Na síti Arbitrum je v eurové třídě tokenizovaného fondu SAFO od Amundi drženo 158,86 milionu USD, což je více než dvojnásobek oproti 64,17 milionu USD na síti Ethereum.
Arbitrum has deepened its foray into tokenized traditional assets, overtaking Ethereum in holdings of a major euro-denominated fund managed by Amundi, as interest in institutional adoption on blockchain networks continues to grow. While the ARB token maintains its footing above a critical support level, analysts are watching closely for a possible breakout that could signal renewed momentum.
Arbitrum surpasses Ethereum in tokenized fund exposureAccording to data from MSB Intel, Arbitrum holds $158.86 million of the euro share class in SAFO, a tokenized fund managed by the prominent asset manager Amundi. Amundi currently oversees nearly €2.6 trillion in assets under management. Over the past 90 days, Arbitrum’s share in the fund rose by 103.68%, marking more than double Ethereum’s $64.17 million position in the same category.
These figures underscore Arbitrum’s growing presence in the sphere of tokenized traditional financial products, where blockchain-based representations of funds are aimed at improving efficiency in transfers and settlement of assets. While the adoption of tokenized fund products signals increasing institutional engagement, the reported holdings do not automatically translate into direct revenue for Arbitrum or additional demand for the ARB token.
The ongoing competition among blockchain networks to attract traditional financial assets has become especially prominent, with Amundi’s involvement considered significant because of its management scale and influence in global markets.
Arbitrum currently leads the race in the euro share class of Amundi’s SAFO fund, holding more than twice the amount seen on Ethereum, highlighting an accelerating trend of institutional adoption in blockchain-based finance.
It is important to note, however, that this comparison pertains specifically to the euro share class of the tokenized fund, not the broader tokenized assets sector. Both Arbitrum and Ethereum are represented in this traditional financial product, underscoring expanding experimentation across leading blockchain networks.
Key technical levels for ARB priceOn the price front, market analyst Bitcoin Meraklisi identified a crucial support level at $0.1733 for ARB, suggesting this point serves as a linchpin for the token’s current trajectory. If ARB maintains this level, optimism for further gains persists. The next major resistance is at $0.23, defined by Meraklisi as the neckline in an inverse head-and-shoulders chart pattern— a widely cited formation in technical analysis signifying potential bullish reversal.
Breaking above $0.23 and the prevailing trendline, which ARB has tested unsuccessfully four times since its introduction, would further bolster confidence in a sustained rebound. Meraklisi noted that confirmation of upside potential hinges on a breakout above these thresholds, while losing the $0.1733 support could undermine near-term sentiment.
Analyst targets $1.19 and $2.21 if breakout confirmedShould ARB clear both the neckline and trendline, Meraklisi outlined ambitious target levels at $1.19 and $2.21. These prices would require a significant technical breakout combined with favorable market momentum and sustained investor interest.
Technical analysts caution that holding above $0.1733 remains critical to maintain upward momentum for ARB, with any sustained breach risking a notable downside move.
Whether the broader adoption of tokenized traditional assets on Arbitrum can translate directly to ARB token price gains remains uncertain. Analysts stress that technical setups, momentum indicators, and ongoing shifts in overall crypto market sentiment will be decisive as the token faces key support and resistance zones in the days ahead.
Rapid movements triggered by Federal Reserve policy changes or sudden altcoin listings are driving market participants to streamline their monitoring processes. In this environment, many traders are opting for all-in-one, privacy-focused platforms like CryptoAppsy, which integrate real-time charts, tailored price alerts, specific crypto news feeds, and macroeconomic data onto a single screen, all without requiring user registration.
Arbitrum’s prominent holding in Amundi’s tokenized fund signals its growing role in the development of real world asset infrastructure, while near-term ARB price direction remains dependent on both technical factors and broader adoption trends.
Nucor investuje 60 milionů USD do rozšíření závodu v Trinity v Alabamě, čímž zvýší výrobu ocelových stožárů pro energetickou infrastrukturu a vytvoří 60 pracovních míst.
, /PRNewswire/ -- Nucor Corporation (NYSE: NUE) announced that it will invest $60 million to expand its Nucor Towers & Structures facility in Trinity, Alabama, subject to regulatory and other approvals. The project will add 60 jobs with average annual wages exceeding $87,000 and increase production of steel poles and other steel structures for utility infrastructure.
"Utilities across the country are making significant investments to strengthen and modernize the nation's power grid," said Leon Topalian, Chair and Chief Executive Officer of Nucor Corporation. "By expanding our Trinity facility adjacent to our Decatur sheet mill, we can combine American-made steel with highly efficient manufacturing to better serve our utility customers and support their long-term infrastructure needs. This investment also builds on Nucor's longstanding commitment to Alabama and its communities."
The Nucor Towers & Structures facility began operations in September 2025 and is located adjacent to Nucor Steel Decatur. The expansion will add production capacity, additional laydown space and a dedicated galvanizing inspection area.
"Nucor has deep roots in Alabama, and we are proud to continue growing our operations in Trinity," said Laurent De Mey, Vice President and General Manager of Nucor Towers & Structures. "This expansion will allow us to increase production, better serve our utility customers and create high-quality jobs in the region. We appreciate the support of Governor Ivey, the Alabama Department of Commerce, Morgan County, the City of Decatur, our local chambers of commerce and the many state and community leaders who have helped make this investment possible."
This additional investment will increase Nucor's ability to serve utility customers as they expand, modernize and strengthen the nation's power infrastructure.
Nucor formed its Towers & Structures business in 2022 through the acquisition of Summit Utility Structures LLC and its manufacturing facility in Pennsylvania. The company subsequently opened new facilities in Alabama and Indiana and is constructing a fourth facility in Utah, which is expected to begin operations next year.
Nucor employs more than 2,700 teammates at 12 locations across Alabama, including three steel mills that use recycled scrap as their primary raw material to make new steel products.
About Nucor
Nucor and its affiliates are manufacturers of steel and steel products, with operating facilities in the United States, Canada and Mexico. Products produced include: carbon and alloy steel -- in bars, beams, sheet and plate; hollow structural section tubing; electrical conduit; steel racking; steel piling; steel joists and joist girders; steel deck; fabricated concrete reinforcing steel; cold finished steel; precision castings; steel fasteners; metal building systems; insulated metal panels; overhead doors; steel grating; wire and wire mesh; and utility structures. Nucor, through The David J. Joseph Company and its affiliates, also brokers ferrous and nonferrous metals, pig iron and hot briquetted iron / direct reduced iron; supplies ferro-alloys; and processes ferrous and nonferrous scrap. Nucor is North America's largest recycler.
Annaly Capital Management ve třetím čtvrtletí vykázala čistou ztrátu podle GAAP ve výši 1,36 USD na akcii a ekonomickou ztrátu ve výši 7,6 %; účetní hodnota na akcii klesla na 17,86 USD.
NEW YORK--(BUSINESS WIRE)--Annaly Capital Management, Inc. (NYSE: NLY) ("Annaly" or the "Company") today announced its financial results for the quarter ended September 30, 2026.
Financial Highlights
GAAP net income (loss) of ($1.36) per average common share for the quarter Earnings available for distribution ("EAD") of $0.80 per average common share for the quarter Economic return (loss) of (7.6%) for the third quarter Book value per common share of $17.86 GAAP leverage of 8.0x, up from 7.4x in the prior quarter; economic leverage of 5.9x, up from 5.6x in the prior quarter Declared quarterly common stock cash dividend of $0.75 per share Business Highlights
Investment and Strategy
Total portfolio of $106.5 billion, including $91.8 billion in highly liquid Agency portfolio(1) Annaly’s Agency portfolio decreased modestly, representing 55% of dedicated capital(2), with activity focused on further rotation into higher coupon specified pools Actively managed the hedge portfolio throughout the quarter, primarily adding Treasury futures to offset market-driven extension and maintain a disciplined risk posture, ending the quarter with a hedge ratio of 100% Annaly’s Residential Credit portfolio was effectively unchanged at $10.4 billion(1), representing 23% of dedicated capital(2), with continued strong production from its whole loan correspondent channel including record loan fundings of $5.8 billion Annaly's MSR portfolio increased to $4.3 billion(1) in market value, representing 22% of dedicated capital(2); Onslow Bay is the sixth-largest non-bank servicer of Agency MBS(3) Financing and Capital
$8.5 billion of total assets available for financing(4), including cash and unencumbered Agency MBS of $4.2 billion During the quarter, Annaly Residential Credit Group issued twelve securitizations totaling a record $7.4 billion across a wide array of product types
– Remained the largest non-bank issuer and the second largest issuer overall of Prime Jumbo and Expanded Credit MBS(5) Average GAAP cost of interest-bearing liabilities of 4.34%, up six basis points quarter-over-quarter, and average economic cost of interest-bearing liabilities of 4.03%, up seven basis points quarter-over-quarter Maintained warehouse capacity of $8.3 billion across our Residential Credit and MSR businesses, including $2.8 billion of committed capacity Announced redemption of all outstanding shares of the $442.5 million Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock(6) Raised $757 million of accretive capital through the Company’s at-the-market sales program(7) "While the third quarter of 2026 was a challenging period for fixed income markets, which we were not immune to, we entered the quarter prepared for the volatility. Our cycle-low leverage and minimal duration exposure provided us with the flexibility to actively manage our portfolio while continuing to make attractive investments across our three strategies," remarked Chief Executive Officer & Co-Chief Investment Officer David Finkelstein. "Meanwhile, Annaly generated EAD of $0.80 per share, once again exceeding the common stock dividend and underscoring the durable earnings power of our platform.
"Looking ahead, we remain disciplined in our approach to capital allocation, leverage, liquidity and our hedge portfolio. We continue to see ample investment opportunities across each of our three strategies and we believe Annaly’s deep capital base, differentiated operating capabilities and active portfolio management position us well to deploy capital and generate compelling risk-adjusted returns."
(1)
Total portfolio represents Annaly’s investments that are on-balance sheet and off-balance sheet in which Annaly has economic exposure. Assets exclude assets transferred or pledged to securitization vehicles of $42.5 billion, include TBA purchase contracts (market value) of $6.5 billion, include $4.1 billion of retained securities that are eliminated in consolidation and are shown net of participations issued totaling $2.2 billion.
(2)
Dedicated capital for each of the investment strategies is calculated as the difference between each investment strategy’s allocated assets (including TBAs) and liabilities.
(3)
Based on information aggregated from Fannie Mae and Freddie Mac monthly loan level files by eMBS servicing transfer data as of September 30, 2026. Excludes transfer activity related to platform acquisitions.
(4)
Comprised of $6.9 billion of unencumbered assets, which represents Annaly’s excess liquidity and defined as assets that have not been pledged or securitized (generally including cash and cash equivalents, Agency MBS, CRT, Non-Agency MBS, residential mortgage loans, MSR, reverse repurchase agreements, other unencumbered financial assets and capital stock), and $1.6 billion of fair value of collateral pledged for future advances.
(5)
Issuer ranking data from Inside Nonconforming Markets for 2025 to 2026 (October 9, 2026 issue). Used with permission.
(6)
All outstanding shares of Annaly's 6.750% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock were redeemed subsequent to quarter end on October 1, 2026.
(7)
Net of sales agent commissions and other offering expenses.
Financial Performance
The following table summarizes certain key performance indicators as of and for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
September 30,
2026
June 30,
2026
September 30,
2025
Book value per common share
$
17.86
$
20.15
$
19.25
GAAP net income per average common share (1)
$
(1.36
)
$
1.06
$
1.21
Annualized GAAP return on average equity (2)
(24.35
%)
19.88
%
23.69
%
GAAP leverage at period-end (3)
8.0:1
7.4:1
7.1:1
Net interest margin (4)
1.54
%
1.47
%
0.97
%
Average yield on interest earning assets (5)
5.58
%
5.44
%
5.40
%
Average GAAP cost of interest bearing liabilities (6)
4.34
%
4.28
%
4.73
%
Net interest spread
1.24
%
1.16
%
0.67
%
Non-GAAP metrics *
Earnings available for distribution per average common share (1)
$
0.80
$
0.79
$
0.73
Annualized EAD return on average equity
15.86
%
15.12
%
14.70
%
Economic leverage at period-end (3)
5.9:1
5.6:1
5.7:1
Net interest margin (excluding PAA) (4)
1.69
%
1.76
%
1.70
%
Average yield on interest earning assets (excluding PAA) (5)
5.45
%
5.46
%
5.46
%
Average economic cost of interest bearing liabilities (6)
4.03
%
3.96
%
3.96
%
Net interest spread (excluding PAA)
1.42
%
1.50
%
1.50
%
* Represents a non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for additional information.
(1) Net of dividends on preferred stock. The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock (the "Series J Preferred Stock") as of September 30, 2025.
(2) Annualized GAAP return on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return on average equity is (6.09%), 4.97%, and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
(3) GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced ("TBA") derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage.
(4) Net interest margin represents interest income less interest expense divided by average Interest Earning Assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income and less economic interest expense divided by the sum of average Interest Earning Assets plus average outstanding TBA contract balances. PAA represents the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities.
(5) Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA).
(6) Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). Net interest on variation margin related to interest rate swaps is included in the Net interest component of interest rate swaps in the Company’s Consolidated Statements of Comprehensive Income (Loss).
Other Information
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s beliefs and expectations, speak only as of the date on which they were made, and are subject to significant risks and uncertainties. Actual results could differ materially from those set forth in forward-looking statements. Factors that could cause actual results to differ from those contained in the forward-looking statements can be found in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Annaly undertakes no obligation to update or revise any forward-looking statements.
We use our website and LinkedIn account as additional channels for distributing material company information, along with our press releases, SEC filings and public conference calls and webcasts.
The Company prepares an investor presentation and financial supplement for the benefit of its shareholders. Please refer to the investor presentation for definitions of both GAAP and non-GAAP measures used in this news release. Both the Third Quarter 2026 Investor Presentation and the Third Quarter 2026 Financial Supplement can be found on our website.
Conference Call
The Company will hold the third quarter 2026 earnings conference call on October 21, 2026 at 9:00 a.m. Eastern Time. Participants are encouraged to pre-register for the conference call to receive a unique PIN to gain immediate access to the call and bypass the live operator. Pre-registration may be completed by accessing the pre-registration link found on the "Investors" section of the Company's website at www.annaly.com, or by using the following link: https://registrations.events/direct/IDX71212VIP2npOaYFOwrG0Td. Pre-registration may be completed at any time, including up to and after the call start time.
For participants who would like to join the call but have not pre-registered, access is available by dialing 800-715-9871 within the U.S., or 646-307-1963 internationally, and requesting the "Annaly Earnings Call."
There will also be an audio webcast of the call on www.annaly.com. A replay of the call will be available for one week following the conference call. The replay number is 800-770-2030 for domestic calls and 609-800-9909 for international calls and the conference passcode is 71212#. If you would like to be added to the e-mail distribution list, please visit www.annaly.com, click on News & Insights, then select Subscribe and complete the email notification form.
