Track market-moving stories before they get noisy

BRENTWOOD, Tenn.--(BUSINESS WIRE)--Delek Logistics Partners, LP (NYSE: DKL) (“Delek Logistics”) today declared its quarterly cash distribution for the third quarter 2026 of $1.14 per common limited partner unit, or $4.56 per common limited partner unit on an annualized basis. The third quarter 2026 cash distribution is payable on November 10, 2026, to unitholders of record on November 3, 2026. About Delek Logistics Partners, LP Delek Logistics is a midstream energy master limited partnership he.

[url="]Schall, Brown and Schwartz[/url] LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of inv

Eastern Bankshares, Inc. (EBC) Q3 2026 Earnings Call October 23, 2026 9:00 AM EDT

Company Participants

Denis Sheahan - CEO & Director
R. Rosato - CFO & Treasurer

Conference Call Participants

Damon Del Monte - Keefe, Bruyette, & Woods, Inc., Research Division
Justin Crowley - Piper Sandler & Co., Research Division
Feddie Strickland - Hovde Group, LLC, Research Division
Tyler Cacciatori - Stephens Inc.
Laura Havener Hunsicker - Seaport Research Partners
Jared David Shaw - Barclays Bank PLC, Research Division

Presentation

Operator

Welcome to the Eastern Bankshares, Inc. Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded for replay purposes. In connection with today's call, the company posted a presentation on its Investor Relations website, investor.easternbank.com.

Today's call will include forward-looking statements. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. Please refer to the company's forward-looking statement on Slide 19 of this presentation as well as the risk factors described in the company's SEC filings. The company will also discuss both GAAP and certain non-GAAP financial measures. For reconciliations, please refer to the company's earnings press release and SEC filings.

I'd now like to turn the call over to Denis Sheahan, Eastern Chief Executive Officer.

Denis Sheahan
CEO & Director

Thank you. Good morning, everyone, and thank you for joining us. On the call today with me are Executive Chair and Chair of the Board of Directors, Bob Rivers; President and Chief Operating Officer, Quincy Miller; and our Chief Financial Officer, David Rosato. We're pleased with our third quarter performance, which reflects disciplined execution of our priorities. We delivered record operating earnings, generated attractive returns, maintained excellent asset quality and returned meaningful capital to shareholders, all while continuing to drive organic growth across both our banking and fee-based businesses.

Portland, Oregon--(Newsfile Corp. - October 23, 2026) - On October 23, 2026, the board of directors of Portland General Electric Company (NYSE: POR) declared a quarterly common stock dividend of $0.55125 per share. The company's dividend is evaluated based on capital requirements and financial performance.

There is a certain kind of investor who checks their portfolio every morning, and this article is not for them. I'm (truthfully) one of those people, and I know how easy it is to turn constant checking into constant stress.

These five stocks are for the person who wants to buy a handful of good businesses, let the dividends pile up, and not think about it again for years. The best stocks for that job are companies in the middle of doing something right now: opening a new restaurant brand, absorbing an acquisition, building out a service customers cannot easily leave. Those moves will matter far more in 2031 than they do today. The five consumer names below each have a specific project underway that a patient investor can simply let run. Put $1,000 in each, forget about it, and come back in five years.

Image source: Getty Images.

1. Williams-Sonoma Williams-Sonoma (WSM -3.19%) raised its quarterly dividend 15% in March to $0.76 per share, and the business behind it is doing the rare thing of growing through a frozen housing market. In the quarter ended Aug. 2, every one of its brands, from Pottery Barn to West Elm to the namesake kitchen stores, posted higher comparable sales, and the company raised its full-year outlook.Management attributes the growth to taking share from competitors and to its business-to-business arm that furnishes hotels and offices. With $1 billion in cash and almost no stores being added, this is a company compounding on execution rather than expansion.

WSM Williams-Sonoma$252.47-$8.33 (-3.19%)

NYSE · As of 4:00 PM ET 10/23/26

2. Texas Roadhouse Texas Roadhouse (TXRH -4.12%) pays $0.75 a quarter and planned to open roughly 35 company-owned restaurants in 2026 across three brands: the flagship steakhouse, Bubba's 33, and Jaggers, its fast-casual chicken concept. That third brand is what makes this a five-year hold to me. Jaggers is still small, which means the company has a growth engine that most of the market is not pricing in yet, funded by one of the most reliable casual-dining businesses in the country. Texas Roadhouse has roughly 700 steakhouses but only a few dozen Jaggers, so if the chicken concept proves it can scale, it adds a second decade of unit growth.

TXRH Texas Roadhouse$165.66-$7.12 (-4.12%)

NASDAQ · As of 4:00 PM ET 10/23/26

3. Tractor Supply Tractor Supply (TSCO -3.77%) operates 2,463 stores plus 209 Petsense locations, and its dividend is $0.24 a quarter after a stock split. What makes it a 2031 story is the way it has been building out services around the animals its customers own. It now includes Allivet, an online pet pharmacy, and VIP Petcare, the largest mobile veterinary provider in the U.S., in its family of brands. A retailer that sells you the dog food, fills the prescription, and gives the shots is hard to shop around.

TSCO Tractor Supply$33.42-$1.31 (-3.77%)

NASDAQ · As of 4:00 PM ET 10/23/26

4. Dick's Sporting Goods Dick's Sporting Goods (DKS -2.76%) is my somewhate contrarian pick. It pays $1.25 a quarter, or $5 a year, and its core business grew comparable sales 4.9% last quarter, helped by the World Cup. The stock has been punished because the Foot Locker chain it bought in 2025 is still losing money, and management has closed 67 unproductive stores so far. But Dick's now has 41 House of Sport locations, 52 Field House stores, and GameChanger, a youth sports app, all of which were working before Foot Locker arrived. If the integration succeeds by 2031, today's price will look like a gift.

