Track market-moving stories before they get noisy

Raymond James Financial, Inc. (RJF) Q3 2026 Earnings Call Transcript

Sterling Infrastructure is one former stock pick where technical indicators are flashing bullish. (Dreamstime)

Reviewing former stock picks is an important part of the investment process, providing valuable insight into what worked, what changed, and how technical setups evolved over time. By revisiting these ideas, we can identify recurring patterns, evaluate our analysis, and continue refining the approach.

For the quarter ended June 30, 2026

Net Revenue $3.15 billion Net Income $373 million Diluted Earnings per Share $0.53 per Share  Consolidated Adjusted Property EBITDA $1.12 billion LVS Repurchased $787 million of Common Stock during the quarter LVS Board of Directors Increased Stock Repurchase Authorization to $6.0 billion , /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2026.

"We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.

"In Macao, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter.

"At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance. 

"Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead."

Net revenue was $3.15 billion, compared to $3.18 billion in the prior year quarter.  Operating income was $618 million, compared to $783 million in the prior year quarter.  Net income in the second quarter of 2026 was $373 million, compared to $519 million in the second quarter of 2025. 

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 0.8% to $1.78 billion, compared to the second quarter of 2025.  Net income for SCL decreased 50.0% to $107 million, compared to $214 million in the second quarter of 2025.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $189 million for the second quarter of 2026, compared to $194 million in the prior year quarter.  Our weighted average debt balance was $16.06 billion during the second quarter of 2026, compared to $15.85 billion during the second quarter of 2025.  Our weighted average borrowing cost was 4.6% during the second quarter of 2026, compared to 4.8% during the second quarter of 2025.

Our effective income tax rate for the second quarter of 2026 was 19.1%, compared to 14.8% in the prior year quarter.  The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the second quarter of 2026, we repurchased $787 million of our common stock (approximately 15 million shares at a weighted average price of $52.37).  The remaining amount authorized under our share repurchase program was $29 million as of June 30, 2026.  Subsequently, on July 21, 2026, the company's Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2026, we have repurchased 16.3% of our outstanding shares, approximately 124 million shares of our common stock at an average price of $48.49, for a total investment of $6.03 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

We paid a quarterly dividend of $0.30 per common share during the quarter.  Our next quarterly dividend of $0.30 per common share will be paid on August 12, 2026, to Las Vegas Sands stockholders of record on August 4, 2026.

Balance Sheet Items
Unrestricted cash balances as of June 30, 2026 were $3.38 billion.

In May 2026, the company received $1.26 billion of proceeds from the repayment in full of the seller financing loan related to the sale of the Las Vegas real property and operations.

The company has access to $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.68 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.  As of June 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.

Capital Expenditures
Capital expenditures during the second quarter totaled $332 million, including construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 22, 2026, at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

About Sands (NYSE: LVS) 
Sands is the leading global developer and operator of integrated resorts.  The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd. 

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet.  The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies.  To learn more, visit www.sands.com.

Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "should," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Las Vegas Sands Corp.
Second Quarter 2026 Results
Non-GAAP Financial Measures

Within the company's second quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

  Casino

$        2,341

$        2,415

$        5,080

$        4,542

  Rooms

359

345

736

669

  Food and beverage

168

147

344

288

  Mall

198

187

402

373

  Convention, retail and other

88

81

177

165

Net revenues

3,154

3,175

6,739

6,037

Operating expenses:

  Resort operations

2,041

1,846

4,208

3,569

  Corporate

74

69

157

142

  Pre-opening

5

9

9

13

  Development

43

69

84

138

  Depreciation and amortization

350

371

707

733

  Amortization of leasehold interests in land

21

20

42

35

Loss on disposal or impairment of assets

2

8

10

15

2,536

2,392

5,217

4,645

Operating income

618

783

1,522

1,392

Other income (expense):

  Interest income

31

42

66

84

  Interest expense, net of amounts capitalized

(189)

(194)

(377)

(368)

Other income (expense)

1

(22)

(2)

(23)

Loss on modification or early retirement of debt

—

—

—

(5)

Income before income taxes

461

609

1,209

1,080

Income tax expense

(88)

(90)

(195)

(153)

Net income

373

519

1,014

927

Net income attributable to noncontrolling interests

(27)

(58)

(101)

(114)

Net income attributable to Las Vegas Sands Corp.

$           346

$           461

$           913

$           813

Earnings per share:

Basic

$          0.53

$          0.66

$          1.38

$          1.15

Diluted

$          0.53

$          0.66

$          1.38

$          1.15

Weighted average shares outstanding:

  Basic

654

695

661

704

  Diluted

656

696

663

704

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net Revenues

The Venetian Macao

$        591

$        663

$     1,301

$     1,301

The Londoner Macao

710

642

1,464

1,171

The Parisian Macao

218

194

447

421

The Plaza Macao and Four Seasons Macao

137

194

427

402

Sands Macao

95

71

188

146

Ferry Operations and Other

39

33

77

65

  Macao Operations

1,790

1,797

3,904

3,506

Marina Bay Sands

1,380

1,388

2,867

2,551

Intercompany Royalties

83

67

170

128

Intersegment Eliminations(1)

(99)

(77)

(202)

(148)

$     3,154

$     3,175

$     6,739

$     6,037

Adjusted Property EBITDA

The Venetian Macao

$        165

$        236

$        403

$        461

The Londoner Macao

192

205

415

358

The Parisian Macao

38

44

84

110

The Plaza Macao and Four Seasons Macao

20

66

134

140

Sands Macao

11

9

20

19

Ferry Operations and Other

4

6

7

13

  Macao Operations

430

566

1,063

1,101

Marina Bay Sands

689

768

1,477

1,373

$     1,119

$     1,334

$     2,540

$     2,474

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

27.9 %

35.6 %

31.0 %

35.4 %

The Londoner Macao

27.0 %

31.9 %

28.3 %

30.6 %

The Parisian Macao

17.4 %

22.7 %

18.8 %

26.1 %

The Plaza Macao and Four Seasons Macao

14.6 %

34.0 %

31.4 %

34.8 %

Sands Macao

11.6 %

12.7 %

10.6 %

13.0 %

Ferry Operations and Other

10.3 %

18.2 %

9.1 %

20.0 %

  Macao Operations

24.0 %

31.5 %

27.2 %

31.4 %

Marina Bay Sands

49.9 %

55.3 %

51.5 %

53.8 %

Total

35.5 %

42.0 %

37.7 %

41.0 %

____________________

(1)

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Financial Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income

$           373

$           519

$        1,014

$           927

  Add (deduct):

Income tax expense

88

90

195

153

Loss on modification or early retirement of debt

—

—

—

5

Other (income) expense

(1)

22

2

23

Interest expense, net of amounts capitalized

189

194

377

368

Interest income

(31)

(42)

(66)

(84)

Loss on disposal or impairment of assets

2

8

10

15

Amortization of leasehold interests in land

21

20

42

35

Depreciation and amortization

350

371

707

733

Development expense

43

69

84

138

Pre-opening expense

5

9

9

13

Stock-based compensation(1)

6

5

9

6

Corporate expense

74

69

157

142

Consolidated Adjusted Property EBITDA

$        1,119

$        1,334

$        2,540

$        2,474

____________________

(1)

During the three months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

During the six months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Financial Measure Reconciliation

(In millions, except per share data)

(Unaudited)

The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income attributable to LVS

$           346

$           461

$           913

$           813

Pre-opening expense

5

9

9

13

Development expense

43

69

84

138

Loss on disposal or impairment of assets

2

8

10

15

Other (income) expense

(1)

22

2

23

Loss on modification or early retirement of debt

—

—

—

5

Income tax impact on net income adjustments(1)

(11)

(14)

(20)

(28)

Noncontrolling interest impact on net income adjustments

—

(8)

(2)

(11)

Adjusted net income attributable to LVS

$           384

$           547

$           996

$           968

The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Per diluted share of common stock:

Net income attributable to LVS

$          0.53

$          0.66

$          1.38

$          1.15

Pre-opening expense

0.01

0.01

0.01

0.02

Development expense

0.07

0.10

0.13

0.20

Loss on disposal or impairment of assets

—

0.01

0.01

0.02

Other (income) expense

—

0.03

—

0.03

Loss on modification or early retirement of debt

—

—

—

0.01

Income tax impact on net income adjustments

(0.02)

(0.01)

(0.03)

(0.03)

Noncontrolling interest impact on net income adjustments

—

(0.01)

—

(0.02)

Adjusted earnings per diluted share

$          0.59

$          0.79

$          1.50

$          1.38

Weighted average diluted shares outstanding

656

696

663

704

____________________

(1)

The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(In millions)

(Unaudited)

The following reflects the impact on Net Revenues for hold-adjusted win percentage:

Three Months Ended

June 30,

2026

2025

Macao Operations

$          147

$           (11)

Marina Bay Sands(1)

(49)

(102)

$            98

$         (113)

The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:

Three Months Ended

June 30,

2026

2025

Macao Operations

$            87

$             (7)

Marina Bay Sands(1)

(37)

(80)

$            50

$           (87)

____________________

Note:

These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's Rolling Chip win percentage for the three months ended June 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.2% and 4.1%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

(1)

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.  Presentation of the prior year period has been revised to be consistent with that methodology.

