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AbbVie heads into its October 30 earnings report riding a 28% rally and fresh FDA approvals, but options traders are bracing for a 5% swing in either direction and the stock has a recent habit of selling off even on…

AbbVie (NYSE:ABBV | ABBV Price Prediction) reports third-quarter results before the open on October 30. Shares are up 28.55% year to date, and options pricing implies a roughly 5% move on the release. That leaves little room for a stumble.

Big Momentum Meets a Guidance Trim Last quarter, AbbVie posted adjusted EPS of $3.65 on revenue of $16.99 billion, up 10.2% year over year. Skyrizi grew 24.4% to $5.51 billion and Rinvoq rose 24.5% to $2.53 billion, which more than made up for a 35.9% slide in Humira.

Management still trimmed full-year adjusted EPS guidance to $13.87 to $14.07. The cut included $0.14 of dilution from the roughly $10.9 billion Apogee Therapeutics deal, partly offset by $0.10 of operational overperformance. Revenue guidance rose $300 million to about $67.6 billion.

Several catalysts have arrived since then. The FDA approved Juvmo (tavapadon) for Parkinson’s disease on September 28 and Skyrizi’s subcutaneous induction regimen for Crohn’s disease on October 23. Lutikizumab also posted positive Phase 3 results in hidradenitis suppurativa, and the stock gained 8.24% over the past month to $285.19.

Consensus Points to a Sharp Profit Rebound Analysts expect EPS to roughly double. The year-ago quarter included a $1.50 per-share acquired IPR&D charge, which inflates the comparison.

Metric Q3 2026 Consensus YoY Growth FY2026 Consensus YoY Growth Normalized EPS $3.7788 103.2% $13.9562 39.6% Revenue $17.35 billion 10.0% $67.63 billion 10.6% Immunology Pace and Apogee Math Will Set the Tone Skyrizi and Rinvoq now generate nearly half of revenue, and analysts expect Rinvoq to clear roughly $2.73 billion. In July, management raised Skyrizi’s full-year outlook to $21.7 billion and reported “absolutely no degradation” in new starts after a rival launch. Both trends should show up in the quarterly numbers.

Guidance is the second test. Consensus EPS of $3.7788 sits below management’s $3.84 to $3.88 target after eight downward revisions over 30 days.

That target excludes acquired IPR&D, which cost $0.58 per share through June, and includes partial-quarter Apogee dilution. The focus will be on confirmation that the deal closed and whether operational strength again offsets the drag on the full-year range.

Neuroscience grew 20.3% to $3.23 billion last quarter, and management expects Vyalev to reach blockbuster sales this year. Chief Commercial Officer Jeffrey Ryan Stewart said on the July call that the tavapadon ramp “will be modest at first.” Management expects Skyrizi’s new Crohn’s regimen to drive acceleration starting early in 2027.

Finally, track the drags. Imbruvica fell 29.4% and Juvederm slipped 6.0% in the second quarter, and the pace of Humira erosion still determines how much of the immunology gain reaches the top line.

A Premium Rally Needs Clean Execution AbbVie trades near 20x full-year consensus EPS, and recent history shows beats can still trigger selling. Shares fell 4.45% on earnings day after the Q3 2025 beat and 2.51% after the Q2 2026 beat. Positioning leans bullish, with a 0.59 put/call ratio on contracts expiring October 30. A raised outlook and a clean Apogee update would give this rally steadier ground.

Contact [email protected] for any questions or corrections.

Updated agreement expands 2020 procurement agreement with BARDA for Regeneron's first-in-class antibody treatment for Orthoebolavirus zairense, adding value of approximately $270 million

TARRYTOWN, N.Y., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) announced today that it has extended its agreement with the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), to provide additional supply of Inmazeb® (a three-antibody cocktail of atoltivimab, maftivimab, and odesivimab-ebgn) for U.S. preparedness against Ebola disease. Inmazeb was the first Ebola treatment approved by the U.S. Food and Drug Administration (FDA), indicated specifically for infection caused by Orthoebolavirus zairense in adult and pediatric patients, including neonates born to infected mothers, and has been administered to hundreds of patients since 2019. In a clinical trial, Inmazeb reduced mortality by approximately 55 percent compared to an active control treatment in patients with low viral load. This agreement continues a partnership that began with BARDA's original procurement of the treatment in 2020.

Under the new agreement, Regeneron expects to deliver additional treatment doses of Inmazeb treatment to the U.S. government through 2031 and receive payment of approximately $270 million.

"Maintaining a ready supply of Inmazeb is exactly the kind of preparedness this country needs for the threats we can already see on the horizon," said Leonard S. Schleifer, M.D., Ph.D., Board Co-Chair, President and Chief Executive Officer of Regeneron. "This extended agreement reflects the strength of our long-standing collaboration with BARDA and our shared commitment to ensuring that at-the-ready medicines are available whenever an Ebola outbreak occurs."

Maftivimab Development Program

Separately, Regeneron’s investigational maftivimab monotherapy is being added to the PARTNERS trial to assess use as a potential treatment in the current Bundibugyo virus disease outbreak

Maftivimab has demonstrated positive in vitro and non-human primate activity against Bundibugyo; preprint data now available

Separate from the Inmazeb procurement agreement, Regeneron is evaluating maftivimab, the most potent virus-neutralizing component of Inmazeb, as a potential treatment for Ebola disease caused by Bundibugyo virus, the orthoebolavirus driving the current outbreak in the Democratic Republic of the Congo (DRC) and for which there are no currently approved treatment options. Maftivimab has demonstrated strong efficacy against Bundibugyo virus in in vitro and non-human primate (NHP) studies, supporting its continued development as a monotherapy or combination treatment candidate. These data are now available in preprint on BioRxiv.org and pending peer review publication.

"Inmazeb was created by Regeneron scientists in record time using our proprietary VelociSuite® rapid-response technologies," said George D. Yancopoulos, M.D., Ph.D., Board Co-Chair, President and Chief Scientific Officer of Regeneron. "We are now advancing maftivimab, which has already demonstrated positive results in non-human primates infected with Bundibugyo, so that we can bring another potential Ebola treatment forward as quickly as possible to help in the current outbreak. Regeneron's continued supply of Inmazeb to the U.S. government, our advancement of maftivimab and our partnerships to support frontline response capacity reflect the Company's long-term commitment to infectious diseases preparedness, from the laboratory to the communities most affected by outbreaks."

Based on in vitro and NHP efficacy studies, maftivimab is being added to the PARTNERS (Platform Adaptive Randomised Trial for New and Repurposed Filovirus TreatmentS) clinical trial, which is evaluating potential treatments for Bundibugyo virus disease. PARTNERS is delivered through a global partnership of Ministries of Health, researchers, healthcare workers and international research and non-governmental organizations. The trial has been designed and is coordinated internationally by the Pandemic Sciences Institute, University of Oxford, and is being led nationally in the DRC by the Institut National de Recherche Biomédicale (INRB), supported by the Institute of Tropical Medicine (ITM), Antwerp. The trial is sponsored by the World Health Organization (WHO) and is made possible with the support of Africa CDC.

Regeneron also continues to support Afya Foundation’s emergency response efforts aimed at safeguarding frontline healthcare workers and strengthening healthcare system resilience during the current outbreak.

About Inmazeb
Inmazeb is approved by the U.S. FDA for the treatment of infection caused by Orthoebolavirus zairense (formerly known as Zaire ebolavirus) in adult and pediatric patients, including neonates born to a mother who is RT-PCR positive for Orthoebolavirus zairense infection. Inmazeb was created using Regeneron’s
VelocImmune® platform and associated VelociSuite® technologies. The treatment consists of three monoclonal antibodies that help neutralize the Ebola virus by blocking its ability to invade a patient’s cells and/or enlisting other immune cells to target infected cells and remove them from the body.

The safety and efficacy of Inmazeb was established through the 681-patient PALM Trial, which was independently conducted by the WHO, the U.S. National Institutes of Health and the INRB during the 2018 DRC outbreak of Ebola virus. In 2019, as reported in the New England Journal of Medicine, the PALM Trial was stopped early following a pre-specified interim analysis that showed the superiority of Inmazeb in preventing death versus two other investigational treatments.

Inmazeb was approved by the FDA in 2020, and in 2022, WHO published its first guidelines for Ebola virus therapeutics, which strongly recommends the use of Inmazeb for treatment of Ebola virus infection and calls on the global community to engage all possible mechanisms to improve access to life-saving Ebola disease medicines. In November 2023, Inmazeb became the first and only Ebola disease treatment to be prequalified by the WHO, certifying that the medicine meets WHO’s standards for quality, safety and efficacy and is considered “essential.”

Since 2018, Inmazeb has been offered by Regeneron at no cost under a compassionate use protocol to infected persons in countries experiencing an Ebola virus disease outbreak caused by Orthoebolavirus zairense, including the DRC and Guinea. In September 2025, the company committed to donate up to 500 doses of Inmazeb to the WHO for exclusive use by governments of low- and lower-middle income countries that are most at-risk for Ebola disease outbreaks.1 In addition, Regeneron has worked with governments in higher- and middle-income countries to establish Inmazeb stockpiles.

This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract numbers HHSO100201700016C and HHSO100201500013C. The contract and federal funding are not an endorsement of the product or company.

IMPORTANT SAFETY INFORMATION AND INDICATION WARNINGS AND PRECAUTIONS FOR INMAZEB

Hypersensitivity Reactions Including Infusion-Associated Events: Hypersensitivity reactions including infusion-associated events have been reported during and post-infusion with INMAZEB. These may include acute, life-threatening reactions during and after the infusion. Monitor all patients for signs and symptoms including, but not limited to, hypotension, chills and elevation of fever, during and following INMAZEB infusion. In the case of severe or life-threatening hypersensitivity reactions, discontinue the administration of INMAZEB immediately and administer appropriate emergency care.

Infusion could not be completed in 1% of subjects who received INMAZEB due to infusion-associated adverse events. The rate of infusion of INMAZEB may be slowed or interrupted if the patient develops any signs of infusion-associated events or other adverse events.

ADVERSE REACTIONS: The most common adverse events reported in at least 20% of subjects who received INMAZEB were pyrexia (or elevation in fever), chills, tachycardia, tachypnea and vomiting. The evaluation of adverse events in subjects who received INMAZEB may have been confounded by the signs and symptoms of the underlying Orthoebolavirus zairense infection.

DRUG INTERACTIONS: INMAZEB may reduce the efficacy of live vaccine, therefore, avoid the concurrent administration of a live vaccine during treatment with INMAZEB. The interval between live vaccination following initiation of INMAZEB therapy should be in accordance with current vaccination guidelines. The efficacy of INMAZEB among subjects who reported receipt of a recombinant live vaccine prior to their enrollment in the PALM clinical trial was similar to subjects who did not receive a vaccine.

INDICATION
INMAZEB is indicated for the treatment of infection caused by Orthoebolavirus zairense in adult and pediatric patients, including neonates born to a mother who is RT-PCR positive for Orthoebolavirus zairense infection.

Limitations of Use: The efficacy of INMAZEB has not been established for other species of the Orthoebolavirus and Orthomarburgvirus genera. Orthoebolavirus zairense can change over time, and factors such as emergence of resistance, or changes in viral virulence could diminish the clinical benefit of antiviral drugs. Consider available information on drug susceptibility patterns for circulating Orthoebolavirus zairense strains when deciding to use INMAZEB.

Please see accompanying full Prescribing Information for Inmazeb.

About Regeneron
Regeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases, and rare diseases.

Regeneron pushes the boundaries of scientific discovery and accelerates drug development using our proprietary technologies, such as VelociSuite®, which produces optimized fully human antibodies and new classes of bispecific antibodies. We are shaping the next frontier of medicine with data-powered insights from the Regeneron Genetics Center® and pioneering genetic medicine platforms, enabling us to identify innovative targets and complementary approaches to potentially treat or cure diseases. For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.

