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Key Highlights

Record third quarter revenues of $9.9 billionUsed retail GPUs increased $197, or 11%, year over yearAftersales gross profit increased by 2.4% and gross margin was 59.5%, a 100-basis point increase, on a same-store basisFinancing Operations income of $32.3 million, a 69% increase year over year, with record originations of $937 million, and a 18.3% penetration rateThird quarter diluted earnings per share of $13.22, a 54% increase, and adjusted diluted earnings per share of $10.34, a 9% increaseRepurchased $85 million of shares, representing 1.1% of outstanding shares in the quarter, and 8.7% of outstanding shares in 2026Announced a 7% increase to quarterly dividend MEDFORD, Ore., Oct. 21, 2026 (GLOBE NEWSWIRE) -- Lithia & Driveway (NYSE: LAD), the largest global automotive retailer, today reported financial results for the third quarter of 2026.

"Our people and our ecosystem set Lithia & Driveway apart again this quarter, delivering record quarterly revenues and continued growth in earnings per share. Used vehicle profitability strengthened, aftersales margins expanded, cost discipline continued, and Financing Operations delivered strong income growth on the strength of a high-quality credit portfolio," said Bryan DeBoer, President and CEO. "The capital decisions of the past year are reflected in our financial results, with a meaningfully lower share count magnifying every dollar we earn. With the flexibility of our cash generation and strong balance sheet, the earnings power of our model continues to build as we head into 2027.”

Third Quarter 2026 Operational Summary
Third quarter 2026 revenue increased 3% to $9.9 billion from $9.7 billion in the third quarter of 2025.

Third quarter 2026 diluted earnings per share attributable to LAD was $13.22, a 54% increase from $8.61 per share reported in the third quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted diluted earnings per share attributable to LAD for the third quarter of 2026 was $10.34, a 9% increase compared to $9.50 per share in the same period of 2025.

Third quarter 2026 net income was $292.9 million, a 34.0% increase compared to net income of $218.6 million in the third quarter of 2025. After adjusting for the unrealized gain on our investment in Pinewood Technologies Group PLC and other non-core items, adjusted net income for the third quarter 2026 was $229.3 million, an 5% decrease compared to adjusted net income of $240.9 million for the same period of 2025.

The financial measures discussed in this release include both GAAP and non-GAAP measures. See “Reconciliation of Certain Non-GAAP Measures”.

For the first nine months of 2026 revenues increased 2% to $29.0 billion, compared to $28.4 billion in 2025.

Diluted earnings per share attributable to LAD for the first nine months of 2026 was $28.77, compared to $26.42 per share in 2025, an increase of 9%. Adjusted diluted earnings per share attributable to LAD for the first nine months of 2026 increased 4% to $27.61 from $26.60 in the same period of 2025.

Corporate Development
In the third quarter of 2026, LAD acquired two stores, which are expected to generate $150 million in annualized revenues, and divested two stores representing $115 million in annualized revenues.

In October 2026, LAD continued to expand its network in the Southeast region with the acquisition of two Hyundai and two Kia stores in Memphis, TN. These additions add $250 million of expected annualized revenue.

LAD has acquired $1.17 billion in expected annualized revenues year to date.

Balance Sheet Update
LAD ended the third quarter with approximately $1.4 billion in cash and cash equivalents, marketable securities, and availability on our revolving lines of credit.

Dividend Payment and Share Repurchases
The Board of Directors approved a dividend of $0.75 per share related to third quarter 2026 financial results. The dividend is expected to be paid on November 20, 2026 to shareholders of record on November 6, 2026.

During the third quarter of 2026, we repurchased approximately 246,000 shares at a weighted average price of $345. Under the current share repurchase authorization approximately $535 million remains available as of September 30, 2026.

Board of Directors Update
The Board of Directors has appointed Bryan B. DeBoer, our President and Chief Executive Officer, as Chairman of the Board, effective October 19, 2026. In this expanded role, Bryan DeBoer will serve as both Chairman and Chief Executive Officer, promoting communication and collaboration between management and the Board. Mr. DeBoer will continue to lead the Company’s strategic vision and operations execution.

Sidney B. DeBoer will become Vice Chairman and will continue to serve on the Board. Louis P. Miramontes will continue to serve as Lead Independent Director, ensuring strong independent Board leadership and reinforcing its oversight of management and governance.

"Sid established Lithia on the belief that earning trust, one customer and one community at a time, creates value that compounds over decades," said Bryan DeBoer, Chairman and Chief Executive Officer. "He took the company public and laid the foundation of Growth Powered by People for the network we operate today across the U.S., Canada and the U.K., and we're grateful his counsel will continue as Vice Chairman. I'm honored by the Board's confidence. Our strategy and priorities are unchanged: earn customers for life, keep growing our network and adjacent businesses, and allocate capital with discipline to drive long-term shareholder value."

Third Quarter Earnings Conference Call and Updated Presentation
The third quarter 2026 conference call may be accessed at 10:00 a.m. ET today by telephone at 877-407-8029. An updated presentation highlighting third quarter 2026 results has been added to our investor relations website. To listen live on our website or for replay, visit investors.lithiadriveway.com and click on Quarterly Earnings.

About Lithia & Driveway (LAD)
Lithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire.

Sites
www.lithia.com 
investors.lithiadriveway.com 
www.lithiacareers.com 
www.driveway.com 
www.greencars.com 
www.drivewayfinancecorp.com 

Lithia & Driveway on Facebook
https://www.facebook.com/LithiaMotors 
https://www.facebook.com/DrivewayHQ 

Lithia & Driveway on X
https://x.com/lithiamotors 
https://x.com/DrivewayHQ 
https://x.com/GreenCarsHQ 

Lithia & Driveway on LinkedIn
https://www.linkedin.com/company/lithia-motors/ 

Lithia & Driveway on YouTube
https://www.youtube.com/@Lithia_Motors/featured 

Forward-Looking Statements
Certain statements in this presentation, and at times made by our officers and representatives, constitute forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Generally, you can identify forward-looking statements by terms such as “project,” “outlook,” “target,” “may,” “will,” “would,” “should,” “seek,” “expect,” “plan,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “likely,” “ensure,” “goal,” “strategy,” “future,” “maintain,” and “continue” or the negative of these terms or other comparable terms. Examples of forward-looking statements in this presentation include, among others, statements regarding:

The profitability of our strategy and growthFuture market conditions, including anticipated vehicle and other sales, gross profit and inventory supplyOur business strategy and plans, including our achieving our long-term financial targetsThe growth, expansion, make-up and success of our network, including our finding accretive acquisitions that meet our target valuations and acquiring additional storesAnnualized revenues from acquired stores or achieving target returnsThe growth and performance of our Driveway e-commerce home solution and Driveway Finance Corporation (DFC), their synergies and other impacts on our business and our ability to meet Driveway and DFC-related targetsThe impact of sustainable vehicles and other market and regulatory changes on our business, including evolving vehicle distribution modelsOur capital allocations and uses and levels of capital expenditures in the futureExpected operating results, such as improved store performance, continued improvement of selling, general and administrative expenses as a percentage of gross profit and any projectionsOur anticipated financial condition and liquidity, including from our cash and the future availability of our credit facilities, unfinanced real estate and other financing sourcesOur continuing to purchase shares under our share repurchase programOur compliance with financial and restrictive covenants in our credit facilities and other debt agreementsOur programs and initiatives for team member recruitment, training, and retentionOur strategies and targets for customer retention, growth, market position, operations, financial results and risk management Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements in this presentation. Therefore, you should not rely on any of these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include, without limitation:

Future national and local economic and financial conditions, including as a result of inflation, interest rates, tariffs, governmental actions, programs and spending, and public health issuesThe market for dealerships, including the availability of stores to us for an acceptable priceChanges in customer demand, levels of consumer debt, consumer confidence and manufacturer sales incentives, and the electric vehicle landscape and the impact of evolving digital technologiesChanges in our relationship with, and the financial and operational stability of, OEMs and other suppliers, and vehicle delivery modelsChanges in the competitive landscape, including through technology and our ability to deliver new products, services and customer experiences and a portfolio of in-demand and available vehiclesRisks associated with our indebtedness, including available borrowing capacity, interest rates, compliance with financial covenants and ability to refinance or repay indebtedness on favorable termsThe adequacy of our cash flows and other conditions which may affect our ability to fund capital expenditures, obtain favorable financing and pay our quarterly dividend at planned levelsDisruptions to our technology network including computer systems, as well as natural events such as severe weather or man-made or other disruptions of our operating systems, facilities or equipmentGovernment regulations and legislationThe risks set forth throughout “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K, and in “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, and from time to time in our other filings with the SEC. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by law, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures
All “adjusted” financial measures in this presentation are non-GAAP financial measures, as are EBITDA and net debt. Non-GAAP measures do not have definitions under GAAP and may be defined differently by and not comparable to similarly titled measures used by other companies. We caution you not to place undue reliance on such non-GAAP measures and to consider them together with the most directly comparable GAAP measures. We present cash flows from operations in the attached tables, adjusted to include the change in non-trade floor plan debt to improve the visibility of cash flows related to vehicle financing. As required by SEC rules, we have reconciled these measures to the most directly comparable GAAP measures in the attachments to this release. We believe the non-GAAP financial measures we present improve the transparency of our disclosures; provide a meaningful presentation of our results from core business operations, because they exclude items not related to core business operations and other non-cash items; and improve the period-to-period comparability of our results from core business operations. These presentations should not be considered an alternative to GAAP measures.

LAD
Consolidated Statements of Operations (Unaudited)
(In millions except per share data)

 Three months ended
 % Nine months ended
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)Revenues:           New vehicle$4,868.6  $4,792.4  1.6% $14,077.1  $14,076.3  —%Used vehicle 3,630.1   3,463.3  4.8   10,647.8   10,192.3  4.5 Finance and insurance 361.4   378.6  (4.5)  1,087.5   1,116.8  (2.6)Aftersales 1,086.6   1,041.5  4.3   3,197.0   3,051.7  4.8 Total revenues 9,946.7   9,675.8  2.8%  29,009.4   28,437.1  2.0%Cost of sales:           New vehicle 4,590.7   4,501.0  2.0   13,255.7   13,178.1  0.6 Used vehicle 3,419.2   3,274.4  4.4   10,035.2   9,609.2  4.4 Aftersales 441.0   434.4  1.5   1,303.6   1,288.3  1.2 Total cost of sales 8,450.9   8,209.8  2.9   24,594.5   24,075.6  2.2 Gross profit 1,495.8   1,466.0  2.0%  4,414.9   4,361.5  1.2%            Finance operations income 32.3   19.1  69.1%  90.0   51.7  74.1%            SG&A expense 1,036.3   998.0  3.8   3,088.4   2,965.3  4.2 Depreciation and amortization 71.6   65.5  9.3   212.3   194.6  9.1 Income from operations 420.2   421.6  (0.3)%  1,204.2   1,253.3  (3.9)%Floor plan interest expense (70.3)  (57.8) 21.6   (195.9)  (169.8) 15.4 Other interest expense (63.1)  (68.3) (7.6)  (196.0)  (200.5) (2.2)Other income (expense) 104.2   (13.3) 883.5   72.7   35.9  NMIncome before income taxes 391.0   282.2  38.6%  885.0   918.9  (3.7)%Income tax expense (98.1)  (63.6) 54.2   (228.4)  (230.9) (1.1)Income tax rate 25.1%  22.5%    25.8%  25.1%  Net income$292.9  $218.6  34.0% $656.6  $688.0  (4.6)%Net income attributable to non-controlling interests (1.8)  (1.5) 20.0%  (5.1)  (5.3) (3.8)%Net income attributable to LAD$291.1  $217.1  34.1% $651.5  $682.7  (4.6)%            Diluted earnings per share attributable to LAD:           Net income per share$13.22  $8.61  53.5% $28.77  $26.42  8.9%            Diluted shares outstanding 22.0   25.2  (12.7)%  22.6   25.8  (12.4)% NM - not meaningful

LAD
Key Performance Metrics (Unaudited)

 Three months ended
 % Nine months ended
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)Gross margin           New vehicle 5.7%  6.1% (40)bps  5.8%  6.4% (60)bpsUsed vehicle 5.8   5.5  30   5.8   5.7  10 Finance and insurance 100.0   100.0  —   100.0   100.0  — Aftersales 59.4   58.3  110   59.2   57.8  140 Gross profit margin 15.0   15.2  (20)  15.2   15.3  (10)            Unit sales           New vehicle 105,471   104,332  1.1%  304,347   305,151  (0.3)%Used vehicle retail 109,791   109,097  0.6   326,056   325,476  0.2             Average selling price (excluding agency)           New vehicle$46,777  $46,804  (0.1)% $46,938  $47,165  (0.5)%Used vehicle retail 29,499   28,381  3.9   29,180   27,990  4.3             Average gross profit per unit           New vehicle$2,635  $2,793  (5.7)% $2,699  $2,943  (8.3)%Used vehicle retail 1,970   1,773  11.1   1,889   1,818  3.9 Finance and insurance 1,733   1,818  (4.7)  1,782   1,814  (1.8)Total vehicle(1) 3,949   4,025  (1.9)  4,000   4,120  (2.9)            Revenue mix           New vehicle 48.9%  49.5%    48.5%  49.5%  Used vehicle 36.5   35.8     36.7   35.8   Finance and insurance, net 3.6   3.9     3.7   3.9   Aftersales 11.0   10.8     11.1   10.8               Gross Profit Mix           New vehicle 18.6%  19.9%    18.6%  20.6%  Used vehicle 14.1   12.9     13.9   13.4   Finance and insurance, net 24.2   25.8     24.6   25.6   Aftersales 43.1   41.4     42.9   40.4     Adjusted As reported Adjusted As reported Three months
ended September
30, Three months
ended September
30, Nine months
ended September
30, Nine months
ended September
30,Other metrics2026  2025  2026  2025  2026  2025  2026  2025 SG&A as a % of revenue10.4% 10.3% 10.4% 10.3% 10.6% 10.4% 10.6% 10.4%SG&A as a % of gross profit68.8  67.9  69.3  68.1  69.6  67.9  70.0  68.0 Operating profit as a % of revenue4.3  4.4  4.2  4.4  4.2  4.4  4.2  4.4 Operating profit as a % of gross profit28.5  29.0  28.1  28.8  27.6  28.8  27.3  28.7 Pretax margin3.1  3.2  3.9  2.9  3.0  3.2  3.1  3.2 Net profit margin2.3  2.5  2.9  2.3  2.2  2.4  2.3  2.4  (1)   Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail

LAD
Same Store Operating Highlights (Unaudited)

 Three months ended 
 % Nine months ended 
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)Revenues           New vehicle$4,608.3  $4,729.9  (2.6)% $13,293.7  $13,784.0  (3.6)%Used vehicle 3,419.4   3,409.5  0.3   10,023.4   9,932.6  0.9 Finance and insurance 345.1   375.6  (8.1)  1,039.6   1,102.0  (5.7)Aftersales 1,027.9   1,021.0  0.7   3,018.5   2,964.1  1.8 Total revenues 9,400.6   9,536.0  (1.4)  27,375.2   27,782.8  (1.5)            Gross profit           New vehicle$263.9  $288.4  (8.5)% $778.0  $881.6  (11.8)%Used vehicle 203.1   185.8  9.3   586.6   575.2  2.0 Finance and insurance 345.1   375.6  (8.1)  1,039.6   1,102.0  (5.7)Aftersales 611.1   596.9  2.4   1,786.0   1,721.2  3.8 Total gross profit 1,423.2   1,446.7  (1.6)  4,190.2   4,280.1  (2.1)            Gross margin           New vehicle 5.7%  6.1% (40)bps  5.9%  6.4% (50)bpsUsed vehicle 5.9   5.4  50   5.9   5.8  10 Finance and insurance 100.0   100.0  —   100.0   100.0  — Aftersales 59.5   58.5  100   59.2   58.1  110 Gross profit margin 15.1   15.2  (10)  15.3   15.4  (10)            Unit sales           New vehicle 100,559   103,318  (2.7)%  289,351   300,917  (3.8)%Used vehicle retail 104,612   108,039  (3.2)  311,741   320,566  (2.8)            Average selling price (excluding agency)           New vehicle$46,470  $46,652  (0.4)% $46,659  $46,843  (0.4)%Used vehicle retail 29,197   28,200  3.5   28,770   27,703  3.9             Average gross profit per unit           New vehicle$2,624  $2,792  (6.0)% $2,689  $2,930  (8.2)%Used vehicle retail 1,993   1,759  13.3   1,893   1,818  4.1 Finance and insurance 1,736   1,821  (4.7)  1,784   1,816  (1.8)Total vehicle(1) 3,958   4,021  (1.6)  4,000   4,117  (2.8) (1)   Includes the sales and gross profit related to new, used, and finance and insurance and unit sales for new and used retail

LAD
Other Highlights (Unaudited)

 Three months ended September 30, Nine months ended September 30, 2026  2026 Key Performance by CountryTotal Revenue Total Gross Profit Total Revenue Total Gross ProfitUnited States75.9%  80.8%  76.3%  81.4% United Kingdom20.5%  16.4%  20.2%  15.9% Canada3.6%  2.8%  3.5%  2.7%   As of September 30, December 31, September 30,Days’ Supply(1)2026 2025 2025New vehicle inventory54 54 52Used vehicle inventory45 48 46 (1) Days’ supply in inventory is calculated using on-ground inventory unit levels and a 30-day total unit sales volumes, both at the end of each reporting period.

