Reilly, has made reducing that debt the priority:

“Reducing leverage and restoring financial flexibility are essential to creating sustainable shareholder value.”

Host Hotels & Resorts (NASDAQ:HST) serves the same wealthy travelers but has no snow risk. It pays a $0.20 regular quarterly dividend, has an investment-grade balance sheet and added a $0.72 special payout after selling assets. Vail sits between the two. Its business model is stronger than Six Flags’, but its balance sheet gives it much less buffer than Host’s.

Verdict: Safe Through One More Bad Winter, Broken by a Second The dividend is safe for fiscal 2027. Katz bought nearly $5 million of stock this year, and management expects leverage to fall to about 3.5 times. History shows the board will act under pressure, though. Payments stopped between March 2020 and October 2021. One condition would break this payout: a second straight below-normal snow season that drives Resort EBITDA below $805M. With only $231M of cash left, another year of borrowing to pay the dividend would not hold up.

Contact [email protected] for any questions or corrections.

A month has gone by since the last earnings report for PVH (PVH - Free Report) . Shares have added about 4.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is PVH due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

PVH Q2 Earnings Beat on Tariff Refunds, Revenues in LinePVH Corp. posted second-quarter fiscal 2026 adjusted earnings of $3.70 per share, up 46.8% from $2.52 a year earlier and above the Zacks Consensus Estimate of $3.08. The result included an approximately $1.80-per-share benefit from tariff refunds.

Revenues fell 3.2% year over year to $2.097 billion and were in line with the consensus mark. Owned and operated digital commerce revenues rose 4% year over year, while gross margin benefited from tariff refunds and lower product costs.

PVH’s Regional Sales Show Mixed TrendsEurope, the Middle East and Africa revenues declined 6% year over year to $986.3 million, with weakness primarily stemming from the wholesale channel. The region continued to face soft consumer demand related to the prolonged effects of the Middle East conflict and broader macroeconomic pressures. Direct-to-consumer digital growth was more than offset by lower store revenues.

Americas revenues slipped 1% year over year to $680.1 million as a slight DTC increase was outweighed by lower wholesale sales. Asia-Pacific revenues rose 3% year over year to $343.7 million, or 1% at constant currency, on DTC growth. Licensing revenues fell 13% to $86.9 million due to planned North America license transitions.

PVH Corp. Builds DTC and Digital MomentumTommy Hilfiger revenues were approximately flat year over year at $1.132 billion, including an approximately 3% lift from bringing previously licensed women’s categories in-house in the Americas. Calvin Klein revenues fell 7% to $913.3 million, including an approximately 4% drag from wholesale shipment timing in the Americas.

By channel, DTC revenues were approximately flat year over year. Owned and operated store revenues fell 1%, while digital commerce advanced 4%, or 3% at constant currency. Wholesale revenues declined 6% across all regions.

PVH Margins Get a Lift From Tariff RefundsGross margin increased 530 basis points to 63% from 57.7%. The expansion included about 510 basis points from $107 million of tariff refunds. The remaining improvement reflected lower product costs, including favorable foreign exchange and a better mix, partly offset by promotions in EMEA, higher net tariff costs and North America license transitions.

Adjusted EBIT rose 30.5% to $232.6 million from $178.2 million, lifting adjusted operating margin by 290 basis points year over year to 11.1% from 8.2%. Adjusted SG&A expenses increased 1.7% to $1.1 billion. PVH continued targeted marketing and brand-building investments while maintaining cost discipline.

PVH Ends Q2 With Higher Cash and Lower InventoryInventory decreased 3% year over year to $1.7 billion. PVH ended the quarter with $965.9 million in cash and cash equivalents, up from $248.8 million a year earlier. Long-term debt totaled $2.2 billion, while stockholders’ equity was $4.8 billion.

Net cash provided by operating activities reached $336.4 million in the first six months of fiscal 2026, up from $141.7 million a year earlier. Capital expenditures totaled $76 million. The company made no common stock repurchases under its repurchase program in the first six months and expects at least $300 million of repurchases for fiscal 2026.

PVH Reaffirms Fiscal 2026 OutlookFor fiscal 2026, PVH continues to expect revenues to be approximately flat on a reported basis and down slightly at constant currency. Adjusted operating margin is still projected at approximately 8.8%, while adjusted earnings are forecast at $11.80-$12.10 per share compared with $11.40 a year ago. The outlook includes an estimated 40-cent favorable foreign-currency impact.

