Joe Berchtold z Live Nation prodal 10 834 akcií za 2,0 milionu USD; šlo o prodej kvůli daňovým povinnostem z vestingu. Po transakci dál drží 901 617 akcií.
Joe Berchtold, the president and CFO of Live Nation Entertainment, Inc. (LYV -0.61%), disposed of 10,834 shares on August 6, as disclosed in a recent SEC Form 4 filing.
Transaction summaryMetricValueShares sold10,834Transaction value$2.0 millionPost-transaction shares (directly held)901,617Post-transaction value$163.89 millionTransaction value based on SEC Form 4 weighted average sale price ($181.77); post-transaction value based on August 6 market close ($181.77).
Key questionsWhat was the nature of this transaction?
The disposition of 10,834 shares was non-discretionary, executed solely to cover tax obligations arising from the vesting of restricted stock grants, and does not reflect a change in the insider's fundamental outlook on the firm.What is the current scale of the insider's equity stake?
Berchtold continues to hold 901,617 shares directly, maintaining a substantial long-term interest in the company valued at $163.89 million as of the August 6 market close.How has the stock performed leading up to this vesting event?
Shares of the entertainment company were priced at $181.77 at the time of the transaction, reflecting a one-year return of 22% as of the August 6, 2026 market close.What is the broader financial context for the company?
Live Nation reported trailing twelve-month revenue of $26.3 billion and net income of $134.7 million, with a total market capitalization of $42.3 billion as of the latest market data.Company OverviewMetricValueShare Price (as of market close 2026-08-06)$181.77Market Capitalization$42.3 billionRevenue (TTM)$26.3 billionNet Income (TTM)$134.7 millionCompany SnapshotLive Nation Entertainment operates three primary business segments—Concerts, Ticketing, and Sponsorship & Advertising—generating revenue through the organization and promotion of live musical performances, ticket sales, and brand partnerships across its global entertainment platform.The company's business model leverages its extensive portfolio of owned or managed venues and festivals, combined with its dominant ticketing infrastructure, to capture value across the entire live entertainment ecosystem from event production through consumer transactions.Live Nation serves a diverse customer base, including concert promoters, artists, venues, corporate sponsors, and consumers seeking live entertainment experiences, positioning itself as an essential intermediary in the global live events market.Live Nation Entertainment is a global leader in live entertainment with approximately 17,700 employees and a market capitalization of $42.3 billion as of August 6, 2026. The company's integrated business model—spanning concert promotion, ticketing operations, and sponsorship services—provides significant competitive advantages through vertical integration and network effects. With TTM revenue of $26.3 billion, Live Nation maintains a dominant market position in the live entertainment sector, supported by its extensive venue portfolio and proprietary ticketing platform.
What this transaction means for investorsMultiple Live Nation executives had stock vest and partially sell on the same day this past week, all at the same price, which is the fingerprint of a scheduled vesting date running its course, not executives signaling some sort of insider view. Berchtold's remaining position is still very substantial, north of $160 million, so the fraction withheld for taxes here is beside the point.
He runs the finances behind a genuinely strong quarter. Live Nation grew second-quarter revenue 9% to $7.7 billion, drew nearly 49 million fans, and ended June with a record $6.4 billion in tickets sold for events not yet held. What that rosy picture hides sits in the year-to-date figures, where operating income fell about 75% after the company booked a $450 million accrual tied to the Justice Department's antitrust suit. CEO Michael Rapino has called 2026 on track to be a record year. Nevertheless, ongoing legal scrutiny from state attorneys general still hangs over the company even after the DOJ settlement in March, and that will be important for long-term investors to watch.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Live Nation Entertainment. The Motley Fool has a disclosure policy.
Kyndryl ve 1. čtvrtletí vykázal tržby 3,6 miliardy USD, meziročně o 3 % méně, a potvrdil celoroční výhled. Růst v USA a v AI a konzultačních službách částečně kompenzuje tlak ze změny vztahu s IBM.
MarketBeat Week in Review – 02/17 - 02/21Kyndryl NYSE: KD reported fiscal first-quarter revenue of $3.6 billion, down 3% from a year earlier on both a reported and constant-currency basis, while maintaining its full-year outlook as it pursues growth in consulting, hyperscaler partnerships and AI-led modernization services.
For the quarter ended June 30, the company generated adjusted EBITDA of $512 million and an adjusted pre-tax loss of $37 million. Interim Chief Financial Officer Harsh Chugh said earnings and margin declined year over year primarily because of $152 million in workforce rebalancing charges, which reduced adjusted pre-tax income margin by more than four points.
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Kyndryl Soars on AI, Cybersecurity Growth—What’s Next?Kyndryl continued to see growth in the U.S., where revenue increased 5% for a second consecutive quarter. The company exited the period with $14.2 billion in trailing 12-month signings, including $3.9 billion signed during the quarter.
Consulting and Alliance Growth Chairman and Chief Executive Officer Martin Schroeter said Kyndryl Consult and hyperscaler-related activities were helping offset revenue pressure from focus accounts, extended sales cycles and customers purchasing certain IBM hardware and software directly from IBM.
MarketBeat Week in Review – 9/25 - 9/29Kyndryl Consult revenue rose 14% over the last 12 months, while hyperscaler-related revenue streams increased 48%. In the first quarter, Kyndryl generated more than $530 million in hyperscaler-related revenue, bringing the trailing 12-month total to $2 billion.
Schroeter said customers are increasingly seeking help with AI deployment, modernization of hybrid technology estates, cybersecurity and data-residency requirements. He said the company has expanded its AWS alliance to support enterprise adoption of agentic AI and broadened work with Microsoft Azure around cloud architectures and operational requirements. Kyndryl also cited partnerships with Broadcom, Dell, Hewlett Packard Enterprise and Red Hat.
The company signed 40 deals valued at more than $50 million during the past 12 months, including 10 in the first quarter. About 30% of the value of those larger deals came from scope expansions or new customers, compared with 15% in fiscal 2025, according to Schroeter.
Kyndryl Consult signings rose 50% in the first quarter, Schroeter said during the question-and-answer session. New scope and new-logo business represented 30% of large-deal signings, management said. Average projected gross margin on signings over the last 12 months was 25%, according to Chugh. IBM Relationship and Revenue Headwinds Chugh said Kyndryl’s changing commercial relationship with IBM has created a three-point adverse effect on constant-currency revenue performance, alongside earlier effects from the company’s focus-account initiative.
Customers have increasingly chosen to procure some IBM hardware and software directly from IBM while continuing to rely on Kyndryl for services. Chugh said the shift reduces the size of signings and future revenue but does not affect the service scope or margin profile of Kyndryl’s work.
Kyndryl’s spending with IBM was less than $2 billion over the past 12 months, down from an annualized run rate of nearly $4 billion when Kyndryl was spun off. Management said it expects a similar IBM-related revenue headwind through the remainder of fiscal 2027.
Schroeter said the company continues to work closely with IBM, particularly in helping customers modernize technology environments that may include mainframes, private cloud, public cloud and software-as-a-service applications. He said Kyndryl has between 8,000 and 9,000 mainframe experts and runs more than half of the world’s outsourced mainframes.
Workforce Actions, Cash Flow and Outlook Kyndryl is taking workforce rebalancing actions in response to lower-than-normal voluntary attrition and SG&A costs. Savings from those actions are expected to begin in the second half of fiscal 2027. The company expects about $200 million in workforce rebalancing charges during the year, offset by a similar amount of savings, with annualized savings of $400 million to $500 million expected in fiscal 2028.
Schroeter said Kyndryl is using automation and AI through its Kyndryl Bridge platform and Advanced Delivery initiative to improve productivity and redeploy workers into higher-value roles. He said the company has about 1,800 agents in its infrastructure operations and has redeployed tens of thousands of employees since beginning its automation efforts.
First-quarter free cash flow was an outflow of $401 million, reflecting seasonal working-capital timing, higher payments associated with multiyear renewals and software subscriptions, and lower billing and collections. Kyndryl ended the quarter with $2.1 billion in cash and a net leverage ratio of 0.8 times. It repurchased 5 million shares for $64 million during the quarter.
The company reaffirmed its fiscal 2027 outlook for adjusted pre-tax income of $600 million to $700 million, free cash flow of $400 million to $500 million, and constant-currency revenue ranging from flat to down 2%. Management expects revenue trends to improve each quarter and anticipates stronger revenue in the second half than the first half.
For fiscal 2028, Kyndryl continues to target more than $1.2 billion in adjusted pre-tax income and $1 billion in free cash flow, based on low-single-digit constant-currency revenue growth.
Finance Leadership Transition Schroeter also said Chugh has decided to retire after serving as interim CFO for the past six months. Chugh will remain an executive adviser to Schroeter and the leadership team. Ellen Johnson, previously announced as the incoming CFO, was scheduled to begin in the role on Aug. 6.
About Kyndryl (NYSE:KD)Kyndryl NYSE: KD is a global managed infrastructure services provider formed in November 2021 through the spin-off of IBM's Managed Infrastructure Services business. The company designs, builds, manages and modernizes critical information technology systems for enterprises worldwide. Kyndryl's core offerings include cloud migration and management, network and edge computing solutions, digital workplace services and IT resiliency and security capabilities.
With a workforce of approximately 90,000 professionals and operations in more than 60 countries, Kyndryl serves clients across a broad range of industries, including financial services, telecommunications, healthcare, manufacturing and retail.
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The AI boom is creating opportunities across semiconductors, cloud computing, enterprise software, infrastructure, cybersecurity, and automation.
Inside this report, you’ll find 10 companies positioned to benefit as artificial intelligence moves from hype to real-world deployment and becomes a core growth driver for corporate America.
Kadant oznámil rekordní tržby za 2. čtvrtletí 2026 ve výši 312,9 mil. USD, meziročně +23 %, a zvýšil celoroční výhled tržeb i upraveného EPS. Tahounem byl aftermarket a akvizice.
Kadant NYSE: KAI reported record second-quarter revenue, adjusted earnings and EBITDA for 2026, supported by acquisitions, organic growth and continued demand for aftermarket parts and services even as customers delayed some large capital-equipment commitments.
Revenue rose 23% from a year earlier to a record $312.9 million, including 8% organic growth. Organic capital revenue increased 23%, while record aftermarket parts revenue totaled $214.2 million. Bookings increased 16% to $312 million, according to President and Chief Executive Officer Jeff Powell.
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Adjusted EBITDA increased 30% to a record $68.1 million, or 21.8% of revenue, compared with $52.4 million, or 20.5% of revenue, in the prior-year period. GAAP diluted earnings per share increased 24% to $2.75, while adjusted diluted EPS rose 26% to a record $3.42. The adjusted result exceeded the high end of the company’s prior guidance by $0.44, which CFO Michael McKenney attributed largely to lower operating expenses and stronger-than-expected acquisition performance.
Aftermarket demand offsets delayed capital decisions Powell said global capital-equipment markets remained soft amid geopolitical uncertainty, longer customer approval cycles and delayed project releases. However, he said quote activity and commercial engagement remained healthy, and the company believes deferred projects have largely been postponed rather than canceled.
“Our large installed base provides reoccurring profitable revenue through maintenance upgrades, aftermarket parts, and growing service demand,” Powell said. He added that customers are seeking to maximize productivity and reduce input costs.
During the question-and-answer session, Powell said the company’s aftermarket activity has remained at record or near-record levels even though its customers are not operating at record rates. He said this suggests equipment across the installed base has aged and requires more maintenance to remain operational.
Kadant reported equipment backlog of $182 million at quarter-end. McKenney said that as large capital orders are received, they are likely to convert into revenue during 2027. The company expects quarterly bookings to remain around the $300 million level during the second half, he said.
Segment performance Flow Control: Bookings increased 11% year over year, aided by strong aftermarket demand and stronger-than-expected North American capital-project bookings. Revenue increased 5% to $100 million. Aftermarket revenue reached a record $76 million, representing 76% of segment revenue, while adjusted EBITDA margin was 27.7%. Industrial Processing: Bookings rose 29% to $136 million, with recent acquisitions contributing to growth. Revenue reached a record $144 million, including 13% organic growth. Adjusted EBITDA was a record $38 million, equal to 26.1% of revenue. Material Handling: Bookings totaled $73 million, supported by demand for the company’s BELA product line. Adjusted EBITDA increased 7% to $15 million. Powell said the segment has several larger capital projects under discussion and sees opportunities tied to infrastructure, mining, food processing and recycling. Powell said capital projects under discussion span packaging, aerospace, oriented strand board and baling markets. The company booked an $8 million aerospace project during the quarter and continued to receive orders in the OSB market. He said large packaging conversion projects, which can range from $10 million to $25 million, have faced particularly intensive customer review amid uncertainty around tariffs, wars and other macroeconomic conditions.
Margins, cash flow and acquisitions Second-quarter gross margin declined 210 basis points to 43.8%, from 45.9% a year earlier. McKenney said the decline reflected a larger mix of capital revenue and product mix within both the capital and aftermarket categories. The higher-margin aftermarket mix was 68% of revenue, compared with 71% in the prior-year quarter.
The company received a benefit from tariff refunds during the quarter, though that was largely offset by amortization of acquired profit in inventory and deferred profit associated with the Kadant Profil acquisition. McKenney said the company expects to work through remaining acquisition-date inventory during the rest of 2026.
SG&A expenses increased 10% to $81.6 million, but declined as a percentage of revenue to 26.1% from 29%. Operating cash flow increased 32% to $53.5 million, while free cash flow increased 17% to $42.6 million. Capital expenditures rose to $10.9 million from $4 million, partly due to the purchase of a previously leased manufacturing facility.
Net debt was $373 million at the end of the quarter, up $129 million sequentially after the company borrowed $181.8 million to fund a recent acquisition and repaid $29.8 million. Its leverage ratio increased to 1.72 from 1.27 in the first quarter. Kadant had $249 million available under its revolving credit facility, plus $200 million of uncommitted borrowing capacity.
Powell said Clyde Industries, one of the company’s larger recent acquisitions, has performed well. He said Kadant Profil also had a good start, though its reported results are affected by the acquired-profit deferral issue. A smaller technology acquisition tied to fiber-processing and upcycling systems has faced softer near-term demand, he said.
Guidance raised Kadant raised its full-year revenue outlook to $1.19 billion to $1.21 billion, from prior guidance of $1.178 billion to $1.203 billion. It now expects adjusted EPS of $12.43 to $12.68, compared with previous guidance of $12.33 to $12.68.
For the third quarter, the company forecast revenue of $297 million to $307 million and adjusted EPS of $2.90 to $3.00. The adjusted EPS outlook excludes $0.55 of intangible amortization expense and $0.07 of acquisition-related costs.
Management said it remains cautious about the remainder of 2026 due to uncertainty in the timing of capital projects and geopolitical conflicts affecting customer confidence and input costs. Still, Powell said Kadant expects demand to strengthen in the second half relative to the first half, with capital-spending conditions improving into 2027.
About Kadant (NYSE:KAI)Kadant Inc, headquartered in Westford, Massachusetts, is a global supplier of high‐value, critical components and engineered systems for the pulp and paper industry and other process industries. The company's product portfolio spans stock preparation technologies, refiners and pulpers, fluid handling systems, and web‐handling equipment designed to optimize the efficiency and quality of paper production. In addition to capital equipment, Kadant offers aftermarket services, including spare parts, maintenance programs and process optimization consulting, which together support long‐term customer productivity and reliability.
Originally part of a larger industrial conglomerate, Kadant was established as an independent public company in 1991.
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Amundi increased its stake in Kennametal Inc. (NYSE:KMT – Free Report) by 92.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 47,229 shares of the industrial products company’s stock after buying an additional 22,705 shares during the quarter. Amundi owned 0.06% of Kennametal worth $1,706,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. OLD National Bancorp IN raised its holdings in Kennametal by 3.8% during the fourth quarter. OLD National Bancorp IN now owns 10,226 shares of the industrial products company’s stock worth $291,000 after purchasing an additional 377 shares in the last quarter. Baron Wealth Management LLC grew its position in shares of Kennametal by 3.8% in the 1st quarter. Baron Wealth Management LLC now owns 11,972 shares of the industrial products company’s stock valued at $433,000 after buying an additional 439 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Kennametal by 3.1% in the 4th quarter. ProShare Advisors LLC now owns 14,799 shares of the industrial products company’s stock valued at $420,000 after buying an additional 450 shares during the last quarter. ARK Investment Management LLC raised its stake in Kennametal by 16.6% during the 4th quarter. ARK Investment Management LLC now owns 3,210 shares of the industrial products company’s stock worth $91,000 after acquiring an additional 457 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Kennametal by 1.2% during the 4th quarter. State of Alaska Department of Revenue now owns 42,796 shares of the industrial products company’s stock worth $1,215,000 after acquiring an additional 492 shares in the last quarter.
Insider Transactions at Kennametal In other Kennametal news, VP Judith L. Bacchus sold 5,488 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $35.94, for a total value of $197,238.72. Following the sale, the vice president owned 4,554 shares in the company, valued at approximately $163,670.76. This trade represents a 54.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Carlonda R. Reilly sold 12,013 shares of Kennametal stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $33.12, for a total value of $397,870.56. Following the sale, the vice president directly owned 25,143 shares in the company, valued at approximately $832,736.16. This trade represents a 32.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 47,000 shares of company stock valued at $1,583,326. Insiders own 1.43% of the company’s stock.
Kennametal Stock Performance Shares of KMT stock opened at $33.11 on Friday. The company has a current ratio of 2.62, a quick ratio of 0.99 and a debt-to-equity ratio of 0.42. The company has a market cap of $2.52 billion, a PE ratio of 7.52, a P/E/G ratio of 0.35 and a beta of 1.36. The company’s fifty day simple moving average is $34.38 and its 200-day simple moving average is $36.37. Kennametal Inc. has a 52 week low of $19.80 and a 52 week high of $43.81.
Kennametal (NYSE:KMT – Get Free Report) last issued its earnings results on Wednesday, August 5th. The industrial products company reported $2.96 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.65. Kennametal had a return on equity of 24.83% and a net margin of 14.53%.The company had revenue of $736.61 million during the quarter, compared to the consensus estimate of $725.74 million. During the same quarter in the prior year, the business earned $0.34 earnings per share. The company’s revenue was up 42.6% compared to the same quarter last year. Kennametal has set its Q1 2027 guidance at 2.500-2.800 EPS and its FY 2027 guidance at 4.150-5.150 EPS. As a group, equities research analysts anticipate that Kennametal Inc. will post 4.65 EPS for the current year.
Kennametal Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $0.80 annualized dividend and a dividend yield of 2.4%. Kennametal’s payout ratio is presently 45.20%.
Wall Street Analyst Weigh In Several research analysts have commented on KMT shares. Zacks Research lowered Kennametal from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Weiss Ratings lowered shares of Kennametal from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, May 20th. DA Davidson assumed coverage on shares of Kennametal in a report on Tuesday, June 16th. They issued a “neutral” rating and a $34.00 target price on the stock. Barclays cut shares of Kennametal from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $40.00 to $33.00 in a research note on Wednesday, May 27th. Finally, Morgan Stanley dropped their price objective on shares of Kennametal from $36.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, July 17th. Six equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Kennametal presently has a consensus rating of “Reduce” and a consensus price target of $35.79.
Check Out Our Latest Stock Analysis on KMT
Kennametal Profile (Free Report)
Kennametal Inc is a global industrial technology company that designs and manufactures advanced materials, tooling systems, and engineered components for a range of demanding applications. Its solutions support precision metalworking, earthmoving, and wear-resistant environments, catering to customers seeking enhanced productivity, longer tool life, and reduced operating costs.
The company’s product portfolio spans indexable cutting tools, solid round tools, tool holders, metalworking fluid systems, wear parts, ceramics and composites, and custom-engineered components.
Further Reading Five stocks we like better than Kennametal Datadog’s Drop Says More About Expectations Than Earnings D-Wave’s Quantum Breakthrough Couldn’t Save QBTS From a Sell-Off Cloudflare’s Beat-and-Raise Quarter Puts Its AI Edge Story in Focus Solventum Nears Inflection Point As It Begins to Unlock Value Want to see what other hedge funds are holding KMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kennametal Inc. (NYSE:KMT – Free Report).
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Artificial intelligence (AI) cloud infrastructure provider Nebius Group (NBIS -1.01%) has been a strong stock this year. Shares have more than doubled, but some shareholders locked in those gains last month.
Nebius stock plunged 31.1% in July, according to data provided by S&P Global Market Intelligence. That begs the question of whether now's the time to jump in, hoping for big gains ahead. Looking at the numbers suggests investors should remain cautious, though.
Image source: The Motley Fool.
Exploding revenue There's no doubt that data center compute capacity is in high demand, and Nebius has it. That helps explain why first-quarter revenue soared from about $50 million in 2025 to $400 million this year. The company still has massive expansion plans, too.
In the most recent earnings report in May, the company announced another increase in its projections for contracted power capacity, aimed at bolstering its data centers that supply cloud computing infrastructure essential for the advancement and expansion of AI models.
Since last August, these projections have increased significantly from a minimum of 1 gigawatt (GW) to over 4 GW. Nebius revealed it had already secured up to 1.2 GW of power and land for an AI factory at a new site in Pennsylvania. Nebius reports Q2 results on Wednesday, Aug. 12, giving investors greater visibility into its business pipeline and compute capacity growth.
Nebius' growth explains why the stock has soared 125% this year, even after the July pullback.
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Growth costs money In mid-July, the company announced it would raise $775 million in debt financing to help support its growth. That was in addition to the $6.3 billion raised in the first quarter, which included a $2 billion equity investment from tech giant Nvidia and $4.3 billion from convertible securities.
More and more companies will be using AI, meaning demand for cloud compute capacity is strong. Expanding capacity means investing in the growth of Nebius' AI cloud business. Management said rising co-location and operating lease costs, along with recruitment efforts to support expanding operations, drove expenses higher in Q1.
Nebius spent about $2.5 billion in the first quarter alone, primarily on graphics processing units (GPUs) and GPU-related hardware for its data center expansions. That's why investors should remain wary of Nebius stock at its recent level.
The company will need to continue investing to meet demand, as customers have announced their intention to secure its cloud capacity at an increasing rate. With the stock trading at about 14 times forward sales, the share price could easily be stagnant for some time. Any sign that customers might pull back plans to use Nebius' cloud infrastructure would surely hit the stock, too.
Long-term investors could reasonably add shares at recent levels, but they shouldn't be surprised if the stock swings wildly in the near term.
Adresa spojená s útokem na Aztec Private Rollup Bridge poslala do Tornado Cash dalších 300 ETH, celkem už 500 ETH. Hodnota těchto převodů je zhruba 953 000 dolarů.
A wallet linked to the Aztec Private Rollup Bridge exploit deposited another 300 ETH into Tornado Cash, bringing its total transfers to the mixer to 500 ETH.
Summary
The exploiter sent another 300 ETH, worth about $572,000, to Tornado Cash. Total deposits linked to the wallet have now reached 500 ETH, worth about $953,000 at the reported price. The Private Rollup Bridge lost approximately $2.165 million in a June exploit. Aztec said the affected legacy product was separate from its current network and AZTEC token. Aztec exploiter deposits 300 ETH into Tornado Cash Blockchain security firm PeckShield reported on Aug. 8 that an address labeled as the Aztec Private Rollup Bridge exploiter deposited 300 Ether into Tornado Cash.
The ETH was worth approximately $572,000 when PeckShield issued the alert. On-chain data included in the firm’s report showed three separate deposits of 100 ETH each.
PeckShield said the latest transactions raised the wallet’s cumulative Tornado Cash deposits to 500 ETH. Based on the valuation attached to its alert, the total was worth roughly $953,000 at press time.
Tornado Cash pools deposits and allows users to withdraw funds through different addresses. This process can obscure the direct connection between the original sending wallet and subsequent recipients, making asset tracking and recovery more difficult.
PeckShield did not identify the person or group controlling the address. There was also no immediate indication that any of the transferred funds had been recovered.
Private Rollup Bridge lost $2.165 million The latest transfers relate to an exploit that affected Aztec’s Private Rollup Bridge in June. Reports at the time placed the loss at approximately $2.165 million.
The stolen assets reportedly included 1,158 ETH, 150,000 DAI and 0.47 renBTC. Aztec said the affected bridge was a legacy product with no connection to the current Aztec network or its AZTEC token.
The Private Rollup Bridge incident followed a separate attack on Aztec Connect, another discontinued part of the project’s earlier infrastructure.
As crypto.news previously reported, an attacker drained around $2.1 million from Aztec Connect’s old RollupProcessor contract on June 14. The affected system had been discontinued about three years earlier and was no longer used by Aztec’s active network.
Security researchers said that the exploit involved a mismatch between the transactions covered by a zero-knowledge proof and those processed during settlement. The weakness allowed the attacker to create unbacked balances and withdraw assets from the contract.
Aztec Labs could not pause or upgrade the deprecated contract because it had surrendered its administrative keys. The design made the contract immutable but also removed the team’s ability to intervene after the flaw was exploited.
Tornado Cash transfers follow wider exploit surge The two Aztec incidents formed part of a wider increase in crypto security breaches during June.
Crypto.news reported that DefiLlama recorded $74.9 million in losses across 29 exploits during the month. Its data included two separate Aztec incidents valued at approximately $2.1 million each.
Other exploiters have also used Tornado Cash to move stolen assets. In July, a wallet associated with the Drift Protocol exploit deposited 23,095 ETH, then worth around $44.4 million, into the mixer after months of inactivity.
A wallet linked to the Radiant Capital attack previously transferred 2,834 ETH into Tornado Cash, while the Cork Protocol exploiter routed approximately 4,520 ETH through the service.
The latest Aztec deposits therefore follow an established pattern in which attackers convert stolen assets into ETH before sending them through mixing protocols.
Tornado Cash remains under US scrutiny The U.S. Treasury removed Tornado Cash and associated smart-contract addresses from its sanctions list in March 2025. The decision followed a federal appeals court ruling that the Treasury exceeded its authority by sanctioning immutable smart contracts.
However, U.S. authorities have continued to examine the use of crypto mixers in money laundering, sanctions evasion and cybercrime cases. Treasury officials have also maintained concerns about their use by North Korea-linked hacking groups.
The 500 ETH transferred by the Aztec exploiter represents less than half of the value reportedly taken from the Private Rollup Bridge. Further activity from the labeled address could show whether the remaining assets will also be routed through Tornado Cash or moved to other services.
Shares of eBay (NASDAQ:EBAY | EBAY Price Prediction) currently trade at $110.14, while BMO Capital Markets carries a Street-high price target of $145. That gap implies roughly 32% upside if the bull case plays out.
eBay runs one of the largest online marketplaces in the world, with brands including eBay, Depop, Goldin, and Tise. Wall Street has circled the name as the marketplace executes a turnaround focused on collectibles, refurbished electronics, luxury, and auto parts. The latest quarter showed GMV of $22.4 billion and revenue growth of 14.8% year over year.
The dislocation matters because the average Wall Street target of $110.29 sits essentially at the current quote. BMO stands alone as the outlier bull, and shares have slipped even as fundamentals accelerated.
Why the Stock Slipped After a Strong Quarter Guidance did the damage. eBay guided Q3 adjusted EPS to $1.36 to $1.42, down sequentially from the $1.60 delivered in Q2. Traders read that as management flagging pressure from the Depop acquisition, including integration costs and higher marketing spend for the Gen Z fashion resale platform.
Wells Fargo downgraded eBay to Underweight and cut its target to $92 from $105, citing concerns that Depop could weigh on fiscal 2027 earnings. Shares fell 3.98% over the past month, underperforming the broader market.
The reaction was mild by eBay standards. Shares still sit within reach of the 52-week high of $118.98, suggesting a post-guidance wobble.
BMO’s Bull Case: Focus Categories, Live Commerce, and AI BMO’s Brian Pitz raised his target to $145 from $130 after Q2. His thesis rests on three pillars: Focus Categories now account for over 40% of total GMV and are accelerating; recommerce and live-commerce integrations drive deeper engagement with high-value enthusiast buyers; and generative AI merchant tools pull operating leverage through faster listings, image enhancement, and sharper ad targeting.
The rest of the Street is far less constructive. Consensus ratings currently sit at:
5 Strong Buy 6 Buy 18 Hold 2 Sell Analyst posture leans cautious. Recent revisions have been mixed: BMO raised, Wells Fargo cut, and Citigroup carries a $127 Buy from earlier in the year. The median view essentially matches the current price. BMO provides the optionality.
How Etsy, Amazon, and MercadoLibre Stack Up The peer group has diverged. eBay is the laggard while other marketplaces have rallied or held ground.