Selected Financing Operations Financial Information

 Three months ended September 30, Nine months ended September 30,($ in millions) 2026  % (1)  2025  % (1)  2026  % (1)  2025  % (1)Interest and fee income$122.1  8.7  $104.9  9.2  $349.0  8.8  $298.0  9.2 Interest expense (56.3) (4.0)  (52.1) (4.6)  (161.4) (4.1)  (150.0) (4.6)Total interest margin$65.8  4.7  $52.8  4.6  $187.6  4.7  $148.0  4.6 Lease income 29.2     23.4     79.5     67.7   Lease costs (25.6)    (18.6)    (68.3)    (54.0)  Lease income, net 3.6     4.8     11.2     13.7   Provision expense (22.5) (1.6)  (25.8) (2.3)  (64.7) (1.6)  (72.5) (2.2)Other financing operations expenses (14.6) (1.0)  (12.7) (1.1)  (44.1) (1.1)  (37.5) (1.2)Finance operations income$32.3    $19.1    $90.0    $51.7                   Total average managed finance receivables$5,558.0    $4,541.8    $5,290.6    $4,316.3    (1)   Annualized percentage of total average managed finance receivables

LAD
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)

 September 30, 2026 December 31, 2025Cash, restricted cash, and cash equivalents$374.0 $341.8Trade receivables, net 1,132.9  1,134.1Inventories, net 6,624.3  6,119.6Other current assets 261.8  262.5Total current assets$8,393.0 $7,858.0    Property and equipment, net 5,074.7  4,936.0Finance receivables, net 5,578.6  4,755.1Intangibles 5,630.7  5,254.1Other non-current assets 2,159.0  2,304.0Total assets$26,836.0 $25,107.2    Floor plan notes payable 6,566.8  5,008.9Other current liabilities 1,838.5  1,687.8Total current liabilities$8,405.3 $6,696.7    Long-term debt, less current maturities 6,828.2  7,274.9Non-recourse notes payable, less current maturities 2,746.3  2,404.2Other long-term liabilities and deferred revenue 2,215.3  2,103.0Total liabilities$20,195.1 $18,478.8    Equity 6,640.8  6,628.4Total liabilities and equity$26,836.0 $25,107.2 LAD
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)

 Nine months ended September 30,Cash flows from operating activities: 2026   2025 Net income$656.6  $688.0 Adjustments to reconcile net income to net cash (used in) provided by operating activities 391.1   428.5 Changes in:   Inventories (555.0)  44.8 Finance receivables (831.4)  (671.3)Floor plan notes payable 87.6   (151.0)Other operating activities 46.2   (106.0)Net cash (used in) provided by operating activities (204.9)  233.0 Cash flows from investing activities:   Capital expenditures (252.3)  (257.7)Cash paid for acquisitions, net of cash acquired (264.8)  (417.6)Net proceeds from sales of stores 31.9   178.1 Other investing activities 4.0   17.8 Net cash used in investing activities (481.2)  (479.4)Cash flows from financing activities:   Net borrowings on floor plan notes payable, non-trade 1,542.2   73.3 Net borrowings on non-recourse notes payable 291.8   136.3 Net borrowings on other debt and finance lease liabilities (456.1)  827.7 Proceeds from issuance of common stock 21.2   21.0 Repurchase of common stock (624.5)  (662.3)Dividends paid (41.1)  (42.1)Other financing activity (11.2)  (89.4)Net cash provided by financing activities 722.3   264.5 Effect of exchange rate changes on cash and restricted cash (3.5)  4.7 Change in cash, restricted cash, and cash equivalents 32.7   22.8 Cash, restricted cash, and cash equivalents at beginning of period 391.3   445.8 Cash, restricted cash, and cash equivalents at end of period 424.0   468.6  LAD
Reconciliation of Non-GAAP Cash Flow from Operations (Unaudited)
(In millions)

 Nine months ended September 30,Net cash provided by operating activities 2026   2025 As reported$(204.9) $233.0 Floor plan notes payable, non-trade, net(1) 1,542.2   73.3 Adjust: finance receivables activity 831.4   671.3 Less: Borrowings on floor plan notes payable, non-trade associated with acquired new vehicle inventory (43.5)  (62.9)Adjusted$2,125.2  $914.7  (1) Includes the impact of converting inventory‑secured revolvers to floorplan facilities during 2026, increasing net floorplan borrowings and adjusted operating cash flows $1,138.3 million.

LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

 Three Months Ended September 30, 2026 As reported Net loss on
disposal of
stores Investment
gain Insurance
reserves Tax attribute AdjustedSelling, general and administrative 1,036.3   (5.8)  —   (0.8)  —   1,029.7 Operating income 420.2   5.8   —   0.8   —   426.8 Other income (expense), net 104.2   —   (88.8)  —   —   15.4             Income before income taxes 391.0   5.8   (88.8)  0.8   —   308.8 Income tax (provision) benefit (98.1)  (1.6)  23.7   (0.2)  (3.3)  (79.5)Net income$292.9  $4.2  $(65.1) $0.6  $(3.3) $229.3 Net income attributable to non-controlling interests (1.8)  —   —   —   —   (1.8)Net income attributable to LAD$291.1  $4.2  $(65.1) $0.6  $(3.3) $227.5             Diluted earnings per share attributable to LAD$13.22  $0.19  $(2.95) $0.03  $(0.15) $10.34 Diluted share count 22.0             Three Months Ended September 30, 2025 As reported Net gain on
disposal of
stores Investment
loss Insurance
reserves Acquisition
expenses Tax attribute AdjustedSelling, general and administrative$998.0  $15.4  $—  $(2.5) $(15.9) $—  $995.0 Operating income 421.6   (15.4)  —   2.5   15.9   —   424.6 Other income (expense), net (13.3)  —   22.7   —   —   —   9.4               Income before income taxes 282.2   (15.4)  22.7   2.5   15.9   —   307.9 Income tax (provision) benefit (63.6)  7.2   (6.0)  (0.5)  (0.6)  (3.5)  (67.0)Net income$218.6  $(8.2) $16.7  $2.0  $15.3  $(3.5) $240.9 Net income attributable to non-controlling interests$(1.5) $—  $—  $—  $—  $—  $(1.5)Net income attributable to LAD$217.1  $(8.2) $16.7  $2.0  $15.3  $(3.5) $239.4               Diluted earnings per share attributable to LAD$8.61  $(0.32) $0.66  $0.08  $0.61  $(0.14) $9.50 Diluted share count 25.2              LAD
Reconciliation of Certain Non-GAAP Financial Measures (Unaudited)
(In millions, except for per share data)

 Nine Months Ended September 30, 2026 As reported Net gain on
disposal of
stores Investment
gain Insurance
reserves Acquisition
expenses Contract
buyouts Tax attribute AdjustedSelling, general and administrative$3,088.4  $9.2  $—  $(3.2) $(0.7) $(20.3) $—  $3,073.4 Operating income 1,204.2   (9.2)  —   3.2   0.7   20.3   —   1,219.2 Other income (expense), net 72.7   —   (43.7)  —   —   —   —   29.0                 Income before income taxes 885.0   (9.2)  (43.7)  3.2   0.7   20.3   —   856.3 Income tax (provision) benefit (228.4)  2.4   11.6   (0.9)  (0.1)  (5.1)  (5.3)  (225.8)Net income$656.6  $(6.8) $(32.1) $2.3  $0.6  $15.2  $(5.3) $630.5 Net income attributable to non-controlling interests (5.1)  —   —   —   —   —   —   (5.1)Net income attributable to LAD$651.5  $(6.8) $(32.1) $2.3  $0.6  $15.2  $(5.3) $625.4                 Diluted earnings per share attributable to LAD$28.77  $(0.30) $(1.42) $0.10  $0.03  $0.67  $(0.24) $27.61 Diluted share count 22.6                 Nine Months Ended September 30, 2025 As reported Net gain on
disposal of
stores Investment
gain Insurance
reserves Acquisition
expenses Tax attribute AdjustedSelling, general and administrative$2,965.3  $17.7  $—  $(5.4) $(16.1) $—  $2,961.5 Operating income 1,253.3   (17.7)  —   5.4   16.1   —   1,257.1 Other income (expense), net 35.9   —   (4.1)  —   —   —   31.8               Income before income taxes 918.9   (17.7)  (4.1)  5.4   16.1   —   918.6 Income tax (provision) benefit (230.9)  11.6   1.0   (1.4)  (0.6)  (5.7)  (226.0)Net income$688.0  $(6.1) $(3.1) $4.0  $15.5  $(5.7) $692.6 Net income attributable to non-controlling interests (5.3)  —   —   —   —   —   (5.3)Net income attributable to LAD$682.7  $(6.1) $(3.1) $4.0  $15.5  $(5.7) $687.3               Diluted earnings per share attributable to LAD$26.42  $(0.24) $(0.12) $0.16  $0.60  $(0.22) $26.60 Diluted share count 25.8              LAD
Adjusted EBITDA and Net Debt to Adjusted EBITDA (Unaudited)
(In millions)

 Three months ended
 % Nine months ended 
 % September 30, Increase September 30, Increase  2026   2025  (Decrease)  2026   2025  (Decrease)EBITDA and Adjusted EBITDA           Net income$292.9  $218.6  34.0% $656.6  $688.0  (4.6)%Flooring interest expense 70.3   57.8  21.6   195.9   169.8  15.4 Other interest expense 63.1   68.3  (7.6)  196.0   200.5  (2.2)Financing operations interest expense 56.3   52.1  8.1   161.4   150.0  7.6 Income tax expense 98.1   63.6  54.2   228.4   230.9  (1.1)Depreciation and amortization 71.6   65.5  9.3   212.3   194.6  9.1 EBITDA$652.3  $525.9  24.0% $1,650.6  $1,633.8  1.0%            Other adjustments:           Less: flooring interest expense$(70.3) $(57.8) 21.6  $(195.9) $(169.8) 15.4 Less: financing operations interest expense (56.3)  (52.1) 8.1   (161.4)  (150.0) 7.6 Less: used vehicle line of credit interest —   (3.7) (100.0)  (1.5)  (11.2) (86.6)Add: acquisition expenses —   15.9  NM  0.7   16.1  NMAdd: (gain) loss on disposal of stores 5.8   (15.4) NM  (9.2)  (17.7) NMAdd: investment (gain) loss (88.8)  22.7  NM  (43.7)  (4.1) NMAdd: insurance reserves 0.8   2.5  NM  3.2   5.4  NMAdd: contract buyouts —   —  NM  20.3   —  NMAdjusted EBITDA$443.5  $438.0  1.3% $1,263.1  $1,302.5  (3.0)% NM - not meaningful

 As of % September 30, IncreaseNet Debt to Adjusted EBITDA 2026   2025  (Decrease)Floor plan notes payable$6,566.8  $4,869.0  34.9%Used and service loaner vehicle inventory financing facility 3.5   1,020.8  (99.7)Revolving lines of credit 1,736.6   1,310.6  32.5 Warehouse facilities 1,743.5   1,252.0  39.3 Non-recourse notes payable 2,765.7   2,245.6  23.2 4.625% Senior notes due 2027 400.0   400.0  — 3.875% Senior notes due 2029 800.0   800.0  — 5.500% Senior notes due 2030 600.0   600.0  — 4.375% Senior notes due 2031 550.0   550.0  — Real estate mortgages, finance lease obligations, and other debt 1,114.6   1,117.3  (0.2)Unamortized debt issuance costs (24.4)  (26.7) (8.6)Total debt$16,256.3  $14,138.5  15.0%      Less: Inventory related debt$(6,570.3) $(5,889.8) 11.6%Less: Financing operations related debt (4,509.2)  (3,497.6) 28.9 Less: Unrestricted cash and cash equivalents (108.1)  (206.5) (47.7)Less: Marketable securities (76.1)  (54.9) 38.6 Less: Availability on used vehicle and service loaner financing facilities (0.4)  (18.8) (97.9)Net Debt$4,992.2  $4,470.9  11.7%      TTM Adjusted EBITDA$1,627.2  $1,701.9  (4.4)%      Net debt to Adjusted EBITDA3.07        x 2.63        x   NM - not meaningful

DUTCH ASSET Corp acquired a new position in MKS Inc. (NASDAQ:MKSI – Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,530 shares of the scientific and technical instruments company’s stock, valued at approximately $672,000.

Several other institutional investors have also recently added to or reduced their stakes in MKSI. Bank of America Corp DE bought a new position in shares of MKS in the 2nd quarter worth about $231,673,000. Assenagon Asset Management S.A. boosted its holdings in shares of MKS by 1,742.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 442,273 shares of the scientific and technical instruments company’s stock valued at $117,362,000 after buying an additional 418,264 shares during the period. Madison Asset Management LLC acquired a new position in shares of MKS in the 2nd quarter valued at about $140,866,000. TimesSquare Capital Management LLC acquired a new position in shares of MKS in the 2nd quarter valued at about $128,303,000. Finally, Quantinno Capital Management LP grew its position in shares of MKS by 12.5% during the 1st quarter. Quantinno Capital Management LP now owns 259,749 shares of the scientific and technical instruments company’s stock valued at $59,693,000 after buying an additional 28,850 shares during the last quarter. Institutional investors own 99.79% of the company’s stock.

Insiders Place Their Bets In other MKS news, CEO John Tseng-Chung Lee sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $302.01, for a total value of $3,020,100.00. Following the sale, the chief executive officer owned 134,776 shares in the company, valued at approximately $40,703,699.76. This trade represents a 6.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP John Williams sold 457 shares of MKS stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $288.31, for a total value of $131,757.67. Following the sale, the executive vice president directly owned 4,098 shares in the company, valued at approximately $1,181,494.38. This trade represents a 10.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 10,757 shares of company stock worth $3,227,146. Insiders own 0.57% of the company’s stock.

MKS Stock Performance Shares of MKSI opened at $211.14 on Wednesday. MKS Inc. has a 1 year low of $130.72 and a 1 year high of $447.62. The company has a market cap of $14.28 billion, a price-to-earnings ratio of 33.67, a price-to-earnings-growth ratio of 0.45 and a beta of 2.03. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.72 and a current ratio of 1.14. The firm has a fifty day moving average of $262.23 and a 200-day moving average of $300.01. MKS (NASDAQ:MKSI – Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The scientific and technical instruments company reported $3.30 EPS for the quarter, topping the consensus estimate of $2.91 by $0.39. MKS had a net margin of 10.15% and a return on equity of 24.72%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the firm earned $1.77 earnings per share. The company’s quarterly revenue was up 28.3% on a year-over-year basis. MKS has set its Q3 2026 guidance at 3.270-3.890 EPS. As a group, equities analysts anticipate that MKS Inc. will post 13.13 earnings per share for the current year.