Forward-Looking Statements and Use of Digital Media
This press release includes forward-looking statements that involve risks and uncertainties relating to future events and the future performance of Regeneron Pharmaceuticals, Inc. (“Regeneron” or the “Company”), and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, the nature, timing, and possible success and therapeutic applications of products marketed or otherwise commercialized by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Products”) and product candidates being developed by Regeneron and/or its collaborators or licensees (collectively, “Regeneron’s Product Candidates”) and research and clinical programs now underway or planned, including without limitation Inmazeb® (a three-antibody cocktail of atoltivimab, maftivimab, and odesivimab-ebgn) for the treatment of infection caused by Orthoebolavirus zairense (also known as Ebola virus) as well as maftivimab as a potential treatment for Bundibugyo ebolavirus; uncertainty of the utilization, market acceptance, and/or commercial success of Regeneron’s Products (including Inmazeb) and Regeneron’s Product Candidates and the impact of studies (whether conducted by Regeneron or others and whether mandated or voluntary), including the studies discussed or referenced in this press release, on any of the foregoing or any potential regulatory approval of Regeneron’s Products and Regeneron’s Product Candidates (such as maftivimab); the likelihood, timing, and scope of possible regulatory approval and commercial launch of Regeneron’s Product Candidates (such as maftivimab) and new indications for Regeneron’s Products; whether and the extent to which Regeneron will be able to deliver the additional treatment doses of Inmazeb set forth in its agreement with the Biomedical Advanced Research and Development Authority, part of the Administration for Strategic Preparedness and Response within the U.S. Department of Health and Human Services (collectively, the "U.S. Government") discussed in this press release (the "Supply Agreement"), the amount of payments (if any) Regeneron may receive pursuant to the Supply Agreement, and whether the Supply Agreement is terminated by the U.S. Government or otherwise prior to completion; the extent to which the results from the research and development programs conducted by Regeneron and/or its collaborators or licensees may be replicated in other studies and/or lead to advancement of product candidates to clinical trials, therapeutic applications, or regulatory approval; determinations by regulatory and administrative governmental authorities which may delay or restrict Regeneron’s ability to continue to develop or commercialize Regeneron’s Products and Regeneron’s Product Candidates (such as maftivimab); the impact of public health outbreaks, epidemics, or pandemics on Regeneron's business; the ability of Regeneron’s collaborators, licensees, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labeling, distribution, and other steps related to Regeneron’s Products and Regeneron’s Product Candidates; the ability of Regeneron to manage supply chains for multiple products and product candidates and risks associated with tariffs and other trade restrictions; safety issues resulting from the administration of Regeneron’s Products and Regeneron’s Product Candidates in patients, including serious complications or side effects in connection with the use of Regeneron’s Products and Regeneron’s Product Candidates in clinical trials; ongoing regulatory obligations and oversight impacting Regeneron’s Products, research and clinical programs, and business, including those relating to patient privacy; the availability and extent of reimbursement or copay assistance for Regeneron’s Products from third-party payors and other third parties, including private payor healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; coverage and reimbursement determinations by such payors and other third parties and new policies and procedures adopted by such payors and other third parties; changes to drug pricing regulations and requirements and Regeneron’s pricing strategy, including in connection with Regeneron’s April 2026 agreements with the U.S. government; other changes in laws, regulations, and policies affecting the healthcare industry; competing products and product candidates (including biosimilar products) that may be superior to, or more cost effective than, Regeneron’s Products and Regeneron’s Product Candidates; unanticipated expenses; the costs of developing, producing, and selling products; the ability of Regeneron to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license, collaboration, or supply agreement, including Regeneron’s agreements with Sanofi and Bayer (or their respective affiliated companies, as applicable), to be cancelled or terminated; and risks associated with litigation and other proceedings and government investigations relating to the Company and/or its operations (including the pending civil proceedings initiated or joined by the U.S. Department of Justice and the U.S. Attorney's Office for the District of Massachusetts), risks associated with intellectual property of other parties and pending or future litigation relating thereto (including without limitation the patent litigation and other related proceedings relating to EYLEA® (aflibercept) Injection), the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on Regeneron’s business, prospects, operating results, and financial condition. A more complete description of these and other material risks can be found in Regeneron’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2025, and its Form 10-Q for the quarterly period ended June 30, 2026. Any forward-looking statements are made based on management’s current beliefs and judgment, and the reader is cautioned not to rely on any forward-looking statements made by Regeneron. Regeneron does not undertake any obligation to update (publicly or otherwise) any forward-looking statement, including without limitation any financial projection or guidance, whether as a result of new information, future events, or otherwise.

Regeneron uses its media and investor relations website and social media outlets to publish important information about the Company, including information that may be deemed material to investors. Financial and other information about Regeneron is routinely posted and is accessible on Regeneron's media and investor relations website (https://investor.regeneron.com) and its LinkedIn page (https://www.linkedin.com/company/regeneron-pharmaceuticals).

Media Contact for Regeneron
[email protected]

Investor Contact for Regeneron
[email protected]

_________________
1 As defined by the World Bank based on gross national income per capita.

SBI Securities Co. Ltd. raised its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 10.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,067 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,443 shares during the quarter. SBI Securities Co. Ltd.’s holdings in Broadcom were worth $24,607,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Marion Wealth Management grew its holdings in shares of Broadcom by 1.3% during the 3rd quarter. Marion Wealth Management now owns 4,878 shares of the semiconductor manufacturer’s stock worth $1,713,000 after purchasing an additional 61 shares during the period. Aire Advisors LLC increased its position in shares of Broadcom by 20.6% during the 3rd quarter. Aire Advisors LLC now owns 2,329 shares of the semiconductor manufacturer’s stock worth $818,000 after purchasing an additional 398 shares during the last quarter. Pinnacle Bancorp Inc. increased its position in shares of Broadcom by 5.5% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 3,411 shares of the semiconductor manufacturer’s stock worth $1,198,000 after purchasing an additional 177 shares during the last quarter. Cypress Wealth Services LLC raised its holdings in Broadcom by 3.1% in the 3rd quarter. Cypress Wealth Services LLC now owns 13,390 shares of the semiconductor manufacturer’s stock valued at $5,032,000 after buying an additional 401 shares during the period. Finally, Woodward Diversified Capital LLC lifted its position in Broadcom by 1.8% in the third quarter. Woodward Diversified Capital LLC now owns 7,615 shares of the semiconductor manufacturer’s stock valued at $2,674,000 after buying an additional 131 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance AVGO stock opened at $321.68 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. The firm has a market capitalization of $1.54 trillion, a P/E ratio of 41.08 and a beta of 1.46. The business’s 50-day moving average is $356.05 and its two-hundred day moving average is $384.74. Broadcom Inc. has a 1 year low of $289.96 and a 1 year high of $495.00.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion during the quarter, compared to analysts’ expectations of $29.24 billion. During the same quarter last year, the business posted $1.69 EPS. The business’s quarterly revenue was up 85.5% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current fiscal year. Broadcom Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were issued a $0.65 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is 33.21%.

Analyst Ratings Changes A number of equities research analysts have weighed in on the stock. Erste Group Bank reiterated a “hold” rating on shares of Broadcom in a research report on Tuesday, July 7th. Jefferies Financial Group started coverage on shares of Broadcom in a research note on Thursday, September 3rd. They issued a “buy” rating and a $550.00 price target on the stock. Raymond James Financial restated an “outperform” rating and issued a $475.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, September 3rd. Citic Securities raised shares of Broadcom to a “buy” rating and increased their price objective for the stock from $450.00 to $525.00 in a research report on Tuesday, September 8th. Finally, Lake Street Capital upgraded shares of Broadcom to a “buy” rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, thirty-eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $529.17.

View Our Latest Stock Analysis on Broadcom

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

Positive Sentiment: ETF investors bought approximately $89.8 million of Broadcom shares on October 21, signaling continued institutional demand. Broadcom Sees $89.8 Million in Net ETF Buying Positive Sentiment: Analysts continue to highlight Broadcom’s leadership in custom AI accelerators. Demand from major AI labs and hyperscalers, including Anthropic, OpenAI and Meta, supports management’s ambitious long-term AI semiconductor growth outlook. 3 Magnificent AI Chip Stocks Positive Sentiment: Tigress Financial initiated coverage with a Buy rating and a $600 price target, implying substantial upside from recent trading levels. Tigress Financial Broadcom Coverage Positive Sentiment: Broadcom launched Arcot Scam Defense, a real-time fraud-detection feature for digital payments. Strong initial pilot results could create incremental growth for its software and security businesses. Broadcom Debuts Arcot Scam Defense Neutral Sentiment: Broadcom remains the leading custom-chip design partner, but Alphabet is diversifying its TPU suppliers. Although Broadcom may lose market share, the overall AI accelerator market is expected to expand rapidly, potentially offsetting that loss. Broadcom AI Chip Business Risks Negative Sentiment: Investors are worried that customer-owned chip design and increased competition from MediaTek could reduce Broadcom’s role and margins in future AI programs. Alphabet’s supplier diversification is the clearest near-term risk. Broadcom AI Chip Business Risks Negative Sentiment: The broader market sell-off is weighing on AI stocks amid higher oil prices, inflation concerns and questions about whether massive data-center investments will generate sufficient returns. Technical commentary identifies the $320 area as an important support test. Broadcom Faces Critical $320 Test About Broadcom (Free Report)

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

Further Reading Five stocks we like better than Broadcom Newmont’s Record Quarter Shows Why Gold’s Floor Is the Real Story Albemarle Upgrade: Can Energy Storage Recharge Lithium’s Leader? Consumer Staples Are Up 12% This Year—These 3 Beverage Stocks Are Leading the Way Can Planet Fitness Get Its Growth Back in Shape? Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO – Free Report).

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 | Source: Stryker Corporation

Portage, Michigan, Oct. 26, 2026 (GLOBE NEWSWIRE) --

Stryker has completed its acquisition of ZuriMED, adding the FiberLocker System to its Sports Medicine portfolioThe acquisition adds a commercialized rotator cuff augmentation technology to Stryker’s shoulder portfolioThe addition expands Stryker’s ability to support shoulder specialists across sports medicine and shoulder care Stryker (NYSE:SYK), a global leader in medical technologies, announced it has completed the acquisition of ZuriMED, a privately held company and developer of the FiberLocker® System.

The FiberLocker System is a commercialized rotator cuff augmentation technology designed to increase the biomechanical strength of the repair. The differentiated technology addresses an important clinical need in rotator cuff repair and expands Stryker’s ability to support shoulder surgeons with innovative solutions across the shoulder continuum of care.

“ZuriMED brings specialized expertise and a differentiated technology that complements our growing shoulder care capabilities,” said Andy Pierce, Group President, MedSurg and Neurotechnology, Stryker. “Together, we have an opportunity to advance the FiberLocker technology, expand access to innovative treatment options and deliver greater value for our customers and their patients.”

About Stryker
Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.

Contacts
For investor inquiries:
Nick Mead
Vice President, Investor Relations
[email protected]

For media inquiries:
Kim Montagnino
Vice President, Chief Communications Officer
[email protected]

First Interstate Bank decreased its holdings in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 6.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,962 shares of the network technology company’s stock after selling 2,734 shares during the period. Palo Alto Networks accounts for 0.9% of First Interstate Bank’s portfolio, making the stock its 20th largest position. First Interstate Bank’s holdings in Palo Alto Networks were worth $17,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Janney Montgomery Scott LLC raised its stake in Palo Alto Networks by 15.0% during the first quarter. Janney Montgomery Scott LLC now owns 410,401 shares of the network technology company’s stock valued at $65,796,000 after buying an additional 53,485 shares during the last quarter. B&D White Capital Company LLC purchased a new stake in shares of Palo Alto Networks in the first quarter worth $353,000. Bridgewater Advisors Inc. purchased a new stake in shares of Palo Alto Networks in the second quarter worth $2,159,000. Mn Services Vermogensbeheer B.V. grew its stake in shares of Palo Alto Networks by 1.6% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 240,029 shares of the network technology company’s stock worth $95,366,000 after acquiring an additional 3,700 shares during the last quarter. Finally, First Citizens Bank & Trust Co. grew its stake in shares of Palo Alto Networks by 126.6% in the third quarter. First Citizens Bank & Trust Co. now owns 18,600 shares of the network technology company’s stock worth $7,390,000 after acquiring an additional 10,392 shares during the last quarter. Institutional investors own 79.82% of the company’s stock.

Analyst Upgrades and Downgrades Several equities analysts have recently weighed in on the company. Citigroup restated a “buy” rating and set a $440.00 price target (up from $410.00) on shares of Palo Alto Networks in a report on Thursday, October 15th. UBS Group reiterated a “neutral” rating and issued a $390.00 price target (up from $300.00) on shares of Palo Alto Networks in a research note on Wednesday, August 19th. Morgan Stanley set a $410.00 price objective on shares of Palo Alto Networks and gave the company an “overweight” rating in a research report on Monday, September 21st. BNP Paribas Exane increased their price objective on shares of Palo Alto Networks from $380.00 to $400.00 and gave the company an “outperform” rating in a research report on Wednesday, September 2nd. Finally, Evercore restated an “outperform” rating on shares of Palo Alto Networks in a research note on Monday, August 31st. Thirty-nine equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $398.55.

Get Our Latest Stock Analysis on PANW Insiders Place Their Bets In other Palo Alto Networks news, CAO Josh Paul sold 900 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $373.68, for a total transaction of $336,312.00. Following the transaction, the chief accounting officer owned 72,484 shares in the company, valued at approximately $27,085,821.12. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Aparna Bawa sold 1,000 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $373.61, for a total transaction of $373,610.00. Following the sale, the director directly owned 5,437 shares in the company, valued at approximately $2,031,317.57. The trade was a 15.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 54,210 shares of company stock worth $20,823,029 in the last quarter. Insiders own 1.40% of the company’s stock.

Palo Alto Networks Price Performance PANW stock opened at $380.55 on Monday. The stock has a market capitalization of $311.29 billion, a P/E ratio of 746.19, a P/E/G ratio of 10.95 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.87 and a quick ratio of 0.87. Palo Alto Networks, Inc. has a 1-year low of $139.57 and a 1-year high of $432.33. The business has a fifty day moving average price of $369.33 and a 200-day moving average price of $308.82.

Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The network technology company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.98 by $0.04. Palo Alto Networks had a return on equity of 8.50% and a net margin of 2.67%. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same period last year, the firm posted $0.95 earnings per share. Palo Alto Networks’s revenue was up 34.5% compared to the same quarter last year. Palo Alto Networks has set its FY 2027 guidance at 4.160-4.190 EPS and its Q1 2027 guidance at 0.960-0.980 EPS. Equities analysts forecast that Palo Alto Networks, Inc. will post 2.31 earnings per share for the current fiscal year.

