Track market-moving stories before they get noisy

Defense budgets are surging toward record levels, yet three of America's biggest contractors enter October trading nowhere near their peaks. One of them just posted the largest earnings beat of the group, and the market still walked away unimpressed.

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Defense budgets are expanding, yet three of the largest U.S. defense contractors enter October well below their 52-week highs. The FY 2027 investment request by the Department of War totals $756.8 billion, including $52.9 billion for Critical Munitions and $87.2 billion for Sea Power investments. Share prices have moved in the opposite direction, and that gap creates a research opportunity.

These three companies beat second-quarter earnings estimates and raised full-year guidance. We ranked them on beat magnitude, revenue growth, guidance raises, backlog, free cash flow momentum, and whether each pullback reflects a fixable problem or a structural one. Each trades below its 52-week high as of September 30.

#3: L3Harris Technologies Waits on a Delayed Missile IPO L3Harris Technologies (NYSE:LHX | LHX Price Prediction) traded around $236.79 on Oct. 1, against a 52-week high of $374.59, down 22.23% year to date (YTD). It operates as both a prime and a supplier, building space sensors, radios, and electronic warfare systems while acting as the only company currently producing PAC-3 solid rocket motors at scale.

Operations look healthy. EPS of $3.13 beat the $2.83 estimate for a fifth consecutive beat. Revenue rose 8.4% and free cash flow increased 39.7% to $771 million. A seven-year THAAD and PAC-3 framework represents approximately $12 billion of future production revenue.

The pullback has specific causes: Management pushed the missile IPO to mid-2027, saying “Market conditions have evolved and do not reflect the tremendous value we are building.” Multiple law firms announced investor investigations in September. At 24x trailing earnings, L3Harris carries the highest multiple of the group, while missile revenue accelerates across the 2027, 2028 and 2029 timeline. The weakness looks temporary, but the return window is long.

#2: Northrop Grumman Pairs Record Backlog With Isolated Charges Northrop Grumman (NYSE:NOC) traded around $484.13 on Oct. 1, far below its $767.12 high and near its $476.85 low. Shares fell 5% over the past week. This prime carries clear program concentration in the B-21 bomber and Sentinel ICBM.

EPS of $7.68 beat the $6.82 estimate, and backlog hit a record $104.69 billion on $20 billion of net awards, including $7.6 billion for Sentinel. Free cash flow rose 53.5%, and adjusted EPS guidance moved to $28.60 to $29.10.

The misses matter: Operating income fell 23.1% on unfavorable adjustments of $68 million on the Stand-in Attack Weapon and $91 million on GEM 63XL. A tax rate of 6.3%, down from 17.7%, flattered the bottom line. Management granted “we are not done with the qualification. Until we are, there is risk.” Those problems sit outside B-21 and Sentinel, which supports a temporary read. At 16x trailing earnings, the Air Force decision on a larger B-21 program, expected by year end, is the next catalyst.

#1: Huntington Ingalls Industries Posts the Biggest Beat at the Lowest Multiple Huntington Ingalls Industries (NYSE:HII) traded around $270.18 on Oct. 1 versus a $455.9 high, the steepest YTD decline of the group at 22.75%. As the nation’s largest military shipbuilder, building carriers, submarines, destroyers and amphibious ships, it carries the greatest concentration risk: The Navy is effectively its customer base.

EPS of $5.27 beat the $3.82 estimate by 38.02%. Revenue grew 10.9%, operating margin expanded 86 bps, and shipbuilding guidance rose to $10.2 billion to $10.4 billion from $9.7 billion to $9.9 billion. Backlog stands at $57.3 billion.

Weak spots remain: Free cash flow was negative $150 million on seasonality, Mission Technologies slipped 3.9%, and Ingalls started slowly on labor. Those are execution issues with visible fixes: HII hired over 3,500 shipbuilders and improved throughput 12% YTD. At 15x trailing earnings, analysts target $367.25.

Why Huntington Ingalls Leads This October Defense Watchlist We set out to separate real problems from temporary ones, and the ranking follows that test. Huntington Ingalls combines the largest beat, the fastest growth, and the lowest multiple, with risks tied to labor that management is actively fixing. If Ingalls throughput stalls, guidance comes under pressure, making the 15% full-year throughput goal worth monitoring. Northrop ranks second because its charges sit in smaller programs, though the B-21 decision carries weight. L3Harris ranks third because its missile value comes later and costs more today. We see Huntington Ingalls offering the best fundamental case of these three pullbacks heading into the fourth quarter.

Contact [email protected] for any questions or corrections.

Key Highlights ARK Invest purchased 233,482 shares of Rocket Lab valued at approximately $16.4 million on October 1. The investment firm offloaded 20,805 Palantir shares valued at around $4 million during the same trading session. Additional purchases included BWX Technologies, Intellia Therapeutics, and Veracyte stocks. ARK reduced holdings in Alphabet and liquidated a minor Zillow stake. Analysts assign Rocket Lab a Strong Buy consensus with 56% potential upside, compared to Palantir’s Moderate Buy rating with 6% upside potential. Cathie Wood’s ARK Invest executed multiple strategic stock transactions on Thursday, October 1, according to the firm’s publicly disclosed trading activity. The moves included significant acquisitions and strategic exits across several positions.

The investment management company acquired 233,482 shares of Rocket Lab distributed across three different ARK funds. This combined purchase represented an investment totaling approximately $16.4 million.

Rocket Lab USA, Inc., RKLB

Simultaneously, ARK divested 20,805 shares of Palantir Technologies. This divestment generated proceeds valued at nearly $4 million.

Year-to-date performance shows Rocket Lab shares climbing roughly 1%. Meanwhile, Palantir has posted gains of approximately 7% over the identical timeframe.

Rocket Lab Secures Major Launch Agreement and Expands Revenue Rocket Lab achieved a milestone by securing its most substantial commercial contract for the Electron launch vehicle. The agreement encompasses 20 additional launches for Japanese firm Synspective.

This expansion brings Synspective’s total mission count with Rocket Lab to 47. The robust pipeline provides enhanced revenue visibility for the aerospace company.

Rocket Lab delivered second-quarter revenue of $234 million, representing a 62% year-over-year increase compared to the prior-year period.

Development continues on the company’s Neutron launch vehicle. Additionally, Rocket Lab is pursuing the proposed acquisition of satellite communications provider Iridium Communications.

Wall Street sentiment toward Rocket Lab remains predominantly bullish. Among 16 covering analysts, 14 maintain Buy ratings while 2 assign Hold recommendations.

The consensus price target stands at $110.07 for Rocket Lab shares, implying 56% upside potential from present trading levels.

Palantir Demonstrates Robust Commercial Revenue Acceleration Palantir posted second-quarter revenue of $1.94 billion, marking a 93% surge versus the year-ago quarter. U.S. commercial revenue specifically jumped 149% to $764 million.

The data analytics platform provider executed 220 contracts valued at $1 million or higher throughout the quarter, demonstrating sustained enterprise demand for its software solutions.

Strategic partnerships have expanded Palantir’s ecosystem, including collaborative agreements with Nebius, PwC, and Armada.

Analyst sentiment on Palantir remains favorable, albeit with less enthusiasm than Rocket Lab receives. Out of 22 analysts tracking the stock, 16 recommend Buy, 4 suggest Hold, and 2 advise Sell.

Palantir’s consensus price target registers at $201.74, representing approximately 6% appreciation from current valuation levels.

ARK’s trading activity extended beyond these two positions. The firm acquired shares in BWX Technologies, which manufactures nuclear energy components, totaling roughly $13.6 million in value.

The investment manager also expanded its holdings in Intellia Therapeutics, a biotechnology company focused on gene editing. This transaction was valued at approximately $5 million.

ARK added shares of Veracyte, a company specializing in genomic diagnostic testing, with purchases exceeding $7.3 million.

Regarding divestments, ARK decreased its Alphabet position by selling 101 shares. The firm also eliminated a minor Zillow position valued at roughly $20,000.

These transactions form part of ARK’s standard practice of publishing daily trade disclosures across all its actively managed exchange-traded funds.

The Pentagon just handed Elon Musk a role shaping which weapons America builds for the next century, and SpaceX already holds billions in the contracts those decisions will influence.

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On September 30, 2026, Defense Secretary Pete Hegseth appointed Elon Musk, Anduril founder Palmer Luckey, and former House Speaker Newt Gingrich to lead a Pentagon review of future war. The effort, called Project Meridian, is a 120-day study, according to TRT World.

Musk runs SpaceX (NASDAQ:SPCX | SPCX Price Prediction). Its shares fell 1.85% in the October 1 session, to $148.07 on a delayed quote as of 7:59 PM ET. No evidence links that move to the appointment.

What Project Meridian Actually Commits To Final recommendations are due to Hegseth on January 28, 2027. They will come as a public report plus a classified annex. By design, the study stops short of producing new strategy or policy documents, limiting formal weight. The Pentagon’s chief technology officer manages it. It launched alongside a new Autonomous Warfare Command, according to OECD AI Policy Observatory. Budget, staffing and pay terms were not disclosed.

The scope covers AI, autonomy, directed energy, robotics and biotechnology across underground settings to cislunar space. Hegseth said the work should “be focused on discovering, developing, and fielding the weapons and systems that our children and grandchildren will need in their lifetimes, without any creative limitations or restrictions, on any future battlefield.” Palmer Luckey said: “Together, we will not only study the wars being fought today but also think seriously about the wars we cannot afford to fight in 2030, 2050, and 2100.”

What SPCX Holders Are Now Exposed To SpaceX holds $8 billion in defense contracts in 2026, including national security launch services and Starshield, a secure satellite network for government customers. In Q2 2026, Enterprise & Government revenue rose 108% to $1.806 billion. Total quarterly revenue was $7.81 billion.

The stock is up 4.11% over the past month and down 8% since its June 12, 2026 debut. That figure shows the return since listing. Public shareholders now have exposure to a government advisory process that the company’s own CEO helps lead.

Why the Vendor-Advisor Overlap Cuts Both Ways Two co-leads run Pentagon suppliers. Anduril sells jammers, interceptors and autonomous systems under its own contracts. The Guardian reported that the appointments raise conflict-of-interest concerns.

A counterargument: the people who built today’s defense technology typically sell it. Reusable rockets and low-cost autonomy came from commercial builders. Emil Michael said he wants “five more Andurils and Palantirs and SpaceXs”, suggesting the department treats commercial builders as a capability source by design.

Does a Study That Cannot Set Policy Matter? Its influence comes through what gets funded. The FY2027 request calls for $59.7 billion for space capabilities. For SpaceX holders, any near-term business effect remains undefined. Watch after January 28, 2027 whether the public report is released in full and whether the following year’s procurement requests follow its recommendations.

Contact [email protected] for any questions or corrections.

Revolutionary IL-23R targeted oral peptide delivers sustained skin clearance and a favorable safety profile in patients with psoriasis affecting sensitive, highly visible areas of the body 60% of patients with scalp psoriasis and 89% with genital psoriasis achieved site-specific complete skin clearance at Week 112 , /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) today announced new two-year data from the Phase 3 ICONIC-TOTALa study demonstrating the positive impact of ICOTYDE® (icotrokinra) on high-impact plaque psoriasis (PsO) sites. ICOTYDE is the first and only targeted oral peptide that precisely blocks the IL-23 receptor1, in adults and pediatric patients 12 years of age and older (adolescents).

The late-breaking results, shared as an oral presentation at the European Academy of Dermatology and Venereology (EADV) Congress 2026, evaluated adults and adolescents with at least moderate high-impact site involvement. Through Week 112, ICOTYDE demonstrated sustained skin clearance.2

"People with plaque psoriasis that affect high-impact sites deal with severe functional disability and intense daily pain. Even when these affected areas cover a small percentage of the body, they often do not respond to topical creams, limit activity, and degrade mental health due to unrelenting symptoms," said Richard B. Warren, M.D., Ph.D., Professor of Dermatology, University of Manchester.b "These robust two-year data validate that ICOTYDE provides enduring skin clearance with a favorable safety profile, making it a pivotal advancement in plaque psoriasis treatment."

ICOTYDE clinical data highlights2

Among patients treated with ICOTYDE, rates of clear or almost clear skin (Investigator's Global Assessment [IGA] 0/1)c increased from 57% at Week 16 to 67% at Week 24 and 70% at Week 112. At Week 112, high rates of site-specific complete skin clearance were reported among ICOTYDE-treated patients: 60% of patients with scalp psoriasis achieved a scalp-specific Investigator's Global Assessment (ss-IGA)d score of 0; 89% of patients with genital psoriasis achieved a Physician's Global Assessment of Genitalia (sPGA-G)e score of 0; 63% of patients with psoriasis affecting the hands and/or feet achieved a hand and/or foot Physician's Global Assessment (hf-PGA)f score of 0. Nail psoriasis improved over time, with mean percentage improvement in modified Nail Psoriasis Severity Index (mNAPSI)g increasing from 33% at Week 16 to 62% at Week 52 to 71% at Week 112. Safety findings through Week 112 remained consistent with the established safety profile of ICOTYDE, with no new safety signals identified.2  "Availability of long-term data are vital for informing the treatment of plaque psoriasis including particularly challenging areas of the body where conventional treatments may fall short," said David M. Lee, M.D., Ph.D., Global Immunology Therapeutic Area Head, Johnson & Johnson. "These two-year ICOTYDE results empower physicians to treat high-impact sites, knowing that data support sustained clinical outcomes for patients."

Editor's notes:

a. ICONIC-TOTAL evaluates the efficacy and safety of ICOTYDE compared with placebo in participants with at least moderate scalp, genital, and/or hand/foot PsO with once daily ICOTYDE or placebo, with placebo-to-ICOTYDE transition at Week 16.

b. Dr. Warren is a paid consultant for Johnson & Johnson. He has not been compensated for any media work.

c. The Investigator's Global Assessment (IGA) is a five-point scale with a severity score ranging from 0 to 4, where 0 indicates clear, 1 is minimal, 2 is mild, 3 is moderate, and 4 indicates severe disease.3 

d. The scalp-specific Investigator's Global Assessment (ss-IGA) is a five-point scale where scalp lesions are assessed in terms of clinical signs of redness, thickness, and scaliness on a severity score ranging from 0 to 4, where 0 indicates absence of disease, 1 is very mild, 2 is mild, 3 is moderate and 4 indicates severe disease.

e. The Physician's Global Assessment of Genitalia (sPGA-G) is a six-point scale used to evaluate the severity of genital psoriasis at a given time point ranging from 0 to 5, where 0 indicates clear, 1 is minimal, 2 is mild, 3 is moderate, 4 is severe and 5 indicates very severe disease.4

f. The Physician's Global Assessment of Psoriasis on the Hands and/or Feet (hf-PGA) assesses the severity of hand and foot psoriasis using a 5-point scale to score the plaques on the hands and feet as: clear (0), almost clear (1), mild (2), moderate (3) and severe (4).5

g. The modified Nail Psoriasis Severity Index (mNAPSI) is a composite score used to assess the severity of nail psoriasis based on features of the nail matrix and nail bed, with scores ranging from 0 to 13 per fingernail, where 0 indicates no nail psoriasis and higher scores indicate greater disease severity.