Financial Statements
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(dollars in thousands, except per share data)
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025 (1)
September 30,
2025
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Assets
Cash and cash equivalents
$
2,180,894
$
2,912,086
$
1,912,444
$
2,037,838
$
2,096,696
Securities
86,897,746
89,515,485
88,473,681
91,287,630
85,062,725
Loans, net
6,869,820
7,280,979
7,230,876
5,020,784
4,008,299
Mortgage servicing rights
4,199,823
4,089,485
4,115,999
3,645,865
3,476,181
Interests in MSR
110,350
106,775
27,212
28,626
35,833
Assets transferred or pledged to securitization vehicles
42,459,566
38,256,690
34,207,738
32,067,433
29,512,309
Derivative assets
1,204,812
81,784
395,099
115,533
47,899
Reverse repurchase agreements
32,425
33,047
33,524
34,389
35,004
Receivable for unsettled trades
705,160
104,722
891,293
1,031
185,916
Principal and interest receivable
882,299
846,548
806,484
926,660
959,435
Intangible assets, net
4,708
5,380
6,053
6,726
7,398
Other assets
599,871
508,195
437,188
437,323
433,877
Total assets
$
146,147,474
$
143,741,176
$
138,537,591
$
135,609,838
$
125,861,572
Liabilities and stockholders’ equity
Liabilities
Repurchase agreements
$
85,525,065
$
86,895,874
$
85,068,102
$
81,865,723
$
75,118,963
Other secured financing
1,125,000
1,125,000
1,125,000
1,075,000
1,025,000
Debt issued by securitization vehicles
38,380,269
34,366,098
30,719,417
28,918,753
26,601,790
Participations issued
2,200,562
2,553,709
2,484,018
1,932,655
1,831,657
U.S. Treasury securities sold, not yet purchased
—
—
—
2,396,724
2,442,570
Derivative liabilities
302,774
247,968
207,369
53,755
199,100
Payable for unsettled trades
1,108,206
331,586
1,522,750
2,059,386
2,604,278
Interest payable
319,589
420,764
347,607
380,688
285,080
Dividends payable
588,505
562,931
511,203
494,881
476,737
Other liabilities
703,118
258,870
226,314
272,362
279,818
Total liabilities
130,253,088
126,762,800
122,211,780
119,449,927
110,864,993
Stockholders’ equity
Preferred stock, par value $0.01 per share (2)
1,802,480
1,802,480
1,802,480
1,802,480
1,802,480
Common stock, par value $0.01 per share (3)
7,847
7,506
7,303
7,070
6,811
Additional paid-in capital
29,654,134
28,886,263
28,427,555
27,927,113
27,352,976
Accumulated other comprehensive income (loss)
(795,806
)
(557,014
)
(533,614
)
(488,566
)
(624,387
)
Accumulated deficit
(14,848,732
)
(13,213,859
)
(13,429,615
)
(13,157,325
)
(13,626,983
)
Total stockholders’ equity
15,819,923
16,925,376
16,274,109
16,090,772
14,910,897
Noncontrolling interests
74,463
53,000
51,702
69,139
85,682
Total equity
15,894,386
16,978,376
16,325,811
16,159,911
14,996,579
Total liabilities and equity
$
146,147,474
$
143,741,176
$
138,537,591
$
135,609,838
$
125,861,572
(1) Derived from the audited consolidated financial statements at December 31, 2025.
(2) 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock - Includes 28,800,000 shares authorized, issued and outstanding. 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock - Includes 17,000,000 shares authorized, issued and outstanding. 6.75% Series I Preferred Stock - Includes 17,700,000 shares authorized, issued and outstanding. 8.875% Series J Fixed-Rate Cumulative Redeemable Preferred Stock - Includes 11,500,000 shares authorized, and 11,000,000 issued and outstanding.
(3) Includes 1,456,750,000 shares authorized. Includes 784,673,349 shares issued and outstanding at September 30, 2026; 750,574,308 shares issued and outstanding at June 30, 2026; 730,290,500 shares issued and outstanding at March 31, 2026; 706,972,452 shares issued and outstanding at December 31, 2025; 681,052,317 shares issued and outstanding at September 30, 2025.
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except per share data)
(Unaudited)
For the quarters ended
September 30,
2026
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
Net interest income
Interest income
$
1,970,425
$
1,812,198
$
1,724,930
$
1,690,707
$
1,532,497
Interest expense
1,426,813
1,324,005
1,272,239
1,324,128
1,256,747
Net interest income
543,612
488,193
452,691
366,579
275,750
Net servicing income
Servicing and related income
173,096
175,059
159,133
156,131
141,356
Servicing and related expense
17,087
17,835
16,580
16,485
15,104
Net servicing income
156,009
157,224
142,553
139,646
126,252
Other income (loss)
Net gains (losses) on investments and other
(4,721,745
)
(318,503
)
(672,119
)
289,428
561,927
Net gains (losses) on derivatives
3,074,072
552,426
409,112
251,799
(92,308
)
Other, net
16,895
13,521
9,323
13,952
13,959
Total other income (loss)
(1,630,778
)
247,444
(253,684
)
555,179
483,578
General and administrative expenses
Compensation expense
41,185
44,640
41,384
39,279
38,393
Other general and administrative expenses
12,021
13,549
11,180
11,928
11,947
Total general and administrative expenses
53,206
58,189
52,564
51,207
50,340
Income (loss) before income taxes
(984,363
)
834,672
288,996
1,010,197
835,240
Income taxes
16,335
6,899
(1,519
)
(7,754
)
(7,823
)
Net income (loss)
(1,000,698
)
827,773
290,515
1,017,951
843,063
Net income (loss) attributable to noncontrolling interests
1,061
5,100
7,863
4,457
10,618
Net income (loss) attributable to Annaly
(1,001,759
)
822,673
282,652
1,013,494
832,445
Dividends on preferred stock (1)
41,305
41,036
40,652
42,387
41,127
Net income (loss) available (related) to common stockholders
$
(1,043,064
)
$
781,637
$
242,000
$
971,107
$
791,318
Net income (loss) per share available (related) to common stockholders
Basic
$
(1.36
)
$
1.06
$
0.33
$
1.40
$
1.21
Diluted
$
(1.36
)
$
1.06
$
0.33
$
1.40
$
1.20
Weighted average number of common shares outstanding
Basic
764,359,434
738,926,270
722,707,153
693,011,031
656,335,974
Diluted
764,359,434
740,256,247
724,364,897
695,034,348
657,856,427
Other comprehensive income (loss)
Net income (loss)
$
(1,000,698
)
$
827,773
$
290,515
$
1,017,951
$
843,063
Unrealized gains (losses) on available-for-sale securities
(250,449
)
(23,400
)
(45,048
)
74,992
113,281
Reclassification adjustment for net (gains) losses included in net income (loss)
11,657
—
—
60,829
2,378
Other comprehensive income (loss)
(238,792
)
(23,400
)
(45,048
)
135,821
115,659
Comprehensive income (loss)
(1,239,490
)
804,373
245,467
1,153,772
958,722
Comprehensive income (loss) attributable to noncontrolling interests
1,061
5,100
7,863
4,457
10,618
Comprehensive income (loss) attributable to Annaly
(1,240,551
)
799,273
237,604
1,149,315
948,104
Dividends on preferred stock (1)
41,305
41,036
40,652
42,387
41,127
Comprehensive income (loss) attributable to common stockholders
$
(1,281,856
)
$
758,237
$
196,952
$
1,106,928
$
906,977
(1) The quarter ended December 31, 2025 excludes, and the quarter ended September 30, 2025 includes, cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
ANNALY CAPITAL MANAGEMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(dollars in thousands, except per share data)
For the nine months ended
September 30,
2026
September 30,
2025
(unaudited)
(unaudited)
Net interest income
Interest income
$
5,507,553
$
4,268,498
Interest expense
4,023,057
3,499,577
Net interest income
1,484,496
768,921
Net servicing income
Servicing and related income
507,288
423,461
Servicing and related expense
51,502
43,788
Net servicing income
455,786
379,673
Other income (loss)
Net gains (losses) on investments and other
(5,712,367
)
1,456,242
Net gains (losses) on derivatives
4,035,610
(1,458,960
)
Other, net
39,739
37,169
Total other income (loss)
(1,637,018
)
34,451
General and administrative expenses
Compensation expense
127,209
112,273
Other general and administrative expenses
36,750
36,149
Total general and administrative expenses
163,959
148,422
Income (loss) before income taxes
139,305
1,034,623
Income taxes
21,715
884
Net income (loss)
117,590
1,033,739
Net income (loss) attributable to noncontrolling interests
14,024
19,971
Net income (loss) attributable to Annaly
103,566
1,013,768
Dividends on preferred stock (1)
122,993
115,544
Net income (loss) available (related) to common stockholders
$
(19,427
)
$
898,224
Net income (loss) per share available (related) to common stockholders
Basic
$
(0.03
)
$
1.45
Diluted
$
(0.03
)
$
1.44
Weighted average number of common shares outstanding
Basic
742,107,269
621,484,893
Diluted
742,107,269
622,768,481
Other comprehensive income (loss)
Net income (loss)
$
117,590
$
1,033,739
Unrealized gains (losses) on available-for-sale securities
(318,897
)
311,717
Reclassification adjustment for net (gains) losses included in net income (loss)
11,657
81,578
Other comprehensive income (loss)
(307,240
)
393,295
Comprehensive income (loss)
(189,650
)
1,427,034
Comprehensive income (loss) attributable to noncontrolling interests
14,024
19,971
Comprehensive income (loss) attributable to Annaly
(203,674
)
1,407,063
Dividends on preferred stock (1)
122,993
115,544
Comprehensive income (loss) attributable to common stockholders
$
(326,667
)
$
1,291,519
(1) The nine months ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
Key Financial Data
The following table presents key metrics of the Company’s portfolio, liabilities and hedging positions, and performance as of and for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
September 30,
2026
June 30,
2026
September 30,
2025
Portfolio related metrics
Fixed-rate Residential Securities as a percentage of total Residential Securities
99
%
99
%
99
%
Adjustable-rate and floating-rate Residential Securities as a percentage of total Residential Securities
1
%
1
%
1
%
Weighted average experienced CPR for the period
9.6
%
11.6
%
8.6
%
Weighted average projected long-term CPR at period-end
8.6
%
11.0
%
10.4
%
Liabilities and hedging metrics
Weighted average days to maturity on repurchase agreements outstanding at period-end
30
33
49
Hedge ratio (1)
100
%
97
%
92
%
Weighted average pay rate on interest rate swaps at period-end (2)
3.19
%
3.20
%
3.16
%
Weighted average receive rate on interest rate swaps at period-end (2)
3.97
%
3.73
%
4.27
%
Weighted average net rate on interest rate swaps at period-end (2)
(0.78
%)
(0.53
%)
(1.11
%)
GAAP leverage at period-end (3)
8.0:1
7.4:1
7.1:1
GAAP capital ratio at period-end (4)
10.9
%
11.8
%
11.9
%
Performance related metrics
Book value per common share
$
17.86
$
20.15
$
19.25
GAAP net income per average common share (5)
$
(1.36
)
$
1.06
$
1.21
Annualized GAAP return on average equity (6)
(24.35
%)
19.88
%
23.69
%
Net interest margin (7)
1.54
%
1.47
%
0.97
%
Average yield on interest earning assets (8)
5.58
%
5.44
%
5.40
%
Average GAAP cost of interest bearing liabilities (9)
4.34
%
4.28
%
4.73
%
Net interest spread
1.24
%
1.16
%
0.67
%
Dividend declared per common share
$
0.75
$
0.75
$
0.70
Annualized dividend yield (10)
15.88
%
13.42
%
13.85
%
Non-GAAP metrics *
Earnings available for distribution per average common share (5)
$
0.80
$
0.79
$
0.73
Annualized EAD return on average equity (excluding PAA)
15.86
%
15.12
%
14.70
%
Economic leverage at period-end (3)
5.9:1
5.6:1
5.7:1
Economic capital ratio at period end (4)
14.2
%
14.9
%
14.8
%
Net interest margin (excluding PAA) (7)
1.69
%
1.76
%
1.70
%
Average yield on interest earning assets (excluding PAA) (8)
5.45
%
5.46
%
5.46
%
Average economic cost of interest bearing liabilities (9)
4.03
%
3.96
%
3.96
%
Net interest spread (excluding PAA)
1.42
%
1.50
%
1.50
%
* Represents a non-GAAP financial measure. Please refer to the "Non-GAAP Financial Measures" section for additional information.
(1) Measures total notional balances of interest rate swaps, interest rate swaptions (excluding long receiver swaptions), futures and U.S. Treasury securities sold, not yet purchased, relative to repurchase agreements, other secured financing, cost basis of TBA derivatives outstanding and net forward purchases (sales) of investments; excludes MSR and the effects of term financing, both of which serve to reduce interest rate risk. Additionally, the hedge ratio does not take into consideration differences in duration between assets and liabilities.
(2) Excludes forward starting swaps.
(3) GAAP leverage is computed as the sum of repurchase agreements, other secured financing, debt issued by securitization vehicles, participations issued, and U.S. Treasury securities sold, not yet purchased divided by total equity. Economic leverage is computed as the sum of recourse debt, cost basis of to-be-announced ("TBA") derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage.
(4) GAAP capital ratio is computed as total equity divided by total assets. Economic capital ratio is computed as total equity divided by total economic assets. Total economic assets include the implied market value of TBA derivatives and are net of debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued.
(5) Net of dividends on preferred stock. The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
(6) Annualized GAAP return on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return on average equity is (6.09%), 4.97% and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
(7) Net interest margin represents interest income less interest expense divided by average interest earning assets. Net interest margin does not include net interest component of interest rate swaps. Net interest margin (excluding PAA) represents the sum of interest income (excluding PAA) plus TBA dollar roll income less economic interest expense divided by the sum of average interest earning assets plus average TBA contract balances.
(8) Average yield on interest earning assets represents annualized interest income divided by average interest earning assets. Average interest earning assets reflects the average amortized cost of our investments during the period. Average yield on interest earning assets (excluding PAA) is calculated using annualized interest income (excluding PAA).
(9) Average GAAP cost of interest bearing liabilities represents annualized interest expense divided by average interest bearing liabilities. Average interest bearing liabilities reflects the average balances during the period. Average economic cost of interest bearing liabilities represents annualized economic interest expense divided by average interest bearing liabilities. Economic interest expense is comprised of GAAP interest expense, the net interest component of interest rate swaps, and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). Net interest on variation margin related to interest rate swaps is included in the Net interest component of interest rate swaps in the Company’s Consolidated Statements of Comprehensive Income (Loss).
(10) Based on the closing price of the Company’s common stock of $18.89, $22.36 and $20.21 at September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
The following table contains additional information on our investment portfolio as of the dates presented:
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
Agency mortgage-backed securities
$
85,294,151
$
87,768,578
$
83,317,819
Residential credit risk transfer securities
69
46,872
330,647
Non-agency mortgage-backed securities
1,603,526
1,565,016
1,414,259
Commercial mortgage-backed securities
—
135,019
—
Total securities
$
86,897,746
$
89,515,485
$
85,062,725
Residential mortgage loans
$
6,869,820
$
7,280,979
$
4,008,299
Total loans, net
$
6,869,820
$
7,280,979
$
4,008,299
Mortgage servicing rights
$
4,199,823
$
4,089,485
$
3,476,181
Interests in MSR
$
110,350
$
106,775
$
35,833
Residential mortgage loans transferred or pledged to securitization vehicles
$
42,459,566
$
38,256,690
$
29,512,309
Assets transferred or pledged to securitization vehicles
$
42,459,566
$
38,256,690
$
29,512,309
Total investment portfolio
$
140,537,305
$
139,249,414
$
122,095,347
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company provides the following non-GAAP measures:
earnings available for distribution ("EAD"); earnings available for distribution attributable to common stockholders; earnings available for distribution per average common share; annualized EAD return on average equity; economic leverage; economic capital ratio; interest income (excluding PAA); economic interest expense; economic net interest income (excluding PAA); average yield on interest earning assets (excluding PAA); average economic cost of interest bearing liabilities; net interest margin (excluding PAA); and net interest spread (excluding PAA). These measures should not be considered a substitute for, or superior to, financial measures computed in accordance with GAAP. While intended to offer a fuller understanding of the Company’s results and operations, non-GAAP financial measures also have limitations. For example, the Company may calculate its non-GAAP metrics, such as earnings available for distribution, or the PAA, differently than its peers making comparative analysis difficult. Additionally, in the case of non-GAAP measures that exclude the PAA, the amount of amortization expense excluding the PAA is not necessarily representative of the amount of future periodic amortization nor is it indicative of the term over which the Company will amortize the remaining unamortized premium. Changes to actual and estimated prepayments will impact the timing and amount of premium amortization and, as such, both GAAP and non-GAAP results.
These non-GAAP measures provide additional detail to enhance investor understanding of the Company’s period-over-period operating performance and business trends, as well as for assessing the Company’s performance versus that of industry peers. Additional information pertaining to the Company’s use of these non-GAAP financial measures, including discussion of how each such measure may be useful to investors, and reconciliations to their most directly comparable GAAP results are provided below.
Earnings available for distribution, earnings available for distribution attributable to common stockholders, earnings available for distribution per average common share and annualized EAD return on average equity
The Company's principal business objective is to generate net income for distribution to its stockholders and to preserve capital through prudent selection of investments and continuous management of its portfolio. The Company generates net income by earning a net interest spread on its investment portfolio, which is a function of interest income from its investment portfolio less financing, hedging and operating costs. Earnings available for distribution, which is defined as the sum of (a) economic net interest income, (b) TBA dollar roll income, (c) net servicing income less realized amortization of MSR, (d) other income (loss) (excluding amortization of intangibles, non-EAD income allocated to equity method investments and other non-EAD components of other income (loss)), (e) general and administrative expenses (excluding transaction expenses and non-recurring items), and (f) income taxes (excluding the income tax effect of non-EAD income (loss) items) and excludes (g) the premium amortization adjustment ("PAA") representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities is used by the Company's management and, the Company believes, used by analysts and investors to measure its progress in achieving its principal business objective.