Palo Alto Networks Profile (Free Report)

Palo Alto Networks, Inc (NASDAQ:PANW) is a global cybersecurity company that helps organizations protect networks, cloud environments, endpoints, and digital infrastructure. Its offerings are designed to prevent cyberattacks, identify security risks, monitor activity, and support incident response across enterprise, government, and service-provider environments.

The company’s portfolio includes network security products such as next-generation firewalls and security operations tools; Prisma, its cloud security platform; and Cortex, a suite focused on endpoint protection, threat detection, security analytics, and automated response.

Read More Five stocks we like better than Palo Alto Networks Newmont’s Record Quarter Shows Why Gold’s Floor Is the Real Story Albemarle Upgrade: Can Energy Storage Recharge Lithium’s Leader? Consumer Staples Are Up 12% This Year—These 3 Beverage Stocks Are Leading the Way Can Planet Fitness Get Its Growth Back in Shape? Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report).

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FREMONT, Calif., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, and Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) today announced that Enphase will deploy the world’s first 900 V gallium nitride (GaN) monolithic bidirectional switch (BDS) devices, designed to operate in Enphase solid-state transformer power modules. The devices extend GaN technology to 900 V while retaining the high-frequency switching capabilities that enable compact, efficient power conversion.

Enphase has pioneered the system-level development and demonstration, building on more than 10 years of in-house research into GaN power conversion, with device technology and engineering expertise from Infineon. Enphase is among the first to bring 650 V GaN BDS devices into volume production power electronics, and GaN HEMT technology is already operating in Enphase IQ9™ Microinverters deployed in the field. Extending that work with Infineon beyond 650 V, using Infineon's CoolGaN™ bidirectional switch portfolio, opens the door further to medium-voltage systems.

The 900 V GaN devices allow Enphase to continue using components rated below 1 kV, expanding the design options towards high-performance power conversion typically governed by silicon carbide (SiC). This supports a single-stage architecture with high-frequency switching, low electromagnetic interference (EMI), and fewer points of failure. Switching at such high frequency shrinks the transformers and other magnetics needed in the power stage, cutting size, weight, and cost.

Higher-voltage switches within that low-voltage envelope change the economics of power conversion. In a solid-state transformer, a medium-voltage input can be handled by fewer inverters connected in series while retaining the low switching losses and intrinsic bidirectionality of GaN BDS. Fewer building blocks means lower system-level losses at the same input current, fewer components in the power path, and a lower total switch count. On the DC side, higher-voltage unidirectional switch (UDS) devices allow power to be generated at a unipolar 800 volts rather than split +/-400 V buses, and support future 1,500 VDC bus architectures through split +/-750 V generation with fewer switches and lower bridge losses.

The technology is particularly relevant to the Enphase IQ® Solid-State Transformer (IQ SST), the company's solid-state transformer platform for AI data centers, where power density, efficiency, and uptime drive the economics of every megawatt deployed. The same devices are expected to benefit commercial solar inverters by enabling three-phase, line-to-line designs for 480 V applications in the United States and 400 V applications elsewhere, again with fewer switches, lower losses, and lower cost.

"Enphase asks more of our technology than almost anyone, and medium-voltage solid-state transformers are exactly where high-voltage GaN proves its value," said Johannes Schoiswohl, senior vice president and head of GaN Systems Business Line at Infineon. "Moving past 650 V lets system designers strip cost and loss out of the architecture rather than optimizing around it."

"GaN is not new to us. It has been running in Enphase IQ9 Microinverters in the field, and that field data is why we trust it in a megawatt-class system," said Hans van Antwerpen, senior vice president and chief technology officer at Enphase Energy. "Moving to 900 V gives us more voltage headroom without giving up high-frequency switching, and it allows us to stay with components rated below 1 kV while reducing the number of converters in the system. Fewer parts in the power path means higher efficiency and fewer things that can fail."

The 900 V GaN BDS devices have been successfully tested and are now being integrated into IQ SST development builds, with production qualification expected to follow. Learn more about the use of GaN in Enphase products in its white paper.

About Enphase Energy, Inc.

Enphase Energy is a global energy technology company advancing intelligent power systems for homes, businesses, and next-generation AI data centers. The company designs semiconductor-based energy technologies spanning solar, batteries, EV charging, energy management, and virtual power plants, and is developing solid-state transformer technology to address the rapidly growing power demands of AI data centers. Based in Fremont, California, Enphase is the world’s leading supplier of microinverter-based solar and battery systems. The company revolutionized the solar industry with its microinverter technology and has shipped approximately 89.4 million microinverters, with approximately 5.3 million Enphase-based systems deployed in more than 165 countries. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. For more information, visit https://enphase.com/.

©2026 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the expected capabilities and performance of Enphase Energy's IQ SST, including safety, quality, reliability, efficiency, scalability, and power conversion capabilities; the expected capabilities, performance, and benefits of 900 V GaN BDS devices, including operation in IQ SST power modules; the expected benefits of extending GaN technology beyond 650 V, including reduced losses, lower system cost, higher power density, fewer components, lower switch counts, and improved system efficiency; the expected benefits of Enphase's collaboration with Infineon Technologies AG; the integration, qualification, and deployment of 900 V GaN BDS devices in IQ SST and other Enphase products; the expected benefits of such devices for AI data center infrastructure, commercial solar inverters, and other power conversion applications; the anticipated use of 900 V GaN BDS devices in future power architectures, including medium-voltage systems and higher-voltage DC bus configurations; and the availability and timing of future product development and production qualification activities. These forward-looking statements are based on Enphase Energy's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Such risks include, but are not limited to, technological development and validation risks; market demand for AI data center infrastructure, commercial solar products, and related power conversion solutions; competitive developments; the ability to achieve anticipated performance, reliability, efficiency, scalability, and cost objectives; manufacturing and supply chain availability and costs; the successful integration, testing, qualification, and commercialization of new semiconductor technologies; and changes in regulatory or compliance requirements. Such risks and uncertainties are more fully described in Enphase Energy's filings with the Securities and Exchange Commission, including in the sections entitled "Risk Factors" and elsewhere in Enphase Energy's most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Enphase Energy files from time to time with the Securities and Exchange Commission. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

Contact:

Enphase Energy
[email protected]

On its third quarter of 2026 earnings call, held on Oct. 23, 2026, WSFS (WSFS +1.95%) reported core earnings per share of $1.75, up 25% year over year. The regional lender expanded its net interest margin, the spread between interest earned on loans and paid on deposits, while wealth and trust services drove fee growth. Strict expense control reduced its efficiency ratio, which measures noninterest expenses as a percentage of revenue, to 56.1%. Three things management said stand out.

1. Trust Fee Revenue Powers Consistent Top-Line ExpansionFee income represents nearly a third of total revenue, with Walton Trust driving approximately 60% of that total. The trust division generates consistent fee growth through varying interest rate cycles.

Our Walton Trust business has delivered double-digit year-over-year growth for 8 consecutive quarters, demonstrating our ability to generate growth through various interest rate and market environments.
-- David Burg, Chief Financial Officer2. Commercial and Industrial Lending Drives Loan Portfolio GrowthCommercial lending remains the primary engine for balance sheet expansion as business borrowing stabilizes. Management focuses loan origination on commercial and industrial accounts to keep credit risks disciplined.

On the commercial side, we continue to see solid momentum within our C&I book, which is our primary area of focus, and we continue to grow that portfolio.
-- David Burg, Chief Financial OfficerManagement returns capital rapidly while keeping total capital levels aligned with target balance sheet ratios. The bank bought back shares steadily throughout the year alongside regular dividend payouts.

Year to date, we have repurchased 5.6% of our outstanding shares and returned over 90% of net income to shareholders.
-- David Burg, Chief Financial OfficerLooking AheadReinvesting security proceeds at higher yields boosts profitability, and management isn't hiding its satisfaction with those reinvestment returns.

And that's why you've seen our portfolio yield kind of tick up over the last few quarters. So that has been an opportunity and has been a contributor to our NIM.
-- David Burg, Chief Financial OfficerThe bank relies on noninterest deposit growth and trust fee diversification. Management watches deposit pricing discipline and commercial competition closely as rival institutions target core accounts.

What I do think is occurring is there's a lot of competition out there, especially for C&I. ... And as David said, we're going to defend our turf.
-- Rodger Levenson, Chairman, President and Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

 | Source: Franklin Electric Co., Inc.

FORT WAYNE, Ind., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.28 per share payable November 19, 2026, to shareholders of record on November 5, 2026.

About Franklin Electric
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers worldwide in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be recognized in Newsweek’s lists of America’s Most Responsible Companies 2025, Most Trustworthy Companies 2025, and Greenest Companies 2025.
_______________

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

CONTACT:Jennifer Wolfenbarger / Dean Cantrell Franklin Electric Co., Inc. 260.824.2900

Robeco Institutional Asset Management B.V. acquired a new stake in Crown Holdings, Inc. (NYSE:CCK – Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 16,526 shares of the industrial products company’s stock, valued at approximately $1,742,000.

A number of other institutional investors have also made changes to their positions in CCK. Dimensional Fund Advisors LP lifted its holdings in shares of Crown by 1.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,977,123 shares of the industrial products company’s stock worth $198,186,000 after buying an additional 32,112 shares during the last quarter. Quantinno Capital Management LP increased its holdings in Crown by 19.3% in the 1st quarter. Quantinno Capital Management LP now owns 1,156,902 shares of the industrial products company’s stock valued at $115,979,000 after buying an additional 186,849 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Crown during the 2nd quarter valued at about $112,578,000. Nykredit A S bought a new stake in shares of Crown in the 2nd quarter valued at approximately $99,537,000. Finally, Assenagon Asset Management S.A. bought a new stake in Crown in the second quarter valued at $60,275,000. 90.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes A number of brokerages have commented on CCK. BMO Capital Markets increased their price objective on shares of Crown from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, July 22nd. Jefferies Financial Group set a $121.00 price target on Crown in a report on Wednesday, July 22nd. UBS Group lifted their price objective on Crown from $116.00 to $118.00 and gave the stock a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. raised Crown from a “neutral” rating to an “overweight” rating and set a $121.00 price objective for the company in a report on Friday, September 18th. Finally, Weiss Ratings raised shares of Crown from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, August 5th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.47.

Get Our Latest Report on CCK Crown Stock Up 0.0% CCK stock opened at $117.34 on Monday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.14 and a quick ratio of 0.71. The stock has a market capitalization of $12.76 billion, a P/E ratio of 16.34, a P/E/G ratio of 1.47 and a beta of 0.56. Crown Holdings, Inc. has a fifty-two week low of $91.31 and a fifty-two week high of $122.91. The business has a 50-day moving average of $112.72 and a 200-day moving average of $108.67.

Crown (NYSE:CCK – Get Free Report) last issued its quarterly earnings results on Monday, October 19th. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.13. The firm had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.45 billion. Crown had a net margin of 5.78% and a return on equity of 27.41%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.24 EPS. On average, sell-side analysts anticipate that Crown Holdings, Inc. will post 8.41 earnings per share for the current fiscal year.

Crown Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, November 19th. Shareholders of record on Thursday, November 5th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, November 5th. Crown’s dividend payout ratio (DPR) is currently 19.50%.

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

Positive Sentiment: Shares received a positive signal from a Zacks upgrade to Rank #2 (Buy), reflecting improving earnings-estimate trends. Zacks upgrades Crown Holdings to Buy Positive Sentiment: J.P. Morgan maintained its Buy rating, supporting the case that the recent weakness may represent a valuation opportunity. J.P. Morgan maintains Buy rating Positive Sentiment: Crown declared its regular $0.35-per-share quarterly dividend, equivalent to $1.40 annually and an indicated yield of about 1.2%. The payment is scheduled for November 19 to shareholders of record November 5. Crown Holdings declares quarterly dividend Neutral Sentiment: Wayne T. Smith was elected to Crown Holdings’ board, adding an experienced industrial executive but offering limited immediate earnings impact. Crown Holdings elects Wayne Smith to its board Negative Sentiment: Crown’s fourth-quarter 2026 EPS outlook of $1.63–$1.73 is below the $1.79 consensus estimate, signaling potential near-term earnings pressure. Full-year guidance of $8.35–$8.45 is broadly in line with the $8.40 consensus. Negative Sentiment: A recent analyst downgrade and questions about whether CCK is already fairly valued may be weighing on sentiment, despite the Zacks upgrade. Crown Holdings shares gap down after analyst downgrade About Crown (Free Report)

Crown Holdings, Inc (NYSE: CCK) is a global packaging company that designs, manufactures and sells metal packaging products. Its portfolio includes beverage cans, food cans, aerosol cans, closures and other specialty packaging used by consumer goods, food and beverage, household, personal care and industrial customers.

The company serves customers across North America, Europe, Asia Pacific and other international markets. Crown’s products are used for beer, soft drinks, energy drinks, canned foods, household products, personal care items and industrial materials.

Further Reading Five stocks we like better than Crown Newmont’s Record Quarter Shows Why Gold’s Floor Is the Real Story Albemarle Upgrade: Can Energy Storage Recharge Lithium’s Leader? Consumer Staples Are Up 12% This Year—These 3 Beverage Stocks Are Leading the Way Can Planet Fitness Get Its Growth Back in Shape? Want to see what other hedge funds are holding CCK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crown Holdings, Inc. (NYSE:CCK – Free Report).