About the ICONIC clinical development program 

The pivotal Phase 3 ICONIC clinical development program includes four studies of ICOTYDE in patients with moderate-to-severe plaque PsO.

ICONIC-LEAD (NCT06095115) is a RCT to evaluate the efficacy and safety of ICOTYDE compared with placebo in participants with moderate-to-severe plaque PsO, with PASI 90 and IGA score of 0 or 1 with at least a 2-grade improvement as co-primary.6 ICONIC-TOTAL (NCT06095102) is a RCT to evaluate the efficacy and safety of ICOTYDE compared with placebo for the treatment of PsO in participants with at least moderate severity affecting special areas (e.g., scalp, genital, and/or hands and feet) with overall IGA score of 0 or 1 with at least a 2-grade improvement as the primary endpoint.7 ICONIC-ADVANCE 1 (NCT06143878) and ICONIC-ADVANCE 2 (NCT06220604) are RCTs to evaluate the efficacy and safety of ICOTYDE compared with both placebo and deucravacitinib in adults with moderate-to-severe plaque PsO.8,9 Additional studies underway include: ICONIC-PsA 1 (NCT06878404) and ICONIC-PsA 2 (NCT06807424) in active psoriatic arthritis; ICONIC-ASCEND (NCT06934226) in moderate-to-severe plaque psoriasis; ICONIC-UC (NCT071196748) in moderately to severely active ulcerative colitis; and ICONIC-CD (NCT7196722) in moderately to severely active Crohn's disease.10,11,12,13,14

About plaque psoriasis

Plaque psoriasis (PsO) is a chronic immune-mediated disease resulting in overproduction of skin cells, which causes inflamed, scaly plaques that may be itchy or painful.15 It is estimated that 8 million Americans and more than 125 million people worldwide live with the disease.16 Nearly one-quarter of all people with plaque PsO have cases that are considered moderate-to-severe.16 Plaques typically appear as raised patches with a silvery white buildup of dead skin cells or scales. Plaques may appear red in lighter skin or more of a purple, gray or dark brown color in patients with darker skin tones. Plaques can appear anywhere on the body, although they most often appear on the scalp, knees, elbows, and torso.17 Living with plaque PsO can be a challenge and impact life beyond a person's physical health, including emotional health, relationships, and handling the stressors of life.18 Psoriasis on highly visible areas of the body or sensitive skin, such as the scalp, hands, feet, and genitals, can have an increased negative impact on quality of life.19

About ICOTYDE® (icotrokinra) 

ICOTYDE® (icotrokinra) is the first and only targeted oral peptide designed to precisely block the IL-23 receptor, which underpins the inflammatory response in moderate-to-severe plaque PsO.1,20,21 ICOTYDE binds to the IL-23 receptor with single-digit picomolar affinity and demonstrated potent, precise inhibition of IL-23 signaling in human T cells.22 Clinical significance of these findings is unknown.

ICOTYDE is currently approved in the U.S. for the treatment of moderate-to-severe plaque PsO in adults and pediatric patients 12 years of age and older who weigh at least 40 kg who are candidates for systemic therapy or phototherapy. Patients on ICOTYDE take one pill, once daily upon waking with water on an empty stomach, at least 30 minutes before eating.23

ICOTYDE is also approved in Europe, Japan and China for the treatment of adults and adolescents with psoriasis. 

ICOTYDE was jointly discovered and is being developed pursuant to the license and collaboration agreement between Protagonist and Johnson & Johnson. Johnson & Johnson retains exclusive worldwide rights to develop ICOTYDE in Phase 2 clinical trials and beyond, and to commercialize compounds derived from the research conducted pursuant to the agreement against a broad range of indications.24, 25, 26

ICOTYDE is also being studied in active psoriatic arthritis, moderately to severely active ulcerative colitis and moderately to severely active Crohn's disease.10,11,12,13,14 

ICOTYDE INDICATION AND IMPORTANT SAFETY INFORMATION

WHAT IS ICOTYDE (icotrokinra)?
ICOTYDE 200 mg is a prescription medicine used to treat moderate to severe plaque psoriasis in adults and children 12 years of age and older who weigh at least 88 pounds (40 kg), who may benefit from taking injections or medicines by mouth (systemic therapy) or treatment using ultraviolet or UV light (phototherapy).

IMPORTANT SAFETY INFORMATION

What is the most important information I should know about ICOTYDE?

Infections. Medicines that interact with the immune system, such as ICOTYDE, may lower your ability to fight infections and may increase your risk of infections. Your healthcare provider may check you for infections and tuberculosis (TB) before starting treatment and may treat you for TB before you begin treatment with ICOTYDE if you have a history of TB or have active TB. Your healthcare provider should watch you closely for signs and symptoms of TB during and after treatment with ICOTYDE.Tell your healthcare provider right away if you have any infection or have symptoms of an infection, including:

fever, sweat, or chills cough shortness of breath blood in your mucus (phlegm) muscle aches warm, red, or painful skin or sores on your body different from your psoriasis weight loss diarrhea or stomach pain burning when you urinate or urinating more often than normal Before taking ICOTYDE, tell your healthcare provider about all of your medical conditions, including if you:

have an infection that does not go away or that keeps coming back. have tuberculosis (TB) or have been in close contact with someone with TB. have recently received or are scheduled to receive an immunization (vaccine). Avoid receiving live vaccines during treatment with ICOTYDE. have kidney problems.  are pregnant or plan to become pregnant. It is not known if ICOTYDE can harm your unborn baby.
 
Pregnancy Safety Study. There is a pregnancy safety study for women who take ICOTYDE during pregnancy. The purpose of this study is to collect information about the health of you and your baby. If you are pregnant or become pregnant during treatment with ICOTYDE, you can report your pregnancy by calling 1-800-526-7736 or visiting www.ICOTYDE.com. are breastfeeding or plan to breastfeed. It is not known if ICOTYDE passes into your breast milk. Talk to your healthcare provider about the best way to feed your baby during treatment with ICOTYDE. Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

What are the possible side effects of ICOTYDE?

ICOTYDE may cause serious side effects. See "What is the most important information I should know about ICOTYDE?"

The most common side effects of ICOTYDE include:

headache nausea cough fungal infection tiredness These are not all the possible side effects of ICOTYDE. Call your doctor for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit www.fda.gov/medwatch, or call 1-800-FDA-1088.

How should I take ICOTYDE?

Take ICOTYDE exactly as your healthcare provider tells you to take it. Take ICOTYDE 1 time a day when you wake up on an empty stomach with water. Wait at least 30 minutes after taking ICOTYDE before eating food. If you have difficulty swallowing tablets, ICOTYDE can be dispersed in water. For more information, please read the Medication Guide. If you miss a dose of ICOTYDE, take the dose as soon as you remember and go back to your regular schedule the next day. Please read the full Prescribing Information, including Medication Guide, for ICOTYDE and discuss any questions that you have with your doctor.

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About Johnson & Johnson 

At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity.

Learn more at https://www.jnj.com/ or at www.innovativemedicine.jnj.com. Follow us at @JNJInnovMed.

Janssen Biotech, Inc. is a Johnson & Johnson company.

Cautions Concerning Forward-Looking Statements 

This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding ICOTYDE (icotrokinra). The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Johnson & Johnson. Risks and uncertainties include, but are not limited to: challenges and uncertainties inherent in product research and development, including the uncertainty of clinical success and of obtaining regulatory approvals; uncertainty of commercial success; manufacturing difficulties and delays; competition, including technological advances, new products and patents attained by competitors; challenges to patents; product efficacy or safety concerns resulting in product recalls or regulatory action; changes in behavior and spending patterns of purchasers of health care products and services; changes to applicable laws and regulations, including global health care reforms; and trends toward health care cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, www.jnj.com, investor.jnj.com or on request from Johnson & Johnson. Johnson & Johnson does not undertake to update any forward-looking statement as a result of new information or future events or developments. 

REFERENCES

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1 Bissonnette R, et al. Data presentation. A phase 2, randomized, placebo-controlled, dose-ranging study of oral JNJ-77242113 for the treatment of moderate-to-severe plaque psoriasis: FRONTIER 1. Presented at WCD 2023, July 3-8.

2 Richard B, et al. Data presentation. Long-term Durability and Safety of the Targeted Oral Peptide Icotrokinra for High-Impact Site Psoriasis: 2-year Findings From the ICONIC-TOTAL Randomized Controlled Trial. Late-breaking research presentation (Abstract #LB-245) at the European Academy of Dermatology and Venereology Congress. September 2026.

3 Langley RG, Feldman SR, Nyirady J, van de Kerkhof P, Papavassilis C. The 5-point Investigator's Global Assessment (IGA) Scale: A modified tool for evaluating plaque psoriasis severity in clinical trials. J Dermatolog Treat. 2015 Feb;26(1):23-31. doi: 10.3109/09546634.2013.865009. Epub 2013 Dec 20. PMID: 24354461. Accessed October 2026.

4 Merola JF, Bleakman AP, Gottlieb AB, et al. The Static Physician's Global Assessment of Genitalia: a clinical outcome measure for the severity of genital psoriasis. J Drugs Dermatol. 2017;16(8):793-799

5 Goldblum O, et al. Validation of the physician's global assessment of psoriasis of the hands and/or feet as a clinical endpoint. J Am Acad Dermatol. 2013:68(4)Supplement1:AB218.

6 Clinicaltrials.gov. A study of JNJ-2113 in adolescent and adult participants with moderate-to-severe plaque psoriasis (ICONIC-LEAD). Identifier NCT06095115. https://classic.clinicaltrials.gov/ct2/show/NCT06095115. Accessed October 2026.

7 Clinicaltrials.gov. A study of JNJ-2113 for the treatment of participants with plaque psoriasis involving special areas (scalp, genital, and/or palms of the hands and the soles of the feet) (ICONIC-TOTAL). Identifier NCT06095102. https://classic.clinicaltrials.gov/ct2/show/NCT06095102. Accessed October 2026.

8 Clinicaltrials.gov. A Study of JNJ-77242113 for the Treatment of Participants With Moderate-to-severe Plaque Psoriasis. Identifier NCT06143878. https://clinicaltrials.gov/study/NCT06143878?term=jnj-77242113&rank=10. Accessed October 2026.

9 Clinicaltrials.gov. A Study of JNJ-77242113 for the Treatment of Participants With Moderate-to-severe Plaque Psoriasis (ICONIC-ADVANCE 2). Identifier NCT06220604.

10 Clinicaltrials.gov. A Study to Evaluate the Efficacy and Safety of JNJ-77242113 (Icotrokinra) in Biologic-naïve Participants With Active Psoriatic Arthritis (ICONIC-PsA 1). Identifier NCT06878404. https://clinicaltrials.gov/study/NCT06878404. Accessed October 2026.

11 A Study to Evaluate the Efficacy and Safety of Icotrokinra (JNJ-77242113) in Biologic-experienced Participants With Active Psoriatic Arthritis (ICONIC-PsA 2). Identifier NCT06807424. https://clinicaltrials.gov/study/NCT06807424. Accessed October 2026.

12 Clinicaltrials.gov. A Study to Assess Efficacy and Safety of JNJ-77242113 Compared to Placebo and Ustekinumab in Participants With Moderate-to-severe Plaque Psoriasis (ICONIC-ASCEND). Identifier NCT06934226. https://clinicaltrials.gov/study/NCT06934226. Accessed October 2026.

13 Clinicaltrials.gov. A Protocol of Icotrokinra Therapy in Adult and Adolescent Participants With Moderately to Severely Active Ulcerative Colitis (ICONIC-UC). Identifier NCT07196748. https://clinicaltrials.gov/study/NCT07196748. Accessed October 2026.

14 Clinicaltrials.gov. A Study of Icotrokinra in Participants With Moderately to Severely Active Crohn's Disease (ICONIC-CD). Identifier NCT07196722. https://clinicaltrials.gov/study/NCT07196722. Accessed October 2026.

15 National Psoriasis Foundation. About Psoriasis. Available at: https://www.psoriasis.org/about-psoriasis. Accessed October 2026.

16 National Psoriasis Foundation. Psoriasis Statistics. Available at: https://www.psoriasis.org/content/statistics. Accessed October 2026..

17 National Psoriasis Foundation. Plaque Psoriasis. Available at: https://www.psoriasis.org/plaque/. Accessed October 2026.

18 National Psoriasis Foundation. Life with Psoriasis. Available at: https://www.psoriasis.org/life-with-psoriasis/. Accessed October 2026..

19 National Psoriasis Foundation. High Impact Sites. Available at: https://www.psoriasis.org/high-impact-sites/. Accessed October 2026..

20 Razawy W, et al. The role of IL‐23 receptor signaling in inflammation‐mediated erosive autoimmune arthritis and bone remodeling. Eur J Immunol. 2018 Feb; 48(2): 220–229.

21 Tang C, et al. Interleukin-23: as a drug target for autoimmune inflammatory diseases. Immunology. 2012 Feb; 135(2): 112–124.

22 Pinter A, et al. Data Presentation. JNJ-77242113 Treatment Induces a Strong Systemic Pharmacodynamic Response Versus Placebo in Serum Samples of Patients with Plaque Psoriasis: Results from the Phase 2, FRONTIER 1 Study. Presented at EADV 2023, October 11-14.

23 ICOTYDE® prescribing information.

24 Protagonist Therapeutics. Press release. Protagonist Therapeutics announces amendment of agreement with Janssen Biotech for the continued development and commercialization of IL-23 antagonists. Available at: https://www.prnewswire.com/news-releases/protagonist-therapeutics-announces-amendment-of-agreement-with-janssen-biotech-for-the-continued-development-and-commercialization-of-il-23-antagonists-301343621.html. Accessed October 2026.

25 Protagonist Therapeutics. Press release. Protagonist Reports positive results from Phase 1 and pre-clinical studies of oral Interleukin-23 receptor antagonist JNJ-2113. Available at: https://www.prnewswire.com/news-releases/protagonist-reports-positive-results-from-phase-1-and-pre-clinical-studies-of-oral-interleukin-23-receptor-antagonist-jnj-2113-301823039.html. Accessed October 2026.

26 Protagonist Therapeutics. Press release. Protagonist Therapeutics announces positive topline results for Phase 2b FRONTIER 1 clinical trial of oral IL-23 receptor antagonist JNJ-2113 (PN-235) in psoriasis. Available at: https://www.prnewswire.com/news-releases/protagonist-therapeutics-announces-positive-topline-results-for-phase-2b-frontier-1-clinical-trial-of-oral-il-23-receptor-antagonist-jnj-2113-pn-235-in-psoriasis-301764181.html. Accessed October 2026.

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Meg Farina
[email protected]

Investor contact: 
Jessica Margevich
[email protected]

SOURCE Johnson & Johnson

A US lawmaker has called on Starbucks (SBUX.O) to close its first stores in China's Xinjiang, calling it a "morally ​bankrupt decision" to do business in a region where Uyghurs face repression.

China ‌denies widespread accusations of abuses of the Uyghurs, a mainly Muslim ethnic minority, saying its policies in the far-western region were aimed at combating terrorism, separatism and religious extremism.

Starbucks opened its first ​two stores this week in Xinjiang's capital, Urumqi, including one at the ​city centre's Grand Bazaar and a second at its international airport.