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Casino Statistics:

The Venetian Macao:

Table games win per unit per day(1)

$        8,819

$        9,710

$        9,688

$        9,271

Slot machine win per unit per day(2)

$           446

$           305

$           464

$           336

Average number of table games

632

658

635

663

Average number of slot machines

1,396

1,651

1,426

1,667

The Londoner Macao:

Table games win per unit per day(1)

$      14,008

$      11,904

$      14,970

$      11,194

Slot machine win per unit per day(2)

$           718

$           591

$           673

$           506

Average number of table games

523

523

510

509

Average number of slot machines

1,380

1,566

1,418

1,562

The Parisian Macao:

Table games win per unit per day(1)

$        7,819

$        6,850

$        8,403

$        7,552

Slot machine win per unit per day(2)

$           370

$           273

$           369

$           278

Average number of table games

242

228

241

238

Average number of slot machines

1,291

1,412

1,285

1,352

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day(1)

$      14,081

$      19,300

$      21,781

$      20,460

Slot machine win per unit per day(2)

$             —

$            92

$             —

$            99

Average number of table games

116

105

114

105

Average number of slot machines(3)

—

53

2

51

Sands Macao:

Table games win per unit per day(1)

$        6,665

$        5,435

$        6,191

$        5,774

Slot machine win per unit per day(2)

$           276

$           256

$           272

$           246

Average number of table games

121

116

133

114

Average number of slot machines

1,278

761

1,233

779

Marina Bay Sands:

Table games win per unit per day(1)

$      20,156

$      21,003

$      22,491

$      18,928

Slot machine win per unit per day(2)

$        1,086

$        1,052

$        1,050

$           992

Average number of table games

564

539

566

541

Average number of slot machines

2,945

2,959

2,964

2,979

____________________

(1)

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(2)

Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(3)

Slot machines were relocated to other properties during the three months ended March 31, 2026.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$        457

$        524

$       (67)

Rooms

43

50

(7)

Food and beverage

15

15

—

Mall

62

62

—

Convention, retail and other

14

12

2

Net revenues

$        591

$        663

$       (72)

Adjusted Property EBITDA

$        165

$        236

$       (71)

EBITDA Margin %

27.9 %

35.6 %

       (7.7) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     1,028

$        859

$      169

Rolling Chip win %(1)

0.62 %

3.57 %

         (2.95) pts

Non-Rolling Chip drop

$     2,452

$     2,348

$      104

Non-Rolling Chip win %

20.4 %

23.5 %

       (3.1) pts

Slot handle

$     1,399

$     1,372

$        27

Slot hold %

4.1 %

3.3 %

      0.8 pts

Hotel Statistics

Occupancy %

98.2 %

98.6 %

       (0.4) pts

Average daily room rate (ADR)

$        197

$        195

$          2

Revenue per available room (RevPAR)

$        194

$        192

$          2

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Londoner Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$        548

$        495

$        53

Rooms

100

95

5

Food and beverage

31

27

4

Mall

23

21

2

Convention, retail and other

8

4

4

Net revenues

$        710

$        642

$        68

Adjusted Property EBITDA

$        192

$        205

$       (13)

EBITDA Margin %

27.0 %

31.9 %

       (4.9) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     3,523

$     2,090

$   1,433

Rolling Chip win %(1)

3.67 %

4.09 %

         (0.42) pts

Non-Rolling Chip drop

$     2,584

$     2,196

$      388

Non-Rolling Chip win %

20.8 %

21.9 %

       (1.1) pts

Slot handle

$     2,227

$     2,114

$      113

Slot hold %

4.0 %

4.0 %

     — pts

Hotel Statistics

Occupancy %

96.7 %

93.3 %

      3.4 pts

Average daily room rate (ADR)

$        262

$        259

$          3

Revenue per available room (RevPAR)

$        254

$        242

$        12

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$        165

$        143

$        22

Rooms

32

34

(2)

Food and beverage

14

11

3

Mall

5

5

—

Convention, retail and other

2

1

1

Net revenues

$        218

$        194

$        24

Adjusted Property EBITDA

$         38

$          44

$         (6)

EBITDA Margin %

17.4 %

22.7 %

       (5.3) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$        169

$          —

$      169

Rolling Chip win %(1)

(2.26) %

— %

     — pts

Non-Rolling Chip drop

$        816

$        663

$      153

Non-Rolling Chip win %

21.6 %

21.4 %

      0.2 pts

Slot handle

$     1,302

$        872

$      430

Slot hold %

3.3 %

4.0 %

       (0.7) pts

Hotel Statistics

Occupancy %

97.4 %

99.2 %

       (1.8) pts

Average daily room rate (ADR)

$        141

$        147

$        (6)

Revenue per available room (RevPAR)

$        138

$        146

$        (8)

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$         59

$        122

$       (63)

Rooms

28

28

—

Food and beverage

8

7

1

Mall

41

37

4

Convention, retail and other

1

—

1

Net revenues

$        137

$        194

$       (57)

Adjusted Property EBITDA

$         20

$         66

$       (46)

EBITDA Margin %

14.6 %

34.0 %

         (19.4) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     2,824

$     1,399

$   1,425

Rolling Chip win %(1)

(1.15) %

2.72 %

         (3.87) pts

Non-Rolling Chip drop

$        839

$        655

$      184

Non-Rolling Chip win %

21.6 %

22.3 %

       (0.7) pts

Slot handle

$          —

$         19

$       (19)

Slot hold %

— %

2.3 %

     — pts

Hotel Statistics

Occupancy %

95.1 %

92.1 %

      3.0 pts

Average daily room rate (ADR)

$        507

$        502

$          5

Revenue per available room (RevPAR)

$        482

$        462

$        20

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$         88

$         63

$        25

Rooms

5

4

1

Food and beverage

2

3

(1)

Convention, retail and other

—

1

(1)

Net revenues

$         95

$         71

$        24

Adjusted Property EBITDA

$         11

$           9

$          2

EBITDA Margin %

11.6 %

12.7 %

       (1.1) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$         26

$         23

$          3

Rolling Chip win %(1)

11.78 %

5.60 %

        6.18 pts

Non-Rolling Chip drop

$        497

$        389

$      108

Non-Rolling Chip win %

14.2 %

14.4 %

       (0.2) pts

Slot handle

$     1,526

$        589

$      937

Slot hold %

2.1 %

3.0 %

       (0.9) pts

Hotel Statistics

Occupancy %

99.4 %

99.4 %

     — pts

Average daily room rate (ADR)

$        162

$        176

$       (14)

Revenue per available room (RevPAR)

$        161

$        175

$       (14)

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$     1,024

$     1,068

$       (44)

Rooms

151

134

17

Food and beverage

98

84

14

Mall

67

62

5

Convention, retail and other

40

40

—

Net revenues

$     1,380

$     1,388

$         (8)

Adjusted Property EBITDA

$        689

$        768

$       (79)

EBITDA Margin %

49.9 %

55.3 %

       (5.4) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     9,269

$     8,945

$      324

Rolling Chip win %(1)

4.74 %

5.26 %

         (0.52) pts

Non-Rolling Chip drop

$     2,597

$     2,360

$      237

Non-Rolling Chip win %

22.9 %

23.7 %

       (0.8) pts

Slot handle

$     6,382

$     6,192

$      190

Slot hold %

4.6 %

4.6 %

     — pts

Hotel Statistics

Occupancy %

95.6 %

95.0 %

      0.6 pts

Average daily room rate (ADR)

$        982

$        888

$        94

Revenue per available room (RevPAR)

$        939

$        844

$        95

____________________

(1)

This compares to our theoretical Rolling Chip win percentage of 4.2% and 4.1% for the three months ended June 30, 2026 and 2025, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended June 30, 2026

TTM

June 30,
2026

(Dollars in millions except per square foot data)

Gross
Revenue(1)

Operating
Profit

Operating
Profit
Margin

Gross
Leasable
Area (sq. ft.)