MKS Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Tuesday, August 25th were given a $0.25 dividend. The ex-dividend date was Tuesday, August 25th. This represents a $1.00 annualized dividend and a yield of 0.5%. MKS’s dividend payout ratio is 15.95%.

Wall Street Analyst Weigh In MKSI has been the topic of several research reports. Citigroup increased their price objective on shares of MKS from $425.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $600.00 target price on shares of MKS in a research note on Monday, August 3rd. KeyCorp lifted their target price on MKS from $360.00 to $475.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Morgan Stanley lowered their target price on MKS from $439.00 to $345.00 and set an “overweight” rating for the company in a report on Thursday, September 17th. Finally, Needham & Company LLC upped their target price on MKS from $360.00 to $390.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, MKS currently has an average rating of “Moderate Buy” and a consensus target price of $375.93.

Check Out Our Latest Research Report on MKSI

MKS Profile (Free Report)

MKS Instruments, Inc (NASDAQ: MKSI) develops technologies that enable precision control and measurement in manufacturing and research environments. The company provides instruments, components, systems and process-control solutions used to measure and control pressure, flow, vacuum, gas delivery, temperature and other critical production conditions.

Its product portfolio includes vacuum solutions, pressure and flow-control instruments, gas and vapor delivery systems, plasma and reactive-gas technologies, power delivery systems, process-monitoring equipment, analytical instruments and materials-characterization tools.

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Urban Edge Properties (NYSE:UE – Get Free Report) is anticipated to post its Q3 2026 results after the market closes on Wednesday, October 28th. Analysts expect the company to post earnings of $0.1166 per share and revenue of $120.49 million for the quarter. Urban Edge Properties has set its FY 2026 guidance at 1.500-1.540 EPS. Interested persons may review the information on the company’s upcoming Q3 2026 earnings report page for the latest details on the call scheduled for Wednesday, October 28, 2026 at 8:30 AM ET.

Urban Edge Properties (NYSE:UE – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.03. Urban Edge Properties had a net margin of 13.72% and a return on equity of 4.92%. The company had revenue of $122.78 million during the quarter, compared to analyst estimates of $117.86 million. On average, analysts expect Urban Edge Properties to post $1.53 EPS for the current fiscal year and $1.54 EPS for the next fiscal year.

Urban Edge Properties Price Performance Urban Edge Properties stock opened at $19.50 on Wednesday. Urban Edge Properties has a 12 month low of $18.46 and a 12 month high of $24.11. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 1.19. The business’s 50 day simple moving average is $20.46 and its 200 day simple moving average is $21.65. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 36.11 and a beta of 0.99.

Urban Edge Properties Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Urban Edge Properties’s dividend payout ratio (DPR) is currently 155.56%. Analyst Upgrades and Downgrades A number of research analysts have recently commented on UE shares. Weiss Ratings cut Urban Edge Properties from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Urban Edge Properties from a “sell” rating to a “hold” rating in a research note on Sunday, September 20th. Finally, UBS Group decreased their price objective on Urban Edge Properties from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Friday, October 9th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.67.

Read Our Latest Research Report on UE

(Get Free Report)

Urban Edge Properties (NYSE: UE) is a self-managed real estate investment trust that owns, manages and develops retail and mixed-use properties. Its portfolio is focused primarily on shopping centers anchored by grocery stores and other essential-service retailers, as well as properties serving densely populated communities.

The company’s properties are concentrated in the Washington, DC, and New York metropolitan areas, including locations in the surrounding suburbs. Urban Edge typically seeks to enhance the value of its properties through leasing, redevelopment, property improvements and selective acquisitions or dispositions.

Urban Edge was formed as an independent publicly traded company through a spin-off from Vornado Realty Trust in 2015.

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USD/ZAR Forecast: UBS Backs Rand Recovery Ahead of Budget UBS analysts expect the South African Rand to strengthen against the US Dollar as reforms support growth, with Wednesday's budget a test of fiscal progress. The South African Rand slipped on Wednesday morning, with the Dollar to Rand exchange rate near 16.43, around 0.2% higher on the day, ahead of the government's medium-term budget statement.

UBS nevertheless retains its forecast for USD/ZAR to reach 16.00 by March 2027, with domestic improvements expected to help the Rand recover as pressure from US interest rates and energy prices eases.

Its nearer-term projection remains 16.20 for December 2026, with 16.00 also forecast for the June and September 2027 quarter-ends.

These forecasts are unchanged.

Finance Minister Enoch Godongwana is scheduled to present the Medium-Term Budget Policy Statement at 13:00 BST on Wednesday, giving investors a fresh assessment of spending, revenue and borrowing plans.

Bond investors already recognise some fiscal progress UBS strategists Pietro Santin and Tilmann Kolb identify improvements in South Africa's public finances:

"Rising primary surpluses, better revenue collection, and the reduction in risks around contingent liabilities are key areas where improvements have been made."

A primary surplus means revenue exceeds spending before interest payments, leaving more scope to meet debt-servicing costs without additional borrowing.

They add: "After weighing on public finances over the last few years, the profitability of some key state-owned enterprises in the country has also started to improve."

UBS says the statement "could be a positive catalyst for the rand should the government demonstrate further progress on fiscal consolidation and the stabilization of the country's debt trajectory."

The bank adds: "In addition, investors will be watching closely for any measures aimed at strengthening the fiscal framework, including the potential introduction of a formal fiscal anchor."

Such an anchor would set a firmer constraint on future fiscal policy, helping investors judge whether debt control can survive competing spending demands.

There is already optimism to protect: UBS says South Africa's credit spreads, the extra yield on its foreign-currency debt relative to benchmark bonds, are close to their tightest levels in a decade.

Our reading is that a reassuring statement would validate part of that improvement, while fresh spending commitments without credible funding could challenge it.

Growth and export earnings underpin the Rand forecast UBS forecasts South African growth of 1.3% in 2026 and 2.0% in 2027, despite acknowledging that expensive fuel and tighter monetary policy have hurt households.

The bank expects growth to beat the consensus estimates cited in its assessment:

"We see scope for domestic growth to exceed these expectations, provided global growth remains resilient, as the effects of the structural reforms implemented over the last few years should start to show in GDP growth data."

Precious metals offer another source of support through South Africa's export income.

"Finally, elevated precious metal prices, particularly gold, which we expect to rise above USD 5,000/oz next year, continue to support South Africa's external position."

That exposure also leaves the Rand vulnerable when higher US yields support the Dollar and weigh on metal prices, a combination UBS identifies as an obstacle to recovery.

Carry support does not require repeated SARB hikes UBS says "the rand continues to offer a yield advantage over the US dollar (around 2.5% p.a.), and we expect the South African Reserve Bank (SARB) to retain a cautious approach to monetary policy."

This is carry support, not a guaranteed return, since an adverse exchange-rate move can outweigh the income earned.

UBS considers the two South African rate increases priced over six months at the time of its assessment excessive, while expecting the central bank to remain cautious about inflation.

The possibility of Rand gains without further aggressive tightening also featured in the earlier Crédit Agricole outlook, which questioned how much additional policy restraint the economy needed.

US rates remain the counterweight, although UBS believes much of the prospective tightening is anticipated:

"In our view, two additional rate hikes by the Fed over the next six months are likely; however, these are already largely priced into US interest rate markets."

The analysts qualify their confidence: "Overall, these factors should help absorb some of the pressure from tighter US monetary policy, as long as risk sentiment does not weaken materially."

What This Latest Outlook Means for USD/ZAR South Africa's improving public finances, precious-metal exports and yield advantage give UBS reasons to expect Rand strength even while US interest rates remain a headwind. Wednesday's budget now needs to reinforce that domestic support, with bond prices already reflecting considerable confidence in fiscal progress.

Credible measures to contain borrowing and stabilise debt would strengthen the case for UBS's unchanged USD/ZAR forecasts of 16.20 in December and 16.00 by March 2027. A firmer fiscal framework would also help investors judge whether the improvement can withstand future spending pressures.

The recovery remains vulnerable to a more aggressive Fed or weaker global growth, particularly if falling metal prices reduce South Africa's export earnings. A disappointing budget would add a domestic setback to those external risks, making the SA Rand's yield advantage less persuasive to investors.

Investors usually view GE Vernova's (GEV -1.99%) backlog as a precursor to future revenue growth, and that approach is entirely valid. However, there's more to this accumulation of unfulfilled customer orders that exceed the company's immediate production capacity than meets the eye.

There's also an underlying story of a significant improvement in the company's potential to generate long-term recurring revenue, notably from long-term service agreements (LTSA) attached to gas turbines and aftermarket parts/repair and software subscriptions in electrical equipment. In addition, there's a margin expansion and cash flow improvement story too. 

Image source: Getty Images.

Here's a breakout of the company's remaining performance obligation (RPO), or backlog, over the last few years. A few points are from the data in the chart below:

The chart shows a remarkable increase in backlog from $116 billion in 2023 to $176 billion at the end of the second quarter.
The power and electrification segments contributed 111% of the increase in the backlog, offset by a decrease in the loss-making wind segment.

Data source: GE Vernova presentations. Chart by author.

GE Vernova's backlog improvement is better than it looks
The backlog improvement isn't done yet, at least according to CEO Scott Strazik and Wall Street. For example, Strazik spoke at a Morgan Stanley conference in September and told investors that the $200 billion backlog he had guided toward in 2027 "should hit very early in 2027," based on the third-quarter orders. He also said, "$200 billion is a very humble milestone on the trajectory we see toward growing to a much larger and more profitable business."

Wall Street sees it the same way, with the consensus view, according to S&P Global Market Intelligence, calling for a backlog of $303 billion in 2030 even as its revenue improves at a mid-teens percentage rate as the company converts the backlog.

Moreover, the improvement in the power and electrification segment implies more recurring revenue down the line, as heavy-duty gas turbines are typically sold with LTSAs that generate higher-margin service sales over many years. Similarly, its electrification segment equipment (grid, substation, switchgear, transmission equipment, etc.) also generates long-term revenue from equipment maintenance and software and digital services.

GEV GE Vernova$890.33-$18.11 (-1.99%)

NYSE · As of 4:00 PM ET 10/20/26

Improving margins
Strazik also noted that margins were improving across all three segments' backlogs, which means "margin expansion in our business is simply going to continue" in the years when most of the backlog is executed, in 2029 and 2030.

All three segments have good long-term growth prospects. The power segment's gas turbines and nuclear solutions help supply electricity to artificial intelligence (AI) data centers. Moreover, demand in its electrification segment is partly driven by the need to build out and maintain the grid to support AI data centers.

The improvement in the wind segment is more nuanced: The company is currently working through loss-making offshore wind contracts while prioritizing margin expansion in its onshore wind business and not chasing offshore contracts. These actions should lead to margin improvement in the future.

Improving cash flow
Finally, GE Vernova's cash flow profile is being significantly enhanced by the growth in slot reservation agreements (SRAs), in which customers pay cash up front to secure equipment manufacturing slots in the future. Focusing purely on power, management said at the end of the second quarter that it had 116 gigawatts (GW) under contract, including 63 GW in SRAs (note that SRAs are not included in the RPO or backlog figures).

Moreover, Strazik emphasized in September that "We also see our customers continue to really accelerate their slot reservation agreements into orders, which drove my earlier comment on us continuing to expect a very strong third quarter orders performance."

GE Vernova's backlog will drive growth
All told, a combination of improving up-front cash flow, margin expansion in the backlog, backlog growth, and improved long-term recurring revenue prospects is strengthening GE Vernova's prospects. Moreover, investors can expect to see immediate signs of these improvements in the upcoming earnings presentation due on Oct. 28.

Garmin (NYSE:GRMN – Get Free Report) is expected to be issuing its Q3 2026 results before the market opens on Wednesday, October 28th. Analysts expect Garmin to post earnings of $2.41 per share and revenue of $1.99 billion for the quarter. Parties can check the company’s upcoming Q3 2026 earnings results page for the latest details on the call scheduled for Wednesday, October 28, 2026 at 10:30 AM ET.

Garmin (NYSE:GRMN – Get Free Report) last posted its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The company had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the previous year, the firm posted $2.17 earnings per share. The company’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, analysts expect Garmin to post $10.08 EPS for the current fiscal year and $10.70 EPS for the next fiscal year.

Garmin Price Performance NYSE GRMN opened at $290.72 on Wednesday. The firm has a market cap of $56.07 billion, a P/E ratio of 29.97, a price-to-earnings-growth ratio of 3.20 and a beta of 0.82. The stock’s 50-day moving average is $284.91 and its two-hundred day moving average is $262.21. Garmin has a fifty-two week low of $186.67 and a fifty-two week high of $314.28.

Analysts Set New Price Targets A number of equities research analysts have issued reports on GRMN shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Friday, September 4th. UBS Group set a $370.00 price objective on Garmin in a research note on Thursday, August 6th. Barclays increased their target price on Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a report on Thursday, August 6th. Finally, Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Garmin presently has an average rating of “Moderate Buy” and an average price target of $313.71. Get Our Latest Stock Analysis on Garmin

Garmin News Summary Here are the key news stories impacting Garmin this week:

Positive Sentiment: Market outperformance: Garmin closed higher than the prior session and outperformed the broader stock market, reflecting continued investor interest in the company’s growth and profitability. Garmin Laps the Stock Market: Here’s Why Positive Sentiment: Expanded cycling lineup: Garmin introduced the premium Edge 1060 cycling computer with hands-free voice controls, along with Edge Explore 3 and Edge Explore 3 Plus computers. The launches broaden Garmin’s cycling ecosystem with navigation, ride data, alerts, messaging and safety features. Garmin Edge 1060 Announcement Garmin Edge Explore 3 Announcement Positive Sentiment: New indoor-training product: The Tacx Nēra smart trainer adds multidirectional movement and performance accuracy within 1%, potentially supporting Garmin’s connected-fitness strategy and recurring engagement with cyclists. Garmin Tacx Nēra Announcement Neutral Sentiment: Analyst outlook: Zacks Research projected quarterly EPS of $2.73 and maintained a “Hold” rating. The estimate is broadly consistent with the current full-year consensus of $10.08 per share, offering no major change to expectations. Negative Sentiment: ETF selling: Exchange-traded funds were net sellers of Garmin shares on October 16, creating some technical pressure and potentially limiting near-term momentum. ETFs Are Net Sellers of Garmin Insider Buying and Selling In related news, insider Cheng-Wei Wang sold 9,941 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares in the company, valued at $8,832,916.16. This trade represents a 25.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Clifton A. Pemble sold 4,029 shares of Garmin stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $300.00, for a total value of $1,208,700.00. Following the transaction, the chief executive officer directly owned 120,127 shares of the company’s stock, valued at approximately $36,038,100. The trade was a 3.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 16,108 shares of company stock valued at $4,808,799. 14.80% of the stock is currently owned by corporate insiders.

Garmin Company Profile (Get Free Report)

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.

Read More Five stocks we like better than Garmin Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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9h05 ▪
5
min read ▪ by
Luc Jose A.

Summarize this article with:

Leverage traders continue to bet on a bitcoin rebound despite weak spot purchases. This divergence could amplify a new drop below 80000 dollars, as many long positions would then be exposed to forced liquidations.

In brief

Traders continue to bet on a bitcoin rise despite weak spot purchases.
Leverage positions remain high, with $36.4 billion committed on futures contracts.
The options market shows growing demand for protection against another drop.
The $80,000 threshold becomes decisive, as its breach could trigger forced position liquidations.
The Fed meeting on October 27-28 could influence the bitcoin’s next direction.

Traders remain optimistic despite spot sell-offs
The perpetual futures market shows that bullish bets remain significant. According to Glassnode’s weekly report published on October 19, payments made by long positions increased by 49.4%, from $1.1 million to $1.6 million.

These fees, called funding rates, help keep perpetual contract prices close to the real bitcoin price. When buyers pay sellers, it generally signals stronger demand for positions betting on an increase.

However, several data show that this optimism rests on a fragile structure :

Buyer payments reached $1.6 million ;
Open interest on futures remains high at $36.4 billion ;
Spot sell-offs still exceed purchases ;
Open interest on options has grown to $38.6 billion ;
The cost of protection against a drop has sharply increased ;
The $80,000 threshold remains the main support to defend.