John ⁠Moolenaar, chairman of the Select Committee on China of the House of Representatives, ​called on Starbucks to "immediately reverse course and close its stores".

"This is a shocking and ​morally bankrupt decision by a company that prides itself on social responsibility," he said in a statement published on Thursday.

"There is no justifiable reason for an American company to do business in ​a region where the CCP (Chinese Communist Party) has detained more than a million Uyghurs ​and is stripping them of their faith, language, and culture."

Responding to a request for comment, China's ‌Foreign ⁠Ministry said the US allegations of repression in the region were "naked lies" and that Xinjiang enjoyed "stable society, economic growth, racial unity and religious harmony".

China would offer more investment opportunities for foreign enterprises, the ministry added.

Starbucks did not respond to requests for comment. ​China is in ​the middle of ⁠its week-long national day holiday.

On the company's official WeChat platform this week, China Chief Executive Officer Liu Wenjuan said it would ​continue to invest in Xinjiang.

Pictures of the stores posted on the ​platform showed ⁠Starbucks' logo in English and Chinese. There were no obvious images of any Uyghur-language signs. Uyghur is written in an Arabic-based script and is meant to enjoy official ⁠parity in ​Xinjiang.

In April 2026, Starbucks finalised its China joint ​venture by bringing in a strategic investor, Boyu Capital, as its 60% stakeholder. The joint venture operates about ​8,000 outlets in China.

If you've been looking for high-yield stocks, Pfizer (PFE -1.40%) may have crossed your radar screen. As shares of the pharma giant slipped over the past few years, its dividend yield marched higher, and in recent times, settled at 6%.

High dividend yields are great, but the pattern of a dividend yield rising as the stock price falls could be a warning sign. That's because a declining stock price may signal business troubles. This, in and of itself, is negative, but it also suggests that, if the financial situation is rough, the company may not be able to maintain its dividend.

In the case of Pfizer, the pharma giant has indeed faced difficult times over the past few years. Demand for its coronavirus products has been on the decline from early pandemic levels, and the company lost exclusivity on a number of blockbusters. The company launched a cost realignment plan, which was positive news, but such plans take time, and it's not guaranteed that the most important goals will be met.

So, you might not have rushed into Pfizer stock, even if you like high-dividend players. Now, here's why Pfizer's 6% dividend yield might finally be worth the risk.

Image source: Getty Images.

The Pfizer of the past First, let's back up a bit and consider the Pfizer of a few years back. The company offers a broad portfolio of drugs across treatment areas, but it soared onto center stage thanks to its coronavirus vaccine and treatment. These products helped Pfizer reach a record of more than $100 billion in annual revenue back in 2022. But in the later days of the pandemic, as demand declined, the company's revenue fell significantly, and it became clear that the coronavirus portfolio wouldn't return to its earlier revenue levels.

Meanwhile, Pfizer was preparing to lose exclusivity on blockbusters including immunology drug Xeljanz and blood thinner Eliquis.

To combat these negative elements, Pfizer put into place a plan to realign costs with the revenue opportunity in the coronavirus space, and the company focused on pipeline development and growth through acquisition. Pfizer experienced its biggest wave of regulatory approvals over an 18-month period spanning 2023 and 2024. In 2023 alone, Pfizer won seven approvals across treatment areas.

Pfizer also completed the acquisition of oncology company Seagen in late 2023, a move that brought it four commercialized drugs and a fresh pipeline to potentially lead to future products. In the latest earnings call, Pfizer called the acquisitions of Seagen, cardiometabolic company Metsera, and migraine specialist Biohaven "transformative opportunities."

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Pfizer's commitment to its dividend As Pfizer began this transition into new drug launches and acquisitions and started to trim its costs, risk was high, and investors may have worried whether the company would even temporarily halt dividend payments. But in recent times, Pfizer has offered us reasons for optimism.

First, it's unlikely that the company will cut its dividend. In the recent earnings call, chief Albert Bourla, when asked about the possibility, said: "We feel extremely confident that we will -- even the most stretched scenarios that we are running, we will be able to maintain our dividend."

In the latest quarter, select recently launched and acquired products posted an 18% operational revenue gain, and the company lifted annual revenue guidance by $500 million at the midpoint to the range of $60.5 billion to $62.5 billion. The pharma powerhouse expects several trial readouts in the coming 12 months and says it's on track to return to growth as of 2029.

Pfizer shares have started to recover, delivering a 15% gain so far this year, and that's helped push valuation higher. Still, at 9.6x forward earnings estimates, the stock remains reasonably priced. Meanwhile, the company has expressed its commitment to rewarding shareholders with dividends, and continues to pay $1.72 per share, representing a yield of 6%.

Pfizer's progress along the recovery path and its focus on maintaining its dividend have significantly reduced risk for investors, making now a great time to get in on this high-yield player.

Robinhood Markets (HOOD -1.20%) closed at a record $152.46 on Oct. 9, 2025, under three weeks after the online broker entered the S&P 500 (^GSPC +0.19%). It hasn't closed as high since. At roughly $112 as I write, the stock would have to gain about 36% to get back there.

I think it gets there before the end of 2028.

That forecast doesn't depend on investors growing more excited about the growth stock. It depends on Robinhood's earnings, which would have to compound at around 18% a year -- lower than the 31% earnings-per-share growth the company posted in 2025.

Image source: Getty Images.

Shares now trade at around 38 times the earnings analysts expect Robinhood to report for 2027. Keep that price-to-earnings ratio flat (without any expansion), and the stock can climb no faster than the earnings investors are looking ahead to.

By late 2028, investors should be pricing the stock on what Robinhood can earn in 2029. A $152.46 stock price at that same 38 times earnings means about $4 in 2029 earnings per share.

Robinhood made $2.05 per share in 2025. So it has to almost double its earnings per share over four years, which is around 18% yearly growth.

The bar rises quickly if the price-to-earnings ratio falls, though. At 30 times earnings, the record would require about $5 in 2029 earnings per share, or growth closer to 25% a year.

Earnings growth looks fast enoughRobinhood's earnings per share grew from $1.56 in 2024 to $2.05 in 2025, a 31% gain. And the 2024 number included one-time benefits worth $0.47 per share, mainly from a tax benefit. Without those, earnings per share rose about 88% last year.

In the first half of 2026, earnings per share climbed another 27% year over year, to $1.00. Granted, that number includes $0.14 per share of gains, mainly from taking a Robinhood-run venture fund off the company's books in the second quarter. Without those gains, earnings per share rose around 9%.

But the second quarter showed how growth could speed back up. Transaction-based revenue climbed 44% year over year, as event contracts (Robinhood's prediction-market product) pulled in $156 million. This helped total revenue rise 32% to $1.31 billion, more than double the first quarter's growth rate of 15%.

Management also cut its 2026 outlook for non-GAAP (adjusted) operating expenses and stock-based compensation to a range of $2.675 billion to $2.775 billion. That works out to an increase of about 18% to 22% from 2025's $2.27 billion, even with two recently added businesses included. And first-half revenue rose 24%. If revenue keeps outpacing costs, earnings can grow faster than revenue.

And the third quarter seems to have started well. In August, stock trading volume jumped 68% year over year and options contracts traded climbed 50%, according to the company's monthly operating data.

What could break the forecast?The clearest risk is a slowdown in the money customers put in. Net deposits (the money customers move onto the platform, minus what they pull out) were at a 14% annualized rate in August, half the 28% pace of the second quarter. Second-quarter crypto revenue, meanwhile, dropped 38% year over year.

Also, second-quarter net interest revenue climbed just 9%, since lower short-term interest rates and softer securities lending revenue partly offset growth in margin loans and credit card balances. And prediction markets, Robinhood's fastest-growing revenue source, face lawsuits linked to state gambling laws.

The other risk is the valuation itself. Robinhood's valuation of around 38 times expected earnings is about three times what investors pay for Charles Schwab, priced at about 12 times what analysts think it'll earn in 2027.

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Investors usually pay a price-to-earnings ratio that high only when growth stays fast. If Robinhood's earnings growth fell into the single digits for a stretch, the stock could lose its premium even as earnings climb.

Will Robinhood stock close over $152.46 before 2029? I think so. Sure, the business needs several more years of strong earnings growth. But it's grown faster than that before, and the second quarter suggests it might be speeding up again.

Still, my prediction says more about the business than about the stock as an investment. Getting back to the record means the stock climbing around 14% a year from here, and that's if investors still pay about 38 times earnings when it gets there.

I think that asks too much of the stock at today's price.

Summit Therapeutics Inc. (Nasdaq: SMMT) today announced a clinical trial collaboration agreement with Daiichi Sankyo (TSE: 4568) and AstraZeneca (LSE/STO/NYSE: AZN) to evaluate ivonescimab, a novel, potential first-in-class investigational PD-1 / VEGF bispecific antibody, in combination with Datroway® (datopotamab deruxtecan), a TROP2-directed antibody drug conjugate (ADC), across multiple solid tumor settings, intending to include breast and lung cancer. The companies intend to begin with a Phase III trial in first-line triple-negative breast cancer (TNBC).

“We believe this collaboration with Daiichi Sankyo and AstraZeneca reflects increasing conviction in ivonescimab’s potential as a foundational next-generation immunotherapy and advances our ambition for ivonescimab to become the global PD-1 / VEGF partner of choice for novel combinations,” said Dr. Maky Zanganeh, President and Co-Chief Executive Officer of Summit Therapeutics. “Beginning with a Phase III study in first-line triple negative breast cancer, this collaboration represents an important expansion of Summit’s global development program into breast cancer and a path for additional solid tumor settings.”

Under the terms of the agreement, each company will contribute their respective therapies for the planned combination trials which will be sponsored by AstraZeneca or Daiichi Sankyo. AstraZeneca, Daiichi Sankyo, and Summit will each contribute to trial costs, and each company will retain development and commercial rights to their respective medicines.

“At Daiichi Sankyo, we are focused on maximizing the potential of our DXd antibody drug conjugate portfolio through innovative combinations and strategic collaborations that support the continued advancement of our pipeline,” said John Tsai, MD, Global Head, R&D, Daiichi Sankyo. “We are encouraged by the opportunity to explore ivonescimab in combination with Datroway to potentially deliver clinically meaningful benefit to patients.”

“Central to our strategy to transform cancer outcomes is harnessing the power of immunotherapy and antibody drug conjugate combinations to drive deeper, more durable responses,” said Susan Galbraith, Executive Vice President, Oncology Hematology R&D, AstraZeneca. “We believe the combination of Datroway and ivonescimab has the potential to make a meaningful difference in multiple tumor types including lung and breast cancers.”

Datroway is a specifically engineered TROP2-directed DXd ADC discovered by Daiichi Sankyo and being jointly developed and commercialized by Daiichi Sankyo and AstraZeneca. Designed using the proprietary DXd ADC Technology of Daiichi Sankyo, Datroway is one of seven DXd ADCs in the oncology pipeline of Daiichi Sankyo.

About Ivonescimab

Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.

This design is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of this design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.

Ivonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 5,000 patients have been treated with ivonescimab in clinical studies globally, and over 100,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.

There are currently 16 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, five of which are Summit-sponsored global studies, one of which is a multiregional study sponsored by a cooperative group, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into colorectal cancer (CRC) in the fourth quarter of 2025 by initiating enrollment in HARMONi-GI3. In 2026, Summit announced initiation of HARMONi-GU1, a Phase II/III study in urothelial carcinoma (bladder cancer) with global clinical trial site activations planned to begin by the fourth quarter of 2026.

HARMONi is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third-generation EGFR TKI (e.g., osimertinib). Detailed results of the study were provided in September 2025, and a Biologics License Application (BLA) was submitted to the United States Food and Drug Administration (FDA) for marketing authorization, which the FDA accepted for filing in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date is November 14, 2026.

HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous NSCLC, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering.

HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression.

HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic CRC.

HARMONi-GU1 is a Phase II/III clinical trial evaluating ivonescimab plus the antibody drug conjugate (ADC) enfortumab vedotin (EV) compared to pembrolizumab plus EV as first-line therapy in patients with previously untreated locally advanced or metastatic urothelial carcinoma (la/mUC).

ILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group dedicated to Head and Neck Oncology, in recurrent / metastatic head and neck squamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III clinical trial designed to evaluate ivonescimab monotherapy, as well as ivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47 monoclonal antibody, compared to monotherapy pembrolizumab in patients with PD-L1 positive r/m HNSCC.

Five Phase III ivonescimab clinical trials have read out to date, all five with positive data. Four of these five studies are in NSCLC, and one is in biliary tract cancer (BTC). In addition to Summit’s positive HARMONi study, Akeso has had positive read-outs in three single-region (China), randomized Phase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for ivonescimab in NSCLC, including a statistically significant overall survival benefit in all three studies from China. Akeso has also reported a statistically significant OS benefit in the single-region (China), randomized Phase III HARMONi-GI1 trial in advanced BTC.

HARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR TKI.

HARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab against monotherapy pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression.

HARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab, an anti-PD-1 antibody, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous NSCLC, irrespective of PD-L1 expression.

HARMONi-GI1 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with durvalumab plus chemotherapy as a first-line treatment for patients with advanced BTC.

Akeso is actively conducting additional Phase III clinical studies in settings outside of NSCLC and biliary-tract cancer, including triple-negative breast cancer, head and neck squamous cell carcinoma, small cell lung cancer, colorectal cancer, and pancreatic cancer.

Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.

About Summit Therapeutics Inc.

Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.

For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.

Summit Forward-Looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the risk that the private placement does not close on the anticipated timeline or at all, including because required regulatory clearances are not obtained or other closing conditions are not satisfied, dilution to existing stockholders, and potential adverse effects on the market price of the Company's common stock, including from future sales by AstraZeneca, the Company's broad discretion over the use of proceeds, and the possibility that the proceeds will not be sufficient to fund operations as long as anticipated, AstraZeneca’s ownership and contractual rights, including Third Party acquisition participation, and registration rights, and potential conflicts of interest, the completion of the Private Placement does not depend on the parties entering into a definitive collaboration agreement, the Company's reliance on AstraZeneca for the supply of AstraZeneca’s products and other contributions to the clinical trials, the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright © 2026, Summit Therapeutics Inc. All Rights Reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261001197318/en/

3 Micro-Caps Set for Major Moves: Balancing Risk and OpportunityComstock NYSEAMERICAN: LODE has begun continuous operations at its industrial-scale solar-panel recycling facility in Nevada, marking what Chief Executive Officer Corrado De Gasperis described as a significant step in the company’s shift toward renewable metals and commercialization of its technologies.

Speaking at the Lytham Partners Fall 2026 Investor Conference, De Gasperis said the facility is operating 24 hours a day, seven days a week. He characterized the operation as reaching technology readiness level 8, a stage generally associated with systems demonstrated at industrial scale.

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“We’re up and running. We’re running 24/7. We’re running at scale,” De Gasperis said, adding that the company does not see other companies currently operating a comparable process.

Solar recycling capacity and process The Nevada facility has annual capacity to process 3.3 million solar panels, according to De Gasperis. Its processing system includes four ovens, with each oven representing roughly 25% of total facility capacity. The company has also completed an adjacent storage facility for panels awaiting processing.