For the fiscal third quarter, revenues are projected to decline in the low single digits, with an adjusted operating margin of about 7.5%. Adjusted earnings are expected at $2.50-$2.65 per share, down from $2.83 recorded in the prior-year period. Management also plans higher year-over-year marketing investment in the fiscal third quarter to aid growth.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -17.14% due to these changes.

VGM ScoresCurrently, PVH has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top quintile for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, PVH has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Lululemon Athletica Inc. (NASDAQ:LULU) shares touched a fresh 52-week low near $94 Friday, extending a decline that’s left the stock down 54% so far this year.

Lululemon Athletica stock is at significant support. What’s behind LULU weakness? Lululemon’s Q2 Miss and Steep Guidance Cut Continue Weighing On SharesLululemon’s stock has been under pressure since its second-quarter report on September 3. Revenue came in at $2.42 billion, short of the $2.46 billion analysts had penciled in. Sales overall slipped 4% from a year earlier.

The Americas business took the bigger hit, down 8%, while international sales grew 4%. Same-store sales dropped 9% across the board. The company ended the quarter running 825 stores after adding nine new company-operated locations, with inventory levels down 1% year-over-year to $1.7 billion.

Guidance for the months ahead landed even worse. Lululemon pointed to third-quarter sales of just $2.29 billion to $2.32 billion, a steep drop from the $2.53 billion Wall Street wanted. Profit guidance told a similar story, with the company eyeing 93 cents to 98 cents per share against a $2.43 consensus.

Full-year numbers took an even bigger hit. Revenue guidance dropped to a range of $10.35 billion to $10.50 billion, down from an earlier $11 billion to $11.15 billion target and well under the $11.04 billion analysts expected. Profit guidance fell similarly, now pegged at $9.48 to $9.73 per share versus a prior $10.95 to $11.15 range and a $10.96 estimate.

Shares Break Below Their Prior 52-Week LowToday’s dip to around $94 pushed Lululemon past its previous 52-week floor of $95.35. The stock’s high over that same stretch sat at $225.98, a gap that shows just how much ground shares have lost over the past year.

With the stock now down 54% year-to-date, the continued slide points to lingering doubt among investors following the steep cuts to growth and profit expectations the company laid out earlier this month.

LULU Shares Are FallingLULU Price Action: Lululemon shares were down 0.15% at $95.72 at the time of publication on Friday. The stock is trading at a new 52-week low, according to Benzinga Pro.

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Artificial intelligence (AI) is a powerful technology with the potential to dramatically improve economic productivity. But over the last few months, AI agents developed by labs like OpenAI have escaped test environments and autonomously launched cyberattacks on corporate and government websites, raising concerns about the safety of critical digital infrastructure.

Understandably, cybersecurity is now a top priority for most organizations, so some of the best providers have seen their values soar. Tenable (TENB +2.66%) stock, for instance, is now sitting on a year-to-date gain of 48.6% (as of the market close on Tuesday, Sept. 29), outperforming the S&P 500 (^GSPC +0.76%) by a factor of four.

Tenable specializes in exposure management, a proactive form of enterprise-grade cybersecurity that identifies vulnerabilities in corporate networks before cyberattackers can exploit them. The company is likely to see growing demand for its products over the next few years, so its stock could be a great long-term investment, especially since it trades at a steep discount to its rivals. 

Image source: Getty Images.

Exposure management is critical in the AI era Tenable owns Nessus, the cybersecurity industry's most widely deployed, most accurate platform for identifying vulnerabilities. It scans operating systems, networks, and devices around the clock for vulnerabilities in their defenses so they can be fixed before being exploited. But this tool alone isn't enough in the AI era, so Tenable offers an expanding portfolio of even more advanced products.

These products are available under a comprehensive platform called Tenable One, which fulfills every exposure management requirement an enterprise might have. It's powered by an agentic AI engine called Hexa AI, which orchestrates a fleet of AI agents to handle tasks like building risk dashboards, running scans, and scheduling remediation. It learns how corporate assets interact, so it's equipped with enough context to flag potential vulnerabilities.

Tenable One also protects enterprises that are deploying AI. It features a tool called AI Exposure, which continuously monitors how employees use AI applications and which critical assets those applications can access, enabling it to identify potential vulnerabilities. It can also uncover instances of prompt injection, in which hackers trick internal AI applications into handing over sensitive data by disguising their malicious requests as legitimate instructions.

Tenable One accounted for half of Tenable's new sales in the second quarter of 2026 (ended June 30), indicating that enterprises are clearly shifting toward holistic platforms rather than piecing together individual products.