Occupancy
% at End
of Period

Tenant Sales
Per Sq. Ft.(2)

Shoppes at Venetian

$           62

$         55

88.7 %

829,874

89.3 %

$          2,161

Shoppes at Four Seasons

Luxury Retail

29

27

93.1 %

161,025

100.0 %

5,670

Other Stores

12

11

91.7 %

94,292

78.7 %

2,115

41

38

92.7 %

255,317

92.1 %

4,650

Shoppes at Londoner

23

19

82.6 %

518,122

75.9 %

1,886

Shoppes at Parisian

5

3

60.0 %

253,784

66.4 %

428

Total Cotai Strip in Macao

131

115

87.8 %

1,857,097

82.8 %

2,331

The Shoppes at Marina Bay Sands

67

61

91.0 %

616,028

100.0 %

3,279

Total

$         198

$       176

88.9 %

2,473,125

87.1 %

$          2,608

____________________

Note:

This table excludes the results of our retail outlets at Sands Macao.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

SOURCE Las Vegas Sands Corp.

New York, New York--(Newsfile Corp. - July 22, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Futu Holdings Limited (NASDAQ: FUTU) between May 24, 2023 and May 27, 2026, inclusive (the "Class Period"), of the important August 25, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Futu securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Futu class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 25, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Futu was not in compliance with the requirements of the China Securities Regulatory Commission (the "CSRC"), including because Futu continued to conduct securities business, public fund sales business and futures business in mainland China without obtaining the requisite licenses or approval; (2) as a result, Futu was reasonably likely to face regulatory penalties, including the disgorgement of ill-gotten gains and other penalties; (3) as a result of the foregoing, Futu's financial results were overstated; and (4) as a result of the foregoing, defendants' positive statements about Futu's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Futu class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306187

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Tesla said Robotaxi operates in seven US markets, with six now offering unsupervised rides. Tim Goessman/Bloomberg via Getty Images Tesla has some numbers to tout for its progress on Robotaxi.

CEO Elon Musk and other executives said during Tesla's second-quarter earnings call on Wednesday that the company continues to expand its autonomous ride-hailing platform, adding more cities and more unsupervised rides.

Since Tesla first launched Robotaxi in June 2025 with a small fleet of Model Ys and safety monitors, the rollout of the company's ride-hailing service has been slower than Musk's predictions.

The CEO said in July 2025 that Tesla could reach half the US population by the end of 2025, pending regulatory approval.

Tesla now lists seven US metropolitan regions, including two Florida cities — Orlando and Tampa — announced on the eve of the company's Q2 earnings call.

The company has yet to disclose the size of its overall fleet, number of paid rides, intervention rates, or the economics of each trip.

Musk said during the earnings call that safety is central to the constraints on Robotaxi's deployment scale.

"If we injure even one person, it will be worldwide headline news, and regulators will immediately clamp down on our activities," he said. "We're going as fast as humanly possible in scaling Robotaxi, but while trying to ensure that we do not harm anyone at all and ideally do not even run over a pet."

Here are seven numbers that demonstrate Tesla's Robotaxi progress:

1. Nearly 2.5 million total paid milesTesla said in its shareholder deck that Robotaxi had reached nearly 2.5 million cumulative paid miles by the end of the second quarter.

The figure includes trips with a safety monitor — a human supervisor who oversees the autonomous software — in the car. In the San Francisco Bay Area, a safety monitor remains behind the wheel.

2. More than 380,000 unsupervised milesAshok Elluswamy, Tesla's VP of AI, said Robotaxi has driven more than 380,000 unsupervised miles across six cities in two different states.

This is one of the more concrete figures Tesla has provided around its progress for unsupervised rides. Tesla has yet to reveal how many cars are operating without a safety monitor.

For comparison, Alphabet's Waymo has driven more than 200 million fully autonomous, rider-only miles.

3. More than 10% weekly mileage growthMusk said Robotaxi has seen a growth rate of more than 10% for miles driven per week.

Similarly, Elluswamy said unsupervised mileage has increased at "double-digit growth rates" per week since the beginning of the year.

"We expect to continue growing at such a large rate through the rest of this year," Elluswamy said.

4. Seven US metropolitan regionsTesla said Robotaxi is now active in seven US markets: Austin, Dallas, Houston, Miami, Orlando, Tampa, and the San Francisco Bay Area.

All regions except for the Bay Area are "ramping unsupervised" rides, the company said in the shareholder deck.

Tesla is also targeting Phoenix and Las Vegas, with "preparations underway."

Meanwhile, Waymo operates in 11 US regions.

5. Zero 'notable incidents' from RobotaxiElluswamy said that there have been "zero notable incidents" over the more than 380,000 unsupervised Robotaxi miles driven. He added that the known incidents involved other road users hitting stationary Teslas.

Tesla has reported crashes to federal regulators, including two low-speed crashes that occurred after Tesla's teleoperator assumed direct control of the car. Both incidents had a safety monitor behind the wheel.

Elluswamy said the progress was a "huge validation of Tesla's entire AI approach."

6. More than 125,000 Cybercabs in manufacturing capacityTesla said it installed an annual manufacturing capacity of more than 125,000 Cybercabs — the company's purpose-built robotaxi — at Gigafactory Texas. Production began during the second quarter.

For comparison, Zoox, Amazon's robotaxi venture, says its factory in Hayward, California can assemble more than 10,000 purpose-built robotaxis a year once it operates at full scale. Waymo has said that its Arizona plant can build "tens of thousands" of robotaxis at full buildout.

Tesla's number does not represent the current production rate, which was not disclosed.

Musk said the Cybercab needs to accumulate more driving data specific to its chassis before the company can put more on the road.

Employees have started taking autonomous rides in the car at Gigafactory, Tesla said.

7. Nearly 1.5 million paid FSD customersTesla reported 1.48 million paying customers of Full Self-Driving, the automaker's advanced driver-assistance system. That represents a 56% year-over-year increase.

While FSD for personally owned vehicles requires constant human supervision, one of Tesla's long-standing promises is that the tech will no longer require driver monitoring.

Read next

Lloyd Lee You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Tesla

For a retirement portfolio that needs a single, defensible AI infrastructure play, NVIDIA (Nasdaq: NVDA) remains a frontrunner. The stock trades at $212.06, and reports that the company is silently acquiring long-haul dark fiber across the U.S. only sharpen the bull case.

Dark fiber is unlit optical cable already in the ground but not yet carrying traffic. By locking up fiber counts reaching up to 100 pairs nationwide, NVIDIA may be pre-wiring the corridors its neocloud customers, including CoreWeave and peers, need to narrow the infrastructure gap with hyperscalers such as Microsoft (Nasdaq: MSFT) and Amazon (Nasdaq: AMZN), which secured network capacity years ago.

Point One: The Cheapest Way to Own the Optical Buildout NVIDIA trades at a trailing P/E of 31.7, with ROE of 101.5% and a 60.4% operating margin as of FY2026. Its optical suppliers do not come close. Coherent (NYSE: COHR) carries a trailing P/E of 151.06, with ROE of 4.72% and a 13.6% operating margin. Investors are paying a much richer earnings multiple for a fraction of the return profile. The head-to-head is not close.