Open interest on futures only fell by 0.3%, compared to $36.5 billion a week earlier. Leverage positions remain numerous despite bitcoin’s recent decline.

This situation does not automatically cause a new drop. However, it increases market sensitivity. If price falls sharply enough, platforms can close long positions whose margin becomes insufficient. These automatic sales may then accelerate the initial movement.

Options reveal increased demand for protection
The options market shows more marked caution. The 25 delta imbalance indicator, which compares the price of bearish protections to that of equivalent bullish bets, rose from 5.2% to 8.6% in one week.

This increase shows investors agree to pay more to protect themselves against a drop. Put options thus become more sought after, even though bitcoin’s daily movements remain relatively moderate.

The gap between anticipated volatility and actually observed volatility also went from -3.8% to +2.1%. The options market now expects stronger future fluctuations than those recently recorded.

This caution is explained by the persistent weakness of spot demand. The Glassnode indicator that measures the gap between aggressive purchases and sales worsened by 24.7%. Its balance dropped from -$67 million to -$83.6 million.

Daily volume has changed little, with a rise from $5.4 billion to $5.5 billion. Activity thus remains stable, but sellers increasingly dominate trading. This development does not confirm a sustainable accumulation capable of supporting leveraged long positions.

Glassnode describes a more defensive market, but not yet subject to extreme fear. The cost of protections rises, without reaching levels usually associated with panic periods.

The 80,000 dollar threshold becomes the main test
Bitcoin trades near $82,596. The $80,000 threshold has already attracted buyers since the October decline, but a new break could quickly change the balance.

Recent holders reinforce this vulnerability. The share of supply controlled by short-term investors rose from 14.5% to 14.7%, above its usual historical range. These actors often react faster to price changes.

The proportion of bitcoins held with unrealized gains also dropped from 70.1% to 68.2%. At the same time, the ratio between realized profits and losses fell from 0.8 to 0.4. Losses thus become more significant compared to gains realized.

A fall below $80,000 could push traders to voluntarily reduce their positions, then trigger forced liquidations if the movement accelerates. Conversely, a rebound supported by genuine spot purchases would reduce this risk.

The Federal Reserve meeting on October 27 and 28 constitutes the next catalyst. A stricter monetary policy could weigh on risky assets. The danger thus does not come only from a bitcoin drop but from the leverage accumulated by traders still waiting for its recovery.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Ethereum maintained levels near $2,400 over the past 24 hours, continuing a six-day recovery streak as buying activity absorbed pressure from recent sell-offs. This price zone has provided stability for ETH amid broader macroeconomic headwinds and ongoing withdrawals from investment products, serving as a key support area during the latest consolidation phase.

Onchain support and realized priceRecent trading activity has positioned Ethereum just above a critical onchain reference point. CryptoQuant data shows Ethereum’s realized price is approximately $2,311, reflecting the average onchain acquisition cost of ETH holders based on the price at which coins last changed hands.

When Ethereum trades below this level, it often signals that, on aggregate, holders are dealing with unrealized losses, although this does not necessarily mean that all investors are underwater. Historically, buying above the realized price has helped sustain support during market weakness.

Continuing to defend this onchain support may play a vital role in maintaining Ethereum’s current stabilization. However, a breach and daily close below $2,311 could undermine investor confidence and potentially trigger further sell-offs.

Mini dictionary: Realized price, the average price at which all circulating coins were last moved onchain, indicating an aggregate cost basis for holders and serving as a benchmark during periods of market stress.

Pressure has increased on ETH as US spot Ethereum ETFs saw significant outflows, with $103.2 million withdrawn on Monday and another $26 million on Tuesday, according to data from SoSoValue. This marks the fifteenth consecutive session of net outflows over the last fifteen trading days, suggesting persistent softness in institutional demand for ETH through regulated products.

Even with fifteen days of negative flows from US spot ETFs, Ethereum has stabilized near its recent support, showing that market demand outside of ETF channels has helped offset the selling activity.

Derivatives trading has also mirrored this volatility. Within the past 24 hours, total ETH futures liquidations reached $90.59 million, with $62.17 million of those being short positions. The figures imply that recent upward price moves have caught leveraged bearish traders off-guard, reversing a trend that previously favored long liquidation events during ETH’s decline.

Technical levels: $2,324–$2,362 support and near-term resistanceOn the daily ETH/USD chart, Ethereum has been consolidating, with technical support tightly clustered between $2,324 and $2,362. This area aligns with the 100-day Exponential Moving Average ($2,362) and a major horizontal support line ($2,324).

Ethereum has repeatedly tested this range without closing below it, which has enabled buyers to push prices back above $2,400 during the recent rebound phases.

LevelSignificance$2,311Onchain realized price/cost basis$2,324Major horizontal support$2,362100-day EMA$2,44450-day EMA/resistance$2,50020-day EMA/resistance$2,548Horizontal resistance target$2,781Higher resistanceA definitive daily close below $2,324–$2,362 would put the onchain cost basis at $2,311 in sharper focus and could intensify the downside momentum, potentially exposing secondary support at $2,215. On the upside, the 50-day and 20-day EMAs, currently at $2,444 and $2,500 respectively, continue to act as resistance. Sustained movement above these levels could signal a turn in short-term sentiment and open a path toward the $2,548 resistance.

The Relative Strength Index and Stochastic Oscillator have shifted upward but remain below neutral, indicating that selling pressure is waning, while buyers have yet to establish lasting control over price momentum.

For now, preserving the key technical support between $2,324 and $2,362 is central to keeping Ethereum’s current recovery intact. Further advances would likely require buyers to reclaim the $2,444–$2,500 region, reaffirming a stronger upside trajectory.

Birmingham Capital Management Co. Inc. AL bought a new stake in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,539 shares of the software giant’s stock, valued at approximately $574,000.

Other hedge funds have also recently modified their holdings of the company. Frankly Finances LLC purchased a new stake in Microsoft in the second quarter worth $35,000. Bard Associates Inc. bought a new stake in shares of Microsoft during the second quarter worth $37,000. PMV Capital Advisers LLC bought a new stake in shares of Microsoft during the second quarter worth $38,000. Fiduciary Advisors Inc. boosted its stake in shares of Microsoft by 37.4% during the second quarter. Fiduciary Advisors Inc. now owns 125 shares of the software giant’s stock valued at $47,000 after purchasing an additional 34 shares during the period. Finally, Persistent Asset Partners Ltd purchased a new stake in shares of Microsoft during the second quarter valued at $60,000. Institutional investors own 71.13% of the company’s stock.

Microsoft Stock Performance MSFT stock opened at $531.87 on Wednesday. Microsoft Corporation has a 1-year low of $349.20 and a 1-year high of $553.72. The business has a 50-day moving average price of $506.64 and a 200 day moving average price of $443.46. The company has a market capitalization of $3.95 trillion, a P/E ratio of 29.61, a PEG ratio of 1.71 and a beta of 1.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.23 and a quick ratio of 1.22.

Microsoft (NASDAQ:MSFT – Get Free Report) last issued its earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.50. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company had revenue of $90.01 billion for the quarter, compared to analysts’ expectations of $87.62 billion. During the same period in the prior year, the business earned $3.65 EPS. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities research analysts forecast that Microsoft Corporation will post 19.65 EPS for the current fiscal year. Microsoft Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Thursday, November 19th will be issued a $0.98 dividend. The ex-dividend date is Thursday, November 19th. This represents a $3.92 annualized dividend and a dividend yield of 0.7%. This is an increase from Microsoft’s previous quarterly dividend of $0.91. Microsoft’s dividend payout ratio (DPR) is presently 20.27%.

Wall Street Analyst Weigh In A number of research analysts have recently commented on MSFT shares. Benchmark restated a “buy” rating on shares of Microsoft in a report on Friday, July 24th. UBS Group lifted their price objective on shares of Microsoft from $525.00 to $675.00 and gave the company a “buy” rating in a report on Thursday, October 15th. Oppenheimer lifted their price objective on shares of Microsoft from $515.00 to $570.00 and gave the company an “outperform” rating in a report on Tuesday, September 22nd. Rothschild & Co Redburn set a $440.00 price objective on shares of Microsoft in a research report on Monday, September 21st. Finally, Wolfe Research downgraded shares of Microsoft from an “outperform” rating to a “hold” rating in a research note on Wednesday, September 23rd. Forty-three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $592.15.

Read Our Latest Report on MSFT

Key Stories Impacting Microsoft Here are the key news stories impacting Microsoft this week:

Positive Sentiment: Analyst optimism and earnings expectations: BMO Capital raised its Microsoft price target to $600 while maintaining an Outperform rating, citing potential upside for Azure. Bernstein also reiterated Outperform and lifted its target to $662. Analysts expect Microsoft’s Oct. 28 results to benefit from Azure demand and expanding enterprise AI adoption. Boeing and Microsoft AI platform article Positive Sentiment: AI and cloud growth remain the core bull case: Commentary points to robust Azure infrastructure demand, commercial customer commitments and Microsoft’s ability to monetize AI across enterprise markets. Its new Maia AI chips could eventually reduce reliance on outside processors and lower inference costs, although execution remains important. Microsoft Q1 outlook Positive Sentiment: Xbox and industry partnerships: Microsoft plans next-generation Xbox consoles and handheld devices for the 2027–2028 holiday seasons. Separately, its partnership with AMD is intended to improve Xbox performance, while Boeing’s new Dataliner aircraft-data platform uses Microsoft Azure AI Foundry and could support enterprise cloud adoption. Next-generation Xbox article Neutral Sentiment: Tokenized-stock objection: Microsoft joined Alphabet and Goldman Sachs in objecting to having its shares listed on a proposed OKX-ICE tokenized-stock platform. The move may limit potential trading exposure but does not directly affect operating results. Tokenized stocks article Negative Sentiment: U.K. AI data-center withdrawal: Microsoft withdrew as anchor tenant from Nscale’s planned Loughton, Essex, facility because grid-connection delays threatened the power supply. The decision highlights electricity and permitting constraints that could slow Azure capacity expansion and increase infrastructure costs. Microsoft U.K. data-center withdrawal Negative Sentiment: Regulatory and execution pressure: Britain’s competition watchdog is considering strategic-market-status rules for Microsoft’s business software, potentially increasing compliance requirements. Investors are also watching whether very large AI capital expenditures generate sufficient revenue and cash flow to justify the spending. U.K. regulation article Negative Sentiment: Broader AI-stock weakness: A selloff across AI-related equities and concerns about financing, power availability and uncertain returns are weighing on large technology stocks, including Microsoft. The company’s elevated valuation leaves less room for disappointment if Azure growth or earnings guidance falls short. Insider Buying and Selling at Microsoft In other news, CEO Judson Althoff sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $487.89, for a total value of $4,878,900.00. Following the completion of the sale, the chief executive officer owned 100,447 shares of the company’s stock, valued at approximately $49,007,086.83. This represents a 9.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Amy Hood sold 7,305 shares of the stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $545.42, for a total transaction of $3,984,293.10. Following the transaction, the executive vice president owned 555,396 shares in the company, valued at approximately $302,924,086.32. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 150,314 shares of company stock worth $75,404,992 over the last quarter. 0.03% of the stock is currently owned by company insiders.

Microsoft Profile (Free Report)

Microsoft Corporation (NASDAQ:MSFT) is a global technology company that develops software, cloud services, devices and digital platforms. Its products and services are used by consumers, businesses, governments and educational institutions worldwide.

The company’s principal offerings include the Windows operating system; Microsoft 365 productivity applications such as Word, Excel, Teams and Outlook; Azure cloud computing and infrastructure services; Dynamics business applications; and enterprise security solutions.

See Also Five stocks we like better than Microsoft Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Netflix (NASDAQ: NFLX) delivered blockbuster third-quarter 2026 results, beating Wall Street estimates for both earnings and revenue. However, Netflix stock is sinking as Bernstein cautions that any changes in the company’s business model could take years to pay off. 

Specifically, the firm said the streaming platform’s new content leadership brings deep experience across television, film, and streaming, but management’s messaging still focuses on traditional content, live events, and licensing. 

While these areas could help Netflix’s trajectory, Bernstein warned that any important changes may take years to show up in financial performance. Accordingly, it cut its Netflix stock price target from $95 to $80 but kept an “Outperform” rating, pointing to limited near-term tailwinds and uncertainty about the company’s 2027 outlook. 

Meanwhile, NFLX shares fell 6% to $64.56 in pre-market trading on October 21, extending this year’s already severe losses.

NFLX share price year-to-date (YTD). Source: Google Finance 2027 will be crucial for Netflix stock As mentioned, the assessment comes following Netflix’s third-quarter results, which have left analysts wondering about 2027 as a potentially crucial period for Netflix. Bernstein sees no obvious catalysts in 2026, and Wedbush – which reiterated its $75 NFXL price target – says a 2027 expansion could delay ads as a meaningful profit driver.

Indeed, the advertising outlook weakened significantly, and Netflix lowered its full-year revenue target to $2.7 billion – about 10% below its previous objective. Although the ad-supported tier is set to expand into 15 additional markets in 2027, Wedbush thinks it will take longer for it to become a significant profit engine.

Likewise, Netflix’s updated 2026 outlook suggests revenue growth could finish below the midpoint of its previous guidance range of 13% to 14%, while operating margins are expected to remain intact at 31.5%. Bernstein said the company’s underlying pricing and subscriber fundamentals remain solid for now, but the outlook leaves investors looking for clearer signs of future growth for the Netflix stock.

Similar to Wedbush, Bernstein believes the slower progress is due to the pace of advertising product rollouts, not a lack of demand. This suggests the shortfall reflects a delay rather than a fundamental disruption to the business. Nonetheless, both firms believe the broader strategic question remains unresolved. 

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Maia Wealth LLC raised its stake in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 12.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,793 shares of the company’s stock after acquiring an additional 2,060 shares during the quarter. Maia Wealth LLC’s holdings in Johnson & Johnson were worth $4,975,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Outlook Capital Management LLC acquired a new stake in shares of Johnson & Johnson in the 2nd quarter valued at about $28,000. Matrix Trust Co lifted its position in shares of Johnson & Johnson by 56.2% during the second quarter. Matrix Trust Co now owns 150 shares of the company’s stock worth $38,000 after purchasing an additional 54 shares during the last quarter. Montgomery Financial Services LLC bought a new position in shares of Johnson & Johnson during the second quarter worth about $43,000. Polaris Financial Partners acquired a new position in Johnson & Johnson in the third quarter worth about $56,000. Finally, Bullseye Investment Management LLC acquired a new position in Johnson & Johnson in the second quarter worth about $63,000. 69.55% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades JNJ has been the subject of several research analyst reports. Leerink Partners lowered their price objective on Johnson & Johnson from $276.00 to $272.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Stifel Nicolaus set a $260.00 target price on Johnson & Johnson in a report on Wednesday, July 15th. Freedom Capital raised Johnson & Johnson from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Sanford C. Bernstein set a $270.00 target price on Johnson & Johnson in a research report on Thursday, October 15th. Finally, Wells Fargo & Company boosted their price target on Johnson & Johnson from $275.00 to $287.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.92.

Read Our Latest Report on JNJ Insiders Place Their Bets In other Johnson & Johnson news, EVP Elizabeth Forminard sold 15,918 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $257.00, for a total value of $4,090,926.00. Following the transaction, the executive vice president owned 16,994 shares of the company’s stock, valued at $4,367,458. This trade represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jennifer Taubert sold 15,000 shares of Johnson & Johnson stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $263.36, for a total value of $3,950,400.00. Following the completion of the transaction, the executive vice president owned 194,451 shares of the company’s stock, valued at approximately $51,210,615.36. The trade was a 7.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,515 shares of company stock valued at $17,271,766 over the last quarter. Insiders own 0.16% of the company’s stock.

Shares of NYSE:JNJ opened at $259.42 on Wednesday. The company’s fifty day moving average is $265.53 and its two-hundred day moving average is $249.84. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.81 and a current ratio of 1.09. Johnson & Johnson has a 1-year low of $184.66 and a 1-year high of $281.07. The stock has a market capitalization of $625.17 billion, a price-to-earnings ratio of 39.31, a price-to-earnings-growth ratio of 2.51 and a beta of 0.21.