DKS Dick's Sporting Goods$144.67-$4.11 (-2.76%)

NYSE · As of 4:00 PM ET 10/23/26

5. McCormick McCormick (MKC -1.21%) has paid a dividend for 102 consecutive years, currently $0.48 a quarter. In March it agreed to combine with the food business of Unilever (UL -1.15%), creating a flavor company with about $20 billion in revenue when the deal closes in mid-2027. The company says integration planning is on track, with the future leadership team already named. Mergers this size carry real risk, but for a five-year holder, buying the spice company before it becomes the sauce-and-condiment giant is the point.

MKC McCormick$48.12-$0.59 (-1.21%)

NYSE · As of 4:00 PM ET 10/23/26

None of these five is a high-yield stock, and all of them face consumers who are watching their spending. Dick's and McCormick, in particular, have integration risks that could take a year or two to resolve. But each one is executing a plan that does not depend on the next quarter, and each one pays you to wait.

Buy all five, reinvest the dividends, and check back in 2031.

SAN FRANCISCO--(BUSINESS WIRE)--AWKO Law LLP is investigating a data breach that led to unauthorized access to the sensitive information of patients of Quest Diagnostics, a New Jersey-based diagnostic testing company. Quest Diagnostics disclosed in its Securities and Exchange Commission (“SEC”) Form 8-K filing that on October 21, 2026, it identified unauthorized activity in its Quanum Lab Services Manager, a platform where certain clients can place test orders and receive or look up their resul.

San Diego, California--(Newsfile Corp. - October 23, 2026) - Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of persons and entities who purchased or otherwise acquired Doximity, Inc. (NYSE: DOCS) common stock between August 8, 2024 and May 13, 2026, inclusive (the "Class Period"). Doximity is a digital platform for medical professionals that combines health care news, workflow products, and clinician networking.

The complaint alleges that Doximity failed to disclose to investors that it was losing market share to its competitors with more favorable pricing and engagement models.

Investors who suffered significant losses during the Class Period may be eligible to participate in the lawsuit and should contact Robbins LLP for information before the November 16, 2026, lead plaintiff deadline.

Listen to our podcast.

Why Was Doximity Sued?

The complaint alleges that during the Class Period defendants claimed the Company's Newsfeed was its "biggest revenue driver." Specifically, defendants claimed that the Company's growth was "led by our Newsfeed, which is both our most used and most monetized product" and told investors that the Newsfeed was consistently "reach[ing] new highs," with "an all-time record of quarterly active prescribers and double-digit growth in the number of articles read or tapped." In addition, Doximity touted its "deep engagement," assuring investors that Doximity does not "bombard physicians with ads and messages in hopes of getting lucky" and assured investors that "[Doximity does not] have an e-newsletter product." In truth, Doximity overstated the impact that its Newsfeed had on its revenue growth, and the Company was losing market share to its competitors with more favorable pricing and engagement models. Additionally, notwithstanding its frequent statements to the contrary, Doximity relied heavily on both banner ads and email newsletters as advertising methods.

Why Did Doximity Stock Drop?

Plaintiff alleges that on November 6, 2025, despite reporting strong second quarter results, Doximity expressed a degree of caution regarding the outlook for ad spending and implied a slowdown in sales growth in the second half of the 2026 fiscal year, which ended on March 31, 2026. As a result of these disclosures, the price of Doximity common stock declined by $8.29 per share, or 13%.

Then, on February 5, 2026, Doximity lowered its revenue guidance for 2026 full fiscal year, which ended on March 31, 2026, and announced that its sales growth had decelerated while its net income had contracted, which will negatively impact its 2026 fiscal fourth quarter. Following these poor financial results, analysts noted that "uncertainty is lingering. This is not widespread, meaning not all pharma[ceutical] clients are holding back" on their advertising spend. Analysts also began to posit that the reason for Doximity's slowing growth was that the Company was actually losing market share to its competitors. Specifically, an analyst at Evercore noted that older companies, such as Doximity, "are losing share while programmatic, social, and other new formats are gaining share." As a result of these disclosures, the price of Doximity common stock declined by $5.59 per share, or 17%.

Then, on May 13, 2026, Doximity announced that it missed its already-reduced revenue guidance and projected a significantly slower pace of growth for its 2027 fiscal year, which ends on March 31, 2027. As a result, several analysts downgraded Doximity stock citing issues specific to the Company's business. For example, Freeman Capital Markets described the news as "a tough pill to swallow" as shares fell to "an all-time low" and Jefferies placed the stock in the "penalty box." Leerink Partners also put Doximity "in the penalty box" following the "eye-catching" guidance paired with the "shock value" of "[a]ll of the dynamics that lead to the guidance, including market softness, timing of commitments and the spend to ramp its AI products." RBC Capital Markets noted that Doximity's stalled net revenue retention suggested an "increasingly competitive market." As a result of these disclosures, the price of Doximity common stock declined by $5.38 per share, or 23%.

Who May Be Eligible to Participate in the Doximity Class Action?

The lawsuit seeks to represent investors who purchased or otherwise acquired Doximity, Inc. common stock between August 8, 2024 and May 13, 2026. Investors who suffered losses during that period may have legal rights under the federal securities laws.

What Is a Lead Plaintiff?

The lead plaintiff is a court-appointed investor who represents the interests of all class members throughout the litigation. Stockholders who wish to lead the class action should contact Robbins LLP before the November 16, 2026, lead plaintiff deadline.

Serving as lead plaintiff is not required to share in any potential recovery. Investors who do not seek appointment may remain absent class members if the case proceeds and later resolves successfully.

Does It Cost Anything to Participate?

No. Robbins LLP represents investors on a contingency fee basis.

Why Robbins LLP?

A recognized leader in shareholder rights litigation, Robbins LLP represents investors in securities fraud and shareholder derivative litigation. We have helped restore more than $2 billion in value to shareholders and secured some of the largest recoveries in shareholder derivative litigation history.