Etsy (NASDAQ:ETSY) trades at $82.26 against a consensus target of $77.38, implying roughly 6% downside. Ratings skew Hold at 3 Strong Buy, 6 Buy, 19 Hold, and 1 Sell, and revisions turned defensive after the company announced a 12% workforce cut. Etsy has gained 48.38% year to date, but Wall Street sees no room left.
Amazon (NASDAQ:AMZN) trades near $272.26 with an average target of $323.29, or about 19% upside. Ratings tilt overwhelmingly bullish at 16 Strong Buy, 43 Buy, and 3 Hold, and recent revisions skewed higher. The implied upside sits well below BMO’s read on eBay.
MercadoLibre (NASDAQ:MELI) sits at $1,830 with a target of $2,214.88, roughly 21% upside. Analysts are bullish at 5 Strong Buy, 15 Buy, and 4 Hold, though the stock has slid 21% over the past year on FX and macro pressure across Latin America.
BMO’s 32% implied upside on eBay is the largest single-analyst call posted on any of these marketplace names. That either reflects a real dislocation or a lonely bet on Depop integration risk.
What the Data Says Right Now eBay trades at $110.14 against a consensus target of $110.29, essentially flat, while BMO’s bull call at $145 implies roughly 32% upside. Coverage totals 31 analysts, weighted toward Hold.
Shares are down 3.98% over the past month and 2.98% over the past week. Year to date, eBay is up 27.24%, more than double the S&P 500’s gain.
Valuation looks reasonable. eBay carries a trailing P/E of 26 and a forward multiple of 18, with operating income growing 39.67% year over year and free cash flow up 173.92%. Management returned $310 million in Q2 buybacks with roughly $2.0 billion still authorized.
The Case For and Against The bull thesis works if Focus Categories and AI seller tools absorb Depop’s near-term drag. The path to BMO’s $145 runs through continued double-digit GMV growth, expanding ad revenue toward the current $596 million quarterly run rate, and further margin gains from AI listings. Q3 results and Depop cohort retention will test the re-rating case.
The bear thesis holds if Depop becomes a distraction just as management started delivering. Wells Fargo’s $92 target reflects that worry. Rising marketing spend, a lower Q3 EPS bar, insider selling, and cross-border trade policy risk all support a wait-and-see stance.
Consensus sits at the price, so the median view is fair value with option value tied to execution. At a forward P/E near 18, capital return intact, and BMO’s 32% upside if the flywheel keeps turning, the risk/reward tilts modestly in the bulls’ favor.
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NVIDIA vykázala ve 1. fiskálním čtvrtletí roku 2027 tržby 81,615 miliardy USD a tržby z datacenter meziročně vzrostly o 92 % na 75,246 miliardy USD. Micron oznámil tržby 41,456 miliardy USD a HBM4 je již v sériové výrobě.
NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) and Micron Technology (NASDAQ:MU) both just posted quarters that reframe the AI infrastructure story heading into 2027.
NVIDIA delivered $81.615 billion in Q1 FY27 revenue as its compute and networking stack scaled together. Micron answered with $41.456 billion and HBM4 in volume production. One sells the AI factory. The other sells its memory.
Compute Factories Lift NVIDIA. HBM4 Lifts Micron. Jensen Huang framed the quarter bluntly: “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” The proof sits inside the segment mix.
Data Center revenue hit $75.246 billion, up 92% YoY, with Data Center Networking surging 199% YoY to $14.8 billion as NVLink and Spectrum-X pulled hyperscalers into full-rack purchases. Guidance of $91 billion for Q2, excluding China compute, tells you demand is not the constraint.
Micron’s ramp is a different kind of shock. Sanjay Mehrotra called it plainly: “In the AI era, memory has become a strategic asset for our customers.” Cloud Memory alone did $13.769 billion, nearly tripling in nine months.
Non-GAAP gross margin jumped to 84.9% from 45.7% at the FY25 close, which is the sharpest memory pricing swing in years. HBM4 is already shipping in volume to a lead accelerator customer, with samples flowing to others.
Business Driver NVIDIA Micron Main Growth Engine Blackwell 300 + NVLink fabric HBM4 on 1-beta DRAM Q1/Q3 Revenue $81.6B $41.5B Gross Margin 75% 84.9% Next Guide $91B $50B Platform Lock-in vs. Scarcity Economics NVIDIA is betting on stack depth. The Vera Rubin platform, Dynamo 1.0 inference software, and named commitments with OpenAI, Meta, and Anthropic push customers deeper into CUDA and NVLink. $119 billion in supply commitments signals that Huang is buying capacity years out. The $80 billion buyback authorization and dividend hike from $0.01 to $0.25 per share signal cash is no longer a scarce input.
Micron plays a narrower, sharper hand. As the only U.S. based memory manufacturer, it has locked in multi-year Strategic Customer Agreements to smooth the notorious memory cycle. HBM4E on 1-gamma DRAM is targeted for volume production in calendar 2027, right when Rubin ramps. That timing is not a coincidence.
The Real Test Is 2027 Supply I will be watching whether NVIDIA’s 50% hyperscaler revenue concentration diversifies as sovereign AI and enterprise demand scale.
For Micron, the question is whether HBM4E ships on time and whether those Strategic Customer Agreements actually blunt the next downcycle. Shares tell part of the story already: NVDA is up 17.56% YTD, while MU has run 209.03%.
Why I Lean NVIDIA for Durability, Micron for Torque If I want a compounder with platform gravity, NVIDIA wins. A forward P/E of 23x against 85% revenue growth is the rare combination in mega-cap tech, and the ecosystem lock keeps competitors chasing.
For a higher-variance bet, Micron looks more interesting to me. A forward P/E of 5x prices in a cycle rollover that HBM4E and the customer agreements are designed to prevent. Investors weighing Micron should respect the memory cycle history and treat HBM4E execution as the real 2027 catalyst. Both can work. They just require different stomachs.
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IFF ve 2. čtvrtletí zvýšila výnosy z pokračujících činností o zhruba 6 % na necelé 2 mld. USD a upravený provozní EBITDA o 6 % na 408 mil. USD. Firma zároveň potvrdila plán prodat Food Ingredients za asi 4,3 mld. USD.
These 5 stocks have unique competitive edge and room to runInternational Flavors & Fragrances NYSE: IFF reported higher second-quarter sales and earnings across its continuing operations, supported by volume growth, productivity gains and improved working capital management, while outlining capital-allocation plans tied to the pending sale of its Food Ingredients business.
Chief Executive Officer Erik Fyrwald said the company generated volume growth across its businesses and improved free cash flow during the first half of 2026. On a continuing-operations basis, first-half sales rose 4% and EBITDA increased 8%. Free cash flow totaled $378 million, up $284 million from the prior-year period.
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Hidden gems: 3 undervalued stocks with a unique competitive edge“IFF delivered volume growth across the board, disciplined margin execution, and robust free cash flow generation,” Fyrwald said.
Second-Quarter Results Led by Scent Growth For the second quarter, IFF reported continuing-operations revenue of just under $2 billion, up about 6% on a comparable currency-neutral basis. Adjusted operating EBITDA rose 6% to $408 million.
14 best consumer staples dividend stocksMichael DeVeau, IFF’s CFO, said growth was volume-driven, reflecting new customer wins and higher sales within existing business. He noted that U.S. tariff refunds, netted against customer pass-throughs, benefited results, while higher incentive compensation accruals tied to the company’s first-half performance weighed on year-over-year EBITDA growth. Excluding those factors, he said underlying EBITDA growth would have been stronger.
Taste: Sales increased 4% to $688 million, led by double-digit growth in Asia. EBITDA rose 6% to $124 million, supported by volume growth and favorable net pricing. Health & Biosciences: Sales rose 5% to $601 million, with growth across businesses and notable gains in Grain Processing, Food Biosciences and Animal Nutrition. EBITDA increased 6% to $150 million, primarily due to volume leverage. Scent: Sales grew 8% to $665 million and EBITDA increased 5% to $134 million. Fragrance Ingredients grew more than 20%, while Consumer Fragrances posted high-single-digit growth. DeVeau said Fragrance Ingredients benefited partly from an easier comparison, as the business had declined by more than 10% in the year-earlier period. He also cited the company’s use of its synthetic fragrance portfolio to capture sales amid supply-chain disruptions and higher Brent crude prices. The company expects that growth to normalize in the second half as the mix shifts toward higher-value ingredients.
Fine Fragrances increased slightly in the quarter despite the Middle East conflict, compared with IFF’s prior expectation for a mid-single-digit decline. However, the company expects softer Fine Fragrances performance in the third quarter, partly because the business grew 20% in the comparable quarter last year, before anticipating recovery in the fourth quarter.
Food Ingredients Sale and Stranded-Cost Plan IFF is proceeding with its agreement to sell Food Ingredients to CVC Capital Partners in a transaction valuing the business at about $4.3 billion, or roughly 10 times enterprise value to EBITDA. The deal is expected to close by the end of the second quarter of 2027, and IFF plans to retain a 10% ownership stake in the business.
Fyrwald said the sale will leave IFF focused on its Taste, Scent and Health & Biosciences businesses, which the company views as higher-growth, higher-margin operations. He told analysts that IFF has no significant divestitures remaining and plans to focus on scaling the three businesses organically and through bolt-on acquisitions.
The transaction will leave approximately $100 million of corporate and functional costs at IFF that had previously been allocated to Food Ingredients. These costs are now spread across the remaining segments and are temporarily pressuring business-unit margins.
Management said it has begun a remediation plan and expects to eliminate about two-thirds of the stranded costs in the first 12 months after the transaction closes, with the remainder removed during the second full year. The plan includes redesigning processes, simplifying systems, rationalizing activities, reviewing third-party contracts and aligning the remaining company’s cost structure to its needs.
IFF also announced an agreement to sell a portfolio of non-strategic botanical extracts, vitamins and minerals, and food enhancement products. The portfolio, primarily within Health & Biosciences and Taste, has about $170 million in annual sales and a mid-single-digit EBITDA margin. IFF expects about $75 million in proceeds and anticipates closing that transaction in the fourth quarter of 2026.
Capital Allocation and Cash Flow The company plans to use more than $1 billion of Food Ingredients sale proceeds to reduce debt, targeting net debt to credit-adjusted EBITDA of 2.0 times to 2.5 times by the end of 2027. IFF ended the first half of 2026 at 2.5 times leverage, while gross debt had declined about $5.7 billion.
The board authorized a $2.5 billion share-repurchase program, including approximately $400 million remaining under a prior authorization. IFF expects to repurchase about $500 million of shares in the second half of 2026 before the Food Ingredients transaction closes, with the remaining authorization targeted for completion by the end of 2027.
Cash flow from operations reached $679 million in the first half, while capital expenditures totaled $301 million, or about 5% of sales. DeVeau said IFF expects transaction-related working-capital headwinds in the second half, potentially amounting to a couple hundred million dollars, related to separating Food Ingredients. Despite those headwinds, the company expects 2026 free cash flow to exceed its 2025 result.
For the remaining portfolio, management said it expects capital expenditures to run in a 5% to 6% range of sales, likely toward the high end over the next one to two years due to planned high-return investments.
2026 Outlook IFF introduced full-year guidance on a continuing-operations basis following the Food Ingredients reclassification. The company expects 2026 sales of $7.4 billion to $7.6 billion, representing growth of 2% to 4%, and EBITDA of $1.53 billion to approximately $1.6 billion, representing growth of 4% to 8%.
DeVeau said the guidance implies second-half sales growth of 0% to 4% and EBITDA growth of 4% to 8%. The higher low end of the full-year ranges primarily reflects the company’s stronger first-half performance, he said, while the range continues to account for macroeconomic uncertainty and Middle East volatility.
Second-quarter growth was almost entirely volume-driven, according to DeVeau. For the second half, IFF expects volumes to remain the primary sales driver, with pricing providing only a modest contribution. Input costs for raw materials, energy and logistics are expected to rise modestly, with Scent most affected. The company is pursuing surcharges and other pricing actions, though management said there can be timing lags, particularly in Scent.
About International Flavors & Fragrances (NYSE:IFF)International Flavors & Fragrances Inc NYSE: IFF is a global leader in the creation and production of flavors, fragrances, cosmetic actives and nutritional lipids. The company develops taste and scent solutions for a wide array of end markets including food and beverage, personal care, household goods and pharmaceutical products. Its portfolio spans natural and nature-identical flavors, fine fragrances, functional ingredients for skin and hair care, and specialty oils that enhance nutritional value and sensory appeal.
IFF's research and development network comprises innovation centers in North America, Europe, Asia-Pacific and Latin America, where multidisciplinary teams collaborate on aroma chemistry, sensory science and biotechnology.
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IonQ oznámila ve 2. čtvrtletí výnosy 80,1 milionu USD, meziročně o 287 % více, a zvýšila celoroční výhled na 280 až 290 milionů USD. Management uvedl, že jde o nejsilnější čtvrtletí v historii firmy.
Quantum Earnings Week: Winners and Losers Are Finally EmergingIonQ NYSE: IONQ reported second-quarter 2026 revenue of $80.1 million, up 287% from a year earlier, as the quantum computing company cited demand for its fifth-generation systems and broader momentum across computing, networking, security, sensing and space-related products.
Chairman and Chief Executive Officer Niccolo de Masi said the result marked IonQ’s strongest quarter to date and its fifth consecutive quarter of record results. Chief Operating Officer and Chief Financial Officer Inder Singh said revenue exceeded the company’s own expectations by 20%.
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IonQ Sparks a Quantum Grid RevolutionThe company raised its full-year revenue outlook for IonQ on a standalone basis to $280 million to $290 million. The guidance does not include the financial results of SkyWater Technology, which IonQ acquired last week for $1.8 billion. Management said it needs more time to integrate operations and account for intercompany revenue and other transaction-related adjustments before issuing combined-company guidance.
Deployments and revenue mix Singh said the primary contributor to the quarter’s outperformance was deployment activity for IonQ’s fifth-generation quantum computing systems. The company began shipping subsystems to the Korea Institute of Science and Technology Information, or KISTI, with equipment being delivered and assembled at the customer site in South Korea.
Quantum Earnings Could Decide Whether the Sector’s Sell-Off Has Gone Too FarIonQ also said its fifth-generation system is in final assembly at QuantumBasel in Switzerland, alongside a previously purchased fourth-generation system. Singh described the installation as what the company believes is the first commercial deployment of two successive generations of quantum computers at the same customer site.
Organic revenue grew 132% year over year in the second quarter, according to Singh. IonQ continued to expect approximately 100% organic revenue growth for the full year.
About 50% of quarterly revenue came from international customers, including customers in Australia, South Korea, Portugal, India, Denmark, Germany, Israel and Japan. Commercial customers, defined as non-U.S. government customers, represented about 60% of revenue. Sales involving more than one product grew 40% year over year and accounted for roughly 25% of quarterly revenue. Remaining performance obligations totaled $485 million at quarter-end, compared with $470 million in the first quarter and $122 million a year earlier. Singh said IonQ is pursuing cross-selling opportunities, particularly combinations of quantum computing and quantum security products. He also pointed to quantum computing as a service and software and algorithm-development work as components of the company’s offering.
SkyWater acquisition and semiconductor roadmap IonQ completed its acquisition of SkyWater last week, adding semiconductor fabrication capabilities to its platform. De Masi said the combination gives the company onshore design, fabrication, packaging and deployment capabilities at trusted U.S. facilities.
The company is transitioning its trapped-ion quantum computing architecture from laser-based control to electronic qubit control, technology it obtained through its acquisition of Oxford Ionics. De Masi said the approach is intended to use semiconductor manufacturing processes to scale systems toward millions of qubits.
During the quarter, IonQ received its first fully featured and integrated quantum processing units from SkyWater. The chips are undergoing testing at IonQ’s College Park facility. De Masi said the prototypes consolidate capabilities tested in earlier prototypes and will allow the company to begin evaluating integrated systems.
IonQ plans to begin commissioning systems based on its 256-qubit technology in 2027. The company said it is also advancing designs for a 10,000-qubit chip. De Masi said the company expects to begin manufacturing-line preparations, system deployment and customer commissioning in the first half of next year.
Management also highlighted IonQ’s “walking cat” architecture, which it released in April as a manufacturable blueprint for a fault-tolerant quantum computer. During the quarter, IonQ said it demonstrated breakeven quantum error correction using QLDPC codes on a temporal engineering test system.
Although SkyWater will support IonQ’s own hardware roadmap, de Masi said the foundry will continue operating as a merchant supplier to the broader quantum industry. He said IonQ intends to maintain intellectual-property protections for foundry customers across quantum modalities, including superconducting, photonic, ion and atom-based systems.
IonQ also discussed its acquisition of Nexus Photonics, a University of California, Santa Barbara spinoff whose technology supports chip-scale integration of lasers, modulators and optical subsystems. The company said it has started integrating those capabilities into next-generation atomic clocks and gravimeters and plans to offer quantum photonics foundry services through SkyWater.
Expenses, loss and quantum-security initiatives GAAP operating expenses were $417.3 million in the quarter, while non-GAAP operating expenses were $201.2 million. Research and development accounted for $160.6 million of GAAP operating expenses.
Adjusted EBITDA was negative $120.3 million. Singh said the figure included approximately $20 million in additional SkyWater-related spending as IonQ accelerated its technology roadmap, including about $10 million associated with pre-integration costs, business scaling and supply-chain efforts.
IonQ reported a GAAP net loss of $1.9 billion, primarily driven by a roughly $1.6 billion non-cash mark-to-market impact from warrant valuations. Singh said the warrant-related accounting impact did not reflect the company’s operating fundamentals.
On security, de Masi said IonQ launched a quantum key distribution product designed to allow customers to transmit multiple data types over existing municipal fiber networks. The company said its security strategy combines post-quantum cryptography with quantum communications technologies such as QKD.
Management said it is seeing increased customer discussion around quantum-related cybersecurity risks following U.S. quantum executive orders issued in June. Singh said conversations are expanding beyond computing use cases to include network vulnerability assessments and security planning for a post-quantum environment.
IonQ said it will provide updates across its quantum platform at an Investor Day scheduled for Sept. 8 at the New York Stock Exchange.
About IonQ (NYSE:IONQ)IonQ, Inc engages in the development of general-purpose quantum computing systems in the United States. It sells access to quantum computers of various qubit capacities. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services (AWS) Amazon Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its cloud service. It also provides contracts associated with the design, development, and construction of specialized quantum computing hardware systems; maintenance and support services; and consulting services related to co-developing algorithms on quantum computing systems.
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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
ITT ve 2. čtvrtletí zvýšila tržby o 51 % a upravený EPS o 14 %; zároveň zvedla celoroční výhled organického růstu tržeb, upraveného EPS i volného cash flow.
Industrial Tech Crossovers: When Manufacturing Meets InnovationITT NYSE: ITT reported record second-quarter results for 2026, citing organic growth across its portfolio, contributions from acquisitions and continued margin expansion. The company raised its full-year outlook for organic revenue, adjusted earnings per share and free cash flow after reporting 51% revenue growth and 18% adjusted EPS growth for the quarter ended July 4.
Chief Executive Officer and President Luca Savi said ITT grew orders 53% from a year earlier, including 13% organic growth, while revenue rose 51%, also including 13% organic growth. The company reported a quarterly book-to-bill ratio of 1.1x, adjusted EPS of $2.08 and year-to-date free cash flow of $176 million.
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16 Top Robotics Companies to Get to Know in 2023“Our ITTers delivered strong performance across the portfolio through flawless execution and the realization of benefits from our acquisitions,” Savi said during the company’s earnings call.
Segment Results and Order Trends Connect & Control Technologies, or CCT, was a major contributor to the quarter. Organic orders increased 59%, driven in part by large defense awards at kSARIA. Savi said kSARIA’s orders increased 168% during the quarter, reflecting multiyear bookings for advanced night-vision applications and fighter-jet programs. CCT also recorded organic revenue growth of 17%, supported by commercial aerospace, defense and industrial connectors.
Commercial aerospace revenue rose 14%, while defense revenue increased 16%. kSARIA revenue grew 28%, and industrial connectors revenue rose 24%, led by Europe and Asia, according to management. CCT ended the quarter with a 1.4x book-to-bill ratio and an operating margin of 21.7%, up 100 basis points year over year.
Motion Technologies reported revenue growth of 6%, including 2% organic growth, led by friction aftermarket demand, performance above global vehicle-production levels and strength in China Rail. KONI orders grew 9%, supported primarily by China Rail and defense demand. The segment’s operating margin rose 90 basis points to 21.1%, which Interim Chief Financial Officer Mike Savinelli attributed to net productivity.
Flow Technologies recorded 123% total revenue growth and 21% organic growth. Management said legacy Flow revenue benefited from higher pump-project shipments in marine energy transition, oil and gas markets, as well as 19% valve growth tied to biopharma demand. The segment’s total operating margin was 21.4%, down 160 basis points due to the full-quarter impact of SPX FLOW, which ITT acquired on March 2.
Excluding SPX FLOW, Flow Technologies expanded margins by 70 basis points, according to Savi. Management expects the segment’s margins to improve through the rest of 2026 as it realizes integration cost synergies and executes other productivity measures.
SPX FLOW Integration and Acquisition Contributions SPX FLOW reported 9% order growth in the second quarter compared with its prior-year results and 5% revenue growth. Year-to-date revenue rose 9%, which management said was in line with its full-year expectation for high-single-digit growth. SPX FLOW’s second-quarter book-to-bill ratio was 1.13x.
Savi said demand was particularly strong in mixers, where orders rose 23% across North America and China. Waukesha Cherry-Burrell orders increased 10%, while Nutrition and Health orders rose 8%, supported by European systems orders. He said the opportunity funnel was growing in North America and Europe.
During the question-and-answer session, Savi described SPX FLOW’s manufacturing sites as generally well-run with capable teams, but said ITT sees opportunities to further embed lean practices at the production-cell level and improve material flow. He also cited potential revenue synergies, including selling SPX FLOW valves and mixers to biopharma customers served by ITT’s Lancaster valve operation.
Management also highlighted the potential for Waukesha Cherry-Burrell’s hygienic distribution channels to support sales of Bornemann hygienic pumps in the U.S.
Beyond SPX FLOW, Savi said the company’s prior acquisitions of Svanehøj and kSARIA continued to contribute to growth. He said Svanehøj is expected to generate average annual revenue growth of 32% from its acquisition through the end of 2026, while kSARIA is projected to increase backlog 180% from acquisition through the end of 2026.
Cash Flow, Debt Reduction and Outlook ITT paid down $124 million of debt in the second quarter, reducing its leverage ratio to 2.5x, six months earlier than its original commitment, according to Savi. The company is targeting leverage of approximately 2.3x by year-end.
Year-to-date free cash flow of $176 million included $71 million of one-time acquisition-related expenses. Excluding those expenses, free cash flow increased 15% year over year, Savinelli said. Second-quarter free cash flow margin was 11%.
The company raised its full-year organic revenue growth outlook to a range of 5% to 8%. Savinelli said the increase reflects stronger CCT bookings, continued strength in Flow Technologies projects and short-cycle demand, friction original-equipment outperformance and better-than-expected operational performance.
Adjusted operating margin is expected to expand by more than 100 basis points, to approximately 20.5% at the midpoint. Adjusted EPS guidance was raised to $8.22 at the midpoint, a $0.37 increase from the prior midpoint and representing 14% growth. Free cash flow guidance was raised to a midpoint of $565 million, with a projected free cash flow margin of 10% to 11%. Savinelli said the revised outlook does not include additional net benefits from tariff refunds beyond the $500,000 impact recorded in the second quarter. Management described the tariff-refund impact in the quarter as immaterial.
Looking ahead, Savi said the company expects CCT revenue and margins in the second half to remain broadly consistent with second-quarter levels. He said Motion Technologies faces normal second-half seasonality but is expected to sustain stable margins, while Flow Technologies is expected to show sequential margin improvement from SPX FLOW synergies.
Management noted that delayed orders in the Middle East could affect regional growth in coming quarters, despite strong first-half revenue from previously won backlog. Savi said the company has begun to see some orders move to engineering, procurement and construction firms and that its Middle East opportunity funnel increased year over year.
About ITT (NYSE:ITT)ITT Inc is a diversified industrial manufacturing company that designs, manufactures and services mission-critical components and systems for global markets. Its engineered solutions support applications in aerospace, defense, transportation, energy and industrial automation. The company focuses on delivering high-performance products that enable reliable fluid handling, precision motion control and robust connectivity in demanding environments.
The company's operations are organized into three segments: Motion Technologies, which provides precision components and aftermarket repair services for aircraft engines and industrial turbines; Connect & Control Technologies, which offers specialty valves, couplings, seals and proximity sensors for fuel, hydraulics and environmental control systems; and Fluid & Motion Control, which delivers pumps, heat exchangers and fluid management solutions for oil and gas, chemical processing and power generation.
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Howard Hughes po akvizici Vantage Group Holdings směřuje k diverzifikované holdingové struktuře a chce více kapitálu přesouvat do pojišťovny. Vantage ve 2. čtvrtletí zvýšila hrubé předepsané pojistné o 29 % na 473 milionů USD, ale kombinovaný poměr zhoršila na 101,6 %.
4 deep values for opportunistic investingHoward Hughes NYSE: HHH used its second-quarter earnings call to outline its transition toward a diversified holding company following the June acquisition of Vantage Group Holdings, while reporting continued land-sale demand, condominium cash proceeds and growth in its master-planned communities business.
Executive Chair Bill Ackman said the company’s strategy is to direct increasing amounts of capital toward the insurance operation while monetizing certain real estate assets and considering joint ventures, recapitalizations and third-party capital arrangements. Pershing Square acquired $900 million of Howard Hughes stock at $100 per share in May 2025, raising its ownership to 47%, Ackman said.
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Howard Hughes acquired Vantage, a specialty insurance platform founded in late 2020, and contributed an additional $300 million of capital. Ackman said Pershing Square also will provide investment management to Vantage without fees. He described the acquisition as part of a longer-term plan to build a diversified holding company, with insurance expected to represent a growing share of the business over time.
Vantage reports premium growth amid catastrophe and reserve impacts Marc Grandisson, Vantage Executive Chair and a Howard Hughes director, said Vantage’s results included in Howard Hughes’ consolidated figures covered only the period from the June 4 acquisition closing through June 30. The Vantage supplemental disclosure, however, presented the insurer’s full second-quarter and first-half historical GAAP results excluding acquisition accounting.
For the second quarter, Vantage reported a combined ratio of 101.6%, compared with 94% a year earlier. Gross written premiums and net written premiums each increased 29% to $473 million and $325 million, respectively, while net earned premium rose 22% to $295 million.
Grandisson said the quarterly combined ratio reflected $18 million of catastrophe losses associated with the conflict in Iran and $19 million of adverse prior-period development, primarily in a discontinued transactional-liability line. Together, those items increased the combined ratio by 10.2 percentage points.
First-half combined ratio: 96.1% Trailing 12-month combined ratio: 94.7% Year-to-date net income: $86 million, up 94% Year-to-date underwriting income: $23 million, roughly double the prior-year level Second-quarter current accident-year combined ratio excluding catastrophes: 91.4%, versus 96.2% a year earlier Grandisson said Vantage is focused on underwriting profitability rather than premium volume, conservative reserving, data-driven loss assessments and disciplined risk selection. He said the company aims to generate return on equity at or above the mid-teens over the cycle, with the underwriting target excluding expected returns from the insurer’s equity investment portfolio.
Vantage ended the quarter with $1.8 billion of book value and about $1.2 billion of trailing-12-month net written premium, representing a premium-to-surplus ratio of 0.7. AM Best affirmed Vantage’s A- rating and raised its outlook to positive, Grandisson said. He added that S&P’s rating action reflected its group methodology, including Howard Hughes, while Vantage’s standalone anchor rating remained A-.
Investment portfolio shifts toward Treasuries and equities Chief Investment Officer Ryan Israel said Vantage had approximately $3.4 billion of invested assets at closing, largely allocated to fixed-income securities with a duration profile of three to four years. The company moved to restructure the portfolio into a “barbell” approach, pairing short-term U.S. Treasuries with common-stock investments.
As of June 30, more than 60% of the portfolio was invested in short-term Treasuries, while approximately $1.1 billion, or about one-third, was invested in equities. Israel said the equity allocation subsequently increased to about 40% of the portfolio.
Howard Hughes expects the Treasury portfolio to cover insurance reserves and provide a cushion for claims payments, with the remaining capital invested in liquid, large-cap public companies. Ackman said the company does not plan to invest Vantage assets in private companies.
Israel said the equity portfolio declined about 3% during the initial weeks after it was established amid broader market weakness, but had recovered and was up between 4% and 5% during the month following quarter-end. He said the company expects ultimately to allocate at least 50% of invested assets to common stocks, potentially more depending on the amount of insurance float generated.