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Citizens Financial Group Inc. RI grew its stake in Valero Energy Corporation (NYSE:VLO – Free Report) by 37.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,566 shares of the oil and gas company’s stock after buying an additional 2,608 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Valero Energy were worth $3,708,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Simplicity Wealth LLC increased its position in shares of Valero Energy by 10.4% in the third quarter. Simplicity Wealth LLC now owns 17,001 shares of the oil and gas company’s stock valued at $6,590,000 after acquiring an additional 1,607 shares during the last quarter. Carolina Wealth Advisors LLC lifted its holdings in shares of Valero Energy by 36,861.1% during the third quarter. Carolina Wealth Advisors LLC now owns 6,653 shares of the oil and gas company’s stock worth $2,579,000 after buying an additional 6,635 shares in the last quarter. NTV Asset Management LLC acquired a new stake in shares of Valero Energy in the third quarter valued at approximately $296,000. Sowell Financial Services LLC raised its position in shares of Valero Energy by 2.2% in the 3rd quarter. Sowell Financial Services LLC now owns 20,885 shares of the oil and gas company’s stock valued at $8,095,000 after buying an additional 440 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its position in Valero Energy by 4.9% in the third quarter. Evergreen Capital Management LLC now owns 1,232 shares of the oil and gas company’s stock valued at $478,000 after acquiring an additional 58 shares during the last quarter. 78.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets VLO has been the subject of several recent research reports. Wells Fargo & Company upped their price objective on Valero Energy from $485.00 to $489.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group decreased their price target on shares of Valero Energy from $401.00 to $394.00 and set a “hold” rating for the company in a research note on Thursday, October 8th. Citigroup raised their price target on shares of Valero Energy from $485.00 to $490.00 and gave the company a “neutral” rating in a research report on Friday. Raymond James Financial upped their target price on Valero Energy from $350.00 to $450.00 and gave the company a “strong-buy” rating in a report on Monday, September 14th. Finally, Mizuho lifted their price objective on shares of Valero Energy from $300.00 to $434.00 and gave the stock a “neutral” rating in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Valero Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $379.94.

Check Out Our Latest Report on VLO Key Valero Energy News Here are the key news stories impacting Valero Energy this week:

Positive Sentiment: Exceptional Q3 earnings: Valero reported adjusted EPS of $23.90, well above the roughly $21.17 consensus, while revenue increased 43.3% year over year to $46.1 billion. Net income surged to $6.8 billion from $1.1 billion, driven primarily by sharply higher refining margins. Valero Energy Reports Third Quarter 2026 Results Positive Sentiment: Favorable operating outlook: Management highlighted tight fuel markets, resilient demand, record ethanol production, improving renewable diesel and ethanol profitability, and expectations that fuel margins could rise again. The company also cited $9.8 billion in cash and disciplined capital spending, supporting financial flexibility. Valero Q3 Earnings Call Highlights Refining and Cash Strength Positive Sentiment: Several analysts remain constructive: Barclays raised its price target to $443 and retained an overweight rating, while Wells Fargo lifted its target to $489 and also maintained an overweight rating. Citigroup increased its target to $490, although it kept a neutral rating. Neutral Sentiment: Refining-sector momentum is strong but cyclical: Coverage emphasizes that Valero and other refiners are benefiting from tight fuel inventories and unusually high margins. Those conditions support near-term earnings but may be vulnerable to changes in crude prices, fuel demand, supply, or refinery utilization. Valero kicks off refiner results with record quarterly profit on higher margins Negative Sentiment: Valuation and analyst disagreement are weighing on sentiment: Freedom Broker reaffirmed a sell rating and assigned a $276 price target, implying substantial downside from the referenced trading level. TD Cowen raised its target to $400 but maintained a hold rating, underscoring concerns that much of the refining upside may already be reflected in VLO’s valuation. Valero Energy Price Performance VLO stock opened at $419.19 on Monday. Valero Energy Corporation has a 52 week low of $159.90 and a 52 week high of $461.52. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.23 and a current ratio of 1.64. The firm’s fifty day moving average is $393.03 and its 200 day moving average is $310.61. The firm has a market cap of $120.70 billion, a P/E ratio of 9.43, a P/E/G ratio of 0.24 and a beta of 0.59.

Valero Energy (NYSE:VLO – Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The oil and gas company reported $23.90 earnings per share for the quarter, beating the consensus estimate of $21.17 by $2.73. The firm had revenue of $46.10 billion during the quarter, compared to the consensus estimate of $42.71 billion. Valero Energy had a return on equity of 47.50% and a net margin of 8.44%. The business’s revenue was up 43.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.66 earnings per share. Research analysts predict that Valero Energy Corporation will post 54.22 earnings per share for the current year.

About Valero Energy (Free Report)

Valero Energy Corporation is an international energy company headquartered in San Antonio, Texas. The company’s primary business is refining and marketing transportation fuels, including gasoline, diesel, jet fuel and other products used by commercial, industrial and consumer customers.

Valero operates refineries in the United States, Canada and the United Kingdom. Its refining operations also produce asphalt, petrochemical feedstocks and other petroleum-based products. The company markets fuel through wholesale channels and branded retail networks, including Valero, Beacon and Shamrock-branded locations.

In addition to conventional refining, Valero has businesses focused on renewable fuels.

Recommended Stories Five stocks we like better than Valero Energy Newmont’s Record Quarter Shows Why Gold’s Floor Is the Real Story Albemarle Upgrade: Can Energy Storage Recharge Lithium’s Leader? Consumer Staples Are Up 12% This Year—These 3 Beverage Stocks Are Leading the Way Can Planet Fitness Get Its Growth Back in Shape? Want to see what other hedge funds are holding VLO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Valero Energy Corporation (NYSE:VLO – Free Report).

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SBI Securities Co. Ltd. lifted its holdings in shares of Brown & Brown, Inc. (NYSE:BRO – Free Report) by 3,413.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,032 shares of the financial services provider’s stock after acquiring an additional 10,718 shares during the quarter. SBI Securities Co. Ltd.’s holdings in Brown & Brown were worth $672,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. purchased a new position in Brown & Brown in the second quarter valued at about $1,418,571,000. Deutsche Bank AG purchased a new stake in Brown & Brown during the 2nd quarter worth approximately $266,941,000. Bank of America Corp DE purchased a new stake in Brown & Brown during the 2nd quarter worth approximately $228,051,000. Madison Asset Management LLC purchased a new stake in Brown & Brown during the 2nd quarter worth approximately $138,630,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Brown & Brown in the 2nd quarter valued at approximately $88,589,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Brown & Brown Trading Up 0.0% NYSE:BRO opened at $72.97 on Monday. The company has a market cap of $24.42 billion, a PE ratio of 23.02, a P/E/G ratio of 2.27 and a beta of 0.60. The business’s 50 day moving average is $67.25 and its two-hundred day moving average is $65.13. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.58. Brown & Brown, Inc. has a 52 week low of $53.81 and a 52 week high of $89.26.

Brown & Brown (NYSE:BRO – Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.71 billion. Brown & Brown had a net margin of 17.75% and a return on equity of 13.17%. Brown & Brown’s revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.03 earnings per share. On average, analysts predict that Brown & Brown, Inc. will post 4.49 EPS for the current year. Brown & Brown Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 11th. Shareholders of record on Wednesday, November 4th will be issued a $0.18 dividend. This is a boost from Brown & Brown’s previous quarterly dividend of $0.1650. This represents a $0.72 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 4th. Brown & Brown’s dividend payout ratio is presently 20.82%.

Wall Street Analyst Weigh In BRO has been the subject of several research analyst reports. Citigroup reiterated a “market outperform” rating on shares of Brown & Brown in a research note on Monday, October 12th. Keefe, Bruyette & Woods upgraded shares of Brown & Brown from an “underperform” rating to an “outperform” rating and set a $77.00 price target for the company in a research note on Monday, October 12th. Mizuho cut their price target on shares of Brown & Brown from $83.00 to $78.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. Barclays reduced their price objective on shares of Brown & Brown from $76.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Brown & Brown from $80.00 to $83.00 and gave the stock a “neutral” rating in a report on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $76.00.

Get Our Latest Analysis on Brown & Brown

About Brown & Brown (Free Report)

Brown & Brown, Inc is an insurance brokerage and risk management company headquartered in Daytona Beach, Florida. The company helps businesses, public entities, individuals and other organizations identify, manage and transfer risk by arranging insurance coverage and providing related advisory services.

Its operations include retail insurance brokerage, national programs, wholesale brokerage and services. Brown & Brown offers property and casualty insurance, employee benefits, personal insurance, surety and other specialized coverage.

Further Reading Five stocks we like better than Brown & Brown Newmont’s Record Quarter Shows Why Gold’s Floor Is the Real Story Albemarle Upgrade: Can Energy Storage Recharge Lithium’s Leader? Consumer Staples Are Up 12% This Year—These 3 Beverage Stocks Are Leading the Way Can Planet Fitness Get Its Growth Back in Shape? Want to see what other hedge funds are holding BRO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brown & Brown, Inc. (NYSE:BRO – Free Report).

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First Interstate Bank purchased a new stake in Builders FirstSource, Inc. (NYSE:BLDR – Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 12,750 shares of the company’s stock, valued at approximately $727,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Builders FirstSource during the second quarter worth about $700,934,000. Dimensional Fund Advisors LP boosted its stake in Builders FirstSource by 12.3% in the first quarter. Dimensional Fund Advisors LP now owns 2,967,744 shares of the company’s stock valued at $244,301,000 after acquiring an additional 325,935 shares during the period. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Builders FirstSource in the second quarter valued at approximately $134,908,000. Pictet Asset Management Holding SA boosted its stake in Builders FirstSource by 74.6% in the first quarter. Pictet Asset Management Holding SA now owns 1,378,332 shares of the company’s stock valued at $113,478,000 after acquiring an additional 588,987 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of Builders FirstSource during the second quarter valued at approximately $83,832,000. Institutional investors own 95.53% of the company’s stock.

Builders FirstSource Stock Performance
BLDR stock opened at $56.88 on Monday. The company has a 50-day simple moving average of $60.29 and a 200 day simple moving average of $71.73. The company has a market capitalization of $6.12 billion, a P/E ratio of 62.51, a PEG ratio of 1.89 and a beta of 1.45. The company has a quick ratio of 1.09, a current ratio of 1.79 and a debt-to-equity ratio of 1.14. Builders FirstSource, Inc. has a fifty-two week low of $49.67 and a fifty-two week high of $131.50.

Builders FirstSource (NYSE:BLDR – Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.17 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.08). Builders FirstSource had a net margin of 0.71% and a return on equity of 11.73%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same period in the previous year, the business posted $2.38 EPS. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. Sell-side analysts predict that Builders FirstSource, Inc. will post 3.07 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the company. Melius Research began coverage on Builders FirstSource in a research report on Tuesday, October 6th. They set a “sell” rating and a $52.00 price target on the stock. William Blair cut Builders FirstSource from an “outperform” rating to a “market perform” rating in a report on Thursday. Barclays decreased their price objective on Builders FirstSource from $93.00 to $81.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Oppenheimer lowered their target price on Builders FirstSource from $90.00 to $78.00 and set an “outperform” rating on the stock in a research report on Friday, October 16th. Finally, UBS Group set a $85.00 target price on Builders FirstSource in a research note on Thursday, October 1st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $82.25.

View Our Latest Stock Report on Builders FirstSource

Builders FirstSource Profile
(Free Report)

Builders FirstSource, Inc is a supplier of building materials, manufactured components and construction services for professional homebuilders, remodelers and other construction customers in the United States. The company provides products used throughout the residential construction process, from structural framing to interior and exterior finishes.

Its offerings include lumber and engineered wood products, roof and floor trusses, wall panels, prefabricated components, windows, doors, millwork, cabinets, roofing, siding, insulation, gypsum and related hardware.

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Want to see what other hedge funds are holding BLDR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Builders FirstSource, Inc. (NYSE:BLDR – Free Report).

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Arista Networks keeps stealing AI infrastructure deals away from Nvidia's proprietary grip, and the case for owning the open Ethernet alternative gets stronger every time the stock pulls back.

After its last earnings report, I added to my Arista Networks (NYSE:ANET | ANET Price Prediction) position, and I bought again this month when the stock fell 15.28% in four weeks. I keep adding because every quarter gives me a new reason to.

Why I Keep Hitting the Buy Button Every AI cluster needs a network fabric, and Arista sells the open Ethernet option. It builds on merchant silicon from Broadcom (NASDAQ:AVGO) and adds EOS, its own operating system, on top. Ethernet keeps taking ground from proprietary interconnects. Arista’s Etherlink AI fabrics now have more than 100 cumulative customers, up from 4 to 5 in 2024. CEO Jayshree Ullal remembered the move from InfiniBand to Ethernet and said “that transition took two to three years.” I want to own the company that keeps winning that move.

Three Receipts Behind My Conviction Growth is speeding up. Q2 revenue reached $3.0357B, up 37.69%, the company’s first $3 billion quarter. The 2026 outlook was raised to about $12.6 billion, or 40% growth. Its Analyst Day goal was $10.5 billion.

Margins are expanding while sales grow. Non-GAAP operating margin rose to 49.9% from 48.8%. EPS of $1.02 beat the $0.8856 consensus. That makes six consecutive earnings beats.

Its balance sheet funds itself. Cash and marketable securities came to about $13.3 billion. Deferred revenue climbed to roughly $6.9 billion, and Q2 capex was only $29.7 million.