Point Two: Real Cash Return, Finally NVIDIA recently boosted its quarterly dividend from $0.01 to $0.25 per share and layered on an additional $80 billion buyback authorization. Q1 FY2027 free cash flow hit $48.55 billion, up 85.4% year over year. Compare that with CoreWeave (Nasdaq: CRWV), which posted negative free cash flow of $4.71 billion and $50.8 billion in total liabilities last quarter. Retirees benefit from cash generation, not capital-hungry infrastructure stories still waiting to prove they can self-fund.

Point Three: The Catalyst Is Already Landing NVIDIA’s Q1 FY2027 revenue reached $81.61 billion, up 85.2% year over year, with Data Center Networking alone hitting $14.8 billion, up 199%. Management guided Q2 revenue to $91.0 billion at a 75.0% gross margin. The company also disclosed $119.0 billion in supply commitments and multi-year optics agreements with Coherent (NYSE: COHR), Lumentum (Nasdaq: LITE), and Corning (NYSE: GLW). The dark fiber buildout is the connective tissue behind that spend.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.

The Risk, Dismissed China export restrictions get top billing in nearly every NVIDIA bear case. Yet the company shipped no H20 units to China in Q1 FY2027, guided Q2 assuming no China Data Center compute revenue, and still projected $91.0 billion in quarterly revenue. Huang’s broader message is that China remains a competitive threat, not an existential roadblock. As he told Axios, there is “no scenario where China runs U.S. companies off road.”

That confidence fits the infrastructure numbers. As Huang further stated, “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” The fiber going into the ground is part of that answer: more private networking capacity, more control over AI traffic, and less dependence on hyperscalers to dictate the terms of the buildout.

For retirement portfolios seeking a single AI infrastructure holding, NVIDIA offers the clearest exposure to the optical buildout as the AI infrastructure cycle compounds.

Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.

Contact [email protected] for any questions or corrections.

Since hitting a record high of $511.75 in July last year, Ferrari (RACE +0.48%) stock has backtracked. Shares currently trade 28% below their peak (as of July 20). Investors were concerned with management's lower-than-expected long-term forecast revealed last October. And the company's first fully electric vehicle wasn't well received.

Ford Motor Company (F +1.05%) is currently winning the race by a mile. The domestic automotive stock has climbed 26% in the past 12 months. Investors cheered management's latest move of launching a battery segment to meet robust demand amid the ongoing artificial intelligence boom.

But I'm less optimistic about Ford. My prediction is that the Italian luxury brand will deliver a better return than the Detroit carmaker over the coming decade.

Image source: The Motley Fool.

Ferrari has a superior competitive position Ford was founded in 1903. That long history doesn't diminish the fact that this business doesn't necessarily operate from the strongest competitive position. This is generally true for mass-market automakers.

Competition is incredibly fierce. This comes from domestic peers. However, international rivals have also given Ford a run for its money, particularly Asian manufacturers.

And demand is highly cyclical. Consumer behavior, which is dependent on macroeconomic forces, can dictate revenue trends.

Ferrari's competitive position is excellent. It possesses arguably the widest economic moat in the auto sector. Its brand is the star of the show. The Ferrari name is globally recognized for its rich heritage of racing performance and exceptional design. This is a luxury brand.

That standing is bolstered by management's focus on keeping a lid on supply, intended to support outsize demand. Consequently, Ferrari has pricing power. Some of its limited-run models, such as the F80 unveiled in 2024, are produced in extremely low quantities and carry starting price tags in the seven figures.

The same demand dynamics that apply to Ford are irrelevant to Ferrari. The latter's customers, who are the wealthiest people in the world, are resilient to economic headwinds.

Today's Change

(

1.05

%) $

0.15

Current Price

$

14.42

Profitability is what drives stock performance Ferrari's brand strength directly hits the income statement. During the first three months of this year, it registered an outstanding operating margin of 29.7%, with credit going to the aforementioned pricing power. This is light-years ahead of Ford's 5.4%.

Besides margins, profit growth should grab investors' attention. In the past decade, Ferrari's diluted earnings per share (EPS) rose at a compound annual rate of 18.7%. This is a robust pace that has contributed to its share price gaining 787% over the last 10 years.

Ford's trend is much more disappointing. It posted diluted EPS of $0.61 in Q1 2016. That figure barely increased, coming in at $0.63 in the most recent quarter, equating to a 10-year annualized rate of 0.3%. This explains why Ford shares have risen by less than 3% in the past decade.

The overall automotive industry is extremely mature, limiting Ford's potential. But Ferrari has a much better growth runway. It sold 13,640 cars in 2025, up 50% from 9,119 in 2020. The niche focus adds greater revenue upside as it sells more vehicles over time.

Today's Change

(

0.48

%) $

1.76

Current Price

$

371.73

Pay the premium Valuation is one area where Ford comes out on top, and it's not even close. Its cheap valuation is certainly due to its very capital-intensive business, characterized by low growth and earnings.

Its shares trade at a price-to-earnings (P/E) ratio of 11.3, representing a massive 69% discount to Ferrari's multiple, which currently sits at 35.9. Investors shouldn't take this as a reason to avoid the stock, though, since this is such a high-quality enterprise.

Ferrari's P/E ratio has fallen by 31% over the past 12 months. Compared to the rest of the market, this doesn't appear to be a bargain opportunity. However, not all companies should be viewed in a similar light. Ferrari might even be deserving of a valuation expansion if it continues to deliver strong financial results.

Item 1 of 2 An Intel logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

[1/2]An Intel logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesIntel, AMD seek longer China server CPU supply commitmentsAI data-centre boom strains supply beyond GPUs into mainstream processorsChina server CPU prices up more than 40% this year for some productsBEIJING, July 23 (Reuters) - U.S. chipmaking giants Intel (INTC.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab are signing longer-term purchase commitments with Chinese server customers ‌for data-centre processors as prices surge, two people familiar with the talks said.

The move highlights a broader consequence of the AI boom: demand has spread beyond AI accelerators to memory, networking gear and server processors, giving suppliers greater leverage to seek long-term purchase ​deals.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

AI data centres require not only Nvidia-style graphics processors (GPUs) but also large numbers of central processing units (CPUs) ​to support servers, storage, networking and inference workloads.

The agreements under discussion typically lock in purchase ⁠volumes but not prices, the people said. Most cover about a year of supply, although Intel and ​AMD have discussed commitments of two years or longer from some customers, one of the people said.

The shift echoes trends in ​the memory-chip market, opens new tab, where the AI-driven shortage has pushed buyers toward longer-term supply commitments.

The sources declined to be identified because they were not authorised to speak to the media. Intel and AMD did not respond to requests for comment.

The talks mark a shift ​for server CPUs, which have been easier to obtain than AI accelerators or memory chips.

Tighter CPU supply could ​raise costs and slow deployment for Chinese cloud providers and internet companies expanding AI services.

Server CPU prices are still climbing in ‌China, with ⁠month-on-month increases topping 10% for some products, one of the sources said. Prices of some CPU products have risen more than 40% in China since the start of the year, the source added.

Reuters reported earlier this year that Intel and AMD had notified Chinese customers of lengthy waits for server CPUs, with Intel lead times reaching ​as long as six months ​for some products.

The CPU ⁠shortage will be among the key topics likely to be addressed on Thursday when Intel reports its quarterly results.

CEO Lip-Bu Tan told analysts in April that demand "continues to ​run ahead of supply," especially for Xeon server CPUs. He also cited a ​multi-year deal with ⁠Google as one of several long-term contracts Intel signed in the first quarter.

AMD, due to report in early August, already raised its server CPU market forecast to more than $120 billion by 2030, citing strong demand related to agentic AI ⁠workloads.

China is ​one of the world's largest server markets, fuelled by rapid construction ​of data centre racks, AI computing clusters and national computing infrastructure.

The buildout has intensified competition for Intel and AMD processors, even as Chinese ​buyers face separate U.S. restrictions on access to the most advanced AI GPUs.

Editing by Miyoung Kim and Kim Coghill

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Eduardo Baptista is a Senior Correspondent for Reuters based in Beijing, covering China’s technology, space, and automotive industries. He has led enterprise and investigative reporting on China’s military-linked companies, artificial intelligence and semiconductor supply chains, as well as macroeconomic and industrial policy. Baptista has reported from China for nearly a decade and holds a BA in History from the University of Cambridge.