De Gasperis said the recycling process is designed to separate contaminants and produce clean aluminum, glass and mineral-rich tailings. The company has further worked to separate residual metals from recovered glass in an effort to meet specifications sought by glass-reprocessing customers.

According to De Gasperis, the process is intended to avoid generating hazardous waste while reducing liability for customers disposing of end-of-life solar panels. The facility includes environmental-control equipment, including a scrubber for potential particulates or opacity, he said.

The plant also uses two robotic arms to feed panels into the system. De Gasperis said the automation supports a targeted processing pace of one panel every seven seconds or less.

Annual capacity: 3.3 million solar panels Processing configuration: Four ovens at the Nevada facility Operations: Continuous, 24-hour and seven-day-per-week production Output materials: Clean aluminum, clean glass and mineral- or silver-rich tailings Comstock is also developing methods to extract higher-value materials from the tailings, including silver, copper, silicon metals and silica, De Gasperis said. In some cases, the tailings may contain rarer materials as well.

Expansion planning and market development De Gasperis said Comstock has designed a second recycling facility intended for the Mid-Atlantic and Midwest markets, including Ohio, Pennsylvania and Indiana. The planned facility would initially use one oven but would use the same process and could eventually expand to four ovens, he said.

The company has not yet committed capital to construct the second facility. De Gasperis said the approach is intended to support “intelligent capital deployment” while allowing for faster expansion as demand develops.

Comstock selected Nevada for its first facility in part because older solar-panel installations in California, Arizona and Nevada created a substantial nearby market, De Gasperis said. He also identified Ohio, North Carolina, Florida and Texas as markets where solar panels are reaching end of life.

While panels are currently being shipped from across the country to Nevada, De Gasperis said the company views that activity as evidence of limited recycling alternatives for customers. He said Comstock is willing to absorb temporarily higher shipping costs in some circumstances to develop national accounts, secure key customers and build market share.

The company plans to operate the Nevada plant at about 25% of its capacity for several months to demonstrate its stability and unit economics before expanding market activity through 2027 and 2028, De Gasperis said. Over time, he said, Comstock’s goal would be to establish recycling facilities in multiple locations, with five facilities viewed as an ideal footprint.

Silver Springs opportunity Beyond renewable metals, De Gasperis discussed Comstock’s interest in Sierra Springs Opportunity Fund Inc., a land platform in Silver Springs, Nevada. He said the region benefits from Nevada’s economic and tax environment, federal Opportunity Zone advantages, improved highway connectivity and interest from technology and data-center-related development.

De Gasperis cited Microsoft and Tract as companies breaking ground in the Silver Springs area, while noting that the region’s local and state governments have been supportive of development. He said Comstock also maintains investments in renewable fuels, though the company’s capital allocation and primary focus are centered on renewable metals.

About Comstock (NYSEAMERICAN:LODE)Comstock Inc is a technology and natural resources company focused on developing solutions for the energy transition and the circular economy. The company's activities include renewable fuels, solar technology and mineral processing, with an emphasis on converting underused or waste materials into products that can support lower-carbon energy systems.

Through its Comstock Fuels business, the company is developing technologies intended to convert woody biomass and other non-food feedstocks into renewable fuels.

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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New Development Center Boosts Testing and Evaluation Capabilities on Road to Electrification

, /PRNewswire/ -- The next chapter of Toyota's electrification transformation begins today with the opening of the Toyota Battery Center of North America (TBC) in Saline, Michigan. The new facility gives Toyota's Michigan-based battery teams increased capabilities to evaluate and develop technology across the full battery-development cycle, from sourcing raw materials to customer applications to recycling.  

Toyota Battery Center of North America Unveiled at Michigan R&D Campus "Toyota has long been at the forefront of battery development," said Keita Moritsu, Senior Vice President and Chief Technology Officer, Toyota Motor North America R&D. "This center is where that leadership expands to North America — and where we're building its next chapter." 

The 30,000-square-foot facility serves as a central hub for development and evaluation, in partnership with Toyota's North American manufacturing network, supporting the evaluation of batteries for Toyota Battery Manufacturing, North Carolina, as well as Toyota's vehicle manufacturing plants across North America. 

TBC also represents the latest milestone in Toyota's more than 50-year history with the state of Michigan. 

"Today is a big win for Michigan's leadership in advanced automotive manufacturing," said Michigan Governor Gretchen Whitmer. "We are proud to welcome this investment by Toyota that positions Michigan as the best place to build the future. This state-of-the-art facility will develop, test, and improve the batteries powering the next generation of vehicles. It joins factories and projects opening across our state that are creating good-paying, high-skilled jobs in every community. Let's keep working together to build the future of cars, chips, batteries, and so much more right here in Michigan."

TBC's evaluation and development capabilities support Toyota's multi-pathway strategy by enabling a range of sustainable mobility solutions for customers. On site, teams of engineers and technicians assess battery performance and develop new technologies for use in hybrid, plug-in hybrid, hydrogen, and fully electric vehicles. 

"For Toyota customers, this facility means Toyota engineers can detect and resolve field concerns faster and closer to the source," said Jordan Choby, Group Vice President of Powertrain. "It also means we can develop longer-lasting batteries designed to perform in the conditions American drivers face every day." 

Toyota will open the facility and research access with the University of Michigan Electric Vehicle Center, allowing other research partners to benefit from its cutting-edge testing and evaluation capabilities. As a founding member of the Electric Vehicle Center, this program is part of Toyota's commitment to developing the next generation of battery engineers and technicians in Michigan.

About TMNA R&D
For more than 50 years, Toyota's Research & Development groups in North America have participated in engineering projects for several of the best-selling Toyota vehicles on U.S. roads. Teams are now creating both next-generation vehicles and new and advanced mobility concepts that can better move people, goods and information. Centered in Ann Arbor, Michigan, Toyota's North American R&D groups are pursuing Toyota's mission to "Produce Happiness for All" by making life safer, easier and more enjoyable. 

MEDIA CONTACT
Dan Nied
[email protected] 

SOURCE Toyota Motor North America

, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Celsius Holdings, Inc. ("Celsius" or the "Company") (NASDAQ: CELH) and certain officers.   The class action, filed in the United States District Court for the Southern District of Florida, and docketed under 26-cv-62465, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Celsius securities between February 21, 2025 and June 3, 2026, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are an investor who purchased or otherwise acquired Celsius securities during the Class Period, you have until November 3, 2026, to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.  To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Celsius develops, processes, manufactures, markets, sells, and distributes products including energy drinks.

On April 1, 2025, Celsius closed the acquisition of Alani Nutrition LLC ("Alani Nu"), a maker of highly caffeinated energy drinks (described in greater detail below), for a net purchase price of $1.65 billion, comprised of cash and stock.

At all relevant times, Defendants represented that their products, including specifically Alani Nu drinks, were safe and healthy. For example, as of the time this Complaint was filed, Alani Nu's website continues to represent that "we use ingredients you can feel good about without compromising taste."

However, in contrast to Defendants' representations, Alani Nu drinks present serious risks due to the amount of caffeine they contain. A single 12-ounce Alani Nu drink contains 200 milligrams of caffeine, more than other popular energy drinks and more than twice the 100-milligram daily limit of caffeine recommended for teenagers and children aged 12 to 17, according to leading bodies of pediatricians and adolescent psychiatrists. The Center for Disease Control has stated that consumption of energy drinks in this age range can lead to cardiovascular issues ranging from irregular heartbeat to heart failure.

Alani Nu drinks have previously been the subject of regulatory action. In August of 2023, the Canadian Food Inspection Agency warned Canadians "[d]o not consume, use, sell, serve, or distribute" Alani Nu energy drinks, stating that the drinks "are being recalled from the marketplace due to various non-compliances related to caffeine content and labelling requirements." Specifically, Alani Nu's caffeine content exceeded Canada's legal limit of 180 milligrams for a single-serving energy drink.

Despite the risks that Alani Nu drinks present to consumers under the age of 18, Defendants at all relevant times have marketed these drinks to such consumers despite asserting their purported commitment not to do so. Alani Nu drinks are packaged in dynamic, bright colors, and Alani Nu actively recruits college students to join the "Alani Ambassadors" program and market Alani Nu products using their profiles on social media platforms such as Instagram and TikTok. As of the filing of this Complaint, the Alani Nu website even concedes that Defendants work with individuals whose social media audiences are comprised up to 25% of individuals under the age of 18.

While the labels on Alani Nu energy drinks state the amount of caffeine one can contains and generally state that they are "not recommended for consumption by children", they contain no similar cautionary language with respect to teenagers.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants' products failed to adequately disclose the cardiac risks of consuming Alani Nu products; (ii) by marketing Alani Nu drinks to consumers under the age of 18, the Company was marketing its products to individuals who were particularly susceptible to known health risks posed by those products; (iii) the foregoing created a non-speculative risk that Alani Nu consumers would suffer potentially fatal adverse health events; (iv) the foregoing, once revealed, was likely to have a significant negative impact on the Company's business and reputation; and (v) as a result, Defendants' public statements were materially false and misleading at all relevant times.

The truth began to emerge on April 9, 2026, when NBC News and local news outlet MyRGV (Rio Grande Valley) reported that the family of 17-year old Texas cheerleader Larissa Rodriguez had filed a wrongful death lawsuit in Hidalgo County District Court against Glazer's Beer and Beverage, LLC ("Glazer's") and Glazer's Beer and Beverage of Texas, LLC, two distributors of Alani Nu. The family alleged that Rodriguez died from an enlarged heart caused by drinking Alani Nu energy drinks and that the drinks "had inadequate warnings about the serious cardiac risks" of drinking Alani Nu. According to NBC News, Celsius stated in response, inter alia, "our policy is not to market or sample to anyone under 18".

On this news, Celsius's stock price fell $1.52 per share, or 4.18%, to close at $34.86 on April 10, 2026.

Then, on June 4, 2026, Texas Attorney General Ken Paxton ("Paxton") announced an investigation into Celsius over concerns that its high-caffeine energy drinks are being marketed to children and teens. Per Attorney General Paxton's announcement, the investigation will specifically examine whether Celsius and its Alani Nu subsidiary had violated the Texas Deceptive Trade Practices Act by misrepresenting the safety of their products.

On news of the investigation, Celsius's stock price fell $2.26 per share, or 7.53%, to close at $27.75 per share on June 4, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

Kinetiq, a liquid staking protocol built on the Hyperliquid ecosystem, has concluded its kPoints loyalty program and opened KNTQ token subscriptions. Point holders can purchase their allocated KNTQ tokens at a price of $0.26 per unit within 10 days. This round’s subscription quota is 50 million KNTQ tokens; if fully sold, it is expected to raise approximately $13 million. Following the announcement, KNTQ’s price dropped by around 23%. Kinetiq previously built its user base through the kPoints points mechanism, and is now offering token access to point holders via paid subscriptions.

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Aave founder responds: The module in question is a third-party external adapter, not the Aave v3 contract that was affected.

In response to SlowMist’s report that a Safe module used in Aave v3’s loop strategy was exploited, causing losses of roughly 114.09 ETH (about $310,000), Aave founder Stani Kulechov said the incident was not an attack on the Aave v3 contract itself. Kulechov noted the involved module is a third-party external adapter built on top of Aave v3, adding the event had no impact on Aave v3 itself. Earlier BlockBeats reports indicated the Aave v3 Loop Safe module was attacked, with the attacker exploiting an access control flaw in the FlashLoopAdapter’s open()/close() functions. The hacker stole approximately 114.09 ETH from two Safe multi-sig addresses by forging Safe authentication and executing arbitrary modules, then repaid around 1,300 WETH in debt to unlock collateral.

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Analysis: Signs of whale capital inflows emerging, Binance stablecoin inflows surge over 40% from their recent low

CryptoQuant analyst Darkfost wrote in a post that large crypto whales holding significant capital are increasing the volume of stablecoin transfers to Binance. Data shows that the 30-day cumulative inflow from whale addresses sending over $1 million in stablecoins per transaction has risen from $21.7 billion to $30.5 billion, a more than 40% increase compared to over a month ago. Typically, stablecoin inflows to exchanges signal that funds are positioning for market moves, so the rise in whale stablecoin inflows may be tied to potential buying pressure. Data indicates that whale stablecoin inflows previously hit a peak of over $61 billion in October before a prolonged decline. Recently, as structural trends in Bitcoin have shifted, whale capital behavior has begun to adjust, though they remain cautious. Darkfost noted that current whale capital deployment is influenced by multiple factors, including market expectations for the "October rally" and macroeconomic factors such as conflicts, inflationary pressures, and rising bond yields.

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Glassnode: Bitcoin's sell wall above $85,000 has disappeared, potentially paving the way for further gains.

According to Glassnode’s monitoring, the sell-side liquidity wall above Bitcoin (BTC) has vanished. Buyers broke through the sell order wall near $85,000 yesterday, a level that had withstood multiple tests over nearly a week without being breached. Glassnode noted that remaining sell orders now appear to have been withdrawn, reducing sell-side liquidity above BTC, which could create more room for further price gains.

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US media: Trump once asked Grok about arresting Maduro and considered its performance "excellent".

U.S. Time magazine released a lengthy report on Donald Trump on October 1. The report noted that Trump has grown increasingly fascinated by artificial intelligence capabilities since returning to the White House. Last December, Elon Musk secretly returned to the White House Oval Office to meet with Trump, during which Trump spent hours posing questions about his presidential tenure and political legacy to Musk’s AI chatbot Grok. Trump also asked Grok how Venezuelan citizens would react if the U.S. arrested Nicolás Maduro. Grok replied that Maduro was deeply unpopular in Venezuela, with many Venezuelans likely to celebrate his downfall. The following month, Trump ordered the operation to arrest Maduro, and celebrations subsequently erupted on Venezuelan streets. Multiple officials disclosed that this incident led Trump to view Grok’s performance as excellent. (Jinshi)

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Dolphin (POD) surges over 130% in a short time following its listing on Upbit.

According to GMGN market data, Dolphin (POD) has rallied over 130% following its listing on Upbit, currently trading at $0.682 with a market cap of roughly $338 million. Notably, the token’s 24-hour trading volume is just $3.1 million. Earlier, BlockBeats reported that South Korean exchange Upbit announced it would add support for Dolphin (POD) trading, opening pairs in KRW, BTC, and USDT. BlockBeats Note: Meme coins exhibit extreme volatility, largely driven by market sentiment and conceptual hype rather than tangible value or use cases. Investors should be mindful of the associated risks.

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In the past hour, global crypto liquidations reached $121 million, with short positions making up the bulk of the liquidations.

According to Coinglass data, as Bitcoin surges past $86,000, it has climbed 1.35% over the past hour, with total liquidations across the crypto network hitting $121 million in the same period—including $2.55 million in long position liquidations and $119 million in short position liquidations.

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Congress is considering a legislative proposal that would allow banks and credit unions to hold cryptocurrencies and issue stablecoins, according to a report. This development comes amid ongoing efforts to integrate digital assets into the financial sector through the GENIUS Act, which established a framework for payment stablecoins in the U.S. The proposal would mark a shift from the current guidance-based approach to statutory permission, potentially broadening institutional participation in the crypto market. The decision could have significant implications for the financial sector, as it would enable federally insured institutions to engage more directly with digital currencies.