Revenue growth could accelerate from here Tenable's business is growing at a relatively modest pace, partly because management is focusing on profitability by carefully managing costs. The company generated $268.5 million in revenue during the second quarter, which topped management's guidance range of $263 million to $266 million but represented a year-over-year increase of just 8.6%.

Tenable had $195.3 million in total operating expenses during the quarter, down from $200.3 million in the year-ago quarter. That included cuts to growth-oriented costs such as sales and marketing, which were likely a headwind to customer acquisition and revenue. But on a positive note, it resulted in a generally accepted accounting principles (GAAP) net income of $3.8 million, a big improvement from the $14.7 million net loss from the year-ago quarter.

Tenable also generated a healthy profit of $57.9 million on an adjusted (non-GAAP) basis, which excludes one-off and noncash expenses like stock-based compensation. That was up 40% year over year.

Premium Feature

Moneyball Superscore

73/100

Today's Change

(

2.66

%) $

0.96

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By continuing to improve the bottom line, Tenable will have more flexibility to reinvest in the business without having to raise additional capital from investors or tap debt financing. Given the scale of the AI opportunity, I predict management will soon begin spending more aggressively on areas such as marketing, research, and development to capture as much market share as possible. That could accelerate the company's revenue growth.

Tenable is one of the cheapest stocks in the cybersecurity industry Tenable stock is trading at a price-to-sales (P/S) ratio of just 3.9, so it's already much cheaper than the Nasdaq-100, which has a P/S ratio of 6.4. It's also substantially cheaper than each of its closest rivals, CrowdStrike, Palo Alto Networks, and Zscaler, which trade at P/S ratios of between 9.5 and 50.1.

CRWD PS Ratio data by YCharts

Each of those companies generates more revenue than Tenable and is growing faster, so they deserve premium valuations. CrowdStrike, for example, increased its annual recurring revenue by 25% to $5.8 billion during its most recent quarter. But that said, I don't think CrowdStrike's P/S ratio should be 12 times higher than Tenable's P/S ratio.

I'm not suggesting Tenable's P/S ratio will ever climb to above 50, but its current valuation certainly leaves room for upside. As a result, investors seeking exposure to the cybersecurity industry amid the growing threat from AI might want to consider buying Tenable, particularly while it's cheaper than both the market and its main rivals.

Arista Networks, Inc. (ANET) rises 4,001% since 2015’s first institutional outlier inflow.

ANET’s programmable cloud networking hardware and low-latency switch solutions are critical parts hyperscaler infrastructure, enabling AI workloads as well as and other networks. The company’s second-quarter fiscal 2026 report showed $3 billion in quarterly revenue (up 37.7% year-over-year), diluted per-share earnings of $1.02 (a 39.7% gain), and raised 2026 revenue guidance to $12.6 billion (representing 40% annual growth), with at least $3.5 billion coming from AI (more than double the prior year). The company reports again on Nov. 2.

No wonder ANET shares are up 56% so far this year – and they could rise more. MoneyFlows data shows how Big Money investors are again betting heavily on the stock.

Institutions Buy Up Arista Networks Institutional volumes reveal plenty. In the last year, ANET has enjoyed strong investor demand, which we believe to be institutional support.

Each green bar signals unusually large volumes in ANET shares. They reflect our proprietary inflow signal, pushing the stock higher:

After ending 2025 with a series of outflows, ANET shares have again attracted institutions, gaining 56% YTD. Source: www.moneyflows.com Plenty of technology names are under accumulation right now. But there’s a powerful fundamental story happening with Arista Networks.

Arista Networks Fundamental Analysis Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, ANET has had strong sales and earnings growth:

3-year sales growth rate (+27.3%) 3-year EPS growth rate (+36.8%) Source: FactSet

Also, EPS is estimated to ramp higher this year by +27.6%.

Now it makes sense why the stock has been generating Big Money interest. ANET has a track record of strong financial performance.

Marrying great fundamentals with MoneyFlows software has found some big winning stocks over the long term.

Arista Networks has been a top-rated stock at MoneyFlows for years. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.

It’s had 93 Big Money outlier inflow signals since 2015 and is up 4,001% since then. The blue bar below shows when ANET was a top pick in the last year…this remains a Big Money outlier:

ANET shares have generated 93 total outlier inflow signals, with six in the last year, rising 4,001% since the first one in 2015. Source: www.moneyflows.com Tracking unusual volumes reveals the power of money flows.

This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.

Arista Networks Price Prediction The ANET action isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.

Disclosure: the author holds no position in ANET at the time of publication.

If you are a Registered Investment Advisor (RIA) or a serious investor, take your investing to the next level. MoneyFlows created 11 Frontiers indexes to help serious investors capture AI-driven themes and learn the leading stocks in each Frontier. Get started here.