Johnson & Johnson (NYSE:JNJ – Get Free Report) last posted its quarterly earnings results on Tuesday, October 13th. The company reported $2.59 EPS for the quarter, beating the consensus estimate of $2.53 by $0.06. Johnson & Johnson had a net margin of 16.20% and a return on equity of 31.54%. The business had revenue of $25.40 billion during the quarter, compared to analyst estimates of $25.38 billion. During the same period in the previous year, the business posted $2.80 EPS. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Johnson & Johnson has set its FY 2026 guidance at 11.050-11.150 EPS. Equities analysts anticipate that Johnson & Johnson will post 11.12 EPS for the current year.

Johnson & Johnson Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Investors of record on Tuesday, November 24th will be paid a dividend of $1.34 per share. The ex-dividend date is Tuesday, November 24th. This represents a $5.36 annualized dividend and a yield of 2.1%. Johnson & Johnson’s dividend payout ratio is 81.21%.

Trending Headlines about Johnson & Johnson Here are the key news stories impacting Johnson & Johnson this week:

Positive Sentiment: MedTech launch supports growth: J&J introduced the next-generation Shockwave C2 Aero Fly coronary intravascular lithotripsy catheter in the U.S. The device delivers pulses at 2 Hz and is designed to reduce treatment time for calcified coronary lesions, potentially improving physician adoption and strengthening J&J’s cardiovascular portfolio. J&J launches Shockwave C2 Aero Fly catheter Positive Sentiment: Pipeline data remains constructive: TREMFYA maintained or improved remission in Crohn’s disease patients with perianal fistulas through 48 weeks, supporting the drug’s potential expansion and helping offset concerns about future competition to older products. J&J TREMFYA Crohn’s disease data Positive Sentiment: Supportive analyst view: TD Cowen reiterated a Buy rating and $300 price target, citing underappreciated pharmaceutical and MedTech growth. J&J’s latest quarterly results also exceeded EPS and revenue expectations, providing a favorable earnings backdrop. Neutral Sentiment: Acquisition strategy under review: Analysts see growing sales from acquired heart technologies and a larger hospital network, but competition, development costs and the need to convert revenue growth into stronger ownership returns remain concerns. J&J medical device deals analysis Negative Sentiment: Competitive and valuation risks: Rapport reported positive Phase II results for a novel oral bipolar drug licensed from J&J, potentially creating a future competitor to J&J’s Caplyta. Separately, JLPascual downgraded J&J to Sell, while commentary highlights that the stock trades at a premium multiple and must sustain earnings growth to justify it. Johnson & Johnson Profile (Free Report)

Johnson & Johnson (NYSE: JNJ) is a global healthcare company headquartered in New Brunswick, New Jersey. Founded in 1886, the company develops and markets products and services for patients, healthcare professionals and institutions worldwide.

Johnson & Johnson operates through two principal segments: Innovative Medicine and MedTech. Innovative Medicine focuses on pharmaceuticals for areas such as immunology, oncology, neuroscience, infectious diseases and cardiovascular conditions.

Further Reading Five stocks we like better than Johnson & Johnson Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Summary

Tether led a $15 million Series A funding round for Mural, bringing the financial infrastructure company’s total funding to $28 million.Founded by former Palantir engineers, Mural helps companies manage payments, accounts, identity verification and regulatory compliance across banking networks and blockchains.The investment advances Tether’s push into agentic finance as companies develop safeguards that allow AI systems to execute transactions on behalf of people and businesses.Tether led a $15 million funding round in Mural, expanding the stablecoin issuer’s investments in technology that enables AI agents to handle payments.

The Series A round, which included participation from North Island Ventures and existing investors, brings New York-based Mural's total funding to $28 million, according to an emailed announcement on Tuesday.

Mural, founded by former Palantir (PLTR) engineers, provides fintechs and other platforms with infrastructure for managing accounts, payments, identity verification and regulatory compliance across traditional banking networks and blockchains. Its customers include payroll platform Deel and browser developer Opera.

The funding comes as financial technology companies explore “agentic finance,” in which AI systems can initiate and execute transactions on behalf of individuals or businesses.

Mural's infrastructure allows companies to set transaction limits, restrict counterparties and require additional approvals for larger payments, addressing questions around authorization and accountability when autonomous software moves money.

“As agents start moving money, that connection to the banks, payment networks and compliance systems the world still runs on becomes essential,” Tether CEO Paolo Ardoino said in the statement.

The investment reflects Tether's growing interest in infrastructure beyond stablecoin issuance, particularly as programmable payments emerge as a potential use case for AI-powered financial services.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

Focused Alpha LLC reduced its position in shares of Intel Corporation (NASDAQ:INTC – Free Report) by 78.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,677 shares of the chip maker’s stock after selling 9,950 shares during the period. Focused Alpha LLC’s holdings in Intel were worth $322,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. ABS Investment Management LLC purchased a new stake in shares of Intel during the 2nd quarter valued at approximately $694,101,000. Montgomery Financial Services LLC acquired a new stake in shares of Intel during the second quarter valued at about $26,000. Knuff & Co LLC purchased a new position in shares of Intel during the 2nd quarter worth approximately $29,000. Glynn Capital Management LLC acquired a new stake in Intel in the 2nd quarter valued at approximately $29,000. Finally, Beaird Harris Wealth Management LLC lifted its stake in Intel by 3,185.7% during the second quarter. Beaird Harris Wealth Management LLC now owns 230 shares of the chip maker’s stock worth $32,000 after purchasing an additional 223 shares in the last quarter. 64.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling In related news, CEO Lip Bu Tan acquired 105,263 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were acquired at an average cost of $95.00 per share, for a total transaction of $9,999,985.00. Following the acquisition, the chief executive officer directly owned 1,314,669 shares in the company, valued at approximately $124,893,555. The trade was a 8.70% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.05% of the stock is owned by company insiders.

Key Intel News Here are the key news stories impacting Intel this week: Positive Sentiment: JPMorgan removed its bearish rating: JPMorgan upgraded Intel from Underweight to Neutral, saying confidence is building in management execution, manufacturing improvements and chip design. The change helped drive the prior session’s rebound after Intel’s steep decline. Intel Stock Notches Up as JPMorgan Changes Its Mind Positive Sentiment: Foundry and AI opportunities provide longer-term support: Intel’s agreement to manufacture Tesla chips using its planned 14A process, along with new products aimed at AI inference and agentic workloads, gives investors more concrete evidence that its costly foundry strategy could attract meaningful customers and demand. Did Foundry Win Just Shift Intel Investment Narrative? Neutral Sentiment: Analyst views remain divided: JPMorgan’s upgrade signals a more balanced risk/reward outlook, but its reported $85 target remains below recent trading levels. Investors are likely to focus on Intel’s upcoming quarterly results for evidence that the turnaround is translating into sustainable revenue and profitability. Negative Sentiment: TD Cowen cut its target: TD Cowen lowered Intel’s price target from $115 to $95 and maintained a Hold rating, reflecting continued execution risks and limited near-term upside in its view. Intel Price Target Cut Negative Sentiment: Semiconductor sentiment has deteriorated: Intel and other chip stocks fell as investors questioned whether the rapid pace of AI infrastructure spending can continue and whether data-center returns will justify elevated capital expenditures. This sector-wide selling is pressuring Intel despite its company-specific catalysts. Why AI Chip Stocks Are Falling Negative Sentiment: Competitive risks remain: Chinese memory maker CXMT’s progress toward server memory could intensify competition in areas connected to Intel’s data-center ecosystem, while Intel still faces questions about market share, manufacturing execution and the profitability of its foundry investments. Intel Versus Micron and CXMT Competition Intel Stock Down 0.4% Shares of NASDAQ INTC opened at $91.69 on Wednesday. Intel Corporation has a 12-month low of $32.89 and a 12-month high of $142.35. The company has a market capitalization of $462.48 billion, a PE ratio of 148.43, a price-to-earnings-growth ratio of 9.77 and a beta of 2.22. The firm’s 50-day moving average is $102.82 and its two-hundred day moving average is $102.38. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.60 and a quick ratio of 1.25.

Intel (NASDAQ:INTC – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The chip maker reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.21. The business had revenue of $16.13 billion for the quarter, compared to analyst estimates of $14.43 billion. Intel had a positive return on equity of 2.62% and a negative net margin of 19.79%. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) earnings per share. Intel has set its Q3 2026 guidance at 0.380-0.380 EPS. Equities analysts anticipate that Intel Corporation will post 1.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth Several equities analysts have weighed in on the company. Roth Capital lifted their target price on Intel from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, July 24th. Zacks Research downgraded Intel from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 31st. Royal Bank Of Canada began coverage on shares of Intel in a research report on Tuesday, September 8th. They issued an “outperform” rating on the stock. Pivotal Research assumed coverage on shares of Intel in a research report on Tuesday, September 8th. They set a “buy” rating for the company. Finally, Wall Street Zen downgraded Intel from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Intel currently has an average rating of “Hold” and a consensus target price of $107.98.

Read Our Latest Report on INTC

Intel Profile (Free Report)

Intel Corporation (NASDAQ:INTC) is a global semiconductor company that designs and manufactures computing and connectivity products. Its portfolio includes Intel Core processors for personal computers, Xeon processors for data centers and enterprise systems, and products for networking, edge computing, graphics, and artificial intelligence workloads.

Through Intel Foundry, the company also provides semiconductor manufacturing and technology-development services for external customers. Intel develops process technologies, advanced packaging, and other manufacturing capabilities intended to support its own products and third-party chip designs.

Founded in 1968 by Robert Noyce and Gordon Moore, Intel helped establish the modern microprocessor industry and has historically supplied processors for PCs, servers, and other computing systems.

See Also Five stocks we like better than Intel Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding INTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intel Corporation (NASDAQ:INTC – Free Report).

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DUTCH ASSET Corp grew its stake in Oracle Corporation (NYSE:ORCL – Free Report) by 31.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,925 shares of the enterprise software provider’s stock after purchasing an additional 4,716 shares during the period. Oracle makes up approximately 1.3% of DUTCH ASSET Corp’s portfolio, making the stock its 20th biggest holding. DUTCH ASSET Corp’s holdings in Oracle were worth $2,736,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Sherman Asset Management Inc. increased its stake in Oracle by 5.5% in the 1st quarter. Sherman Asset Management Inc. now owns 1,054 shares of the enterprise software provider’s stock valued at $155,000 after buying an additional 55 shares during the period. Global Financial Private Client LLC raised its position in Oracle by 0.8% during the 1st quarter. Global Financial Private Client LLC now owns 7,836 shares of the enterprise software provider’s stock worth $1,153,000 after buying an additional 59 shares during the last quarter. Key Financial Inc raised its position in Oracle by 0.4% during the 1st quarter. Key Financial Inc now owns 14,203 shares of the enterprise software provider’s stock worth $2,089,000 after buying an additional 62 shares during the last quarter. Gould Asset Management LLC CA lifted its stake in shares of Oracle by 2.0% in the 1st quarter. Gould Asset Management LLC CA now owns 3,172 shares of the enterprise software provider’s stock worth $467,000 after acquiring an additional 62 shares during the period. Finally, One Charles Private Wealth Services LLC lifted its stake in shares of Oracle by 1.6% in the 1st quarter. One Charles Private Wealth Services LLC now owns 3,859 shares of the enterprise software provider’s stock worth $568,000 after acquiring an additional 62 shares during the period. Hedge funds and other institutional investors own 42.44% of the company’s stock.

Oracle News Roundup
Here are the key news stories impacting Oracle this week:

Positive Sentiment: Healthcare AI partnership: Oracle and AstraZeneca agreed to explore AI and real-world data tools that could improve clinical-trial recruitment, accelerate evidence generation, and connect research with patient-care workflows. The deal expands Oracle’s AI opportunity beyond cloud infrastructure and data centers. Oracle and AstraZeneca Partner to Advance AI-enabled Healthcare Innovation
Positive Sentiment: Potential AI infrastructure support: TD Cowen said Nvidia may be helping finance Oracle’s new AI data centers, potentially easing the burden of Oracle’s large infrastructure spending. Reports also highlighted strong progress at the Project Jupiter campus. Nvidia May Be Helping Finance Oracle’s AI Data Centers
Positive Sentiment: Improving demand and bullish valuation views: A BNP Paribas reseller survey pointed to stronger software and AI demand, while Bank of America maintained a highly optimistic outlook and estimated substantial upside. Oracle’s multicloud database revenue has also reportedly grown rapidly, supporting its cloud strategy. Oracle Sees Stronger AI Demand as BNP Paribas Survey Shows Major Improvement
Neutral Sentiment: Long-term opportunity versus valuation: Commentators see Oracle’s cloud growth, database position, and AI backlog as potential catalysts, but some argue the stock remains overvalued relative to execution and financing risks. Oracle Is Winning in AI, but It’s Still Overvalued
Negative Sentiment: Debt and buildout concerns: Investors remain worried that Oracle’s aggressive AI data-center expansion could require substantial external financing. Rising borrowing costs, possible credit-rating pressure, and reports that credit-default protection has become more expensive have weighed on the stock. Credit Stress Is Threatening to Unwind the AI Bull

Insider Activity at Oracle
In related news, CEO Michael Sicilia sold 22,562 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $151.59, for a total transaction of $3,420,173.58. Following the sale, the chief executive officer owned 182,929 shares of the company’s stock, valued at approximately $27,730,207.11. The trade was a 10.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen Rusckowski acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were bought at an average cost of $139.35 per share, for a total transaction of $3,483,750.00. Following the acquisition, the director owned 25,390 shares of the company’s stock, valued at $3,538,096.50. This represents a 6,410.26% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 36,075 shares of company stock worth $5,342,123 over the last 90 days. Company insiders own 38.40% of the company’s stock.
Oracle Trading Up 0.9%
NYSE:ORCL opened at $130.77 on Wednesday. The stock has a fifty day moving average price of $144.66 and a two-hundred day moving average price of $158.56. The stock has a market capitalization of $395.42 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 0.91 and a beta of 1.78. The company has a debt-to-equity ratio of 1.89, a quick ratio of 1.17 and a current ratio of 1.17. Oracle Corporation has a 1 year low of $114.50 and a 1 year high of $287.19.

Oracle (NYSE:ORCL – Get Free Report) last released its earnings results on Thursday, September 10th. The enterprise software provider reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.18. Oracle had a return on equity of 48.85% and a net margin of 26.36%. The company had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $19.13 billion. During the same quarter last year, the company earned $1.47 earnings per share. Oracle’s quarterly revenue was up 29.6% compared to the same quarter last year. Oracle has set its Q2 2027 guidance at 1.850-1.930 EPS and its FY 2027 guidance at 8.100-8.100 EPS. As a group, sell-side analysts anticipate that Oracle Corporation will post 6.73 earnings per share for the current fiscal year.

Oracle Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Friday, October 9th will be paid a $0.50 dividend. The ex-dividend date is Friday, October 9th. This represents a $2.00 annualized dividend and a dividend yield of 1.5%. Oracle’s dividend payout ratio (DPR) is 31.35%.

Analysts Set New Price Targets
Several brokerages have recently weighed in on ORCL. Citizens Jmp reaffirmed a “market outperform” rating and issued a $285.00 target price on shares of Oracle in a report on Friday, October 2nd. Stifel Nicolaus dropped their price target on shares of Oracle from $220.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday, September 11th. KeyCorp set a $285.00 price target on shares of Oracle in a report on Friday, September 11th. Yorkville Ives assumed coverage on shares of Oracle in a report on Wednesday, October 7th. They set an “in-line” rating and a $155.00 price target for the company. Finally, DZ Bank restated a “buy” rating on shares of Oracle in a research report on Thursday, September 17th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $249.52.

Get Our Latest Analysis on Oracle

Oracle Company Profile
(Free Report)

Oracle Corporation (NYSE: ORCL) is a global technology company that develops enterprise software, cloud infrastructure and database technologies. Its products help organizations store, manage, analyze and secure data, while supporting business operations across industries and geographies.