The Company seeks to fulfill this objective through a variety of factors including portfolio construction, the degree of market risk exposure and related hedge profile, and the use and forms of leverage, all while operating within the parameters of the Company's capital allocation policy and risk governance framework.
The Company believes these non-GAAP measures provide management and investors with additional details regarding the Company’s underlying operating results and investment portfolio trends by (i) making adjustments to account for the disparate reporting of changes in fair value where certain instruments are reflected in GAAP net income (loss) while others are reflected in other comprehensive income (loss) and (ii) by excluding certain unrealized, non-cash or episodic components of GAAP net income (loss) in order to provide additional transparency into the operating performance of the Company’s portfolio. In addition, EAD serves as a useful indicator for investors in evaluating the Company's performance and ability to pay dividends. Annualized EAD return on average equity, which is calculated by dividing earnings available for distribution over average stockholders’ equity, provides investors with additional detail on the earnings available for distribution generated by the Company’s invested equity capital.
The following table presents a reconciliation of GAAP financial results to non-GAAP earnings available for distribution for the periods presented:
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
(dollars in thousands, except per share data)
GAAP net income (loss)
$
(1,000,698
)
$
827,773
$
843,063
Adjustments to exclude reported realized and unrealized (gains) losses
Net (gains) losses on investments and other (1)
4,728,272
316,206
(560,957
)
Net (gains) losses on derivatives (2)
(2,982,293
)
(464,968
)
284,199
Other adjustments
Amortization of intangibles
672
673
673
Non-EAD (income) loss allocated to equity method investments (3)
—
—
376
Transaction expenses and non-recurring items (4)
10,738
10,246
8,117
Income tax effect of non-EAD income (loss) items
13,820
5,044
(6,742
)
TBA dollar roll income (5)
18,803
17,904
9,019
MSR amortization (6)
(93,570
)
(89,816
)
(72,081
)
EAD attributable to noncontrolling interests
(2,086
)
(2,476
)
(4,175
)
Premium amortization adjustment cost (benefit)
(44,518
)
7,081
18,390
Earnings available for distribution *
649,140
627,667
519,882
Dividends on preferred stock (7)
41,305
41,036
41,127
Earnings available for distribution attributable to common stockholders *
$
607,835
$
586,631
$
478,755
GAAP net income (loss) per average common share
$
(1.36
)
$
1.06
$
1.21
Earnings available for distribution per average common share *
$
0.80
$
0.79
$
0.73
Annualized GAAP return (loss) on average equity (8)
(24.35
%)
19.88
%
23.69
%
Annualized EAD return on average equity *
15.86
%
15.12
%
14.70
%
* Represents a non-GAAP financial measure.
(1) Includes write-downs or recoveries on investments which are reported in Other, net in the Company's Consolidated Statements of Comprehensive Income (Loss).
(2) The adjustment to add back Net (gains) losses on derivatives does not include the net interest component of interest rate swaps which is reflected in earnings available for distribution. The net interest component of interest rate swaps totaled $91.8 million, $87.5 million and $191.9 million for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(3) The Company excludes non-EAD (income) loss allocated to equity method investments, which represents the unrealized (gains) losses allocated to equity interests in a portfolio of MSR, which is a component of Other, net.
(4) Represents costs incurred in connection with securitizations of residential whole loans.
(5) TBA dollar roll income represents a component of Net gains (losses) on derivatives.
(6) MSR amortization utilizes purchase date cash flow assumptions and actual unpaid principal balances and is calculated as the difference between projected MSR yield income and net servicing income for the period.
(7) The quarter ended September 30, 2025 includes cumulative and undeclared dividends of $3.7 million on the Company's Series J Preferred Stock as of September 30, 2025.
(8) Annualized GAAP return (loss) on average equity annualizes realized and unrealized gains and (losses) which may not be indicative of full year performance, unannualized GAAP return (loss) on average equity is (6.09%), 4.97%, and 5.92% for the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
From time to time, the Company enters into TBA forward contracts as an alternate means of investing in and financing Agency mortgage-backed securities. A TBA contract is an agreement to purchase or sell, for future delivery, an Agency mortgage-backed security with a specified issuer, term and coupon. A TBA dollar roll represents a transaction where TBA contracts with the same terms but different settlement dates are simultaneously bought and sold. The TBA contract settling in the later month typically prices at a discount to the earlier month contract with the difference in price commonly referred to as the "drop". The drop is a reflection of the expected net interest income from an investment in similar Agency mortgage-backed securities, net of an implied financing cost, that would be foregone as a result of settling the contract in the later month rather than in the earlier month. The drop between the current settlement month price and the forward settlement month price occurs because in the TBA dollar roll market, the party providing the financing is the party that would retain all principal and interest payments accrued during the financing period. Accordingly, TBA dollar roll income generally represents the economic equivalent of the net interest income earned on the underlying Agency mortgage-backed security less an implied financing cost.
TBA dollar roll transactions are accounted for under GAAP as a series of derivatives transactions. The fair value of TBA derivatives is based on methods similar to those used to value Agency mortgage-backed securities. The Company records TBA derivatives at fair value on its Consolidated Statements of Financial Condition and recognizes periodic changes in fair value in Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss), which includes both unrealized and realized gains and losses on derivatives.
TBA dollar roll income is calculated as the difference in price between two TBA contracts with the same terms but different settlement dates multiplied by the notional amount of the TBA contract. Although accounted for as derivatives, TBA dollar rolls capture the economic equivalent of net interest income, or carry, on the underlying Agency mortgage-backed security (interest income less an implied cost of financing). TBA dollar roll income is reported as a component of Net gains (losses) on derivatives in the Consolidated Statements of Comprehensive Income (Loss).
Premium Amortization Expense
In accordance with GAAP, the Company amortizes or accretes premiums or discounts into interest income for its Agency mortgage-backed securities, excluding interest-only securities, multifamily and reverse mortgages, taking into account estimates of future principal prepayments in the calculation of the effective yield. The Company recalculates the effective yield as differences between anticipated and actual prepayments occur. Using third-party model and market information to project future cash flows and expected remaining lives of securities, the effective interest rate determined for each security is applied as if it had been in place from the date of the security’s acquisition. The amortized cost of the security is then adjusted to the amount that would have existed had the new effective yield been applied since the acquisition date. The adjustment to amortized cost is offset with a charge or credit to interest income. Changes in interest rates and other market factors will impact prepayment speed projections and the amount of premium amortization recognized in any given period.
The Company’s GAAP metrics include the unadjusted impact of amortization and accretion associated with this method. Certain of the Company’s non-GAAP metrics exclude the effect of the PAA, which quantifies the component of premium amortization representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term CPR.
The following table illustrates the impact of the PAA on premium amortization expense for the Company’s Residential Securities portfolio and residential securities transferred or pledged to securitization vehicles, for the quarters ended September 30, 2026, June 30, 2026 and September 30, 2025:
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
(dollars in thousands)
Premium amortization expense (accretion)
$
18,422
$
52,423
$
36,719
Less: PAA cost (benefit)
(44,518
)
7,081
18,390
Premium amortization expense (excluding PAA)
$
62,940
$
45,342
$
18,329
Economic leverage and economic capital ratios
The Company uses capital coupled with borrowed funds to invest primarily in real estate related investments, earning the spread between the yield on its assets and the cost of its borrowings and hedging activities. The Company’s capital structure is designed to offer an efficient complement of funding sources to generate positive risk-adjusted returns for its stockholders while maintaining appropriate liquidity to support its business and meet the Company’s financial obligations under periods of market stress. To maintain its desired capital profile, the Company utilizes a mix of debt and equity funding. Debt funding may include the use of repurchase agreements, loans, securitizations, participations issued, lines of credit, asset backed lending facilities, corporate bond issuance, convertible bonds or other liabilities. Equity capital primarily consists of common and preferred stock.
The Company’s economic leverage ratio is computed as the sum of recourse debt, cost basis of TBA derivatives outstanding, and net forward purchases (sales) of investments divided by total equity. Recourse debt consists of repurchase agreements, other secured financing, structured repurchase transactions (included within Debt issued by securitization vehicles) and U.S. Treasury securities sold, not yet purchased. Debt issued by securitization vehicles (excluding structured repurchase transactions) and participations issued are non-recourse to us and are excluded from economic leverage.
The following table presents a reconciliation of GAAP debt to economic debt for purposes of calculating the Company’s economic leverage ratio for the periods presented:
As of
September 30,
2026
June 30,
2026
September 30,
2025
Economic leverage ratio reconciliation
(dollars in thousands)
Repurchase agreements
$
85,525,065
$
86,895,874
$
75,118,963
Other secured financing
1,125,000
1,125,000
1,025,000
Debt issued by securitization vehicles
38,380,269
34,366,098
26,601,790
Participations issued
2,200,562
2,553,709
1,831,657
U.S Treasury securities sold, not yet purchased
—
—
2,442,570
Total GAAP debt
$
127,230,896
$
124,940,681
$
107,019,980
Less Non-recourse debt:
Debt issued by securitization vehicles (1)
$
(38,136,634
)
$
(34,114,655
)
$
(26,601,790
)
Participations issued
(2,200,562
)
(2,553,709
)
(1,831,657
)
Total recourse debt
$
86,893,700
$
88,272,317
$
78,586,533
Plus / (Less):
Cost basis of TBA derivatives
$
6,710,766
$
7,169,573
$
3,981,439
Payable for unsettled trades
1,108,206
331,586
2,604,278
Receivable for unsettled trades
(705,160
)
(104,722
)
(185,916
)
Economic debt *
$
94,007,512
$
95,668,754
$
84,986,334
Total equity
$
15,894,386
$
16,978,376
$
14,996,579
Economic leverage ratio *
5.9:1
5.6:1
5.7:1
* Represents a non-GAAP financial measure.
(1) Non-recourse debt excludes debt issued by securitization vehicles related to structured repurchase transactions.
The following table presents a reconciliation of GAAP total assets to economic total assets for purposes of calculating the Company’s economic capital ratio for the periods presented:
As of
September 30,
2026
June 30,
2026
September 30,
2025
Economic capital ratio reconciliation
(dollars in thousands)
Total GAAP assets
$
146,147,474
$
143,741,176
$
125,861,572
Less:
Gross unrealized gains on TBA derivatives (1)
(34,383
)
(50,393
)
(24,074
)
Debt issued by securitization vehicles (2)
(38,136,634
)
(34,114,655
)
(26,601,790
)
Participations issued
(2,200,562
)
(2,553,709
)
(1,831,657
)
Plus:
Implied market value of TBA derivatives
6,488,723
7,216,874
3,991,915
Total economic assets *
$
112,264,618
$
114,239,293
$
101,395,966
Total equity
$
15,894,386
$
16,978,376
$
14,996,579
Economic capital ratio *
14.2
%
14.9
%
14.8
%
* Represents a non-GAAP financial measure.
(1) Included in Derivative assets in the Company’s Consolidated Statements of Financial Condition.
(2) Excludes debt issued by securitization vehicles related to structured repurchase transactions.
Interest income (excluding PAA), economic interest expense and economic net interest income (excluding PAA)
Interest income (excluding PAA) represents interest income excluding the effect of the PAA, and serves as the basis for deriving average yield on interest earning assets (excluding PAA), net interest spread (excluding PAA) and net interest margin (excluding PAA), which are discussed below. The Company believes this measure provides management and investors with additional detail to enhance their understanding of the Company’s operating results and trends by excluding the component of premium amortization expense representing the cumulative impact on prior periods, but not the current period, of quarter-over-quarter changes in estimated long-term prepayment speeds related to the Company’s Agency mortgage-backed securities (other than interest-only securities, multifamily and reverse mortgages), which can obscure underlying trends in the performance of the portfolio.
Economic interest expense includes GAAP interest expense, the net interest component of interest rate swaps (which includes net interest on variation margin related to interest rate swaps) and net interest on initial margin related to interest rate swaps, which is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss). The Company uses interest rate swaps to manage its exposure to changing interest rates on its repurchase agreements by economically hedging cash flows associated with these borrowings. Accordingly, adding the net interest component of interest rate swaps to interest expense, as computed in accordance with GAAP, reflects the total contractual interest expense and thus, provides investors with additional information about the cost of the Company's financing strategy. The Company may use market agreed coupon ("MAC") interest rate swaps in which the Company may receive or make a payment at the time of entering into such interest rate swap to compensate for the off-market nature of such interest rate swap. In accordance with GAAP, upfront payments associated with MAC interest rate swaps are not reflected in the net interest component of interest rate swaps in the Company's Consolidated Statements of Comprehensive Income (Loss).
Similarly, economic net interest income (excluding PAA), as computed below, provides investors with additional information to enhance their understanding of the net economics of our primary business operations.
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
Interest income (excluding PAA) reconciliation
(dollars in thousands)
GAAP interest income
$
1,970,425
$
1,812,198
$
1,532,497
Premium amortization adjustment
(44,518
)
7,081
18,390
Interest income (excluding PAA) *
$
1,925,907
$
1,819,279
$
1,550,887
Economic interest expense reconciliation
GAAP interest expense
$
1,426,813
$
1,324,005
$
1,256,747
Add:
Net interest component of interest rate swaps and net interest on initial margin related to interest rate swaps (1)
(104,133
)
(98,841
)
(205,030
)
Economic interest expense *
$
1,322,680
$
1,225,164
$
1,051,717
Economic net interest income (excluding PAA) reconciliation
Interest income (excluding PAA) *
$
1,925,907
$
1,819,279
$
1,550,887
Less:
Economic interest expense *
1,322,680
1,225,164
1,051,717
Economic net interest income (excluding PAA) *
$
603,227
$
594,115
$
499,170
* Represents a non-GAAP financial measure.
(1) Interest on initial margin related to interest rate swaps is reported in Other, net in the Company’s Consolidated Statements of Comprehensive Income (Loss).
Average yield on interest earning assets (excluding PAA), net interest spread (excluding PAA), net interest margin (excluding PAA) and average economic cost of interest bearing liabilities
Net interest spread (excluding PAA), which is the difference between the average yield on interest earning assets (excluding PAA) and the average economic cost of interest bearing liabilities, which represents annualized economic interest expense divided by average interest bearing liabilities, and net interest margin (excluding PAA), which is calculated as the sum of interest income (excluding PAA) plus TBA dollar roll income less economic interest expense divided by the sum of average interest earning assets plus average TBA contract balances, provide management with additional measures of the Company’s profitability that management relies upon in monitoring the performance of the business.
Disclosure of these measures, which are presented below, provides investors with additional detail regarding how management evaluates the Company’s performance.
For the quarters ended
September 30,
2026
June 30,
2026
September 30,
2025
Economic metrics (excluding PAA)
(dollars in thousands)
Average interest earning assets
$
141,338,058
$
133,263,735
$
113,522,223
Interest income (excluding PAA) *
$
1,925,907
$
1,819,279
$
1,550,887
Average yield on interest earning assets (excluding PAA) *
5.45
%
5.46
%
5.46
%
Average interest bearing liabilities
$
129,667,247
$
122,802,541
$
103,994,302
Economic interest expense *
$
1,322,680
$
1,225,164
$
1,051,717
Average economic cost of interest bearing liabilities *
Netflix ve třetím čtvrtletí zvýšil tržby o 12 % na 12,87 mld. USD, ale ve čtvrtém čtvrtletí očekává tržby ve výši 13,44 mld. USD, tedy pod tržním konsenzem 13,51 mld. USD.
Netflix svými hospodářskými výsledky za třetí čtvrtletí sice překonal očekávání Wall Street, na druhé straně ale firma naznačila, že zpomalení tempa růstu tržeb bude pokračovat i ve zbytku letošního roku. Takový výhled tak může posílit obavy investorů o další směřování největší světové streamovací platformy. Akcie v bezprostřední reakci v aftermarketu vykazují pokles téměř o pět procent.
Ve třetím čtvrtletí dosáhl Netflix zisku na akcii ve výši 87 centů (+49 % y/y), zatímco analytici očekávali 82 centů. Na tržbách společnost vygenerovala 12,87 miliardy dolarů, což bylo jednak meziročně o 12 procent více a jednak v souladu s očekáváním.