"Companies have an obligation to provide investors with complete and accurate information so that markets can function fairly and efficiently," said Brian J. Robbins, Founding Partner of Robbins LLP.

To be notified if a class action against Doximity, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Contact Robbins LLP

Investors seeking additional information about the Doximity, Inc. securities class action may contact Robbins LLP by submitting an inquiry, emailing attorney Aaron Dumas, Jr., or calling (800) 350-6003.

Attorney Advertising. Past results do not guarantee a similar outcome.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320691

Source: Robbins LLP

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GRAND CAYMAN, Cayman Islands--(BUSINESS WIRE)--Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), one of the world's largest digital banking platforms, announced that Eric Young, its Chief Technology Officer, has decided to resign to pursue a new professional opportunity. Mr. Young is expected to remain with the Company until November 12, 2026 to support an orderly transition.David Vélez, Founder, Chairman and Chief Executive Officer, will directly oversee Global Platforms on an interim basis,.

TD Bank U.S. and data network Akoya are collaborating to help financial apps and data providers connect to TD through secure APIs, the companies said in a Tuesday (Oct. 20) press release.

On its third-quarter 2026 earnings call, held on Oct. 23, 2026, Rogers Communications (RCI -2.44%) announced record free cash flow of over CAD 1.3 billion following a 46% drop in capital spending.

The Canadian telecom carrier (not to be confused with Rogers, an engineered materials specialist from Arizona) is shifting away from low-priority network builds to improve its financial flexibility. This strategy helps reduce debt leverage while unlocking value from sports holdings. Three key takeaways from management stand out for long-term investors.

1. Lower Capital Spending Is Driving Record Free Cash FlowManagement cut quarterly capital expenditures, or spending on physical infrastructure, by 46% by exiting non-priority network projects. This shift lowered capital intensity, or capital spending as a percentage of revenue, to under 10% and expanded cash generation.

Our streamlined capital investment priorities drove capital intensity to just under 10% in the quarter and 12% year-to-date. We have accelerated free cash flow, which is up 65% in the quarter and 34% year-to-date, reflecting the lower capital intensity.
-- Glenn Brandt, Chief Financial Officer2. Premium Wireless Services Take Priority Over Discounting for VolumeIn a quieter market, the company prioritized base management and average revenue per user, or ARPU, which measures monthly revenue per subscriber. Rather than cutting prices to win lower-value additions, management has refocused on its flagship brand.

We are focused on base management, and we are leading with our premium Rogers wireless service plans rather than simply moving to discount prices to chase volumes.
-- Glenn Brandt, Chief Financial Officer3. Consolidation of Sports Assets Positions the Company to Pay Down DebtThe company acquired the remaining 25% stake in Maple Leaf Sports & Entertainment, or MLSE, giving it full ownership of major sports teams and related assets. Management plans to monetize these media holdings by selling a minority stake to institutional partners by mid-2027.

The next step in our strategy is to consolidate our sports media and entertainment assets and to sell a minority interest to third-party investors, and we continue to target a closing date for that by the first half of 2027.
-- Tony Staffieri, President and Chief Executive Officer$32.39-$0.81 (-2.44%)

NYSE · As of 4:00 PM ET 10/23/26

Looking AheadFree cash flow is accelerating across the business, and management presents a bullish front. The integration of national telecom reach with premier sports franchises builds customer loyalty that low-cost rivals cannot replicate, supported by strict pricing discipline across wireless and cable segments.

Overall, we remain bullish about our plan to unlock shareholder value and drive long-term growth.
-- Tony Staffieri, President and Chief Executive OfficerManagement continues to evaluate debt-reduction strategies and efficiency initiatives as valuations of sports assets rise across major leagues.

By integrating our sports entertainment and connectivity businesses, we're able to reward customers and create experiences that deepen loyalty and drive long-term value.
-- Tony Staffieri, President and Chief Executive Officer

Neocloud company CoreWeave is facing a crisis of confidence on Wall Street that's playing out in real time among equity and bond investors. With interest rates spiking and AI build-out concerns mounting, debt-heavy neoclouds like CoreWeave are being viewed by many market participants as the most vulnerable trade in the artificial intelligence space.

STX heads into fiscal Q1 earnings with AI-driven storage demand, rising EPS, robust cash flow and strong returns on equity supporting its bullish outlook.

From a valuation perspective, Syntec Optics Holdings, Inc. (OPTX - Free Report) stock looks expensive. OPTX is currently trading at a trailing 12-month enterprise value/sales (EV/sales) of 8.77X, above the industry average of 2.78X. OPTX also trades at a higher valuation compared to other industry players, such as Duos Technologies Group, Inc. (DUOT - Free Report) and Bit Digital, Inc. (BTBT - Free Report) . Currently, DUOT and BTBT trade at EV/sales multiples of 2.42X and 2.21X, respectively. 

Image Source: Zacks Investment Research

While this elevated valuation reflects investor confidence in the company’s long-term potential, it also raises concerns about whether the stock can justify such lofty multiples. Considering the premium valuation, investors must be wondering whether they should buy, hold or sell the stock.

OPTX Stock’s Price PerformanceSyntec Optics shares have jumped 135.3% over the past year against the industry’s 28.7% decline. The Zacks Business Services sector has fallen 14.4% while the S&P 500 has advanced 13.2%. Meanwhile, OPTX has outperformed DUOS and BTBT, which declined 36.8% and 76.8%, in the same time frame.

Image Source: Zacks Investment Research

Business Tailwinds for OPTXSyntec Optics is benefiting from expanding demand for precision optics across U.S. defense platforms. In September 2026, the company reported more than $9 million in purchase orders, more than double its previously announced total. Demand spans missile-guidance optics, night-vision equipment, specialized targeting lasers and AI-enabled augmented-reality headsets. The breadth of applications and recurring orders could support production visibility as defense customers modernize their systems and deploy advanced optical technologies.