Ares Management keeps raising its dividend and breaking fundraising records even as its stock slides 25% this year, which raises a question most investors in the company have not yet answered: what exactly are they holding?

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Ares Management (NYSE:ARES | ARES Price Prediction) closed at $116.57 on October 1. The shares are down 25.42% year to date, even though the company keeps setting fundraising records. The dividend has kept rising while the price has fallen. That combination forces a shareholder to decide what this stock is for.

How Ares Actually Makes Money Ares is an alternative asset manager. It raises money from pensions, insurers and rich families, then invests it outside public stocks and bonds. Its main engine is private credit, which means loans made directly to companies instead of through banks. The Credit Group brought in $722.4M of second-quarter revenue, up 14%.

Ares earns money in two very different ways. Management fees are charged on the assets it manages. After costs, those fees become fee-related earnings (FRE), and they repeat every quarter. Performance income is Ares’s share of profits when investments are sold, so it arrives in uneven chunks.

In Q2, FRE rose 20% to $491.1M. Realized net performance income came to about $51 million, and management expects roughly $10 million in Q3. The steady stream is what pays the dividend. About 94% of management fees come from perpetual capital or long-dated funds, meaning money that investors cannot pull out quickly.

A Dividend That Grows Like a Growth Stock Ares pays $1.35 per quarter after a 20% raise. The quarterly payout was $0.47 in 2021, $0.77 in 2023 and $1.12 in 2025. The stock yields 4.25%, compared with 4.59% at Blackstone (NYSE:BX) and 0.82% at KKR (NYSE:KKR).

Growth Engines Still Running Hot Total AUM reached $671.3B, up 17%. Ares raised a record $36.4B in the quarter and holds $170B of dry powder. FRE margin expanded to 42.2% from 41.2%. Management targets 16% to 20% FRE growth.

CEO Michael Arougheti stated: “Our primary goal is growth.”

What Investors Are Paying for Ares Ares trades at a forward P/E of 17, against 16 for Blackstone and 13 for KKR. The average analyst target is $147.3. Of analysts covering the stock, 12 rate it a buy or strong buy and 7 rate it a hold.

Verdict: A Growth Stock That Pays You to Wait Ares is a growth stock. The dividend rises with fees and has grown every year since 2021. A yield near Blackstone’s comes with a dividend growing at about 20% annually.

A credit cycle downturn could slow fundraising, stall deployment and test investor commitment. Management highlighted this risk:

“There is a risk that some of the wealth flows could be more pro-cyclical than people thought they were, which is why we continue to index aggressively into the institutional market.”

The effective management fee rate has also fell, from 1.00% to 0.97%. Ares has scheduled its third-quarter release. Two numbers in that report will show whether the thesis holds: FRE growth inside the target range and fundraising on pace.

Contact [email protected] for any questions or corrections.

Integra Lifesciences Holdings Corp (NASDAQ:IART) cut its 2026 revenue and adjusted earnings guidance after July flooding disrupted operations in Cincinnati, despite expectations for strong cash generation.

The medical technology company now forecasts annual revenue of $1.634 billion to $1.654 billion, down from $1.654 billion to $1.695 billion.

Alongside that reduction, it lowered adjusted earnings per diluted share guidance to $2.30 to $2.40 from $2.40 to $2.50.

Those revisions reflect updated assumptions about both the flooding's impact and the broader business for the remainder of 2026.

Preliminary, unaudited third-quarter estimates put revenue at approximately $410 million to $412 million and adjusted earnings per diluted share at $0.55 to $0.59, pending financial closing.

Despite the cuts, CEO Stuart Essig expects operating cash flow above $85 million for the quarter and approximately $190 million to $200 million for the year.

Essig also highlighted improving product availability, key products returning to market, and stronger commercial execution across the broader business.

At Cincinnati, however, Integra estimates flood-related supply disruption reduced third-quarter revenue by approximately $7 million and expects a $15 million to $20 million fourth-quarter hit.

To support customers, the company has tapped inventory and alternate suppliers for certain products while restoring the facility, which supports its Specialty Surgical Technologies portfolio.

It also expects property and business interruption insurance recoveries to cushion much of the disruption's earnings impact throughout the recovery period.

Integra expects full manufacturing operations at Cincinnati to resume during the second quarter of 2027.

Shares of Integra Lifesciences dropped 20.6% on Friday.