Why My Money Skips Nvidia and Cisco NVIDIA (NASDAQ:NVDA) trades at a lower P/E, about 42, and its networking revenue grew 138%. I pass anyway. Its supply obligations reached $279.00 billion, guarantees for partners go as high as $108.5 billion, and days sales outstanding rose to 60 days from 45. I’d rather own the open fabric that also links AMD chips and Google TPUs.

Cisco Systems (NASDAQ:CSCO) pays a $0.42 quarterly dividend, and Arista pays none. Even so, Cisco’s FY2026 revenue grew 11.77%, its operating margin guidance is 35.5%–36.5%, and its cash fell 23.8%. For building wealth over decades, I’ll take compounding over a check each quarter.

Risk That Could Break This Position Arista relies on a few buyers. Microsoft and Meta are its anchor customers, and Ullal expects “1, maybe 2 10% customers” this year. It also relies on a predominant merchant silicon vendor, and gross margin slid to 63.4% from 65.6%. At a P/E near 62, a lost customer would hurt.

My thesis still holds. Purchase commitments almost tripled to about $9.7 billion under multiyear vendor agreements, and operating margin rose even as gross margin fell. With more than 100 AI customers, Arista depends less on any one name every quarter.

What Keeps My Buy Button Active For Q3, Arista guides to about $3.30B in revenue and EPS of $1.06-$1.08. Ullal sizes the scale-across market at $15 billion to $20 billion by 2030, and 1.6T switches should reach production in 2027. Every new AI data center needs a network, and that keeps sending my money to Arista.

The AI data-center expansion is the whole background here, and the picks-and-shovels names beyond the chipmakers are worth knowing (we covered seven of these suppliers, from power to networking, which you can read here).

Contact [email protected] for any questions or corrections.

, /PRNewswire/ -- EQT Corporation ("EQT") (NYSE: EQT) and Range Resources Corporation ("Range") (NYSE: RRC) today announced that they have entered into a definitive merger agreement, under which EQT will acquire Range in an all-stock transaction to create America's leading natural gas company with a pro forma enterprise value over $50 billion. The combination brings together two of the highest-quality natural gas assets in North America, creating America's largest and only vertically integrated natural gas producer with leading inventory depth and low-cost structure. Combined with a fortress balance sheet and the largest natural gas marketing platform in the country, these differentiated attributes solidify EQT as the operator of choice in the next era of demand-led natural gas growth.

Transaction Creates America's Natural Gas Champion

Asset Scale: Combined company will have >9 Bcfe/d of net production and >30 years of inventory across nearly 3 million net acres in addition to >3,700 miles of critical midstream infrastructure Strategic Positioning: Transaction positions EQT as the clear partner of choice for end users of natural gas, enhancing EQT's abilities to serve Appalachian demand growth Cost Structure: Improves EQT's unlevered free cash flow breakeven(1) to less than $2 per MMBtu while increasing NGL diversification, ensuring robust free cash flow through all parts of the commodity cycle Synergy Value: Expect $325 million of base annual synergies within two years across corporate, operations and commodities marketing, with a pathway to more than $600 million long-term from development and infrastructure optimization, improved margins from natural gas, LNG and NGL marketing efforts, and the ability to accelerate inventory development into contractual demand-led growth Financial Profile: 100% stock transaction with a pro forma enterprise value of more than $50 billion; further strengthens EQT's balance sheet and is expected to provide BBB quality credit metrics at closing Earnings Power: Cumulative free cash flow(1) projected to be ~$20 billion over the next five years at recent strip pricing, creating shareholder value beyond what either company could achieve standalone (1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure. Unlevered free cash flow breakeven is defined as the average Henry Hub price needed to generate positive unlevered free cash flow.

EQT President and CEO Toby Z. Rice stated, "This transaction brings together two of the highest-quality, longest-duration asset bases in North America and creates a company uniquely positioned for the next era of natural gas. As the lowest-cost natural gas producer in the industry, supported by multiple decades of high-quality inventory, the combined company will offer exceptional resilience through commodity cycles while maintaining significant upside to strengthening natural gas fundamentals. Additionally, our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come."

"This combination of two highly successful operators with decades of inventory creates opportunities to build long-term value neither could fully realize independently," said Dennis L. Degner, President and CEO of Range. "Our Board of Directors unanimously determined that this transaction will enhance Range shareholders' ability to participate in a constructive long-term natural gas and NGL macro outlook. The combined company will be uniquely positioned to capitalize on increasing demand for natural gas and liquids both domestically and internationally, delivering superior returns for investors. I want to thank our employees, whose hard work, dedication and commitment have positioned us to enter this next chapter of value creation with EQT." 

Transaction Details 

Under the terms of the merger agreement, unanimously approved by the Board of Directors of both companies, EQT will acquire Range in an all-stock transaction. Each outstanding share of Range common stock will be exchanged for 0.987 shares of EQT common stock. As a result of the transaction, EQT's existing shareholders are expected to own approximately 73% of the combined company and Range's shareholders are expected to own approximately 27%.

The transaction is expected to close during the first quarter of 2027, subject to the receipt of required regulatory approvals and clearances, approval of the transaction by shareholders of both EQT and Range, and the satisfaction of other customary closing conditions. Upon the closing of the transaction, two representatives from Range, including Dennis Degner, will join EQT's Board of Directors. EQT's executive management team will lead the combined company with headquarters remaining in Canonsburg, Pennsylvania.

Advisors
Citi and RBC Capital Markets, LLC acted as financial advisors to EQT. Kirkland & Ellis LLP is serving as EQT's legal counsel on the transaction. Evercore acted as lead financial advisor, J.P. Morgan Securities LLC also advised Range. Gibson, Dunn & Crutcher LLP is serving as Range's legal counsel on the transaction.

Conference Call and Webcast Information
EQT and Range will hold a joint conference call to discuss the details of the transaction at 8:00 AM ET today, October 26, 2026, which will be broadcast live via webcast. The live audio webcast and accompanying presentation is available on EQT's investor relations website, ir.eqt.com, under "Events & Presentations" and on Range's investor relations website, ir.rangeresources.com, under "News & Events." A replay will be archived in the same locations after the conclusion of the live event.

As a result of the announced transaction, EQT and Range are canceling their previously scheduled Q3 2026 earnings conference calls on October 28, 2026. Both companies will issue their Q3 2026 earnings results, as previously announced, after the market close on October 27, 2026.

EQT Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
[email protected]

EQT Media Contact
Amy Rogers
Head of Strategic Communications
412.738.5220
[email protected]

Range Investor Contact
Laith Sando
SVP, Corporate Strategy & Investor Relations
817.869.4267
[email protected]

Range Media Contact
Mark Windle
Director Corporate Communications
724.873.3223
[email protected]

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.

EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at ir.eqt.com.

About Range Resources Corporation
Range Resources Corporation is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Cautionary Statements Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking and are usually identified by the use of words such as "anticipates," "believes," "cause," "continue," "could," "depend," "develop," "estimates," "expects," "forecasts," "goal," "guidance," "have," "impact," "implement," "increase," "intends," "lead," "maintain," "may," "might," "plans," "potential," "possible," "projected," "reduce," "remain," "result," "scheduled," "seek," "should," "will," "would" and other similar words or expressions. The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking statements in this news release may include statements regarding the proposed transaction (the "proposed transaction") between EQT and Range, the expected closing of the proposed transaction and the timing thereof and the pro forma combined company and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, enterprise value, cash flows and anticipated uses thereof, synergies, opportunities and anticipated future performance, expected accretion to earnings and free cash flow and anticipated dividends. Information adjusted for the proposed transaction should not be considered a forecast of future results.

Forward-looking statements contained herein reflect the current views of EQT and Range about future events. Although EQT and Range believes such forward-looking statements are based on reasonable expectations and assumptions, statements made regarding future results are not guarantees of future performance and are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond EQT's and Range's control. Actual outcomes and results may be materially different from the results stated or implied in the forward-looking statements included in this news release due to a number of factors, including, but not limited to: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement related to the proposed transaction (the "Merger Agreement"); the possibility that shareholders of EQT may not approve the issuance of EQT shares required in the proposed transaction; the possibility that the shareholders of Range may not adopt the Merger Agreement; the risk that EQT or Range may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or required governmental and regulatory approvals may delay the proposed transaction or result in the imposition of conditions that could cause the parties to abandon the proposed transaction; the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all; risks related to disruption of management's time from ongoing business operations due to the proposed transaction; the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of EQT's or Range's common stock; the risk of any unexpected costs or expenses resulting from the proposed transaction; the risk of any litigation relating to the proposed transaction; the risk that the proposed transaction and its announcement could have an adverse effect on the ability of EQT and Range to retain and hire key personnel, on the ability of EQT or Range to attract third-party customers and maintain their relationships with derivatives and joint venture counterparties and on EQT's and Range's operating results and businesses generally; the risk that problems may arise in successfully integrating the businesses of EQT and Range, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the proposed transaction or it may take longer than expected to achieve those synergies or benefits and other important factors that could cause actual results to differ materially from those projected; the volatility in commodity prices for crude oil and natural gas; the effect of future regulatory or legislative actions on EQT and Range or the industry in which they operate, including the risk of new restrictions with respect to oil and natural gas development activities; the risk that the credit ratings of the combined business may be different from what EQT and Range expect; the ability of management to execute its plans to meet its goals and other risks inherent in EQT's and Range's businesses; public health crises and any related government policies and actions; the potential disruption or interruption of EQT's or Range's operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond EQT's or Range's control; and the combined company's ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry. Additional information concerning risk factors is contained in EQT's and Range's Annual Reports on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. All such factors are difficult to predict and are beyond EQT's and Range's control. Additional risks or uncertainties that are not currently known to EQT or Range, that EQT or Range currently deem to be immaterial, or that could apply to any company could also cause actual outcomes and results to differ materially from those included in the forward-looking statements in this news release.

Any forward-looking statement speaks only as of the date on which such statement is made. EQT and Range undertake no obligation to publicly correct or update the forward-looking statements in this news release, in other documents or on their respective websites to reflect new information, future events or otherwise, except as required by applicable law. All such statements are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on these forward-looking statements as a prediction of actual results.

Important Information for Investors and Shareholders; Additional Information and Where to Find It
In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the "SEC") a registration statement on Form S-4 (the "registration statement") that will include a joint proxy statement of EQT and Range and that will also constitute a prospectus of EQT (the "joint proxy statement/prospectus"). EQT and Range also intend to file other relevant documents regarding the proposed transaction with the SEC. This news release is not a substitute for the joint proxy statement/prospectus or the registration statement. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EQT AND RANGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT MAY BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EQT, RANGE, THE PROPOSED TRANSACTION, THE RISKS THERETO AND RELATED MATTERS. After the registration statement has been declared effective, a definitive joint proxy statement/prospectus will be mailed to the shareholders of EQT and the shareholders of Range. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus and other relevant documents filed or that will be filed with the SEC by EQT or Range through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by EQT may be obtained free of charge on EQT's website at ir.eqt.com. Copies of the documents filed with the SEC by Range may be obtained free of charge on Range's website at ir.rangeresources.com. The information included on, or accessible through, EQT's or Range's website is not incorporated by reference into this news release.

Participants in the Solicitation
EQT and Range and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction contemplated by the joint proxy statement/prospectus. Information regarding EQT's directors and executive officers and their ownership of EQT's securities is set forth in EQT's filings with the SEC, including EQT's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on February 26, 2026. To the extent such person's ownership of EQT's securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Information regarding Range's directors and executive officers and their ownership of Range's securities is set forth in Range's filings with the SEC, including Range's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on March 31, 2026. To the extent such person's ownership of Range's securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the joint proxy statement/prospectus and other relevant materials that will be filed with the SEC regarding the proposed transaction when such documents become available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation
This news release relates to the proposed transaction. This press release is for informational purposes only and is not intended to and shall not constitute an offer to buy, sell or exchange, or the solicitation of an offer to buy, sell or exchange, any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Non-GAAP Disclosures
Adjusted Operating Cash Flow, Free Cash Flow and Unlevered Free Cash Flow

Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Unlevered free cash flow is defined as free cash flow, less interest expense. EQT's management believes that these measures provide useful information to external users of EQT's consolidated financial statements, such as investors, industry analysts, lenders and ratings agencies, regarding EQT's liquidity, including EQT's ability to generate cash flow in excess of its capital requirements and return cash to shareholders. Adjusted operating cash flow, free cash flow and unlevered free cash flow should not be considered as alternatives to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP.

EQT has not provided projected net cash provided by operating activities or a reconciliation of projected adjusted operating cash flow, free cash flow or unlevered free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. EQT is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. EQT is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, EQT does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and adjusted operating cash flow, free cash flow and unlevered free cash flow. Natural gas prices are volatile and out of EQT's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, EQT is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected adjusted operating cash flow, free cash flow or unlevered free cash flow to projected net cash provided by operating activities, without unreasonable effort.

SOURCE EQT Corporation (EQT-IR)

Ichor (NASDAQ:ICHR – Get Free Report) is anticipated to release its Q3 2026 results after the market closes on Monday, November 2nd. Analysts expect Ichor to post earnings of $0.4533 per share and revenue of $330.15 million for the quarter. Ichor has set its Q3 2026 guidance at 0.400-0.500 EPS. Parties may review the information on the company’s upcoming Q3 2026 earnings results page for the latest details on the call scheduled for Monday, November 2, 2026 at 4:30 PM ET.