OPTX's space business is gaining traction through orders tied to national security and satellite communications. In September 2026, it secured an order for optics supporting U.S. Space Force infrastructure and reconnaissance satellites. The company is also ramping weekly shipments of precision waveguides for satellite antenna feeds. Management indicated that its space antenna portfolio could generate more than $1 million in annual revenues, while potential demand from expanding satellite constellations supports a longer-term opportunity.

Syntec Optics strengthened its lunar exploration exposure in October 2026 by announcing recurring production orders for precision components used in actuators on NASA's Artemis III rockets. These components help maintain engine positioning and flight trajectory. Management said the award increased its space technology backlog by 10%. The evolving mission plan, including orbital testing ahead of lunar operations, could provide additional production opportunities, although the timing and scale of future orders remain dependent on mission execution.

Syntec Optics is broadening its presence in AI infrastructure and advanced energy applications. In August 2026, it reported more than $4 million in orders linked to data center technologies and new fusion-energy orders valued at seven times those secured late in 2025. Its precision optics are designed for demanding fusion reactor environments, while micro-connectors and space-power systems expand the addressable product portfolio. Dedicating 5% of factory capacity to AI data center optics signals plans to build repeatable production in this market.

Improving financial flexibility could help Syntec Optics pursue its growing order pipeline. The company raised approximately $18.6 million in net proceeds through an April 2026 share offering and another $2.8 million from the underwriter's option exercise. It used roughly $6.8 million to repay debt and eliminated its bank credit line and related financial covenants. Sales increased to $14.8 million in the first half of 2026 from $13.6 million a year earlier, while operating cash flow improved to $0.2 million from $0.1 million.

Headwinds for OPTX’s BusinessSyntec Optics faces profitability pressures despite revenue growth. In the first half of 2026, gross profit declined to $3.1 million from $3.9 million a year earlier, as higher material costs, particularly aluminum, weighed on margins. The company reported a net loss of $0.6 million compared with nearly breakeven results a year ago. Customer concentration remains a concern, with three customers accounting for 52% of revenues. Competition from larger manufacturers, fluctuations in product mix and potential production disruptions could further pressure margins.

ConclusionOPTX’s growing defense and space orders, expanding AI infrastructure opportunities and improved financial flexibility support its long-term growth prospects. However, margin pressures, rising material costs, customer concentration and profitability challenges warrant caution.

Also, its valuation is higher than the industry average. For long-term investors, OPTX’s strong fundamentals may justify holding the stock, but investors looking to add the stock to their portfolios may want to wait for a better entry point. 

Earlier this week, Space Exploration Technologies (SPCX +1.89%), better known as SpaceX, surprised Wall Street with an impressive third-quarter earnings report. Elon Musk's space exploration and artificial intelligence (AI) company generated $14.6 billion in revenue and reported $4.4 billion in net income, reversing a loss of $1.1 billion in the year-ago quarter.

At first glance, these results suggest SpaceX reached an important profitability milestone. But a finer detail buried in the company's 10-Q deserves closer attention. SpaceX recognized a $561 million gain associated with its equity investment in The Boring Company, another business founded by Musk.

Although this is legitimate under accounting rules, this gain did not generate any cash for SpaceX. Let's explore what exactly happened, why it matters, and what investors should watch as SpaceX accelerates its infrastructure spending.

Image source: Getty Images.

How SpaceX recorded a profit without receiving any cash To understand how this accounting adjustment works, imagine you bought a baseball card for $100. Several months or years later, someone else purchases the same card for $200. Based on that transaction, you determine that your card is now worth $200. You're technically $100 "wealthier" on paper, but you haven't actually sold your card or received another $100 in your bank account.

This is essentially what happened with SpaceX. The company owns a stake in The Boring Company, Musk's tunneling and transportation business. In September, The Boring Company raised $3 billion in Series D financing. Investors purchased shares at a $20 billion valuation, giving SpaceX fresh insight into the value of its existing investment.

Under generally accepted accounting principles (GAAP), SpaceX can measure this investment using its fair value. As a result, the company recognized a $561 million unrealized investment gain. An unrealized gain simply means an asset has increased in value, but its owner hasn't sold it.

SpaceX recorded this increase under Other income, allowing the gain to flow through its income statement and contribute to reported profitability. There's nothing inherently suspicious about this accounting treatment. However, investors should understand that the gain doesn't come from the company's operations in launching rockets, selling Starlink subscriptions, or providing AI computing services.

SPCX Space Exploration Technologies$147.49+$2.74 (+1.89%)

NASDAQ · As of 4:00 PM ET 10/23/26

SpaceX's profitability can be measured a different way As referenced, SpaceX reported $4.4 billion in net income during the third quarter. By excluding the $561 million Boring Company gain, the company's normalized net income would be closer to $3.8 billion. However, this is technically an imperfect way to measure profitability because it doesn't account for differences in tax effects when recognizing investment gains versus not recognizing them.

I think a better way to judge SpaceX is by looking at operating income. Operating income measures the money a company earns from its core business segments after operating expenses, but before interest, taxes, and other financial items.

The table illustrates SpaceX's operating income by business unit compared to last year.

Business SegmentQ3 2026 Operating IncomeQ3 2025 Operating IncomeSpace($7) million$259 millionConnectivity (Starlink)$2.4 billion$1.2 billionSuper Intelligence (SI)$431 million($1.7) billionTotal$2.8 billion($273) million Data source: Investor relations.

These figures illustrate how SpaceX's operating performance is genuinely improving. However, there's another wrinkle investors need to understand: Accounting profits are not the same as free cash flow.

SpaceX is spending unprecedented sums expanding its infrastructure. During the third quarter alone, the company spent $19.6 billion in capital expenditures (capex), including $16.4 billion attributable to its AI business. For perspective, that investment was larger than SpaceX's entire reported revenue for the quarter.