Key Takeaways BigBear.ai lifted gross margin 781 basis points to 32.8% as generative AI gains drove growth.Adjusted EBITDA fell to negative $11.6 million as sales, go-to-market and R&D spending increased.BigBear.ai ended Q2 with $410 million in cash and investments to support continued investment. BigBear.ai Holdings, Inc. (BBAI - Free Report) is showing improvement in gross profitability, creating a potential path toward better operating leverage. The company is also investing in sales, go-to-market capabilities and research and development, which is keeping pressure on adjusted EBITDA. The relationship between margin expansion and operating spending will shape the company’s path toward improved profitability.

In the second quarter of 2026, revenues increased 13% year over year to $36.7 million, while gross margin rose 781 basis points to 32.8%. The expansion was driven by a higher contribution from generative AI platforms and products. This improvement provides more gross profit from each dollar of revenues and could create greater operating leverage as the business scales.

However, higher gross margins have not yet translated into improved adjusted EBITDA. Adjusted EBITDA was negative $11.6 million, compared with negative $8.5 million in the year-ago quarter. The decline was primarily due to increased investment in sales and go-to-market capabilities and research and development, which partially offset the benefit from higher gross margins.

The spending reflects BigBear.ai’s effort to build capabilities while pursuing growth. The company ended the quarter with $410 million in cash and investments, providing resources for continued investment. As these investments develop, the relationship between revenue growth, gross-margin expansion and operating expenses will become increasingly important.

Going forward, sustained margin improvement could provide greater flexibility to absorb operating investments. At the same time, continued spending on sales, go-to-market activities and R&D could limit near-term operating leverage. The balance between these factors will determine whether BigBear.ai can turn its improving gross-margin profile into stronger adjusted EBITDA performance.

BBAI Faces Competition From Palantir and C3.aiBigBear.ai operates in a competitive AI market, with Palantir Technologies (PLTR - Free Report) and C3.ai (AI - Free Report) standing out as relevant peers.

Palantir has a strong presence in defense, national security and commercial AI applications. It focuses on combining AI, data and workflow capabilities to support customers operating in complex and sensitive environments. Palantir’s secure AI and platform capabilities overlap with areas targeted by BigBear.ai, particularly mission-focused applications and government use cases.

C3.ai provides AI solutions across enterprise and government markets, with exposure to defense, intelligence and aerospace. The company is also focused on improving product development and customer deployments across its target markets. C3.ai’s broad enterprise AI offering creates overlap with BigBear.ai’s focus on applied AI, while it remains positioned across a wider range of enterprise and government applications.

Long-term data reinforce durable efficacy and safety of POMBILITI + OPFOLDA in late-onset Pompe disease

, /PRNewswire/ -- BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) today announced new data evaluating the efficacy and safety of POMBILITI® (cipaglucosidase alfa-atga) + OPFOLDA® (miglustat) in late-onset Pompe disease (LOPD) were presented at the 31st Annual Congress of the World Muscle Society (WMS), in Hiroshima, Japan.

These results from the PROPEL open-label extension (OLE) study of POMBILITI + OPFOLDA, which were shared in a late-breaking presentation, demonstrated durable motor function outcomes and relative stabilization of pulmonary function over long-term follow-up. The analysis included data from 82 individuals who received POMBILITI + OPFOLDA continuously from baseline observed in the initial PROPEL study (PROPEL baseline) to year five. For the enzyme replacement therapy (ERT)-experienced cohort, the mean duration of prior ERT at baseline was 7.6 years. These data represent long-term benefits for people with LOPD followed in the study, including both ERT-experienced and ERT-naïve cohorts. 

"These five-year results demonstrate that POMBILITI and OPFOLDA can provide durable, long-term benefits for people living with late-onset Pompe disease, including those who had been on enzyme replacement therapy for years before enrolling in the study," said Greg Friberg, M.D., Executive Vice President and Chief Research & Development Officer at BioMarin. "Sustaining motor function and limiting pulmonary decline for up to five years in a progressive disease like LOPD is clinically meaningful, and we remain committed to continuing to share long-term evidence to inform the care of people with this rare genetic condition."

Table 1. Efficacy Measures With POMBILITI + OPFOLDA From PROPEL Baseline (BL) for up to Five Years

ERT-Experienced

to Year 5
(n=62 at BL)

ERT-Naïve

to Year 4.5

(n=20 at BL)

Mean (standard deviation,
SD) change from baseline
in % predicted six-minute
walk distance (pp6MWD)     

0.7% (7.76)

10.5% (11.44)

Mean (SD) change from
baseline in % predicted
forced vital capacity
(ppFVC)

-2.8% (8.55)

-4.4% (6.89)

No new safety signals were identified. 51.2% of participants (n=42) experienced treatment-related adverse events, the majority of which were manageable. Five individuals discontinued treatment for safety reasons, including two due to serious treatment-related adverse events (chills and hypoxia [n=1], anaphylactoid reaction [n=1]).