Ovšem na čtvrté čtvrtletí firma odhaduje tržby ve výši 13,44 mld. USD, což už je pod konsenzem trhu, jenž je 13,51 mld. USD. Tempo růstu tržeb navíc už několik čtvrtletí postupně zpomaluje: z 17,6 procenta ve 4Q25 na očekávaných 11,5 procenta ve 4Q26.
Pokud se výhled pro letošní závěrečné čtvrtletí skutečně naplní, bude se jednat už o čtvrtý kvartál zpomalujícího růstu tržeb v řadě, podotkla agentura Bloomberg.
Společnost uvedla, že za slabším růstem stojí reklamní byznys, který by měl letos přinést zhruba o 300 milionů dolarů méně, než Netflix původně očekával.
Spoluvýkonný ředitel Netflixu Ted Sarandos se nechal minulý měsíc slyšet, že firma neroste tak rychle, jak by si přál, a že pracuje na urychlení tohoto tempa. Během posledního týdne pak Sarandos výrazně zasáhl do vedení společnosti ve snaze řešit podle něj zhoršující se kvalitu obsahu. Netflix propustil šéfku obsahu Belu Bajaria a šéfa filmové divize Dana Lina jen několik dní poté, co oznámil snížení počtu zaměstnanců o šest procent, tedy přibližně o tisíc lidí. Naposledy společnost přistoupila k tak rozsáhlým škrtům v roce 2022, kdy zaznamenala první čtvrtletní úbytek předplatitelů za více než deset let, připomněl Bloomberg.
Sarandos a jeho kolega ve funkci CEO Greg Peters se snaží investorům ukázat optimistickou budoucnost firmy, zároveň však připouštějí, že současný vývoj neodpovídá představám vedení ani akcionářů. Netflix si každopádně i tak nadále drží pozici jasného lídra streamovacího trhu s více než 325 miliony předplatitelů, což podle firmy představuje téměř miliardu diváků. Rovněž generuje více sledovanosti než jakákoliv jiná hollywoodská streamovací služba.
Jenže filmová studia obvykle nepřistupují k rozsáhlým personálním změnám v době, kdy se jim daří. Netflix už několik měsíců nepřišel s velkým kulturním fenoménem v podobě seriálu či filmu a zároveň se mu nedaří přilákat diváky k novým titulům ani dalším řadám zavedených sérií. Počet cen Emmy, které firma získala, navíc letos klesl na nejnižší úroveň za posledních deset let.
„V prostředí intenzivní konkurence a exploze obsahu bojujícího o pozornost spotřebitelů jsou strategická jasnost a bezchybná exekuce zásadní,“ uvedla společnost v dopise akcionářům. Přestože se jí daří naplňovat své priority, „stále vidí prostor pro zlepšení“.
Netflix, dlouhá léta miláček Wall Street, čelí rostoucím pochybnostem investorů od chvíle, kdy neuspěl ve snaze převzít streamovací a studiová aktiva společnosti Warner Bros. Discovery. Od té doby se firmě jen obtížně daří přesvědčit investory, že má životaschopnou strategii růstu i bez velké akvizice. Akcie společnosti od začátku roku odepsaly zhruba 25 procent hodnoty a za posledních dvanáct měsíců jsou v minusu o více než 40 procent.
Analytici i investoři opakovaně upozorňují na stagnující zapojení uživatelů. Podíl Netflixu na sledovanosti televizního obsahu v USA činí podle společnosti Nielsen 7,8 procenta, tedy výrazně méně než přibližně 14 procent u YouTube. Diváci Netflixu navíc v první polovině roku sledovali pouze o dvě procenta více obsahu než před rokem.
Today we’re excited to launch Arkham Enterprise, a platform for advanced crypto analytics.
Arkham Enterprise brings Arkham’s data into professional workflows, including asset tracing, risk scoring, case management, and trading research. All backed by the world’s best labelset: 3.9 billion attributions covering $1.8 quadrillion in on-chain volume.
Alongside the launch, we’re updating which features are available on our free platform and introducing an Enterprise Grants program for qualifying investigators and researchers.
REQUEST ACCESS
Arkham EnterpriseOver the past several years, Arkham has freely provided some of the best available blockchain data and analytics to the crypto community as a public good. Millions of people use Arkham to track what’s happening on-chain, from traders to compliance professionals to law enforcement agents.
As part of this growth, we’ve seen strong demand from sophisticated users for a platform suited to advanced professional use cases. We’ve built Arkham Enterprise to meet that demand, bringing our data and advanced analytics tools together in a platform designed for professional workflows.
This launch includes new Enterprise tools and major upgrades to the free platform:
Real-time Data
Alongside Enterprise, we’re rolling out major improvements to data freshness across both our free and Enterprise platforms. Previously, a large amount of the data and labels on Arkham were only updated once a day. We’ve rebuilt the underlying infrastructure so that these elements now update in real time. New transactions will appear without requiring a page refresh, new labels will appear as they are created instead of once a day, and address balances will reflect the most recent transactions.
Performance and Reliability
Alongside these upgrades, we’ve been improving performance across Arkham. We’ve reduced alert latency by approximately 80% on most supported chains. The changes announced today will also reduce database load, resulting in improved stability and lower latency across the platform.
Tracer 2.0
The Tracer has been rebuilt for professional blockchain investigations. Start from any address, pull its counterparties onto the network map, and follow the money hop by hop. New bridge support lets you follow funds across supported chains within the same trace.
Visualizer 2.0
Paste any address or entity and its incoming and outgoing transactions render in real time as an interactive graph: transfers, counterparties, and tokens in one view.
In addition to a complete visual redesign, Visualizer 2.0 adds a volume overview for the visualized data, a transaction details module, and keyboard shortcuts—now you can undo your last move with cmd/ctrl + Z, making it easier to refine a graph as you investigate.
Case Management
Complex investigations require more than tracing individual transactions. Enterprise’s Case Management tool lets you bring findings together in one place, organize them by case, and build a structured record as your investigation develops.
Risk Scoring
Enterprise brings risk scoring directly into Arkham, allowing users to assess address and entity risk alongside the underlying on-chain activity. Powered by Arkham’s attribution data, it provides quantitative risk indicators covering sanctions exposure, mixer exposure, source of funds, and the number of transaction hops separating an address from a flagged source.
Changes for Free UsersThe following changes to our free platform take effect today:
Tracer 2.0 will be available only to Enterprise users. Visualizer 2.0 will remain available to free users.
Transaction filtering and full transaction history will also now only be available to Enterprise users. Free users will be able to view the 100 most recent transactions for an address or entity.
Creating new custom labels and entities will require Enterprise. Free users will retain their existing custom labels and entities and will still be able to edit existing label names.
Finally, the counterparties section on explorer pages will be Enterprise-only.
The free platform will continue to include:
All Arkham labels, including predicted labelsVisualizer 2.0Prediction MarketsBlock ExplorerTagsPre-existing custom labels and entitiesArkham remains the most powerful free blockchain analytics tool on the market.
Arkham Enterprise GrantsTo further support our mission of deanonymizing the blockchain, we are launching an Enterprise Grants program to provide free access to Enterprise to select applicants. The program is intended for independent investigators, researchers, and public-interest organizations whose work advances transparency and accountability in crypto. Enquire here.
INOVIO získala proti společnostem VGXI a GeneOne rozsudek ve výši 80 416 101 USD, včetně náhrady škody ve výši 61 750 789 USD. Finanční situace žalovaných však může omezit vymahatelnost této částky.
, /PRNewswire/ -- INOVIO Pharmaceuticals, Inc. (Nasdaq: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced that it secured a judgment in its favor, in the amount of $80,416,101, on all claims it filed against defendants VGXI, Inc. ("VGXI") and GeneOne Life Science, Inc. ("GeneOne") in the case captioned INOVIO Pharmaceuticals, Inc. v. VGXI, Inc. and GeneOne Life Science, Inc., No. 2020-06554, in the Court of Common Pleas of Montgomery County, Pennsylvania. The Court awarded INOVIO $61,750,789 in compensatory damages and $18,665,312 in fees and costs. The Court also entered judgment against defendants on their counterclaims.
INOVIO filed the case on June 3, 2020, when defendants breached the parties' Supply Agreement by refusing to honor their technology transfer obligations to enable scalable manufacturing of DNA plasmids.
Defendants' financial condition will likely impair INOVIO's ability to collect some or all of the judgment. INOVIO intends to use every reasonable effort to recover the damages awarded by this judgment.
Cooley LLP and FBT Gibbons served as trial counsel for INOVIO.
About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools.
Forward-Looking Statements
This press release contains certain forward-looking statements relating to INOVIO's business, including statements regarding INOVIO's ability to collect on and realize the ultimate value from the judgment entered in INOVIO's favor against VGXI and GeneOne and the impact of defendants' financial condition on INOVIO's ability to enforce or collect any portion of the judgment. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including the risk that the judgment may be reduced, reversed, or otherwise modified on post-trial motions or appeal; the risk that defendants' financial condition will likely impair INOVIO's ability to collect some or all of the judgment, associated interest, fees and costs, notwithstanding INOVIO's intent to use every reasonable effort to recover the damages awarded; the time, expense, and uncertainty associated with collection and enforcement efforts; the adequacy of INOVIO's capital resources; the level of corporate expenditures; capital market conditions; and other factors set forth in INOVIO's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and other filings INOVIO makes from time to time with the Securities and Exchange Commission. There can be no assurance that INOVIO will collect any or all of the judgment, that the judgment will not be reduced, reversed, or otherwise modified, or that any of the forward-looking information provided herein will be proven accurate. Forward-looking statements speak only as of the date of this release, and INOVIO undertakes no obligation to update or revise these statements, except as may be required by law.
NEW YORK, Oct. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Corning Incorporated (“Corning” or the “Company”) (NYSE: GLW). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Corning and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On September 11, 2026, Corning announced entry into an Equity Distribution Agreement with Goldman Sachs to launch an at-the-market equity offering of up to $2 billion of the Company’s common stock, advising that “[t]he Company intends to use any net proceeds from the sale of the Common Stock for general corporate purposes.”
Following this announcement, Corning’s stock price fell $22.80 per share, or 13.7%, to close at $143.60 per share on September 14, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Rithm Capital (RITM) has several preferred shares we cover. Today, we're revisiting one that wasn’t in our buy range last time: RITM-C (RITM.PR.C). It wasn't a bad preferred share. It was simply more expensive than other options.
We stated that if the price declined enough, we would be interested in shares.
Well… the price declined.
Apparently, the market decided to give us an attractive offer.
RITM-C is now in our buy range, with a stripped yield around 9.5%. That’s a nice combination from a preferred share carrying a risk rating of 2.5 on our scale from 1 to 5.
RITM-C Hops Into Our Buy Range In our previous article, RITM-C was trading at approximately 101.3% of our buy target.
Here’s how the valuation looks today:
The REIT Forum
RITM-C was recently trading around $24.43. Here’s our price targets:
Strong Buy Under: $23.19
Buy Under: $24.74
Overpriced: $25.53
At $24.43, shares are trading at approximately 98.7% of our buy target. While that’s not a huge discount it’s still decently under our buy under target. Investors buying at this price are also paying less than the call value of $25. That’s a nice change of pace with most of the lower risk preferred shares we cover trading over $25.
However, we're not buying a preferred share just because the price is below $25. We care about risk and relative valuation. A terrible preferred share doesn't magically become a great investment because it trades for $24.99.
9.5% Stripped Yield RITM-C currently offers:
Stripped yield: 9.5%
Current yield: 9.31%
Floating yield on price: 9.83%
Floating spread: 4.969%
The REIT Forum
Given the 2.5 risk rating, those are relatively attractive numbers. RITM-C originally carried a fixed coupon rate of 6.375%. That swapped to a floating rate on 2/15/2025. Rithm's filing states that RITM-C receives:
Three-month CME SOFR
A 0.261% spread adjustment
A 4.969% contractual spread
If short-term interest rates were to decline, RITM-C's dividend would generally decline as well. Investors shouldn't assume they'll continue collecting a yield around 9.5% indefinitely. If short-term rates decline, the dividend will generally decline with them. However, lately the major factor is rates rising. If RITM-C’s rate was reset today, it would drag the stripped yield up to 9.88%. That’s pretty good. It’s not the highest, but it’s pretty good for a risk rating of 2.5 and moderate upside to the call value. Since the rate floats, RITM-C could see the dividend rate increase a couple of times over the next year. 3-month SOFR is strongly correlated to the market’s expectation for the Fed Funds rate over that time. Currently the market believes the Federal Reserve will hike a few times.
Investors also need to consider the call risk. RITM-C is already callable, meaning the company could give a 30-day call notice at any point. However, this isn’t something investors need to be concerned about if they are purchasing shares below the call value of $25. We wouldn't suggest purchasing shares purely on the assumption that management is about to call them and hand you alpha.
What Changed Since Our Last Article The most important change wasn't the underlying company.
It was the price.
We spend a great deal of time comparing preferred shares and baby bonds at The REIT Forum. We recently wrote a guide on swapping preferred shares. The basic concept is simple. When two similar preferred shares get too far apart on valuation, investors can sell the more expensive share and move into the cheaper one.
For readers who want to see how often we actually do this, we also published our most recent 100 trades in preferred shares and baby bonds. We find these opportunities fairly often in the preferred shares of mortgage REITs.
We are always hunting for a better price.
Now we've got one.
This is something we emphasize frequently when discussing preferred shares. Our ratings aren't permanent. They're based on the price investors are paying relative to the risks and potential returns.
If an investment is too expensive, we can wait.
Sometimes the market eventually gives us the price we want.
Other times, it doesn't. That's fine too.
Final Thoughts We still think investors should compare the different preferred shares from Rithm rather than automatically purchasing whichever one happens to have the highest yield. As of writing this article, we believe RITM-C offers the most attractive valuation when compared to other RITM preferred shares. However, that can change very quickly.
RITM-A (RITM.PR.A) and RITM-B (RITM.PR.B) have higher floating spreads than RITM-C. That gives them an advantage if we are only comparing spreads.
RITM-D has a different structure. It's a fixed-rate reset preferred share, so investors need to evaluate its upcoming reset rather than treating it like other floating rate preferred shares that are constantly changing based on the current rate.
RITM-C no longer needs to sit on the sidelines.
We wanted a better price. The market delivered.
We've upgraded RITM-C from hold to buy.
However, I should tell you that presently I have my allocation focused on another share. I’ll be publishing an article about that one pretty soon.
Western Digital ve čtvrtém fiskálním čtvrtletí zvýšil tržby meziročně o 44 % na 3,75 miliardy USD díky poptávce po vysokokapacitních HDD pro datacentra využívající AI.
When it comes to artificial intelligence (AI) infrastructure stocks, Micron Technology and Sandisk have been getting plenty of attention this year. Both are benefiting from the massive demand for memory and storage driven by the global expansion of AI data centers.
While Micron manufactures memory chips and Sandisk specializes in flash storage, Western Digital (WDC +3.44%) makes the high-capacity hard disk drives (HDDs) that cloud computing companies use to store enormous amounts of information.
It's a different part of the AI infrastructure business but one that's becoming increasingly important as companies build more powerful AI systems. And that's why I think Western Digital deserves a closer look. The stock is up more than 100% so far this year, with plenty more room to run.
Image source: The Motley Fool.
AI needs more than powerful processors Companies like Nvidia, Broadcom, and Advanced Micro Devices get a lot of attention surrounding AI infrastructure because they make powerful processors essential to allowing AI models to process information quickly.
But what happens to all that information after it's processed?
AI companies need somewhere to store training data sets, model outputs, historical records, and the enormous amounts of new information their systems generate. And keeping everything on expensive, high-performance flash storage isn't necessarily practical.
Western Digital's HDDs are important because traditional hard drives -- while slower than solid-state drives (SSDs) -- can store large amounts of information at a lower cost.
A Western Digital customer survey released in May found that 87% of respondents prioritized expanding storage capacity and reducing total ownership costs. Among respondents who knew their storage mix, 70% reported that hard drives accounted for more than half of their storage capacity.
That helps explain why HDDs aren't becoming obsolete as AI expands. They're serving a different purpose.
WDC Western Digital$364.32+$12.11 (+3.44%)
NASDAQ · As of 4:00 PM ET 10/20/26
Western Digital is expanding its storage capabilities Western Digital is also developing new technology to make its drives more attractive to cloud computing companies.