Moreover, the company spent $48.1 billion in capex through the first nine months of the year, compared with $13.1 billion in operating cash flow. Simple math shows a $35 billion deficit between cash generation and infrastructure spending.

Of course, this doesn't mean SpaceX is running out of money. The company's historic IPO and debt financing provide enough liquidity to fund its various build-outs for the time being. The main takeaway here is that the company is spending considerably more on infrastructure than its operations currently generate in cash.

Is SpaceX's noncash gain a red flag? At the end of the day, SpaceX's accelerating revenue and improving operating margins are encouraging. My thought is that the $561 million noncash gain from The Boring Company is a normal accounting adjustment rather than evidence of misleading financial reporting.

With that said, investors should look beyond the company's headline profit going forward and focus more on operating income, capex, and free cash flow. Those figures will ultimately tell us whether SpaceX is building a financially sustainable industrial conglomerate or simply spending too much to pursue its ambitions.

Rexford Industrial Realty, Inc. (REXR) Q3 2026 Earnings Call October 23, 2026 11:00 AM EDT

Company Participants

Doug Bettisworth - Senior Vice President of Investor Relations & Capital Markets
Laura Clark - CEO & Director
John Nahas - Chief Operating Officer
Michael Fitzmaurice - Chief Financial Officer

Conference Call Participants

Blaine Heck - Wells Fargo Securities, LLC, Research Division
Craig Mailman - Citigroup Inc., Research Division
Samir Khanal - BofA Securities, Research Division
Michael Griffin - Evercore ISI Institutional Equities, Research Division
Michael Mueller - JPMorgan Chase & Co, Research Division
Eric Borden - BMO Capital Markets Equity Research
Richard Anderson - Cantor Fitzgerald & Co., Research Division
Greg McGinniss - Scotiabank Global Banking and Markets, Research Division
Jonathan Petersen - Jefferies LLC, Research Division
Vince Tibone - Green Street Advisors, LLC, Research Division
David Rodgers - Raymond James & Associates, Inc., Research Division
Omotayo Okusanya - Deutsche Bank AG, Research Division

Presentation

Operator

Good morning. My name is Holly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty, Inc. Third Quarter 2026 Earnings Call. [Operator Instructions]

I will now hand the call over to Doug Bettisworth, Senior Vice President, Investor Relations and Capital Markets at Rexford Industrial. Doug, please go ahead.

Doug Bettisworth
Senior Vice President of Investor Relations & Capital Markets

Thank you, and welcome to Rexford Industrial's Third Quarter 2026 Earnings Conference Call. In addition to yesterday's earnings release, we posted a supplemental package and earnings presentation in the Investor Relations section on our website to support today's remarks.

As a reminder, management's remarks and responses to your questions may contain forward-looking statements as defined by the federal securities laws, which are based on certain assumptions and subject to risks and uncertainties outlined in our 10-K and other SEC filings. As such, actual results may differ, and we assume no obligation

Apple Inc. has already shown there's a strong appetite for its $2,000-and-up foldable iPhone Duo. Now it needs to meet that demand.

watch now

The iPhone Duo has an eye-popping price tag, but initial interest in Apple's first foldable phone in China appears solid.

On the day of the global launch on Friday, scalpers like Alex Wang stood outside the flagship store in Beijing's popular shopping area, Sanlitun, offering to pay customers an extra 3,000 Chinese yuan ($448) to buy their newly purchased phones on the spot.

"I feel the Duo can be sold with a higher price for half a month," he told CNBC while watching the lines of Duo customers who had pre-booked their phones. "The main reason is the tight supply."

Though foldables are still a niche product globally, China's market is the single largest, according to Counterpoint Research.

Apple fan Mary Tong, who was first in a line of about 100 people at the Sanlitun store, showed up at 6 a.m. to pick up her foldable device.

"Apple has been the laggard," she said. "I think many Chinese do prefer foldable phones."

watch now

Huawei is promoting its own AI assistant XiaoYi to boost the Chinese smartphone maker's competitiveness against Apple and other homegrown rivals. Huawei, which already has a broad lineup of foldable phones, launched a new trifold called the Mate XT2 that is priced at about $3,000 on Sept. 7, two days before Apple's Duo announcement.

China's Xiaomi unveiled its own pricey foldable, the 18 Fold, around the same time.

Even before the Beijing Apple store's regular opening hours, customers without a reservation showed up to test their luck to get their hands on the new phone. Apple had said the Duo would not be available for walk-in purchase on launch day in mainland China and would be "limited" in other countries. Each online purchase was restricted to two phones.

Zhang Zheng said he had tried to order one on the site but was discouraged by the delivery timeline, which stretched to January 2027. He said he still wants to buy one.

"I think it will be useful for work and it's cool to look at," he said.

While there was buzz about the device itself, expectations for Apple Intelligence were negligible. The company said a version of the AI system is set for beta testing this month for the mainland China market and will include features like live translation, Clean Up in photos, and writing tools.

On Oct. 14, Beijing approved Alibaba AI models for use in Duo and other Apple devices as part of the U.S. tech giant's pending AI rollout in the country. Apple received Chinese regulatory clearance over the summer.

Chinese official media cited ex-CEO Tim Cook on a recent China trip as saying Apple's revamped Siri AI would not be available in the country yet.

Duo customer John Zhao said he had tried Apple Intelligence while working overseas, and it was "nice but not beyond imagination." He expects the Chinese version to be less exciting.

Read more CNBC tech newsMusk's clash with Ukraine accelerates demand for Starlink alternatives. Few existThird-party evaluators find vulnerabilities in OpenAI monitoring system during test pilotNvidia CEO Jensen Huang says neocloud demand is 'off the charts' but capital is scarceTesla beats on earnings and sales even as auto revenue declines

Apple’s first foldable iPhone is drawing praise for its sleek engineering and nearly invisible screen crease — but critics say its hefty design, camera compromises and uneven app support make the $1,999 gadget a tough sell for most consumers.