Phase 1/2 Data Show Positive Dystrophin Expression and Favorable Tolerability With Nivudirsen (BMN 351)

Additional presentations at WMS included data evaluating nivudirsen (BMN 351), an investigational antisense oligonucleotide for ambulatory boys ages 4 to 10 with Duchenne muscular dystrophy (DMD) amenable to exon 51 skipping. Included in these presentations was an update from the ongoing Phase 1/2 351-201 study, which was previously shared at the 19th International Congress on Neuromuscular Diseases in July. Results from 351-201 showed treatment with nivudirsen was generally well tolerated and led to consistently positive outcomes across multiple measures of therapeutic benefit, including expression of near full-length dystrophin.

Below are key presentations at WMS, with all times listed in Japan Standard Time:

Phase 1/2 Results of BMN 351, an Antisense Oligonucleotide for Exon 51 Skip-Amenable Duchenne Muscular Dystrophy
Poster Presentation #2.66P
Wednesday, Sept. 30, 5:15 – 6:15 p.m.

Comprehensive Panel of Pharmacokinetic, Pharmacodynamic and Biomarker Measures Drives Clinical Development of BMN 351 for Duchenne Muscular Dystrophy
E-Poster Presentation #2.43eP
Wednesday, Sept. 30, 5:15 – 6:15 p.m.

Muscle Composition and Muscle Injury Biomarkers Improve With BMN 351 Treatment
E-Poster Presentation #2.59eP
Wednesday, Sept. 30, 5:15 – 6:15 p.m.

Long-Term (Five-Year) Efficacy and Safety of Cipaglucosidase Alfa Plus Miglustat in Adults With Late-Onset Pompe Disease Treated From PROPEL Baseline
E-Poster Presentation #3.081LBeP
Friday, Oct. 2, 2:15 – 3:15 p.m. 

Long-Term (Four-Year) Efficacy and Safety of Cipaglucosidase Alfa Plus Miglustat in Adults With Late-Onset Pompe Disease Treated From PROPEL Baseline
Poster Presentation #3.56P
Friday, Oct. 2, 2:15 – 3:15 p.m.

Baseline Disease Burden and Real-World Monitoring Practices: Global Insights From the followME Pompe Journey Registry
Poster Presentation #3.57P
Friday, Oct. 2, 2:15 – 3:15 p.m.

ATB200-03/07 Danish Subpopulation: Four-Year Efficacy and Safety of Cipaglucosidase Alfa Plus Miglustat in Adults With Late-Onset Pompe Disease
E-Poster Presentation #3.35eP
Friday, Oct. 2, 2:15 – 3:15 p.m.

About the PROPEL Open-Label Extension Study

The Phase 3 open-label extension (OLE) study (ATB200-07; NCT04138277) is a multicenter, international study designed to evaluate the long-term safety and efficacy of POMBILITI + OPFOLDA in adults with late-onset Pompe disease (LOPD) who completed the Phase 3 PROPEL study (ATB200-03; NCT03729362). Of the 118 people treated in the OLE, 82 continued POMBILITI + OPFOLDA treatment from PROPEL (62 ERT-experienced prior to PROPEL; 20 ERT-naïve) and 37 switched from the comparator arm to POMBILITI + OPFOLDA (29 ERT-experienced; eight ERT-naïve).

The study evaluates long-term changes from PROPEL baseline in six-minute walk distance (6MWD, the primary endpoint in PROPEL), forced vital capacity (FVC), creatine kinase (CK) and hexose tetrasaccharide (Hex4) levels, and patient-reported outcomes, as well as long-term safety.

About Study 351-201

The 351-201 trial (NCT06280209) is a Phase 1/2 multicenter open-label dose-escalation study evaluating BMN 351 for the treatment of boys aged 4 to 10 with Duchenne muscular dystrophy with a specific genetic change amenable to exon 51 skipping. The primary endpoints examine the safety and tolerability of BMN 351, the secondary endpoints assess plasma, urine and muscle pharmacokinetics, and key exploratory endpoints include exon-skipping efficiency, dystrophin expression, immunogenicity and functional assessments. 

The study is being conducted in three cohorts, with Cohort 1 being divided into Cohort 1A and Cohort 1B. In Cohort 1A, three boys received increasing doses once every two weeks with a visit to assess safety measures collected the week after dosing prior to escalating doses of BMN 351. In part two, the participants in Cohort 1A transitioned to once-weekly dosing. The participants in Cohort 1B, 2 and 3 will receive low (6 mg/kg), medium (9 mg/kg) and high (12 mg/kg) doses of BMN 351 and continue once-weekly dosing at that same dose.