Real estate operations generate land-sale and condominium proceeds Chief Executive Officer David O’Reilly said master-planned community earnings before taxes increased 32% year over year to $134.7 million, driven mainly by residential and commercial land sales. New-home sales increased 12%, including gains of 34% at The Woodlands Hills and 17% at Bridgeland, alongside continued growth at Summerlin.
O’Reilly said the company’s wholly owned land bank represents about $5.6 billion of projected margin-equivalent residual value, excluding future opportunities at Teravalis and Floreo. He emphasized that land-sale results can vary by quarter, but said the company continues to see healthy builder demand and pricing power across its communities.
The company also sold Creekside Park and Creekside Park The Grove, producing approximately $30 million of net proceeds after debt repayment and generating an approximately 30% project-level internal rate of return over the life of those investments, according to O’Reilly.
Howard Hughes plans to retain long-term oversight of its master-planned communities while evaluating whether mature assets should remain wholly owned or be placed into alternative structures. O’Reilly said potential options include asset sales, joint ventures, recapitalizations and other transactions intended to release capital for higher-return opportunities.
Its condominium platform generated about $227 million of net proceeds after repayment of the construction loan from the completion of The Park Ward Village. O’Reilly said the company has more than $4 billion of expected future condominium revenue, with about 78% already under contract.
Capital allocation priorities Ackman said the company views Vantage as the priority destination for incremental free cash flow, following the funding of insurance liabilities. He said Howard Hughes expects to generate $2.5 billion to $3 billion of excess free cash flow during the next five years and could supplement that capital through real estate monetizations and outside partnerships.
“The priority for every incremental dollar of free cash flow is to put it into Vantage,” Ackman said, while adding that the company intends to maintain discipline in determining whether capital can earn higher returns in insurance, public equities or real estate development opportunities.
About Howard Hughes (NYSE:HHH)Howard Hughes Holdings Inc, together with its subsidiaries, operates as a real estate development company in the United States. It operates in four segments: Operating Assets; Master Planned Communities (MPCs); Seaport; and Strategic Developments. The Operating Assets segment consists of developed or acquired retail, office, and multi-family properties along with other retail investments. Its MPCs segment develops, sells, and leases residential and commercial land designated for long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.
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Helmerich & Payne ve 3. čtvrtletí překonal střed svého výhledu ve všech třech segmentech; tržby přesáhly 1 miliardu USD a EBITDA činila 236 milionů USD. Firma také zvýšila výhled pro severoamerické i offshore aktivity.
5 Tech Stocks Holding Their Ground Through the AI Trade PullbackHelmerich & Payne NYSE: HP reported fiscal third-quarter 2026 results that exceeded the midpoint of its guidance across all three operating segments, supported by a rebound in U.S. drilling activity, stronger Latin American performance and performance-related bonuses in its offshore business.
Adjusted EBITDA totaled $236 million for the quarter, while revenue exceeded $1 billion, up 11% sequentially. The company generated $98 million in free cash flow and reported net income of $0.74 per diluted share. Excluding the gain on the sale of Utica Square and other select items, Helmerich & Payne recorded a loss of $0.11 per share, CFO Todd Scruggs said.
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Chips & Clips: Memory Tariffs Rewire Tech Supply ChainsPresident and CEO Trey Adams said the company’s results demonstrated the strength of its operational execution and diversified portfolio despite commodity-price volatility and disruption from the conflict in the Middle East.
North America activity and margins rise North America Solutions was a key contributor during the quarter. The segment averaged 142 contracted rigs and generated direct margin of $241 million, reaching the high end of company guidance. Direct margin averaged $18,700 per day, up more than $1,000 per day sequentially.
Bank Earnings Are Roaring, But Wall Street Isn't Ready to CelebrateThe company reactivated 10 rigs during the quarter and exited the period with 147 rigs working in the Lower 48. Adams said private and smaller independent operators accounted for most recent rig additions, while larger operators have generally focused on adding contract term and technology to existing rigs.
Helmerich & Payne said super-spec fleet utilization is trending at 95%, which management believes could support further market tightening and direct-margin improvement. The company has roughly 10 additional rigs that could be returned to work relatively quickly at maintenance-capital levels or less, although some could be deployed outside the Lower 48.
For the fiscal fourth quarter, the company expects North America Solutions to operate 145 to 151 rigs and generate direct margin of $245 million to $255 million. It raised full-year North American rig-count guidance to a range of 140 to 144 rigs.
Management said the second Flex Robotics package has been deployed to a rig for a supermajor customer in the Permian Basin. Mike Lennox, executive vice president of the Western Hemisphere, said the first robotic rig has performed above the company’s initial P50 expectation and is currently the customer’s top-performing rig in a fleet of rigs in the high 20s. Helmerich & Payne expects to have five robotic rigs deployed by February.
International growth offsets Middle East disruption International Solutions produced $31 million in direct margin during the quarter, also at the high end of guidance. The result benefited from Latin American operations and a lower-than-expected impact from Middle East disruption as travel routes and logistics incrementally improved.
In Saudi Arabia, Helmerich & Payne completed four rig reactivations by quarter-end, while a fifth began drilling early in the fourth quarter. The company now has 22 rigs operating in the kingdom and expects to maintain that activity level through the fiscal fourth quarter. Operations on two previously suspended rigs in Bahrain resumed during the fourth quarter.
Management said it remains focused on reaching an International Solutions quarterly direct-margin run rate of at least $45 million, with growth in Argentina expected to offset some near-term changes in the Middle East. For the fourth quarter, International Solutions is expected to operate 60 to 70 rigs and produce direct margin of $25 million to $45 million. The wide range reflects possible outcomes related to the ongoing conflict in the region.
Argentina’s Vaca Muerta basin was a major area of growth. Helmerich & Payne currently operates nine rigs there, representing approximately 25% market share, and expects to activate its 10th and 11th rigs by the end of August. The company has contracted its final FlexRig already in Argentina and plans to export three more rigs from the United States later this year, which would bring its Argentine fleet to 15 FlexRigs. Management expects all 15 to be drilling by this time next year.
Adams said the company recently drilled a record-setting Vaca Muerta well 13% faster than the operator’s prior record and 15% below the operator’s budget under a performance-based contract. The company also deployed AutoSlide automation on a project that enabled zero manual slides.
In Australia, Helmerich & Payne received an award for a third rig to be exported from the U.S. for work in the Beetaloo Basin. The company also cited expanding geothermal activity, with agreements signed for three additional U.S. geothermal rigs. Management said it was working toward a double-digit geothermal rig count across the U.S. and Europe, though it did not provide a specific timeline.
Offshore continues to provide stable cash flow Offshore Solutions generated $29 million of direct margin, above the high end of guidance, aided by several performance-related bonuses. The segment had three active rigs and 30 management contracts in operation during the quarter.
The company secured a multimillion-dollar, four-year contract renewal with an operator in Norway and is pursuing potential multiyear renewals and possible rig mobilizations in the Gulf of Mexico. For the fourth quarter, it expects 30 to 35 management contracts and operating rigs, with direct margin of $26 million to $30 million.
Given year-to-date performance, Helmerich & Payne raised its full-year Offshore Solutions direct-margin guidance to $113 million to $117 million.
Debt reduction and cost initiatives Scruggs said Helmerich & Payne is targeting net debt-to-EBITDA of one turn and has already repaid its $400 million term loan ahead of schedule. The company is now focused on retiring a $350 million bond due at the end of 2027.
The company plans to streamline central functions, reduce duplication, standardize regional operating practices and harmonize enterprise resource planning systems. Management expects those efforts to reduce annualized corporate costs by $40 million by the end of 2027.
Helmerich & Payne also plans to exit non-core geographies and monetize assets where possible, targeting more than $160 million of asset sales by the end of fiscal 2027, if not sooner. The company said it will maintain its dividend during the deleveraging period, which it estimated at roughly $100 million annually.
Gross capital expenditures were $70 million in the third quarter, below anticipated spending because of deferred North America projects and delays in Middle East rig reactivations. The company expects spending to increase sequentially in the fourth quarter but remain within its full-year capital-expenditure guidance of $270 million to $310 million. It increased expected cash-tax payments to $150 million to $180 million, reflecting the tax impact from the Utica Square sale and stronger North American financial performance.
Looking ahead, Adams said management remains optimistic about fiscal 2027, citing constructive customer discussions, expected upstream spending growth and demand for the company’s drilling technology. The outlook, however, remains dependent on commodity prices remaining supportive and on developments in the Middle East.
About Helmerich & Payne (NYSE:HP)Helmerich & Payne, Inc is a leading provider of contract drilling services to the oil and gas industry, specializing primarily in onshore drilling operations. The company designs, engineers and operates a fleet of advanced drilling rigs, including its proprietary FlexRigs, which are engineered for high efficiency, safety and rapid mobilization. Alongside core drilling services, Helmerich & Payne offers well intervention, workover and coiled tubing services, positioning itself as a comprehensive drilling solutions partner for exploration and production companies worldwide.
Founded in 1920 and headquartered in Tulsa, Oklahoma, Helmerich & Payne has grown through innovation and strategic expansion to serve diverse hydrocarbon basins.
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Howmet Aerospace ve 2. čtvrtletí překonal horní hranici odhadu a zvýšil celoroční odhad tržeb, EBITDA, EPS i volného peněžního toku. Tržby vzrostly meziročně o 24 % a upravený EPS vyskočil o 46 % na 1,33 USD.
Defense Dividends: 3 Strong Performers That Are Raising PayoutsHowmet Aerospace NYSE: HWM reported second-quarter results that exceeded the high end of its guidance, driven by continued growth in commercial aerospace, gas turbines and defense markets. The company also raised its full-year outlook for revenue, EBITDA, earnings per share and free cash flow.
Revenue rose 24% year over year in the second quarter, including the effects of acquisitions, while organic revenue increased 21%. Adjusted EBITDA increased 39% and EBITDA margin expanded 340 basis points to 32.1%. Adjusted earnings per share rose 46% to $1.33, while free cash flow totaled $479 million during the quarter and approximately $840 million during the first half.
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Why Howmet Could Be the Sleeper Aerospace Name of 2025“Second quarter revenue, EBITDA margin, and earnings per share all exceeded the high end of guidance,” Chief Financial Officer Patrick Winterlich said. The company generated 46% incremental flow-through from revenue to EBITDA, despite what management described as a modest headwind from the CAM Fastener acquisition.
End-Market Growth Led by Aerospace and Gas Turbines Commercial aerospace revenue increased 28%, or 26% organically, as demand grew for both original-equipment production and spare parts. Howmet said it continued to experience higher demand for spares on legacy and next-generation aircraft engines.
5 Aerospace & Defense Stocks Ready for LiftoffDefense aerospace revenue increased 11%, or 7% organically, supported by spare-parts activity and higher legacy fighter demand. Gas turbine revenue climbed 38%, with management attributing the increase to rising electricity-generation demand, particularly for natural-gas-powered data centers.
Total spare-parts revenue across commercial aerospace, defense aerospace and gas turbines rose 37% to approximately $560 million. Spares represented about 22% of total revenue through the first half of 2026, a greater share than historically.
Commercial transportation revenue rose 12%, largely reflecting higher aluminum-cost pass-through. Wheel volumes declined 8% from a year earlier but increased 7% sequentially as the North American market began to recover.
Executive Chairman and CEO John Plant said Howmet had not experienced any changes in customer demand amid Middle East conflict-related volatility in fuel prices and air traffic. He said aircraft orders and backlogs continued to grow, supporting expectations for higher build rates through 2026, 2027 and beyond.
Segment Results and CAM Integration Engine Products revenue increased 32% to $1.37 billion. Commercial aerospace revenue in the segment rose 37%, defense aerospace increased 17%, and gas turbine revenue grew 38%. EBITDA increased 51% to $517 million, while EBITDA margin rose 470 basis points to 37.7%. The segment added approximately 485 net new employees during the quarter as it increased capacity for future growth.
Fastening Systems revenue rose 37% to $589 million, including contributions from the CAM and Brunner acquisitions. Commercial aerospace revenue increased 39%, defense aerospace grew 45%, and commercial transportation revenue was flat. EBITDA rose 40% to $177 million, and margin increased 90 basis points to 30.1%.
Howmet completed its acquisition of CAM Fastener on April 6 for approximately $1.8 billion. Winterlich said the integration was on track. Plant said the company spent the initial months addressing IT systems, cybersecurity capabilities, employee benefits and asset-base needs. Management expects some operating synergies to begin appearing during the second half, with the majority expected in 2027.
Plant said CAM had been a roughly 20% margin business before being acquired, compared with about 30% for Howmet’s legacy fastening operations. He said the acquisition was expected to be approximately breakeven for earnings per share in 2026 due to debt servicing, before becoming accretive in 2027 and beyond.
Engineered Structures revenue declined 13% to $269 million following the March 31 divestiture of the Savannah Disc forging facility. Excluding the divestiture, revenue was approximately flat. The segment’s EBITDA margin increased 170 basis points to 23.8%.
Forged Wheels revenue increased 14%, as higher aluminum pass-through more than offset lower volumes. EBITDA rose 16% to $88 million. Management said higher metal pass-through reduced the segment’s margin percentage but did not have a material effect on EBITDA dollars.
Capacity Investments Target Future Demand Plant said Howmet holds more than 50% global market share in industrial gas turbine blades and is expanding capacity in Japan, Europe and Virginia. The company has completed negotiations with its seven major gas turbine customers, though some have already sought to revisit and increase their demand outlooks.
Management expects capital expenditures to exceed $500 million in 2026 and to rise further in 2027, supporting both industrial gas turbines and commercial aerospace. Plant said new commitments made in August 2026 would generally not produce capacity until approximately August 2028 because of equipment lead times.
The company is also increasing aerospace capacity, including a newly approved plant investment. Plant said demand is beginning to build for higher wide-body production rates, including Boeing 787 production and Airbus A350 output.
On engine technology transitions, Plant said the LEAP-1B cutover to a new-technology blade had not yet occurred, although production should increase during the second half. He said the transition would likely occur in the first quarter or first half of 2027, though the date was not fixed. Howmet is also increasing output for the GTF Advantage program, with larger production gains expected through 2027.
Capital Returns and Raised Outlook Howmet repurchased $300 million of stock during the second quarter at an average price of $251 per share, followed by another $200 million in July at an average price of $277. Year-to-date repurchases reached $800 million at an average price of $248 per share. About $700 million remained under the board’s authorization.
The company also retired $186 million of debt during the quarter and entered into a cross-currency swap that management said would save about $12 million in annualized interest expense. Net debt to trailing EBITDA ended the quarter at 1.4 times following the CAM acquisition. Plant said the company expects leverage to return to approximately one times by year-end.
Howmet raised its quarterly dividend 17% to $0.14 per share, payable in August.
Third-quarter revenue guidance: $2.75 billion, plus or minus $10 million Third-quarter EBITDA guidance: $830 million, plus or minus $5 million Third-quarter EPS guidance: $1.35, plus or minus $0.01 Full-year revenue guidance: $10.05 billion, plus or minus $50 million Full-year EBITDA guidance: $3.23 billion, plus or minus $20 million Full-year EPS guidance: $5.27, plus or minus $0.04 Full-year free-cash-flow guidance: $1.9 billion, plus or minus $50 million Plant said the company expects to provide its first view of 2027 revenue during its third-quarter earnings call in November, adding that 2027 revenue is expected to increase from 2026 levels.
About Howmet Aerospace (NYSE:HWM)Howmet Aerospace Inc is an industrial technology company that designs, manufactures and repairs engineered metal products for the aerospace, transportation and industrial markets. Its product portfolio includes precision castings and forgings, engineered fasteners, seamless rolled rings, and complex components for turbine engines, airframes and industrial gas turbines. The company also provides aftermarket services such as component repair, overhaul and parts distribution to support the operating fleet of commercial and military customers.
Howmet serves a global customer base of original equipment manufacturers (OEMs) and aftermarket operators, with manufacturing, service and distribution facilities across North America, Europe and Asia.
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Warrior Met Coal ve 2. čtvrtletí zvýšil čistý zisk na 87 milionů USD a volný cash flow na více než 103 milionů USD díky Blue Creek. Firma zároveň zvýšila celoroční výhled prodeje i produkce o 0,5 milionu short tons.
Warrior Met Coal NYSE: HCC reported sharply higher second-quarter earnings and cash generation as its Blue Creek mine contributed additional sales volumes and lower-cost production, while management raised its full-year sales and production outlook.
Chief Executive Officer Walt Scheller described the quarter as a “key inflection point,” citing record sales volumes, improved pricing and a lower cost profile. The company generated more than $103 million of free cash flow during the quarter, bringing first-half free cash flow to a positive $11 million.
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“With Blue Creek operational and our development spending complete, we've entered into the next phase of Warrior's growth,” Scheller said, adding that the company’s focus is now on free cash flow generation, balance sheet strength and long-term stockholder returns.
Second-Quarter Results Improve on Blue Creek Contribution Warrior reported second-quarter net income of $87 million, or $1.65 per diluted share, compared with net income of $6 million, or $0.11 per diluted share, a year earlier. Adjusted EBITDA rose 193% to $157 million, while revenue increased to $510 million from $298 million in the prior-year quarter.
Adjusted EBITDA margin improved to 31% from 18% a year earlier. On a per-ton basis, adjusted EBITDA was $43 per short ton, compared with $24 per short ton in the second quarter of 2025.
Chief Financial Officer Dale Boyles said the financial improvement reflected a 65% increase in sales volumes, a 6% increase in average net selling prices and a 9% reduction in cash costs. The company recorded an average net selling price of $138 per short ton, up from $130 per short ton a year ago.
Second-quarter sales reached a fourth consecutive quarterly record of 3.7 million short tons, compared with 2.2 million short tons in the year-earlier period. Production rose 45% to 3.3 million short tons. Management attributed the increases primarily to Blue Creek.
The company’s sales mix during the quarter was 66% High-Vol A coal and 34% premium low-volatility coal. By geography, 50% of sales went to Asia, 35% to Europe and 14% to South America. Spot volumes represented 13% of total quarterly sales.
Coal inventories declined to 1.4 million short tons at the end of June from 1.9 million short tons at the end of March. Scheller said the company expects to further reduce excess inventory through the rest of 2026 to support sales volumes, profitability and free cash flow.
Costs, Cash Flow and Liquidity Cash cost of sales was $338 million, or 67% of mining revenue, compared with $225 million, or 78% of mining revenue, in the year-earlier quarter. Cash cost of sales per short ton FOB port declined to approximately $93 from $101.
Boyles said the higher sales volume and transportation and royalty costs increased total costs, but those factors were partly offset by the lower-cost Blue Creek tons and the benefit of the 45X production credit. In response to an analyst question, Boyles said the 45X credit accounted for about $3 per ton of the year-over-year cost reduction.
Operating cash flow totaled $132 million, while capital expenditures were $29 million, producing $103 million of free cash flow in the quarter. Warrior ended the period with total available liquidity of $453 million, including $302 million in cash and cash equivalents, $10 million in short-term investments and $141 million available under its asset-based lending facility.
During the question-and-answer session, Boyles said the company would like to maintain cash in a range of $350 million to $400 million and total liquidity of about $500 million. He said stronger cash generation should support higher shareholder returns, though the company must first generate the cash and assess conditions. Potential share repurchases are among the options available, he said.
Guidance Raised as Blue Creek Sales Gain Customer Adoption Warrior raised its full-year sales and production volume guidance by 0.5 million short tons, reflecting customer adoption of Blue Creek trial volumes. Blue Creek is now expected to contribute 5 million short tons of sales in 2026, with 90% of that volume already under contract.
In an exchange with analysts, Boyles confirmed that the company expects total 2026 sales of 13 million to 14 million short tons. The lower end of the company’s cost guidance range reflects the increased volume of lower-cost Blue Creek production, he said.
Management said it remains alert to potential inflation in materials and supplies, including steel roof supports, shear bits and diesel fuel. Boyles said such items had not been material in aggregate through the first half, though combined cost pressures could add a few dollars per ton during the remainder of the year.
For future spending, Boyles said recurring capital expenditures could be about $130 million to $150 million, including $105 million to $115 million for the existing mines and an additional $25 million to $30 million for Blue Creek.
Market Outlook Remains Cautious Scheller said global steelmaking coal markets remain influenced by supply disruptions, regional trade flows and steel-sector conditions. The World Steel Association reported global pig iron production fell 1.9% in the first half of 2026 from a year earlier, according to Scheller, with India posting 2.7% growth while China remained a source of weakness amid soft domestic demand and weak steel margins.
The company said the PLV FOB Australia benchmark averaged $216 per ton in the second quarter, up $49 per ton, or nearly 29%, from the prior-year period. However, the U.S. East Coast High-Vol A index averaged $143 per short ton, down $11 per ton year over year.
Warrior achieved gross price realization of 66%, compared with 80% a year earlier. Management attributed the decline to higher freight rates to Asia, a larger mix of High-Vol A products and weaker U.S. East Coast High-Vol A pricing relative to the PLV benchmark.
Scheller said the company expects premium coal prices to remain above the depressed levels seen through much of 2025 but below the supply-driven highs reached during the first half of 2026. He said Warrior expects a lower, range-bound market with volatility tied to weather, logistics, geopolitical developments and regional buying patterns.
About Warrior Met Coal (NYSE:HCC)Warrior Met Coal NYSE: HCC is a leading producer of premium metallurgical coal, operating deep underground mining complexes in Central Alabama's Blue Creek and Brookwood mining districts. The company focuses exclusively on the extraction and sale of high-grade hard coking coal, a critical raw material used in steel production. Its mining operations harness longwall mining technology and rigorous safety protocols to deliver consistent coal quality to customers worldwide.
Warrior Met Coal's product portfolio centers on premium hard coking coal, semisoft coking coal, and pulverized coal injection (PCI) products.
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Iron Mountain oznámila rekordní 2. čtvrtletí 2026: tržby vzrostly o 19 % na 2,03 mld. USD a upravený EBITDA o 16 % na 727 mil. USD. Zároveň zvýšila celoroční výhled tržeb i zisku.
3 REITs to Watch as AI Data Center Spending Surpasses Office ConstructionIron Mountain NYSE: IRM reported record second-quarter results for 2026, with revenue rising 19% year over year to $2.03 billion and adjusted EBITDA increasing 16% to $727 million, as growth in data centers, asset lifecycle management and digital solutions outpaced the company’s expectations.
President and Chief Executive Officer Will Meaney said organic revenue grew 17% during the quarter, while adjusted funds from operations, or AFFO, increased 17%. The company’s data center, asset lifecycle management, or ALM, and digital businesses collectively grew by more than 50%, contributing 35% of second-quarter revenue, up 750 basis points from a year earlier.
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4 High-Yield Real Estate Stocks to Buy as Investors Get Defensive“Our team delivered another outstanding performance with record-breaking second quarter results exceeding our expectations across all metrics,” Meaney said.
Data Center Leasing and Capacity Iron Mountain’s data center business generated $263 million in second-quarter revenue, up $73 million, or 39%, from the prior year. The segment’s adjusted EBITDA rose $41 million to $137 million, and its adjusted EBITDA margin increased 140 basis points year over year to 52.2%.
Picks & Shovels: Investing in the Physical Foundation of AIThe company signed 13 megawatts of new data center leases in the second quarter, including a 10-megawatt lease in Amsterdam. In July, it signed an additional 75 megawatts of leases, bringing year-to-date leasing to 110 megawatts. July activity included a 25-megawatt lease that fully leased Iron Mountain’s London Three asset and a 51-megawatt, 10-year agreement with a major global hyperscaler in Mumbai.
Meaney said the company has about 325 megawatts of capacity expected to be energized during the next 24 months, following leasing activity in the first half and July. He said demand is strong across the company’s pipeline, including at its Richmond campus, in Europe and in India.
Management said it expects to “meaningfully exceed” its original 100-megawatt full-year leasing target, though executives noted that large hyperscale leases can be uneven from quarter to quarter. Chief Financial Officer Barry Hytinen said the company plans to emphasize its energization schedule rather than issue annual leasing guidance, describing the available capacity as located in attractive markets with robust customer pipelines.
ALM Growth Drives Revenue Upside ALM revenue rose 88% year over year to $288 million, including 82% organic growth. Hytinen said the segment exceeded the company’s prior projection by more than $45 million, supported by both enterprise ALM services and hyperscale data center decommissioning.
Enterprise ALM revenue grew more than 60% organically, aided by expansion with existing customers and new contract wins. Data center decommissioning revenue increased more than 100% from the prior year, partially reflecting about $30 million of timing benefits from large hyperscaler projects that were accelerated into the second quarter.
Meaney characterized ALM as a multibillion-dollar opportunity, citing a $35 billion addressable market. The company said the enterprise channel accounts for roughly 75% of that market and offers recurring activity and cross-selling opportunities across Iron Mountain’s customer base of more than 240,000 customers.
Iron Mountain raised its full-year ALM revenue outlook and now expects the business to approach $1 billion in 2026 revenue. Hytinen said the enterprise ALM business is expected to grow more than 50% this year and generate slightly more than $600 million of full-year revenue.
The company also recently acquired Group ATF, an ALM provider in France and Belgium. Hytinen said the transaction closed around Aug. 1 and involves annual revenue in the high teens of millions. Iron Mountain expects approximately $7 million of revenue contribution during the second half, with the acquired business carrying an EBITDA margin in the low 20% range before expected cost and revenue synergies.
Records and Digital Businesses Continue to Expand Global records and information management revenue reached a quarterly record of $1.4 billion, up 8% on a reported basis and 7% organically. Storage revenue rose 5% organically, while services revenue increased 9% organically.
Iron Mountain’s digital business grew more than 25%, according to Hytinen. Meaney said digital solutions posted record quarterly revenue and that more than 45% of digital revenue is now recurring. He also cited traction for the company’s AI-powered InSight DXP platform, including new deployments with financial services and fintech customers in the United Kingdom and Australia.
Hytinen said physical storage volumes continued to increase, with the company storing more physical volume for customers than at any prior point. He expects physical volumes to remain modestly positive, supported by continued outsourcing in markets including India.
The company also said its Internal Revenue Service digital-services contract ramped faster than expected. Hytinen said the contract generated more than $15 million of second-quarter revenue, compared with about $9 million in the first quarter, and that Iron Mountain continues to expect annual revenue from the program to exceed $100 million in 2027.
Raised 2026 Outlook Iron Mountain raised its full-year financial outlook following the second-quarter performance. The company now expects:
Total revenue of $7.94 billion to $8.01 billion, representing 16% growth at the midpoint. Adjusted EBITDA of $2.945 billion to $2.975 billion, representing 15% growth at the midpoint. AFFO of $1.76 billion to $1.78 billion, or $5.87 to $5.93 per share. For the third quarter, the company expects approximately $1.98 billion in revenue, $745 million in adjusted EBITDA and $440 million in AFFO, or $1.47 per share.
Iron Mountain generated $888 million in year-to-date operating cash flow, up $315 million from the prior-year period. The company invested $553 million in growth capital expenditures and $38 million in recurring capital expenditures during the second quarter. It ended the period with net lease-adjusted leverage of 4.8 times and declared a quarterly dividend of $0.864 per share, payable in early October.
About Iron Mountain (NYSE:IRM)Iron Mountain Incorporated is a global information management company that helps organizations protect, store, and manage their physical and digital information. The firm provides a range of services including secure records storage, document imaging and digitization, secure shredding and destruction, and information governance solutions designed to support regulatory compliance and business continuity. Iron Mountain also offers specialized secure storage environments and logistics for sensitive assets such as art, medical records, and legal archives.
Beyond traditional records management, Iron Mountain has expanded into technology-driven services to support customers' digital transformation.
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Installed Building Products ve 2. čtvrtletí zvýšila tržby o 2 % na 778 mil. USD, když silný komerční segment kompenzoval slabší rezidenční poptávku. Upravený zisk na akcii činil 2,91 USD.
2 Ways to Play the QXO/TopBuild DealInstalled Building Products NYSE: IBP reported second-quarter 2026 revenue growth despite continued pressure in new single-family housing, as strength in commercial installation, manufacturing and distribution businesses helped offset softer residential activity.
Consolidated net revenue increased 2% to $778 million from $760 million a year earlier. Same-branch sales declined less than 1% on a consolidated basis, while installation-segment same-branch sales fell 2%. A 6% decline in new residential same-branch sales was partially offset by a 10% increase in commercial same-branch sales.
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Top 3 Homebuilder Stocks to Watch as Rates DropChairman and CEO Jeff Edwards said the company continued to navigate a challenging housing environment marked by affordability concerns and lower consumer confidence. He said IBP’s more diversified operating platform provided multiple avenues for growth, including commercial installation, manufacturing and distribution.