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Key Takeaways The proposal appears to reflect a shift towards statutory permission for banks and credit unions to engage in cryptocurrency activities. Market behavior suggests participants may see this development as supportive of increased institutional adoption of digital assets. Pricing in relevant markets indicates a potential rise in confidence regarding Bitcoin’s future price trajectory. What to Watch Observers should monitor any legislative progress on this proposal, as its advancement could be consistent with scenarios where Bitcoin’s price increases. Key dates include congressional sessions where this proposal might be debated or voted on. Additionally, developments regarding related regulations and announcements from major banks and credit unions about their intentions could further influence market expectations.

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What Price Will Bitcoin Hit Before 2027

Contract Odds Δ since publish Volume 24h December 31 1% — — View market → December 31 1.4% — — View market → December 31 2.9% — — View market → December 31 3.8% — — View market → December 31 10.5% — — View market → January 1 2027 43% — — View market → January 1 2027 4.5% — — View market → January 1 2027 1% — — View market → January 1 2027 1.1% — — View market → January 1 2027 1.9% — — View market → January 1 2027 3.2% — — View market → January 1 2027 5.2% — — View market → January 1 2027 18.5% — — View market → January 1 2027 9% — — View market → January 1 2027 2.4% — — View market → January 1 2027 0.8% — — View market → January 1 2027 0.8% — — View market → January 1 2027 6.5% — — View market → January 1 2027 3.1% — — View market → January 1 2027 2.1% — — View market → January 1 2027 1.6% — — View market → January 1 2027 0.5% — — View market → January 1 2027 0.7% — — View market → January 1 2027 0.5% — — View market → January 1 2027 0.2% — — View market → January 1 2027 58% — — View market → January 1 2027 29.5% — — View market → January 1 2027 19.5% — — View market → When Will Bitcoin Hit 150k

Contract Odds Δ since publish Volume 24h December 31, 2026 2.4% — — View market →

Clients of the Bitwise and Franklin Templeton spot XRP ETFs bought another $7.24 million worth of XRP. In ETF land, that counts as a quiet day.

A steady drip, not a firehose On September 23, 2026, combined net inflows into the two funds totaled $18.04 million. Bitwise accounted for $11.54 million of that, while Franklin Templeton brought in $6.50 million.

Two days later, the pace picked up. On September 25, combined net inflows reached approximately $22.65 million, with Bitwise responsible for around $18.39 million.

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Total inflows across XRP ETFs have climbed to around $1.79 billion. Net assets sit somewhere between $1.7 billion and $1.8 billion, nearing that upper figure.

Bitwise leads the pack, with cumulative net inflows in a range of $613 million to $677 million. Franklin Templeton trails but is closing in on the $500 million mark.

How XRP ETFs got here Bitwise and Franklin Templeton launched their US spot XRP ETFs in November 2025. The pitch was simple: give investors XRP price exposure without making them manage the token themselves.

The products have also benefited from a friendlier regulatory backdrop around Ripple and XRP. XRP ETFs have since become a popular diversification pick, often sitting in portfolios alongside Bitcoin and Ethereum exposure.

Inflows up, price not so much The token has been trading under pressure near the $1.5 level, even as ETF money keeps arriving. Inflows into these funds have not tracked neatly with XRP’s price moves.

What this means for XRP and the ETF market Bitwise’s cumulative inflows outpace Franklin Templeton’s, and its daily contributions have been larger in recent sessions. Franklin Templeton is approaching $500 million in cumulative inflows.

What to watch next: whether daily inflows return to the $18 million to $22 million range seen in late September, whether cumulative inflows push past the $1.8 billion area, and whether XRP can hold or reclaim ground around $1.5.

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

BlackBerry Shifts Gears With Coretura DealMobileye Global NASDAQ: MBLY said its core advanced driver-assistance systems business has strengthened in 2026, while the company works to expand its higher-content hands-free driving offerings and develop a more vertically integrated robotaxi strategy.

Speaking with Evercore ISI Head of Global Auto and Mobility Chris McNally, Chief Communications Officer Dan Galves acknowledged that several anticipated SuperVision partnerships “didn't really materialize” in their first round. Still, he said the company sees reasons for optimism in its core ADAS business, emerging-market growth and planned launches with automakers including Porsche.

Get Mobileye Global alerts:

Core ADAS Volume Outlook Improves 3 Robotics Stocks Under $10: Value, Momentum, or Bet?Galves said Mobileye expects approximately 10% volume growth based on its July guidance, compared with an original expectation for 4% growth. He attributed the projected growth to roughly 3% from China exports, 3% from first-quarter safety-stock increases and 4% growth among its top 10 customers.

That customer growth compares with an estimated 5% decline in global production among those top 10 OEM customers, according to Galves. He said the company’s growth relative to customer production reflects strong performance despite a sluggish broader auto-production environment.

Forget Tesla: These 2 Earnings Reports Reveal Where the Auto Market Is HeadingChina-based automakers have increased exports as their domestic market remains weak, Galves said. Mobileye has stronger share on export vehicles, particularly with Chery and Geely, than it does on vehicles sold in China. He said exports are reaching markets including Russia, Brazil, Malaysia and Australia, rather than being concentrated in Western Europe.

According to Galves, low ADAS penetration in those markets is prompting legacy automakers to standardize more ADAS content. He cited S&P data showing about 1 million to 1.5 million units of emerging-market ADAS adoption growth this year and said Mobileye expects that figure could be revised higher.

Looking further ahead, Galves identified India as a significant potential growth market, citing Mobileye’s position with Mahindra and Tata as well as regulations expected in 2027. However, he said growth beyond roughly 40 million units will not be easy because of production declines among some major customers and already-high ADAS penetration in North America and Western Europe.

Hands-Free Systems Offer Higher Content Opportunity Mobileye sees highway hands-free Level 2+ systems as the largest near-term growth opportunity in ADAS. Galves distinguished those products from point-to-point systems, which can drive a vehicle to a destination across varied road types and conditions.

While point-to-point systems such as Tesla’s Full Self-Driving receive considerable attention, Galves said highway hands-free systems are expected to account for more volume over the next several years. He cited an estimated 18% compound annual growth rate for the segment over the next two to three years.

The company has secured two major new “Surround ADAS” programs with Volkswagen and a large U.S. OEM, Galves said, while BMW elected to continue working with Qualcomm. Surround ADAS includes multiple cameras, radars, an EyeQ6 High processor and Mobileye-provided software for capabilities including parking and driver monitoring.

Galves said the systems can lower costs for automakers. In one program, he said Mobileye expects to reduce the OEM’s current cost to approximately $400 from about $1,200. The company expects Surround ADAS to generate two to three times the average selling price of a base system while maintaining the same gross-margin profile.

Mobileye also discussed its Cloud-Enhanced ADAS offering, which Stellantis selected to add REM road intelligence to an existing EyeQ6 Lite program. Galves said the upgrade can increase average selling price to about $90 from $50, while gross profit per unit is similar to the more comprehensive Surround ADAS system.

Porsche Launch Seen as SuperVision Proof Point Galves said Mobileye’s SuperVision system with Porsche is scheduled to launch next year and could become an important proof point for its point-to-point capabilities. He said the Porsche program continues to indicate annual volume of roughly 300,000 to 350,000 units after several years, rather than in the initial 2027 launch year.

He said the launch could provide evidence that Mobileye can execute a next-generation system that competes with Tesla’s FSD. The company has also received calls concerning possible fallback programs, Galves said, as automakers pursue multi-supplier approaches and seek to retain their own intellectual property in point-to-point autonomy programs.

For its Chauffeur program with Audi, Galves said development is making good progress and remains on track for a planned second-quarter 2028 launch, though “a lot of work” remains.

Robotaxi Efforts Expand Beyond OEM Partnerships Mobileye said its existing robotaxi partnerships are advancing. Closed-user-group testing with Volkswagen ID. Buzz vehicles has begun in Orlando and has been underway for months in Hamburg, both with safety drivers. Los Angeles testing is occurring in Santa Monica and West Hollywood, while Oslo and Berlin are also target cities.

Galves said Mobileye’s partner HOLON, owned by BENTELER Group, has been selected as the production autonomous-vehicle partner for Deutsche Bahn’s KIRA initiative. The program is intended to integrate autonomous vehicles into public transportation in multiple German regions.

Mobileye is also pursuing its own vertically integrated robotaxi platform. Galves said the company intends to have vehicles delivered from automakers without self-driving equipment to an upfit facility, after which Mobileye would own the completed vehicle. That structure would allow the company to sell or lease vehicles to operators, deploy them in its own service, or use them in third-party services.

The company does not intend to necessarily operate a fully vertically integrated service in direct competition with Waymo, Galves said. Instead, it aims to establish a complete service and demonstrate driverless operation to improve its negotiating position with potential fleet-scale partners.

Galves said Mobileye expects to have AV-ready vehicles by the end of the year or early 2027 and believes an OEM could produce a purpose-designed variation of an existing vehicle platform in the thousands annually. He said the company believes it can bring the bill of materials cost for its self-driving system below $10,000, excluding the cost of the vehicle itself.

About Mobileye Global (NASDAQ:MBLY)Mobileye Global Inc is a technology company focused on advanced driver-assistance systems (ADAS) and autonomous driving. Its technologies are designed to help improve road safety and support automated driving through computer vision, artificial intelligence, sensor fusion and mapping.

The company develops and supplies products for automakers and mobility providers, including EyeQ system-on-chips, camera-based driver-assistance features, SuperVision hands-free driving technology, and autonomous driving platforms.

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].

Should You Invest $1,000 in Mobileye Global Right Now?Before you consider Mobileye Global, you'll want to hear this.

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An attacker drained two Safe multisig wallets on Ethereum on October 1, 2026. They did it by exploiting a third-party module built to run leveraged positions on Aave v3.

Security firm SlowMist flagged the attack. It reported that the exploiter forged Safe authentication and repaid about 1,300 WETH of Aave debt to unlock the wallets’ collateral. Combined victim losses are estimated between $305K and $310K.

Neither Aave v3 nor Safe’s core infrastructure was compromised. The weak link was the FlashLoopAdapter, a module the victims had enabled on their own wallets.

How the FlashLoopAdapter attack worked The vulnerable component was the FlashLoopAdapter, a module designed to help users build leveraged positions on Aave v3. It gets limited permission to operate the account so the owner doesn’t have to do every step by hand.

The attacker deployed a fake contract that impersonated Safe authentication. That let them slip past the module’s access controls. From there, they steered the module’s execution paths to move assets out of the two multisigs.

The whole operation ran in a single transaction. It started with a WETH flash loan sourced from Morpho.

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With the borrowed funds, the attacker paid down roughly 1,300 to 1,335 WETH of Aave debt held by the wallets. Repaying a loan frees up the collateral behind it, and that collateral was the real prize.

From one Safe, the attacker pulled collateral worth around 1,306.48 WETH. A smaller sum came out of the second wallet. After repaying the flash loan, the attacker’s net profit landed at approximately 114.09 ETH.

The root cause: trusting the caller Post-incident analyses traced the flaw to the module’s open() and close() functions. These are the routines that set up and unwind leveraged positions.

The specific problem was weak validation of responses controlled by the caller. The module accepted answers from whoever called it without properly confirming they came from a legitimate Safe.

SlowMist and fellow security firm ExVul both raised alerts after the attack. Both affected Safes disabled the vulnerable module right away to stop further losses.

Why modules keep becoming the weak spot Safe wallets are popular precisely because they are modular. Owners can attach extensions that automate strategies, manage permissions or connect to lending protocols like Aave.

A module with broad execution rights over a wallet effectively inherits that wallet’s power. If the module has a bug, the multisig’s signature requirements don’t help much, because the module was already granted a way around them.

What this means for DeFi users and builders For users running leveraged strategies through third-party tooling, the security of a position is only as strong as the least-audited contract with permission to touch it.

Holders of Safe multisigs may want to review which modules are enabled on their wallets. Any module that can move funds deserves the same scrutiny as the wallet’s signer set, arguably more, since it can act without collecting signatures.

For Aave, the protocol worked as designed: debt was repaid, so collateral was released. The failure sat entirely in the adapter that decided who was allowed to trigger those actions.

For developers building leverage tools and wallet extensions, validating every caller-supplied input, especially anything claiming to come from a trusted contract, is the minimum. Flash loans mean attackers can bring enormous temporary capital to any flaw, so even narrow bugs can unlock large balances.

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

A new push to tighten NEAR's token supply@sal_ternullo, CEO of Nasdaq-listed @svrn_ai, has put forward a proposal to reduce @NEARProtocol's maximum annual inflation rate from 2.5% to 1.6%, phased in gradually every epoch over 24 months. Under the plan, staking yield would fall from roughly 5.4% to around 3.5%. A vote through the House of Stake governance body is expected next week.

The proposal is the latest step in an ongoing effort to tighten $NEAR's token economics. NEAR Protocol previously reduced its inflation rate from 5% to 2.5% in October 2025, a move that generated considerable debate about how the network reaches and enforces major decisions. Ternullo's new proposal would push issuance down further still.

The rationale laid out in the governance forum is straightforward. At 2.5%, the protocol is currently adding roughly 89,500 new $NEAR to supply every day, yet 58.7% of NEAR is not staked, meaning the majority of holders are being diluted and receiving nothing in return. Over a six-year horizon, the proposed reduction would avoid approximately 66 million NEAR of new issuance, equivalent to around $329 million at current prices.

Beyond the near-term numbers, Ternullo has flagged a longer-term ambition: steering NEAR toward a fixed token supply over time. He has described this as a directional goal rather than a formal proposal, but it signals how he views the protocol's trajectory.

SVRN's stake gives its voice weightThe proposal carries institutional weight. SVRN currently holds more than 55 million $NEAR tokens, making it one of the largest single holders in the ecosystem. That position gives its governance views real consequence for any vote outcome. Notably, Ternullo disclosed that the issuance cut would reduce SVRN's own staking revenue by roughly 970,000 NEAR per year.

SVRN is the only Nasdaq-listed treasury company built around NEAR, and belongs to a new class of public companies that give investors direct, single-asset exposure to a digital asset network. Its stated target is to accumulate toward 10% of NEAR's total supply.

Early reactions on the NEAR governance forum are mixed. Supporters argue that lower inflation reduces sell pressure and better aligns incentives, while critics are likely to weigh the impact on staking returns and validator economics. A House of Stake vote is not the final step either: validators would still need to adopt the change through the normal protocol upgrade process, the same path taken during the 2025 halving. The upcoming vote will provide the first formal read on where the community stands.

Sources
NEAR Governance Forum: Reducing Issuance to 1.6% and the Path to a Fixed Supply
Nasdaq: SVRN, Inc. Completes Its Corporate Transformation
The Defiant: NEAR Protocol Halving Upgrade and Community Vote

Sigma Lithium Corp (TSX-V:SGML, NASDAQ:SGML, ASX:SAU) said on Thursday it still expects to deliver 330,000 tonnes of lithium oxide concentrate in fiscal 2027, even as it temporarily suspended mining and industrial production in Brazil. 