For more information, please visit clinicaltrials.biomarin.com.

About Late-Onset Pompe Disease

Late-onset Pompe disease (LOPD) is an inherited lysosomal disorder caused by deficiency of the enzyme acid alpha-glucosidase (GAA). Reduced or absent levels of GAA lead to accumulation of glycogen in cells, which is believed to result in the clinical manifestations of Pompe disease. LOPD can be severe and debilitating with progressive muscle weakness throughout the body that worsens over time, particularly in skeletal muscles and muscles that control breathing.

About Duchenne Muscular Dystrophy

Duchenne muscular dystrophy (DMD) is a severe neuromuscular condition that leads to progressive muscle weakness and premature mortality. DMD is caused by genetic changes that result in the absence or dysfunction of dystrophin, an essential protein that is necessary for preserving muscle function.

As an X-linked disorder, DMD primarily affects young boys, with onset of symptoms occurring around 2 to 3 years of age. The incidence of DMD is up to 1 in 3,600 to 6,000 live male births.

Individuals with DMD experience serious functional impairments, including loss of limb strength and ambulation, and respiratory and cardiovascular impacts that require lifelong care.

About POMBILITI + OPFOLDA

POMBILITI + OPFOLDA is a two-component therapy that consists of cipaglucosidase alfa-atga, a bis-M6P-enriched rhGAA that facilitates high-affinity uptake through the M6P receptor while retaining its capacity for processing into the most active form of the enzyme, and the oral enzyme stabilizer, miglustat, that is designed to reduce loss of enzyme activity in the blood.

Patient Support Accessing POMBILITI + OPFOLDA

To reach a BioMarin RareConnections® Case Manager, please call, toll-free, 1-866-906-6100 or email [email protected]. For more information about POMBILITI + OPFOLDA, please visit www.pombilitiopfolda.com. For additional information regarding these products, please contact BioMarin Medical Information at [email protected].

POMBILITI + OPFOLDA U.S. Indication and Important Safety Information

POMBILITI in combination with OPFOLDA is indicated for the treatment of adult patients with late-onset Pompe disease (lysosomal acid alpha-glucosidase [GAA] deficiency) weighing ≥40 kg and who are not improving on their current enzyme replacement therapy (ERT).

SAFETY INFORMATION

HYPERSENSITIVITY REACTIONS INCLUDING ANAPHYLAXIS: Appropriate medical support measures, including cardiopulmonary resuscitation equipment, should be readily available. If a severe hypersensitivity reaction occurs, POMBILITI should be discontinued immediately and appropriate medical treatment should be initiated. INFUSION-ASSOCIATED REACTIONS (IARs): If severe IARs occur, immediately discontinue POMBILITI and initiate appropriate medical treatment. RISK OF ACUTE CARDIORESPIRATORY FAILURE IN SUSCEPTIBLE PATIENTS: Patients susceptible to fluid volume overload, or those with acute underlying respiratory illness or compromised cardiac or respiratory function, may be at risk of serious exacerbation of their cardiac or respiratory status during POMBILITI infusion. See the full U.S. Prescribing Information for complete Boxed Warning. CONTRAINDICATION: POMBILITI in combination with OPFOLDA is contraindicated in pregnancy. EMBRYO-FETAL TOXICITY: May cause embryo-fetal harm. Advise females of reproductive potential of the potential risk to a fetus and to use effective contraception during treatment and for at least 60 days after the last dose. Adverse Reactions: Most common adverse reactions ≥ 5% are headache, diarrhea, fatigue, nausea, abdominal pain, and pyrexia. Please see U.S. full PRESCRIBING INFORMATION, including BOXED WARNING, for POMBILITI (cipaglucosidase alfa-atga) and full PRESCRIBING INFORMATION for OPFOLDA (miglustat).

About BioMarin

BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with nine commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.

Forward-Looking Statements

This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including without limitation, statements about: the data to be presented at the 31st Annual Congress of the World Muscle Society (WMS), including the potential benefits and safety of POMBILITI + OPFOLDA in late-onset Pompe disease as well as of nivudirsen (BMN 351) for ambulatory boys ages 4 to 10 with Duchenne muscular dystrophy (DMD) amenable to exon 51 skipping; BioMarin's plans and expectations for the development of POMBILITI + OPFOLDA and nivudirsen; and BioMarin's estimate regarding the incidence of DMD. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others, results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; any potential adverse events observed in the continuing monitoring of the patients in the clinical trials; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as such factors may be updated by any subsequent reports. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

BioMarin®, BioMarin RareConnections®, POMBILITI® and OPFOLDA® are registered trademarks of BioMarin Pharmaceutical Inc. or its affiliates.