Commercial Growth Offsets Residential Weakness IBP said its commercial end market recorded double-digit installation sales growth for the fifth consecutive quarter. Heavy commercial sales rose more than 15% during the quarter, with CFO Michael Miller later describing the business as a key growth driver. Heavy commercial same-branch sales rose about 16%, though Miller said growth rates could moderate in the second half as comparisons become more difficult.
3 Midcap Building Industry Stocks Constructing Good Price ActionThe company said its light-commercial operations turned positive sooner than expected and were expected to remain positive through the balance of the year, though not necessarily at a significant rate of growth.
Meanwhile, new single-family activity remained challenged. Miller said revenue from public builders declined at a rate similar to the combined mid-single-digit decline reported by public homebuilders that had released results. Revenue from private builders also declined, but by less than public-builder revenue, he said.
Public builders represented roughly 25% of IBP’s single-family revenue and approximately 15% of total company revenue, according to Miller. He said public builders’ lower average job values mean they account for a larger share of the company’s single-family job volume than revenue.
IBP also cited improving trends in multifamily. Edwards said contract backlog continued to grow, while Miller said multifamily sales turned positive in June and remained positive in July. The company’s multifamily business has particular exposure to the South Census region, which represented about 60% of its multifamily revenue, Miller said.
Margins Affected by Fuel, Business Mix and Medical Costs Adjusted gross margin was 33.3% in the second quarter, compared with 34.2% in the prior-year period. Installation-segment gross margin declined to 36.5% from 37.1%, primarily because higher fuel expense reduced that segment’s margin by 50 basis points.
The company’s “other” segment, which includes distribution and manufacturing operations, grew 50% net of eliminations, partly reflecting acquisitions. On a same-branch basis, the segment grew about 28%, Miller said. While that growth contributed to consolidated gross profit, the segment carries structurally lower margins than installation operations and created a 40-basis-point headwind to the consolidated gross-margin percentage.
Gross margin in the other segment improved to 24.7% from 23%, according to Miller. The segment includes cellulose insulation manufacturing, where the company cited demand from repair and remodeling, industrial fibers and road fibers.
Adjusted selling and administrative expense increased 3% year over year and represented 18.9% of sales, compared with 18.8% a year earlier. Higher medical insurance costs reduced EBITDA margin by 30 basis points, management said. Excluding medical costs, same-branch general and administrative expenses declined about 2% from the prior year.
Adjusted EBITDA totaled $131 million, representing an adjusted EBITDA margin of 16.9%. Adjusted net income was $78 million, or $2.91 per diluted share.
Pricing and Supply Conditions Remain Fluid Miller said price mix increased 1% during the quarter and rose 3% when heavy commercial is included. Volume declined 5%, primarily because of lower new single-family volume.
The company said it has begun to see some benefit from manufacturer price increases for spray foam insulation, though management expects the effect could be uneven in the third quarter as customers adjust to the size of the increase. Miller said the material-cost increase was approximately 25% and that IBP expects the impact to be at least margin neutral over time.
Management said it had not seen meaningful demand destruction from customers shifting from spray foam to fiberglass. Spray foam represents roughly 11% of company revenue, compared with approximately 50% for fiberglass, Miller said.
On fiberglass, Edwards and Miller said material was readily available and that additional capacity was coming online. They said the market environment did not appear particularly supportive of a proposed manufacturer price increase, though the company remained in frequent discussions with suppliers.
Acquisitions, Capital Returns and Balance Sheet IBP completed acquisitions during the second quarter and July representing approximately $30 million in annual sales. The acquired businesses included:
An upper Midwest mechanical-insulation installer with about $12 million in annual sales, serving industrial and commercial retrofit applications. A Minnesota-area installer of shower doors, closet shelving, mirrors and accessories with about $7 million in annual sales. An installer of door, bath and fencing hardware serving new residential markets in South Carolina and Georgia, also with about $7 million in annual sales. The company said it expects to acquire at least $100 million of annual revenue during 2026. Management said it is interested in pursuing a larger platform acquisition in adjacent commercial or industrial installation categories, including mechanical and industrial insulation and commercial roofing. IBP’s mechanical and industrial insulation business currently generates about $50 million in revenue, Miller said.
At June 30, IBP’s net-debt-to-trailing-12-month adjusted EBITDA ratio was 1.34 times, below its stated target of 2 times. Miller said the company could raise leverage as high as 3 times for the right transaction or set of transactions, citing the business’s free-cash-flow generation.
IBP ended the quarter with $395 million in cash and repurchased approximately 365,000 shares for $76 million. About $398 million remained available under its share repurchase program as of June 30. The board also approved a quarterly dividend of $0.39 per share, payable Sept. 30 to shareholders of record Sept. 15, representing an increase of more than 5% from the prior-year period.
About Installed Building Products (NYSE:IBP)Installed Building Products, Inc NYSE: IBP is a leading national installer of specialty building products serving the U.S. residential construction market. The company partners with homebuilders and contractors to deliver a comprehensive range of interior and exterior finishing services, including insulation, drywall finishing, protective coatings and basement waterproofing systems. By offering a single-source solution, Installed Building Products helps streamline project coordination and ensures consistent service quality across multiple trades.
Founded in 1977 and headquartered in Columbus, Ohio, Installed Building Products has expanded from a regional insulation installer into a nationwide platform operating in nearly every state.
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HubSpot ve 2. čtvrtletí zvýšil tržby meziročně o 20 %, ale přidal jen 7 000 nových zákazníků, méně než čekal. Firma zároveň uvedla, že zákazníci kvůli AI a rozpočtům déle schvalují nákupy.
Docusign: Another Beat, Another Selloff—Why the Analysts Are WrongHubSpot NYSE: HUBS reported second-quarter 2026 revenue growth of 20% year over year on a reported basis, or 17% in constant currency, as the company navigated slower customer acquisition and greater budget scrutiny tied to the transition toward artificial intelligence products.
Chief Executive Officer Yamini Rangan said April began slowly and that the quarter did not develop as the company had expected. She attributed the performance to deliberate changes in product, pricing and go-to-market strategy, as well as a demand environment in which customers showed increased caution around technology budgets.
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MarketBeat Week in Review – 06/01 - 06/05“Customers adopting AI want proof of value before they commit and predictability in what it costs,” Rangan said. HubSpot introduced trials that allow customers to test agents and its AEO offering in their own environments, while also lowering certain entry prices, adding outcome-based pricing for several agents and providing spending controls.
Rangan said the moves were expected to extend buying cycles in the near term but were intended to lower adoption barriers and support longer-term AI usage. She added that the trial approach has been most effective with larger customers that can receive additional support from HubSpot teams and partners.
Customer Growth Misses Internal Expectations MongoDB Is the Latest SaaS Apocalypse Victim to Say "Not Today"HubSpot added 7,000 net new customers during the quarter, ending the period with more than 306,000 customers globally. The customer total grew 14% from a year earlier, but Chief Financial Officer Kate Bueker said the quarterly additions were below the company’s expectation of 9,000 to 10,000 net adds, primarily because of weaker conversion rates and increased buyer hesitation.
Domestic revenue increased 17% year over year. International revenue rose 23% on a reported basis and 18% in constant currency, accounting for 49% of total revenue. Subscription revenue grew 20%, while services and other revenue increased 8%.
Average subscription revenue per customer was $11,800, up 4% on a reported basis and 2% in constant currency. Customer dollar retention remained in the high 80% range, while net revenue retention was 102%, down one percentage point year over year. Bueker said expansion in seats and credits was offset by pressure from other upgrade motions as customers optimized budgets.
Management said prospects are involving larger buying committees, with more transactions requiring approval from chief executives, boards or private-equity firms. Rangan said larger opportunities are still closing and up-market win rates remain solid, but approvals are taking longer.
Deals worth more than $120,000 in annual recurring revenue increased 38% year over year. Meanwhile, 64% of new Professional and Enterprise customers adopted multiple product hubs, up three percentage points from the prior year.
AI Adoption and Product Expansion HubSpot highlighted increased adoption of its AI products. Data Agent had more than 16,000 activated customers, up 80% sequentially, while Prospecting Agent had nearly 17,000 activated customers, up 28%. Customer Agent reached more than 10,000 customers.
The company launched HubSpot AEO in April through Marketing Hub and as a standalone product. Since launch, 32% of Marketing Hub Professional and Enterprise customers have activated AEO, and nearly 16,000 customers activated standalone AEO trials during the quarter, according to Rangan.
More than 55% of HubSpot’s Professional and Enterprise customers now use either its agents or Breeze Assistant, Rangan said. Monthly agentic actions across the customer base have increased more than threefold since the beginning of the year. Breeze Assistant weekly active usage has doubled since the start of 2026.
HubSpot also launched Agent Builder and Agent Hub in July. Agent Builder enables customers to create custom agents and workflows connected to HubSpot CRM data and external systems, while Agent Hub provides a central management location for HubSpot-built, customer-built and partner-built agents. More than 2,700 customers had activated the products in beta, Rangan said.
Management said it is focusing on helping customers move beyond experimentation, particularly for customer-facing AI products. Rangan said customers often begin with internal uses, such as data enrichment and sales productivity, before adopting agents that directly interact with prospects or customers.
Profitability, Cash Flow and Capital Returns Non-GAAP operating margin was 20% in the second quarter, expanding three percentage points from a year earlier. GAAP operating margin was 5%, compared with a negative 3% margin in the prior-year period.
Non-GAAP net income totaled $165 million, or $3.26 per diluted share, representing year-over-year increases of 40% and 49%, respectively. GAAP net income was $43 million, or $0.86 per share.
The company generated $168 million in free cash flow, equal to 18% of revenue, and ended June with $1.4 billion in cash and marketable securities. It repurchased more than $500 million of stock under its existing $1 billion authorization during the quarter. The board authorized an additional repurchase program of up to $1 billion.
Bueker said HubSpot expects two percentage points of non-GAAP operating-margin expansion in 2026 and anticipates an additional two to three percentage points of expansion in 2027 as it applies AI internally and maintains discipline in headcount spending.
Third-Quarter and Full-Year Outlook For the third quarter, HubSpot expects reported revenue of $924 million to $925 million, representing 14% reported growth and 15% constant-currency growth. The company forecast non-GAAP operating income of $187 million to $188 million, or a 20% margin, and non-GAAP diluted earnings per share of $3.25 to $3.27.
For full-year 2026, HubSpot expects revenue of $3.678 billion to $3.686 billion, up 18% on a reported basis and 16% in constant currency. It maintained its forecast for non-GAAP operating income of $762 million to $766 million, representing a 21% margin, while projecting non-GAAP diluted earnings per share of $13.23 to $13.31.
The company expects the headwinds observed in the second quarter to continue through the remainder of the year. It projects quarterly net customer additions of approximately 5,000 to 6,000, low- to mid-single-digit constant-currency growth in average subscription revenue per customer, and roughly flat full-year net revenue retention.
Bueker said budget pressure appeared consistent through the second quarter and continued into July.
About HubSpot (NYSE:HUBS)HubSpot, Inc is a software company that develops a cloud-based customer relationship management (CRM) platform designed to help organizations attract, engage and delight customers. Its primary business activities center on providing integrated marketing, sales and customer service tools that support inbound marketing strategies, content management, lead nurturing, sales automation and customer support workflows.
The company's product suite is organized around modular “hubs” built on a central CRM: Marketing Hub, Sales Hub, Service Hub, CMS Hub and Operations Hub.
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Obavy z cyklosporiázy srazily poptávku po salátech: Sweetgreen uvedl, že v červenci to mělo asi 6procentní bodový dopad na srovnatelné tržby a snížil celoroční výhled.
Warm weather usually drives salad sales, but consumers spooked by the ongoing cyclospora outbreaks are avoiding lettuce this summer.
Traffic to Chopt Creative Salad Co. locations fell 24% on July 18, right after the Food and Drug Administration announced the outbreak, according to Placer.ai data. Sweetgreen on Thursday said consumer concerns about the outbreak had about a 6 percentage point impact on same-store sales in July, and the company cut its full-year outlook. And earlier this week, upstart chain Salad and Go filed for Chapter 11 bankruptcy and closed all of its locations, saying the cyclospora outbreak had exacerbated its existing business challenges.
Grocery stores aren't immune either. Dollar sales of prepackaged salads plunged 14% during the four weeks ended July 25 compared with the year-ago period, according to NielsenIQ data.
The FDA has pointed to iceberg lettuce processed in Taylor Farms' central Mexico facility as the likely culprit for the outbreak that has sickened at least 10,000 people. Taylor Farms has voluntarily recalled products supplied from that facility.
Yum Brands' Taco Bell is the only national restaurant chain that has been linked to the multistate outbreak. It uses iceberg lettuce frequently across its menu, from its Crunchwrap Supreme to its Cheesy Gordita Crunches, but the chain isn't known for its salads. Taco Bell's sales and traffic to its restaurants initially tumbled after the FDA announcement, but Yum executives said in late July that business was already recovering.
But the FDA is also tracking at least six other active outbreaks without a clear culprit; those outbreaks have significantly smaller number of reported cases. The long incubation period for cyclosporiasis makes it difficult to identify the contaminated ingredients.
Cyclospora is a water-borne parasite. It typically spreads through contaminated produce, like lettuce, green onions, raspberries and fresh herbs. Although public health authorities seem to have pinpointed the source of the current outbreak, the FDA is advising consumers to take extra steps, like discarding outer layers of fruits and vegetables, to reduce risk of exposure.
Read more cyclospora newsCyclospora outbreak has hurt Taco Bell but sales are already improving, Yum Brands CEO saysConsolidated food supply may be worsening cyclospora outbreaks, experts sayMichigan confirms first two deaths in cyclospora outbreakSalad and Go files for Chapter 11 bankruptcy after cyclospora fears worsened its challengesSweetgreen cuts full-year outlook as cyclospora fears weigh on salesBut many diners have gone further and chosen to avoid salads and greens altogether during the outbreak.
Even Chipotle Mexican Grill has seen its sales dip. The burrito chain offers romaine lettuce as a topping and uses fresh cilantro across much of its menu, including its guacamole and salsas.
"In the second half of July, we did see a softening, call it about 200 basis points or so, right around the issue that's affecting the industry around cyclospora," Chipotle CFO Adam Rymer said on the company's earnings call in late July.
Chipotle has separately been in the news for recalling jalapeno peppers that were potentially contaminated with salmonella as part of a broader outbreak that has sickened at least 300 people.
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Damage controlSweetgreen and other restaurant chains swept up in the panic have had to implement strategies to reassure their customers.
For example, Sweetgreen has chosen to emphasize that iceberg lettuce isn't even on its menu. On the chain's 19th birthday, CEO Jonathan Neman posted on X that its restaurants have never served iceberg lettuce and only source lettuce grown in the U.S.
Likewise, Just Salad founder and CEO Nick Kenner posted on LinkedIn detailing the chain's food safety measures, like peeling and discarding the outer leaves of romaine and kale and double washing the leaves.
And Chopt posted on its Instagram about food safety.
"Food safety has always been at the heart of how we operate. ... We promise to continue monitoring guidance from public health officials and remain committed to earning your trust every time you choose Chopt," the company wrote.
Cava, another fast-casual chain known for its bowls and salads, has yet to report its earnings and any impact from the cyclospora scare. It is expected to share its quarterly results after the bell on Tuesday.
But in a promising sign for many restaurant chains — and diners — the danger may be passing.
The Michigan Health Department on Thursday said residents can eat lettuce and salad greens again as new infections slowed.
"The broad, precautionary recommendation to avoid bagged salad mixes during the Cyclospora outbreak is no longer in effect," the agency said in a statement. "Residents may resume their usual food handling practices and make choices based on their individual risk tolerance."
The state appears to be hardest hit by the outbreak, with two deaths and more than 12,400 cases reported in Michigan alone.
Of course, not all consumers have lost their appetite for greens. A Sweetgreen location in downtown Manhattan was bustling with diners and delivery drivers around noon on Friday.
Sherine Naveed, a 35-year-old laser technician who lives on Long Island, picked up her usual Sweetgreen salad order. Despite hearing about the outbreak, she hasn't changed her dining habits and is also still buying prepackaged salads at the grocery store.
"I have two kids," she said. "They're already pretty germ-y."
Hudson Pacific Properties ve 2. čtvrtletí zvýšila Core FFO téměř na trojnásobek na 23,1 mil. USD a zvýšila celoroční výhled Core FFO na 1,12 až 1,20 USD na akcii. Obsazenost kanceláří stoupla na 82,5 %.
3 Stocks Increasing Dividend Payouts Ahead of Interest Rate CutsHudson Pacific Properties NYSE: HPP reported record office leasing activity in the second quarter of 2026, higher occupancy and a sharp increase in Core FFO, supported by a major San Francisco government lease, improved studio performance and ongoing cost reductions.
Chairman and CEO Victor Coleman said the company signed 1.3 million square feet of new and renewal office leases during the quarter, including an 891,000-square-foot, 24-year lease with the City and County of San Francisco at 1455 Market. The agreement provides “nearly a quarter of a century of cash flow visibility,” Coleman said.
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Top 3 Michael Burry Stock Picks to Watch in 2024Office occupancy increased 470 basis points sequentially to 82.5%, while the leased rate rose 440 basis points to 82.8%. The company reported its fourth consecutive quarter of occupancy gains. Same-store net operating income rose 7.5%, reflecting improved results in both office and studio operations.
Leasing Pipeline Remains Active President Mark Lammas said 61% of the quarter’s 1.3 million square feet of office leasing was new leasing and 39% was renewals. Excluding the large San Francisco government lease, Hudson Pacific completed another 402,000 square feet of leasing, of which 71% was new.
Michael Burry's Alibaba Bet and the Broader Market ImplicationsThe company’s leasing pipeline stood at 2.4 million square feet at quarter-end, with nearly 70% representing prospective new leases and an average requirement above 20,000 square feet. Art Suazo, executive vice president of leasing, said active deals in the pipeline were evenly divided between technology and artificial-intelligence-related tenants and non-tech tenants, including professional-services, FIRE-sector and government users.
GAAP rent spreads increased 17.2%, while cash rent spreads declined 11.4%. Excluding the City and County of San Francisco lease, GAAP rents declined 3.3% and cash rents declined 9.9%, which Lammas attributed primarily to mid-sized Palo Alto leases rolling from pre-pandemic peak rents. He said those rents remained above $80 per square foot.
Hudson Pacific said net effective rents rose 22% from the preceding quarter and 9% from a year earlier, significantly aided by the San Francisco lease. Trailing 12-month net effective rents increased 7% sequentially and 1% year over year. Tour activity rose nearly 20% year over year.
Market Conditions Vary by Region Coleman said office demand was broadening in several markets amid limited new construction, though recovery rates differed by region. He pointed to San Francisco’s seventh straight quarter of positive absorption and its largest year-over-year rent increase since 2020. The company also cited positive absorption in Foster City, Redwood City and Redwood Shores, as well as headline leasing activity in Santa Clara.
In Los Angeles, Coleman said Hudson Pacific is focusing leasing efforts on West Los Angeles, where activity and rents are stronger than in the wider market. He said demand in the region has been led by financial, insurance and real estate tenants, particularly law firms, along with entertainment and streaming companies and their related businesses.
In Seattle, Suazo said the company has seen increased leasing activity across the central business district and has more active deals under negotiation there than in any other Hudson Pacific market. Washington 1000 has approximately 350,000 square feet of deals in various negotiation stages across nine tenants, according to Suazo. The company has coverage for about 65% of the building, compared with 60% in the prior quarter.
Downtown Vancouver remained one of the company’s strongest markets, ending the period at effectively 94% leased along with Palo Alto. Coleman said Vancouver’s downtown vacancy was just above 12%, the lowest among Hudson Pacific’s markets.
Studio Business and Quixote Restructuring The company’s in-service studio stages were 74.6% leased in the second quarter, up 180 basis points sequentially. The increase was driven by Sunset Pier 94, where the leased rate rose 40 percentage points to 78.5%. Hudson Pacific’s Hollywood stages, including Sunset Las Palmas, were 95.5% leased.
Hudson Pacific is restructuring Quixote, its production-services business, and plans to exit Quixote’s leased soundstage facilities, Atlanta-area operations, pro-supplies business and stage ancillary operations such as lighting and grip. Going forward, the company will report core studio NOI based on Sunset Studios and Quixote’s fleet operations in Los Angeles and New York.
Core studio NOI rose $3.1 million sequentially and $7 million from a year earlier to $4.6 million. Hudson Pacific’s share turned positive for the first time in two years, reaching $2.2 million.
Lammas said Quixote generated negative cash NOI of $18.6 million in 2024. Restructuring efforts have improved its annualized cash NOI run rate by about $14.3 million, leaving the fleet business at slightly more than $4 million of negative annualized cash NOI at current demand levels. He said the business could reach break-even if show counts increased modestly from roughly 70 to 80, although the company’s guidance does not assume an improvement in show counts.
Financial Results and Updated Outlook Total revenue was $188.3 million, compared with $190 million a year earlier, as the impact of asset sales, particularly the sale of Element L.A., was nearly offset by higher office occupancy. General and administrative expense declined 11% to $12 million.
Core FFO nearly tripled to $23.1 million from $8 million a year earlier. Core FFO per diluted share increased 30% to $0.35 from $0.27. Same-store cash NOI increased 7.5% to $90.2 million. Total liquidity was $876 million, including $81 million in cash and $795 million of availability under the credit facility. Interest expense fell 20% year over year, producing $9.7 million in savings. Chief Financial Officer Harout Diramerian said all of Hudson Pacific’s debt is fixed or capped. He also said the Hollywood Media portfolio loan transferred to a special servicer after the quarter ahead of its third-quarter maturity. The borrower and special servicer agreed to terms for a longer-term extension, with a 30-day extension to complete documentation. The company said its outlook maintains the same interest-expense assumptions.
Hudson Pacific raised its full-year 2026 Core FFO guidance to $1.12 to $1.20 per diluted share, from a prior range of $1.10 to $1.18. Diramerian said the midpoint increase reflects about $0.01 of second-quarter outperformance and another $0.01 from improved expectations for the second half. The company expects third-quarter lease expirations to pressure occupancy and earnings before a projected fourth-quarter rebound.
On dispositions, Coleman said Hudson Pacific sold 2001 Gateway after quarter-end and has three additional Bay Area office assets in contract or negotiation, along with its 10950 Washington residential development site. The company is targeting $200 million of asset sales and said it expects to exceed that amount, citing stronger buyer interest in Bay Area office properties.
About Hudson Pacific Properties (NYSE:HPP)Hudson Pacific Properties NYSE: HPP is a self-managed real estate investment trust focused on the acquisition, development and management of high-quality office and studio properties. The company's portfolio spans strategic West Coast markets in the United States and key markets in Canada, providing space for technology, media and creative companies as well as major film and television producers. As an owner and operator of both traditional office buildings and specialized production facilities, Hudson Pacific seeks to deliver stable income through long-term leases and strategic property enhancements.
In its office segment, Hudson Pacific targets markets with strong job growth and limited supply, including Los Angeles, Silicon Valley, San Diego and Seattle, as well as Vancouver, British Columbia.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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iPhone-maker Apple is suing OpenAI over allegations of stolen trade secrets. A legal battle between Apple and OpenAI over the ChatGPT maker's secretive device project escalated this week when the artificial intelligence (AI) developer called the iPhone maker's allegations "baseless" and asked for the lawsuit to be dismissed.
Apple sued OpenAI last month in San Jose, California, accusing the AI company of orchestrating a campaign to steal the iPhone maker's trade secrets through former employees as it tries to develop its own consumer hardware device.
In a new court document filed Monday, Apple described OpenAI's actions as "repeated instances of deliberate theft."
"OpenAI should not be permitted to use Apple's secrets to gain an unjust head start in its hardware ambitions," the iPhone maker says.
OpenAI hit back Wednesday and called for the case to be permanently dismissed, which would bar Apple from filing another lawsuit on the same grounds.
"Apple built its reputation by paying close attention to the smallest details. This lawsuit does the opposite," OpenAI's lawyers say in their filing, which continues to describe Apple's complaint as "rotten to its core."
Federal Judge Edward Davila will consider both requests at a hearing Oct. 1.
Partners and rivals Meanwhile, the two companies remain partners, since ChatGPT has been integrated into Apple products since 2024.
"Apple should not be permitted to use a baseless and pretextual lawsuit to make up for its shortcomings in the market for talent and in retaining its employees, and its failures to integrate AI into its products," OpenAI's lawyers say.
They invoke California laws that "encourage" employees to take new jobs—policies that are "credited with powering the tech revolution that has made companies based in this state the envy of the world."
More than 400 former Apple employees currently work at OpenAI, according to the initial complaint.
"The harm is happening now," Apple's lawyers say, and "every day that passes without an injunction allows OpenAI to embed their knowledge of Apple's stolen information into its hardware development efforts."
Smart speaker To convince the judge of the urgency, Apple's lawyers submitted a TechCrunch article describing leaked details about OpenAI's highly anticipated first device: a screenless smart speaker designed in collaboration with LoveFrom, a studio founded by Jony Ive, Apple's famed former head of design.
On Thursday, Bloomberg reported that the device would be circular like a donut, about the size of a hockey puck, and cost between $300 and $400, with a launch planned for 2027.
OpenAI has never confirmed these leaks.
"OpenAI has no use, need or desire for Apple's trade secrets," the creator of ChatGPT says in a court document, which continues that Apple hasn't named any specific products, such as an iPhone, that have allegedly been copied. "OpenAI is building something entirely new and different."
Apple, for its part, accuses OpenAI's head of hardware, Tang Tan, a former vice president of design at Apple, of using his knowledge of unreleased Apple products to extract information from job candidates.
OpenAI asked candidates to bring "prototypes" and design files to interviews for "show and tell" sessions—an American classroom exercise in which students present objects to their classmates—Apple alleges.
In its response, OpenAI says it follows standard industry practices.
According to his lawyers, Tan "repeatedly instructed recruits and his team not to bring or disclose former employers' confidential information."
OpenAI also defends itself by accusing Apple of failing to properly protect its own data, claiming that the Cupertino company has "encouraged employees to use personal iCloud accounts for work, intermingling company and personal data, while failing to manage access cleanly across multiple Apple systems when employees departed."
The case comes at a sensitive time for OpenAI, which is worth a reported $852 billion as it works toward a potential IPO. The lab is also locked in fierce competition with Anthropic, a rival AI lab in San Francisco founded by a group of former OpenAI employees.
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Advanced Micro Devices (AMD -1.21%) is one of the world's leading suppliers of graphics processing units (GPUs) for data centers, which are the primary chips used in artificial intelligence (AI) training and inference workloads. In fact, it has become one of the most formidable competitors to the industry leader, Nvidia.
On Aug. 4, AMD released its operating results for the 2026 second quarter, and they revealed substantial revenue and earnings growth led by its data center business. But considering its stock is up 200% during the past 12 months, is most of that growth already priced in? The answer might depend on how long an investor plans to hold the stock, and I'll explain why.
Image source: The Motley Fool.
AMD is starting to ship its most powerful chips ever AMD was on the back foot when it entered the AI data center race in 2023. Its MI300X GPU was designed to compete with Nvidia's industry-leading H100, but that company was already in the process of launching its Blackwell architecture, which extended its dominance.
AMD is closing the gap, though, and it has since captured some of Nvidia's top customers, including Oracle, Microsoft, and OpenAI. AMD's new MI450 series GPUs are widely expected to be a comparable alternative to Nvidia's new Vera Rubin chips when they start shipping during the next few months, which should significantly increase the company's market share.
In fact, when the MI450 is paired with AMD's new Helios rack, which includes specialized central processing units (CPUs) and networking components, it can be as much as 15% more powerful and 30% more cost-efficient than any of its competition.
The company is already working on its MI500 series GPUs, which are expected to reach customers in 2027. Chief Executive Officer Lisa Su said it could produce a staggering 2,000 times more performance in inference workloads compared to the original MI300X, which highlights the company's rapid progress during the past four years.
OpenAI and Meta Platforms will each deploy 6 gigawatts' worth of computing capacity using AMD's GPUs during the next few years, starting with the MI450 and Helios. Su says Anthropic and Microsoft will also be deploying MI450 GPUs in Helios racks, so AMD is amassing a very impressive customer list.
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AMD's data center revenue doubled during the second quarter AMD generated a record $11.5 billion of revenue during the second quarter, a 50% increase from the year-ago period. The company's data center business contributed more than half of that total with $6.7 billion in revenue, and it grew by a whopping 107%.
But considering Su predicts the market for AI data center chips will grow to $1.4 trillion annually by 2030, AMD has barely scratched the surface of its opportunity. She now expects the company's data center revenue to continue to more than double in 2027, which is positive news for shareholders.