VeriSign, Inc. (NASDAQ: VRSN), a global provider of critical internet infrastructure and domain name registry services, today announced that.web has been deleg

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

If you own a Roth IRA, you own the same tax shelter Peter Thiel used to turn $2,000 into roughly $5 billion. This is the exact same account type, governed by the exact same tax code, sitting in millions of ordinary brokerage logins right now. The buried feature: a Roth IRA can hold far more than index funds. It can hold private startup shares, LLC interests, real estate, and other alternative assets, and every dollar of growth comes out tax-free after age 59½.

The Loophole Hiding in Your Retirement Account Thiel’s trick, first exposed by ProPublica in June 2021 using leaked IRS files, was not exotic. In 1999 he opened a Roth, funded it with about $2,000, and used that cash to buy founders shares of PayPal (NASDAQ:PYPL | PYPL Price Prediction) at fractions of a penny each. When PayPal exploded, the gains landed inside the Roth. Tax-free. He later repeated the move with Palantir (NASDAQ:PLTR) and Meta Platforms (NASDAQ:META) stakes. As long as he waits until April 2027, six months before his 60th birthday, he pays zero federal tax on the withdrawal.

The vehicle that made this legal is the self-directed Roth IRA. A regular Roth at Fidelity or Charles Schwab (NYSE:SCHW) limits you to publicly traded securities. A self-directed Roth, held at a specialty custodian, lets you invest the account in almost anything the tax code does not explicitly forbid.

The Statute That Makes It Real Roth IRAs were created by the Taxpayer Relief Act of 1997 and codified at Internal Revenue Code Section 408A. Nothing in 408A restricts holdings to stocks and bonds. The only forbidden assets under IRC Section 408(m) are life insurance and most collectibles. Private company stock, LLC units, private credit, and real estate are all allowed. The IRS confirms this directly in Publication 590-A.

Who Actually Qualifies To contribute directly in 2026, your modified adjusted gross income has to sit under $153,000 if you file single or $242,000 if married filing jointly. The annual contribution cap is $7,500, or $8,600 if you are 50 or older (the $1,100 catch-up). Earn above the phase-out and you are shut out of direct contributions, though the backdoor Roth conversion remains open at any income level. You need earned income at least equal to what you contribute.

How to Actually Do This Open a self-directed Roth IRA with a custodian that handles alternative assets (Equity Trust, IRA Financial, Rocket Dollar, and Alto are the largest names). A standard brokerage Roth will not work. Fund the account with your 2026 contribution of up to $7,500 (or $8,600 at age 50+), or roll in an existing IRA balance. Direct the custodian to buy the private asset, whether that is founder shares in a startup you have no active role in, an LLC interest, or a rental property. The custodian, not you, must take title. Let the position grow inside the account. Dividends, interest, and capital gains all compound tax-free. Wait until you are 59½ and the account has been open at least five tax years. Withdraw. Owe nothing. The Trap That Ends the Party Here is the fine print that took down countless would-be Thiels. Internal Revenue Code Section 4975 bans “prohibited transactions” between your IRA and any “disqualified person,” which includes you, your spouse, your parents, your children, and any company you already control. You cannot sell your own startup shares to your Roth. You cannot have the Roth invest in a business where you draw a salary. You cannot pay yourself for managing a Roth-owned rental. Trip this wire and the entire account is deemed distributed on January 1 of that year, triggering ordinary income tax on the full balance plus a 10% penalty if you are under 59½. The Tax Court has enforced this ruthlessly.

Two more traps: shares purchased inside the Roth must be valued at fair market value at the time of purchase (a sweetheart penny-per-share price on stock already worth $10 invites an IRS audit), and the five-year holding rule applies separately to each Roth conversion. Congress has floated caps on mega-Roths repeatedly since the ProPublica story broke, most recently in the failed Build Back Better bill. As of July 2026, no cap has passed. The door is still open. Your account already has the key.

Contact [email protected] for any questions or corrections.

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Roblox Corporation (NYSE: RBLX) between October 30, 2025 and April 30, 2026, inclusive (the “Class Period”), of the important August 7, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Roblox common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Roblox class action, go to https://rosenlegal.com/cases/roblox-corporation-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 7, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Roblox’s organic growth potential; notably, that Roblox would see a significant slowdown in its growth rates as enrollment in the age verification rollout would quickly taper, compounding the resulting slowdown in on-platform communication, resulting in app store rating reductions and a swift reduction in organic growth. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Roblox class action, go to https://rosenlegal.com/cases/roblox-corporation-2026/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

-------------------------------

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Zoetis Inc. (NYSE: ZTS) between January 14, 2025 and May 6, 2026, inclusive (the “Class Period”), of the important July 27, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Zoetis securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Zoetis class action, go to https://rosenlegal.com/cases/zoetis-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 27, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and touted growing market share, strong veterinarian adoption, and accelerating sales growth across Zoetis’ flagship Companion Animal products and/or failed to disclose that: (1) veterinarian prescription growth and adoption of Zoetis’ Librela, a canine pain treatment, were sharply weakening as clinicians became more cautious following FDA safety warnings concerning serious neurological complications in dogs; (2) Zoetis’ Simparica Trio was losing significant market share to a lower priced competing canine parasiticide with broader indicated use in a slowing overall market; and (3) Zoetis’ dermatology products, Apoquel and Cytopoint, were losing substantial market share to a newly launched competing canine treatment. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Zoetis class action, go to https://rosenlegal.com/cases/zoetis-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

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

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        www.rosenlegal.com

© Joe Raedle / Getty Images

In markets, the bigger they arrive, the harder they fall. SpaceX (NASDAQ:SPCX | SPCX Price Prediction) has already shed a staggering amount of paper wealth since its post-IPO peak, with Hedgeye estimating a market value decay of roughly $47 billion per day from the top, almost 22 times the fate of Rivian Auto (Nasdaq: RIVN). Yet the setup for August looks even uglier than the stock action we just lived through.

The stock closed at $115.26 on July 22, down about 25% in a single month and 6.7% on the most recent trading day alone. I think that’s just the beginning.

The Bull Case I Understand but Reject The bull case is not short on ammunition. SpaceX launches more than 80% of the world’s payload mass to orbit each year, operates roughly 9,600 Starlink satellites across 164 countries, and now carries another AI-adjacent dimension with xAI pulled deeper into the broader Musk ecosystem.

Why I’m Betting Against SPCX The lockup cliff is the real story. Management set August 4 as its first earnings report, which would trigger a major lockup expiration. Reddit’s most-upvoted SPCX thread this month, with 1,309 upvotes, put the concern bluntly: “SPCX first major unlock is bigger than the entire IPO float.” Every insider on the roster, from Elon Musk to SpaceX president Gwynne Shotwell to CFO Bret Johnsen, last transacted on June 11, 2026. That puts a major supply event directly in front of the stock.

Options traders are already positioned. The November expiration carries a put/call ratio of 3.03, and March 2027 sits at an eye-watering 16.13. Polymarket assigned a 96.5% probability to SPCX finishing down on July 22, which it did, and only a 20% chance of closing above $130 by month-end.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SpaceX didn't make the cut. Grab the names FREE today.

The moat narrative is taking water. Reddit sentiment collapsed to a Very Bearish score of 12 after competition heated up. Japan landed a reusable rocket prototype, with one widely shared post lamenting: “Had SPCX in my watchlist at $180 with competition is years away as the core thesis then Japan landed a rocket this weekend.”

Catalysts and the Bottom Line Investors will be watching August 4, but the print may not be the main event. Earnings could matter less than the wave of newly tradable shares hitting a market that just absorbed a 9.22% weekly drop on a constrained float. I would reconsider only if insiders publicly extend the lockup or if Starship delivers a decisive commercial breakthrough before the earnings report.

My conviction is high. The combination of incoming supply, bearish options skew, and eroding sentiment does not set up well for a near-term bounce. Legacy aerospace and satellite operators offer cleaner floats and lower expectations by comparison.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and SpaceX didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

At $214.90, Regal Rexnord (NYSE:RRX | RRX Price Prediction) screens as one of the more compelling industrial re-ratings in the market. A hyperscale data center order book, an emerging humanoid robotics play, and a domestic motion control footprint have collided at exactly the moment U.S. investors are hunting for scarce robotics supply chain exposure.