Contacts:

Investors

Media

Traci McCarty

Katherine Powell

BioMarin Pharmaceutical Inc.     

BioMarin Pharmaceutical Inc.

(415) 455-7558

(415) 827-2968

SOURCE BioMarin Pharmaceutical Inc.

AUSTIN, Texas--(BUSINESS WIRE)--In the third quarter, we produced over 464,000 vehicles, delivered over 486,000 vehicles and deployed 13.7 GWh of energy storage products.

Thank you to all of our customers, employees, suppliers, shareholders and supporters who helped us achieve these results.

Q3 2026

Production

Deliveries

Subject to operating lease accounting

Model 3/Y

457,387

478,237

1

%

Other Models

7,004

8,295

4

%

Total

464,391

486,532

1

%

Tesla will post its financial results for the third quarter of 2026 after market close on Wednesday, October 21, 2026. At that time, Tesla will issue a brief advisory containing a link to the Q3 2026 update, which will be available on Tesla’s Investor Relations website. Tesla management will hold a live question and answer webcast that day at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the Company’s financial and business results and outlook.

What: Tesla Q3 2026 Financial Results and Q&A Webcast
When: Wednesday, October 21, 2026
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q3 2026 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)

Approximately two hours after the Q&A session, an archived version of the webcast will be available on the Company’s website.

For additional information, please visit https://ir.tesla.com.

Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Tesla vehicle deliveries and storage deployments represent only two measures of the Company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including average selling price, cost of sales, foreign exchange movements and others as to be disclosed in the 10-Q for the quarter ended on September 30, 2026. Vehicle production and delivery numbers represent passenger vehicles sold to customers.

Tesla TSLA stock is pushing higher on Friday morning after the electric vehicles (EV) behemoth posted a strong third-quarter delivery report.

The company delivered 486,532 vehicles in Q3, handily beating Street estimates of about 461,000 only, even as total volume slipped roughly 2.1% on a year-over-year basis.

Despite the post-data surge, however, Tesla shares remain down over 15% versus the start of this year (2026).

While Wall Street focuses on retail vehicle sales figures, famed investor Jim Cramer has a radically different thesis for buying TSLA stock.

On CNBC this morning, he argued that the ultimate growth catalyst for the EV firm is not strictly inside its automotive factories, but rather tied to billionaire Elon Musk’s aerospace and AI giant – SpaceX.

Following Tesla's conversion of its $2 billion xAI investment into a direct minority stake in SpaceX earlier this year, its shareholders have direct financial exposure to the space company.

Highlighting SPCX’s expanding infrastructure, Cramer pointed out that it has “massive” compute capacity, effectively renting out raw computing power and charging customers for compute access.

He envisions a scenario where SpaceX experiences an enormous “explosion in earnings,” boosting Tesla’s balance sheet and by extension, its share price over time.

Addressing Tesla’s recent delivery beat, Cramer acknowledged that traditional automotive drivers are re-evaluating electric mobility due to pain at the pump.

With global crude markets volatile and gasoline prices surging significantly across major domestic markets, consumers are increasingly viewing EVs as a budget-friendly escape from elevated fuel expenses.

Cramer noted that whenever gas prices push higher meaningfully, the perceived financial bargain of switching to an electric vehicle becomes obvious to prospective buyers.

This macro cost squeeze on combustion engine owners has provided a key tailwind for Tesla shares – helping drive delivery numbers beyond consensus estimates as cost-conscious commuters seek cheaper energy alternatives.

All in all, Cramer’s commentary underlines a shifting narrative around Tesla’s long-term valuation model.

While short-term delivery beats validate near-term consumer demand amidst high gas prices, the overarching bull case increasingly hinges on cross-company tech synergies, AI infrastructure, and energy ecosystem expansion.

Between Tesla’s growing energy storage deployments – which reached 13.7 GWh in Q3 alone – and its shared tech nexus with Musk's broader portfolio of compute-heavy ventures, the market is beginning to price TSLA less like a traditional automaker and more like a diversified tech empire.

For investors listening to Cramer, the delivery beat is merely a welcome bonus; the real long-term prize lies in the massive computational and technological expansion unfolding across Musk's entire industrial ecosystem.

Note that Wall Street also currently rates TSLA shares at Overweight.