On top of that, early reports indicate the pricey device may be prone to crack.

The iPhone Duo hits stores Friday after drawing an 8.8 out of 10 from Engadget and 7 out of 10 from both The Verge and WIRED.

An image posted by a Reddit user shows a damaged iPhone Duo. reddit/Bitter_Offer7123
Engadget called Apple’s long-awaited entry into the foldable market “worth the wait,” while The Verge described it as a “messy, expensive, good time.”

Meanwhile, Wired called it an “astonishingly good first foldable.”

The device unfolds to reveal a 7.6-inch matte display that dramatically reduces glare, while its innovative hinge operates smoothly and holds the screen at different angles.

However, a handful of Reddit posts indicated severe disappointment for some buyers as of Friday afternoon.

“iPhone Duo screen cracked within 6 hours of ownership,” one user complained.

The person said they had taken out the device to show it off to a friend when they “felt something around the internal hinge, underneath the screen.”

“As I continued opening it, I heard an audible crack, and the screen broke right along the hinge,” the post continued. “There were no marks or damage on the inner screen’s surface or the external hinge to suggest anything had been caught or damaged.”

The person zoomed back to an Apple store, where staff gave the customer a new Duo.

Another Reddit user posted a video of a cracked device, commenting: “Looks like some of them are cracking in the exact same area.”

Yet another image of a cracked Duo had the caption, “I’ve seen several iPhone Duos with damage in this exact same spot.”

A display of iPhone Duo smartphones is seen during a launch in Manhattan on Friday. Anadolu via Getty Images
Still, reviewers sung praises of the device’s titanium construction and smooth folding mechanism.

The crease hasn’t disappeared entirely, however. Several critics noted that it remains visible at certain angles and can still be felt when running a finger across the screen.

Apple’s anti-reflective finish also comes with a trade-off: Colors can appear less vibrant and blacks less deep than on the company’s non-folding premium iPhones.

At 254 grams and 11.3 millimeters thick when folded, the Duo’s bulk emerged as one of the most frequent complaints.

Its relatively small 5.4-inch outer display also drew mixed reactions, with some reviewers praising its compact footprint and others complaining that websites and apps feel cramped on the device.

The Wall Street Journal delivered one of the harshest assessments, describing the device as “Too Much iPhone, Too Little iPad.”

A display of iPhone Duo smartphones is seen during the launch in Manhattan on Friday. Anadolu via Getty Images
Despite its expansive inner display, the Duo falls short of an iPad when it comes to productivity, with more limited multitasking and keyboard capabilities, according to the Journal.

Software emerged as another major sticking point.

While Apple’s own apps generally make a seamless transition between the folded and unfolded screens, reviewers found that many third-party offerings weren’t properly optimized for the device.

Wired’s Julian Chokkattu described the problem: “Thick, black bars on the sides, with a phone-sized app in the middle of this tablet-like display.”

Engadget’s Sam Rutherford called the gap between optimized and unoptimized apps “the biggest growing pain you’ll face on Apple’s first foldable.”

Even the Duo’s multitasking capabilities have limitations.

Users can run two apps side by side, but Apple’s software restricts them to a fixed 50-50 split, without the freedom to open a third floating window.

Suraya Shivji, 28, a New York resident visiting San Francisco for a friend’s wedding, reacts to seeing the iPhone Duo in action at the Apple Union Square store in San Francisco on Friday. REUTERS
“If you have two apps split-screen on the Duo, Apple won’t let you resize one app to be slightly bigger than the other like you can on Android,” Chokkattu wrote in Wired.

“Here, a 50-50 split is always enforced. You can’t add a floating third app when in split-screen either, even though Apple has offered a similar capability on iPads for years.”

Those complaints could ease as developers adapt their apps to the new format.

Wired reported that several popular apps received updates during the device’s testing period, while Creative Strategies said the share of its installed apps optimized for the Duo increased dramatically over roughly six days.

Other shortcomings won’t be fixed with software updates.

“Despite being Apple’s most expensive iPhone, the iPhone Duo does not have its most powerful camera system,” Chance Miller of 9to5Mac wrote.

Its main and ultrawide cameras generally earned favorable marks, but several reviewers found their performance inferior to the iPhone 18 Pro, particularly in low light.

The hidden 4-megapixel camera beneath the inner display also disappointed, with Gizmodo reporting washed-out image quality.

An image provided by a Reddit user shows iPhone Duo models with damage in the exact same spot. reddit/robnaught
“I hear you: it feels absurd that a $2,000 phone—the most expensive iPhone ever—does not have the most versatile camera system that Apple has to offer,” Gizmodo’s Raymond Wong wrote, adding that he “noticed more lens flares coming off streetlights and more smeared details.”

Still, the folding design offers some novel photographic advantages, including the ability to use the higher-quality rear cameras for selfies while viewing the shot on the outer screen.

Battery life, meanwhile, exceeded the expectations of several reviewers, even if it couldn’t match Apple’s top conventional iPhone.

Tom’s Guide found that the Duo lasted 13 hours and 20 minutes in a continuous 5G web-browsing test using its larger display.

That handily beat the 10 hours and six minutes recorded by Samsung’s Galaxy Z Fold 8, but fell well short of the iPhone 18 Pro Max’s 17 hours and 31 minutes.

Other reviewers reported getting through a typical day without needing to recharge, although intensive use of the larger screen could drain the battery considerably faster.

The divergent ratings reflected less disagreement over the Duo’s strengths and weaknesses than differing views about whether its folding design justifies the compromises.

Tom’s Guide called it the “best designed foldable yet,” while 9to5Mac concluded that a conventional iPhone remains the more practical choice for most consumers.

The Post has sought comment from Apple.