Regal is a Milwaukee-based industrial manufacturer designing motors, actuators, controls, gearing, and switchgear across three segments: Automation & Motion Control, Industrial Powertrain Solutions, and Power Efficiency Solutions. The stock has climbed 53.07% year to date on a pivot from HVAC-heavy legacy sales toward higher-margin automation, data center power, and robotics content.

The Robotics And Data Center Re-Rating Thesis Regal secured approximately $735 million of ePOD orders for hyperscale data center customers, with those orders expected to ship in 2027. Kerrisdale’s model shows total data center revenue rising from roughly $130 million in 2025 to $238 million in 2026 and $970 million in 2027, while management has guided to approximately $900 million of data center revenue in 2027. Kerrisdale Capital, which disclosed a long position, argues data center could reach 16% or more of Regal revenue by 2028, supporting an average upside case of 99%. The firm says that data center mix shift provides “ample justification for a re-rating.”

The robotics angle is the optionality. Kerrisdale writes that motion control components will comprise 40-60% of the bill of materials for humanoids, and a theoretical DCF on this stream alone can support almost $5 billion of incremental market value today. Q1 Automation & Motion Control orders jumped over 34%, with aerospace and defense orders up 76% and medical up 53%.

Leverage, Cash Flow, And Insider Selling In Q1, Regal’s operating cash flow fell 85.43% to $14.9 million, and free cash flow turned negative at -$2.5 million. Gross debt sits at $4.7 billion, roughly 3.6x adjusted EBITDA. On the segment side, residential HVAC weakness dragged Power Efficiency Solutions down 8.6%.

The stock’s valuation is stretched on trailing numbers. Shares trade at 49.6 times trailing earnings, and GuruFocus flagged a price-to-GF-Value ratio of 1.4. Outgoing Regal CEO Louis Pinkham reported May stock sales totaling roughly $4.8 million, along with additional shares withheld for taxes, while finance chief Robert J. Rehard sold 6,499 shares at $200. Rare earth magnet export restrictions from China remain a live risk.

Why Some Investors Would Rather Wait In a C-suite shuffle, Aamir Paul just took the helm, and investors may want a quarter or two to see his imprint. ePOD revenue is largely a 2027 event, making 2026 a bridge year with tariff pressure not reaching margin neutrality until end-2026. The next catalyst is the August 5, 2026 Q2 earnings report, where holders will want confirmation that free cash flow normalizes and backlog conversion stays on track.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Regal Rexnord didn't make the cut. Grab the names FREE today.

What The Numbers Actually Say Regal trades at $214.90 with a consensus analyst target of $260, implying meaningful upside. Coverage skews decisively bullish, with 9 Buy ratings against 1 Hold and no Sells. Oppenheimer lifted its target to $255, and DA Davidson initiated at $260.

Shares are up 53.07% year to date versus 9.73% for the S&P 500, and 39.08% over one year. On forward earnings, Regal trades at about 20x the midpoint of FY2026 guidance of $10.20 to $11.00.

Why The Setup Looks Compelling At This Price At $214.90, Regal Rexnord is a Buy. The risk/reward looks favorable to bulls at about 20 times forward earnings, which does not price in a business where data center could move from roughly 2% of revenue in 2025 to 16% or more by 2028. The $735 million ePOD backlog is already booked, and management expects 20%+ adjusted EBITDA margins on that program.

The humanoid robotics angle is the free option. Regal is one of very few U.S. suppliers integrating motors, actuators, brakes, and micro gearing into humanoid joint solutions at a moment when domestic robotics supply chain exposure is limited and China dominates alternatives.

The thesis breaks if ePOD shipments slip past 2027, if net leverage fails to move below 2.0x by end of 2027, or if free cash flow does not recover toward the $650 million full-year guide. Keep an eye on the August 5 earnings report for backlog conversion and cash flow. With Automation & Motion Control orders up 34%, hyperscale switchgear ramping, and a robotics call option attached, Regal Rexnord offers one of the clearer ways for investors to gain exposure to the U.S. motion control stack heading into 2027.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Regal Rexnord didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Wall Street's tendency to overreact creates opportunities for disciplined investors to capitalize on market inefficiencies, including in Atlassian shares. The public perception that Atlassian will be a victim of the AI revolution is completely off base. Maintaining a rational, long-term perspective is critical to exploiting these short-term market dislocations.

Michael R. Nicolais, a director at Eagle Materials Inc. (EXP -0.62%), disposed of 1,577 shares on June 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueShares sold1,577Transaction value$336,279Post-transaction shares (directly held)52,862Post-transaction value$11.27 millionTransaction value based on SEC Form 4 weighted average sale price ($213.24); post-transaction value based on June 17, 2026 market close ($213.24).

Key questionsWhat was the primary driver of this transaction?
The disposal was non-discretionary, executed solely to satisfy the exercise price of non-qualified stock options. This mechanism is a standard component of equity compensation and does not reflect a change in the director's outlook on the company's valuation or performance.How much equity does Nicolais retain in the company?
Following the withholding of shares, Nicolais maintains a direct position of 52,862 shares of common stock. As of July 21, 2026, the stock was priced at $205.01.Are there additional derivative holdings for this insider?
Beyond the common stock reported in this filing, Nicolais continues to hold 4,000 derivative securities directly. These holdings ensure the director maintains significant exposure to future share price appreciation and aligns his interests with those of shareholders.What was the stock's performance context on the day of the transaction?
On the June 17, 2026 transaction date, the company's shares were priced at $213.24. As of that date, the stock had delivered a one-year total return of 10%; however, shares have since fallen to about $205 and are down 7% for the year.Company OverviewMetricValueShare Price (as of market close 2026-07-21)$205.01Market Capitalization$6.3 billionRevenue (TTM)$2.3 billionNet Income (TTM)$423.8 millionCompany SnapshotEagle Materials Inc. manufactures and distributes a comprehensive range of heavy construction and light building materials, including Portland cement, concrete, aggregates, gypsum wallboard, and recycled paperboard, generating revenue across four primary operating segments.The company operates an integrated business model centered on the mining of limestone and the production, distribution, and sale of construction materials to regional and national markets, capturing value across the supply chain from raw material extraction through finished product delivery.Eagle Materials serves a diverse customer base, including construction contractors, building product distributors, and commercial end-users engaged in residential and non-residential construction projects throughout the United States.Eagle Materials Inc. is a vertically integrated producer of essential construction materials with operations spanning cement manufacturing, concrete and aggregates production, gypsum wallboard fabrication, and recycled paperboard processing. The company's diversified product portfolio and geographic footprint position it as a significant participant in the U.S. construction materials sector, with a market capitalization of $6.3 billion and TTM revenues of $2.3 billion. The company's integrated operations and established distribution network provide competitive advantages in serving the cyclical construction industry.

What this transaction means for investorsGiven the nature of the transaction, Nicolais didn't take cash out of this at all. Meanwhile, the price also lands exactly at that day's close, making clear that this was a company-facilitated exchange rather than a market order. For a director converting options while keeping the resulting equity, the read is straightforward.

That said, the business isn’t so clear-cut. Eagle closed fiscal 2026 with record revenue of $2.3 billion, but net earnings fell 9% to $423.8 million. Its heavy materials arm, cement and aggregates, grew about 10% to $1.43 billion on infrastructure and data center demand, while light materials, mostly wallboard, dropped 9% to $881.4 million on soft housing. CEO Michael Haack candidly noted that conditions "create some near-term uncertainty in the demand outlook." That split explains the very choppy stock over this past year, including a nearly 40% surge between March and June, and a nearly 15% tumble since. One half of the business rides construction spending, the other relies on housing, and neither has settled into a clear trend yet.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Eagle Materials. The Motley Fool has a disclosure policy.

LOS ANGELES--(BUSINESS WIRE)---- $PRIM--PRIM Investors Have Opportunity to Lead Primoris Services Corporation Securities Fraud Lawsuit with the Schall Law Firm.