There is currently a shortage of AI data center hardware because of the incredible level of demand, which gives suppliers like AMD the ability to dictate prices. This is having a profound affect on the company's bottom line, with its second-quarter adjusted (meaning not in accordance with generally accepted accounting principles) earnings soaring by 246% to $1.66 per share.
Is it too late to buy AMD stock after its recent gains? Based on AMD's adjusted trailing-12-month earnings of $5.76 per share, its stock is trading at a price-to-earnings (P/E) ratio of 83.6, which is more than double Nvidia's P/E of about 33.5. Therefore, AMD stock certainly looks expensive after its 12-month rally of 200%.
Nevertheless, Wall Street's average forecast (provided by Yahoo! Finance) suggests AMD's adjusted earnings could rise to $13.92 per share in 2027, giving its stock a forward P/E of just 34.6. That means the stock might actually look attractive at the current price to investors who intend to hold it for at least the next 18 months. And if Su is right about the market for AI data center chips growing to $1.4 trillion annually by 2030, then AMD stock might actually be cheap today.
As a result, whether AMD stock is a good buy after its recent rapid gains might depend entirely on an investor's time horizon. Those who are looking for strong returns during the next few months should probably steer clear, whereas those who are willing to stay the course for several years could do very well, as long as the AI infrastructure spending boom continues.
Apple zveřejnil návod, podle kterého mohou vybraní uživatelé Maců v pevninské Číně propojit Siri a Writing Tools se službou AI Qwen od Alibaba. Tah má Applu pomoct na čínském trhu AI PC.
Qwen and Alibaba logos are seen in this illustration taken, January 29, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesEligible China users can connect Qwen to Apple Intelligence on MacSino-American tie-up could help Apple in China's AI PC marketPartnership broadens Qwen's reach beyond Alibaba ecosystemBEIJING, Aug 8 (Reuters) - Apple (AAPL.O), opens new tab has published a guide explaining how eligible Mac users in mainland China can connect Alibaba's (9988.HK), opens new tab Qwen artificial-intelligence service to the U.S. tech giant's Siri digital assistant and Writing Tools feature.
The Mac-specific arrangement could help Apple compete in China's AI PC market, where it has been losing market share as domestic manufacturers such as Lenovo have promoted locally developed AI features.
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Here are some details:
Qwen is Chinese ecommerce giant Alibaba's family of generative-AI models, which can create text and images and analyse documents, photos and other material in response to user prompts.
Apple's updated Chinese-language guide says users who opt in can use Qwen through Siri for more detailed responses to some requests, including analysis of photos and documents. Writing Tools can also draw on the service to create text or images from a description.
The extension is intended for Macs running macOS 26.6 or later, subject to China-specific conditions. Users must activate the extension and sign in to a Qwen account.
Alibaba cannot use those materials to train or improve its models, according to the guide.
Mac shipments in mainland China fell 9% in the first quarter year on year to about 800,000 units, leaving it with 9% of the PC market, versus Lenovo's 31% and fast-growing Huawei's 16%, according to Omdia.
Lenovo (0992.HK), opens new tab has made its Tianxi personal AI agent central to its AI-PC strategy, while Huawei is building AI functions across its HarmonyOS ecosystem.
Linking Qwen to Siri and Writing Tools gives Apple a locally compliant route to offer more capable document, image and content-creation functions while retaining control of the Mac interface.
For Alibaba, integration with Apple's built-in software could broaden Qwen's reach beyond its own applications and cloud services.
Alibaba has said Qwen will be incorporated into Apple Intelligence across iPhone, iPad, Mac and Vision Pro software in China, though Apple's newly published guide covers Macs only.
Alibaba this week released Qwen3.8-Max, a 2.4-trillion-parameter model it says is its most capable to date. Apple's guide does not identify which Qwen model will power the Mac extension.
Reporting by Eduardo Baptista; Editing by Susan Fenton
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Eduardo Baptista is a Senior Correspondent for Reuters based in Beijing, covering China’s technology, space, and automotive industries. He has led enterprise and investigative reporting on China’s military-linked companies, artificial intelligence and semiconductor supply chains, as well as macroeconomic and industrial policy. Baptista has reported from China for nearly a decade and holds a BA in History from the University of Cambridge.
Přeřazení marihuany v USA pro Canopy Growth nemusí znamenat velký impuls, protože hlavní byznys má v Kanadě a Evropě. V USA drží investici v Canopy USA, ale bez přímé kontroly.
Canopy Growth (CGC +4.07%) is one of a handful of marijuana stocks that were all the rage early on as investors thought pot would be a huge growth market. Pot demand has grown dramatically, but marijuana stocks didn't live up to the early hype. But will that change if the classification of marijuana changes at the Federal level in the United States? Not for Canopy Growth, here's why.
A slow progression for pot? Marijuana has been legal to use in an increasing number of states. Some have focused on medical use, while others have gone all the way to legalizing recreational use. That opened the way for companies to grow and sell marijuana.
Image source: Getty Images.
There was just one problem. Marijuana is also regulated at the Federal level. For a long time, marijuana was considered to be in the same category as heroin. Now, however, the drug has been rescheduled, putting it in the same classification as acetaminophen, an over-the-counter pain medication. While pot is still regulated, the marijuana industry's path forward is much clearer. That could open up more opportunities for growth for marijuana companies in the U.S. market.
Canopy Growth isn't likely to benefit from rescheduling Canopy Growth is a pot stock, so in the big picture, rescheduling is good news. However, Canopy Growth's core operations are in Canada and Europe. With regard to the U.S. market, the company's annual report explains:
We are not considered a U.S. Marijuana Issuer (as defined in the Canadian Securities Administrators Staff Notice 51-352 – Issuers with U.S. Marijuana-Related Activities (the "Staff Notice")) nor do we have material ancillary involvement in the U.S. cannabis industry in accordance with the Staff Notice. While we have an investment in Canopy USA, which is a platform that is intended to enable such U.S.-based companies that may themselves participate in the U.S. cannabis market to operate, the transaction structure was intended to ensure that we do not violate the federal laws of the United States respecting cannabis and do not allow us to participate in cannabis activities in the United States or direct the activities of Canopy USA. Where a noncontrolled affiliate has expressed an intent to enter the U.S. cannabis market, we have taken steps to insulate ourselves from all economic and voting interests.
That's a lot! The summary is that Canopy Growth is an investor in Canopy USA, but it doesn't directly control Canopy USA. That's issue number one. The second issue is that Canopy USA is more focused on recreational use than medical use, which Canopy Growth explained limits the benefit that Canopy USA will see from the rescheduling. Indeed, the rescheduling was meant to increase access to the drug for medical purposes and to make it easier for companies to do research around marijuana. Making it legal for recreational purposes is a goal that is further down the road.
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Canopy Growth isn't in the right place at the right time What's notable is that Canopy Growth is heavily involved in the medical marijuana market in Canada. In fact, the company recently strengthened its market position there by acquiring MTL Cannabis. But the uncertain legal environment in the United States led the company to take a different approach, limiting its exposure to and business control in the U.S. market.
That wasn't a bad business decision, given the circumstances and the opportunities available elsewhere. But it has left the company in a situation where U.S. rescheduling just isn't as big a deal as investors may hope. And it doesn't have as much control as investors may like to capitalize on such changes, anyway.
Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo Purchase Licensing Rights, opens new tab
CompaniesAug 8 (Reuters) - Berkshire Hathaway (BRKa.N), opens new tab on Saturday reported a higher quarterly operating profit, benefiting from higher earnings in manufacturing, service and retail operations, while net income was bolstered by double-digit gains in common stock investments such as Apple (AAPL.O), opens new tab and Alphabet (GOOGL.O), opens new tab.
Second-quarter operating profit rose 16% to $12.98 billion from $11.16 billion a year earlier.
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Net income more than doubled to $25.67 billion from $12.37 billion.
Berkshire also repurchased $4.5 billion of its own stock in the second quarter, accelerating repurchases it had begun in March following a nearly two-year hiatus.
Reporting by Jonathan Stempel in New York; Editing by Sharon Singleton
Our Standards: The Thomson Reuters Trust Principles., opens new tab
JPMorgan ve 2. čtvrtletí zvýšil tržby o 27 % na 58 miliard USD a zisk na akcii o 47 % na 7,70 USD. ROTCE bez mimořádných položek dosáhl 23 % a už několik čtvrtletí překonává cíl 17 %.
The nationʻs largest bank, JPMorgan Chase (JPM +0.34%), has long been the most successful bank, particularly since Jamie Dimon became CEO in 2006.
His strategy of building a fortress balance sheet has carried JPMorgan through the difficult times and benefited it in the good times.
JPMorgan Chase has been on an especially good run over the past year or so as rates have stabilized in a sweet spot for lending and net interest income, mergers & acquisitions (M&As) have taken off, and markets have been incredibly active.
Jamie Dimon. Image source: Getty Images.
In the second quarter, JPMorgan set revenue records in every line of its business as revenue surged 27% year over year to $58 billion, and earnings rose 47% to $7.70 per share. In the call with analysts, Dimon said, "It's getting close to as good as it gets. We just don't know how long it's going to last."
Off-the-charts ROTCE A key metric for banks is return on tangible common equity, or ROTCE, which measures the profit a bank generates from shareholder equity. It is considered a cleaner view of a bankʻs profitability as it strips out goodwill and intangible assets, showing how the bank is growing organically.
Generally, a ROTCE of 15% is considered good, and anything over that is excellent. In Q2, JPMorgan Chase had an off-the-charts ROTCE, excluding special items, of 23%. By comparison, Bank of America (BAC +0.27%) had a ROTCE of 17% while Wells Fargo (WFC +0.18%) had a ROTCE of 17.7%.
JPMorgan Chaseʻs Q2 ROTCE was the highest in almost five years. It has set a high bar for itself, establishing a long-term target of 17% ROTCE. It has exceeded that target every quarter dating back to at least Q4 2023.
Can JPMorgan keep the momentum going? Dimonʻs recent comments comments were peppered with cautious statements and uncertainty.
"When you have great returns and very good margins, which actually went up this quarter, not down, the notion that somehow you can forever increase your operating leverage is a crazy notion," Dimon said on the Q2 earnings call. "I do think you might actually see a slowdown in growth, maybe a slowdown in 2027 or 2028," he added.
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Then, in a recent interview with CNBC, Dimon cited the mounting risks in the stock market and how he wouldnʻt be a buyer of the broader market at this high valuation level. However, he would consider individual stocks if they are a "great investment."
Is JPMorgan Chase stock a great investment? It has been pretty much since Dimon took the reins 20 years ago, and it remains so.
Strong organic growth should continue as the interest-rate environment remains favorable and M&A activity remains hot. And if there is an economic slowdown, JPMorgan Chase has a great dividend and a fortress balance sheet built to navigate just about any cycle. Itʻs also trading at a favorable valuation with a price-to-earnings (P/E) ratio of 15.
JPMorgan Chase stock remains a great long-term investment in uncertain times.
United States Senator John Boozman’s first reported purchase of Palantir (NASDAQ: PLTR) has drawn attention after the investment gained nearly 30% in less than three months.
Data shows that Boozman purchased Palantir shares on May 15, 2026, in a transaction valued between $1,001 and $15,000.
The trade was jointly owned and disclosed on June 16, about one month after it was executed.
Since the purchase, Palantir stock has surged approximately 28.4%, significantly outperforming the SPDR S&P 500 ETF Trust (SPY), which gained about 4.6% over the same period.
At the time of the purchase, Palantir shares traded near $134. The stock remained volatile through June and July, briefly dipping below $110 before recovering and surging from the mid-$120s to trade at $172 as of press time.
The timing of the Senate trade is notable because Boozman serves on the Senate Appropriations Committee and its Defense Subcommittee, which oversees federal defense spending.
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Notably, Palantir is one of the largest U.S. government software contractors, providing data analytics and artificial intelligence platforms to defense, intelligence, and national security agencies.
Palantir stock rallies on record earnings The recent rebound followed the company’s second-quarter earnings report, which exceeded Wall Street expectations across key metrics.
Revenue reached approximately $1.94 billion, up 93% year-over-year. U.S. commercial revenue jumped 149% to $764 million, while U.S. government revenue increased roughly 90%.
Management also raised full-year 2026 revenue guidance to between $8.15 billion and $8.16 billion, implying annual growth of about 82%.
At the same time, the company reported adjusted free cash flow margins above 60%, maintained a debt-free balance sheet, and ended the quarter with a substantial cash position.
Meanwhile, the May 15 transaction marked Boozman’s first reported purchase of the technology stock.
Although the investment was relatively small, it has reignited debate over congressional stock trading, particularly when lawmakers invest in companies tied to sectors they oversee.
While there is no evidence of wrongdoing or misuse of non-public information, and the trade was disclosed under the STOCK Act, critics argue such investments can create the appearance of a conflict of interest when they involve major government contractors.
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Intuitive Surgical je podle Bernsteinu podhodnocená, s férovou hodnotou 685 USD a potenciálem růstu přes 83 %. Akcie jsou od začátku roku dole o 34,02 %.
Intuitive Surgical (NASDAQ:ISRG | ISRG Price Prediction) trades at $373.71, while the average Wall Street price target sits at $477.25. That leaves the stock roughly 28% below consensus, and Bernstein pegs fair value at $685, implying returns north of 83%.
Intuitive Surgical dominates the robotic-assisted surgery market with its da Vinci surgical system and Ion lung biopsy platform. It has an installed base of 11,710 da Vinci systems worldwide. Wall Street has treated it as a compounder for years, making the current gap between price and target notable.
How A Compounder Lost A Third Of Its Value ISRG is down 34.02% year to date and 21.17% over the past twelve months. The trigger was a slower guide, not a broken business. Full-year 2026 da Vinci procedure growth was set at 13.5% to 15.5%, a clear deceleration from the roughly 18% pace investors expected.
Tariffs compounded the damage. Instruments and accessories are manufactured in Mexico, endoscopes in Germany, and certain materials come from China. Management embedded a 1.0% revenue drag from tariffs into gross margin guidance and warned further escalation could materially hit results. HSBC downgraded the stock from Buy to Hold and cut its target from $604 to $391. A Class II recall of 11,113 da Vinci SP drapes added noise, and moderation in U.S. elective procedures tied to ACA subsidy expiration finished the decline.
Why The Bulls Are Still On Board Analysts remain bullish because the underlying business kept beating expectations through the selloff. Q2 2026 non-GAAP EPS came in at $2.80 versus a $2.50 consensus, revenue of $2.89 billion grew 18.5% year over year, marking the fifth consecutive quarterly beat. Non-GAAP gross margin expanded to 70.0% from 67.9%.
The bull thesis rests on the da Vinci 5 upgrade cycle. Placements hit 246 dV5 systems in Q2, and CFO Jamie Samath compared the trajectory to the Xi cycle, which “took about seven years before we got to the peak trade-in volumes.”. Add a growing recurring instruments base, $8.63 billion in cash, and an extended-use instrument program rolling out in 2027. The rating mix shows 7 analysts rate ISRG Strong Buy, 16 Buy, 9 Hold, and just 1 Sell.
Peers Held Up Better The medtech group softened in 2026, yet ISRG stands alone in drawdown depth. Its two closest scaled robotic peers held up far better, raising whether the market overcorrected on the leader.
Medtronic (NYSE:MDT) trades at $85.92, down just 9.03% YTD. Its Hugo robotic system cleared FDA for general surgery submission, but robotics is a small part of a diversified device portfolio. The Street target of $98.44 implies about 15% upside, with 18 Buys and 12 Holds.
Stryker (NYSE:SYK) sits at $337.43, off only 3.47% YTD after a Q2 beat driven by 9.0% organic growth and Mako robotic orthopedics. Its $381.50 target implies about 13% upside, with 23 Buys against 5 Holds.
The largest analyst-implied upside sits with Intuitive Surgical by a wide margin. Peers offer roughly half the implied return with far smaller drawdowns, suggesting ISRG’s punishment overshot its fundamental deterioration.
What The Tape Says Intuitive Surgical trades at $373.71 against an average analyst target of $477.25, implying roughly 28% upside from 33 covering analysts. The stock is down 34.02% year to date while the S&P 500 is up 12.71%, a spread of nearly 47 points against a former market darling.
Valuation still reflects that pedigree. Trailing P/E is 42 and forward P/E sits at 34, both premium to the broader medical device group. Bernstein’s $685 Street-high target is the outlier pinning the 83% figure in the headline, but consensus already argues the derating went too far.
The Case For And Against The bull case holds if the da Vinci 5 trade-in cycle mirrors the Xi ramp, tariff pressure caps near current guidance, and U.S. elective procedure growth stabilizes as ACA subsidy noise fades. In that scenario, the recurring instruments engine compounds, margins hold near 70%, and the stock reprices toward the Street’s $477.25 average within 12 to 18 months.
The bear case builds if tariffs escalate beyond the current 1.0% drag, Chinese domestic robotic competitors freeze that market, or GLP-1 pressure on bariatric procedures signals broader structural hits to surgical volume. A P/E of 42 leaves no room for error. On balance, the peer comparison makes the drawdown look excessive, but this story needs one more clean quarter before the tape trusts it again.
Contact [email protected] for any questions or corrections.
Obavy ze „SaaSocalypse“ slábnou, protože Atlassian a ServiceNow po silných výsledcích a lepším výhledu táhnou rally softwarového sektoru. Atlassian ve 4. fiskálním čtvrtletí zvýšil tržby o 28 % na 1,38 miliardy USD.
Wall Street's concerns that artificial intelligence would trigger a "SaaSocalypse" for enterprise software companies are facing a fresh test as a series of stronger-than-expected earnings reports has sparked a sharp rebound across the sector.
Software stocks have recently staged one of their strongest rallies in years following quarterly results from companies including Atlassian, Twilio, JFrog, ServiceNow and Cloudflare.
The gains came after sentiment shifted as companies demonstrated that AI is increasingly becoming a growth driver rather than solely a competitive threat.
While investors remain cautious about the long-term impact of generative AI on software-as-a-service (SaaS) business models, recent results suggest that Wall Street's most pessimistic expectations have yet to materialize.
The latest reporting season produced several notable winners across enterprise software.
Atlassian emerged as the standout performer after reporting better-than-expected fiscal fourth-quarter results and issuing solid guidance.
The company reported strong fourth-quarter results, with revenue rising 28% year over year to $1.38 billion, reflecting sustained demand for its products.
Operating income improved to $211 million, compared with an operating loss of $28 million in the same quarter a year earlier, while net profit increased to $139 million.
The quarterly performance capped a strong fiscal year, with annual revenue climbing 26% to $6.5 billion.
The stock surged 66% over the last month with a 30% plus gain on Friday, making it one of the biggest gainers in the software sector.
Twilio rallied roughly 31% after posting better-than-expected quarterly results, while JFrog advanced more than 5% following its earnings release.
Cloudflare added around 7% after raising its full-year outlook, supported by double-digit revenue growth during the second quarter.
Cloudflare raised its full-year revenue guidance to a range of $2.86 billion to $2.87 billion, compared with its previous forecast of $2.805 billion to $2.813 billion, reflecting stronger expectations for growth through the remainder of the year.
Analysts said Cloudflare's expanding role in AI infrastructure was a key factor behind its stronger outlook.
Among the biggest signals for the software industry came from ServiceNow.
The company raised its annual subscription revenue forecast for the second time this year after reporting quarterly results that exceeded analyst expectations.
ServiceNow now expects fiscal 2026 subscription revenue of between $15.760 billion and $15.780 billion, slightly higher than its previous guidance.
Second-quarter subscription revenue reached $3.88 billion, ahead of analysts' expectations of $3.82 billion. Adjusted earnings per share of $0.90 also topped estimates of $0.85.
The only softer point in the report was third-quarter subscription revenue guidance, which came in slightly below analysts' expectations of about $4 billion.
Despite that modest shortfall, investors viewed the overall results positively as demand for the company's AI-powered software remained strong.
The latest earnings have also prompted some analysts to argue that software fundamentals are beginning to matter more than broader AI narratives.
Jordan Klein, managing director at Mizuho Securities, described Friday's rally as feeling like an "old fashioned party," saying software stocks were making gains reminiscent of 2022.
Klein, who had previously warned that many technology stocks were no longer trading on fundamentals, said the latest earnings suggest that is beginning to change.
"On the contrary, we are seeing clear AI winners in software where revenue growth is accelerating," Klein noted. "We need more breadth than just a few infrastructure software names and security stocks."
He identified Atlassian as the standout performer of the earnings season.
"This would be my game changer stock of the day and key name to watch," he wrote. "I think this 30%+ rally gets chased."
"Do not miss TEAM," he added.
The combination of strong earnings from Atlassian, Twilio, JFrog and Cloudflare suggested to Klein that software may finally be turning a corner after months of underperformance.
For much of the year, investors worried that increasingly capable AI models could erode the competitive advantages of traditional SaaS providers by making software applications easier to replicate or replace.
Those fears weighed heavily on valuations across enterprise software, even as AI infrastructure companies attracted the bulk of investor enthusiasm.
Recent earnings, however, indicate that several software companies are successfully incorporating AI into their platforms while continuing to grow subscription revenue, customer adoption and enterprise demand.
Rather than replacing software providers, AI appears to be creating new opportunities for companies that can integrate the technology into existing products and developer platforms.
That does not necessarily invalidate concerns over long-term disruption, but the latest results suggest that the near-term business impact has been more positive than many investors had anticipated.
The changing sentiment has also caught the attention of CNBC's Jim Cramer, who argued that the software rebound demonstrates how quickly Wall Street can reassess a sector.
According to Cramer, enterprise software stocks spent much of the first half of the year under pressure as investors worried about AI disruption.
He said sentiment began shifting after ServiceNow's earnings report in late July, with ServiceNow and Salesforce climbing around 12% since the last month.
Cramer believes the recovery illustrates that once a beaten-down sector reaches sufficiently attractive valuations, positive earnings can rapidly change investor sentiment.
He suggested the same pattern could eventually emerge among AI infrastructure stocks, many of which have pulled back sharply after substantial gains earlier this year.
For now, however, software companies appear to be leading the latest phase of the AI trade, with recent earnings indicating that Wall Street's "SaaSocalypse" concerns have been challenged, though not entirely dismissed.
SummaryConocoPhillips is upgraded from Hold to Buy, driven by robust Q2 results and a constructive oil price outlook.COP's tier-1 Lower-48 shale assets are supported by strong operational and financial performance.The CEO transition to Andrew O'Brien signals strategic continuity, with no major shifts expected before Willow comes online in 2029.However, COP's capital returns remain heavily skewed toward buybacks over dividends, contrasting with Chevron's approach.Meantime, refining fundamentals at Conoco's sister company, Phillips 66, are already very tight, will tighten further, and refined product margins are expected to stay very strong through 2027. Dmitrii Pichugin/iStock via Getty Images
ConocoPhillips (COP) reported its Q2 results on Thursday, and there were no surprises in the financials—it was yet another display of solid operations and consistent and steady project execution. Revenue and earnings were, of course, significantly boosted
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I am an electronics engineer, not a CFA. The information and data presented in this article were obtained from company documents and/or sources believed to be reliable, but have not been independently verified. Therefore, the author cannot guarantee their accuracy. Please do your own research and contact a qualified investment advisor. I am not responsible for the investment decisions you make.
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Berkshire Hathaway vykázala ve 2. čtvrtletí čistý zisk 25,667 miliardy USD, což je více než dvojnásobek oproti loňsku. Provozní zisk vzrostl na 12,983 miliardy USD.
Berkshire’s operating results for the second quarter and first six months of 2026 and 2025 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.
Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the second quarter and first six months of 2026 and 2025 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).
Second Quarter
First Six Months
2026
2025
2026
2025
Net earnings attributable to Berkshire shareholders
$
25,667
$
12,370
$
35,773
$
16,973
Net earnings includes:
Investment gains (losses)
12,684
4,970
11,444
(68
)
Other-than-temporary impairment of investment in Kraft Heinz
—
(3,760
)
—
(3,760
)
Operating earnings
12,983
11,160
24,329
20,801
Net earnings attributable to Berkshire shareholders
$
25,667
$
12,370
$
35,773
$
16,973
Net earnings per average equivalent Class A Share
$
17,868
$
8,601
$
24,889
$
11,801
Net earnings per average equivalent Class B Share
$
11.91
$
5.73
$
16.59
$
7.87
Average equivalent Class A shares outstanding
1,436,443
1,438,223
1,437,279
1,438,223
Average equivalent Class B shares outstanding
2,154,664,073
2,157,335,139
2,155,918,015
2,157,335,139
Note: Per share amounts for Class B shares are 1/1,500th of those shown for Class A shares.
In the table above, investment gains (losses) in each period predominantly relate to our investments in equity securities. Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. Investment gains (losses) in 2026 include gains of $10.9 billion in the second quarter and $3.9 billion in the first six months and in 2025 include gains of $1.5 billion in the second quarter and losses of $5.9 billion in the first six months due to changes during the second quarter and the first six months in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2026 also include after-tax realized gains on sales of investments of $1.8 billion in the second quarter and $7.5 billion in the first six months and in 2025 include $4.2 billion in the second quarter and $6.6 billion in the first six months. Investment gains (losses) in the table above also include losses of $0.7 billion in the second quarter and first six months of 2025 from other investments.
The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.
An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).
Second Quarter
First Six Months
2026
2025
2026
2025
Insurance-underwriting
$
1,731
$
1,992
$
3,448
$
3,328
Insurance-investment income
3,059
3,367
5,738
6,260
BNSF
1,558
1,466
2,935
2,680
Berkshire Hathaway Energy Company
891
702
2,005
1,799
Manufacturing, service and retailing
4,470
3,601
7,669
6,661
Other *
1,274
32
2,534
73
Operating earnings
$
12,983
$
11,160
$
24,329
$
20,801
*
Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2026 of $326 million in the second quarter and $575 million in the first six months and in 2025 includes foreign currency exchange losses of $877 million in the second quarter and $1.59 billion in the first six months.
Berkshire acquired approximately $4.5 billion in treasury shares during the second quarter of 2026, bringing the six-month total to about $4.8 billion. On June 30, 2026, there were 1,431,693 Class A equivalent shares outstanding. At June 30, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $177.5 billion, an increase of approximately $1.1 billion since yearend 2025.
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.
Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.
Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance.
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Cautionary Statement
Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.
Inside a 28-story testing tower erected in the middle of the suburban town of Bristol, Connecticut, Otis engineers run elevator parts through dust chambers, humidity cells and saltwater fog machines.
"[Elevators] are supposed to work in the extreme conditions of the world. Whether it's the desert or the Arctic," said Haran Vela, senior vice president of engineering for Otis. "We try to simulate all of those conditions in this facility so that we know that our designs will work in the real environment."
Otis is the largest elevator company in the world, operating in 200-plus countries. In 2025, the company generated more than $14 billion in revenue — up roughly 13% since it spun off from United Technologies in 2020.
Otis' investment case hinges on the premise of long-term, stable growth, especially in an increasingly volatile market.
But the company's stock is down about 15% year-to-date, underperforming both the industrial sector and the broader market.
"There's definitely a wave of money that's been following along or chasing … the [artificial intelligence] plays," said Melius Research global machinery analyst Robert Wertheimer.
At the same time, Otis' own business has been faltering.
"Otis, as a service-led business, had a setback in service," Wertheimer said. "And they're fixing it. It'll get fixed. But that was kind of a stumble at the right time for flow of funds to go in the other direction."
Otis vs. Industrial sector
The service engineBuilding new elevators isn't an inherently lucrative venture. In 2025, Otis' operating profit margin on new equipment was just 4.8%.
The real profit driver of the business comes in servicing these elevators once they are installed. Initially, that involves things like maintenance and repairs. Then after about 20 years, the elevator needs to be modernized, which involves partially or fully replacing its parts.
"That's the engine that allows us to generate over 90% of our profits," said Otis CEO and Chair Judy Marks.
Otis currently services about 2.5 million elevators worldwide, up from over 2 million units in 2020.
The company has incrementally grown its profit margins on service over the past couple of years, reaching 25.5% by the end of 2025. But service margins fell by 250 basis points in the first quarter of 2026.
That margin decline is a result of a broader issue the company has been working through since the start of last year. Otis saw its retention rate, meaning the customers that renew their service contracts, dropping as it entered 2025.
"They started calling out cost actions they were going to do to fix it, which is simply hiring more people, focusing more on maintenance; less revenue-producing but more customer-pleasing" said Wertheimer. "It's been an issue that has coincided with a lot of noise around tariffs and some China programs to stimulate growth. … There's just been a little bit more uncertainty around what is normally a very stable earnings stream."
Getting back on trackThe company said it is making $50 million in incremental investments to its service business throughout 2026.
In Otis' most recent quarter, service sales were up 11% year over year, but in its earnings call, Marks said the company had not yet seen a significant improvement in retention. The company cut its profit guidance for the year.