In February, the company announced a roadmap that includes hard drives capable of storing more than 100 terabytes of information. It also introduced a 40-terabyte drive that's undergoing customer qualification. (A terabyte is about 1,000 gigabytes.)
Demand for additional storage doesn't appear to be slowing. A September IDC study sponsored by Western Digital found that 61% of surveyed organizations experienced at least 25% data growth over the previous year due to AI. Nearly three-quarters expected similar growth over the next three years.
Western Digital stock at a glance Shares of Western Digital are up 105% so far this year -- not as much as Sandisk and Micron but still much better than the broader index.
Revenue for the company's fiscal fourth quarter (ending July 3) was $3.75 billion, up 44% from a year ago and 12% from Q3. The company continued to improve its margins, which increased from 41% to 54.1% over the last year, and generally accepted accounting principles (GAAP) net income was $3.19 billion, a whopping 1,215% increase from a year ago. Notably, much of that increase was attributable to Western Digital's interest in Sandisk, which the company spun off in 2025. Western Digital recorded a $2.05 billion gain from Sandisk. Adjusted net income, which is more representative of the company's hard-drive business, was $1.38 billion, up 130% from a year ago.
For the full fiscal year, Western Digital had revenue of $12.92 billion, up 36% from fiscal 2025, and adjusted earnings of $3.88 billion, up 120% from the previous year.
Why I like Western Digital right now I love AI infrastructure stocks because you can invest in the industry's expansion without having to predict which AI platform will eventually dominate the market.
Whether companies are training new AI models, operating cloud computing platforms, or deploying AI applications for their customers, they're generating information that needs to be stored. And Western Digital is building the high-capacity drives that can handle much of that demand at a relatively low cost.
I don't see the demand for data storage from AI disappearing anytime soon. Micron and Sandisk have demonstrated just how attractive the memory and storage markets can be for investors. Western Digital is participating in that same infrastructure expansion even if its products don't get the same attention.
For investors seeking another way to participate in the growth of AI infrastructure, I think Western Digital makes a compelling case.
EQT je v pokročilé fázi jednání o převzetí společnosti Qiagen a podala závaznou nabídku ve výši více než 50 USD za akcii; závaznou nabídku podala také KKR.
European molecular testing company Qiagen (QIA.DE) is in advanced talks to be acquired by Swedish buyout firm EQT (EQTAB.ST), Bloomberg News reported on Tuesday, citing people familiar with the matter.
US-listed shares of Qiagen were up over 6% in afternoon trading. The company has a market capitalization of €8.57 billion, according to data compiled by LSEG.
Qiagen's board is meeting this week to decide on the potential deal, the report said, citing people familiar with the talks. There is no certainty the discussions will lead to a sale to EQT or another buyer, the report added.
EQT has submitted a binding offer of more than $50 per share for Qiagen, while US private equity firm KKR has also made a bid, Bloomberg News reported.
The reported talks come after Qiagen said in January it was evaluating strategic options amid renewed takeover interest.
Interest in the diagnostics company continued through the year, with buyout firms including EQT, Advent and KKR linked to a potential acquisition in July.
Qiagen develops molecular testing and sample-preparation technologies used by research and clinical laboratories.
EQT and KKR did not immediately respond to Reuters' requests for comment. Qiagen said it does not comment on "market rumors or speculation."
ADR společnosti Yiren Digital 12. října 2026 klesly o 44 % poté, co firma oznámila, že její výkonný předseda a generální ředitel Ning Tang byl podroben trestním donucovacím opatřením v souvislosti s vyšetřováním některých spřízněných subjektů kontrolního akcionáře.
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Yiren Digital Ltd. (NYSE: YRD) resulting from allegations that Yiren may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Yiren securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/cases/yiren-digital-ltd/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On October 12, 2026, Yiren issued a press release entitled "Yiren Digital Provides Update on Its CEO and Operations." The press release stated that Yiren had "became aware of a police notice published on October 12, 2026, stating that Mr. Ning Tang, the Company’s Executive Chairman and Chief Executive Officer, had been subject to criminal compulsory measures in connection with an investigation involving certain affiliates of the Company’s controlling shareholder."
On this news, Yiren American Depositary Shares fell 44% on October 12, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Laurence Rosen, Esq.
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VICI Properties nabízí dividendový výnos 7,7 % a letos očekává výplatní poměr přibližně 75 % prostředků z provozu (FFO). Dividendu zvýšila osm let po sobě.
Vici Properties (VICI +1.02%) is one of my favorite dividend stocks, and I've owned it for more than six years. To say that its stock price hasn't performed well would be an understatement, and thanks to a recent decline, shares now yield about 7.7% annually, close to the highest level in its history.
Despite the poor stock price performance, I'm still a big fan of Vici from a long-term perspective. Here's why I've added to my position several times recently, and why I'm likely to continue doing so while the high yield remains.
Image source: Getty Images.
Vici Properties and its dividendIf you aren't familiar with the company, Vici is a real estate investment trust, or REIT, that owns 103 properties, most of which are occupied by gaming businesses. It owns the real estate for some of the most famous casinos on the Las Vegas Strip, including Caesars Palace, MGM Grand, and The Venetian. Tenants lease the properties under long-term agreements, up to 50 years, with rent increases tied to inflation. In short, the business is designed to generate predictable, growing income from its properties.
VICI Vici Properties$23.34+$0.24 (+1.02%)
NYSE · As of 3:44 PM ET 10/20/26
Vici spun off from Caesars Entertainment in 2017 and has increased its dividend for eight consecutive years. And while a 7.7% yield might sound high, Vici only expects to pay about 75% of its funds from operations (FFO) as dividends this year, a very comfortable payout level for a REIT. Not only is the dividend well covered by the company's income, but the built-in rent increases in its leases should allow it to maintain its dividend growth streak.
Why is the stock down?To be clear, Vici's business is performing quite well. Its casino tenants are paying rent, and there's no reason to believe any of them are struggling, or will be anytime soon. Vici's rent keeps rising every year, the dividend keeps growing, and the company has done a great job of finding creative ways to invest its capital, even in a difficult growth environment for real estate businesses.
The biggest reason for the stock's performance is interest rates. With the 10-year Treasury yield over 5%, income investors have more alternatives, and rising rates also make it more expensive for REITs to borrow for growth.
The bottom line is that none of the reasons why Vici is down changes my long-term thesis. A lower stock price allows me to lock in a higher yield on cost for every share I add. At the current price, a $10,000 investment yields about $770 in annual dividends, and this income should grow over time. As long as Vici's yield is high simply because its stock price has fallen despite strong business performance, I'm happy to keep adding shares and building an income stream.
ASCE snížila hodnocení kanalizační infrastruktury v Kentucky z C- na D+, zatímco hodnocení pitné vody zůstalo na úrovni C+. Kentucky American Water plánuje v příštích pěti letech investovat více než 570 milionů USD.
Calls for Increased Investment in Critical Water and Wastewater Systems
, /PRNewswire/ -- Robert Burton, president of Kentucky American Water, issued the following statement in response to the grade of C+ for drinking water and D+ for wastewater in the American Society of Civil Engineers' (ASCE) 2026 Report Card for Kentucky's Infrastructure:
"The ASCE 2026 Report Card for Kentucky's Infrastructure reinforces the urgent need for investment in critical water and wastewater systems, assigning the state a C+ for drinking water and a D+ for wastewater, showing no progress in the water grade and a decline in the wastewater grade from a C- in ASCE's 2019 report.
The report card underscores the growing infrastructure challenges facing the Commonwealth, including aging assets, recruiting and retaining licensed operators, and the need for greater climate resilience. These pressures reinforce the importance of continued, long-term investment in critical water and wastewater infrastructure.
At Kentucky American Water, our responsibility is clear: provide safe, clean, reliable and affordable water and wastewater service while investing in the systems that support and sustain the communities we serve. Our experience demonstrates how sustained, professionally managed investment can strengthen water and wastewater systems. Over the past five years, we have invested nearly $330 million in infrastructure, and we plan to invest more than $570 million over the next five years, while continuing to balance reliability, resilience and affordability for customers."
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 19 military installations. American Water's approximately 7,000 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.
About Kentucky American Water
Kentucky American Water, a subsidiary of American Water, with approximately 150 dedicated employees, provides safe, clean, reliable and affordable water and wastewater services to approximately 550,000 people.
Marriott Vacations Worldwide dokončila sekuritizaci úvěrů na rekreační vlastnictví v hodnotě 460 milionů USD s průměrnou úrokovou sazbou 5,91 %. Výtěžek použije ke splácení úvěrových závazků a na obecné firemní účely.
ORLANDO, Fla.--(BUSINESS WIRE)--Marriott Vacations Worldwide Corporation (NYSE: VAC) (“MVW” or the “Company”) announced today the completion of a $460 million securitization of vacation ownership loans, offered to qualified institutional buyers in the United States pursuant to Rule 144A and outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The notes were issued by MVW 2026-2 LLC (the “Issuer”). The notes have a blended interest rate of 5.91% and a gross advance rate of 98%.
“We are pleased with the successful execution of this transaction in a challenging ABS market. Our access to liquidity is supported by the strength of our historical performance, business and customer profile and our leading ABS platform,” said Jason Marino, Executive Vice President and Chief Financial Officer.
The transaction was backed by a pool of approximately $470 million of vacation ownership loans from a variety of the Company’s timeshare brands. Three classes of notes were issued by the Issuer, comprising approximately $303 million of Class A Notes, approximately $99 million of Class B Notes, and approximately $58 million of Class C Notes. The Class A Notes have an interest rate of 5.76%, the Class B Notes have an interest rate of 6.05%, and the Class C Notes have an interest rate of 6.44%. The Company intends to use the proceeds of the 2026-2 securitization, net of fees, to pay down outstanding credit facility obligations and for other general corporate purposes.
Important Notice
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The notes have not been registered under the Securities Act of 1933, as amended, or any state securities law. Unless so registered, the notes may not be offered or sold in the United States, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services. The Company has 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates an exchange network and membership programs comprised of more than 3,200 affiliated resorts in over 90 countries and territories, and provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and an affiliate of Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.
More News From Marriott Vacations Worldwide Corporation
Albertsons ve čtvrtletí končícím v srpnu 2026 utržil 18,89 miliardy USD, což je meziročně o 0,1 % méně, zatímco zisk na akcii (EPS) klesl z 0,44 USD na 0,36 USD.
For the quarter ended August 2026, Albertsons Companies, Inc. (ACI - Free Report) reported revenue of $18.89 billion, down 0.1% over the same period last year. EPS came in at $0.36, compared to $0.44 in the year-ago quarter.
The reported revenue represents a surprise of +0.37% over the Zacks Consensus Estimate of $18.83 billion. With the consensus EPS estimate being $0.33, the EPS surprise was +9.09%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Albertsons Companies performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Number of stores at end of quarter: 2,240 versus 2,238 estimated by four analysts on average.Same - Store Sales (Identical sales, excluding fuel): -0.8% compared to the -1% average estimate based on four analysts.Retail Square Feet (Based on Square Footage) - Total stores: 111.9 million versus the three-analyst average estimate of 111.73 million.Net sales and other revenue by product type- Fuel: $1.04 billion versus $985.5 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +14.2% change.View all Key Company Metrics for Albertsons Companies here>>>
Shares of Albertsons Companies have returned +8.4% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Calix rozšířil SmartMDU o nové možnosti aktivace internetového připojení, Wi‑Fi připojení pro vozidla v garážích a širší kontrolu nasazení v bytových komplexech.
Award-winning SmartMDU on the Calix One platform is purpose-built to help service providers support property owners and managers in delivering better connected experiences at scale. Calix delivers new resident activation options, reliable connectivity for vehicles, and greater deployment control.
SAN JOSE, Calif.--(BUSINESS WIRE)--Today, at its annual innovation and customer success conference, Calix, Inc. (NYSE: CALX) announced new SmartMDU™ capabilities on the AI-native Calix One™ platform, giving service providers more ways to efficiently grow across multifamily markets.
"With Calix, we can serve more properties and continue growing our business without creating more work for our support team," said Scott Coonfield, president and chief executive officer at VA SkyWire.
Share Multifamily properties represent a significant growth opportunity for service providers as property managers seek to attract and retain residents. Increasingly, these residents expect secure, reliable connectivity from the moment they move in—both in their dwelling and property-wide—including historically hard-to-reach areas such as parking garages. Meeting those resident expectations means making Wi‑Fi available and easy to activate from day one, then sustaining that experience.
SmartMDU is purpose-built to simplify the delivery of move-in-ready connectivity across multifamily properties. Its ability to help service providers meet the needs of property managers and residents is reflected in industry recognition—including the 2026 Maravedis “Resident Experience Award” and Broadband Communities’ “Multifamily Technology Partner of the Year”—and service provider results, with resident satisfaction ratings as high as 95 percent.
With SmartMDU, service providers can now deliver a range of expanded capabilities for property owners and managers:
Even more seamless move-ins with new activation options to delight residents. Building on existing QR code activation, residents can now sign up via a unique SSID or activate service prior to move-in with a one-time code the property manager initiates through PropertyWorx™. These expanded options help service providers meet rising expectations in multi-dwelling units (MDUs) and raise resident satisfaction. Reliable, secure Wi-Fi connectivity for resident vehicles in parking garages. A dedicated connected vehicle network provides managed Wi-Fi in MDU parking facilities for over-the-air software updates, in-car navigation, and other connected services. Access is unique to each resident and ends when they move out, simplifying management and enhancing security. Greater visibility and control across SmartMDU deployments. With the expanded Calix GigaPro® managed switch portfolio on Calix One, service providers can simplify management for property managers and help scale consistent resident experiences across more multifamily properties. Planned property management system (PMS) integrations will further simplify resident onboarding and offboarding by enabling teams to provision and easily remove resident Wi-Fi access within existing property management workflows, helping reduce manual work and create smoother resident experiences.
All service providers deploying SmartMDU have access to Calix Success™ for expert guidance, training, and support to accelerate deployments and confidently scale across more multifamily properties.
Scott Coonfield, president and chief executive officer at VA SkyWire, said: “When MDU residents move into their new home, they want to get online right away, not schedule an installation or wait for support. SmartMDU on the Calix One platform makes that experience simpler for residents while giving our support team the visibility and tools to resolve issues quickly and efficiently. With Calix, we can serve more properties and continue growing our business without creating more work for our support team.”
Shane Eleniak, chief product officer at Calix, said: “Residents do not think about broadband in terms of networks or technology. They think about whether everything works from the moment they walk through the door. For service providers, delivering secure broadband that simply works is how they stand apart. That’s why we are continuing to evolve SmartMDU on the AI-native Calix One platform—helping providers remove friction behind the scenes, scale exceptional resident experiences, and win more multifamily business without adding operational complexity.”
Learn how SmartMDU is evolving to help service providers simplify operations, scale across more properties, and grow their multifamily business.
About Calix
Calix, Inc. (NYSE: CALX) is an AI platform company that enables service providers to transform their operations and accelerate delivery of differentiated experiences—so they can compete and win in the markets and communities they serve.
Through the AI-native Calix One platform, service providers can securely and privately activate agentic AI alongside their human teams to acquire new subscribers, grow existing subscriber revenue, and build loyalty across residential, business, municipal, and MDU markets. More than 1,200 customers of all sizes leverage the Calix One platform, which has evolved over 15 years at an investment of more than $2 billion.
Calix innovation cycles are underpinned by a strong financial balance sheet and a people‑first culture that routinely earns broad industry recognition—winning 81 culture and innovation awards since 2025 alone, as well as Fortune’s 100 Best Companies to Work For® in 2026.
This press release contains forward-looking statements that are based upon management’s current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting Calix’s business. The reader is cautioned not to rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix’s results and other risks and uncertainties are detailed in its quarterly reports on Form 10-Q and Annual Report on Form 10-K filed with the SEC and available at www.sec.gov.
Calix and the Calix logo are trademarks or registered trademarks of Calix and/or its affiliates in the U.S. and other countries. A listing of Calix’s trademarks can be found at https://www.calix.com/legal/trademarks.html. Third-party trademarks mentioned are the property of their respective owners.
Akcie AST SpaceMobile letos klesly o 42,35 % po dvou případech nenaplnění tržebních očekávání a emisi konvertibilních dluhopisů v objemu 1,15 mld. USD.
AST SpaceMobile has shed nearly half its value while satellite peers soared, yet one Wall Street analyst still sees it doubling from here. The next few launches will either validate that conviction or trigger another round of painful dilution.