The company’s offerings include Oracle Database, Java, Oracle Cloud Infrastructure and a broad portfolio of cloud-based applications. These applications serve functions such as enterprise resource planning, financial management, human resources, supply-chain management, customer experience and industry-specific operations.

Further Reading

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Halliburton Gains Traction: Multiyear Upcycle Ahead
Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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Focused Alpha LLC increased its holdings in AbbVie Inc. (NYSE:ABBV – Free Report) by 109.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,657 shares of the company’s stock after purchasing an additional 2,429 shares during the period. Focused Alpha LLC’s holdings in AbbVie were worth $1,218,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Corient Private Wealth LP purchased a new stake in AbbVie during the second quarter valued at approximately $559,736,000. Legal & General Group Plc bought a new position in AbbVie during the 2nd quarter valued at about $2,905,952,000. Jupiter Topco LLC bought a new stake in AbbVie in the second quarter worth about $1,560,354,000. Diamant Asset Management Inc. grew its stake in shares of AbbVie by 21,649.0% during the first quarter. Diamant Asset Management Inc. now owns 3,671,231 shares of the company’s stock valued at $798,456,000 after buying an additional 3,654,351 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of AbbVie during the 2nd quarter worth approximately $817,473,000. Institutional investors own 70.23% of the company’s stock.

Insider Transactions at AbbVie In other news, EVP Nicholas Donoghoe sold 32,710 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $250.00, for a total value of $8,177,500.00. Following the transaction, the executive vice president owned 74,430 shares of the company’s stock, valued at $18,607,500. This represents a 30.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is currently owned by company insiders.

AbbVie Trading Up 2.1% ABBV stock opened at $288.66 on Wednesday. AbbVie Inc. has a 12-month low of $190.75 and a 12-month high of $291.40. The business’s 50-day moving average is $264.22 and its 200 day moving average is $240.39. The stock has a market cap of $510.01 billion, a price-to-earnings ratio of 81.54, a PEG ratio of 1.29 and a beta of 0.24. AbbVie (NYSE:ABBV – Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.61 by $0.04. The firm had revenue of $16.99 billion for the quarter, compared to analyst estimates of $16.80 billion. AbbVie had a negative return on equity of 422.07% and a net margin of 9.80%. The business’s revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.97 earnings per share. AbbVie has set its Q3 2026 guidance at 3.840-3.880 EPS. As a group, equities analysts forecast that AbbVie Inc. will post 13.94 EPS for the current fiscal year.

AbbVie Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, October 15th will be issued a $1.73 dividend. This represents a $6.92 annualized dividend and a yield of 2.4%. The ex-dividend date is Thursday, October 15th. AbbVie’s payout ratio is presently 195.48%.

More AbbVie News Here are the key news stories impacting AbbVie this week:

Positive Sentiment: Promising Crohn’s disease results strengthen AbbVie’s pipeline. In a Phase 2a study, investigational ABBV-466, a dual-targeting therapy against IL-23 and integrin α4β7, produced higher endoscopic remission rates than either monotherapy at Week 12, with the treatment advantage widening by Week 24. The results suggest a potential future combination option in inflammatory bowel disease and helped reinforce AbbVie’s immunology strategy. AbbVie Presents Data for ABBV-466 Positive Sentiment: Analysts see continued growth in neuroscience. AbbVie’s neuroscience franchise is projected to deliver nearly 16% revenue growth in the third quarter, supported by established products and newer Parkinson’s disease therapies. This offers another source of expansion as the company manages the loss of exclusivity for Humira. AbbVie’s Neuroscience Franchise Positive Sentiment: Strong cash generation supports the investment case. A comparison with Vertex highlighted AbbVie’s substantial free cash flow and its ability to navigate Humira’s patent expiration, factors that may support dividends, business development and pipeline investment. AbbVie vs. Vertex Pharmaceuticals Neutral Sentiment: McLaren Formula 1 partnership raises AbbVie’s visibility. The multiyear sponsorship and “Race to Innovate” campaign will promote awareness of immune-mediated diseases and provide charitable donations tied to McLaren’s championship points. The initiative is strategically positive for brand recognition but is unlikely to materially affect near-term earnings. AbbVie Named Official Pharmaceutical Partner of McLaren Negative Sentiment: Competitive risk remains in immunology. Reports that Rapport Therapeutics may enter a market estimated at $4.3 billion—and positive commentary surrounding Spyre Therapeutics’ ulcerative-colitis combination approach—highlight potential future competition. However, these programs remain developmental and do not appear to change AbbVie’s near-term results. Rapport Enters AbbVie Market Analyst Upgrades and Downgrades A number of research firms have recently commented on ABBV. Barclays upped their price target on shares of AbbVie from $275.00 to $300.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. Rothschild & Co Redburn increased their target price on AbbVie from $284.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Scotiabank boosted their price objective on shares of AbbVie from $280.00 to $320.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 6th. Oppenheimer boosted their target price on AbbVie from $244.00 to $258.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company increased their price objective on shares of AbbVie from $295.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $277.18.

View Our Latest Stock Report on AbbVie

AbbVie Company Profile (Free Report)

AbbVie Inc (NYSE: ABBV) is a global biopharmaceutical company that discovers, develops and commercializes medicines and other healthcare products. Its portfolio focuses on immunology, oncology, neuroscience, aesthetics and eye care, serving patients and healthcare providers in markets around the world.

The company’s key products include immunology medicines such as Skyrizi and Rinvoq; neuroscience treatments including Vraylar, Ubrelvy and Qulipta; and oncology products such as Imbruvica and Venclexta.

Featured Stories Five stocks we like better than AbbVie Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding ABBV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for AbbVie Inc. (NYSE:ABBV – Free Report).

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DUTCH ASSET Corp raised its holdings in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM – Free Report) by 5.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 24,829 shares of the semiconductor company’s stock after purchasing an additional 1,374 shares during the period. Taiwan Semiconductor Manufacturing makes up about 5.3% of DUTCH ASSET Corp’s investment portfolio, making the stock its 4th largest holding. DUTCH ASSET Corp’s holdings in Taiwan Semiconductor Manufacturing were worth $11,327,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fiduciary Advisors Inc. raised its holdings in shares of Taiwan Semiconductor Manufacturing by 200.0% during the third quarter. Fiduciary Advisors Inc. now owns 60 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 40 shares during the last quarter. Cedar Mountain Advisors LLC lifted its stake in shares of Taiwan Semiconductor Manufacturing by 88.2% in the 2nd quarter. Cedar Mountain Advisors LLC now owns 64 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 30 shares during the period. Markowski Investments bought a new stake in shares of Taiwan Semiconductor Manufacturing during the 2nd quarter valued at $33,000. Evolution Wealth Management Inc. grew its position in shares of Taiwan Semiconductor Manufacturing by 257.7% during the 1st quarter. Evolution Wealth Management Inc. now owns 93 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 67 shares during the period. Finally, Financial Freedom LLC bought a new position in Taiwan Semiconductor Manufacturing in the 1st quarter worth $32,000. Hedge funds and other institutional investors own 16.51% of the company’s stock.

Analysts Set New Price Targets Several research analysts recently weighed in on the stock. Needham & Company LLC upped their target price on shares of Taiwan Semiconductor Manufacturing from $530.00 to $560.00 and gave the stock a “buy” rating in a report on Thursday, October 15th. Wall Street Zen downgraded Taiwan Semiconductor Manufacturing from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Taiwan Semiconductor Manufacturing from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, October 6th. Susquehanna upped their price objective on Taiwan Semiconductor Manufacturing from $575.00 to $600.00 and gave the company a “positive” rating in a research report on Thursday, July 16th. Finally, Stifel Nicolaus assumed coverage on shares of Taiwan Semiconductor Manufacturing in a research note on Tuesday, September 1st. They set a “buy” rating and a $515.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $528.78.

Check Out Our Latest Stock Report on TSM Insider Activity at Taiwan Semiconductor Manufacturing In related news, VP Lipen Yuan purchased 350 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was acquired at an average price of $73.58 per share, with a total value of $25,753.00. Following the completion of the acquisition, the vice president owned 2,000 shares in the company, valued at approximately $147,160. This represents a 21.21% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Bor-Zen Tien purchased 1,000 shares of the stock in a transaction on Monday, August 3rd. The shares were purchased at an average cost of $73.06 per share, with a total value of $73,060.00. Following the transaction, the vice president owned 14,051 shares in the company, valued at $1,026,566.06. This trade represents a 7.66% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 8,043 shares of company stock worth $598,956. 1.11% of the stock is owned by insiders.

Key Stories Impacting Taiwan Semiconductor Manufacturing Here are the key news stories impacting Taiwan Semiconductor Manufacturing this week:

Positive Sentiment: AI demand is driving strong growth. High-performance computing reportedly represented 68% of TSMC’s latest quarterly revenue, while demand for advanced chips remains well above available supply. Management has raised its forecast amid accelerating data-center and AI spending. The Most Important Number in Taiwan Semiconductor’s Earnings Report Was 68% Positive Sentiment: Analysts remain bullish following the earnings beat. Recent coverage describes TSMC’s third-quarter report as a “beat and raise,” and Zacks upgraded TSM to Rank #1, or Strong Buy. Supporters argue that the company is trading at a market-level valuation despite growth that is expected to outpace the broader market. TSMC Upgraded to Strong Buy Positive Sentiment: Expansion and customer demand support the long-term outlook. TSMC is investing billions to expand U.S. production, while Nvidia reportedly wants Samsung, Micron and SK Hynix to use TSMC’s 3-nanometer process for next-generation high-bandwidth-memory base dies. That could deepen TSMC’s role in AI-chip supply chains. A $4 Billion Reason to Buy TSMC Stock Now Neutral Sentiment: Industry growth forecasts are favorable but not an immediate catalyst. Reports project substantial expansion in FinFET, 3D-chip and wafer-foundry markets through 2030, areas where TSMC is a major participant. These forecasts reinforce the structural opportunity but do not materially change near-term earnings expectations. FinFET Technology Global Strategic Business Report Negative Sentiment: Broad AI-sector fears are limiting the rebound. Chip stocks initially sold off amid concerns about AI financing, stretched valuations and the possibility that the sector’s crowded trade could unwind. Although semiconductor shares recovered during the session, historical shakeout risks remain. Chip Stocks Shrug Off a Scary Morning Negative Sentiment: Near-term margins could face pressure. The ramp-up of TSMC’s 2-nanometer technology and overseas fabs may temporarily reduce gross margins, even though analysts view the impact as an investment-related effect rather than evidence of weakening demand. Shares of Taiwan Semiconductor Manufacturing stock opened at $425.10 on Wednesday. The company has a current ratio of 2.46, a quick ratio of 2.25 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average price is $434.78 and its 200-day moving average price is $418.99. The firm has a market cap of $2.20 trillion, a P/E ratio of 27.35, a P/E/G ratio of 0.85 and a beta of 1.37. Taiwan Semiconductor Manufacturing Company Ltd. has a 12 month low of $266.82 and a 12 month high of $487.47.

Taiwan Semiconductor Manufacturing (NYSE:TSM – Get Free Report) last posted its quarterly earnings results on Tuesday, September 8th. The semiconductor company reported $4.62 EPS for the quarter. The business had revenue of $46.87 billion during the quarter. Taiwan Semiconductor Manufacturing had a net margin of 51.51% and a return on equity of 42.84%. On average, equities research analysts expect that Taiwan Semiconductor Manufacturing Company Ltd. will post 17.03 earnings per share for the current fiscal year.

Taiwan Semiconductor Manufacturing Cuts Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 7th. Shareholders of record on Thursday, December 10th will be paid a $1.0854 dividend. This represents a $4.34 dividend on an annualized basis and a yield of 1.0%. This is a drop from Taiwan Semiconductor Manufacturing’s previous quarterly dividend of $1.1136. The ex-dividend date is Thursday, December 10th. Taiwan Semiconductor Manufacturing’s dividend payout ratio (DPR) is 22.07%.

About Taiwan Semiconductor Manufacturing (Free Report)

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), commonly known as TSMC, is a dedicated semiconductor foundry headquartered in Hsinchu, Taiwan. The company manufactures integrated circuits for customers that design their own chips, allowing semiconductor, electronics, and technology companies to outsource production rather than operate their own fabrication facilities.

TSMC provides wafer fabrication services across a broad range of process technologies, including advanced nodes used in high-performance computing, smartphones, automotive systems, and artificial intelligence applications.

Further Reading Five stocks we like better than Taiwan Semiconductor Manufacturing Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge

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BNB Standard Corporation (Nasdaq: BNC) has announced plans to ring the Nasdaq opening bell on October 26, following its recent corporate rebranding and the appointment of Alex Odagiu as chief executive officer.

Summary

BNB Standard will ring the Nasdaq opening bell on October 26 to celebrate its new corporate identity and the appointment of Alex Odagiu as chief executive. The company adopted the BNB Standard name in September following a community advisory vote, while retaining its existing Nasdaq trading symbol, BNC. Odagiu took over as CEO on October 19 following a board restructuring that resolved a governance dispute with YZi Labs. BNB Standard plans to operate its own validator on BNB Chain as part of its strategy to expand its treasury holdings and develop an operating business around the network. In an October 20 announcement, the company said the ceremony would take place at the Nasdaq MarketSite in Times Square, New York, at 9:30 a.m. ET, with Odagiu joining members of its board of directors and management team.

The event will celebrate the company’s new identity as BNB Standard, which it adopted in September after operating under the name CEA Industries, as well as the leadership changes announced earlier this week.

BNB Standard confirmed the plans in an October 21 post on X, where it said investors and ecosystem partners would join company representatives for the ceremony.

BNB Standard brings its new corporate identity to Nasdaq The upcoming ceremony follows a series of changes at the Nasdaq-listed company, which has been building its business around BNB treasury management since securing substantial private financing in 2025.

Previously known as CEA Industries, the company formally adopted the BNB Standard name on September 29 after inviting members of the BNB community to participate in an advisory vote.

According to its September 29 announcement, the company received 5,799 votes across four shortlisted names over five days, with BNB Standard receiving approximately 47% of the total.

Following the vote, the board approved the new name and introduced an updated corporate identity while retaining the company’s existing Nasdaq trading symbol, BNC.

The company’s common shares continued trading under the same ticker, while its publicly traded warrants retained the symbols BNCWW and BNCWZ.

BNB Standard’s treasury strategy dates back to July 2025, when CEA Industries announced a $500 million private placement backed by YZi Labs and 10X Capital.

The financing included $400 million in cash and $100 million in cryptocurrency, with additional proceeds potentially available through warrant exercises.

BNB Standard describes itself as the operator of the world’s largest corporate BNB treasury, although the announcement did not provide an updated token balance or valuation.

Alex Odagiu takes over as CEO Odagiu’s appointment as chief executive became effective on October 19, several months after he joined the company’s board and assumed the position of interim president in June.

His arrival followed a governance dispute involving YZi Labs, which ended through a cooperation agreement that brought new directors onto the board and established a formal CEO search process.

As crypto.news previously reported, the agreement appointed Odagiu, YZi Labs executive Ella Zhang and Bloq co-founder Matthew Roszak as directors, while ending YZi Labs’ consent solicitation.

Following the agreement, a search committee chaired by Roszak evaluated candidates before recommending Odagiu for the permanent leadership position.

In its October 19 regulatory filing, BNB Standard disclosed that Odagiu would receive an annual base salary of $525,000 and a target annual incentive bonus equal to 75% of that amount.

Before joining BNB Standard, Odagiu worked as an investment partner at YZi Labs and previously held an investment banking position at Goldman Sachs International. He resigned from his YZi Labs positions when his appointment became effective.

BNB Standard plans to launch its own BNB Chain validator Alongside the leadership announcement, BNB Standard disclosed plans to operate its own validator on BNB Chain, with a specialist infrastructure provider responsible for technical operations under the company’s governance.

The company intends to select the provider through a competitive process, while keeping its treasury BNB with qualified custodians during staking.

Validator rewards will depend on network activity and operational performance, meaning the company has not guaranteed any particular level of income from the proposed arrangement.

Odagiu said his priorities include increasing BNB holdings per share and developing an operating business on BNB Chain, beginning with the planned validator.