[url="]The Schall Law Firm[/url], a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Primoris Services Corporati

Alexandre Eboli, the chief supply chain and transformation officer at Conagra Brands, Inc. (CAG -0.14%), disposed of 8,186 shares of common stock at $14.28 per share on July 17, 2026, and July 19, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueShares sold8,186Transaction value~$116,896Post-transaction shares (directly held)67,109Post-transaction value$984,153.48Transaction value based on SEC Form 4 weighted average sale price ($14.28).

Key questionsWhat was the specific catalyst for this transaction?
The disposal was a non-discretionary event triggered by the vesting of restricted stock units (RSUs) granted in July 2023 and July 2025. These awards reached scheduled vesting milestones on July 17, 2026, and July 19, 2026, and the shares were withheld by the company to fulfill the insider's tax withholding requirements.What is the executive's remaining equity exposure?
Following the withholding, Eboli maintains a direct position of 67,109 shares. The executive also holds 24,015 derivative securities in the form of unvested RSUs, which are scheduled to vest in subsequent tranches through July 2028.How does this transaction align with the company's current financial profile?
As of the July 20, 2026 market close, Conagra Brands common stock was priced at $14.66, giving the company a market capitalization of $7.0 billion. The firm reported trailing twelve-month revenue of $11.3 billion and a net loss of $1.9 billion.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$14.66Market Capitalization$7.0 billionRevenue (TTM)$11.3 billionNet Income (TTM)-$1.9 billionCompany SnapshotConagra Brands manufactures and distributes a diverse portfolio of packaged food products across North America, generating revenue through four primary segments: Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice.The company operates a vertically integrated business model that combines manufacturing, distribution, and retail partnerships to deliver packaged foods to consumers through multiple channels, including supermarkets, foodservice establishments, and direct-to-consumer platforms.Conagra serves a broad customer base spanning retail consumers, foodservice operators, and institutional purchasers across North America, with particular emphasis on the United States market, where the majority of revenue is generated.Conagra Brands is a leading manufacturer of packaged food products with an enterprise value of $7.0 billion and annual revenues of $11.3 billion (TTM). The company leverages its diversified product portfolio and established distribution infrastructure to maintain competitive positioning within the packaged foods sector. Conagra's multi-segment operating structure provides revenue diversification across consumer retail channels and foodservice markets, supporting its strategic positioning in the defensive consumer staples category.

What this transaction means for investorsEboli's remaining awards vest in tranches stretching to July 2028, which tells you that this filing is just one scheduled slice of a multiyear compensation package coming due, with 8,186 shares peeled off for taxes at $14.28. He's one of several Conagra executives whose stock vested and got withheld the same week, a telltale sign of a shared annual grant date, rather than a huddle over the share price. Plus, he keeps 67,109 shares plus more unvested units, which means he has plenty of reason to ensure the firm performs well.

His title is worth pausing on, though. As chief supply chain and transformation officer, Eboli owns the levers Conagra is now pulling. The company just closed fiscal 2026 with fourth-quarter adjusted operating margin down 215 basis points to 11.7%, squeezed by roughly 6.5% inflation, including tariffs, and is pouring freed-up cash into supply chain modernization and manufacturing in-sourcing. CEO John Brase is pushing an initiative he calls "radical simplicity" to cut complexity. In other words, Conagra is spending to rebuild margins while sales decline, but the executive running that effort just had routine shares vest, nothing more.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

On July 22, 2026, Smith and Wesson Brands Inc (SWBI) shares fell 3.7% to a current price of $14.62. This decline occurs within a 52-week range of $7.73 to $17.56,

Space Exploration Technologies (SPCX -6.70%) has officially announced Aug. 4 as the date of its highly anticipated earnings release for the quarter ended June 30. The earnings release and earnings call with Wall Street analysts will provide an updated look at where SpaceX is and where the company could be headed.

Here's why investors should also pay close attention to Aug. 6, and what the date could mean for SpaceX stock.

Image source: Getty Images.

Public markets have only gotten a taste of SpaceX SpaceX went public on June 12, raising $75 billion by selling 555 million shares at $135 per share and then another $10.7 billion from underwriters exercising options to buy additional shares. But with SpaceX's market cap at $1.58 trillion at the time of this writing, that leaves the vast majority of shares owned by insiders through restricted stock units and early release eligible shares.

That means that the supply of shares potentially hitting public markets will be far higher than the shares currently available, which will test SpaceX's already beaten-down stock price.

At $119.85 as of market close on July 20, SpaceX is down 47% from its intraday high and 11.2% from its initial public offering (IPO) price.

Today's Change

(

-6.70

%) $

-8.28

Current Price

$

115.26

Open the floodgates In SpaceX's May 20 Form S-1 filing with the Securities and Exchange Commission, SpaceX outlines its unusual schedule for unlocking restricted shares at a far faster rate than the typical 180-day period for IPOs. The first wave of early release eligible shares will be made available for sale "on or after the second full trading day on Nasdaq immediately following the public release of our quarterly financial results for the quarter ended June 30, 2026." With the earnings call confirmed for Aug. 4 after market close at 4:30 p.m. ET, that makes Aug. 6 the first time since SpaceX's IPO when holders of early-release-eligible shares may choose to sell a portion of those shares on the Nasdaq.

An additional 10% of early release eligible shares may be transferred if SpaceX is above $175.50 per share for five of the 10 trading days leading up to and including Aug. 4. However, that is highly unlikely to happen considering that count down began on July 21, and SpaceX remains down over 30% from that price it needs to average over the next couple of weeks to trigger the extra release of shares.

Another 7% of shares will be unlocked on each of the following dates -- Aug. 31, Sept. 10, Sept. 25, Oct. 10, and Oct. 25. Another 28% of shares will be released two days after the quarter ended Sept. 30 earnings, before all shares are unlocked on Dec. 9.

A critical moment for SpaceX stock SpaceX's earnings report, combined with more shares hitting public markets, will be the ultimate stress test for the growth stock. Especially if insiders decide to sell shares with SpaceX below its IPO price.

This is an incredibly exciting company for its technological prowess, lack of competition, and virtually infinite total addressable market. But I still think it's best if investors keep SpaceX on a watch list to see how the insider lock-up expiration unfolds, and for SpaceX to begin generating positive free cash flow so it doesn't have to continue relying on capital markets to raise money.

Apple (AAPL -0.44%) is preparing to launch a device-leasing program called Apple Upgrade in the U.S. on July 28, Bloomberg reported this week. If the report is right, the program could push the tech company's biggest revenue line, the iPhone, toward faster upgrades and steadier, more subscription-like sales.

The reported structure works much like a car lease. Klarna (KLAR -6.02%) would provide the financing, enrollment would involve a soft credit check, and leases would reportedly run 24 months for iPhone and Apple Watch and 36 months for Mac and iPad. During a term, customers could pay the device off early or upgrade to a newer model. At the end of one, they could keep the device or return it.

The program would reportedly replace new enrollments in Apple's existing upgrade and financing options, though some lower-priced models wouldn't be eligible for it (including the iPhone 16, the entry-level iPad, and the Apple Watch SE). AppleCare coverage would no longer be included automatically.

Image source: Apple.

This could be material for Apple's business.

The first effect is upgrade frequency. A lease with a built-in upgrade path tends to shorten the replacement cycle, and every shortened cycle means more device sales per customer over time. That matters most for the iPhone, which generated $57 billion of revenue in the March quarter, up 22% year over year and a record for the period. Leasing is a way to keep that momentum going after the iPhone 17's blockbuster run.

Leasing could also smooth out demand cycles. Customers on standard two- and three-year terms can upgrade on a schedule rather than waiting for a hardware overhaul, ultimately making iPhone revenue less dependent on any single product cycle landing perfectly.

Today's Change

(

-0.44

%) $

-1.45

Current Price

$

326.29

And notably, Apple gets all of this without becoming a lender. Because Klarna would provide the financing, Apple keeps the customer relationship and the upgrade cadence while a partner carries the credit risk.

Of course, the company hasn't said any of this publicly yet, and reported plans can change. But Apple's fiscal third-quarter earnings report is scheduled for July 30 -- two days after the program's reported launch date, and management will likely face questions about what leasing means for the business. July 28 -- when Klarna and Apple are expected to roll out this program -- may start providing answers. And July 30 could finish the job.