Wertheimer wrote in a July analyst note that these investments in the service business should lead to fewer outages for customers, which would, in turn, improve retention. As he puts it: "Renewals are somewhat automatic if no one is unhappy."
But Otis needs to prove its tens of million of dollars in investments can pay off. It's banking on long-term predictability to get Wall Street back on board.
"Urbanization, digitalization, aging people who need mobility and infrastructure modernization is not only going to be attractive in the near term, the next few years, versus all the data center expansion that's happening," Marks said, "but this has decadelong runs in it."
Competitive landscapeNews of an industry shake-up could also soon impact the elevator market.
Finland's Kone agreed to buy Germany's TK Elevator in a nearly $35 billion deal announced in April.
Wolfe Research senior analyst Nigel Coe noted that merger could potentially benefit Otis, as there would be just three instead of four major players bidding for elevator contracts.
But the merger could face regulatory hurdles. The second-largest elevator company, Schindler, has said it would challenge the deal over antitrust considerations.
When asked about how she views the current competitive landscape, Marks said Otis is going to leave the matter to regulators and let customers make their decisions.
GXO Logistics oznámila ve 2. čtvrtletí výnosy 3,4 miliardy USD, meziročně o 4 % vyšší, a potvrdila výhled na rok 2026. Firma také získala nové zakázky v objemu 410 milionů USD.
Agility Robotics’ SPAC Deal Opens a Rare Door Into Humanoid AIGXO Logistics NYSE: GXO reported second-quarter revenue of $3.4 billion, up 4% year over year and 3.4% on an organic basis, as the contract logistics provider pointed to its strongest commercial quarter in three years and reaffirmed its 2026 financial outlook.
Adjusted EBITDA totaled $219 million, while adjusted diluted earnings per share were $0.59. Adjusted EBITDA margin was 6.4%, unchanged from the second quarter of 2025. Chief Financial Officer Mark Suchinski said revenue was affected by the timing of new contract startups and exits, but the company expects margin improvement in the second half as new business ramps and cost and technology initiatives gain traction.
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Potential Rate Cuts Could Benefit These FirmsThe company tightened several full-year guidance ranges while retaining their midpoints. GXO continues to expect 2026 organic revenue growth of 4% to 5%, adjusted EBITDA of $945 million to $965 million, adjusted diluted EPS of $2.95 to $3.15, and free-cash-flow conversion of 30% to 40%.
Commercial Wins and 2027 Visibility Chief Executive Officer Patrick Kelleher said GXO secured $410 million in new business wins during the quarter, an increase of more than 30% from the prior year. First-half wins reached nearly $640 million, up about 20% year over year. Roughly 40% of new wins came from the company’s strategic growth verticals, including aerospace and defense, technology and data centers, industrials, and life sciences.
GXO Logistics: Time to Buy the Dip for the Rip in 2025GXO said it has secured more than $1 billion in expected incremental new-business revenue for 2026, along with approximately $353 million of secured revenue for 2027. Its sales pipeline expanded to $2.7 billion after the quarter ended, according to management.
Kelleher said the company’s commercial strategy has emphasized business-to-business verticals requiring complex supply-chain operations, regulated-environment capabilities and precision execution. He also cited a greater focus on expanding work with existing customers and competing for business from other third-party logistics providers.
Among the company’s wins and expanded customer relationships were Nike, Marks & Spencer, PepsiCo and Ahold. GXO also cited new or expanded aerospace and defense work with Raytheon, Boeing and IAG, a new hyperscaler relationship in the technology sector, and a semiconductor logistics win in Malaysia.
Chief Strategy Officer Kristine Kubacki said first-half wins in GXO’s strategic growth verticals were running at nearly three times the prior-year pace. She added that 27% of the company’s pipeline is now in those verticals. In North America, second-quarter pipeline was up 34% year over year, while first-half wins increased 85%.
Margins, Automation and Operating Initiatives Management said its pursuit of more technically complex and service-intensive contracts is intended to improve the company’s business mix and margins over time. Kelleher said the company’s business currently generates EBIT margins of approximately 3.5% to 4%, and that GXO aims to move above 6%, though he said more details on the long-term margin plan would be presented at the company’s Investor Day on Nov. 16.
Suchinski said the company expects seasonal volume and stronger revenue in the third and fourth quarters to support sequential margin gains. He also pointed to procurement scale, labor-management tools, common operating dashboards and other components of the company’s “GXO Way” operating model as future sources of productivity and cost improvement.
GXO said it is deploying its GXO IQ artificial intelligence platform across about 50 sites in 2026. The company is packaging AI tools for forecasting, replenishment and pick optimization, while also planning to deploy 20,000 robots across its network this year. Kelleher said humanoid robots are not expected to be in production during 2026, though GXO has conducted 45 pilots and expects the technology could become viable for production in roughly two years.
The company also said it is pursuing AI applications in back-office functions as well as warehouse operations. Kelleher said GXO sees AI as a means to improve productivity, service quality and supply-chain resilience while also benefiting from demand related to data-center construction, maintenance, service parts and returns.
Cash Flow, Capital Allocation and Wincanton Operating cash flow was $76 million in the quarter, and free cash flow was positive $12 million, which Suchinski described as a meaningful year-over-year improvement driven by working-capital discipline. GXO ended the quarter with $769 million in cash and net leverage of 2.6 times, down from 3 times a year earlier.
After the quarter ended, the company used cash on hand to repay $400 million of bonds that matured in July. GXO also resumed share repurchases, buying back $21 million of stock year to date. Approximately $280 million remains under its existing authorization.
Suchinski said capital allocation priorities include investing in organic growth, reducing leverage and returning capital to shareholders. He said the company expects to continue repurchases in the second half, citing management’s view that the stock is undervalued.
GXO said the integration of Wincanton is about 90% complete and remains on track to produce $60 million in run-rate cost synergies by year-end. Kelleher said Wincanton’s capabilities, particularly in defense logistics, have also contributed to GXO’s commercial pipeline and new business activity in the United Kingdom.
Looking ahead, management said it sees North America and Asia as important geographic growth opportunities. GXO currently operates in Thailand, Singapore and Malaysia and plans to invest further in sales, marketing and operating capabilities in Asia beginning in 2027.
About GXO Logistics (NYSE:GXO)GXO Logistics NYSE: GXO is a global contract logistics provider specializing in warehousing, distribution, and value-added supply chain services. Established in August 2021 as a spin-off from XPO Logistics, the company has built its reputation on integrating advanced technology and automation into traditional logistics operations. GXO’s core offerings include e-commerce fulfillment, inventory management, returns processing, and reverse logistics, supported by a network of fulfillment centers and distribution hubs designed to optimize order accuracy and delivery speed.
The company serves customers across a diverse array of industries, including retail, technology, consumer goods, automotive, industrial, and healthcare.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Hagerty ve 2. čtvrtletí zvýšila předepsané pojistné o 19 % a upravenou EBITDA o 32 % na 75 mil. USD, a proto zvedla celoroční výhled. Nově čeká růst předepsaného pojistného o 16 % až 17 % a upravenou EBITDA ve výši 270 až 280 mil. USD.
MarketBeat Week in Review – 12/4 - 12/8Hagerty NYSE: HGTY reported second-quarter results marked by continued policy growth, higher written and earned premiums, and increased adjusted EBITDA, prompting the specialty insurer to raise its full-year outlook.
Chief Executive Officer and Chairman McKeel Hagerty said the first half of 2026 was the company’s strongest on record based on growth in policies in force, written premium, earned premium and adjusted EBITDA. The company surpassed 3 million insured vehicles during the second quarter and added a record 279,000 new members in the first half, aided by State Farm policy conversions.
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Suddenly markets are betting on Hagerty, AutoZone after UAW Written premium increased 19% in both the second quarter and first six months of 2026, accelerating from 14% growth a year earlier, according to Chief Financial Officer Patrick McClymont. Earned premium rose 42% to $252 million in the second quarter, reflecting policy growth and the company’s increased participation in underwriting economics under its new Markel fronting arrangement.
Markel Arrangement Changes Reported Financial Presentation Hagerty reassumed 100% of underwriting risk on its U.S. book beginning Jan. 1 under the Markel Fronting Arrangement. McClymont said the structure provides Hagerty with a 25% step-up in underwriting profits and investment income, but it also changes the presentation of its GAAP revenue and income statement.
First-half reported GAAP revenue declined 6% to $667 million despite 19% written premium growth, as MGA commission revenue and related ceding commission expense are eliminated in consolidation. Hagerty reported GAAP net income of $8 million in the second quarter, while its first-half GAAP net loss was $5 million.
Second-quarter net loss attributable to Class A common shareholders was $2 million, or $0.02 per share on both a GAAP and adjusted basis. The company’s second-quarter results included $64 million in amortization of deferred ceding commissions related to 2025 policies.
McClymont said Hagerty capitalized about $57 million in new acquisition expenses during the first half, with $16 million recognized through the income statement. That created a $41 million cumulative first-half benefit, including $20 million during the second quarter. The company expects that benefit to decline to $15 million in the second half and to be absent in the fourth quarter as policy acquisition expense amortization catches up with costs.
Management expects the accounting effects of the fronting transition to be largely resolved in 2027, when revenue and earnings should present a more normalized view of operating performance.
Profitability, Cash Flow and Outlook Hagerty Re reported a 90% combined ratio during the second quarter, following an 88% combined ratio for the first half. The first-half loss ratio was 41%. Management cited investments in underwriting and in-house claims capabilities as factors supporting member outcomes and lower loss costs.
Adjusted EBITDA was $75 million in the second quarter and $160 million in the first half, up 32% year over year. Operating cash flow for the first six months totaled $186 million, nearly double the amount generated in the first half of 2025.
As of June, Hagerty had $298 million of unrestricted cash and $216 million of total debt, including $88 million of back leverage associated with Broad Arrow’s portfolio of collector-car loans.
Based on first-half performance and momentum entering the second half, the company raised its 2026 guidance. Hagerty now expects:
Written premium growth of 16% to 17% for the full year. GAAP net income of $18 million to $30 million. Adjusted EBITDA of $270 million to $280 million. McClymont said stronger-than-expected cost efficiency and better Marketplace profitability were contributing to the increased EBITDA outlook. He also noted that Hagerty’s Marketplace business, which includes auctions and private sales, had performed better than expected and had major sales planned for the second half.
Distribution Expansion and Marketplace Growth Management said growth was broad-based across its distribution channels. The State Farm Classic+ program was active for new Hagerty policies in 37 states as of the end of the second quarter. Conversion of State Farm’s existing 525,000 collector-car policies was underway in 14 states, with Hagerty maintaining its target to complete the transition by 2028.
The company said its independent agency channel includes 54,000 agents and remains a significant opportunity. Hagerty is investing in automated vehicle-identification tools, straight-through processing and agent education to identify enthusiast vehicles insured under standard daily-driver policies.
Hagerty also cited expanding relationships with carriers including Progressive and Liberty Mutual. McClymont said the Progressive relationship has expanded beyond vehicles built before 1981 to include vehicles that are at least 25 years old, adding 17 years of potential vehicle cohorts on a rolling basis.
Enthusiast+, Hagerty’s offering for more modern enthusiast vehicles, was performing in line with revised pricing assumptions in Colorado. The company expanded the program into three additional states in July. McKeel Hagerty said younger collectors were increasingly driving demand, with year-to-date quote volume from Gen X, millennial and Gen Z consumers exceeding 60% of total demand.
Bennetts Acquisition and Marketplace Results After the quarter ended, Hagerty acquired Bennetts, the second-largest specialty motorcycle insurer in the United Kingdom, for £34 million. McClymont said the acquisition immediately triples Hagerty’s scale in the U.K. market. Management characterized acquisitions as likely to be modest and infrequent, with capital allocation remaining focused primarily on investments that grow policy count, improve unit economics and deepen the company’s member ecosystem.
Hagerty Marketplace generated $65 million in first-half total sales, up 17%. Broad Arrow, the company’s high-end live auction business, recorded a 74% increase in first-half sales and a 91% sell-through rate. Private sales declined from the prior-year period, which had benefited from the sale of a large single-owner collection.
McKeel Hagerty said the marketplace operation also serves as a customer-acquisition channel, as vehicles sold through auctions and private transactions may become Hagerty insurance policies. The company said it remains focused on reaching 3 million policies by 2030.
About Hagerty (NYSE:HGTY)Hagerty is a specialized automotive lifestyle and insurance company that caters primarily to collectible car enthusiasts. Its core business centers on offering classic vehicle insurance policies designed to protect antique, vintage and specialty automobiles, motorcycles and boats. These policies typically feature agreed-value coverage, flexible usage options and access to restoration services, aligning with the unique needs of collectors and hobbyists.
Beyond insurance, Hagerty operates a comprehensive suite of community and content services under its automotive lifestyle brand.
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Robotics and automation are rapidly becoming essential infrastructure across healthcare, manufacturing, logistics, and many other industries.
"Physical AI" is coming to the United States, and there are four ways that investors can gain exposure to this new robotics revolution. Plus, learn which seven companies are most positioned to benefit as intelligent robots enter the workforce.
KLA za měsíc klesla o 10,74 % kvůli obavám z exportních omezení do Číny, přesto má za sebou překonání očekávání a silný výhled do budoucna. Cantor Fitzgerald vidí cílovou cenu 325 USD, tedy zhruba 66% růst.
KLA Corporation (NASDAQ:KLAC | KLAC Price Prediction) trades at $195.78 against a consensus 12-month analyst target of $230.85, implying roughly 17.9% of upside. One Wall Street pro thinks that gap should be nearly four times wider.
KLA is the dominant supplier of semiconductor process control and yield management systems. Its inspection and metrology tools sit between chipmakers and shippable wafers, making it a leveraged play on the AI infrastructure buildout across foundry/logic, memory, and advanced packaging.
KLA just posted a clean beat and strong forward guidance, yet the stock sold off hard. That combination is what put a $325 target on the table.
An Export-Rules Panic Overwhelmed a Clean Earnings Beat The 10.74% one-month drop traces to renewed worries about U.S. Bureau of Industry and Security export restrictions on sales into China, where KLA generated roughly $4.04 billion in the last fiscal year, approximately 30% of annual revenue.
Management guided Q1 FY2027 revenue to $4.0 billion plus or minus $200 million with non-GAAP EPS of $1.16 plus or minus $0.10, implying sequential acceleration but landing below several sell-side models. Profit-taking on a big YTD run added fuel. Insider selling drew attention as well, roughly $34 million across multiple officers in recent weeks, though disclosed under Rule 10b5-1 plans adopted February 2, 2026.
Why Cantor Fitzgerald Sees Roughly 66% Upside From Here The bull case rests on process control intensity at leading-edge nodes. Cantor Fitzgerald’s C.J. Muse holds an Overweight rating with a $325 price target, implying about 66% upside from current levels. As logic scales to 2nm and below with Gate-All-Around transistors and Backside Power Delivery Networks, yield management becomes exponentially harder, and KLA’s optical and electron-beam inspection tools become indispensable. That drives a structural increase in KLA’s share of total Wafer Fabrication Equipment spending.
The second pillar is advanced packaging and High-Bandwidth Memory stacking. Multi-chiplet architectures and HBM3e/HBM4 stacking require ultra-precise wafer screening before die assembly. Muse frames KLA as a near-monopoly in high-end process control for heterogeneous integration, positioning it as a tollbooth on the AI hardware buildout he expects to push the industry toward a $3.5 trillion run-rate.
The broader Street is friendly but less aggressive. Of 29 analysts, 5 rate KLAC Strong Buy, 13 Buy, 10 Hold, and 1 Sell. Zacks upgraded the name to Strong Buy on August 1, 2026. The fifth consecutive EPS beat gives the thesis a live catalyst: the Q1 FY27 report needs to clear the guided $4.0 billion midpoint to force sell-side revisions higher toward Cantor’s outlier.
KLAC Fell Harder Than Its Peers The semi-cap group all pulled back last month, but KLAC took the worst of it.
Applied Materials (NASDAQ:AMAT) trades at $527.48 against a $629.09 target, about 19% upside. It fell 4.87% over the past month. Sentiment is firmly positive with 32 Buy or Strong Buy ratings against 7 Holds.
Lam Research (NASDAQ:LRCX) sits at $305.77 with a $368.13 target, roughly 20% upside. Down 6.24% in the last month. 29 Buy or Strong Buy calls versus 6 Holds, with recent guidance well received.
Onto Innovation (NYSE:ONTO) trades at $268.70 versus a $369.60 target, about 38% upside, the largest consensus setup in the group. Down 4.01% for the month, with all 10 covering analysts at Buy or Strong Buy.
On consensus math, ONTO screens with the biggest implied upside. But KLA is the only name where a top-tier analyst has staked out a target implying 60%-plus upside, so the bull case has meaningfully more room to run if the AI capex thesis holds.
A 59% YTD Run That Just Gave Some Back KLAC is down 10.74% over one month, still up 59.43% year to date, and up 118.92% over one year. The S&P 500 is up 12.71% YTD, so KLAC remains well ahead of the index even after the drawdown. Twenty-nine analysts cover the stock, with a consensus 12-month target of $230.85.
Valuation reflects the run: trailing P/E of 53x, forward P/E of 36x, revenue TTM of $13.58 billion, and diluted EPS TTM of $3.61. FY26 free cash flow was $3.77 billion, and the company returned $2.29 billion via buybacks.
The Setup The bull case strengthens if the Q1 FY27 report clears the $4.0 billion revenue midpoint and management reiterates AI capex commentary. That confirms the buildout Muse is betting on and would force the sell-side toward the $325 outlier. Advanced packaging and HBM demand look durable, and five straight EPS beats show the operating model is working.
The bear case takes over if U.S. export rules on China tighten further. China is roughly 30% of revenue, and even a partial reset would knock estimates down quickly. A 53x trailing multiple leaves no margin for error if AI capex momentum slows.
The 66%-to-70% upside case requires China exposure to hold and AI capex to accelerate, though the sharp reset has already priced in real fear. The skew looks favorable on the current setup for investors comfortable with the China risk.
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Ten years ago, Axon Enterprise (AXON +9.29%) was a small-cap company best known for its TASER stun guns. A share cost about $17 when 2016 began. As of this writing, the price is near $553 -- a gain of more than 3,100%, enough to turn a $10,000 investment into about $329,000.
The recent chapter looks nothing like that, though. The stock sits more than 35% below the record closing high of $870.97 it set on Aug. 7, 2025 (almost exactly one year ago). Since that peak, shares have traded as low as $339.01.
And the stock slid again this week after the company's second-quarter report, even with the business still growing 35%.
So, has something actually changed at the company -- or just at the price? I lean toward the second answer.
Image source: Getty Images.
Where the decade of gains came from Axon's 33-fold run wasn't luck. Over the past decade, the company turned itself from a weapons manufacturer into something closer to a software company for public safety. It still sells TASER devices, but it pairs them, along with its body cameras and drones, with subscription software for storing footage and managing digital evidence.
The second quarter showed that model working. Revenue rose 35% year over year to $904 million, a quarterly record, and the growth was nearly identical on both sides of the business: Software and services revenue climbed 36% to $398 million, while connected devices grew 35% to $507 million. Growth even accelerated a touch from the first quarter's 34% pace, making this the company's 10th consecutive quarter of revenue growth above 30%. Annual recurring revenue, the subscription base underneath it all, reached $1.64 billion, up 39% year over year. And customers already under contract represent $15.1 billion in future bookings, up 41% from a year earlier. That's more than four times the revenue the company is on pace to produce this year.
Existing customers keep spending more, too. Net revenue retention came in at 126%, meaning that base is spending 26% more on Axon's software than it was a year ago.
Management also lifted its full-year forecast, its second raise this year. Axon now expects 2026 revenue growth of 32% to 34%, up from the 30% to 32% it guided in May and the 27% to 30% it started the year with. In short, the business arguably looks healthier than the stock chart.
What the sell-off is actually about The slide has less to do with the business than with the price the stock reached last summer. Even after a year of declines, shares cost about 75 times the company's adjusted earnings from the past quarter, annualized. A stock priced that way can get punished for small disappointments, and the second-quarter report contained one.
Adjusted gross margin slipped to 62.9%, down slightly from a year earlier, as lower-margin professional services and newly scaled products made up more of sales.
Profitability is also thinner than the headline numbers suggest. On a generally accepted accounting principles (GAAP) basis, second-quarter net income was just $29 million against an adjusted figure of $155 million.
Still, a margin dip driven by mix is a footnote next to 35% growth. To me, the bigger issue was always the multiple, and a year of a falling stock price set against a growing business has been working that problem down.
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So, does the decade-long case still hold? I think it does. The formula that produced the 33-fold return (recurring software revenue attached to hardware that police departments replace on a schedule) is growing faster than the company as a whole, and contracted bookings stretch years into the future.
Zoom out, and the past year looks like the valuation resetting, not the business.
Of course, a multiple like this one still leaves no room for a true slowdown, and if growth ever cools toward 20%, the stock could fall a long way from here. What would change my mind is growth stepping below 30% while the margin keeps slipping. Neither happened this quarter.
The price is the part that requires patience. Axon remains an expensive growth stock even after the decline, and I wouldn't rush in all at once. But for the first time in about a year, the price looks like a reasonable place to start.
Goldman Sachs BDC ve 2. čtvrtletí 2026 zvýšila čistý investiční výnos na 0,38 USD na akcii a výnosy z investic na 83,7 mil. USD. David Miller ke konci roku odstoupí z funkce co-CEO, jediným CEO se stane Vivek Bantwal.
3 retailers that may report huge holiday earnings…and still dropGoldman Sachs BDC NYSE: GSBD reported second-quarter 2026 net investment income of $0.38 per share, up from the prior quarter, as higher investment income and the absence of an incentive fee supported results. The company also announced that Co-Chief Executive Officer David Miller will step down from the role effective Dec. 31, with Co-CEO Vivek Bantwal set to become sole CEO.
Miller, who has worked at Goldman Sachs for 22 years and has 34 years of private-credit industry experience, will remain co-CEO through year-end. He will then become an advisory director of Goldman Sachs and remain on the Private Credit Investment Committee. Justin Betzen has become co-president and co-chief operating officer alongside Tucker Greene, while Greg Watts and Steven Budig will become co-heads of Americas Direct Lending.
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Second-Quarter Financial Results GAAP net investment income totaled $42.2 million, while adjusted after-tax net investment income was $41.5 million. Those figures compared with $24.8 million and $24.7 million, respectively, in the first quarter. Total investment income rose to $83.7 million from $78.8 million in the preceding quarter.
Chief Financial Officer and Treasurer Stan Matuszewski said income benefited from the restoration of certain investments to accrual status and from repayment activity. He said approximately $5 million of income reflected items that would not necessarily recur, including accelerated original issue discount income and income associated with restored accrual investments.
The company did not earn an incentive fee during the quarter. Matuszewski said the outcome reflected GSBD’s three-year total-return lookback provision, which links advisory compensation to cumulative shareholder value, including gains and losses as well as income. The structure had resulted in an “outsized” incentive fee in the prior quarter, he said.
Net asset value was $12.06 per share at June 30, down modestly from $12.17 per share at the end of the first quarter. The company said a portion of unrealized appreciation during the quarter was broad-based, while the remaining portion was tied to investments that had previously undergone workouts or restructurings and continued to face performance pressure.
GSBD’s board declared a third-quarter base dividend of $0.32 per share for shareholders of record as of Sept. 30, 2026, as well as a $0.03 supplemental dividend for shareholders of record as of Aug. 31, 2026. The company said it had $100.3 million, or $0.89 per share, of undistributed taxable income at quarter-end. Matuszewski said management expects to maintain the $0.32 base dividend in the near term, while continuing to assess interest-rate trends, new-investment spreads and portfolio earnings.
Selective Deployment and Lower Leverage Management described private-equity dealmaking and sponsored loan issuance as subdued during the second quarter. Bantwal said private-equity deal volume declined 38% quarter over quarter, while sponsored loan issuance fell 33%. However, he said reduced available capital in direct lending has led borrowers and sponsors to accept wider spreads, lower leverage and stronger documentation.
GSBD made approximately $12.9 million of new commitments across nine portfolio companies during the quarter, including two new borrowers, and funded about $114 million of previously unfunded commitments. Greene said the company’s new commitments were concentrated outside software, with more activity in healthcare, business services and industrials.
The weighted average spread on second-quarter originations was 511 basis points wider than originations made six months earlier, according to Greene. The weighted average loan-to-value ratio on new deals was 37.4%.
Repayments and sales generated $146 million in proceeds, exceeding new deployment and allowing GSBD to reduce leverage. Net debt-to-equity was 1.35x at quarter-end, though management said it had fallen below the company’s 1.25x target after quarter-end, primarily due to further repayment and sales activity. Miller said pro forma leverage was closer to 1.2x and that the lower level could support a mix of new investments and renewed stock repurchases.
The board previously authorized a 10b5-1 repurchase program for up to $75 million of common stock, subject to specified limitations including leverage. Matuszewski said the company’s lower leverage provides flexibility to resume repurchases under that program.
Portfolio and Credit Quality At quarter-end, GSBD had $3.2 billion of investments at fair value. Senior secured loans accounted for 98.6% of the portfolio, with the remainder consisting of preferred and common equity and unsecured debt. The weighted average yield on debt and income-producing investments at amortized cost declined to 9.5%.
Weighted average net leverage across portfolio companies increased to 6.2x from 6x in the first quarter, while interest coverage improved to 2x from 1.9x. Greene said the portfolio spans 173 borrowers across 39 industries.
Non-accrual investments declined to 2.9% of fair value from 3.2% in the prior quarter. The number of companies on non-accrual fell to 10 from 11 after one borrower returned to accrual status. Greene said the non-accruals were idiosyncratic rather than evidence of a broader portfolio trend.
Miller highlighted recoveries at Thrasio, an Amazon e-commerce aggregator that emerged from bankruptcy in 2024. He said GSBD received full repayment on its senior loan and more than 75% repayment at par on a second-out position during the quarter, with full repayment expected in the second half of 2026.
He also discussed Senneca Holdings, a specialty industrial door manufacturer held since 2018. GSBD negotiated a two-and-a-half-year maturity extension with first-lien lenders and elevated Goldman Sachs’ subordinated notes in the capital structure, increasing seniority and cash-pay income. The company’s first-out term loan in Senneca returned to accrual status during the quarter.
Market Outlook Management said M&A activity and deal flow picked up after quarter-end, which could provide more opportunities for new deployment in the second half of 2026. Bantwal said the company has recently been signing new transactions and expects increased origination activity as leverage returns to its target level.
On software lending, Bantwal said GSBD remains active in evaluating opportunities but has been selective amid uncertainty over how artificial intelligence could affect company valuations and terminal values. He said vertically focused software providers with high switching costs, strong customer relationships and proprietary data have generally performed well within the portfolio.
About Goldman Sachs BDC (NYSE:GSBD)Goldman Sachs BDC, Inc NYSE: GSBD is an externally managed, closed-end, non-diversified management investment company organized as a business development company (BDC) under the U.S. Investment Company Act of 1940. The company's primary objective is to generate current income and capital appreciation through debt and equity investments in U.S. middle-market companies. It principally invests in senior secured loans, mezzanine debt, preferred equity and, to a lesser extent, common equity, focusing on sponsor-backed transactions and special-situation financings.
The fund is advised by affiliates of Goldman Sachs Asset Management's Private Credit Group, leveraging the firm's global research capabilities and risk management infrastructure.
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Genworth Financial vykázala ve 2. čtvrtletí čistý zisk 47 milionů USD, tedy 0,12 USD na akcii; upravený provozní zisk činil 112 milionů USD, tedy 0,29 USD na akcii. Výsledky táhla divize Enact, zatímco closed block a CareScout je tlumily.
3 Small-Cap Stocks Trading Under $10 With Room to RunGenworth Financial NYSE: GNW reported second-quarter net income of $47 million, or $0.12 per share, while adjusted operating income excluding its closed block business totaled $112 million, or $0.29 per share. The company’s results were led by mortgage insurance subsidiary Enact, while losses in the closed block and continued investment in CareScout weighed on overall performance.
Jerome Upton, Genworth’s interim president and chief executive officer and chief financial officer, said the company continues to focus on three priorities: generating shareholder value through Enact, building its CareScout aging-care platform, and managing the self-sustainability of its closed block of long-term care, life insurance and annuity products.
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Genworth Financial Stock is Retracing Fine Upton also addressed the medical leave of absence of Tom, whose last name was not provided during the call. Upton said the board remains confident in Genworth’s strategy and leadership team, adding that the company would share material developments when appropriate.