Once the validator goes live on BNB Chain’s mainnet, the company plans to make its operating details available through its treasury dashboard.

In his statement accompanying the Nasdaq ceremony announcement, Odagiu said the company wanted to encourage more institutional investors to examine BNB through a publicly listed business with transparent financial reporting.

“Most institutional investors have yet to study BNB,” he said.

BNB Standard’s October 13 website launch introduced an updated treasury dashboard containing adjusted net asset value information and figures intended to help shareholders monitor its digital asset holdings.

The company subsequently informed investors through its SEC filing that its website, treasury dashboard and official X account could be used to distribute material corporate information, alongside conventional filings and announcements.

Regulations

21 October 2026
|
08:45

Stablecoin purchases can move deposits from local banks to the large banks holding issuer reserves. Community bankers want the SEC to study that shift before finalizing a crypto rule.

Key Takeaways

Community bankers want deposit analysis before SEC rule.
Group says crypto exemptions could boost stablecoin use.
USDC reserve cash sits mostly at major banks.
Higher deposit rates preceded slower stablecoin growth.

In a comment letter filed on October 20, the last day for comments, the Independent Community Bankers of America (ICBA) asked the SEC not to finalize Regulation Crypto Assets until it studies the rule’s effect on community-bank deposits and local lending.

What the SEC proposed and what ICBA wants
The proposal, published in the Federal Register on August 21, would exempt certain crypto-linked investment contracts from Securities Act registration in exchange for principles-based disclosures. One exemption covers raises of up to $5 million over four years; a second allows up to $75 million in each 12-month period. A conditional safe harbor would also let a token stop being treated as subject to an investment contract.

The rule covers securities offerings, not stablecoins. ICBA connects the two through the rule’s purpose. Cheaper, less risky issuance is meant to bring more tokens, trading and participants, and the letter argues that much of that activity runs on stablecoins, which serve as trading pairs, collateral and the bridge between bank money and blockchains. More trading, by that logic, means more stablecoin balances funded from community-bank accounts.

The letter also describes a slower pathway. The SEC wants exempted tokens to spread quickly and build network effects, and ICBA argues those networks could eventually carry payments that compete with checking accounts.

ICBA does not claim this proposal alone would drain a measurable sum. It frames the risk as cumulative, with the rule sitting alongside other SEC work on trading platforms, custody, broker-dealer treatment and tokenization, and says it sees no analysis of what that combined package means for bank funding. The group grounds its request in Section 2(b) of the Securities Act, which requires the SEC to weigh efficiency, competition and capital formation. In ICBA’s view, capital formation should also count deposits diverted from small-business and farm lending.

If the SEC goes ahead, ICBA’s conditions

First, a supplemental economic analysis written with the federal banking agencies. Then, in the final rule:

Tighter limits

Narrower offering thresholds or eligibility periods

More reporting

On stablecoin settlement and banking relationships

Regular reviews

Of deposit concentration and funding effects

Suspension power

To pause the relief if material risks emerge

Automatic sunset

The relief lapses unless the SEC renews it

The deposits don’t vanish – they change banks
Take a customer who moves $10,000 from a community bank to buy newly issued stablecoins, where the issuer keeps the backing cash at a large bank:

Community bank

Loses a $10,000 retail deposit

→

Stablecoin issuer

Issues $10,000 in tokens

→

Reserve bank

Gains a $10,000 institutional balance

If the issuer buys Treasury bills instead, part of the money can still return to banks, because the dealers selling the bills deposit the proceeds. Federal Reserve staff economists, in a May note reflecting their own views rather than Fed policy, conclude that stablecoins can change the mix of deposits without shrinking the total one-for-one.

That change in mix is what worries local lenders. ICBA separates lasting losses from one-off trades: “The concern is durable displacement, not merely a one-time transfer.” Buying existing tokens shifts dollars from the buyer’s bank to the seller’s. The risk is customers who start keeping working balances in stablecoin wallets instead of local checking accounts.

Those balances can pool at a few institutions. Circle says most of the USDC reserve is held in a government money market fund managed by BlackRock, with the remaining cash mostly at a handful of the world’s largest banks. A September 2025 Fed survey of senior bank finance officers, cited in the same note, found that about 40% of respondents plan to prioritize holding reserve assets for stablecoin issuers. ICBA warns that such balances may be more rate-sensitive and quicker to move than local operating deposits.

What losing them costs a community lender
ICBA’s members lend to small businesses, farmers, ranchers and homebuyers, many of whom have few other credit options, and local deposits fund that lending. When an operating account leaves, the letter says, a bank loses both the funding and its payment relationship with the customer, and replacement funding may cost more. Smaller banks, it adds, have fewer replacement options and less room to absorb outflows that persist.

A hypothetical funding gap

$10M

low-cost deposits lost

+3 pts

cost of replacement funding

$300K

extra interest per year

A bank can absorb that as lower profit, charge more on loans, or drop loans whose margins no longer cover the cost. The figures are illustrative, not an estimate of stablecoin losses.

ICBA puts a far larger figure on the wider stablecoin threat. In earlier letters to the OCC and FDIC on GENIUS Act rules, it modeled a scenario in which stablecoin yield or rewards draw up to $1.3 trillion from community banks and cut their lending capacity by about $850 billion. It says those numbers do not estimate this SEC rule, which would work through a different route. For the link between deposits and credit, it cites University of Pittsburgh professor Leming Lin, whose research found that stock market booms slow deposit growth and tighten credit for small private firms.

Banks can compete on price – at a cost
A BIS working paper published on October 13 shows the lever banks hold. Rashad Ahmed and Iñaki Aldasoro used weekly US data from January 2019 to June 2025 and found that higher deposit rates were followed by slower stablecoin growth, making the two partial substitutes. The effect was stronger for USDC than for USDT, which the authors link to USDC’s closer ties to US depositors.

That supports the case that banks can compete with stablecoins by paying savers more. For community banks, it is also a trade-off: higher deposit rates raise the same funding costs ICBA wants the SEC to examine. The May Fed note makes a similar point, saying competition for liquid balances could lift deposit rates or squeeze bank margins.

Smaller banks have adapted more slowly in earlier contests, according to the same note. When money market funds drew savings away in the 1970s and early 1980s, many community banks lacked the scale to offer sweep accounts or matching rates. In digital payments, large banks built rival products earlier, while smaller ones often relied on third-party providers. The authors also observe that banks lobbied against money market funds then, as they press for limits on stablecoins now.

Some evidence cuts the other way. Foreign demand for dollar stablecoins can add deposits at US banks when issuers hold reserves domestically, the Fed economists write. The BIS paper, for its part, tracks where savers put their money and does not show that stablecoin growth reduces total deposits or lending.

What would settle the question
With comments closed, ICBA’s case is now part of the SEC’s record. Testing it would take bank-level data: which lenders lose balances for good, which collect the reserves, what replacement funding costs, and whether local lending slows as a result. National totals would reveal little, since the money can stay in the system while changing hands. For community banks, the outcome turns on two prices: what it costs to replace lost deposits, and what it costs to keep them.

This article is for informational purposes only and does not constitute financial, legal or investment advice.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Faster blocks are the headline. The Sprout pool freeze, which would strand about $26 million of old coins, is the detail holders are checking

Zcash developers are due to decide today whether the NU7 network upgrade goes to mainnet and which block height activates it. Engineers from the Zcash Foundation, ZODL, Shielded Labs and other core teams are expected to settle the parameters, ahead of a November 5 target.

NU7's main change cuts the network's target block time from 75 seconds to 25 seconds, which would make confirmations roughly three times faster. It went live on the public testnet on October 4 at block 4,465,026, a couple of days ahead of the schedule the Zcash Foundation had published with the first Zebra release candidate. Developers have had about two weeks of testnet data to judge.

Zcash upgrades activate at a block height rather than on a calendar date, and no mainnet height has been set. Until one is assigned, November 5 is a plan, not a commitment, and today's call is where it either firms up or slips.

The part holders are watchingNU7 disables legacy version 4 transactions. That closes the oldest shielded pool, Sprout, which held about 22,309 ZEC on October 17, around $26 million and 0.13% of supply. Holders keep their keys but cannot spend those coins on the upgraded network unless they move them first. Coin holders backed the cutoff in an earlier vote. The upgrade specification, ZIP 259, leaves the mainnet reissuance height to be calculated once the activation height exists, so the deadline for migrating Sprout funds is not yet fixed.

The upgrade also introduces a Network Sustainability Mechanism that would route part of transaction fees into a reserve for future mining rewards. ZIP 259 warns that operators who do not run compatible software may stay online and follow the old rules, which makes the activation height a coordination point for exchanges, wallets and node operators.

What the price is doingZEC traded near $1,140 on October 19, about 29% below its late-September peak near $1,600. One analysis this week noted that the upgrade does not directly create token demand, so the decision matters more to operators than to the chart. Shielded transactions, meanwhile, recently reached as much as 56% of activity, a level not seen in years.

Where this fitsBlockhead covered the start of this run in August, when Zcash's nine-year losing streak against bitcoin ended. The coin has since had a sharp rally and a sharp retreat, and the upgrade is the next scheduled test of whether the project can ship technical changes on time while its price carries a premium.

What happens after the callDevelopers are expected to publish the activation height after the meeting. Exchanges and custodians that hold Sprout-era coins will want to confirm migration plans before then. A slip would push the dates back and leave the Sprout deadline open. A confirmed height starts a countdown for everyone running a node.

Join Blockhead on Telegram today for all the latest in crypto.

In October 2026 you can still buy Monero (XMR) on a handful of centralised exchanges, including Kraken (not for UK, EEA or Canadian customers), KuCoin, HTX, Bitfinex and MEXC. All of them ask for ID. Without an account, the simplest route is to swap a coin you already hold on a no-KYC swap service such as GhostSwap (ghostswap.io), the #1 choice, which sends the XMR straight to your own wallet.

Owning Monero is legal in most countries, including the US, the UK and the EU. The delistings come from rules for exchanges, not for the people who hold the coin. Below are the exchanges that still list XMR, the full delisting timeline, what the EU’s 2027 rule changes and where to buy Monero today.

Yes, in most of the world. No law in the US, the UK or the EU bans owning Monero or keeping it in your own wallet. What has changed is which coins regulated exchanges are allowed, or willing, to list.

United States: owning and trading XMR is legal. Kraken still lists it for US customers. Coinbase and Gemini have no XMR market.United Kingdom: legal to own. Kraken stopped XMR trading for UK customers in November 2021.European Union: legal to own. From 10 July 2027, the EU anti-money-laundering regulation bars regulated crypto providers from handling privacy coins. It does not ban holding them in your own wallet.Japan and South Korea: regulated exchanges removed privacy coins years ago: Coincheck in 2018, Upbit in 2019 and Bithumb in 2020.Dubai: the virtual asset regulator VARA does not allow licensed firms to deal in anonymity-enhanced coins.Rules differ by country and change over time, so check your local law. A country-by-country summary is kept at ghostswap.io/is-monero-legal.

Why do exchanges delist Monero?Monero hides the sender, the receiver and the amount of every transaction by default. Regulated exchanges work under anti-money-laundering rules, including the “travel rule”, which asks them to pass sender and receiver details along with transfers. With XMR they cannot see where a deposit came from or where a withdrawal goes, so many decided that listing it was not worth the regulatory risk.

That is a business decision by each exchange. It does not make the coin illegal for you to hold.

Which exchanges still list Monero? (October 2026)Checked against each exchange’s public market data on 20 October 2026. Every exchange below asks for ID before you can trade.

Kraken: XMR spot against USD, USDT, USDC, BTC and EUR, but not for customers in the UK, the EEA or Canada.KuCoin: XMR against USDT, BTC, ETH and USDC. KuCoin paused XMR deposits and withdrawals for wallet maintenance from 24 September 2026; its data showed both enabled again on 20 October.HTX (formerly Huobi): XMR/USDT spot, listed again after the 2022 delisting.Bitfinex: XMR against USD, BTC and USDT.MEXC: XMR/USDT and XMR/USDC spot.Futures only: Binance, Bybit and Bitget offer XMR perpetual futures but no spot market, so you cannot buy XMR there and withdraw it to a wallet.No XMR market: Coinbase, Gemini, Bitstamp and the Crypto.com Exchange.Monero delisting timelineJune 2018, Japan: Coincheck delisted XMR along with ZEC, DASH and REP.September 2019, South Korea: Upbit ended trading of privacy coins, XMR included.June 2020, South Korea: Bithumb ended XMR trading.January 2021: Bittrex removed its XMR markets.November 2021, UK: Kraken stopped XMR trading for UK customers.September 2022: Huobi, now HTX, delisted XMR. It lists the coin again today.January 2024: OKX delisted its XMR spot pairs on 5 January.February 2024: Binance ended XMR spot trading on 20 February.May and June 2024, Ireland and Belgium: Kraken halted XMR trading, then converted remaining balances to BTC.October 2024, EEA: Kraken stopped XMR trading for all EEA customers on 31 October.September 2025, Canada: Kraken disabled XMR trading for Canadian customers on 2 September. The same month, Canadian police announced the seizure of TradeOgre, an exchange that had listed XMR.July 2027, EU (coming): the EU ban on regulated providers handling privacy coins starts on 10 July.Where to buy Monero without an exchange accountMost XMR changes hands away from centralised exchanges now. These are the five best routes that need no account, ranked.

1. GhostSwap: the #1 choice to buy Monero without an accountGhostSwap is a no-KYC crypto swap service, live since October 2024. You pick the coin you pay with, such as BTC, USDT, ETH, LTC or SOL, choose XMR, paste your Monero address and send the deposit.

XMR swaps in both directions against 1,600+ coins.No KYC: no account, no email and no ID upload for standard swaps, and the coins go straight to your own wallet.Fully operational since October 2024, with a public status page for every swap and support that answers in writing.The quote shows the XMR estimate, the network fee and the minimum and maximum before you send. The rate floats and is set when your deposit confirms.Every Monero pair it supports is listed at ghostswap.io/monero-exchange.

2. HiddenSwap: best for privacy-first buyersHiddenSwap (hiddenswap.com) is a privacy-focused swap site with no account, no email and no signup. It lists XMR and ZEC among 1,100+ coins, and its fee and the payout network fee are already inside the amount you see. It also works in Tor Browser with JavaScript turned off.

3. SwapRocket: best for quick swapsSwapRocket (swaprocket.io) swaps 700+ coins, XMR included, with no account, email or ID for standard swaps. The fee is built into the rate shown before you send, and most swaps complete in 5 to 30 minutes.

4. Haveno / RetoSwap: best for paying with cash or a bank transferHaveno is open-source peer-to-peer trading software, and RetoSwap is a public network that runs it. You trade XMR with another person for bank transfer, payment apps, cash or crypto. Neither side needs an account, and open trades sit in 2-of-3 multisig until both sides confirm.

5. Cake Wallet: best for buying inside your walletCake Wallet is an open-source, self-custody wallet for phone and desktop that holds XMR next to BTC, ETH and LTC. Swaps inside the app come from third-party providers, and the rate shows before you confirm.

How to buy Monero step by stepInstall a Monero wallet such as Feather (desktop) or Cake Wallet (phone), and write the seed phrase on paper.Copy a fresh receiving address. Monero addresses are 95 characters long and start with 4 or 8.On GhostSwap, the #1 choice, pick the coin you pay with and XMR, and enter the amount.Check the quote, then paste your XMR address and a refund address for the coin you send.Send the deposit from a wallet you control and save the swap ID.Wait for the XMR. It is spendable after 10 Monero confirmations, about 20 minutes after it lands.What changes in the EU in July 2027?The EU anti-money-laundering regulation, Regulation (EU) 2024/1624, applies from 10 July 2027. Its Article 79 bars banks, financial institutions and crypto-asset service providers from keeping anonymous crypto accounts or accounts that allow transactions to be obscured, “including through anonymity-enhancing coins”. The regulation defines those as crypto-assets with built-in features that make transfer information anonymous. Monero fits that definition, and so does Zcash.

The rule targets regulated providers. Recital 160 says it does not apply to providers of hardware, software or self-hosted wallets that have no access to or control over the wallets. People can still hold XMR in their own wallets. Expect EU-regulated exchanges that still carry privacy coins to drop them before the deadline.