Ichor (NASDAQ:ICHR – Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The technology company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.03. Ichor had a positive return on equity of 0.47% and a negative net margin of 3.97%. The business had revenue of $294.78 million during the quarter, compared to analysts’ expectations of $300.17 million. During the same period in the prior year, the firm posted $0.03 EPS. The business’s quarterly revenue was up 22.7% compared to the same quarter last year. On average, analysts expect Ichor to post $1.13 EPS for the current fiscal year and $2.66 EPS for the next fiscal year.

Ichor Stock Performance ICHR opened at $37.94 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.07 and a current ratio of 3.70. Ichor has a one year low of $14.06 and a one year high of $113.58. The company has a market cap of $1.42 billion, a P/E ratio of -32.43 and a beta of 1.79. The business’s 50-day simple moving average is $55.30 and its 200-day simple moving average is $69.41.

Insider Transactions at Ichor In other news, CEO Philip Barros, Jr. sold 1,314 shares of Ichor stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $61.88, for a total value of $81,310.32. Following the transaction, the chief executive officer directly owned 161,562 shares of the company’s stock, valued at $9,997,456.56. The trade was a 0.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Greg Swyt sold 689 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $65.01, for a total transaction of $44,791.89. Following the completion of the sale, the chief financial officer directly owned 47,143 shares of the company’s stock, valued at $3,064,766.43. The trade was a 1.44% decrease in their ownership of the stock. 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. Insiders sold 46,740 shares of company stock valued at $2,602,960 in the last 90 days. Company insiders own 1.70% of the company’s stock. Analyst Upgrades and Downgrades ICHR has been the subject of a number of research analyst reports. Freedom Broker initiated coverage on Ichor in a report on Friday, October 9th. They issued a “buy” rating and a $82.00 price target for the company. Oppenheimer raised their price objective on shares of Ichor from $60.00 to $80.00 and gave the stock a “market perform” rating in a report on Tuesday, August 4th. UBS Group set a $82.00 price objective on shares of Ichor in a research report on Thursday, October 8th. Needham & Company LLC upped their target price on shares of Ichor from $72.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen raised shares of Ichor from a “hold” rating to a “buy” rating in a research report on Saturday, October 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Ichor currently has a consensus rating of “Moderate Buy” and an average price target of $85.89.

Read Our Latest Report on ICHR

About Ichor (Get Free Report)

Ichor Holdings, Ltd. (NASDAQ: ICHR) is a supplier to the semiconductor equipment industry. The company designs, engineers and manufactures critical fluid-delivery subsystems used in semiconductor fabrication equipment, including systems that deliver and control gases and chemicals during the wafer-manufacturing process.

Ichor’s products and services include gas and chemical delivery systems, precision-machined components, weldments, fluid-management assemblies and related engineering and manufacturing services.

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Based on GE Vernova (GEV -1.50%) management's commentary at recent investor conferences, the company will likely report strong growth in orders and backlog when it releases its third-quarter results on Oct. 28. Those are important numbers to keep an eye on, but there's another underlying metric that is almost as important, and investors should keep an eye out for it because it's been very bullish for the company in recent quarters.

GE Vernova's backlog and growth prospects
GE Vernova's backlog stood at $176 billion at the end of the second quarter, but CEO Scott Strazik said he thinks it will hit $200 billion "very early" in 2027, based on strong third-quarter orders. That's an impressive number, but it only tells part of the story.

$815.00-$12.42 (-1.50%)

NYSE · As of 4:00 PM ET 10/23/26

GE Vernova operates in three segments. The loss-making wind segment is working through unprofitable offshore wind contracts and focusing on margin improvement as it returns to profitability. The electrification segment continues to grow strongly, driven by the need to build and maintain the grid and support growth from AI data centers and the electrification-of-everything megatrend.

However, its long-term growth depends on its power segment, specifically gas power turbines. They are typically sold with long-term service agreements (LTSAs) that generate highly lucrative service revenue over many years. As such, investors should view every gas turbine installed as a driver of long-term earnings and cash flow rather than a near-term profit generator.

Gigawatts matter, so do heavy-duty gas turbines
While the dollar amount in the backlog grabs the headlines, investors should also think in terms of the gigawatts (GW) of power in the gas power backlog, and the type of gas turbine orders it's winning -- its heavy-duty gas turbines, notably its H-class turbines (HA) generate significantly more long-term services revenue than its smaller turbines, such as aeroderivatives do.

Image source: Getty Images.

Strazik outlined these dynamics at a recent Morgan Stanley conference, noting that HA services revenue is currently $1 billion of the power segment's $24 billion in revenue. However, that's only from "130 machines running today," and the company has another 195 on contract. "... by the end of next year, we'll cumulatively have at least 400 machines either running or on contract," he said, representing an incremental 200 GW of power. Given that every GW of HA power generates $500 million in services revenue over the first 20 years of its lifetime, this increase adds $100 billion in future high-margin services revenue.

What might GE Vernova report this week?
The company reported 21 GW of new gas equipment contracts in the first quarter and 20 GW in the second quarter. In addition, HA gas turbine orders increased from 15 units in the first half of 2025 to 27 in the first half of 2026. However, the July guidance called for just 20 GW in the second half. That said, Strazik told investors in September that guidance now looks conservative.

As such, investors should look for guidance indicating a run rate of 20-40 GW for the second half. Anything closer to the higher end of the range, driven by HA gas turbine orders, could send the stock sharply higher.

Celestica Inc. (NYSE:CLS) will release earnings for its third quarter after the closing bell on Monday, Oct. 26.

Analysts expect the Toronto, Canada-based company to report quarterly earnings of $2.97 per share, up from $1.58 per share in the year-ago period. The consensus estimate for Celestica’s quarterly revenue is $5.47 billion. It reported $3.19 billion last year, according to Benzinga Pro.

On Aug. 5, Celestica announced the pricing of its $3 billion equity offering of 9,677,419 shares at $310 per share.

Shares of Celestica fell 3.4% to close at $260.01 on Friday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

FBN Securities analyst Shebly Seyrafi initiated coverage on the stock with an Outperform rating and a price target of $375 on Sept. 15, 2026. This analyst has an accuracy rate of 60%. UBS analyst David Vogt upgraded the stock from Neutral to Buy and raised the price target from $410 to $430 on Aug. 24, 2026. This analyst has an accuracy rate of 74%. Barclays analyst Tim Long maintained an Overweight rating and cut the price target from $430 to $406 on Aug. 7, 2026. This analyst has an accuracy rate of 73%. JP Morgan analyst Joseph Cardoso maintained an Overweight rating and raised the price target from $445 to $485 on July 29, 2026. This analyst has an accuracy rate of 57%. Wolfe Research analyst George Notter maintained an Outperform rating and boosted the price target from $425 to $475 on July 29, 2026. This analyst has an accuracy rate of 81%. Considering buying CLS stock? Here’s what analysts think:

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Amazon (AMZN -0.95%) is set to report earnings for the third quarter on Thursday, Oct. 29. If its latest reports are any guide, the stock might move a lot the next day. Shares surged about 15% the day after the company's July 30 report, and they slid about 6% after its February report.

The stock trades near $252 as of this writing, about 11% below its Aug. 3 closing high of $284.02. I still think it's a buy.

But I don't know which way it'll go after Thursday's report, and I don't think anyone else does either. I'd split the purchase instead: half a position before the report, and the other half after it.

Image source: The Motley Fool.

Amazon stock has made big moves after its reportsAmazon shares gained around 10% on Oct. 31, 2025, the day after the company's third-quarter 2025 report, and dropped about 6% on Feb. 6, after its fourth-quarter results. The first-quarter report on April 29 hardly moved the stock, which gained less than 1% the next day. Then came the 15% surge on July 31.

Three of those four moves were up. But four reports is a small sample.

Amazon's hefty spending on artificial intelligence (AI) also leaves room for surprises.

Free cash flow over the trailing 12 months was a $7.6 billion outflow, so any shift in its spending plans might move the stock sharply in either direction.

Splitting the buy doesn't improve the average outcome, but it does tighten the range. Take a $10,000 purchase made the day before the February report. Bought in one go, it would've lost around $555 by the next close. Split in half, the first $5,000 would have lost about $278, and the second $5,000 would have bought shares about 6% cheaper.

The July report went the other way. All $10,000 would have gained around $1,532 the next day. But the split would have gained only about $766, and it paid about 15% more for its second half.

Put another way, the split gives up some upside in exchange for never going all in on the wrong night. With a stock I plan to own for years, that looks like a fair trade.

Why buy any shares before the report?Waiting with the full position has its own cost, because Amazon's business keeps getting stronger.

Amazon Web Services (AWS), the company's cloud computing segment, has seen its sales growth accelerate for five straight quarters. In the third quarter of 2025, AWS sales grew 20% year over year, up from 17.5% in the second quarter and 17% in the first. Growth then climbed to 24%, 28%, and, in the second quarter of 2026, 37%. The segment's operating income rose even faster, to $16.6 billion from $10.2 billion a year before. And Amazon's total operating income hit $27.5 billion, up 43% year over year, after 30% growth in the first quarter.

Amazon's third-quarter guidance is for operating income between $22.5 billion and $26.5 billion. This compares to $17.4 billion a year ago, or $21.7 billion without two special charges (a Federal Trade Commission settlement and severance costs). Even the low end of the range would top that adjusted number.

I made my five-year case for the stock last week, and none of it rides on what shares do on Oct. 30. Sure, shares cost around 24 times what analysts expect Amazon to earn in 2027. The stock isn't cheap, and that premium is arguably one reason a disappointing report might still send it down.

AMZN Amazon$248.00-$2.38 (-0.95%)

NASDAQ · As of 4:00 PM ET 10/23/26

The second half gets its date before the reportI'd set the day for the second buy now, instead of waiting to see how the stock reacts. Picking it afterward turns the plan back into a guess at the next move.

Amazon forecast third-quarter sales growth of 9% to 12%, well below the second quarter's 20%. But this year's Prime Day was June 23-26, during the second quarter, and management said third-quarter growth would be almost 4 percentage points higher with Prime Day taken out of both years.

What would make me skip the second half is a shift in the business, not a drop in the share price. If AWS growth slowed back toward the 20% rate from a year ago, or operating income was under the guided range, I'd rethink my position.

Is Amazon stock a buy before Oct. 29, then? I think so, but just for half of what I'd eventually want to hold. The other half can wait a few days, until the quarter's results come out.

Amazon (AMZN -0.95%) doesn't need much of an introduction. Most of us know the company very well thanks to its leading e-commerce business, offering customers everything from groceries and mass merchandise to entertainment. This name recognition, as well as its vast fulfillment network worldwide, gives this market giant a solid moat or competitive advantage that has kept revenue marching higher over the years.

The company has also become a tech powerhouse, with the growth of its cloud computing business, Amazon Web Services (AWS). And this unit's strength in artificial intelligence (AI) has supercharged revenue in recent times -- and potentially offers it a major growth opportunity moving forward.

Still, Amazon's stock performance hasn't been as fantastic as many of its AI peers. While some have soared in the double and triple digits this year alone, Amazon stock has only climbed in the single digits in 2026. With all of this in mind, should you buy Amazon ahead of a key catalyst on Oct. 29? Let's find out.

Image source: Getty Images.

A major profit driver for AmazonSo, first, we'll consider the Amazon story so far. As mentioned, the company is known as an e-commerce giant, but in recent years, AWS has become its major profit driver. In the latest quarter, for example, AWS accounted for 60% of operating income. That's why it's important to focus on the momentum of this business.

AWS was a growth business prior to the AI boom, offering customers a broad range of core services such as storage and database-oriented options, but the emergence of AI created a fresh element that would significantly boost revenue. The unit now provides non-AI and AI products and services, and demand for both categories has been soaring in recent quarters. Here, however, I'll focus on AI as it represents a potentially game-changing technology for Amazon and its peers.

AMZN Amazon$248.00-$2.38 (-0.95%)

NASDAQ · As of 4:00 PM ET 10/23/26

In the recent quarter, AWS delivered growth of more than 36%, the fastest rate in 18 quarters. The AI business and the company's custom chips business each reached an annual revenue run rate of more than $25 billion due to soaring demand. AWS, now at a run rate of $169 billion, could be No. 24 on the Fortune 500 list if it were a separate company, Amazon chief Andy Jassy said during the second-quarter earnings call this summer.

AWS, as the world's No. 1 cloud services provider, is the natural place for customers to turn to when entering the AI space. They know AWS well, and by coming here, they can keep all of their projects and programs in one location.

"They want their AI inference to reside near their other applications and data, and more of it resides in AWS than anywhere else," Jassy said during the earnings call.

Amazon's $220 billion in capexBut what's the downside of all of this? Amazon has invested heavily and must continue to invest in order to serve demand and prepare for future demand. The company recently increased its cash capital spending forecast for this year by $20 billion to $220 billion. Some investors have worried about the time it will take to monetize such an investment -- and have questioned whether Amazon and infrastructure peers are overspending. This weighed on the stock's performance in recent times, and this could continue to represent a headwind.

Now, let's get back to our question and the upcoming event on Oct. 29. Amazon is scheduled to report third-quarter earnings after the market closes. Investors will closely watch revenue numbers to assess whether the AI investment is bearing fruit, and they will also listen for comments on demand as well as any changes in capex forecasts.

Amazon's custom chips business has emerged as a significant growth engine, so growth trends here will be a focus as well.

Should you buy Amazon stock before this potential catalyst? Amazon stock trades at 29x forward earnings estimates, down from about 45x when revenue levels were lower.