AST SpaceMobile (NASDAQ:ASTS) currently trades at $41.87, while analysts’ consensus price target sits at $74.28. The difference points to 77.4% upside.
AST is building a space-based cellular broadband network that links ordinary smartphones directly to its BlueBird satellites. It counts 60+ mobile network operators covering 3+ billion subscribers as partners.
AST is valued near $12.55B, and Barron’s recently called it the new battleground stock. The biggest bull, Roth MKM’s Scott Searle, carries a $108.00 target, meaning 157.9% upside.
A Launch Loss, Two Misses and Fresh Dilution Cut Shares by 42% Back-to-back revenue misses did the most damage. Q1 revenue of $14.73M missed by 59.72%, and Q2 revenue of $31.52M missed the $34.40M consensus. Q2 GAAP EPS landed at -$0.77 against a -$0.29 estimate. That figure included a $125.9M loss tied to the BB7 launch incident and an $88.7M induced conversion expense on convertible notes. The operating loss reached $297.6M.
The stock is down 42.35% this year. The slide picked up speed recently, with shares falling 28.45% over the past month. A securities class action now says that management minimized how often capital needs would add debt and dilution, and overstated AST’s competitive position against Starlink’s direct-to-cell service (per the Robbins Geller case summary). A $1.15B convertible notes offering in July heightened the dilution worries.
Roth’s $108 Call Depends on 45 Satellites and a $1 Billion Revenue Year Searle rates the stock Buy, citing a first-mover moat in direct-to-device broadband, tier-1 carrier partnerships and capital he believes covers the full constellation launch. Management is targeting approximately 45 BlueBird satellites in orbit by early 2027. It still expects revenue approaching $1 billion in the first full year of commercial service, and says government work “could contribute to probably as much as half” of that total.
The balance sheet supports the story. AST holds a ~$1.30B contracted backlog and more than $3.70B in pro forma liquidity, and it confirmed FY2026 revenue guidance of $150M to $200M. The consensus FY2027 revenue estimate is roughly $581.7 million, but individual forecasts run from $345.1 million to $834.1 million.
Conviction is thin, though. Of 14 analysts, 1 rates it Strong Buy, 4 Buy, 7 Hold, 1 Sell and 1 Strong Sell. Estimates are moving the wrong way. The FY2027 EPS consensus has fallen from -$0.6476 to -$1.2782 over 90 days, with no upward revisions in the past month. Scotiabank also cut its rating to Sector Underperform.
Satellite Peers Rallied While AST SpaceMobile Fell Alone AST’s decline is specific to AST. Its closest US-listed peers are up sharply this year.
Iridium Communications (NASDAQ:IRDM | IRDM Price Prediction) trades at $44.18, up 157.39% this year and down only 5.54% over the past month. Its price now tracks Rocket Lab (NASDAQ:RKLB) under a pending all-stock acquisition by Rocket Lab, expected to close in mid-2027, so deal terms outweigh any analyst target. No reliable consensus target was available.
Viasat (NASDAQ:VSAT) trades at $60.29, up 74.96% this year despite a 21.07% drop over the past month. No dependable consensus target or ratings split was available. Its record $1.40 billion defense backlog gives it a firmer base than AST.
On the targets that could be checked, AST carries the group’s largest analyst-implied upside. It is also the only name in the group with deep losses and large capital needs still ahead.
Down 42% While the S&P 500 Gained 12% At $41.87, AST has 77.4% implied upside to the $74.28 consensus target set by 14 analysts. Shares are down 42.35% year to date, while the S&P 500 has gained 12.42%. Over one year, AST has lost 49.85% against the index’s 15.38% gain.
The stock sits near its 52-week low of $39.87, far from its high of $133.86. Its beta of 2.706 signals oversized swings, the kind that belong in the slice of a portfolio reserved for speculation (we wrote a free guide on sizing that slice and setting exit rules, here). Analyst targets are one data point and guarantee nothing, especially for a pre-commercial company.
Commercial Launch Decides Whether This Gap Closes AST SpaceMobile’s case improves if it reaches the 45-satellite mark on schedule and turns on commercial service early enough for 2027 revenue to move toward the top of the estimate range. Launch delays that push service into late 2027 would raise the risk, because that would mean more convertible raises, more dilution and more falling estimates.
On the bull side, AST has production running at approximately six satellites per month, 10 launches booked and funded government contracts. The downside is just as concrete: two straight misses, an active lawsuit and Starlink competing for the same customers.
I lean cautious. The 77.4% gap is real, but the next few launches matter more than any price target.
Contact [email protected] for any questions or corrections.
Banc of California spustila služby privátního bankovnictví pro bonitní klienty, rodinné kanceláře, podnikatele a manažery s individuálními řešeními v oblasti vkladů, úvěrů a správy likvidity.
New offering provides a relationship-driven experience that delivers personalized service and tailored financial solutions for high-net-worth clients
LOS ANGELES--(BUSINESS WIRE)--Banc of California, a wholly owned subsidiary of Banc of California, Inc. (NYSE: BANC), today launched a new Private Banking service designed for high-net-worth individuals, family offices, business owners, executives and their families.
Banc of California has been serving businesses for more than 85 years. The new Private Banking service extends Banc of California’s relationship-driven commercial banking experience to clients’ personal financial needs, providing coordinated support across both their personal and business banking relationships.
Private Banking gives clients direct access to dedicated Private Bankers and Private Client Service Managers who bring together relationship-based service, secure digital banking, treasury resources, deposit solutions and lending options aligned with their financial goals. For wealth managers and registered investment advisors (RIAs), Banc of California will be a Private Banking partner that supports their clients’ banking, lending and liquidity needs.
“Private Banking is a natural extension of the Banc of California client experience,” said Jared Wolff, Chairman and CEO of Banc of California. “We are launching this solution to fill the void we see in the market for a very high-touch, tech-forward banking experience that simplifies the lives of families, family offices and high-net-worth individuals. Because we aren’t trying to be everything to everyone, we can focus on what we do well — delivering exceptional banking that’s tailored and personalized — while working closely with the client’s outside financial advisers to deliver a complete financial solution.”
The group will be led by Aaron Houpis, Executive Vice President and Managing Director of Specialty Deposits & Private Banking. “We designed a high-touch solution with input from clients and wealth managers who felt there was a gap in the market on the personal side, having experienced Banc of California’s service-first approach on the business side,” Houpis said. “Our team is ready to deliver a seamless and outstanding experience for Private Banking clients that many aren’t finding in the market today.”
Banc of California’s Private Banking offerings will include premium deposit accounts, customized personal lending and lines of credit, and treasury solutions designed to support clients’ broader financial goals. Clients will also benefit from a full suite of digital tools, priority service and direct access to experienced bankers who understand the unique needs of high-net-worth individuals, business owners and executives.
To learn more about Banc of California’s Private Client Services, please visit Private Banking Designed Around You | Banc of California.
About Banc of California, Inc.
Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 77 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.
Společnost Bronstein Gewirtz & Grossman, LLC podala hromadnou žalobu proti společnosti D-Wave Quantum kvůli údajným zavádějícím informacím o jejím podnikání a finančních výhledech.
SHAREHOLDER ALERT: Bronstein Gewirtz & Grossman, LLC Announces Class Action Against D-Wave Quantum Inc. (NASDAQ: QBTS) -- Investors Who Suffered Losses Are Encouraged to Contact the Firm.PR Newswire
NEW YORK, Oct. 20, 2026
, /PRNewswire/ -- Lead Plaintiff Deadline: December 15, 2026. Investors who purchased (NASDAQ: QBTS) securities between February 26, 2026 and August 25, 2026 may be eligible to recover losses.
Bronstein, Gewirtz & Grossman, LLC ("BG&G"), a nationally recognized investor-rights law firm, announces that it has filed a securities class action lawsuit against D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company") and certain of its officers.
The lawsuit, captioned , Case No. 5:26-cv-11953, was filed on October 15, 2026, in the United States District Court for the Northern District of California. The action seeks to recover damages on behalf of all persons and entities that purchased or otherwise acquired D-Wave securities between February 26, 2026 and August 25, 2026, both dates inclusive (the "Class Period"), for alleged violations of the federal securities laws.
Investors are encouraged to join this case by visiting the firm's website: https://bgandg.com/cases/d-wave-quantum-inc-qbts-class_action_lawsuit/
D-Wave Case Details
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and financial prospects. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
Defendants materially overstated D-Wave's business, operational, and financial prospects;The foregoing was reasonably likely to negatively impact the Company's business and reputation; andAs a result, Defendants' public statements were materially false and misleading at all relevant times.On August 6, 2026, D-Wave reported second-quarter revenue of $3.08 million, falling short of analysts' expectations of approximately $4.03 million to $4.08 million. On this news, D-Wave's stock price declined $1.99 per share, or 9.28%, closing at $19.41 per share.
Then, on August 25, 2026, D-Wave announced that Chief Financial Officer John Markovich would retire and resign from his position effective September 2, 2026. On this news, D-Wave's stock price fell $1.84 per share, or 9.51%, closing at $17.51 per share on August 26, 2026.
What's Next for D-Wave Investors?
Bronstein, Gewirtz & Grossman, LLC has already filed a class action lawsuit on behalf of D-Wave investors. The action is pending in the United States District Court for the Northern District of California under Case No. 5:26-cv-11953.
If you wish to review a copy of the Complaint, you can visit the firm's site: bgandg.com/cases/d-wave-quantum-inc-qbts-class_action_lawsuit. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in D-Wave you have until December 15, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
No Cost to D-Wave Investors
We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys' fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman, LLC for D-Wave Securities Class Action?
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com
"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.
Follow us for updates on LinkedIn, X, Facebook, or Instagram.
Contact Info
Peretz Bronstein, Esq. or Nathan Miller
Bronstein, Gewirtz & Grossman, LLC
917-590-0911 | [email protected]
Attorney advertising.
Prior results do not guarantee similar outcomes.
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Build-A-Bear 5. listopadu otevře v ICON Parku v Orlandu víceúrovňovou prodejnu s vůbec první specializovanou dílnou Pokémon, čtvrtou dílnou Hello Kitty a prvním konceptem Promise Pets.
All-new immersive spaces featuring Pokémon, Hello Kitty® and Friends, and Promise Pets™ will debut when Build-A-Bear is scheduled to open its most iconic experience on Nov. 5
, /PRNewswire/ -- Build-A-Bear Workshop, the global retailtainment brand known for adding a little more heart to life, today offers a first look at three distinct Workshop experiences that will be inside its highly anticipated new multi-level location at Orlando's ICON Park, officially opening on Thursday, Nov. 5.
The new Build-A-Bear Workshop location will feature the first-ever Build-A-Bear x Pokémon Workshop, the brand's fourth Build-A-Bear x Hello Kitty and Friends® Workshop, and the debut of Promise Pets™ by Build-A-Bear Workshop. Each fully themed space will bring a distinct world to life through immersive storytelling, hands-on personalization, and memorable moments designed for guests of all ages. See renderings here.
"ICON Park represents a defining moment for Build-A-Bear as we continue to evolve into a true destination brand," said Chris Hurt, Chief Executive Officer of Build-A-Bear Workshop. "By bringing beloved franchises and original concepts together in one immersive environment, we're creating new ways for guests to connect, personalize, and make lasting memories. This is the future of Build-A-Bear, where storytelling and emotional connection come to life in bigger, more meaningful ways."
A Preview of What's to Come: Discovery, Fandom and Play
Each planned specialty shop will deliver a distinct experience while seamlessly integrating into the larger Workshop environment, encouraging exploration, personalization and shareable moments throughout the visit.
Build-A-Bear x Pokémon Workshop
A first-of-its-kind Pokémon specialty shop for Build-A-Bear, this environment will bring the world of Pokémon to life through exclusive product experiences, recognizable iconography, and bold visuals. Designed as an immersive fan destination, the space will invite Trainers of all ages to celebrate their fandom with collectible plush, apparel, and photo-worthy experiences.
"Pokémon has always been about exploration, discovery, and the joy of connection, and this new Build-A-Bear experience at ICON Park will bring those elements to life," said Amy Sachtleben from The Pokémon Company International. "We're excited for our fans to step into a space designed just for Trainers, where they can celebrate their love of Pokémon through Build-A-Bear's distinct make-your-own experience, while creating unforgettable moments."
Build-A-Bear x Hello Kitty and Friends® Workshop
This vibrant, highly visual destination will immerse guests in the world of Hello Kitty through dreamy pink visuals, custom fixtures, and unmistakable brand storytelling designed to delight fans of all ages. A curated assortment of Hello Kitty and Friends plush available only at ICON Park brings a sense of rarity and collectability that makes the visit feel extra special.
"We're proud to expand our relationship with Build-A-Bear after a successful past year opening three distinct Build-A-Bear x Hello Kitty and Friends® Workshops that bring together the best of both brands," said Jill Koch, Chief Brand Officer, Sanrio Inc. "Having our fourth collab store inside Build-A-Bear's most iconic Workshop yet creates a powerful new stage to engage fans and bring our characters to life in fresh, immersive ways."
Promise Pets™ by Build-A-Bear Workshop
A heart-led, interactive environment centered on nurturing play, Promise Pets will invite guests to "adopt" their new plush companion in a thoughtfully designed adoption-style experience. The space is being built to spark imagination and emotional connection while encouraging empathy and storytelling through pet care play.
"Promise Pets is one of our most successful original concepts because it captures what Build-A-Bear does best: turning personalization, storytelling, and emotional connection into a meaningful experience for guests," said Kim Utlaut, Chief Brand Officer of Build-A-Bear Workshop. "Bringing this proprietary brand to ICON Park gives us a powerful way to showcase the strength of our own IP alongside beloved licensed franchises, while creating an adoption-inspired destination that adds even more heart, play, and imagination to the overall Workshop experience."
Build-A-Bear's ICON Park location is being designed as a destination experience, combining immersive retail, experiential storytelling and customization to reimagine what a Build-A-Bear Workshop can be. Across the space, guests will be able to explore, personalize, and create, culminating in signature moments like the brand's iconic Heart Ceremony.
Additional details on the grand opening celebration on Nov. 5 will be announced in the coming weeks. See photos of the specialty shop renderings here.
About Build‑A‑Bear Workshop, Inc.
Founded in 1997, Build‑A‑Bear is a leading global retailtainment brand on a mission to add a little more heart to life. At Build-A-Bear, guests are invited to create personalized furry friends through a unique stuffing, dressing, accessorizing, and naming process, accentuated by a memorable "heart ceremony" that creates moments of connection for people of all ages.
Over the years, Build‑A‑Bear has grown into a multi‑generational phenomenon, positioned at the intersection of pop‑culture trends. Beyond its signature retail experience, the brand also offers pre‑stuffed plush, gifting, partnerships with best‑in‑class licensed and collectible characters, and original storytelling through Build‑A‑Bear Entertainment, LLC. Build‑A‑Bear's current brand platform and message, "The Stuff You Love," crosses ages and cultures while celebrating nearly 30 years of helping people mark life's meaningful moments.
Today, Build‑A‑Bear operates more than 650 company-owned, partner-operated, and franchise experience locations across more than 30 countries, complemented by buildabear.com. Build‑A‑Bear Workshop, Inc. (NYSE: BBW) reported $529.8 million in total revenues for fiscal 2025, representing the company's 5th consecutive year of record results. Learn more at the Investor Relations section of buildabear.com.
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Navitas Semiconductor po akvizici Claros rozšiřuje nabídku v oblasti napájení AI datacenter; jeho cílový obsluhovatelný trh do roku 2030 vzrostl z 3,5 mld. USD na více než 8 mld. USD.
High Voltage Returns: Navitas Rewires AI Data CentersNavitas Semiconductor NASDAQ: NVTS said its completed acquisition of Claros expands its power-semiconductor portfolio to address AI infrastructure from electrical-grid conversion through processor-level power regulation.
During a webinar focused on AI data-center power requirements, President and CEO Chris Allexandre described the transaction as a defining step in the company’s “Navitas 2.0” strategy, which has shifted away from consumer markets toward high-power applications. He said Navitas expects mobile revenue to be insignificant by the end of 2026, with nearly all revenue coming from high-power markets.
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Sovereign AI: Palantir and Nebius Cut the Cloud Cord“Power has become a bottleneck for AI compute,” Allexandre said. “Delivering more usable power, more efficiently is an enabler of more compute output.”