Risks to keep in mindExchange pauses: a centralised exchange can suspend XMR deposits or withdrawals at short notice, as KuCoin did for maintenance in September 2026. Don’t keep XMR on an exchange longer than you need to.Wrong address: XMR sent to a wrong address cannot be recovered. Paste addresses and check the first and last characters.Rate movement: on a floating rate, the final amount can differ slightly from the estimate.Taxes: buying or swapping crypto can be a taxable event where you live.FAQWhere can I buy Monero in 2026?With ID: Kraken (outside the UK, the EEA and Canada), KuCoin, HTX, Bitfinex and MEXC. Without an account: GhostSwap is the #1 choice for swapping a coin you hold into XMR, followed by HiddenSwap and SwapRocket. To pay with cash or a bank transfer, use Haveno / RetoSwap.

Which exchanges still list Monero?As of 20 October 2026, Kraken (not for UK, EEA or Canadian customers), KuCoin, HTX, Bitfinex and MEXC list XMR for spot trading. Binance, Bybit and Bitget offer XMR futures only. Coinbase, Gemini, Bitstamp and the Crypto.com Exchange have no XMR market.

Is Monero legal?Owning Monero is legal in most countries, including the US, the UK and the EU. Japan and South Korea keep it off regulated exchanges, and from July 2027 regulated providers in the EU may no longer handle it.

Why do exchanges delist Monero?Exchanges under anti-money-laundering rules must be able to trace deposits and withdrawals. Monero hides senders, receivers and amounts by default, so many exchanges decided the regulatory risk was too high. Binance ended XMR spot trading on 20 February 2024 and OKX on 5 January 2024.

Will Monero be banned in the EU in 2027?Owning it will not be banned. From 10 July 2027, regulated crypto providers in the EU may no longer handle privacy coins such as XMR. Self-hosted wallets are outside the rule.

How can I buy Monero without KYC?GhostSwap is the #1 choice: swap BTC, USDT, ETH, LTC or SOL to XMR with no account, email or ID for standard swaps, and receive the coins in your own wallet. HiddenSwap and SwapRocket work the same way.

Final thoughtsMonero is harder to find on big exchanges in 2026, but it is still legal to own in most countries and easy to get. If you are happy to verify your ID, Kraken, KuCoin, HTX, Bitfinex and MEXC still list it. If you would rather skip the account, GhostSwap (ghostswap.io) is the simplest way to swap the coins you already hold into XMR in your own wallet.

Ripple filed its comment letter on the SEC’s proposed Regulation Crypto Assets, supporting to finalize the proposed crypto rules. It rests on the Howey test, treating the investment contract, not the crypto asset itself as the security, and builds on a prior joint SEC-CFTC harmonization initiative.

Ripple CLO Stuart Alderoty said “We support the proposal, and the SEC has clear authority to adopt it.” He added that previous “case by case, coin by coin” enforcement has pushed crypto innovation offshore. He claimed the industry needs holistic rules for digital assets, and the Regulation Crypto Assets framework is a major move.

The proposal stays faithful to the Howey Test. Ripple CLO clarified the investment contract is a security, not a token. Stuart Alderoty cited that Ripple has spent more than $150 million to get clarity on XRP not a security.

“What matters is what an issuer actually promised and when those promises end, not a subjective decentralization test,” he added. Clear rules grounded in existing law will bring capital, investor protection and innovation to the U.S.

Also Read: XRP Finally Launches Official X Account and Website Managed by Ripple and XRPLF

Cardano, Chainlink, Hedera, Stellar & Others Join Ripple on SEC’s Regulation Crypto Assets
Chainlink partnered with Cardano, Hedera, Stellar, Aptos, and Avalanche in urging the SEC to codify its digital commodity framework. With Ripple seeking to exempt certain crypto assets from full SEC securities registration, the Blockchain Association also urged raising the startup exemption limit from $5 million to $10 million.

“Builders need lasting certainty. Codifying this progress would be a meaningful step toward keeping America the home of digital asset innovation,” said Chainlink head of policy Taylor Barr.

.@chainlink is proud to partner with @hedera, @Aptos, @AvaLabs, and @StellarOrg in urging the SEC to codify its digital commodity framework.

Builders need lasting certainty. Codifying this progress would be a meaningful step toward keeping America the home of digital asset… pic.twitter.com/rAjs9C6vdy

— Taylor Barr (@taylorjbarr) October 20, 2026

Although the official comment period for the SEC’s proposed Regulation Crypto Assets closed on October 20, the commission will continue accepting public feedback after the deadline, according to journalist Eleanor Terrett.

“While we encourage commenters to submit their feedback by the deadline, the Commission will continue to accept public comments on rule proposals after the comment period closes.”

The new crypto rules would create new fundraising exemptions for crypto issuers raising capital in the U.S., while the CLARITY Act developments remain uncertain ahead of midterm elections.

Also Read: Best Crypto Compliance Companies and KYC Providers for Web3 Enterprises

Last week was the worst stretch for chip stocks in over a year. The Philadelphia Semiconductor index dropped more than 11%, a hot inflation print raised the cost of funding every data center on the drawing board, and the impact of worries about CoreWeave's (CRWV +1.65%) debt load spread to every company selling into AI infrastructure.

Marvell Technology (MRVL +1.41%) sank by nearly 17% in five days. And yet, if your goal is to own one AI chip stock heading into 2027, that decline is the reason why you should look into picking up shares of Marvell now rather than later. Even as investors were selling, the company spent the week revealing its most specific, product-level work of the year, and almost nobody noticed because they were watching the tape.

CRWV CoreWeave$62.13+$1.01 (+1.65%)

NASDAQ · As of 4:00 PM ET 10/20/26

What Marvell announced while its stock was falling Marvell is not a GPU company. It designs chips that sit around GPUs: the custom accelerators that hyperscalers and AI labs are building for their specific workloads, the optical and copper links that connect thousands of processors into clusters, and the memory controllers that keep those chips fed with data. That is the business the company put on display at the Open Compute Project Global Summit in San Jose from Oct. 12 to Oct. 15.

MRVL Marvell Technology$240.42+$3.33 (+1.41%)

NASDAQ · As of 4:00 PM ET 10/20/26

Two announcements from the event stood out to me. On Oct. 12, Marvell unveiled the second generation of its Structera X memory expanders -- chips built to attack what the company calls the "memory wall" in AI inference. The problem is simple: As models get bigger and context windows get longer, GPUs run out of memory before they run out of math. Structera X lets a server bolt on up to 6 terabytes of standard DDR5 memory, share it across four hosts, and compress it on the fly, which the company says cuts time to first token by 40% to 50%. The first generation Structera X is already shipping to hyperscalers, and a Meta Platforms (META -1.59%) hardware engineering director was quoted in the company's release. Test models of the second generation will be available in Q1 2027.

Image source: Getty Images.

Then, on Oct. 13, Marvell followed by unveiling two 3-nanometer connectivity chips, a 3.2-terabit retimer and a new active electrical cable chip that doubles copper reach to more than six meters between AI servers and switches. Both support UALink, the open standard that non-Nvidia accelerators use to talk to each other. Early samples of both are already available for potential customers.

That sounds like a lot of jargon, so here is the plain version. An AI processor's usefulness will always be limited by the memory it can reach and the capacity of the connections that link it to neighboring chips.  The new products Marvell announced last week address both of those bottlenecks: one lets a server strap on far more memory than the GPU came with, so it can handle bigger models without choking, and the other helps racks of accelerators talk to each other over longer, cheaper copper cables without the signal falling apart. These are tools crucial for AI infrastructure, and Marvell is selling them.

META Meta Platforms$694.25-$11.19 (-1.59%)

NASDAQ · As of 4:00 PM ET 10/20/26

Some numbers to consider On Oct. 6 -- a week before the AI sector rout -- Marvell held its first investor day in years, and management used the event to publicize a target worth reading twice: It's aiming for revenue in the range of $70 billion to $90 billion by its fiscal 2031, up from $8.2 billion in fiscal 2026, with implied non-GAAP earnings above $30 per share. The engine driving it toward those targets is what management calls "XPU attach," the networking, memory, and security chips that get pulled along with every custom accelerator a cloud provider designs.

Big targets deserve some skepticism, and this one assumes 55% to 60% annualized growth for five years. But even if it achieves growth at half that rate, the stock near $228 is cheap against what the company expects to earn. Nvidia (NVDA -0.29%) saw enough to buy $2 billion of Marvell preferred stock in March, and Nvidia does not make such investments casually.

NVDA Nvidia$216.47-$0.62 (-0.29%)

NASDAQ · As of 4:00 PM ET 10/20/26

Other things to consider: Marvell trades at a high trailing earnings ratio; custom chip revenue is lumpy and tied to a few customers; and if hyperscalers pull back due to higher borrowing costs, Marvell will feel the pain before Nvidia does. But last week's sell-off was driven by financing fears, not by any customers walking away, and Marvell kept shipping through it. For anyone able to buy this stock and hold onto it through 2027 or longer, the 17% discount the market just gave it makes it look like a steal.

Daily iShares Silver Trust (SLV)
The long-term view of the iShares Silver Trust ETF shows a downtrend based on the market’s relationship with both the 50-day and 200-day moving averages at $57.50 and $65.27, respectively.

From a value perspective, the market has been sitting inside a key long-term retracement zone at $54.92 to $41.96. The three bottoms at $49.61, $51.12 and $50.01 may be early signs of accumulation. However, until new money can cross to the strong side of this zone and create enough upside momentum to overcome the moving averages, the iShares Silver Trust ETF is likely to continue to sit inside the long-term retracement zone.

What to Watch
The Fed has not given silver a fresh trade. Oil is keeping inflation on the screen, December rate expectations are still there, and the dollar and yields are firming. That keeps the pressure on the top side of the market. PCE next week is the next major U.S. number.

The primary driver of my downside bias on the weekly chart is the market’s relative position to the 52-week moving average. The trading action since July, however, is showing signs that some investors are recognizing the importance of the $60.835 to $46.48 retracement zone. Overcoming $60.835 will weaken my bearish outlook.

The main swing chart trend and trading below the 50-day moving average are giving me my downside bias. My outlook will strengthen if $55.40 fails as support. It will weaken if buyers can overcome $58.43 with conviction.

In my opinion, SLV ETF is more of an investment vehicle than a trading vehicle like XAGUSD so my bias is more neutral than bearish. From the all-time high at $109.83, a decline of 50% to 61.8% in just 10 months fits the definition of a value area for long-term investors.

More Information in our Economic Calendar.

Maximus NYSE: MMS said it has agreed to acquire privately held Agile Defense for $660 million, with a potential future earn-out of up to $50 million, as the government-services company seeks to expand its presence in defense, national security and technology-intensive federal missions.

The transaction is expected to close during Maximus’ first fiscal quarter of 2027, subject to customary closing conditions and regulatory approvals. The company plans to fund the acquisition with cash on hand, revolver borrowings and an expansion of its existing Term Loan A facility.

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Bruce Caswell, Maximus’ president and chief executive officer, said Agile Defense would accelerate the company’s access to defense and national-security markets while adding capabilities in mission-focused data analytics, artificial intelligence, cybersecurity and cloud modernization.

“We view the acceleration of our presence within defense and national security as a strategic imperative,” Caswell said, citing the company’s existing work with customers including the Air Force Joint Cyber Command and Control program and the Transportation Security Administration.

Defense technology and cleared workforce
Agile Defense serves customers including the Defense Information Systems Agency, the Chief Digital and Artificial Intelligence Office, the U.S. Army, U.S. Cyber Command and U.S. Citizenship and Immigration Services. The business will bring more than 1,100 cleared professionals to Maximus, along with customer relationships, contract vehicles and technical qualifications, Caswell said.

Maximus said it sees its addressable services market within the Department of War reaching $58 billion by 2029. Technology services, including IT and digital modernization, software and analytics, represent $21 billion of that market, according to the company.

Caswell also highlighted Agile Labs, Agile Defense’s innovation organization, which provides applied research and development capabilities, specialized technical talent and expertise in emerging technologies. He said the unit’s forward-deployed engineers and trainers help customers integrate AI into mission workflows and shorten the time between data integration and AI-enabled decision-making.

Agile Defense was awarded a $100 million other transaction agreement during the summer to support NORAD and U.S. Northern Command in adopting and deploying AI in mission environments, Caswell said. The company also participates in multiple programs supporting AI adoption, data readiness and operational deployment at the Chief Digital and Artificial Intelligence Office.

More than half of Agile Defense’s revenue comes from fixed-price contract arrangements, while 6% comes from cost-plus work, according to Maximus. Caswell said Agile has demonstrated success in both traditional procurement models and nontraditional structures such as other transaction agreements, or OTAs.

Financial outlook and valuation
David Mutryn, Maximus’ chief financial officer, said the purchase price represents an implied transaction multiple of about 11 times Agile Defense’s expected adjusted EBITDA for calendar 2027. The effective multiple remains about 11 times when accounting for the net present value of anticipated tax-basis step-up benefits and the potential earn-out, he said.

Agile Defense is expected to generate roughly $450 million in calendar 2027 revenue, with an adjusted EBITDA margin in Maximus’ target range of 12% to 15%. Maximus expects the acquisition to be immediately accretive to adjusted diluted earnings per share after closing and approximately neutral to fiscal 2027 GAAP earnings per share.

For the nine months ended Sept. 30, 2026, Agile Defense posted a 3.1-times book-to-bill ratio, which supports Maximus’ expectation for double-digit organic growth at the acquired business in 2027, Mutryn said. He noted that Agile Defense combined with IntelliBridge in January 2025 and that historical growth included an acquisition component.

Agile Defense’s largest contract contributes slightly more than $50 million in annual revenue.
The top 10 contracts account for just under half of Agile Defense’s revenue.
Maximus described contract concentration as low and cited diversification across the Department of War and Department of Homeland Security.

Maximus estimated that its net debt-to-consolidated EBITDA ratio would be between 2.2 and 2.3 times on a pro forma basis after the deal, compared with a preliminary 1.7 times before accounting for the acquisition. Mutryn said the company expects leverage to decline during the remainder of fiscal 2027 and, absent additional acquisitions or repurchases, expects to finish the year below two times net debt to EBITDA.

The company also said it anticipates deploying $200 million for share repurchases during the remainder of fiscal 2027, subject to market conditions and its capital-allocation criteria.

Potential revenue opportunities
Management said the acquisition’s primary objective is growth rather than quantified cost synergies. Caswell said the combination could create opportunities that neither company could pursue as effectively independently, including through Maximus contract vehicles such as Navy Cyber MAC and NASA SEWP, as well as potential FEDSIM opportunities.

He said the companies have complementary customer footprints: Maximus has established operations at the Transportation Security Administration and in the Air Force, while Agile Defense has a presence in areas including the Defense Information Systems Agency, the Army, the Chief Digital and Artificial Intelligence Office and U.S. Citizenship and Immigration Services.

Mutryn said Maximus also intends to explore opportunities to apply Agile Defense’s technology capabilities across Maximus’ longstanding civilian customer base.

About Maximus (NYSE:MMS)Maximus, Inc NYSE: MMS is a government services company that helps public-sector agencies administer health and human services, employment and workforce programs, and other citizen-focused operations. Its work includes eligibility and enrollment support, customer contact centers, case management, program administration, and technology-enabled services.

The company also provides services to government agencies involved in federal programs, including health care administration, workforce development, child support, and other public assistance initiatives.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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SummaryHarmony Biosciences is rated Buy with a 12-month price target of $43, reflecting strong cash generation and WAKIX growth.HRMY's valuation is supported by WAKIX's robust performance, cash reserves, and limited downside if patents hold through 2030.Key risks include the pending AET patent litigation and management turnover, with significant near-term binary events ahead.Pipeline assets and new formulations offer optionality, but current price largely reflects WAKIX and cash, making position sizing critical.Tom Werner/DigitalVision via Getty Images

Harmony Biosciences (HRMY) is the kind of stock I find easiest to think about in options terms. The company closed at $37.95 on Friday. At that price, you're buying three things at once.

The first

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.