The company halted operations on September 30 after a 15-day delay by the Federal Court of Appeals in reviewing its emergency motion for suspensive relief. It will postpone by three months its 12-month guidance of 240,000 tonnes. 

Sigma will keep its commercial and recycling operations running, including the recycling of 100% of its dry stacked tailings and sales of high-purity lithium fines. The company expects those activities to generate cash flow and self-fund it during the suspension. 

The case stems from a lawsuit filed by the NGO Ngolo seeking to suspend the company's environmental licences. Sigma said its Grota do Cirilo complex sits outside the Quilombo and the legal distance of environmental impact set by Brazilian law. It said the community's houses are about 11 km from the Barreiro Pit and 8 to 9 km from the Xuxa Pits. 

Sigma said its licences were issued between May 2019 and April 2023, before the community's RTID notices were published in November 2023. It described the licences as vested rights protected under Brazilian law. 

Should the appeals court rule against it, Sigma said it will pursue a further appeal in the superior federal courts. The company noted that Brazil's general election runoff concludes on October 25 and said a decision could be delayed. 

Sigma said it has helped create 19,000 direct and indirect jobs, benefiting about 80,000 people across 12 municipalities in the Vale do Jequitinhonha. Its programs include microcredit for more than 2,000 women entrepreneurs, 1,400 rainwater reservoirs for small farmers, drinking water access for its neighbouring community, and school projects serving about 776 children. 

In post-hoc analyses of ATTAIN-1, Foundayo 17.2 mg was associated with a predicted 57% and 18% reduction in risk of type 2 diabetes and cardiovascular disease vs. placebo

Combined with recent research on the savings tied to weight loss, these findings suggest Foundayo could help reduce long-term spending for patients and healthcare systems

, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY), the maker of Zepbound (tirzepatide), today announced results from post-hoc analyses of ATTAIN-1 showing that Foundayo was associated with significant reductions in predicted 10-year risk of type 2 diabetes and cardiovascular disease in adults with obesity or overweight with a weight-related medical problem. Obesity is strongly associated with an increased risk of developing both cardiovascular disease and type 2 diabetes.1 Through its proven benefit in weight loss and its ability to improve certain cardiovascular risk factors like blood sugar, blood pressure and cholesterol, Foundayo may be a meaningful treatment option for the more than 100 million U.S. adults living with obesity.2 The findings of these analyses were published in Diabetes, Obesity and Metabolism.

"For many people living with obesity or overweight, the concern isn't just what the scale says today, it's whether their future could include type 2 diabetes or heart disease," said Thomas Seck, M.D., senior vice president of product development, Lilly Cardiometabolic Health. "These additional analyses of ATTAIN-1 show that Foundayo was associated with a lower predicted long-term risk of both conditions, in addition to meaningful weight loss. We've also seen evidence that treating obesity and reducing the risk of its downstream consequences, like cardiovascular disease and type 2 diabetes, can meaningfully lower healthcare costs.3,4,5 That gives us real optimism about what long-term Foundayo use could mean, both for patients and for the broader healthcare system."

In these analyses, modeling showed that Foundayo was associated with clinically meaningful improvements in predicted 10-year risk of type 2 diabetes and cardiovascular disease across all three doses.6 At 72 weeks, participants taking Foundayo 5.5 mg, 9 mg and 17.2 mg showed an estimated 45.0%, 50.0% and 57.0% reduction, respectively, in predicted type 2 diabetes risk versus placebo.7,8 Participants taking Foundayo 17.2 mg also showed an estimated 18.0% reduction in predicted cardiovascular disease risk versus placebo.

ATTAIN-1 Post-Hoc Analyses: Change in Predicted 10-Year Cardiometabolic Risk at 72 Weeks

Foundayo
5.5 mg

Foundayo
9 mg

Foundayo
17.2 mg

Placebo

Type 2 diabetes riski

Predicted 10-year type 2
diabetes risk at baseline

16.4 %

16.0 %

17.1 %

17.3 %

Change in predicted 10-year
type 2 diabetes risk at 72
weeks

-8.0 %

-8.8 %

-9.8 %

-1.7 %

Estimated type 2 diabetes risk
reduction vs. placeboii

45%

(HR = 0.55)

(95% CI 0.52, 0.60)

50%

(HR = 0.50)

(95% CI 0.47, 0.54)

57%

(HR = 0.43)

(95% CI 0.40, 0.47)

–

Cardiovascular disease riskiii

Predicted 10-year
cardiovascular disease risk at
baseline

8.5 %

8.5 %

8.7 %

8.9 %

Change in predicted 10-year
cardiovascular disease risk at
72 weeks

-0.6 %

-0.7 %

-1.0 %

0.6 %

Estimated cardiovascular
disease risk reduction vs.
placeboii

13%

(HR = 0.87)

(95% CI 0.83, 0.90)

15%

(HR = 0.85)

(95% CI 0.82, 0.89)

18%

(HR = 0.82)

(95% CI 0.79, 0.86)

–

iType 2 diabetes risk was estimated using the Cardiometabolic Disease Staging (CMDS) risk engine.

iiEstimated risk reduction versus placebo is approximated based on the model-based hazard ratio (HR); placebo was the reference group. 

iiiCardiovascular disease risk was estimated using the BMI-based Framingham risk engine. 

About Foundayo
Foundayo (orforglipron) is FDA-approved for adults with obesity, or some adults with overweight who also have weight-related medical problems to reduce excess body weight and maintain weight reduction long term, alongside a reduced-calorie diet and increased physical activity. Foundayo is a once-daily small molecule (non-peptide) oral glucagon-like peptide-1 receptor agonist that can be taken any time of the day without restrictions on food and water intake. Orforglipron was discovered by Chugai Pharmaceutical Co., Ltd. and licensed by Lilly in 2018. In addition to chronic weight management, orforglipron is being studied as a potential treatment for type 2 diabetes, obstructive sleep apnea, osteoarthritis knee pain, hypertension, peripheral artery disease and stress urinary incontinence.

About ATTAIN-1 and the ATTAIN clinical trial program  
ATTAIN-1 (NCT05869903) is a Phase 3, 72-week, randomized, double-blind, placebo-controlled trial comparing the efficacy and safety of Foundayo 5.5 mg, 9 mg and 17.2 mg as a monotherapy to placebo in adults with obesity, or overweight with at least one of the following comorbidities: hypertension, dyslipidemia, obstructive sleep apnea or cardiovascular disease, who did not have diabetes. The trial is the first Phase 3 study of this patient population in which treatment was evaluated as an adjunct to exercise and a balanced, healthy diet rather than a reduced-calorie diet. The trial randomized 3,127 participants across the U.S., Brazil, China, India, Japan, South Korea, Puerto Rico, Slovakia, Spain and Taiwan in a 3:3:3:4 ratio to receive either 5.5 mg, 9 mg or 17.2 mg Foundayo or placebo. The primary objective of the study was to demonstrate that Foundayo (5.5 mg, 9 mg or 17.2 mg) is superior to placebo in body weight reduction from baseline after 72 weeks in people with a BMI ≥30.0 kg/m² or a BMI ≥27.0 kg/m² with at least one weight-related comorbidity and a history of at least one self-reported unsuccessful dietary effort to lose body weight.

All participants in the Foundayo treatment arms started the study at a dose of Foundayo 0.8 mg once-daily and then increased the dose in a step-wise approach at four-week intervals to their final randomized maintenance dose of 5.5 mg (via steps at 0.8 mg and 2.5 mg), 9 mg (via steps at 0.8 mg, 2.5 mg and 5.5 mg) or 17.2 mg (via steps at 0.8 mg, 2.5 mg, 5.5 mg, 9 mg and 14.5 mg). The trial was conducted using an investigational formulation of Foundayo at dosages equivalent to Foundayo tablets.

The ATTAIN Phase 3 global clinical development program for orforglipron enrolled more than 4,500 people with obesity or overweight across two global registration trials (ATTAIN-1 & ATTAIN-2).

Endnotes and References

Jensen MD, Ryan DH, Apovian CM, et al. 2013 AHA/ACC/TOS guideline for the management of overweight and obesity in adults. Circulation. 2014;129(25 Suppl 2):S102-S138. Centers for Disease Control and Prevention. Adult Obesity Facts. https://www.cdc.gov/obesity/adult-obesity-facts/index.html. Bjornson AM, Szabo SM, Donato BMK, Gardner M, Kuti E. Costs of obesity, obesity-related complications, and weight loss in the United States: A systematic literature review. J Manag Care Spec Pharm. 2025;31(9):851-861. Xue J, Anderson J, Huang A, Gou R, Sun H, Zhao J, Allende C, Hua H, Hohlbauch A, Chinthammit C. Clinical and Economic Burden of Obesity and Cardiovascular Disease Among Medicare Fee-For-Service Beneficiaries. Diabetes Obes Metab. 2026. Boye KS, Lage MJ, Terrell K. Healthcare outcomes for patients with type 2 diabetes with and without comorbid obesity. J Diabetes Complications. 2020;34(12):107730. D'Agostino Sr RB, Vasan RS, Pencina MJ, Wolf PA, Cobain M, Massaro JM, Kannel WB. General cardiovascular risk profile for use in primary care: the Framingham Heart Study. Circulation. 2008;117(6):743-53. Guo F, Garvey WT. Development of a weighted cardiometabolic disease staging (CMDS) system for the prediction of future diabetes. The Journal of Clinical Endocrinology & Metabolism. 2015;100(10):3871-7. Wilkinson L, Yi N, Mehta T, Judd S, Garvey WT. Development and validation of a model for predicting incident type 2 diabetes using quantitative clinical data and a Bayesian logistic model: a nationwide cohort and modeling study. PLoS medicine. 2020;17(8):e1003232. U.S. FOUNDAYO INDICATION AND SAFETY SUMMARY WITH WARNINGS
Foundayo (fown-DAY-oh) is a prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off.

Foundayo should not be used with other GLP-1 receptor agonist medicines. It is not known if Foundayo is safe and effective for use in children. Warnings – Foundayo may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Foundayo if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Foundayo if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Foundayo if you have had a serious allergic reaction to orforglipron or any of the ingredients in Foundayo. Foundayo may cause serious side effects, including:

Inflammation of the pancreas (pancreatitis). Stop taking Foundayo and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. Sometimes you may feel the pain from your abdomen to your back.

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Foundayo. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Foundayo with medicines that can cause low blood sugar, such as an insulin or sulfonylurea. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness, or feeling jittery.

Serious allergic reactions. Stop using Foundayo and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Foundayo.

Gallbladder problems. Gallbladder problems have happened in some people who use Foundayo. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Foundayo may increase the chance of food getting into your lungs during surgery or other procedures. Tell your healthcare providers that you are taking Foundayo before you are scheduled to have surgery or other procedures.

Common side effects
The most common side effects of Foundayo include nausea, constipation, diarrhea, vomiting, indigestion, stomach (abdominal) pain, headache, swollen belly, feeling tired, belching, heartburn, gas, and hair loss. These are not all the possible side effects of Foundayo. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before taking Foundayo

Tell your healthcare provider about all the medicines you take. Foundayo may affect the way some medicines work, and some medicines may affect the way Foundayo works. Pregnancy Exposure Registry: There will be a pregnancy exposure registry for women who have taken Foundayo during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may contact Eli Lilly and Company at 1-800-LillyRx (1-800-545-5979). If you take birth control pills by mouth, talk to your healthcare provider before you take Foundayo. Birth control pills may not work as well while taking Foundayo. Your healthcare provider may recommend another type of birth control for 30 days after starting Foundayo and for 30 days after each dose increase of Foundayo. Talk to your healthcare provider about low blood sugar and how to manage it. Tell your healthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea. Review these questions with your healthcare provider:
❑  Do you have other medical conditions, including problems with your pancreas or kidneys, or severe problems with your liver, severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❑  Do you have a history of diabetic retinopathy?
❑  Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❑  Are you pregnant or plan to become pregnant? Foundayo may harm your unborn baby.
❑  Are you breastfeeding or plan to breastfeed? Breastfeeding is not recommended during treatment with Foundayo.
❑  Do you take any other prescriptions or over-the-counter medicines, vitamins, or herbal supplements?

How to take

Take Foundayo exactly as your healthcare provider tells you to. Use Foundayo with a reduced-calorie diet and increased physical activity. Take Foundayo by mouth 1 time each day, with or without food. Swallow tablets whole. Do not break, crush, or chew the tablet. If you miss a dose, take it as soon as possible. Do not take 2 doses of Foundayo in the same day. Do not take more than 1 tablet per day. If you miss taking Foundayo for 7 or more days in a row, call your healthcare provider to talk about how to restart your treatment. If you take too much Foundayo, call your healthcare provider or Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away. Learn more
Foundayo is a prescription medicine available in 0.8 mg, 2.5 mg, 5.5 mg, 9 mg, 14.5 mg, or 17.2 mg oral tablets. For more information, call 1-800-545-5979 or go to foundayo.lilly.com.

This summary provides basic information about Foundayo but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your doctor. Be sure to talk to your doctor or other healthcare provider about Foundayo and how to take it. Your doctor is the best person to help you decide if Foundayo is right for you.

OG CON BS APR2026

Foundayo™ is a trademark of Eli Lilly and Company.

U.S. ZEPBOUND INDICATIONS AND SAFETY SUMMARY WITH WARNINGS

Zepbound® (ZEHP-bownd) is an injectable prescription medicine used with a reduced-calorie diet and increased physical activity to help adults with:

obesity, or some adults with overweight who also have weight-related medical problems, to lose excess body weight and keep the weight off. moderate-to-severe obstructive sleep apnea (OSA) and obesity to improve their OSA. Zepbound contains tirzepatide and should not be used with other tirzepatide-containing products or any GLP-1 receptor agonist medicines. It is not known if Zepbound is safe and effective for use in children.

Warnings - Zepbound may cause tumors in the thyroid, including thyroid cancer. Watch for possible symptoms, such as a lump or swelling in the neck, hoarseness, trouble swallowing, or shortness of breath. If you have any of these symptoms, tell your healthcare provider.

Do not use Zepbound if you or any of your family have ever had a type of thyroid cancer called medullary thyroid carcinoma (MTC). Do not use Zepbound if you have Multiple Endocrine Neoplasia syndrome type 2 (MEN 2). Do not use Zepbound if you have had a serious allergic reaction to tirzepatide or any of the ingredients in Zepbound. KwikPen®: Do not share your KwikPen with other people, even if the pen needle has been changed.  You may give other people a serious infection or get a serious infection from them.

Zepbound may cause serious side effects, including:

Severe stomach problems. Stomach problems, sometimes severe, have been reported in people who use Zepbound. Tell your healthcare provider if you have stomach problems that are severe or will not go away.

Dehydration leading to kidney problems. Diarrhea, nausea, and vomiting may cause a loss of fluids (dehydration), which may cause kidney problems. It is important for you to drink fluids to help reduce your chance of dehydration. Tell your healthcare provider right away if you have nausea, vomiting, or diarrhea that does not go away.

Gallbladder problems. Gallbladder problems have happened in some people who use Zepbound. Tell your healthcare provider right away if you get symptoms of gallbladder problems, which may include pain in your upper stomach (abdomen), fever, yellowing of skin or eyes (jaundice), or clay-colored stools.