The company said its focus includes AI data centers, grid and energy infrastructure, high-performance computing, and industrial electrification. Its portfolio now combines gallium nitride, or GaN, devices for high-frequency power conversion; silicon carbide, or SiC, products for high-voltage applications; and Claros’ integrated voltage-regulator, or IVR, technology for delivery of power close to processors.
Grid-to-XPU Strategy
Power Struggle: Wolfspeed Sues Navitas Over AI ChipsNavitas presented its “grid-to-XPU” architecture as a response to what it calls the AI infrastructure power wall: cumulative power losses, heat, power-density constraints and material requirements that arise across a data center’s electrical path.
Chief Marketing Officer Llew Vaughan-Edmunds said traditional systems face limitations at several stages, including line-frequency transformers, AC-to-DC power supplies, 48-volt power distribution, intermediate bus conversion and final processor power delivery. At lower voltages, rising rack power requires higher current, increasing resistive losses and copper requirements, he said.
Navitas outlined an architecture centered on 800-volt DC distribution, fewer conversion stages and higher power density. In its presentation, the company said solid-state transformers could convert grid power directly to 800-volt DC while supporting bidirectional power flow and integration with battery-energy storage systems.
Within the data center, Navitas described power sidecars that would support high-power IT racks exceeding 1 megawatt, replacing distribution of 48 volts through a backplane with 800-volt DC delivery closer to compute trays. The company said this approach could reduce current, heat, resistive losses and copper use.
Vaughan-Edmunds also cited Navitas’ recent collaboration with NVIDIA on 800-volt-to-6-volt and 800-volt-to-12-volt DC-to-DC power-delivery boards. According to the company, those designs eliminate the traditional 48-volt intermediate bus converter stage and are intended to improve system efficiency, reliability, cost and compute density.
Processor-Level Power Delivery
Navitas said processor power requirements are creating a particularly acute challenge because AI processors operate at less than one volt while demanding thousands of amps. Vaughan-Edmunds said processor power is projected to grow from about 1.4 kilowatts in 2025 to 4.4 kilowatts in 2028, and to exceed 10 kilowatts in subsequent years.
Dan Kultran, vice president and general manager of Navitas’ IVR business unit and former Claros CEO, said conventional voltage regulators are typically placed beside processors. This requires current to travel across a circuit board, creating electrical losses, heat and board-space constraints.
Kultran said lateral power delivery can lose as much as 30% of power before it reaches the processor. Claros’ technology is designed to move voltage regulation beneath the processor through vertical power delivery, or VPD, and eventually into the processor package or substrate through embedded power delivery, or EPD.
“VPD gets us closer today, and EPD takes integration further as processor architectures evolve,” Kultran said.
The company introduced two products based on Claros’ IVR technology stack: packaged IVR, or P-IVR, designed to sit underneath a processor, and embedded IVR, or E-IVR, which integrates chiplets and passive components into a processor substrate. Navitas said its platform uses repeatable 10-amp building blocks that can be combined into 40-amp or 160-amp chips and then scaled across a system.
Expanded Addressable Market
Allexandre said Navitas’ identified 2030 serviceable addressable market has expanded from $3.5 billion for GaN and SiC to more than $8 billion with the addition of JFET and Claros IVR opportunities. He said approximately $1 billion of that expansion is tied to SiC JFET technology and at least $3.5 billion to vertical and integrated voltage-regulation opportunities.
AI infrastructure accounts for more than $6.9 billion, or nearly 85%, of that identified market, according to the company. Allexandre emphasized that the figures represent addressable market rather than revenue guidance.
Navitas said the Claros acquisition does not materially change its previously stated plan for reaching break-even. The company said its next priority is translating its expanded product portfolio into customer adoption and sustainable growth as AI data-center power architectures evolve.
About Navitas Semiconductor (NASDAQ:NVTS)Navitas Semiconductor Corporation NASDAQ: NVTS develops power semiconductor technologies designed to improve the efficiency, performance and size of electronic systems. The company specializes in gallium nitride (GaN) power integrated circuits and silicon carbide (SiC) devices, which are used to convert and manage electrical power.
Its product portfolio includes GaNFast power ICs, GeneSiC silicon carbide products and related power-management solutions. These technologies are used in applications such as mobile and consumer chargers, data centers, solar inverters, electric vehicles, energy storage systems, appliances and industrial equipment.
Founded in 2014, Navitas serves customers and markets globally through its semiconductor products and engineering support.
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Společnost Mach Natural Resources LP má před zveřejněním výsledků kladný ukazatel Earnings ESP ve výši 15,94 % a Zacks Rank #3; v minulém čtvrtletí překonala odhad EPS o 11,76 %.
Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Mach Natural Resources LP (MNR - Free Report) , which belongs to the Zacks Oil and Gas - Exploration and Production - United States industry.
When looking at the last two reports, this company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 25.69%, on average, in the last two quarters.
For the last reported quarter, Mach Natural Resources LP came out with earnings of $0.38 per share versus the Zacks Consensus Estimate of $0.34 per share, representing a surprise of 11.76%. For the previous quarter, the company was expected to post earnings of $0.53 per share and it actually produced earnings of $0.74 per share, delivering a surprise of 39.62%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Mach Natural Resources LP. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Mach Natural Resources LP currently has an Earnings ESP of +15.94%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Meta’s AI companion, Muse, is now one of only a dozen mobile apps to have reached 10 million U.S. downloads in its first 40 days on the market. According to new data from market intelligence provider Sensor Tower, Muse has seen 10.9 million downloads since its September debut, 10.2 million of which were in the United States.
Only 11 other apps to date have reached this type of post-launch milestone, said Sensor Tower’s Senior Insights Analyst Kara Lee. The most recent of these was Meta’s Threads, back in July 2023.
Other apps that saw this kind of scale were largely mobile games, Lee noted, like Fortnite, PUBG Mobile, Pokémon GO, and others. Besides Threads, Disney+ was the only other non-game app to make it into the exclusive club.
Meta’s success is tied to the company’s ability to scale its new apps by marketing them across its other services, which it has done with both Threads and Muse. Threads was built on top of Instagram’s social graph, and its content has been integrated into both Facebook and Instagram. However, Muse isn’t only benefiting from Meta’s ability to market the AI agent across its family of apps, which today includes 3.6 billion daily active users; the company is also heavily investing in advertising to drive new users to Muse.
Per Sensor Tower’s data, Meta has allocated 39% of its total advertising spend to market Muse in October, up from 23% last month. In addition, Muse now ranks as the 21st largest brand in the U.S. by advertising impressions this month, up from 73rd in September.
Still, marketing an app and retaining users after the initial shine wears off are two different things. In this case, Muse is seeing better retention rates than its AI competitors like ChatGPT, Claude, and Grok.
In the U.S., the app had a 30% retention rate after 7 days and a 23% retention rate after 14 days. By comparison, its rivals saw an average of a 19% 7-day retention rate and a 16% 14-day retention rate, according to the firm’s data.
Muse also hit another milestone that demonstrates active engagement with the AI app. Its daily active users reached 2.5 million for the first time on October 16, a 15% week-over-week increase.
Meta’s latest AI app, which can handle various tasks on users’ behalf, has seen breakout success since its debut. It shot up to No. 1 on the App Store, and, at one point, even outpaced some of the metrics ChatGPT saw following its launch. Its latest milestone sees it topping its rivals again, as ChatGPT saw 3.7 million U.S. downloads in its first 40 days on the market. Grok and Claude saw only 500,000 and 200,000 U.S. downloads, respectively, in their first 40 days.
Globally, ChatGPT beat out Muse, having scaled to around 15 million global downloads in its first 40 days. But this isn’t a fair comparison, as ChatGPT benefited from a wider reach. Muse is only available in the U.S. and Canada for now, while ChatGPT’s app attracted attention from markets like Japan, Brazil, and Germany, too. (Japan, for instance, accounted for 25% of its global installs during its first 40 days.)
Since launching, Muse has retained its No. 1 rank on the U.S. App Store for all days except October 19, when streaming app Kick briefly beat it out. It has since reclaimed the top spot as of Tuesday. Muse has also been No. 1 on Google Play over the past 30 days.
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Šéf globálních vztahů ve společnosti Meta Platforms Joel Kaplan příští rok po 15 letech odejde. Jeho agendu převezme prezidentka a místopředsedkyně Dina Powell McCormick.
Meta Platforms' (META.O) chief global affairs officer Joel Kaplan will leave the company next year after 15 years there, a spokesperson told Reuters on Tuesday.
President and Vice Chairman Dina Powell McCormick will add external affairs to her portfolio, the spokesperson said.
The move comes ahead of the November 3 midterm elections
McCormick was part of the Donald Trump administration during his first stint as US president
Kaplan was elevated to Meta's top policy role in January last year, as the social media giant rolled back US fact-checking, ended diversity initiatives and sought closer ties with Trump
A longtime Republican strategist, Kaplan served as deputy chief of staff for policy in the administration of George W. Bush
Meta is among the tech companies facing questions over AI's impacts, as concerns mount over safety and the industry’s growing footprint among local communities
Trump recently said tech executives, including Meta CEO Mark Zuckerberg, had agreed to establish voluntary AI standards
Bank of America očekává, že Alphabet ve třetím čtvrtletí překoná odhady s tržbami 111,4 mld. USD a ziskem na akcii (EPS) 3,07 USD, zejména díky službě Google Cloud a čipům TPU.
Alphabet Inc (NASDAQ:GOOG) could deliver a modest earnings beat next week as Google Cloud growth and rising demand for its custom AI chips offset signs of slowing Search growth, according to Bank of America.
The firm forecasts third-quarter revenue of US$111.4 billion and GAAP earnings per share of US$3.07, ahead of the Street’s US$111.0 billion and US$2.98 when Alphabet reports on October 28.
Cloud is the likeliest source of upside. BofA sees growth of 93%, against consensus of 89%, driven by expanding capacity and incremental TPU sales.
Search growth is expected to land in line with the Street at 15%, though BofA’s checks suggest some deceleration in the quarter.
BofA expects operating expenses of US$33.5 billion, below the Street’s US$34.3 billion, helped by lower depreciation and amortization of US$8 billion versus US$8.9 billion. It sees operating income beating estimates, though legal charges and the start of SpaceX capacity in September could weigh on EPS.
On the earnings call, BofA will watch search volumes, a potential consumer agentic launch, Gemini 4 capabilities and any data on TPU sales and outlook, which it calls a key 2027 upside case. Investors will also look for Cloud growth relative to Microsoft, which reports the same day.
BofA estimates 2026 capital expenditures of about US$200 billion, compared with the Street’s US$202 billion, and about US$300 billion in 2027, with a bias to the upside.
For the fourth quarter, BofA forecasts revenue of US$123.9 billion and EPS of US$3.33, in line with the Street.
BofA reiterated its Buy rating, saying Alphabet is well positioned with differentiated AI assets, proprietary models, custom silicon and broad distribution.
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Microsoft ukončuje po 17 letech program The Garage, který podporoval zaměstnanecké projekty a pořádal Global Hackathon. Budoucnost hackathonu zůstává nejistá.
Employees work on a soldering project during a workshop in a Microsoft Garage space. Microsoft is winding down The Garage as a companywide program, and some spaces could be restricted as early as this week. (Microsoft Photo)
Microsoft is winding down The Garage as a companywide program, ending a 17-year run for the effort that gave employees space and tools for side projects and ran the company’s Global Hackathon, according to an internal FAQ viewed by GeekWire.
The program, with a flagship location on Microsoft’s Redmond campus and more than a dozen other sites from Vancouver, B.C., to Beijing, became part of the company’s push for a more experimental culture under Satya Nadella, who took over as CEO in 2014.
In the FAQ, Microsoft says the experimentation that started in dedicated programs and spaces like The Garage now happens “every day within each of our teams,” as employees build new skills and adopt new tools in their regular work. The FAQ says the company is “reinventing how we foster innovation, learning, and experimentation” across Microsoft.
The move comes as Microsoft spends heavily on AI, much of it for data centers and other infrastructure, while cutting costs and jobs in other parts of the business.
“We regularly evaluate how we use our physical spaces to best support our employees, customers and partners,” a Microsoft spokesperson said in a statement. “As part of that ongoing work, we’re making changes to some Garage spaces. Innovation and a builder mindset remain central to how we work every day.”
The company declined to comment further, including on the effect on Garage employees.
The Garage will no longer operate “as a centralized function,” according to the FAQ, and the impact on each physical space “will vary by location.” Some Garage spaces could be restricted as early as Friday, Oct. 23. Neither the FAQ nor Microsoft’s statement says which spaces are affected, including the flagship location in Redmond. Employees can’t take equipment, tools or materials with them.
The future of the Global Hackathon is also unsettled. The FAQ says the hackathon team is “reimagining the program” and that Microsoft will have more to share later.
Microsoft’s public Garage website, which showcased hackathon projects and experimental apps, was redirecting to the Microsoft homepage as of Tuesday morning.
A Microsoft map shows The Garage’s 15 locations as of 2026. Microsoft hasn’t said which of them will be affected as it winds down the program. (Microsoft Graphic)
From Office Labs to companywide: The Garage started in 2009 inside Microsoft’s Office Labs group in Redmond, with the slogan “Doers. Not Talkers.” The idea was to support employees who were already building their own projects, rather than collecting ideas and funding the most popular ones.
The program took on a bigger role under Nadella. In July 2014, The Garage ran Microsoft’s first companywide hackathon, which drew more than 11,000 registrants from 80 countries. The event became an annual fixture of Microsoft’s culture.
The Garage also released experimental apps to the public, including Mouse without Borders, a tool for controlling multiple PCs with one keyboard and mouse, and Arrow Launcher, which became Microsoft Launcher for Android.
As of this year, Microsoft listed Garage locations in 15 regions, including Redmond, Vancouver, B.C., the Bay Area, New York City, Dublin, Israel, India and Beijing.
Employee reaction: On Blind, the anonymous workplace app that verifies users’ employers, a post titled “Amy kills the Garage” drew more than 70 comments. The poster attributed the move to cost-cutting by Microsoft CFO Amy Hood.
Another employee wrote that The Garage was where they met their friends on campus and made connections that advanced their career.
“The Garage offices were one of the last few cool things about Microsoft,” one commenter wrote.
Satya Nadella inherited a company synonymous with Windows and turned it into something Wall Street barely recognized a decade later. Whether that transformation actually rewarded patient investors depends on when you started the clock.
From Windows Company to AI Landlord Ten years ago, Microsoft (NASDAQ:MSFT | MSFT Price Prediction) was still known as the Windows company. Satya Nadella became CEO in 2014 and shifted the business to a cloud-first model. The following decade showed the shift was the right call.
Azure went from challenger to a dominant cloud platform and passed $100 billion in annual revenue in fiscal 2026. Office turned into Microsoft 365 subscriptions. The 2019 OpenAI investment became the company’s defining move of the AI era. After a restructuring, Microsoft owns roughly a 27% stake valued at nearly $135 billion, and OpenAI committed to an additional $250 billion in Azure services.
Record Profits Collide With Record Spending Fiscal 2026 revenue reached $331.84 billion (up 17.79%), and net income rose 31.34% to $133.75 billion. Commercial remaining performance obligation jumped 84% to $678 billion. Capex also climbed 79.62% to $115.95 billion, which pushed free cash flow down 6.46%.
Your $1,000 Grew to More Than $10,000 1-Year Return
Initial Investment: $1,000 Current Value: $1,043.30 Total Return: 4.33% S&P 500 (same period): $1,161.60 (16.16%) 5-Year Return
Initial Investment: $1,000 Current Value: $1,800 Total Return: 80% Annualized Return: 12.47% S&P 500 (same period): $1,705.90 (70.59%) 10-Year Return
Initial Investment: $1,000 Current Value: $10,023.10 Total Return: 902.31% Annualized Return: 25.92% S&P 500 (same period): $3,606.80 (260.68%) Over 10 years, recurring cloud revenue grew year after year, and investors paid up for it. The 5-year margin over the index is much thinner. That window includes the 2022 tech selloff. Over the past year, Microsoft trailed the S&P 500 by a wide margin as capex climbed faster than revenue. Shares are up 10.5% year to date and trade at $531.
All of these figures track share price only. The quarterly dividend rose from $0.36 in early 2016 to $0.98, payable December 10, 2026. Reinvesting those payouts would have raised the total.
Azure Growth Versus Capex Will Decide What Comes Next Microsoft’s case strengthens if Azure keeps growing faster than the spending behind it and weakens if capex keeps rising while returns flatten.