AMZN PE Ratio (Forward) data by YCharts

The stock's valuation is very reasonable right now considering the stability of Amazon's e-commerce business, long track record of earnings growth, and the fresh growth possibilities offered by AWS -- due to its core business and its AI strengths.

All of this makes Amazon a fantastic buy now. But you don't have to rush into the stock before the earnings report. That's because, as a long-term investor, short-term performance -- whether positive or negative -- won't have much impact on your gains over time. So you can buy now -- or after Oct. 29.

Narrowing down a portfolio to only one stock is a terrible investment strategy. However, it's an exercise worth doing to uncover your convictions and your fears. While you may be confident a certain quantum computing company is going to work out, you wouldn't put all of your eggs in that basket. Instead, most investors will balance long-term return potential with its estimated success rate, and my top stock marries those two into one of the most potent combinations ever seen in the stock market: Nvidia (NVDA -0.59%).

Investing in Nvidia is a bet that the artificial intelligence (AI) build-out will continue for many years uninterrupted. Considering the number of breakthroughs AI is delivering and the efficiencies it's unlocking in the workplace, it has already begun to prove its value. There's still a lot more to come, and demand for more AI computing power will remain the status quo for many more years. To top it off, Nvidia's stock is pretty cheap and well-positioned to deliver strong returns. All of this adds up to Nvidia being my top stock now, but there's even more to the picture.

Image source: Nvidia.

Nvidia has major growth ahead The AI build-out has been incredible in 2026, but it's going to get even more intense during 2027. Nvidia estimates that the big five AI hyperscalers will make nearly $800 billion on data center capital expenditures (capex) in 2026, but that figure rises to $1.3 trillion in 2027. That's a 63% rise in just a year's time, which is simply incredible. However, Nvidia has provided forecasts that indicate it expects revenue to rise at a 70% pace.

So, despite Nvidia holding the largest market share and seeing several viable competitors emerge, it still expects to grow faster than the industry as a whole. That's dominance, and it showcases Nvidia's leadership position in this industry.

NVDA Nvidia$210.96-$1.25 (-0.59%)

NASDAQ · As of 4:00 PM ET 10/23/26

Furthermore, Nvidia estimates that global data center capex will rise to $3 trillion to $4 trillion annually by 2030, indicating solid long-term growth during the next few years. With Nvidia's graphics processing units (GPUs) being the AI industry standard, it's bound to grow at the same pace or faster than the overall market during this time span, which will lead to monster stock growth.

However, none of this is priced into the stock, which is what makes it such a good buy now.

Nvidia's stock is primed for major upside Right now, Nvidia trades for a mere 28 times earnings.

NVDA PE Ratio data by YCharts

Compared to other big tech stocks, this is about an average valuation. The issue is, Nvidia is no average stock. Last quarter, its revenue rose 100%, and there's its 70% increase forecast for next year, which blows the growth of other big tech companies out of the water.

This isn't reflected in the share price, as evidenced by its fairly modest trailing earnings valuation. When next year's earnings projections are used to value the stock, Nvidia looks like an absolute bargain.

NVDA PE Ratio (Forward 1y) data by YCharts

At less than 14 times forward earnings, Nvidia is about as cheap as it gets for a company that has already told investors that it expects scorching growth next year. If they're telling investors, that means they have high confidence in that figure. I think the market hasn't identified this mismatch, although it could in the near future. As a result, I think investors would be smart to load up on the shares because it provides one of the highest return potentials of any stock on the market, and is nearly guaranteed to post those returns.

The AI build-out isn't slowing anytime soon, and that makes Nvidia my top stock to buy now.

 | Source: Dover Corporation

DOWNERS GROVE, Ill., Oct. 26, 2026 (GLOBE NEWSWIRE) -- Dover (NYSE: DOV), a diversified global manufacturer, today announced that it has commenced cash tender offers (collectively, the “Offers”) to purchase the outstanding notes described below, in each case upon the terms and subject to the conditions set forth in the Offer to Purchase dated October 26, 2026 (the “Offer to Purchase”).

The Notes offered to be purchased in the Offers, in the order of acceptance priority, are the 6.650% Debentures due 2028; 6.600% Notes due 2038; 5.375% Debentures due 2035; and 5.375% Notes due 2041 (collectively, the “Notes”) for the consideration described below, up to an aggregate purchase price, excluding the Accrued Coupon Payment (as defined below), of $230,000,000 (the “Tender Cap”), subject to proration and the application of the Acceptance Priority Levels set forth in the table below and as further set forth in the Offer to Purchase. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase.

Series of NotesCUSIP/ISIN
Number(1)Aggregate
Principal Amount OutstandingAcceptance
Priority
Level(2)Par Call DateMaturity DateReference
SecurityBloomberg Reference PageFixed Spread (Basis Points)6.650% Debentures
due 2028260003AC2 / US260003AC29$200,000,0001N/AJune 1, 20284.750% UST
due 9/30/2028FIT 1+306.600% Notes
due 2038260003AG3 / US260003AG33$250,000,0002N/AMarch 15, 20384.625% UST
due 8/15/2036FIT 1+705.375% Debentures
due 2035260003AF5 / US260003AF59$300,000,0003N/AOctober 15, 20354.625% UST
due 8/15/2036FIT 1+655.375% Notes
due 2041260003AK4 / US260003AK45$350,000,0004December 1, 2040March 1, 20414.625% UST
due 8/15/2036FIT 1+90           (1) No representation is made as to the correctness or accuracy of the CUSIP or ISIN numbers listed above.

(2) Subject to the satisfaction or waiver by Dover of the conditions of the Offers described in the Offer to Purchase and subject to the Tender Cap, Dover will accept Notes for purchase in the order of their respective Acceptance Priority Level specified in this table (subject to proration as described in the Offer to Purchase) (each, an “Acceptance Priority Level” with 1 being the highest Acceptance Priority Level and 4 being the lowest Acceptance Priority Level).

Subject to applicable law, Dover may, but is under no obligation to, eliminate, increase or decrease the Tender Cap at any time prior to the Expiration Date. In the event proration is required with respect to a Series of Notes, Dover will multiply the principal amount of each valid tender of such Series of Notes by the applicable proration rate and round the resulting amount down to the nearest integral multiple of the respective minimum denomination, in order to determine the principal amount of such tender that will be accepted pursuant to the applicable Offer. The excess principal amount of Notes not accepted from the tendering Holders will be promptly returned to such Holders, and if this excess principal amount of Notes is less than the respective minimum denomination of such Series of Notes, Dover may either accept or reject all such tendering Holders’ validly tendered Notes in its sole discretion. Additionally, Dover may, but is under no obligation to, accept for purchase additional Notes of any Series in an aggregate principal amount not exceeding 2% of the outstanding aggregate principal amount of such Series without amending or extending the applicable Offer, subject to applicable law, as further described in the Offer to Purchase, and may also increase or decrease the percentage of the Notes accepted for payment in the Offers (including by more than 2% of the outstanding aggregate principal amount of the Notes of the applicable Series) by a press release or other public announcement that is widely disseminated by no later than 9:00 a.m. (New York City time) on the third business day before the scheduled Expiration Date.

The “Total Consideration” for each Series of Notes payable per each $1,000 principal amount of such Series of Notes validly tendered for purchase will be based on the applicable Fixed Spread for such Series of Notes, plus the Reference Yield based on the bid-side price of the applicable Reference Security as quoted on the applicable Bloomberg Reference Page as of 3:00 p.m., New York City time, on October 30, 2026, unless extended by Dover with respect to the applicable Offer (such date and time with respect to an Offer, as the same may be extended by Dover with respect to such Offer, the “Price Determination Date”). Unless extended with respect to any Offer, promptly after the Price Determination Date, Dover will announce in a press release, among other things, the Offer Yield and Total Consideration applicable to each Series of Notes accepted for purchase. In addition to the applicable Total Consideration, Holders whose Notes are accepted for purchase pursuant to an Offer will receive accrued and unpaid interest on those Notes from the last interest payment date with respect to those Notes to, but excluding, the Settlement Date (the “Accrued Interest,” and the payment thereof, the “Accrued Coupon Payment”).

The Offers are scheduled to expire on the Expiration Date, which is 5:00 p.m., New York City time, on October 30, 2026, unless extended or earlier terminated by Dover with respect to any Offer. Tenders of Notes of a Series may be validly withdrawn at any time at or prior to 5:00 p.m., New York City time, on October 30, 2026, but, except as provided in the Offer to Purchase or required by applicable law, may not be validly withdrawn thereafter.

The “Settlement Date” will be the second business day after the Expiration Date and is expected to be November 3, 2026.

The Offers are subject to certain conditions as described in the Offer to Purchase, including the Financing Condition, which requires that Dover shall have completed a proposed offering (the “New Notes Offering”) of a new series of senior unsecured notes on terms and conditions satisfactory to Dover that results in its receipt of net proceeds that are sufficient to repay its €600,000,000 1.25% notes due 2026 at maturity.

In no event will the information contained in this press release regarding the New Notes Offering constitute an offer to sell or a solicitation of an offer to buy any new notes. If any condition is not satisfied, Dover is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Notes, in each case subject to applicable law, and may terminate or alter any or all of the Offers. The Offers are not contingent upon the tender of any aggregate minimum principal amount of Notes of any Series (subject to minimum denomination requirements as set forth in the Offer to Purchase), and none of the Offers is conditioned on the consummation of any of the other Offers.

Dover has retained Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC to act as dealer managers (the “Dealer Managers”) for the Offers. D.F. King & Co., Inc. will act as the Tender and Information Agent for the Offers. For additional information, please contact: Deutsche Bank Securities Inc. at +1 (866) 627-0391 (toll-free) or +1 (212) 250-2955 (collect), HSBC Securities (USA) Inc. at +1 (888) HSBC-4LM (toll-free) or +1 (212) 525-5552 (collect) or by email at [email protected], or J.P. Morgan Securities LLC at +1 (866) 834-4666 (toll-free) or +1 (212) 834-7489 (collect). Requests for documents and questions regarding the tendering of Notes may be directed to D.F. King & Co., Inc. by telephone at (212) 993-9890 (for banks and brokers only) and (800) 207-3159 (for all others toll-free) or by email at [email protected], or to the Dealer Managers at their respective telephone numbers. Copies of the Offer to Purchase are available at www.dfking.com/dover. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers.

Holders of Notes are advised to check with each bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that beneficial owner to be able to participate in, or withdraw their instruction to participate in, the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions may be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Notes or any other securities. The Offers are made only by and pursuant to the terms of the Offer to Purchase and only to such persons and in such jurisdictions as is permitted under applicable law. The information in this press release is qualified by reference to the Offer to Purchase. None of Dover, the Dealer Managers, the Tender and Information Agent or the trustee for each Series of the Notes makes any recommendation as to whether Holders should tender their Notes pursuant to the Offers. Holders must make their own decisions as to whether to tender Notes, and, if so, the principal amount of Notes to tender.

Forward-Looking Statements

This press release includes forward-looking statements, including with respect to the Offers and the New Notes Offering. Forward-looking statements are subject to known and unknown risks and uncertainties, including general economic conditions, supply chain constraints, inflation in material input costs, changes in customer demand, competitive factors, changes in law, the impact of interest rate and currency exchange rate fluctuations, and various other factors described in Dover’s periodic reports filed with or furnished to the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which such statements were made, and Dover undertakes no obligation to update or revise these statements, except as required by federal securities laws.

About Dover:

Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what’s possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under “DOV.”

Dover Media Contact:
Adrian Sakowicz, VP, Communications
(630) 743-5039
[email protected]

Dover Investor Contact:
Jack Dickens, VP, Investor Relations
(630) 743-2566
[email protected]

Broadcom (AVGO -0.48%) is one of the most important companies in the artificial intelligence (AI) infrastructure space, designing custom processors and networking components for major hyperscalers and pure-play AI companies.

The company's growth trajectory has improved remarkably in recent years, and its strong financial performance has been handsomely rewarded on the stock market. Broadcom stock has appreciated 265% over the past three years, outpacing the 222% jump in the PHLX Semiconductor Sector index. This impressive rally has made Broadcom one of the world's largest companies.

Broadcom currently has a market cap of just over $1.5 trillion, making it the 10th-largest company globally. However, I won't be surprised to see Broadcom becoming significantly larger by the end of the decade. Let's look at the reasons why this semiconductor stock could triple from current levels and achieve a $4.5 trillion market cap by 2030.

Image source: The Motley Fool.

Broadcom is benefiting from two major catalysts Broadcom designs custom AI processors tailored to perform specific tasks for Alphabet's Google, Meta Platforms, Anthropic, OpenAI, and a couple of other customers. These customers have been ramping up deployment of Broadcom's custom processors to reduce the total cost of ownership (TCO) and energy consumption in their AI data centers.

AVGO Broadcom$321.68-$1.56 (-0.48%)

NASDAQ · As of 4:00 PM ET 10/23/26

Broadcom's custom AI processors have an advantage over general-purpose computing chips, such as graphics processing units (GPUs), because they are purpose-built for specific tasks. As a result, the power consumption of custom AI chips is reportedly just 10% of what a GPU consumes, and they are reportedly three times faster at performing the task they are designed for.

Not surprisingly, shipments of Broadcom's custom AI processors, which the company calls XPUs, increased by 3.5x year over year in the third quarter of fiscal 2026. On the other hand, Broadcom also designs networking components, such as Ethernet switches and high-speed optical interconnects. The company is experiencing exponential growth in this segment as well, with its AI-focused networking revenue jumping by 2.5x year over year in fiscal Q3.