Tesla, Inc. (TSLA) Q2 2026 Earnings Call July 22, 2026 5:30 PM EDT

Company Participants

Travis Axelrod - Head of Investor Relations
Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Vaibhav Taneja - Chief Financial Officer
Ashok Elluswamy - Executive Officer
Karn Budhiraj
Lars Moravy - Vice President of Vehicle Engineering
Brandon Ehrhart

Conference Call Participants

Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Colin Langan - Wells Fargo Securities, LLC, Research Division
Walter Piecyk - LightShed Partners, LLC
William Stein - Truist Securities, Inc., Research Division
Dan Levy - Barclays Bank PLC, Research Division

Presentation

Travis Axelrod
Head of Investor Relations

Good afternoon, everyone, and welcome to Tesla's Second Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.

Our Q2 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

During the question-and-answer portion of today's call, please limit yourself to one question and one follow-up. [Operator Instructions]

Before we jump into Q&A, Elon has some opening remarks. Elon?

Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director

Thank you. So, yes, it's been a great quarter. We achieved record Q2 deliveries. Model Y, I believe it is now, I think it's the best-selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, we're seeing a very high take

Google reported blockbuster second-quarter revenue and is preparing to invest more in AI infrastructure. Bloomberg/Getty Images Google's latest earnings call offered a familiar message: AI is driving growth, and it's also getting more expensive.

On Wednesday, Alphabet reported second-quarter revenue of $119.8 billion, up 24% from a year earlier, while Google Cloud posted another blockbuster quarter as enterprises raced to adopt AI. At the same time, executives made it clear the company is prepared to spend even more to meet surging demand.

Here are the three biggest takeaways from Alphabet's earnings.

Google is spending more on AI and is willing to sacrifice marginsGoogle is prioritizing long-term AI growth over short-term profitability by doubling down on its AI buildout.

The company raised its 2026 capital expenditure forecast to between $195 billion and $205 billion, up from a previous outlook of up to $190 billion, saying demand for AI infrastructure continues to exceed available capacity.

Finance chief Anat Ashkenazi said during Wednesday's earnings call that the higher spending reflects an accelerated rollout of computing capacity.

Google also plans to lean more heavily on third-party cloud providers while it builds out its own infrastructure, a strategy Ashkenazi said will create "modest margin pressure in the near term" but help the company "keep growing our customer base and capture greater overall value."

Google Cloud is becoming the company's AI growth engineSearch remains Google's largest business, but Cloud is increasingly emerging as its primary AI growth engine.

Over Q2, Google Cloud once again delivered the strongest performance across Alphabet's businesses.

Revenue jumped 82% year over year to $24.8 billion, well ahead of analyst expectations, while cloud backlog reached $514 billion, highlighting continued demand from businesses building AI applications.

"We're still in a supply-constrained environment," Ashkenazi said, adding that Google is seeing "very strong demand both from external cloud customers as well as across the business."

About 60% of Google's infrastructure spending during the quarter went toward AI servers, with the rest invested in data centers and networking equipment.

Google's Gemini app is closing in on ChatGPTGoogle's AI assistant is approaching a milestone, signaling that Google's consumer AI strategy is gaining momentum amid intensifying competition with OpenAI and Anthropic.

The company said during Wednesday's earnings call that the Gemini app now has 950 million monthly active users, up from about 650 million last October and more than 750 million earlier this year. CEO Sundar Pichai also said during the earnings call that daily active users have tripled over the past year.

That puts Gemini within striking distance of OpenAI's ChatGPT, which recently reached roughly 1 billion monthly users.

Google is also trying to make its AI models cheaper to run. This week, it introduced three new Gemini models, including Gemini 3.6 Flash, which the company says improves coding performance while using fewer tokens, reducing the cost of deploying AI applications.

Read next

Katherine Li You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Earnings Big Tech Alphabet More

Alphabet’s second-quarter earnings announcement on Wednesday (July 22) provided a clearer answer to one of the central questions surrounding generative AI: Are businesses moving quickly enough from testing the technology to paying for it at scale?

For Google, the evidence is increasingly coming from enterprise customers, where demand for computing capacity, Gemini models and AI applications contributed to an 82% increase in Google Cloud revenue and pushed Cloud backlog to $514 billion.

The scale of that demand has strengthened management’s view of the AI opportunity over the past year. Asked during the analyst Q&A whether Alphabet’s expectations for generative AI returns had changed, CEO Sundar Pichai said they had. He pointed specifically to conversations with corporate executives, saying many companies are “barely scratching the early stages of what’s possible here.”

Management has discussed supply constraints for several quarters. CFO Anat Ashkenazi acknowledged that demand continues to run ahead of the capacity Alphabet has added.

As a result, Google Cloud revenue reached $24.8 billion with Google Cloud Platform (GCP) growing faster than Cloud overall. AI infrastructure, core GCP products and AI solutions all contributed. Cloud operating income more than tripled to $8.8 billion.

Search remains the clearest test of whether Google can introduce generative AI as a tailwind to its core business. Search and other revenue rose 17% to $63.3 billion, while AI Overviews and AI Mode increasingly operate as parts of a single Search experience. Pichai said users are asking longer and more complex questions, and Google is seeing growth in total queries as people use AI features for searches they previously might not have made. The company is also extending AI Mode into more commercial queries, putting the product closer to shopping and purchase decisions.

Gemini Moves Into Search, Advertising and Commerce Gemini is becoming a larger part of that enterprise proposition. Nearly 90% of Fortune 100 companies are using Gemini Enterprise. Alphabet said nearly 500 Cloud customers have each processed more than 1 trillion tokens during the past year, while more than 2,000 enterprises have consumed more than 100 billion tokens.

Customers are deploying Gemini within cybersecurity, data analytics and other applications, where the model operates as one component of a broader system. “The model is just an ingredient in those solutions,” Pichai told analysts.

The same strategy is appearing in Google’s consumer businesses, particularly where Search intersects with advertising and shopping.

Search and other advertising revenue saw retail making the largest contribution and finance also contributing significantly. YouTube advertising revenue increased 13% to $11.1 billion, driven by direct-response and brand advertising. Overall advertising revenue rose 14%.

The company is also using Gemini throughout its advertising system, including query interpretation, advertiser tools and ads accompanying AI-powered search experiences. The company said Gemini helped produce a 20% improvement in showing relevant shopping ads. More than half of Google’s small- to medium-sized business advertising customers now use AI to create or optimize advertising creative.

Commerce is moving closer to those search and advertising products. Management said on the call that Target and Steve Madden are now live on its open-source Universal Commerce Protocol. It also announced Universal Cart, which lets consumers put merchandise from multiple retailers into one cart across Google services and complete a single checkout.

YouTube is developing a similar connection between content, advertising and transactions. Google is expanding shoppable advertising formats and has introduced Buy with Google Pay, allowing connected-TV viewers to complete purchases directly from the television in two clicks. It is also using affiliate partnerships and YouTube Shopping commissions to connect creators more directly with sales.

Gemini itself is also accumulating consumer scale. The Gemini app reached 950 million monthly active users, while daily active users have tripled over the past year. Alphabet’s model application programming interfaces (APIs) are processing approximately 22 billion tokens per minute, up from more than 16 billion a quarter earlier. More than 9 million developers are building with Google’s models each month.

Overall, Alphabet revenue increased 24% to $119.8 billion, while operating income rose 30% to $40.8 billion.

The cost of supplying AI demand remains part of the equation. Capital expenditures reached $44.9 billion during the quarter, and Alphabet raised its 2026 capital spending forecast to $195 billion to $205 billion from $180 billion to $190 billion. Management said the increase reflects faster deployment of computing capacity, while third-party capacity will temporarily supplement Google’s infrastructure.  Investors, perhaps eyeing that ramp-up in investment, sent shares down 3.5% in after hours trading.

Asked about returns on additional computing investment in 2027, Pichai pointed to long-term customer agreements, renewals and continuing demand.

“We are seeing strong demand indicators, including long-term deals,” he said. “If anything, the dynamics look healthier than where we were about a year ago, and so that’s what gives us the confidence to undertake those investments.”