Enact Drives Operating Results and Capital Returns Enact contributed $143 million of adjusted operating income to Genworth in the quarter. Its results included a $37 million pre-tax reserve release, reflecting what Upton described as continued strong performance and loss mitigation activity. Enact’s loss ratio was 14% for the quarter.
Forgotten Genworth Financial Stock is Ready to Unlock ValueNew insurance written at Enact was $15 billion, increasing from the prior-year period due to a larger estimated market size. Primary insurance in force grew 2% year over year to $274 billion, supported by new insurance written and elevated policy persistency. Earned premiums were $245 million, up sequentially and in line with the prior-year quarter.
Enact’s estimated PMIER sufficiency ratio stood at 161%, or about $1.9 billion above requirements, at the end of the second quarter. Genworth’s share of Enact’s book value, including accumulated other comprehensive income, rose to $4.4 billion from $4.3 billion at the end of the first quarter.
Enact returned $103 million of capital to Genworth during the quarter. Following Enact’s earnings release, Genworth increased its estimate for full-year capital returns from Enact to between $445 million and $485 million, based on Genworth’s approximately 81% ownership position. Enact expects to return roughly $550 million to $600 million to shareholders during 2026.
Buybacks, Debt Reduction and Holding Company Liquidity Genworth repurchased $62 million of shares during the second quarter at an average price of $8.74 per share, followed by another $4 million of repurchases in July. Since its buyback authorization began in May 2022, the company has repurchased approximately $922 million of stock at an average price of $6.48 per share through July 31.
The company increased its 2026 share repurchase outlook to a range of $225 million to $250 million. Upton said the amount ultimately deployed could vary based on market conditions, business performance, holding company cash and Genworth’s share price.
Genworth also retired $10 million of principal debt at a discount during the quarter, leaving holding company debt at $768 million. The company ended the quarter with $215 million of cash and liquid assets. For capital-allocation purposes, it excluded about $81 million of cash held for future obligations, including advance cash payments from subsidiaries.
Upton said Genworth’s capital-allocation priorities remain investing in CareScout growth, repurchasing shares when they trade below intrinsic value, and opportunistically reducing debt.
CareScout Expands Network and Worksite Insurance Offering CareScout Services continued expanding its aging-care provider network, which included more than 1,100 home-care locations as of the end of the second quarter. Genworth began adding senior living communities to the network in the first quarter and is targeting at least 2,000 senior living communities by year-end.
The company doubled the number of local advisers during the year to date, with advisers represented in 26 states at quarter-end. These advisers help families evaluate senior living options, while CareScout’s nurse network provides clinical expertise.
CareScout facilitated approximately 1,450 matches between care seekers and providers in the second quarter, bringing first-half matches to approximately 2,950—more than double the total from the first half of 2025. However, Upton said current match volumes are pacing below the level required to achieve the company’s full-year target of approximately 7,500 matches, compared with 3,255 in 2025.
CareScout Services generated $6 million of revenue in the second quarter and $12 million in the first half. Genworth maintained its full-year revenue expectation of $25 million and projected 2026 investment in the business of approximately $50 million to $55 million.
Meanwhile, CareScout Insurance’s Care Assurance worksite product was approved for a planned third-quarter launch in at least 34 states. The employer-distributed product combines long-term care cost protection with access to CareScout care-planning, navigation, caregiver-support and provider-network services. Genworth said it does not anticipate additional capital investment in CareScout Insurance during 2026 after making an initial $85 million investment in 2025.
Closed Block Results and Rate Actions Genworth’s closed block segment reported an adjusted operating loss of $110 million, driven by a $127 million pre-tax liability remeasurement loss tied primarily to long-term care actual-versus-expected experience.
Upton said first-half actual-versus-expected loss experience trended above the level implied by Genworth’s full-year expectation of about $300 million. If the trend continues, full-year losses could exceed that amount. He said these GAAP fluctuations do not affect the company’s cash flows, economic value or approach to managing the business.
The company secured $46 million of gross incremental premium approvals in the second quarter, compared with $41 million a year earlier, and received an additional $27 million of approvals in July. Genworth expects 2026 premium approvals and benefit reductions to be broadly in line with 2025 levels, contributing about $1 billion of value on a net-present-value basis.
Since 2012, Genworth has achieved approximately $34.8 billion of benefit reductions and premium increases on a net-present-value basis. About 62% of policyholders offered a benefit reduction have chosen that option, according to the company.
Genworth said it will continue to manage the closed block as a closed system using existing reserves and capital to cover future claims. The company does not expect to inject capital into the closed-block companies or receive capital returns from them.
AXA Litigation Remains Uncertain Genworth said an appeal hearing related to its AXA litigation took place in July. The company expects the Court of Appeal to issue a decision about three to six months after the hearing.
If the judgment is upheld and all appeals are resolved favorably, Genworth expects to recover approximately $750 million, subject to exchange rates at the time. The company said it does not expect to owe taxes on any recovery.
Greg Karawan, Genworth’s general counsel, said the company was pleased with how the hearing proceeded but emphasized that litigation is inherently uncertain. Upton said any potential recovery is not incorporated into current capital-allocation plans. If received, proceeds would be allocated according to existing priorities, including CareScout investment, shareholder returns and debt reduction.
About Genworth Financial (NYSE:GNW)Genworth Financial NYSE: GNW is a leading financial security company offering a broad range of insurance products. Based in Richmond, Virginia, Genworth provides individuals and families with solutions designed to protect against long-term care expenses, secure life insurance needs and support homeownership through private mortgage insurance. With operations spanning the United States, Canada and Australia, the company serves both retail and institutional clients through a diversified portfolio of risk management services.
The company's Private Mortgage Insurance (PMI) segment offers coverage to lenders and consumers in the US, Canada and Australia, enabling homebuyers to purchase properties with lower down payments.
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Ford Motor Company má dividendový výnos 4,25 %; zhruba 1 700 akcií by podle textu přineslo přes 1 000 USD ročně. Ve 2. čtvrtletí firma oznámila pokles tržeb, ale zvýšila celoroční výhled.
Investors considering Ford Motor Company (F +1.38%) have some pluses and minuses to weigh as they decide.
A big plus for the company is its dividend, which recently yielded a solid 4.25%. With that kind of yield, you could generate more than $1,000 in annual income if you owned around 1,700 shares. Those shares would cost you about $23,400, as of Aug. 6.
Why invest in Ford? Well, it has been working to turn around its fortunes, and management is optimistic, having recently increased its projections. The stock has averaged annual gains of roughly 5% over the past five, 10, and 15 years, but it's up around 33% over the past year.
Image source: Getty Images.
In its second quarter, announced in late July, Ford reported a decline in revenue, citing "lower wholesale volumes, including the discontinuation of products, aluminum supply constraints, and the right-sizing of Gen-1 electric vehicle volumes to customer demand..." CEO Jim Farley noted, "We delivered another strong quarter and raised our full-year guidance, but the more important story is the growing evidence that Ford is becoming a more profitable, more disciplined, and genuinely different company."
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Ford has been expanding its scope, too -- offering hybrid vehicles and even expecting to offer eyes-off, hands-free vehicles in 2028, which is not very far away.
The stock's valuation is another attraction. Its price-to-sales recently was an ultra-low 0.30, and its forward-looking price-to-earnings (P/E) ratio was just 8.
Ford's continued turnaround is not guaranteed, though. As always, it faces risks such as increased competition and union demands, not to mention potential geopolitical unrest. But it appears to be on the right track, and it's set to reward long-term patient believers with a generous dividend.
And Ford isn't the only appealing dividend-paying stock out there. There are plenty with similar or higher yields and plenty with smaller yields but faster-growing payouts. A little digging will turn up some solid prospects. Or just stick with a high-quality dividend-focused exchange-traded fund (ETF) to keep things simple.
Shopify uvedla, že návštěvnost přivedená přes AI k obchodům obchodníků se meziročně ztrojnásobila a objednávky z AI vyhledávání také. Noví zákazníci z AI kanálů objednávali téměř dvojnásobně častěji než z jiných kanálů.
The bear case on Shopify (SHOP +2.80%) over the past year has been simple. If artificial intelligence (AI) agents start doing the shopping, they could come between merchants and their customers, cutting the e-commerce platform behind those merchants' storefronts out of the transaction. Coming into this week's report, shares sat about 32% below their 52-week high.
Then the company reported its second quarter on Wednesday. AI-referred traffic to merchants' storefronts tripled year over year. Orders that began with an AI search tripled, too. And new buyers arriving through AI channels placed orders at nearly twice the rate of other channels.
In short, the technology that was supposed to cut Shopify out is, so far, sending it customers. The market noticed, and shares jumped about 17% on the report, to about $144 as of this writing.
So, was the AI-casualty thesis simply wrong?
Image source: Getty Images.
What the quarter showed The AI figures came on top of a quarter that was strong in the ordinary ways. Revenue rose 34% year over year to $3.6 billion, matching the first quarter's pace. Gross merchandise volume (GMV), the total value of goods sold across Shopify's platform, reached $115.6 billion, up 32% year over year and up from $100.7 billion just one quarter earlier. Operating income climbed 68% to $488 million. And free cash flow was $654 million, with the margin expanding to 18% from 15% in the first quarter.
"This was a monster quarter," president Harley Finkelstein said in the earnings release.
The AI detail is what makes this report different, though. Half of AI-referred sessions land directly on a product page (2.5 times the rate of traditional search, the company said), meaning these shoppers arrive closer to a purchase. What's more, 75% of AI-attributed purchases came from outside the top 100 product categories, a sign the traffic is reaching niche merchants, not just the biggest brands.
The new-buyer figure matters most to me. Merchants pay Shopify to help them find customers. And a channel that delivers first-time buyers at nearly twice the usual rate gives merchants one more reason to stay.
Shopify is also building for the agents directly. AI search powered by the company's product catalog converts at twice the rate of AI search built on scraped data, according to the company. And Sidekick, Shopify's AI assistant for merchants, saw daily active merchants grow 3.6 times year over year.
The old channel isn't shrinking either. Finkelstein said traditional search sessions have grown 1.3 times over the past two years and still account for about a third of storefront sessions. AI traffic is coming on top of search, not instead of it.
How big the AI channel actually is What Shopify didn't disclose is how much money the AI channel drives. The company gave growth rates (tripled, twice the rate) but no dollar figure for AI-referred GMV and no share of the $115.6 billion total.
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Of course, growth rates like these usually sit on small bases. Traffic that triples from a sliver is still a sliver. These numbers are an early indicator, not the thing paying the bills. And the channel isn't Shopify's to control. The agents belong to other companies, and the terms of that traffic could change.
Still, the core business is why the AI debate matters less than it might seem. Revenue growth stepped up from 27% in early 2025 to 34% in each of this year's first two quarters, and management guided third-quarter revenue to grow at a low-thirties percentage rate year over year, so it expects only a slight step down this quarter. Monthly recurring revenue reached $221 million, up from $212 million one quarter earlier. Whatever AI shopping becomes, the business underneath it is compounding at scale.
That leaves the price. After the jump, shares trade at about 70 times forward earnings. That multiple was arguably harder to defend when the AI-casualty worry hung over the business, and this quarter took a lot of that worry off the table. But it also means the growth has to keep coming.
So, does the quarter make the growth stock worth buying at this new price? If I owned it, I wouldn't sell after a report like this one. I think it answered the year's biggest doubt about the business. But calling it a buy probably isn't wise, either. At its high valuation, the price now arguably reflects the good news that arrived this week. I'd wait for a better entry point.
Global Payments ve 2. čtvrtletí zvýšila očištěné čisté tržby o 4 % a očištěný zisk na akcii o 12 %, ale snížila celoroční výhled kvůli tlaku na cestovní objemy v důsledku konfliktu na Blízkém východě.
3 Tech ETFs That Could Bounce Back After the AI SelloffGlobal Payments NYSE: GPN reported second-quarter results that included 4% normalized adjusted net revenue growth, 70 basis points of adjusted operating-margin expansion and a 12% increase in adjusted earnings per share, while lowering its full-year revenue and earnings outlook to reflect continued pressure on travel-related volumes from the Middle East conflict.
Chief Executive Officer Cameron Bready said the company’s results demonstrated “the durability of our business model” despite an approximately 100-basis-point headwind to normalized revenue growth from reduced travel-sector activity. Adjusted net revenue totaled $3.16 billion in the quarter, while adjusted diluted earnings per share were $3.46.
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Updated Outlook Reflects Travel Pressure Shift4’s Explosive Growth Comes With High-Stakes RiskChief Financial Officer Josh Whipple said Global Payments now expects normalized constant-currency adjusted net revenue growth of approximately 4% to 5% for full-year 2026. The company previously assumed that travel activity would normalize by the end of the second quarter, but now expects conflict-related impacts to continue for the balance of the year.
The company forecast adjusted earnings per share of $13.60 to $13.80 for 2026, representing growth of 11% to 13%. It maintained its expectation for approximately 150 basis points of normalized adjusted operating-margin expansion for the year and said foreign exchange rates are now expected to have roughly no impact on reported growth, following the strengthening of the U.S. dollar.
3 Different Fintech Giants: Turnaround, Stability, or Risky Bet?For the second half, Whipple said the company expects revenue growth of about 4.5%, approximately 200 basis points of margin expansion and margins near 43%. Management cited the ramp of an expanded sales force, increased Genius point-of-sale sales, and enterprise customers going live as drivers of improved second-half performance.
Bready said travel capacity and forward bookings in the affected portfolio remain below pre-conflict levels. He noted that returning capacity has been more concentrated in short-haul, lower-yielding domestic routes than long-haul routes. The company described the conflict’s impact as modest and transitory but said it adopted a more conservative assumption because conditions remain uncertain.
Worldpay Integration and Segment Results Global Payments said its Worldpay integration reached several milestones during the quarter. The company completed its operating-model design and leadership structure, established a target architecture for the combined technology environment, and aligned its commercial organization around three operating segments: SMB, Enterprise and Platforms.
SMB: Adjusted net revenue was $1.51 billion, up 4% on a normalized basis, with volume growth of 4%. Adjusted operating income was $891 million, for a 59% contribution margin. Enterprise: Adjusted net revenue was $838 million, up 7% on a normalized basis despite an approximately 400-basis-point headwind from the Middle East conflict. Enterprise volumes increased 4%, while card-not-present revenue grew at a low-double-digit rate. Adjusted operating income was $653 million, producing a 78% contribution margin. Platforms: Adjusted net revenue was $628 million, up 7% on a normalized basis, as segment volume increased 10%. Adjusted operating income was $284 million, for a 45% contribution margin. Management said Enterprise bookings rose 10% year to date. The company cited new customer wins including Shangri-La Hotels, IG Group and BingX, and said it expanded its relationship with Domino’s Pizza to become the exclusive provider of card-present and card-not-present payments in the U.S. About one-third of recently signed enterprise clients went live in the second quarter, including Aldi, Morrisons and Careem in the United Arab Emirates.
In Platforms, Global Payments signed 48 new partners during the quarter, with more than half of the wins coming from international partners. Platforms value-added-services revenue rose 25%, driven by FraudSight payouts, prime routing and merchant working capital.
Genius Rollout and AI Initiatives Global Payments continued to emphasize its Genius point-of-sale platform as a long-term growth initiative in SMB. Bready said new merchant locations per quota-carrying sales professional increased 30% since the start of the year, contributing to a more than 25% sequential increase in Genius bookings during the second quarter. New customer yields rose 75% year over year, according to the company.
New Genius locations increased more than 50% year over year and nearly 25% sequentially. Global Payments said Desjardins is selling Genius in Canada, while 30 of Worldpay’s largest U.S. financial-institution partners are expected to begin selling the platform during the fourth quarter.
The company also introduced a Genius handheld device designed for edge AI and an AI reporting tool that enables users to ask questions in natural language about operational and reporting data. Bready said the company’s newest Genius commercial helped drive a nearly 60% increase in Google-branded searches for the product.
Across its business, Global Payments said it is using AI to support fraud management, authorization optimization and customer service. Its Revenue Boost solution, already generating $2 billion in annual approval uplift, is delivering an additional 50-basis-point increase in approval rates through AI-powered decisioning, Bready said. The company also said it has multiple agentic-commerce pilots underway with AI platforms and global retailers.
Cash Flow, Buybacks and Leverage Global Payments generated $687 million in adjusted free cash flow during the second quarter, equal to approximately 75% conversion of adjusted net income. The company expects adjusted free-cash-flow conversion to exceed 90% for the full year, with stronger conversion in the second half due to its typical seasonal pattern.
The company spent $236 million on capital expenditures, or about 7% of revenue, during the quarter. It repurchased roughly 8 million shares for $550 million through accelerated and open-market repurchases and said it is more than halfway toward its commitment to return more than $2 billion to shareholders in 2026, including dividends.
Global Payments ended the quarter with net leverage just below 3.5 times. More than 90% of its debt was fixed rate, with a weighted average cost of approximately 4%. The company reiterated its plan to preserve investment-grade credit ratings and reach a 3-times net leverage target by the end of 2027.
About Global Payments (NYSE:GPN)Global Payments Inc NYSE: GPN is a worldwide provider of payment technology and software solutions that enables commerce for merchants, issuers and enterprises. The company develops and operates payment processing networks, point-of-sale systems and cloud-based software that facilitate electronic transactions across in-store, online and mobile channels. Its services span merchant acquiring, payment gateway services, omnichannel commerce platforms, and solutions for recurring and subscription billing.
Global Payments offers a range of products and services including integrated payment terminals and point-of-sale software, e-commerce and gateway technologies, fraud prevention and tokenization tools, and business analytics and reporting.
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Fidelity National Financial ve 2. čtvrtletí zvýšila upravený zisk na 370 mil. USD, tedy 1,39 USD na akcii, díky silnější činnosti v oblasti pojištění titulů a komerční aktivity. Tržby bez zisků a ztrát z přecenění vzrostly na 3,7 mld. USD.
The Volatility Harvester That Thrives in Market ChaosFidelity National Financial NYSE: FNF reported higher second-quarter earnings as strength in its Title segment, including commercial activity and improved margins, offset a still-muted residential housing transaction environment.
The company reported net earnings of $288 million for the quarter, including $333 million of net recognized gains, compared with net earnings of $278 million, including $98 million of net recognized gains, a year earlier. Adjusted net earnings increased to $370 million, or $1.39 per diluted share, from $318 million, or $1.16 per share, in the second quarter of 2025.
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HealthEquity Stock: Leading Health Savings Account InvestmentTotal revenue was $4.1 billion. Excluding net recognized gains and losses, revenue was $3.7 billion, compared with $3.5 billion in the prior-year quarter.
Title segment posts margin expansion Chief Executive Officer Mike Nolan said the Title business generated adjusted pretax earnings of $448 million, up 33% from the second quarter of 2025. Its adjusted pretax margin rose 230 basis points year over year to 17.8%.
The Title segment produced $2.5 billion in revenue excluding $14 million of net recognized gains, compared with $2.2 billion a year earlier. Direct premiums rose 21%, agency premiums increased 15%, and escrow, title-related and other fees grew 13%.
Chief Financial Officer Tony Park said direct operations generated a margin of slightly more than 26%, up roughly 80 basis points from a year earlier. The agency business had an 8% margin on gross agency dollars, while national commercial units generated a margin just below 30%. Home warranty recorded an 18% margin, and ServiceLink reported a margin of about 24%.
Nolan said existing-home sales remained historically low at an annual pace of about 4 million, reflecting elevated mortgage rates and housing-market conditions. Still, daily purchase orders opened rose 3% year over year and 7% sequentially during the second quarter. July daily purchase orders were 4% above the prior-year month.
Refinance orders opened averaged 1,600 per day in the second quarter, up from 1,300 a year earlier but down from 2,000 in the first quarter. Refinancing represented 7% of direct revenue during the period. July refinance orders averaged 1,500 per day, up 15% year over year, despite higher mortgage rates.
Commercial activity supports revenue growth Commercial revenue continued to be a key contributor. Direct commercial revenue reached $778 million in the first six months of 2026, up 24% from $626 million in the first half of 2025. Total commercial orders opened averaged 919 per day in the second quarter, up 7% from a year earlier.
Nolan said the company was on track for a “very strong and potentially record year” in commercial business. He cited a pipeline spanning industrial properties, data centers, multifamily projects, affordable housing, retail and energy. The company closed 29 transactions that each generated more than $1 million in premiums during the quarter across its direct and agency businesses.
Management also pointed to what it described as an early and fragmented recovery in office real estate. Nolan said a return to more normal transaction levels in central business districts, including markets such as New York, could become a meaningful commercial tailwind, although he did not quantify the potential impact.
Total orders opened averaged 6,200 per day during the quarter. In July, total orders averaged 5,900 per day, up 7% from a year earlier.
Recruiting and acquisitions may pressure second-half margins While FNF expects commercial momentum to continue, Nolan said the company remains cautious about residential purchase and refinance activity through the rest of the year. He also said Title margins could experience modest compression in the second half relative to the second quarter.
That pressure is expected to reflect increased spending on recruiting and tuck-in acquisitions. Nolan said FNF’s recruiting performance over the past two quarters has been its strongest to date, while acquisitions completed in July will add more than 200 employees. Such investments bring expenses immediately, while revenue generally takes several months to reach full productivity, he said.
In response to an analyst question, Nolan said acquisitions and recruiting efforts have extended across multiple regions, including Texas and markets in the East, with activity weighted more toward residential business than commercial. He said the company generally pays valuations of four to six times pretax profit for acquisitions.
The company continues to invest in technology and artificial intelligence. Its inHere digital transaction platform engaged 80% of FNF’s residential sale transactions in both the first half of 2026 and throughout 2025. Nolan said the company has not quantified a per-file cost or cycle-time benefit, but believes the platform improves workflow efficiency, customer visibility and fraud prevention.
FNF also launched a complimentary property-monitoring service in 35 states during the second quarter. Nolan said the service is intended as a customer value-add rather than a direct margin driver.
F&G assets approach $75 billion FNF’s F&G segment reported assets under management before reinsurance of $74.7 billion at June 30, up 8% from a year earlier. Retained assets under management totaled $55.9 billion.
F&G generated gross sales of $2.7 billion during the quarter, including $2 billion of core sales and $700 million of opportunistic sales. Core retail sales of indexed annuities and indexed life products were $1.8 billion, while pension-risk-transfer sales were $200 million. Net sales were $1.5 billion.
Adjusted net earnings attributable to FNF from F&G were $65 million, compared with $89 million in the prior-year quarter, reflecting FNF’s approximate 72% ownership stake versus approximately 82% a year earlier. In the first six months, F&G contributed 23% of FNF adjusted net earnings, down from 32% in the comparable 2025 period.
Nolan also highlighted F&G’s leadership transition, with Conor Murphy becoming CEO and president and Michael Bailey joining as chief financial officer. F&G is exploring strategic alternatives for Peak Altitude, an owned-distribution business. Murphy said a transaction involving a partner taking a 51% stake was the option favored at this early stage, allowing continued expansion of the underlying business.
During the quarter, FNF returned about $195 million to shareholders through $138 million of common dividends and $57 million of share repurchases. The company ended the quarter with $457 million of cash and short-term liquid investments at the holding company.
About Fidelity National Financial (NYSE:FNF)Fidelity National Financial NYSE: FNF is a leading provider of title insurance and transaction services to the real estate and mortgage industries. The company underwrites title insurance policies that protect property owners and lenders against title defects, liens, and other encumbrances. Alongside its core title insurance operations, FNF offers escrow and closing services, e-recording solutions, and real estate data and analytics through a network of agents and underwriters.
FNF operates through two primary segments: Title Insurance and Specialty Insurance and Services.
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Global Net Lease ve 2Q vykázal tržby 112,5 mil. USD a AFFO 45,7 mil. USD, tedy 0,22 USD na akcii. Firma zároveň zvýšila celoroční výhled AFFO na 0,82 až 0,85 USD na akcii po plánované akvizici Modiv Industrial.
5 High-Yield Stocks That Could Help Cushion Market VolatilityGlobal Net Lease NYSE: GNL reported second-quarter 2026 revenue of $112.5 million, a net loss attributable to common stockholders of $7.5 million and adjusted funds from operations (AFFO) of $45.7 million, or $0.22 per share. AFFO per share increased from $0.21 in the first quarter, while the company raised its full-year outlook following its pending acquisition of Modiv Industrial.
Chief Executive Officer Michael Weil said the company expects the Modiv transaction to close in mid-August, shortly after Modiv shareholders vote on the deal at an Aug. 10 special meeting. GNL said the acquisition is expected to be approximately 4% accretive to AFFO per share and leverage neutral.
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Modiv Deal Would Increase Industrial Exposure Contrarian Traders Are Buying These 2 Stocks With Big UpsideWeil said Modiv’s industrial portfolio has a weighted average remaining lease term of 15 years and contractual annual rent escalations of 2.4%. Upon closing, GNL expects its portfolio weighted average lease term to rise to 6.6 years and industrial assets to account for about 50% of total straight-line rent.
The company said its revised 2026 guidance includes roughly one and a half quarters of expected contribution from the Modiv acquisition. Chief Financial Officer Chris Masterson said GNL raised its full-year AFFO guidance to $0.82 to $0.85 per share from a prior range of $0.80 to $0.84.
GNL also increased its gross transaction-volume guidance to $700 million to $800 million, compared with previous guidance of $250 million to $350 million. It reaffirmed its net debt-to-adjusted EBITDA target range of 6.5x to 6.9x.
During the question-and-answer session, Weil said the company expects to retain most of Modiv’s industrial assets but could sell certain properties that do not fit GNL’s long-term portfolio strategy. He said there are no restrictions on GNL’s ability to sell Modiv assets after the transaction closes.
Capital Recycling Targets Office Reduction GNL continued to sell non-core properties, particularly office assets. Through July 31, the company had closed and pending dispositions totaling $263 million, including $145 million of completed sales at a weighted average cash capitalization rate of 7.6% for occupied assets. Approximately 78% of the overall disposition volume consisted of office properties.
The company said it remains under contract to sell a 133,000-square-foot KPN-leased office property in the Netherlands for about $18 million. Closing is scheduled to coincide with the property’s lease expiration in December 2026. GNL said it received a non-refundable deposit and expects to collect full contractual rent through the closing date.
GNL also sold a 33,000-square-foot office property leased to the U.S. General Services Administration for $13 million and a 369,000-square-foot office property leased to GE Aerospace for $48 million. Both sales were completed at a 7.2% cash cap rate after lease extensions of 20 years and 10 years, respectively.
Weil said the company expects office to represent approximately 21% of straight-line rent after planned dispositions are completed. He told analysts that future office sales could include both conventional sales and transactions structured to close upon lease expiration, allowing GNL to retain rental income while avoiding costs and leasing risks associated with vacant assets.
“By no means do I want to fire sale the office assets,” Weil said, adding that the company remains active in marketing properties and does not expect the office-reduction initiative to be completed during 2026.
Industrial Purchase and Portfolio Performance During the quarter, GNL acquired an approximately 100,000-square-foot single-tenant industrial property in Mississippi leased to FedEx for about $14 million at an 8.2% going-in cash cap rate. The lease runs through 2031, and the company said it has begun discussions with FedEx about a long-term extension.
As of June 30, GNL owned 798 properties totaling 40 million rentable square feet. Portfolio occupancy was 97%, with a weighted average remaining lease term of 5.7 years. Office occupancy increased to 99% from 95% a year earlier, primarily because GNL sold a vacant office property in the first quarter that had created more than $1 million of annualized negative net operating income drag.
The company reported renewal spreads of about 5.6% above expiring rents across more than 357,000 square feet, with a weighted average lease term of 8.4 years. Renewals included Dollar General, FedEx Freight and FedEx leases.
GNL said 63% of its tenants were investment grade or implied investment grade, up from 60% in the year-earlier period. No individual tenant represented more than 6% of straight-line rent, while the top 10 tenants accounted for 29%.
Debt, Liquidity and Repurchases Masterson said gross outstanding debt stood at $2.5 billion at quarter-end, down $621 million from the end of the second quarter of 2025. Net debt totaled $2.3 billion, and net debt to adjusted EBITDA improved to 6.6x from 7.2x at the end of the first quarter.
GNL had 92% of its debt fixed or swapped to fixed rates, with a weighted average interest rate of 4.1% and an interest coverage ratio of 3.2x. Liquidity was approximately $919 million as of June 30, while revolving-credit-facility capacity was $1.3 billion.
The company said recurring capital expenditures fell to $3.4 million in the first half from $19.6 million in the prior-year period. Since beginning its repurchase program in 2025 through July 31, GNL repurchased 20.9 million shares for $169.7 million, at an average price of $8.11 per share. That total included about 1.2 million shares repurchased during the second quarter for $11.1 million.