Earlier this month, Meta Platforms announced controversial new commercial terms of use for business accounts that critics said would give the social media giant broad authority to crawl and scrape web content associated with those accounts.

Electric-vehicle and physical-AI developer Tesla TSLA faces closer scrutiny over its earnings quality, with shares at $373.64, down approximately 0.25%, around 10.55 a.m. ET Friday. According to Barron's, roughly $786 million in tariff refunds supported margins. That puts a sharper question in front of investors: how much of the improvement can Tesla deliver again?

Tesla's quarterly update showed revenue of $28.05 billion, essentially flat from a year earlier, while operating income fell 56% to $718 million. Automotive gross margin excluding regulatory credits reached 18.1%. Cash generation offered a brighter spot: operating cash flow of $6.26 billion covered $4.73 billion in capital spending, leaving $1.53 billion in free cash flow. Still, steady sales alongside sharply lower operating profit leave plenty to prove.

The valuation graphic puts Tesla 6.44% above its $351.03 GF Value™ estimate, suggesting the shares already carry a premium despite the earnings pressure. Refunds can help one quarter; sustained profitability needs repeatable gains in pricing, manufacturing efficiency and subscription revenue. Investors should watch whether those gains can support margins as robotaxi, robotics and semiconductor investments compete for cash.

New York, New York--(Newsfile Corp. - October 23, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Alphabet Inc. ("Alphabet" or the "Company") (NASDAQ: GOOGL) (NASDAQ: GOOG) on behalf of investors that purchased or otherwise acquired Alphabet securities between May 19, 2026 and July 16, 2026 (the "Class Period").

CLICK HERE TO JOIN THE CASE

If you are an investor in Alphabet and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.

DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than December 1, 2026 for an opportunity to be lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.

On July 16, 2026, according to the complaint, Bloomberg reported that Google is "months behind schedule on delivering Gemini 3.5 Pro, its most powerful flagship AI model" due to the Company's ongoing coding efforts and that "[l]ate last month, Google updated the data being used to train Gemini in an attempt to improve [its] skills, but the results were disappointing."

On this news, the price of Alphabet's Class A and Class C common stock fell $16.46 per share and $16.39 per share, respectively, or 4.4%, on July 16, 2026.

The complaint alleges, among other things, that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose (1) that the Gemini 3.5 Pro was delivering disappointing training results, and (2) that, as a result, the launch of Gemini 3.5 Pro would be significantly delayed.

CLICK HERE TO LEARN MORE

WHY CONTACT KAPLAN FOX?

Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.

Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.

For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.

If you have any questions about this Notice, your rights, or your interests, please contact:

Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.

https://www.kaplanfox.com/case/alphabet-googl-class-action/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320669

Source: Kaplan Fox & Kilsheimer LLP

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Amazon heads into Thursday's report after AWS operating income reached $16.6 billion, with AI investment returns in focus. -

Summary

AWS margins, capital spending and capacity constraints are key measures to watch.

Amazon, the commerce and cloud-computing giant AMZN, traded at $248.96, down 0.57%, at 10:00 a.m. ET ahead of Thursday's earnings report. The modest decline leaves the bigger question untouched: how much profit can Amazon squeeze from its AI infrastructure spending? Reuters' earnings preview frames the coming reports as a test of whether that investment can deliver durable returns.

The hurdle is already high. Amazon reported second-quarter AWS revenue growth of 37%, its fastest pace in 18 quarters, alongside $16.6 billion in cloud operating income. Companywide operating income climbed 43% to $27.5 billion. Management's third-quarter operating-income forecast of $22.5 billion to $26.5 billion puts the next report's profitability firmly in focus.

The GuruFocus snapshot shows a GF Score of 93/100, with growth its strongest category and financial strength comparatively weaker. That supports a strong operating profile, but it does not settle the spending question. Watch AWS margins, capital expenditures and capacity constraints together. Faster cloud growth carries more weight when the returns hold up after power, depreciation and chip costs.

Disclosures
I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Posters from Microsoft Garage science fairs and hack events, many funded by the Microsoft groups that hosted them, as seen in 2016. (Photo courtesy of Quinn Hawkins) I saw the news via GeekWire that after 17 years, the Microsoft Garage, which I co-founded, is coming to an end.

In software, 17 years is a very, very long time. I’m proud of how long it lasted.

The funny thing about the Garage is that it never should have existed. When we started it, Microsoft already had bigger, better-funded grassroots innovation programs. And none of us had any idea what we were doing. We’d never built anything like it.

And yet the Garage outlasted all of them. And grew bigger than any of them.

Some of that was luck. But I’d like to believe some of it was smart choices. Here are four that I think mattered, in hopes they help someone else with a similar opportunity.

In case you don’t want to read the whole thing, here’s the short version:

Doers, not talkers. Make it a potluck. Don’t worry about the billions. Don’t be afraid to do epic shit. 1. Doers, not talkers When the Garage started, the other innovation groups at Microsoft had one thing in common. They were built around ideas. Submit an idea. Vote on the ideas. Fund a few winners.

This was bad for a couple of reasons.

First, it attracted people who liked talking about things more than doing them.

Second, voting doesn’t work. Put ideas to a vote and the obvious ones win. But if an idea is obvious, someone has probably already built it. What you’re really looking for is someone with a special insight. Committees are terrible at spotting special insights.

So the Garage focused on people building small projects. Nobody had to vote. Nobody had to agree. If you wanted to build it, you built it.

That meant someone could build a test tool that made one annoying part of their job easier. Clark Roberts, Victor Boctor, and Mike Cook thought code reviews were too painful, so they co-built CodeFlow as a Garage project. It spread across Microsoft’s development teams and eventually into Visual Studio. Philip Su coded up Dr. Who, the fastest way to look someone up inside the company. Truong Do wanted one mouse and keyboard for all his computers, so he built Mouse Without Borders, which became the first Garage project released to the public.

None of those would have survived a vote. All of them were useful.