Inflammation of the pancreas (pancreatitis). Stop using Zepbound and call your healthcare provider right away if you have severe pain in your stomach area (abdomen) that will not go away, with or without nausea or vomiting. You may feel the pain from your abdomen to your back.

Serious allergic reactions. Stop using Zepbound and get medical help right away if you have any symptoms of a serious allergic reaction, including swelling of your face, lips, tongue or throat, problems breathing or swallowing, severe rash or itching, fainting or feeling dizzy, or very rapid heartbeat.

Low blood sugar (hypoglycemia). Your risk for getting low blood sugar may be higher if you use Zepbound with medicines that can cause low blood sugar, such as a sulfonylurea or insulin. Signs and symptoms of low blood sugar may include dizziness or light-headedness, sweating, confusion or drowsiness, headache, blurred vision, slurred speech, shakiness, fast heartbeat, anxiety, irritability, mood changes, hunger, weakness or feeling jittery.

Changes in vision in patients with type 2 diabetes. Tell your healthcare provider if you have changes in vision during treatment with Zepbound.

Food or liquid getting into the lungs during surgery or other procedures that use anesthesia or deep sleepiness (deep sedation). Zepbound may increase the chance of food getting into your lungs during surgery or other procedures. Tell all your healthcare providers that you are taking Zepbound before you are scheduled to have surgery or other procedures.

Common side effects

The most common side effects of Zepbound include nausea, diarrhea, vomiting, constipation, stomach (abdominal) pain, indigestion, injection site reactions, feeling tired, allergic reactions, belching, hair loss, and heartburn. These are not all the possible side effects of Zepbound. Talk to your healthcare provider about any side effect that bothers you or doesn't go away.

Tell your doctor if you have any side effects. You can report side effects at 1-800-FDA-1088 or www.fda.gov/medwatch.

Before using Zepbound

Your healthcare provider should show you how to use Zepbound before you use it for the first time. Talk to your healthcare provider about low blood sugar and how to manage it. Tell yourhealthcare provider if you are taking medicines to treat diabetes including an insulin or sulfonylurea.  If you take birth control pills by mouth, talk to your healthcare provider before you use Zepbound. Birth control pills may not work as well while using Zepbound. Your healthcare provider may recommend another type of birth control for 4 weeks after you start Zepbound and for 4 weeks after each increase in your dose of Zepbound. Review these questions with your healthcare provider:
❑ Do you have other medical conditions, including problems with your pancreas, or severe problems with your stomach, such as slowed emptying of your stomach (gastroparesis) or problems digesting food?
❑ Do you take diabetes medicines, such as insulin or sulfonylureas?
❑ Do you have a history of diabetic retinopathy?
❑ Are you scheduled to have surgery or other procedures that use anesthesia or deep sleepiness (deep sedation)?
❑ Do you take any other prescription medicines or over-the-counter drugs, vitamins, or herbal supplements?
❑ Are you pregnant, plan to become pregnant, breastfeeding, or plan to breastfeed? Zepbound may harm your unborn baby. Tell your healthcare provider if you become pregnant while using Zepbound. Zepbound may pass into your breast milk. You should talk with your healthcare provider about the best way to feed your baby while using Zepbound.

Pregnancy Exposure Registry: There is a pregnancy exposure registry for women who have taken Zepbound during pregnancy. The purpose of this registry is to collect information about the health of you and your baby. Talk to your healthcare provider about how you can take part in this registry, or you may call 1-844-524-0039 or email at [email protected] or visit https://pregnancyregistry.lilly.com/zepbound. How to take

Read the Instructions for Use that come with Zepbound. Use Zepbound exactly as your healthcare provider says. Use Zepbound with a reduced-calorie diet and increased physical activity. Inject Zepbound under the skin (subcutaneously) of your stomach (abdomen), thigh, or
have another person inject in the back of the upper arm. Do not inject ZEPBOUND into a muscle (intramuscularly) or vein (intravenously). Use Zepbound 1 time each week, at any time of the day. Change (rotate) your injection site with each weekly injection. Do not use the same site for each injection. If you take too much Zepbound, call your healthcare provider, call the Poison Help line at 1-800-222-1222 or go to the nearest hospital emergency room right away.

Zepbound is approved as a 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg injection.

Learn more
Zepbound is a prescription medicine. For more information, call 1-800-LillyRx (1-800-545-5979) or go to www.zepbound.lilly.com.

This summary provides basic information about Zepbound but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking with your healthcare provider. Be sure to talk to your healthcare provider about Zepbound and how to take it. Your healthcare provider is the best person to help you decide if Zepbound is right for you.

ZP CON BS 01SEP2026

Zepbound®, its delivery device base and KwikPen® are registered trademarks owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates.

About Lilly   
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. P-LLY

Trademarks and Trade Names
All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company's or their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. 

Cautionary Statement Regarding Forward-Looking Statements  
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about Foundayo (orforglipron) as a potential treatment for adults with obesity, and reflects Lilly's current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development, and commercialization. Among other things, there is no guarantee that planned or ongoing studies will be completed as planned, that future study results will be consistent with study results to date, that Foundayo will receive additional regulatory approvals, or that Lilly will execute its strategy as expected. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, see Lilly's Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.  

SOURCE Eli Lilly and Company

Binance, the world’s leading cryptocurrency exchange by trading volume, has completed its latest scheduled Terra Luna Classic (LUNC) token burn. This round saw more than 334 million LUNC removed from circulation, a move that extends the company’s ongoing commitment to deflationary measures for the blockchain’s native coin.

Latest burn and supply outlookOn October 1, Binance executed the destruction of 334,879,422.009852 Terra Luna Classic tokens. These tokens were sent to a designated burn address, rendering them permanently ineligible to re-enter circulation.

According to official on-chain data, Binance has now burned more than 88 billion LUNC tokens to date, consistently reducing overall supply. The most recent figures show that the circulating supply now stands at approximately 5.51 trillion LUNC.

The cumulative LUNC burned across all participants has reached 460,108,314,222. Despite these extensive efforts, most analysts observed that the recent burn had little immediate impact on the trading price of LUNC or market momentum.

MetricValueLatest burn (October 1)334,879,422 LUNCTotal Binance burns (to date)88 billion LUNCTotal LUNC burned (all sources)460.1 billion LUNCCurrent circulating supply5.51 trillion LUNC24-hour trading volumeBelow $10 millionLow demand and technical barriersCrypto analysts noted on X that LUNC’s price action remains subdued, with daily trading volume on spot markets falling below $10 million. This lack of clear buying interest has muted any deflationary effect of the burns in terms of price appreciation.

LUNC’s trading price now hovers at $0.000052, sitting well beneath key trend lines such as the Double Exponential Moving Average (Double EMA) and the Smoothed Moving Average (SMA).

The token’s last significant rally occurred in mid-May, when it briefly touched $0.00012. Since then, LUNC has trended lower, with technical analysis suggesting that breaching the current moving average resistance remains a challenge.

Despite these challenges, some market observers have identified a modest uptick in whale activity. The Chaikin Money Flow (CMF), a technical indicator that measures buying and selling pressure, has risen to 0.14 since the start of September, potentially signaling renewed accumulation by large holders.

Mini dictionary: Chaikin Money Flow (CMF) is a technical analysis indicator that combines price and volume data to assess buying and selling pressure over a given period, often used to identify potential trend reversals.

Market commentators highlighted that this pattern mirrors the build-up seen before the rally in late April and early May, though current subdued spot volumes make any near-term recovery uncertain.

Ongoing competition and outlookDespite Binance’s consistent LUNC burn program, the coin’s price has remained under pressure amid increased competition within the altcoin market. Analysts suggest that while deflation reduces supply, price movements largely depend on revived demand and broader market sentiment.

With active spot trading at a standstill and ongoing supply reduction efforts, Terra Luna Classic’s trajectory remains closely watched by the community as investors look for fresh catalysts to boost demand.

TL;DR: The OAT-Bund spread widened past 140.6bp, its widest since the 2012 eurozone debt crisis, as French 10-year yields surged to 4.935% while German Bund yields fell to 3.529%—a divergence pointing to a France-specific sovereign risk premium that EUR/CHF is now starting to transmit into FX.

Why This Matters Europe’s bond selloff has stopped being one trade. Investors are now separating France from Germany—and EUR/CHF is starting to reflect the same divide. When two countries share a currency and a central bank but their bond yields move in opposite directions, that is not a generic rates story; it is markets pricing one government’s fiscal credibility differently from another’s. For traders, that makes the spread itself, not the outright yield level, the cleanest signal of how far this repricing could run, and it gives EUR/CHF a specific technical path to watch for confirmation.

Currency Heat Map.

France Is Being Asked to Pay More for Fiscal Risk The immediate backdrop is France’s 2027 budget. Prime Minister Sebastien Lecornu’s government has presented a package targeting around EUR 54bn of savings, seeking to reduce the deficit from 5.4% of GDP in 2026 toward 5% next year. Measures include spending restraint and targeted tax changes, but the legislation now faces a difficult parliamentary process in a divided legislature and is likely to be amended substantially.

The bond-market mechanism is straightforward. When investors become less confident that a government can stabilise its deficit and debt trajectory, they demand a larger yield premium to hold that government’s debt. In France’s case, that premium is visible against Germany, whose Bund market serves as the Eurozone’s core benchmark.

That distinction matters because France and Germany share the same currency and the same ECB policy rate. A global rates shock can push both yields higher together. It does not easily explain French yields accelerating toward 5% while German yields fall. That is why the spread, rather than the outright OAT yield, is becoming the cleanest gauge of whether markets are escalating their concerns about France.

The French 10-year chart reinforces the severity of the move. Yield is well above the 4H 55 EMA near 4.616%, with RSI above 80 and MACD still positive. German yields, by contrast, have fallen back toward their 55 EMA near 3.535%, while RSI has slipped below 40 and momentum has rolled over. The technical picture is therefore telling the same story as the spread: French risk is accelerating while demand for German duration is returning.

Inflation Makes the Backdrop Harder, but Does Not Explain the Divergence Europe’s inflation backdrop is adding pressure, but it cannot by itself explain the France-Germany split. French national CPI accelerated from 2.4% to 3.0% y/y in September, while the comparable harmonised measure rose from 2.6% to 3.4%. Germany’s harmonised inflation also accelerated to 3.3%, with energy inflation reaching 14.9%. In France, energy inflation was even stronger at 21.2%.

That helps explain why European yields remain structurally elevated. Renewed energy pressure and the Middle East conflict have revived concerns about how quickly inflation can return sustainably toward target. But the common inflation shock actually makes the OAT-Bund divergence more informative: if inflation alone were driving Thursday’s bond move, French and German yields should be responding more similarly. Instead, Bunds rallied while OATs sold off.

Inflation is therefore an amplifier of France’s problem, not a complete explanation for it. The widening spread reflects the interaction of higher inflation risk, higher term premia and French fiscal uncertainty, a combination also highlighted by market strategists as the premium on French debt widened.

European Equities Add Context, but the Spread Carries the Cleaner Signal European equities sold off alongside the bond-market stress, with CAC 40, DAX and FTSE all under pressure. Yet the equity move is a noisier measure of French-specific risk. German and British shares are exposed to the same higher-energy, higher-yield environment even without France’s fiscal problem, which makes a broad European equity decline compatible with several different macro explanations.

Wall Street, meanwhile, managed to close modestly higher after the US 10-year Treasury yield retreated from its 5.34% intraday peak, with company-specific technology developments also providing support. The more useful hierarchy is therefore clear: OAT-Bund spread first. EUR/CHF second. Equities third. The first strips away much of the global-rates noise. The second shows whether FX traders are transmitting the same European risk discrimination into the Swiss franc.

140bp Is Now the Key Sovereign-Risk Test The spread itself is the most direct test of whether this develops into something more persistent. At around 140.6bp, investors are already demanding substantially more compensation to own French debt than German Bunds. Reuters had recorded the spread at 132.86bp on October 1, already its widest since the 2012 eurozone debt crisis. The subsequent move beyond 140bp therefore represents another meaningful extension.

From here, continued widening would strengthen the case that markets are making a structural adjustment to France’s risk premium, rather than simply reacting to a single difficult session. A stabilization around current levels would suggest investors are waiting for more clarity from the budget process. A meaningful reversal toward the 90–95bp area seen before the latest acceleration would weaken the argument that a durable repricing is underway.

That makes France’s parliamentary budget process the next hard domestic catalyst. The government has laid out the fiscal arithmetic; markets now need to judge how much of it can actually survive the legislative process.

ActionForex’s Technical View: EUR/CHF Is Starting to Transmit the Same Message FX is beginning to reflect the bond-market divergence. EUR/CHF has reversed sharply from 0.94850 to around 0.9340, falling back below its daily 55 EMA near 0.9371. Momentum has deteriorated with RSI below 40 and MACD rolling lower.

Franc strength has not been confined to Euro either—USD/CHF and GBP/CHF have also fallen, showing broader CHF demand. But EUR/CHF remains the more useful instrument for the French-risk thesis because it directly pits the common currency against Europe’s traditional low-risk funding currency.

Technically, however, the move remains at an early stage. The rise from 0.89790 to 0.94850 puts the 38.2% Fibonacci retracement at around 0.92917 and the 61.8% retracement at 0.91723. EUR/CHF has not yet reached the first level. That gives a useful hierarchy:

A hold above 0.92917, followed by a recovery, would keep the decline consistent with a relatively shallow correction within the broader advance from 0.89790. A sustained break below 0.92917 would strengthen the bearish case. A move toward 0.91723 would suggest a substantially deeper repricing and put the broader recovery from 0.89790 into question. But the bond spread must remain part of the confirmation. A EUR/CHF break below 0.92917 alongside another widening in OAT-Bund would provide a much cleaner signal that French fiscal risk is spreading through European assets. The same EUR/CHF break occurring while OAT-Bund stabilizes or narrows would be less convincing—it could instead reflect generic Euro weakness, broader CHF demand or positioning around US data.

NFP Can Blur the Signal Before France Gives the Next Answer Today’s US nonfarm payrolls release, with consensus around 90K, adds a major external complication. A large payroll surprise could dominate global rates, Dollar and risk sentiment, potentially obscuring the France-specific signal for several hours. That makes relative moves more useful than outright FX moves after the release.

The most informative configuration would be continued OAT-Bund widening accompanied by renewed EUR/CHF downside. That would suggest French risk is still driving the move even through the US data noise. If USD/CHF moves sharply after NFP while EUR/CHF remains relatively stable, the Dollar channel would be doing more of the work. If EUR/CHF continues falling while USD/CHF does not, the European risk signal becomes cleaner.

But NFP is ultimately an external interruption. France’s budget process remains the harder test. The market has already pushed the OAT-Bund spread beyond 140bp. EUR/CHF has begun to respond, but it has not yet broken its first major retracement level.

France and Germany still share a currency and a central bank. For now, their bond markets are increasingly pricing them as very different risks.