About Global Net Lease (NYSE:GNL)Global Net Lease NYSE: GNL is a real estate investment trust (REIT) that focuses on acquiring and managing a diversified portfolio of single-tenant, net-lease commercial properties. The company's business model centers on establishing long-term, triple-net leases with creditworthy tenants, enabling the pass-through of property operating expenses while aiming to provide predictable rental income and stable cash flows. Global Net Lease's portfolio spans retail, industrial, office and light-industrial assets, each selected for its strategic location and tenant credit quality.
Since launching its initial public offering in April 2016, Global Net Lease has built a presence in key markets throughout the United States and Western Europe.
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Six Flags ve 2. čtvrtletí zvýšily srovnatelné tržby o více než 2 % na zhruba 864 milionů USD a adjusted EBITDA o 7 % na 249 milionů USD. Návštěvnost vzrostla o 4 %.
Cheap Thrills: Why These 3 Entertainment Stocks Are SoaringSix Flags Entertainment NYSE: FUN reported higher same-park attendance, revenue and adjusted EBITDA in the second quarter of 2026, as the amusement park operator cited growth in season-pass visitation, improved operating discipline and progress at previously underperforming parks.
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On a same-park basis, which reflects the parks operated throughout the full second quarter of 2026, attendance rose 4% despite 44 fewer operating days than a year earlier. Net revenue increased more than 2%, while adjusted EBITDA climbed 7%. The company’s active pass base expanded 6% entering the peak summer season.
A New Leader at Six Flags: Is the Roller Coaster Over? Chief Executive Officer John Reilly said the company has made progress on strategic priorities established earlier in the year, including greater park-level accountability, more targeted marketing, ride-uptime improvements and disciplined capital allocation.
“In the second quarter, stronger local leadership, clearer accountability, focused resources, and improved commercial execution produced higher adjusted EBITDA and better margins” at underperforming parks, Reilly said.
Second-Quarter Financial Performance MarketBeat Week in Review – 10/27 - 10/31Chief Financial Officer Ash Walia said same-park net revenue increased 2% to approximately $864 million. Attendance increased by roughly 449,000 visits, or 4%, driven primarily by season-pass visitation and commercial initiatives.
Per-capita spending declined by less than 1%, which Walia attributed to a greater share of visits from season-pass and membership holders rather than weaker pricing. He said like-for-like pricing increased across admissions products and guest spending remained healthy in food and beverage, extra-charge attractions and other in-park experiences.
Same-park adjusted EBITDA increased approximately 7% to $249 million. Walia said the company maintained cost discipline despite a largely fixed or semi-fixed expense structure that includes labor, maintenance, utilities, insurance and overhead.
Excluding the seven parks sold in its portfolio transaction and one park closed after the 2025 season, Six Flags said first-half adjusted EBITDA rose about 63%, or $56 million. Trailing 12-month adjusted EBITDA totaled $801 million, compared with $745 million for full-year 2025.
The company ended the quarter with approximately $135 million in cash, total liquidity of about $837 million and net debt of approximately $4.9 billion. Walia said deferred revenue increased on a current-operating-portfolio basis, reflecting membership growth and advance sales.
Passes, Memberships and Guest Spending Reilly said season-pass sales increased during the quarter, membership participation expanded and demand for higher-tier products remained strong. Both single-day tickets and combined season-pass and membership products produced higher average prices, according to the company.
Six Flags expanded its membership offering to six additional parks in June. Cross-park visitation also grew as guests used multi-park products to visit more locations. Reilly said passholders visit about four times per year on average, creating repeat opportunities for food, beverages, merchandise, parking, games and premium experiences.
The company plans to launch its 2027 passes on Aug. 7 with a best-price guarantee, enhanced benefits and flexible dining-plan options. Reilly said early results at parks where new dining products were tested showed double-digit growth in attachment rates, though he described those returns as early.
Management also highlighted potential to build in-park revenue through Fast Lane queue products, refreshed beverage concepts and improved Halloween-event upsells. Six Flags plans to add food-and-beverage events across its portfolio next year, pointing to Knott’s Berry Farm’s Boysenberry Festival as an internal example of an event that drives visitation, per-capita spending and pass renewals.
Second-Half Outlook and Seasonal Events Six Flags expects adjusted EBITDA to grow year over year in the second half of 2026, including both the third and fourth quarters, although Reilly said the opportunity for growth is greater in the fourth quarter.
The company cited two early third-quarter headwinds: the July 4 holiday falling on a Saturday rather than a Friday in the prior year, and wildfire-related air-quality disruptions that affected parks from the Great Lakes region through Virginia and caused some closures. Still, Reilly said the company recorded its highest summer attendance day in five years on a same-park combined basis on a July day unaffected by those disruptions.
Six Flags plans 2,133 operating days in the third quarter, 66 more than a year earlier, primarily due to the timing of Labor Day and an additional week of summer operations at several Northern and Midwestern parks. Management said it expects modest growth in cash costs during the balance of the year.
Fourth-quarter demand drivers are expected to include the company’s Halloween programming, which management said will feature 448 Halloween-themed experiences, 107 haunted mazes and 11 new horror-franchise attractions. Six Flags also plans to restore Holiday in the Park at Six Flags Over Georgia and Six Flags Great Adventure, where the event was not offered in 2025.
Capital Plans, Portfolio and Leverage The company is investing in new and refreshed attractions, including Tormenta Rampaging Run at Six Flags Over Texas, Phantom Theater at Kings Island, Looney Tunes Land at Magic Mountain and Shoreline Pier at Six Flags Great Adventure. Its 2027 attraction pipeline includes projects at Great Adventure, Fiesta Texas, Carowinds and Six Flags Over Georgia, as well as Camp Timber Trail at Six Flags Great America in Chicago.
Reilly said Six Flags expects capital expenditures to be in a range of $400 million to $425 million over time and remains focused on reducing net leverage toward a long-term target of about four times EBITDA. He said the company has liquidity to manage upcoming Georgia-related payments.
The company does not expect additional changes to its park portfolio this year. Reilly said management will continue to evaluate opportunities to create shareholder value, but said there are no current plans for further divestitures. He reiterated that proceeds from asset sales would be used to repay debt.
Six Flags has a signed purchase agreement for land at the former park site in Bowie, Maryland, though Reilly said a closing could occur in late 2027 or early 2028 as the buyer completes due diligence. The company is also evaluating bids and interest for excess land in Richmond, Virginia.
About Six Flags Entertainment (NYSE:FUN)Six Flags Entertainment Corporation is a publicly traded regional theme park operator based in Arlington, Texas. The company develops, owns and operates amusement and water parks, offering a diverse portfolio of thrill rides, family attractions, live entertainment, food and beverage offerings, and retail merchandise. Its main revenue streams include single-day tickets, season passes, on-site accommodations, in-park retail sales, and food and beverage services.
Founded in 1961 by Angus G.
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Hyperliquid za posledních 24 hodin spálil HYPE za 1,28 milionu USD po příjmech z poplatků ve výši 1,65 milionu USD. Nabídka se dál utahuje, i když HYPE pokračuje ve dvoudenní korekci.
Hyperliquid’s [HYPE] deflationary model is gathering pace despite HYPE extending its two-day correction.
According to the recent reports, the protocol burned $1.28 million worth of HYPE over the past 24 hours after generating $1.65 million in fees.
Lifetime token burns have now reached 47.53 million HYPE, equivalent to $2.68 billion, highlighting stronger long-term holding and fewer tokens changing hands.
The combination points to a steadily tightening supply backdrop , which could in turn translate into bullish signals in the long run.
Has the burn rate affected the network supply? The impact on the burned tokens is already visible on the market. According to the recent data, Hyperliquid’s circulating turnover has fallen to a weekly average of 2.9%.
The latest burn is turning out to be revenue-driven, meaning higher protocol activity continues removing HYPE from circulation.
At the same time, the sharp decline in circulating turnover suggests holders are keeping their positions instead of rotating supply back into the market.
Source: Token Terminal Reduced token availability has historically supported bullish trends when demand remains stable. The same turn of events could be developing for HYPE. Moreover, given that the derivatives and supply metrics remain supportive despite the recent price weakness.
On contrary, the token trading volume have flattened at around $230 million after a week of steady gains. This could be the result of many traders playing averse as they wait for a potential rejection at around $54 before they chip in to join the trend.
Source: Santiment Can bulls reverse the correction? On the daily chart, the token’s bollinger bands have widened indicating the current increased market volatility.
However, the token is still trading below the key 20 SMA and its Stochastic RSI is currently at an overbought region at $86.21, increasing the likelihood of further short-term bearish run.
Since retesting the 20 SMA at around $56.65 yesterday, the token has recorded consecutive days of bearish run.
Source: TradingView However, with the overall long-term structure still leaning bullish and the token supply reducing, the token could be on a short correction to clear the liquidity cluster worth over $1.53 million at $54.22 before resuming its long-term bullish structure.
Notably, the price level lies within the market gap between $52 and $55 on the daily chart, a zone that the token price action is likely to retest to collect unfilled orders before resuming it long-term bullish trend.
If HYPE bulls defend the demand zone, a continuation of the bullish rally back to $60 will be more than likely to materialize.
BTCPay Server měl kritickou chybu, kterou útočníci zneužili ke krádeži prostředků z Lightning nodů běžících na LND. Provozovatelé by měli okamžitě aktualizovat na verzi 2.4.2 nebo server odpojit.
Another bitcoin infrastructure exploit hits, this time draining merchant Lightning nodes. (Max Bender/Unsplash)Summary
Attackers exploited a critical vulnerability in BTCPay Server to steal funds from Lightning nodes running LND, prompting urgent calls to update to version 2.4.2 or take servers offline.The flaw allowed unauthenticated access to LND “.macaroon” credential files, enabling attackers to seize control of affected Lightning nodes and drain their channels, though BTCPay’s standard on-chain wallets were not impacted.Victims including hardware-wallet maker Foundation and bitcoin publication Citadel21 reported their Lightning nodes were swept, as BTCPay and the Bitcoin Red Team investigate and prepare a full postmortem on the incident.A rough week for bitcoin's software is getting worse, this time hitting merchants who accept bitcoin BTC$64,987.55 payments through Lightning, a separate network built on top of bitcoin for instant, low-cost transfers.
Attackers drained Lightning nodes running behind BTCPay Server late on Friday after exploiting a critical vulnerability that exposed the credentials protecting them, the team said in an X post.
BTCPay confirmed funds were stolen and told anyone running LND, the most widely used software for operating a Lightning node, to update immediately to version 2.4.2 or take the server offline.
The project has not disclosed how many users were hit or how much bitcoin was taken.
The flaw allowed an unauthenticated remote attacker to obtain “.macaroon” files, or credentials that give software permission to interact with an LND Lightning node. BTCPay said the attacks it reviewed targeted those files, which could then be used to take control of the node and move funds.
Hardware-wallet maker Foundation was among the victims. Chief Executive Zach Herbert said attackers drained the company's BTCPay Lightning node overnight, closing its channels and sweeping the funds. Its BTCPay on-chain hot wallet was untouched.
Citadel21, the bitcoin publication run by pseudonymous commentator hodlonaut, also reported that its Lightning node had been swept, though it said little money was held there.
The vulnerability had already been reported to BTCPay by members of the Bitcoin Red Team — a group of developers that began pointing AI models at bitcoin codebases this week and has filed thousands of findings across hundreds of projects since.
Read More: Bitcoin developers flag 85 critical bugs in an "extremely bad" situation.
BTCPay credited Red Team members Craig Raw, Rob Hamilton, Calle and Evan Kaloudis with responsibly disclosing the issue and helping analyze it.
The group's stated reason for publishing findings quickly was that people outside it would arrive at the same bugs, and by the time BTCPay's public warning went out, attackers were already exploiting this one against live servers.
Meanwhile, BTCPay narrowed the scope after its initial alert, saying its standard on-chain wallets, including hot wallets generated inside BTCPay, are not affected by the credential flaw.
The exposure applies specifically to deployments using LND, and funds held inside LND's own on-chain wallet can still be at risk because they sit under the compromised Lightning node.
BTCPay has not yet published technical details of the vulnerability, saying operators need time to patch. A full postmortem is due in the coming days.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
BlackRock’s institutional clients poured $38.15 million into Ethereum on July 20, routing their exposure through the regulated ETF wrapper rather than buying the token directly.
The bulk of the capital, roughly $34.3 million, landed in BlackRock’s iShares Ethereum Trust (ETHA). Fidelity’s spot Ethereum product, FETH, picked up an additional $2.8 million. Together, US spot Ethereum ETFs posted approximately $38 million in net inflows for the session, according to data tracked by Farside Investors and SoSoValue.
ETHA keeps winning the daily flow race ETHA has led Ethereum ETF inflows across multiple recent sessions, consistently pulling in more capital than its competitors on days when the complex sees positive flows.
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That pattern mirrors what happened with Bitcoin ETFs after their launch. BlackRock’s iShares Bitcoin Trust (IBIT) quickly became the default vehicle for institutional Bitcoin exposure, and ETHA appears to be following a similar playbook on the Ethereum side.
The $34.3 million that flowed into ETHA on this single day represented about 90% of total Ethereum ETF inflows. Fidelity’s FETH grabbed most of what remained.
Why ETFs, not tokens The preference for ETF wrappers over direct token purchases tells a clear story about who’s buying and why. Institutional allocators, wealth managers, and registered investment advisors operate in a world of compliance checklists, custodial requirements, and fiduciary obligations. Buying ETH on Coinbase doesn’t check those boxes. Buying ETHA in a brokerage account does.
ETF investors don’t deal with private keys, gas fees, or the operational risk of holding crypto directly. They get price exposure with the custody, reporting, and tax infrastructure they already use for everything else in their portfolios.
Context and what to watch The $38 million inflow day lands against a backdrop where Ethereum ETF flows have been inconsistent. Earlier stretches of 2026 saw mixed sessions, with outflows sometimes offsetting gains and leaving the complex in neutral territory for weeks at a time.
When nearly all of the day’s inflows land in a single issuer’s product, it suggests coordinated or large-block institutional buying rather than scattered retail interest. BlackRock’s distribution channels reach sovereign wealth funds, endowments, and large RIAs.
For traders and investors watching the Ethereum market, ETF flow data has become one of the more reliable demand signals. The $38 million figure from July 20 sits comfortably in positive territory.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin a Ether ETF ve čtvrtek přilákaly přes 220 milionů USD čistých toků, což potvrzuje silnou institucionální poptávku navzdory volatilitě. Nejvíc opět dominoval BlackRock.
Institutional capital continues to flow into cryptos despite volatility that keeps retail investors on the defensive. On Thursday, ETFs backed by bitcoin and Ether recorded more than $220 million in net flows, confirming the intact appetite of traditional finance for these assets. Once again, BlackRock concentrates the bulk of subscriptions and strengthens its role as the main driver of this momentum in the crypto ETF market.
In brief More than $220 million jointly injected into Bitcoin and Ether ETFs during Thursday’s session. A fourth consecutive day of net inflows (+$128.69 million), bringing the four-session total to $755 million. The IBIT fund crushes the competition on Bitcoin with +$128.33 million, while ETHA largely dominates Ether (+$81.14 million). Despite falling prices, the number of shares outstanding remains stable, reflecting a long-term accumulation strategy rather than immediate speculation. Bitcoin ETF : a fourth consecutive day of gains driven by BlackRock The Bitcoin ETFs recorded a net inflow of $128.69 million across six distinct vehicles, extending the current positive streak to four consecutive sessions for a total of $755 million. Once again, the capital allocation among the various funds shows a marked disparity :
BlackRock (IBIT) : a dominating presence with +$128.33 million captured alone ; Morgan Stanley (MSBT) : an additional inflow of +$14.94 million ; Fidelity (FBTC) : a positive flow of +$11.20 million ; Grayscale : an inflow of +$7.48 million on GBTC and +$6.83 million on the Bitcoin Mini Trust ; Bitwise (BITB) : a modest subscription of +$1.75 million ; VanEck (HODL) & Valkyrie (BRRR) : capital outflows of -$32.77 million for VanEck and -$9.07 million for Valkyrie. Despite these conflicting reallocations among managers, overall activity remained particularly strong in the spot derivatives secondary market. The total daily trading volume for all Bitcoin ETFs reached $1.36 billion on Thursday, while the combined net assets under management closed at $78.77 billion.
Thus, the massive concentration of volumes towards IBIT confirms BlackRock’s dominant position as the primary access channel for institutional investors. These figures reflect the persistence of a solid working capital demand among major players, maintaining a regular liquidity floor despite sometimes hesitant short-term price fluctuations.
The Ether surge and selective altcoin momentum On the side of the market’s second-largest asset, the trajectory was even more explicit with a total net subscription of $92.15 million spread across five funds, with no Ether ETF recording any capital outflow during the session. BlackRock’s ETHA product also dominated by collecting $81.14 million. The remaining amounts were subscribed through Grayscale’s Ether Mini Trust fund at $4.55 million, its historic ETHE fund for $3.07 million, BlackRock’s ETHB vehicle for $1.96 million, and Fidelity’s FETH for $1.42 million. With a traded volume of $435.46 million and net assets reaching $10.64 billion for Ether ETFs, this segment confirms a significant resurgence.
By contrast, the landscape was much more mixed regarding other cryptos. XRP-backed ETFs returned to positive territory thanks to an injection of $3.45 million, mostly driven by Bitwise’s fund at $2.89 million and Franklin Templeton’s (XRPZ) at about $562,000, bringing the sector’s net assets to $964.21 million.
The HYPE ETFs continued their recovery trajectory by attracting $2.84 million via Bitwise’s BHYP product, raising the daily volume to $5.10 million and net assets to $265.04 million. Conversely, Solana ETFs took an opposite course, with Fidelity’s FSOL fund registering a net outflow of $859,450, leaving total combined net assets at $857.24 million.
Lawrence Lepard’s insight on holder maturity Beyond daily cash flows, the ownership structure of these vehicles offers a fundamental reading grid on institutional investor attitudes toward price fluctuations. Commenting on the firmness of subscribers amid recent volatility, Austrian economist and investment manager Lawrence Lepard highlighted the remarkable stability of shares held: “although the value of Bitcoin ETFs has dropped significantly from its peak, the total number of shares outstanding has decreased by a much smaller proportion, indicating very limited net sales from holders”.
This observation reveals a marked divergence between spot market volatility and the long-term commitment of ETF holders. As asset management giants centralize most incoming flows, asset data indicate that a significant fraction of institutional investors view these vehicles as strategic allocation instruments rather than mere short-term speculation tools.
While this financial foundation provides valuable structural support to the ecosystem, it also raises questions about capital concentration in the hands of a limited number of financial conglomerates. Upcoming regulatory developments and evolving demand in altcoin-specific derivatives products will determine whether this selective appetite extends to the broader market or continues to primarily benefit the sector leaders.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Washington uvalil sankce na Shelbit a Aban Tether 7. srpna 2026 kvůli podezření, že podporují finanční sítě napojené na Írán. OFAC zároveň označil i Siavashe Kayvanpoura a další osoby a firmy spojené s těmito toky.
Washington sanctioned Shelbit and Aban Tether on August 7, 2026, accusing the two crypto platforms of supporting financial networks linked to Iran. Behind these little-known names lies a network of companies, online betting, and wallets associated with the Revolutionary Guards.
In brief The OFAC listed Shelbit, Aban Tether, and several related persons and companies on its sanctions lists on August 7, 2026. The U.S. Treasury describes three categories of crypto transfers of more than 1 million, 2 million, and 2 million dollars around Shelbit, the IRGC, and Nobitex. Assets under U.S. jurisdiction are blocked, while actors continuing certain transactions face sanctions. Shelbit and Aban Tether enter OFAC’s crosshairs Shelbit was already under the spotlight before the American decision. Cointribune had recently documented the Shelbit dossier and its transfers to Binance, amid suspicions of money laundering and sanctions evasion. On August 7, Washington took a step further by directly listing the platform and its alleged operator in its sanctions framework.
In its press release published on August 7, 2026, the Office of Foreign Assets Control (OFAC), a branch of the U.S. Treasury responsible for enforcing economic sanctions, targets two platforms: Shelbit and Aban Tether. The agency also targets Siavash Kayvanpour, described as the head of a network of companies established notably in Georgia, the United Arab Emirates, and Poland.
The initial assessment reported by Cointelegraph mentions more than 5 million dollars in transfers detailed by the administration. However, the official statement distinguishes several movements: over 1 million dollars are said to have circulated from wallets controlled by the Islamic Revolutionary Guard Corps (IRGC) to Shelbit, more than 2 million from Shelbit to the IRGC, then over 2 million from addresses linked to Kayvanpour to Nobitex.
This breakdown does not allow to confirm that all these amounts represent entirely distinct funds.
Aban Tether follows a different mechanism. According to OFAC, this Iranian platform processed millions of dollars in transactions with Nobitex, Wallex, Bitpin, and Ramzinex, four Iranian exchanges already designated by Washington. The agency sanctions Aban Tether under its activity in the Iranian financial sector.
A network of companies and betting behind crypto flows The dossier goes beyond the two platforms displayed on the list. The Treasury describes Shelbit as the gateway for a vast network of Persian betting sites, run by two Iranian influencers convicted in 2023 for illegal gambling. Tens of millions of dollars from this group are said to have passed through Shelbit, while these sites retained access to the Iranian payment system.
Washington also links several companies to Kayvanpour: SHPS Shelbit in Georgia, Shelbit General Trading in the United Arab Emirates, Shelbit Technologies in Poland, as well as Crypto Home DMCC and NFT Home DMCC in Dubai. The Emirati regulator VARA had already taken measures against Shelbit General Trading in January 2025 and July 2026. Despite these interventions, the activity continued.
This offensive is part of a larger sequence. In May, Scott Bessent claimed that the United States had recovered one billion dollars of cryptos linked to Iran, without detailing all the operations involved. The new decision is therefore not an isolated strike: it expands American pressure to providers connecting wallets, local platforms, and commercial networks.
We will continue to increase economic pressure. Whether in dollars, rials, or crypto, the Treasury will track and dismantle illicit financial networks keeping the regime afloat.
Scott Bessent, U.S. Treasury Secretary The State Department also offers up to 15 million dollars for any information that can disrupt the IRGC’s and its branches’ financial mechanisms. This amount shows the priority given to monitoring these networks.
What the sanctions change for crypto actors Being listed on OFAC’s lists has immediate effects. Properties and interests held in the United States, or controlled by Americans, must be blocked and reported. The rule extends to entities owned 50% or more, directly or indirectly, by one or more sanctioned persons.
Restrictions do not stop at U.S. borders. Financial institutions and foreign companies can face sanctions if they conduct certain operations with designated persons. OFAC can also impose civil penalties based on strict liability without having to prove intent to circumvent rules.
This is the sensitive point for exchanges. Transfers on a public blockchain leave traces, but identifying real beneficiaries still depends on internal controls, customer data, and cooperation between authorities. A platform that maintains relationships with a sanctioned address or company can therefore see its access to banking partners and the U.S. market severely compromised.
In short, Washington tightens the noose on the infrastructure enabling funds to circulate, not just on their final holders. The designation of Shelbit, targeting of Aban Tether, and threat of secondary sanctions push intermediaries to review their controls. The risk of sanctions for maritime companies had already shown how far this exposure could extend. Now, crypto platforms are warned.
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Fenelon L.
Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.
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Edgewell Personal Care ve 3. fiskálním čtvrtletí obnovil organický růst tržeb o 1,1 % a upravený EPS 0,72 USD zůstal meziročně beze změny. Firma zároveň zúžila celoroční výhled.
2 Under-the-Radar Consumer Staples Stocks With Big DividendsEdgewell Personal Care NYSE: EPC reported a return to organic sales growth in its fiscal third quarter of 2026, supported by improved North American performance in grooming, sun and skin care, and branded wet shave. The company said adjusted earnings per share and adjusted EBITDA exceeded its internal expectations, while it maintained the midpoint of its full-year outlook.
“Organic net sales returned to growth, driven by a meaningful improvement in North America, where performance exceeded our expectations,” President and Chief Executive Officer Rod Little said during the company’s earnings call. Little said the company expects stronger overall growth in the fiscal fourth quarter, including growth in North America and international markets.
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Third-Quarter Sales Trends Organic net sales from continuing operations increased 1.1% in the quarter. North American organic sales rose 3%, fueled by double-digit grooming growth, mid-single-digit sun and skin care growth, and a return to growth in branded wet shave.
International organic sales declined 1.4%. Chief Financial Officer Fran Weissman attributed the decline to the Middle East conflict, reduced private-label sales caused by temporary supply disruptions, and a weaker-than-anticipated start to the sun season in Europe and Latin America. Weissman said the company expects international sales to return to growth in the fourth quarter as supply-chain conditions improve.
Wet shave organic sales declined 1.9%, as supply disruptions affecting private-label products more than offset growth in branded wet shave. In the U.S. razors and blades category, consumption increased 160 basis points amid heightened promotional activity, according to the company. Edgewell’s branded share declined 40 basis points, which management attributed partly to cycling elevated promotional activity from the prior year and changes to couponing, primarily in drug stores.
Sun and skin care organic sales increased 5%, driven by North American sun care, global grooming growth, and skincare gains. Hawaiian Tropic, Cremo and Wet Ones produced encouraging results, management said, aided by distribution expansion, product innovation and brand spending. Cremo recorded its seventh consecutive quarter of roughly 20% or greater grooming growth.
In U.S. sun care, category consumption declined about 2% during the quarter. Edgewell’s value share declined 60 basis points, as gains at Hawaiian Tropic did not offset declines at Banana Boat. Hawaiian Tropic gained 110 basis points of share in the quarter. Management said year-to-date category trends offer a more complete view given weather-driven seasonal shifts; through mid-July, sun care consumption was up 1.4% and Edgewell’s overall market share was flat.
Margins, Earnings and Cash Flow Adjusted gross margin declined 30 basis points year over year, in line with Edgewell’s expectations. Higher commodity and input-cost inflation was mostly offset by modest tariff refunds and higher productivity. The company cited approximately 200 basis points of productivity savings and 40 basis points of favorable currency movements, which were more than offset by unfavorable mix, promotional activity, inflation and net tariff effects.
Advertising and promotional expense rose to 14.6% of net sales from 13.6% a year earlier as Edgewell supported campaigns and brand launches. Adjusted selling, general and administrative expense was 18.4% of net sales, compared with 17.6% in the prior-year quarter, reflecting higher incentive compensation and unfavorable currency impacts.
Adjusted operating income was $53 million, or 9.3% of net sales, compared with $63.6 million, or 11.3% of net sales, a year earlier. GAAP diluted earnings per share from continuing operations were $0.26, compared with $0.46 in the prior-year period. Adjusted EPS from continuing operations was $0.72, unchanged from a year earlier. Adjusted EBITDA was $78.9 million, compared with $81.2 million in the prior-year quarter. Cash provided by operating activities totaled approximately $47 million in the first nine months of fiscal 2026, compared with about $44 million a year earlier. Third-quarter operating cash flow was approximately $119 million. Edgewell declared a quarterly dividend of $0.15 per share and returned about $7 million to shareholders through dividends.
Full-Year Outlook Narrowed Edgewell narrowed its fiscal 2026 guidance ranges while maintaining the midpoint of its prior outlook. The company expects stronger fourth-quarter performance, including material gross-margin expansion from productivity savings, the cycling of prior-year one-time costs and favorable foreign exchange.
Organic net sales: flat to growth of 50 basis points. Adjusted EPS: $1.80 to $2.00. Adjusted EBITDA: $250 million to $260 million. Adjusted free cash flow, excluding Feminine Care divestiture effects: approximately $80 million to $110 million. Adjusted net debt leverage at year-end: 3.3 times to 3.4 times. Little said Edgewell continues to invest in priority brands while pursuing a simplified operating model, lower costs and greater use of technology, analytics and AI-enabled capabilities. The company is also advancing a wet shave manufacturing consolidation that management described as its largest operational initiative since becoming a standalone company in 2015.
While the consolidation created supply disruption that lasted longer than expected in certain international markets, Little said the company is making progress and expects the project to improve production volumes, service levels, productivity, margins, working capital and free cash flow over time. Edgewell said it plans to provide additional detail on fiscal 2027 priorities during its year-end call in November.
About Edgewell Personal Care (NYSE:EPC)Edgewell Personal Care Inc, incorporated in 2015 and headquartered in Shelton, Connecticut, is a global consumer products company specializing in personal care, sun care, shaving and feminine care solutions. The company emerged as a spin-off from Energizer Holdings' personal care division, listing its shares on the New York Stock Exchange under the ticker “EPC.” Edgewell's portfolio comprises well-known brands that cater to everyday personal grooming and protection needs.
In the shaving segment, Edgewell markets razors and refill blades under brands such as Schick and Wilkinson Sword, targeting both men's and women's grooming categories.
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