It also attracted a certain kind of person. The best coders are often the best because they just love to code. They code all day at work, then go home and code on nights and weekends. Those were Garage people.

Folks like Philip, who went on to be a tech CEO and site lead for Facebook and OpenAI. Vijaye Raji, who built Small Basic as a side project long before he founded Statsig and became CTO of Applications at OpenAI. And the CodeFlow crew: Victor, now a Technical Fellow at Airbnb; Clark, who leads engineering at TaxBit; and Mike, now an engineering leader at Clipboard Health.

As Chris puts it, they fell somewhere between startup founder and safe corporate employee. They wanted the security of a day job and also wanted to chase a dream. No surprise so many went on to do amazing things.

They weren’t interested in sitting around talking about ideas. They wanted to build things that solved their own problems.

It’s also why Ben Gilbert, now of Acquired fame, was the perfect person to take over the Garage after I left. Ben had always been a Garage type of person, building his own iPhone apps on the side. It’s the same doers-not-talkers spirit that led him and David Rosenthal to start hacking on Acquired way back before podcasts had blown up.

2. Make it a potluck The Garage had a tiny budget. Me, one amazing contractor, Liane, and a little money for pizza and poster boards.

Meanwhile, one of the other groups had a chocolate fountain at their event.

Our tiny budget looked like a weakness. It turned out to be one of our biggest assets.

When people asked us to do something, we couldn’t just pay for it. When employees at Microsoft’s Hyderabad campus asked us to put on a science fair, we said: we’d love to support you, but you’ll need to find a way to fund it.

Two good things happened.

First, it was a great screen. Only the really motivated people made it happen. And when people know they’re expected to lead, they do.

Second, they went to their local leadership and got them to pay for it. And once leadership paid for it, it was their science fair. Not something some outside group was telling them to do.

This happened again and again. Bing wanted a science fair, so Bing sponsored it. The Developer Division wanted one, so DevDiv sponsored it. And because they were paying for it, their leaders wanted it to succeed. They showed up. And each one made the next easier. We could point to a science fair that had worked somewhere else instead of starting cold.

The Garage became something lots of people owned. The well-funded groups never got that. They were islands. Leaders saw them as distractions, and probably a little arrogant for thinking they knew how to innovate.

Turns out a potluck beats a chocolate fountain.

3. Don’t worry about the billions I remember when Steve Ballmer visited Office Labs. Chris Pratley said that after the visit, Steve just asked: “So where’s my next billion-dollar idea?”

That one question explains a lot about why innovation is so hard at big companies.

If you’re an entrepreneur, a business doing $10M, $20M, or $30M a year is a huge success. At Microsoft, it’s a distraction. Big companies are looking for multi-billion-dollar businesses, and they’ll shut down things that are only tens of millions.

So the medium ideas get killed for being too small. And the big ideas need so many resources that they rarely make it either.

The irony is that billion-dollar businesses rarely look like it at the start. Facebook and Twitter didn’t even have a way to make money early on. Demand a path to a billion before you start, and you kill grassroots innovation.

We sidestepped all of that. The Garage was never about finding billion-dollar ideas. It was about supporting people doing grassroots innovation. Helping them build skills, ship things, make friends across the company, and make their own teams better.

Nobody could ask us where the billions were. We never promised any.

People always asked Ben, who ran the Garage after me, “What came out of it?” His answer: mostly culture. And keeping great people at Microsoft who went back to their day jobs re-energized. Look at that list of alumni again. Pretty good return on pizza and poster boards.

4. Don’t be afraid to do epic shit Microsoft employees gather for a Garage volcano eruption, one of the program’s “epic” moments. (Photo courtesy of Quinn Hawkins) One of my favorite Garage stickers said “Do epic shit.” We stole it from J Allard, who’d used it on Xbox.

It was controversial. People worried that a swear word in our materials wouldn’t be appreciated by everybody. They were right. It wasn’t.

But it had a very different energy from the rest of Microsoft. That was the point.

When you’re doing something like this, it helps to step outside the corporate culture and have a little fun. We never wanted to be arrogant. But we did do really fun stuff. Like a giant volcano, built by two pyromaniacs, that got bigger and bolder every time. Or giving people access to a laser cutter with only minimal training.

“Doers, not talkers” had the same tension. People worried it excluded folks who couldn’t code. And honestly, it did. But to have an identity, you have to say what you are and what you aren’t.

When you’re small and scrappy, you have to take risks. And you have to be willing to have an identity that isn’t for everybody.

Thank you The Garage is ending, but I don’t think it’s really going away. It lives on in the people who built things there and took that habit with them. It definitely lives on in my network.

To everyone who ever hacked on something in the Garage, came to a science fair, ate pizza at Stay Late and Code, or set something on fire on purpose: thank you.

To those who got to be there at the beginning and in the middle of it all (Chris Pratley, Liane Donald, Ben Gilbert, Jen Michelstein, Joe Coplen, and others): it was a blast.

And if you only remember four things let them be: Find the doers. Make it a potluck. Forget the billions. Do epic shit.

Processor and AI accelerator designer AMD (AMD) received a higher price target from Susquehanna as shares traded at $515.185, up approximately 1.42%, at 10:20 a

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BEAVERTON, Ore.--(BUSINESS WIRE)--NIKE, Inc. (NYSE: NKE) plans to host an Investor Day on November 16–17, 2026. Due to limited capacity, in-person attendance is by invitation only. The main stage presentations on Tuesday, November 17, 2026, will be webcast live beginning at approximately 8:30 a.m. PT and are expected to conclude at approximately 12:00 p.m. PT at https://investors.nike.com/. A replay of the webcast and related materials will be available at the same location following the event.

About NIKE, Inc.

NIKE, Inc., headquartered in Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com/. Individuals can also visit https://about.nike.com/ and follow NIKE on LinkedIn, Instagram and YouTube.

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