Key Takeaways The OAT-Bund spread has widened past 140.6bp, its widest since the 2012 eurozone debt crisis, as French yields rise and German yields fall simultaneously. The divergence points to a France-specific fiscal risk premium tied to Prime Minister Lecornu’s 2027 budget, not a generic eurozone rates move—inflation is running hot in both countries but cannot explain the split. EUR/CHF has reversed from 0.94850 to around 0.9340 but has not yet broken its first key retracement at 0.92917; a break there alongside continued spread-widening would be the cleanest confirmation signal. The recommended watch order is OAT-Bund spread first, EUR/CHF second, European equities third, since equities are a noisier read on French-specific risk. Today’s NFP release could temporarily obscure the France signal; watch whether EUR/CHF moves independently of USD/CHF to judge whether European risk, not the Dollar, is driving price action. Related Reading Sterling Broadens Gains as BoE Repricing Builds and GDP Confirms Resilience Dollar Index Completes Double Bottom, Targets 100.59 as Markets Look Beyond Fed’s 4.1% 2027 Median Gold Holds 4,113 Support, but 4,235 and 4,335 Still Block the Bull Case Stay ahead of Europe’s sovereign-risk divergence—subscribe to ActionForex’s daily market commentary for real-time technical and fundamental analysis.

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It's been a good year for most of the Magnificent Seven. As of this writing, Apple and Nvidia are both up over 23% in 2026, and even Microsoft, the smallest gainer, is up about 7%. Alphabet, Meta Platforms (META +0.10%), and Amazon land in between.

Then there's Tesla (TSLA -0.20%). At roughly $347 as of this writing, the electric-car maker's shares are down about 23% this year and about 29% off their record close of $489.88, set in December 2025.

It's the only one of the seven in the red.

The strange part, I think, is that Tesla's sales are rising again. The gap shows up further down the income statement.

Image source: Getty Images.

Is demand the problem?Not lately. Tesla delivered 480,126 vehicles in the second quarter, up 25% year over year and a sharp acceleration from 6% growth in the first quarter. This followed a tough 2025, when deliveries dropped around 9% to 1,636,129.

Tesla's second-quarter revenue climbed 26% year over year to about $28.2 billion, beating the latest-quarter growth rates for Apple (16%), Microsoft (18%), Amazon (20%), and Alphabet (24%).

Yes, some of that's a rebound from a poor 2025. But on sales alone, Tesla fits right in with the rest of the group.

Tesla's profits aren't keeping upShowing how little of that growth reaches the bottom line, Tesla's second-quarter operating income dropped 57% year over year to around $398 million. Its operating margin (the share of revenue left as operating profit) shrank to just 1.4%, down from 4.1% in the year-ago quarter, as operating expenses jumped 47%. Non-GAAP (adjusted) earnings per share dropped 18%. And in the first half of 2026, Tesla delivered 16% more vehicles than a year before but earned around the same operating income ($1.34 billion vs. $1.32 billion).

The other six look very different. Five of them raised operating income by double digits in their latest quarters, from 18% at Microsoft to 124% at Nvidia.

Even Amazon, which has the lowest margins among the six, kept about 14 cents of every sales dollar as operating profit. Tesla kept about 1.4 cents.

Meta's the exception. Its second-quarter operating income dropped 8%, hurt by $2.4 billion in legal charges and $1.18 billion in severance. But its operating margin was still 31%, and management expects full-year operating income to beat 2025's.

Spending firstSure, low margins might matter less if the payoff looked close. But Tesla expects capital expenditures of over $25 billion in 2026, due to its AI initiatives. With around $8.3 billion spent in the first half, that implies more than $16 billion in the second. Second-quarter free cash flow was already negative $1.1 billion. And on Sept. 29, Tesla signed $30 billion in new credit facilities, but it doesn't currently plan to tap them this year.

The projects this spending funds are still early. Tesla's Robotaxi service was live in seven major metro areas by its second-quarter update, and the steering-wheel-free Cybercab began giving rides to Robotaxi app users in a limited part of Austin in early September. But Tesla doesn't break out robotaxi revenue, so investors can't yet tell what the service makes.

Meanwhile, the stock already prices in a lot of success. Based on next year's expected earnings, Tesla's price-to-earnings ratio is around 155. Nvidia's stock, in comparison, costs about 15 times next fiscal year's expected earnings, even though its operating income more than doubled last quarter.

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What can the delivery count add?Tesla hasn't given a date for its third-quarter delivery release. But its past two quarterly counts came out on the second day of a new quarter, so the next one may arrive within days.

A year ago, Tesla delivered a record 497,099 vehicles, so it probably needs another record just to show growth. Still, even a strong count can't settle what separates Tesla from the other six this year.

"Tesla vehicle deliveries and storage deployments represent only two measures of the Company's financial performance and should not be relied on as an indicator of quarterly financial results," the company wrote in its July 2 delivery report.

In the end, Tesla's 2026 problem isn't that customers quit buying its cars. It's that the business keeps very little of what it sells -- while spending heavily on projects that haven't paid off yet. At around 320 times the past year's earnings, I'd say Tesla stock's still too pricey for a company that kept 1.4 cents in operating profit on every sales dollar last quarter.

Netflix's (NFLX -2.49%) bad year got worse last month as signs continued to show that the company was losing ground to rival YouTube, and even co-CEO Ted Sarandos acknowledged that recent engagement trends have been disappointing.

At the Emmys last month, Netflix had its lowest-converting and weakest performance at the TV awards show in a decade, reflecting an underwhelming slate of original programming.

The stock finished September down 14%, according to data from S&P Global Market Intelligence.

As you can see from the chart below, the stock fell mostly steadily over the course of the month, reflecting souring forward expectations as the streamer struggles with engagement.

NFLX data by YCharts

What's going wrong at NetflixThere was no major company-specific news out on Netflix last month. Instead, there was a steady drumbeat of downbeat news items and negative analyst notes.

On Sept 18, Wells Fargo lowered its rating on Netflix from equal weight to underweight and slashed its price target from $80 to $57, predicting a weak original content slate in the second half of the year. It also forecast a 21% decline in hours watched for its top 100 original shows, which would represent a crisis at Netflix if true.

HSBC followed that up with its own downgrade from buy to hold, citing trends that show Netflix has lost significant viewer share to YouTube over the last year, as Netflix's share of viewing time in the U.S. fell by about one percentage point to 7.8%.

Netflix's disappointing showing at the Emmys also seemed to underscore its troubles, as it had its lowest Emmy conversion rate in a decade, winning 16 awards on 111 nominations. It finished behind both Apple TV and HBOMax, and Netflix was nearly shut out of top categories like major comedy and drama.

Toward the end of the month, co-CEO Ted Sarandos addressed the company's challenges, saying it is "not growing as fast as I want," and he cited headwinds related to its investments in live sports, which, on an ROI basis, perform poorly in terms of engagement. Nonetheless, live sports are good for signups and advertising, and the company expects to do more of it.

Image source: Netflix.

What's next for NetflixNetflix will report third-quarter earnings on Oct. 20, but the results are unlikely to kick-start a comeback, given Sarandos's own admission of weak growth.

However, there is an argument that Netflix has gotten too cheap at this point, trading down nearly 50% from its all-time high last year.

The company has dug out of holes like this before, and it likely only needs one or two hit shows to change the narrative. Meanwhile, its resilient business model and global presence should help overcome these challenges. While the stock could head lower in the short term, it still looks like a winner over the long term.

End-to-end service program combines fuel cell module performance guarantee with committed service response and resolution times, to enable transit operators to plan maintenance and fuel cell lifecycle costs.

, /PRNewswire/ -- Ballard Power Systems is launching the first-of-its-kind fuel cell lifecycle programme – Ballard Fleet360 – at APTA TRANSform & EXPO 2026 in Chicago.

Available with new FCmove®-HD+ module sales in North America, the program connects intelligent fuel cell data, tailored technical support, parts assurance, technician training and refurbishment options. Fleet360's FCcare+ coverage package provides a fuel cell module performance guarantee for power output up to 250,000 miles of fuel cell operation.

Ballard Fleet360 fuel cell lifecycle program "Transit operators want confidence in how their fuel cells perform today and as their fleets age," said Ralph Robinett, Chief Operating Officer of Ballard. "With Fleet360, we are backing our technology with a defined performance guarantee, supported by the information, parts and technical support maintenance teams need. This capability gives customers a clearer basis for planning fuel cell maintenance and lifecycle budgets, with performance commitments from Ballard."

Turning fuel cell data into maintenance decisions

At the center of Fleet360 is FCpulse, Ballard's digital platform for visibility into fuel cell health, performance and service-part trends. Its state of health dashboard helps maintenance teams proactively identify modules needing attention, prioritise investigations and prepare workshop resources. Its data visualizer access supports deeper technical investigation, while quarterly performance reports inform service and lifecycle planning.

Defined guarantees for module performance

The FCcare service package combines full parts coverage with commitments for response, spare part delivery and resolution, alongside FCpulse state of health dashboard access. The FCcare+ package adds a fuel cell module performance guarantee for power output power up to 250,000 miles of fuel cell operation. Guarantees and service commitments are defined by the package and agreement selected. Core+ refurbishment, Ballard Academy training and the full version of FCpulse are available alongside either package.

Service support built around fleet operations

The program is supported by Ballard's Remote Operations Centre in Vancouver, which coordinates triage, diagnostics and engineering escalation, together with expanded field service capability and US parts inventory in Bend, Oregon. The Ballard Academy builds customers' in-house maintenance capability and diagnostic skills, while Core+ connects stack condition assessment with refurbishment planning.

"Data creates value when it helps a maintenance team decide what to do next," Robinett added. "By connecting FCpulse insights with parts support, technical expertise and refurbishment planning, we can help operators prepare for maintenance and budget for the fuel cell module over its life. Our role is to give their teams the information and practical support to make those decisions with greater confidence."

Fleet360 builds on Ballard's experience across more than 186 million miles (300 million kilometers) of operational service and more than 3,000 fuel cell engines on the road. Today, Ballard has deployed nearly 330 fuel cell buses across North America, including over 225 buses in California and a fleet of more than 30 in Nevada.

Together, the market-leading FCmove® range of fuel cell engines and Ballard Fleet360 demonstrate Ballard's focus on the complete customer journey – from vehicle integration and deployment to reliable operation throughout the fleet lifecycle.

Ballard's presence at APTA EXPO 2026 also comes just weeks after the completion of its acquisition of GeoPura. The acquisition broadens Ballard's capabilities beyond fuel cell engines to include hydrogen production, logistics, refueling, and integrated Energy-as-a-Service solutions. These expanded capabilities strengthen Ballard's ability to support customers with the technology, services, and hydrogen solutions needed to deploy and operate zero-emission fleets at scale.

Meet Ballard at APTA EXPO 2026

Transit operators and bus manufacturers can meet Ballard's team at APTA EXPO 2026 to discuss Fleet360 coverage and service options. Visit us at Booth 462 from October 5-7.

About Ballard

Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) is a global leader in zero-emission hydrogen energy solutions and an integrated Energy-as-a-Service (EaaS) provider. Together, with its wholly owned subsidiary, GeoPura Ltd., Ballard delivers turnkey, vertically integrated hydrogen ecosystem solutions spanning hydrogen production, logistics, refuelling, zero-emission fuel cell engines, and stationary Hydrogen Power Units.

Ballard powers critical off-grid, stationary applications - including construction, events, film sets, healthcare, defense, temporary power infrastructure, and supplies fuel cell engines for heavy-duty mobility applications such as bus, rail, and marine. With an EaaS model, combined with cutting-edge technology across the hydrogen value chain, Ballard decarbonizes mission-critical operations worldwide. To learn more about Ballard, visit www.ballard.com.

Further Information

Sumit Kundu – Investor Relations, +1.604.360.3517 or [email protected]

SOURCE Ballard Power Systems Inc.

Nike is staring down its worst stock performance in decades while rivals steal its customers and its own earnings hide a financial lifeline most investors missed. LeBron James thinks he knows exactly where the brand went wrong.

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LeBron James still moves money for whoever he plays for. After he joined the Philadelphia 76ers, the team’s ticket sales on StubHub (NYSE:STUB | STUB Price Prediction) jumped 585%, and the Sixers drew 38% of all NBA ticket search traffic. Nike (NYSE:NKE) has paid him since 2003, and it heads into tonight’s earnings report in much worse shape.

Nike traded at $35.09 late Thursday. That leaves the stock down 43.46% year to date and 48.01% over the past 12 months. CNBC reported that Nike is on track for its worst year since 1993, the year Michael Jordan first retired.

LeBron’s Fix Goes Straight to What Nike Lost At the CNBC Sport x Boardroom Game Plan Summit on July 16, Boardroom’s Rich Kleiman asked James how Nike could recover:

“You’ve got to get back into the roots. You’ve got to get back to being out in the inner city, having runners. When I was coming up, you had people who were literally out in the communities talking to these younger generations, asking them what they like, what they don’t like.”

He ended with a warning:

“It was such a cool factor. So we can’t lose our cool.”

On Thursday, CNBC paired the clip with Wharton marketing professor Americus Reed, who argued that Nike leaned too hard on direct-to-consumer channels and celebrity deals while letting community relationships slip. A sellout shoe is a transaction; loyalty is separate. Pulling back from retail stores removed the emotion and storytelling that build deeper bonds with shoppers. Reed’s point: a brand “has to live and breathe within the community.”

Nike’s Recent Profits Lean on a Tariff Refund In its June 30 report, Nike posted revenue of $10.97 billion, down 1.1% from a year earlier. Diluted EPS came in at $0.72, but $0.52 of that came from a $986 million tariff-recovery benefit. Without the refund, full-year EPS would have been $1.58. Digital sales fell 12%, Greater China dropped 17% on a currency-neutral basis, and Converse sank 32%.

CEO Elliott Hill named the weakest spots:

“We know we’re not living up to our full potential, particularly in Nike Sportswear and Jordan Streetwear, where sell-through remains challenged.”

Sportswear and Jordan Streetwear make up about half of Nike’s revenue. Running is strongest, with five consecutive quarters of double-digit growth. Hill: “When we lead with sport, we win.”

Rivals Reed Named Are Taking Share Reed singled out Hoka and On Holding (NYSE:ONON) as the brands winning shoppers’ attention. On Holding grew Q2 2026 revenue 13.49%, or 21.6% in constant currency. Its gross margin reached 65.4%, and direct sales rose 26.0%. On Holding also signed Kylian Mbappé away from Nike as it moves into soccer. Co-CEO David Allemann described the strategy:

“We are proving that a brand can achieve global scale without compromising its premium brand positioning.”

At Deckers Outdoor (NYSE:DECK), Hoka’s net sales rose 7.7% to $703.50 million, and gross margin came in at 56.4%. Nike’s full-year gross margin, excluding the tariff benefit, was 40.8%.

What to Watch After the Bell Management guided for revenue to fall by a low to mid-single digits percentage. CFO Matt Friend said “profitability will bottom before sales” in China. Analysts are conservative: 25 rate the stock a hold, with a $45.63 price target. Watch whether sell-through improves in Sportswear and Jordan, and whether running’s momentum spreads to basketball. Hill warned that “progress will continue to be uneven.”

Data Sources CNBC: Wharton’s Americus Reed on Nike: Reed’s view on transactions versus loyalty, the effect of direct-to-consumer, and the worst-year-since-1993 comparison. Contact [email protected] for any questions or corrections.