It is easy to see why that's the case. Optical networking is emerging as the next big bottleneck in the AI infrastructure space. That's because AI has created the need to transfer enormous data sets quickly and seamlessly between data centers and chip clusters with low latency, ensuring training and inference workloads can run without hiccups.

Goldman Sachs estimates that the optical networking market could grow from $15 billion this year to $154 billion in 2028. So, Broadcom's networking business seems primed for terrific growth, while the company's dominance in custom AI chips should ensure that its AI revenue grows at an incredible pace. Broadcom reportedly controls 60% of the custom AI processor market, according to Counterpoint Research.

So, it is easy to see why the company is extremely bullish about its growth prospects through fiscal 2028.

Here's how Broadcom could reach a $4.5 trillion market cap Broadcom's revenue in fiscal 2026 (which is about to end in early November) is expected to increase by 66% from the prior year to $106 billion. The company anticipates that its AI revenue will increase by 186% in fiscal 2026 to $58 billion.

Looking ahead, Broadcom sees its AI revenue doubling in both fiscal 2027 and 2028. Specifically, the company anticipates $230 billion in AI revenue in fiscal 2028. The impressive growth in AI revenue will supercharge Broadcom's bottom-line growth as well. Analysts are expecting a 71% jump in Broadcom's earnings per share in fiscal 2026 to $11.66.

The following chart shows that Broadcom's EPS could exceed $30.00 in fiscal 2028, in line with the company's expectations.

Data by YCharts

So, Broadcom's EPS is on track to grow by 61% a year over the next two fiscal years. Assuming it can clock even 30% annual earnings growth in fiscal years 2029 and 2030, its EPS could reach $51.36 after four years (using fiscal 2028's projected EPS of $30.39 as the base). Broadcom trades at 17 times forward earnings, a slight discount to the tech-laden Nasdaq-100 index's forward earnings multiple of 21.5.

Broadcom stock could jump to $1,027, assuming it trades at 20 times earnings in 2030 and its EPS reaches $51.36. That's just over 3x of where this AI stock is right now. So, Broadcom has the potential to indeed cross a $4.5 trillion market cap by the end of the decade, suggesting that it isn't too late for investors to buy this stock even after the terrific gains it has clocked over the past three years.

Is Bloom Energy Corp (BE) Significantly Overvalued Despite Q3 Earnings Beat? GF Score: 69/100 - EPS at $0.94, Revenue $1,235.8M

Key Financial Metrics Showcase Significant Improvement

Bloom Energy Corp BE released its 8-K filing on October 22, 2026, detailing its financial performance for the third quarter of 2026. The company achieved record results, significantly surpassing analyst estimates while raising its full-year guidance.

Bloom Energy designs and manufactures solid-oxide fuel cell systems that generate electricity on-site from natural gas, biogas, or hydrogen without combustion. Its Energy Servers provide always-on, grid-independent power with lower emissions than conventional generation, serving data centers, manufacturers, hospitals, and utilities. Bloom also develops solid-oxide electrolyzers for hydrogen production. Founded in 2001 from NASA Mars program technology by KR Sridhar, the company is headquartered in San Jose, California.Bloom Energy Corp BE reported a robust performance in Q3 2026, reflecting a year-over-year revenue increase of 138.1%, totaling $1,235.8 million. This exceptional growth was driven by notable demand across various sectors. The company’s operating income surged to $225.4 million, compared to a modest $7.8 million in Q3 2025. However, while these results are undoubtedly impressive, challenges persist. High competition in the renewable energy sector and potential supply chain disruptions could affect future growth and margins if not managed effectively.The significant acceleration in revenue underscores the importance of Bloom Energy's market positioning as companies increasingly seek reliable and clean power solutions. Amid growing competition and evolving market dynamics, the firm’s ability to sustain its momentum will be critical.

Financial Highlights and MetricsBloom Energy’s third-quarter results showcased financial achievements that underscore robust operational efficiency:

Key Financial MetricsQ3 2026Q2 2026Q3 2025Revenue$1,235.8 million$1,065.4 million$519.0 millionGross Margin33.8%33.4%29.2%Operating Income$225.4 million$182.2 million$7.8 millionNon-GAAP EPS$0.94$0.78$0.15KR Sridhar, Founder and CEO of Bloom Energy, highlighted the shift in energy production, stating,

“Electricity is the foundation of economic growth... Bloom is leading that transformation.”This sentiment reinforces the critical role Bloom Energy plays in the renewable energy landscape.Moving to its balance sheet, Bloom Energy ended the quarter with total assets of $6.57 billion, up from $4.40 billion a year ago, highlighting strong asset expansion. The total liabilities also increased due to ongoing investments in growth. The cash and cash equivalents position remains robust at $2.49 billion, allowing for continued investment and stability.

GuruFocus Valuation CheckThe evaluation of Bloom Energy Corp BE based on GuruFocus data indicates a GF Score of 69/100, which is considered above average. The GF Value of $50.46 contrasts sharply with the current price of $193.3, suggesting that the stock is overvalued by approximately 283.1%. This overvaluation signals caution for potential investors and could indicate a possible correction.Furthermore, the financial strength score stands at 7/10, indicating good stability for the company. However, the profitability rank at 3/10 suggests that there may be challenges in translating revenue into sustainable profit. The growth rank of 8/10 reflects Bloom Energy's strong expansion potential, supported by increasing demand for clean energy solutions. Notably, insider activity reveals substantial selling, amounting to $165.2 million over the past 12 months, signaling potential concern among insiders regarding future performance.For a deeper dive, visit the Bloom Energy Corp stock page on GuruFocus.The estimated earnings per share was 0.51. The estimated revenue was 1053.02 million.

Explore the complete 8-K earnings release (here) from Bloom Energy Corp for further details.

GuruFocus context: GuruFocus’ GF Value™ estimates fair value near $50.46 (283.1% overvalued); its GF Score™ is 69/100; 11 gurus currently hold the stock, with 10 adding and 2 trimming positions in recent quarters — guru 13F data Simply Wall St and Morningstar don’t have. See the full Bloom Energy Corp BE research.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

When Elon Musk and Space Exploration Technologies (SPCX +1.89%) announced the company's third-quarter earnings results on Oct. 20, there was incredible news for Nvidia (NVDA -0.59%) and its shareholders. On the Q3 earnings call, Musk said the space and artificial intelligence (AI) company plans to aggressively ramp up its AI infrastructure spending to deliver annual recurring revenue (ARR) between $500 billion and $1 trillion by the end of 2027.

Musk had already announced in August, during the company's first earnings conference call, that SpaceX would use Nvidia chips exclusively moving forward. At that time, he said Nvidia's Vera Rubin architecture was the best on the market and that SpaceX greatly valued its partnership with Nvidia. The two companies are also working together to develop chips that can withstand cosmic radiation and work in orbital data centers.

NVDA Nvidia$210.96-$1.25 (-0.59%)

NASDAQ · As of 4:00 PM ET 10/23/26

10 gigawatts of SpaceX 2027 compute power will translate to huge revenue for Nvidia During that August conference call, Musk anticipated that SpaceX would end the year with 2 gigawatts of compute power. Meanwhile, he expected the company's end-of-2027 cumulative computing capacity to be closer to 10 gigawatts than 5 gigawatts. That was a strong indication that SpaceX could triple its AI spending in 2027.

However, Musk shocked investors during the company's recent Q3 conference call when he projected that SpaceX would have up to 3 gigawatts of computing capacity by the end of 2026 and is expecting to add an incremental 10 gigawatts of compute power in 2027. However, he said the goal was to add 20 additional gigawatts and that there was a "non-zero possibility" of this happening.

Musk and SpaceX standardizing on Nvidia's Vera Rubin architecture is huge news for the chipmaker. With Vera Rubin, Nvidia is getting an estimated $40 billion in revenue per gigawatt. This comes not just from its graphics processing units (GPUs) but also from its entire ecosystem, which includes its Arm-based central processing units (CPUs) and networking components.

On top of that, with Vera Rubin, Nvidia has added language processing units (LPUs) that it acquired as part of its "acquisition" of Groq, which are designed to handle the memory-intensive decode phase of inference. It's also expanded its software layer, which now includes its Nemotron open-weight models. As a result, semiconductor research outlet SemiAnalysis estimates that Nvidia is getting 39% more revenue and 42% more profit per gigawatt with Vera Rubin NVL72 configurations than with its older Grace Blackwell setup.

Image source: Nvidia.

$400 billion to $800 billion in revenue from SpaceX in 2027 For Nvidia, SpaceX's projected 10 gigawatts of additional computing power would equate to around $400 billion in revenue. If SpaceX were somehow able to add 20 gigawatts, which is still a long shot given it is dealing with power cooling and electrical equipment infrastructure constraints, that would be an additional $800 billion in revenue next year.

Nvidia is currently projected to generate just under $412 billion in revenue this fiscal year, ending in January 2027. It has projected that its revenue will grow by 70% in fiscal 2028, and the current analyst consensus is for revenue of around $692 billion. Based on SpaceX's new estimate of AI infrastructure spending, it will add at least 4 more gigawatts of compute capacity in 2027 than previously projected. Assuming Nvidia can sell more Vera Rubin systems to SpaceX without having to pull capacity from other customers, its fiscal 2028 revenue would be closer to $850 billion.

Based on my model below and that revenue number, Nvidia would produce around $20.72 in adjusted earnings per share (EPS) in fiscal 2028, well above the current $15.91 consensus. Assuming another 50% revenue growth in fiscal 2029, its adjusted EPS would be $30.59.

Below are my projections:

Metric

Fiscal 2027

Fiscal 2028

Fiscal 2029

Revenue

$412 billion

$850 billion

$1.28 trillion

Revenue growth

90%

106%

50%

Gross profit

$309 billion

$629 billion

$931 billion

Adjusted operating expense

$35 billion

$53 billion

$81 billion

Operating income

$274 billion

$576 billion

$850 billion

Net income

$233 billion

$489 billion

$722 billion

EPS

$9.66

$20.72

$30.59

Calculations by author.

Even if Nvidia stock were to just maintain its current forward P/E of 13.5 times, it would be valued at around $415, nearly double its current price. However, an argument could certainly be made that the semiconductor stock should trade at a market multiple of 19, which would value the stock at around $580. This also only assumes that SpaceX doesn't come close to hitting its more ambitious computing capacity target.

Any way you slice it, SpaceX's spending plans are great news for Nvidia and are a great reason to buy the semiconductor stock.

Nvidia (NVDA -0.59%) has already made an incredible amount of money selling the powerful chips that drive artificial intelligence (AI). But CEO Jensen Huang believes the company's biggest opportunities are still ahead, and Nvidia's newest technology could help him prove it.

The chipmaker's next-generation Vera Rubin architecture is designed to deliver substantially more computing power from the same amount of electricity. That's important for cloud companies that are racing to build AI data centers, where access to power has become a major constraint.

But there's another benefit for Nvidia shareholders. Vera Rubin could generate 60% more revenue per gigawatt of computing capacity than its predecessor.

And that helps explain why Huang is so confident about Nvidia's growth runway.

Nvidia CEO Jensen Huang. Image source: Getty Images.

Nvidia is getting more valuable with every generation
Nvidia's Hopper and Blackwell graphics processing units (GPUs) have been enormously successful with hyperscalers and smaller cloud providers building artificial intelligence computing capacity.

But Nvidia isn't simply selling faster GPUs anymore. Its Vera Rubin platform combines Rubin GPUs, Vera central processing units (CPUs), high-speed NVLink connections, networking equipment, and software into a complete AI computing system.

NVLink enables processors to communicate and share memory access more efficiently, helping customers complete more computing work without a corresponding increase in electricity consumption.

During Nvidia's fiscal second-quarter 2027 earnings call in August, Huang explained how that expanding platform translates into a bigger revenue opportunity. "In the case of Hopper, we were at about $18 billion per gigawatt. For Grace Blackwell, we're at about $25 billion per gigawatt. And for Vera Rubin, it's about $40 billion per gigawatt," he said. "And the productivity is X-factors increase in each generation."

That's a 60% increase over Blackwell, even if customers don't build any additional power capacity.

And the technology is already moving into the market. Nvidia says Vera Rubin has entered production shipments, with purchase orders from major hyperscalers, AI cloud providers, and equipment manufacturers.

$210.96-$1.25 (-0.59%)

NASDAQ · As of 4:00 PM ET 10/23/26

Why Jensen Huang sees more growth ahead
Huang predicted last year that AI infrastructure spending could reach $3 trillion to $4 trillion by 2030, and he reiterated that forecast in September. He's also expecting Nvidia to sell twice as many chips in 2027 as in 2026, according to comments he made to reporters in Scotland on Sept. 17.

That doesn't necessarily mean Nvidia's revenue will double. Chip volumes and revenue are different measurements, and the $40 billion-per-gigawatt figure represents a potential sales opportunity rather than guaranteed orders.

But the underlying business is already growing at an extraordinary pace. Nvidia reported $96.2 billion in revenue for its fiscal second quarter, which ended July 26, up 106% from a year earlier. Data center revenue alone reached $89 billion.

Vera Rubin gives Nvidia another way to increase revenue beyond simply selling more GPUs. If customers continue to expand their AI capacity while spending more per gigawatt on Nvidia technology, the company's growth runway could be considerably longer than its already massive size suggests.