Bull case: Azure grew 43% last quarter, and management guided for about 45% in constant currency next quarter. Copilot has passed 30 million paid seats. CFO Amy Hood said, “Demand continues to exceed available supply.”
Bear case: Management expects capex to rise again in fiscal 2027 and operating margins to slip by less than a point. More Personal Computing revenue fell 4%, and a P/E near 30 on a $3.94 trillion company leaves little room for mistakes.
The bull case has more data to back it up. A $678 billion backlog makes demand easy to see, which the market rarely gets. Free cash flow is the number I’d check every quarter.
Contact [email protected] for any questions or corrections.
Čínské firmy včetně ByteDance, Alibaba a Tencent údajně objednaly více než 3 miliony čipů Nvidia Blackwell v hodnotě 35 miliard USD, ačkoli Nvidia může pokrýt jen 5–10 % těchto objednávek.
It has not been an easy couple of weeks for the artificial intelligence giant Nvidia (NVDA +0.13%), whose stock has fallen by over 9%.
AI concerns have been front and center, as Anthropic appears to be dragging its feet on its suspected initial public offering, and as investors fret about some of the balance sheets of debt-laden neoclouds.
Nvidia is still having a solid year, but the company has posted incredibly strong results in its first two quarterly reports and arguably hasn't been rewarded as much as some investors would have expected.
Earlier today, Reuters, citing anonymous sources, reported that Chinese companies, including ByteDance, Alibaba, and Tencent, have ordered more than 3 million Nvidia Blackwell chips, collectively worth $35 billion.
Here's why that could be great news for the stock.
Image source: Nvidia.
Chinese sales were not previously factored into the company's guidanceAfter the Trump administration imposed new tariffs on China in 2025, it told Nvidia in April of that year that it would need to obtain an export license to continue selling data center chips to Chinese companies.
This had also been an issue in former President Joe Biden's administration, with both administrations citing national security concerns.
However, Nvidia's CEO, Jensen Huang, met with Trump on several occasions and also lobbied Washington regulators, eventually striking a deal in which Nvidia would cede 15% of its Chinese chip sales to the government.
Most of those reports came last year, and there hasn't been much of an update since. Still, due to reservations from both U.S. and Chinese regulators, sales have hardly resumed.
Nvidia's CFO Colette Kress said on the company's most recent earnings call at the end of August that less than 1% of Nvidia's data center revenue came from customers in China, and it was for Nvidia's older-generation Hopper 200 chips.
Kress also said that Hopper sales are dilutive to gross margins, so it's positive that the company is able to sell Blackwell chips to Chinese customers.
NVDA Nvidia$217.37+$0.28 (+0.13%)
NASDAQ · As of 2:01 PM ET 10/20/26
The even better news for investors is that Nvidia has been providing forward guidance without including potential sales to Chinese companies. On the last quarterly call, Kress said the company is projecting revenue for the third quarter of its fiscal year 2027 to come in around $108 billion, so $35 billion is not an insignificant number.
However, Reuters also reported that Nvidia may not be able to fulfill all Chinese orders because it had not planned for such production levels. One source told Reuters that Nvidia may only be able to fill 5% to 10% of orders and has capacity to produce at most 3 million Blackwell chips globally in 2027.
Good news for AI demandInvestors and analysts will clearly be anxious to learn more about the Chinese orders on the company's next earnings call, including the magnitude of the orders, how much the company can fill, and how much of the sales it must cede to the government.
Despite the news, Nvidia's stock only traded marginally higher as of 2:04 p.m. ET today, and the market was broadly in the green. The stock has had some difficulty gaining traction, despite reporting blowout numbers and guidance each quarter so far this year.
Part of it likely has to do with Nvidia's roughly $5.2 trillion market cap and the fact that it's already guiding for 70% revenue growth in its fiscal year 2028. Investors are also nervous about the AI trade and whether companies can keep buying chips at the same level they have been.
Still, it's hard to view the demand in China as anything but broadly good news for Nvidia and the AI trade on the whole.
Opční trh před hospodářskými výsledky Netflixu naznačuje optimismus: nakoupených call opcí bylo 1,5krát více než put opcí a implikovaný pohyb akcií po zveřejnění výsledků činí 9 %.
A slumping stock price. C-suit shakeups. Corporate layoffs. A failed takeover bid. It's not a new drama on Netflix, but rather the drama that has surrounded the streaming giant as it limps into earnings with its stock nearly off 50% from its all time highs.
Option traders are betting the drama might be coming to an end.
Current options prices are implying a 9% post-earnings move, which is the highest since its Q3 2022 report, when it was priced for an 11% move. Netflix shares beat that implied move that quarter surging 13%. This time around, a hint of optimism is replacing what has become an almost automatic quarterly disappointment. The stock has had a median move of 7.25% over the last eight quarters.
As of 12 p.m. ET on Tuesday, one-and-a-half times more calls had been bought than puts in Netflix, while more puts had been sold than bought on more than 150% of average daily volume. Six of the ten most-bought contracts were calls, with five of those expiring this Friday. When traders sell puts, its a bullish strategy.
The single largest trade on Netflix's tape was a seller of a string of Nov. 20 expiration 70-strike puts for a total of just about $2 million. Notably, those contracts are right at the money, making this trade a major vote of confidence for a stock desperately in need of some reassurance heading into this afternoon's print.
Netflix, YTD
There was also notable call buying of the 80-strike calls expiring this Friday. Traders bought more than 3,500 of those contracts for more than $210K worth of premium. For context, that would require Netflix stock to surge at least 20% by Friday to break even, a jump of more than double its implied move to the upside.
Trader appear to be betting that Netflix earnings losing streak could be ending shortly.
Zoom představil Unified Context Layer, která propojuje historii konverzací, dokumenty a data, aby lidem i AI agentům pomohla proměnit schůzky v konkrétní práci.
SAN JOSE, Calif., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Today at its annual Zoomtopia customer conference, Zoom Communications, Inc. (NASDAQ: ZM), a leading AI-first platform for human connection, introduced a new Unified Context Layer and several new products with AI-powered capabilities. The new offerings are designed to help businesses transform rich meeting context into meaningful deliverables that help accelerate work outcomes.
Business conversations drive critical decisions and build customer history every day. A customer interaction might start in a meeting, continue by phone, and carry on in chat threads. But when that context is scattered across applications, people and AI agents lose the thread and teams spend significant time piecing together what happened, when it happened, and what they should do about it.
Zoom’s new Unified Context Layer helps close that gap by linking conversation history with relevant documents and data. Together, these sources give people and AI agents a fuller picture of the work and what needs to happen next.
This new layer brings together conversations with near real-time activity across Zoom and connected third-party applications, giving people and AI agents access to business context that might otherwise be lost or siloed. Configurable settings and controls help manage access, while coordination among AI agents turns business context into actionable insights.
Zoom is increasingly becoming a system of action as organizations, large and small, put the company's AI tools to work at scale.
Zoom Virtual Agent customer count has surged by 256%1, and users who leverage Zoom's various AI tools report completing tasks twice as fast, with 72% citing high or extremely high business impact, compared with a market average of 63%2. Zoom is expecting to surpass $5 billion in annual revenue this year.
With a growing enterprise footprint across industries from healthcare to financial services, retail, and education, the company is advancing its vision for workplace productivity, one where the line between conversation and execution shrinks.
“AI models are only as powerful as their understanding of your business, and that context makes all the difference,” said Eric Yuan, founder and CEO of Zoom. “Fragmented product experiences isolate conversations, stall decisions, and drag businesses down. Today, with the Unified Context Layer, we’re laying the groundwork for a system of action designed to turn conversations into completed work.”
“Our teams have the information they need, but it’s often dispersed across meetings, notes, and different systems,” said Christine Sarros, senior vice president of Enterprise Engineering, Oracle Cloud Infrastructure. “Zoom’s new solutions could help bring that context together, so teams can enter customer conversations with a clearer understanding of what’s been discussed, what’s been decided, and what needs to happen next. We see an opportunity to spend less time reconstructing history and more time helping our customers move forward.”
At Zoomtopia, Zoom is bringing this vision to life with innovations across collaboration, AI, customer experience, and events. The announcements below show how it all connects business context to the tools and workflows people actually use to get work done.
Give people and AI agents context to turn conversations into action
Every meeting, chat, and document leaves a trail of discussion, decisions, and action items. Zoom's Unified Context Layer accesses this information to help people and AI agents quickly move from context to clarity to action.
The Unified Context Layer makes work even more efficient when used with the newly introduced capabilities that include:
Follow the meeting: Delivers personalized transcripts and summaries for users who miss all or parts of a meeting. (Expected December 2026.)Enriched notes: Links shared screens, slides, charts, and in-meeting chat to relevant moments in a searchable transcript. (Expected November 2026.)My Notes hardware integrations: Extends My Notes to in-person conversations through new devices from DTEN and Bota. (Expected November 2026 and Q1 2027, respectively.)My Notes Workflows: Turn meeting summaries into follow-up work in everyday tools like Zoom Chat and Salesforce, with ready-made workflows for sales, marketing, and IT, or custom ones created by describing what to automate in natural language, no separate workflow builder needed to get started. (Expected October 2026.)New Zoom Chat experience: A refreshed chat experience designed to help surface relevant conversations and bring AI agents directly into discussions to take actions based on administrator-defined controls. (Expected December 2026.)ZoomMate Agent Teams: Specialized AI agents that work together in an AI team to support faster execution of work. (Available now.) Bring Zoom capabilities into the AI tools businesses already use
Developers and AI agents can now access Zoom capabilities outside the Zoom app. Through APIs and Model Context Protocol (MCP) servers, teams can connect scheduling, transcription, search, administration, and contact center actions to other AI environments and workflows. Highlights include:
MCP Servers: With new MCP servers across the portfolio, developers and AI agents can coordinate actions outside the Zoom UI. (Available now.)Connections to AI Assistants: Use supported Zoom capabilities within AI environments, including Claude, Codex, Copilot, and Muse. (Expected October 2026.)Search & Ask APIs: Query Zoom's Unified Context Layer directly from Claude, GPT, Codex, Muse, MS Copilot, Gemini, and Slackbot, as well as MCP-compatible agents. (Available now.)Zoom Admin MCP Server: Perform admin tasks conversationally. (Expected October 2026.)
Reduce barriers to natural, engaging conversation
To help users show up as their best in meetings, Zoom is making conversations clearer, more natural, and more inclusive, with AI driving more meaningful outcomes. These new enhancements strengthen the foundation for the unified context layer with:
Voice Translator: "Translate Me" enables a speaker to translate their audio for all participants using a synthesized version of their own voice, designed to preserve a natural feel. (Expected October 2026.)Pose Correction: Subtly adjusts a user’s video when they glance away from the camera, helping maintain a camera-forward appearance. (Expected December 2026.)Touch up my Voice: Users can use this feature to alter their own voice with real-time accent smoothing so speakers come through more clearly and naturally. (Expected December 2026.)High-quality screen sharing: Enhanced media support for 60 frames per second screen sharing. (Available now.)Live Meeting AI Agent: Proactive meeting assistance that helps find answers, keep meetings on track, and nudge engagement. (Expected Q1 2027.)
Carry customer history from one interaction to the next
Customer service breaks down when customers have to constantly repeat themselves, and agents have to reconstruct past interactions Zoom CX extends shared customer context across a variety of channels, including live and AI agents, providing a broader view of the past and present to help inform future outcomes. Highlights include:
Customer Profiles: Brings dynamic customer profiles into Zoom CX with real-time context across channels and interactions. (Expected November 2026.)CX Insights Transcript Intelligence: Automatically classifies voice, chat, and email transcripts and makes them queryable in natural language, joined with operational data, such as handle time, queue, and outcome. (Expected November 2026.)Zoom Virtual Agent - Kiosk: Brings AI-powered self-service to physical retail locations via branded kiosk agents, resolving customer requests on the spot without relying on
in-store staff. (Expected November 2026.)
Give businesses control as AI takes on more work
Zoom is adding new management controls that enable administrators to manage AI activity across the account while supporting customers' existing guardrails and data-classification policies. Highlights include:
Centralized AI Management: Provides administrators with greater control over how AI features are configured and used across the organization. (Expected December 2026.)Sensitivity Labels: Seamlessly sync with Microsoft Purview sensitivity labels or create native labels in Zoom, then automatically enforce policies based on the sensitivity of meetings and content. (Available now for select Zoom Workplace customers.)AI Guardrails: Set account-level rules governing what AI can generate or use in its responses. (Expected Q1 2027.)Deepfake Risk Detection: Introduce deepfake risk detection tools designed to help flag potential synthetic media across hiring, customer experience, and meeting scenarios. (Expected December 2026.)Zoom Compliance Manager support for My Notes and Zoom Canvas: Archives and monitors AI-generated summaries, notes, and documents to help address organization's own retention and supervision requirements3. (Expected January 2027.) Extend the business value of events beyond the closing session
Most of what happens at a live event disappears the moment it ends. Zoom Events now brings powerful AI functionality to event planning, content creation, and analytics. These capabilities help reduce the amount of heavy setup work involved and extend the value of event content long after sessions end. Highlights include:
Content Studio: Turn one recording into a multi-language, multi-format asset library. (Expected October 2026.)Agentic Event Setup: Use AI to help configure event details, from sessions to registration, before launch. (Expected November 2026.)AI Analytics for Events: Query event data in plain language, score engagement, and generate shareable reports, cutting post-event analysis time significantly. (Available now.) Taken together, today's launches represent a significant step for Zoom toward becoming a system of action for modern work by connecting conversations to the work that follows, across roles and industries. For more information on announcements from Zoomtopia 2026, visit the Zoom newsroom.
About Zoom
Zoom (NASDAQ: ZM) is a system of action for modern work, turning live collaboration into completed results. From entrepreneurs to global enterprises, customers choose Zoom to seamlessly collaborate, communicate, and drive outcomes across meetings, phone, contact center, and more — all with the built-in assistance of Zoom AI. Founded in 2011, Zoom is headquartered in San Jose, CA. For more information, visit zoom.com.
_____________________
1 2QFY27 Earnings Report
2 According to Zoom's 2026 GenAI ROI Study (a quantitative survey of 500 U.S.-based knowledge workers).
3 Zoom Compliance Manager is not a substitute for independent legal or compliance review.
Photos accompanying this announcement are available at
Pepsi's stock is sliding while Coca-Cola's surges, and most analysts are blaming the wrong culprit. The real threat to Pepsi has nothing to do with losing a fast food contract and everything to do with a structural problem quietly eroding…
Coca-Cola’s (NYSE: KO | KO Price Prediction) stock is up 38% this year. The S&P is up 12%. Pepsi’s (NYSE: PEP) stock is down 7%. The apparent reason is that KFC replaced Pepsi with Coke. It is more than that. Coke is the premier soft drink at McDonald’s (NYSE: MCD), Burger King, and Wendy’s.
Another sign of Pepsi’s problem is that, according to research firm Beverage Digest, Pepsi’s soft drink market share is 8.1%. In 2000, that was 13.6%. By that yardstick, Dr Pepper has passed it. Coke’s share is flat over the period at just above 18%.
Pepsi has also hurt investors. In the most recent quarter, revenue rose 6% to $25.7 billion. “Core EPS” was up 2% to $2.34. It has diversified into brands that include Lay’s, Quaker, and Lipton.
Coke’s third-quarter revenue was $13.4 billion, much smaller than Pepsi’s. EPS rose 16% to $1.03. It has also diversified, mostly into beverages. It claims to have 32 brands worth more than $1 billion each.
The odd thing is that Pepsi has a market cap of $182 billion. Coke’s is $401 billion. That means Coke is valued at more than 2x Pepsi, which seems strange. Most experts believe this is because Coke’s margins on sales to bottlers are better than Pepsi’s margins on snack sales. This means Coke’s operating margin is $0.29 per dollar of sales. Pepsi’s are $0.12 based on a comparable model.
KFC is not Pepsi’s problem. Margins are
Contact [email protected] for any questions or corrections.
Douglas A. McIntyre
Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
PepsiCo ve třetím čtvrtletí fiskálního roku 2026 zvýšila tržby o 5,6 % na 25,27 mld. USD a překonala odhady, ale snížila výhled růstu očištěného zisku na akcii (EPS).
Key Takeaways PepsiCo's Q3 revenues and core EPS beat estimates, drawing attention to PEP-heavy ETFs.Rising costs pressured margins, making PepsiCo's cost-cutting efforts crucial to its recovery.FTXG, IYK and GXPS offer exposure to PepsiCo, with respective PEP weightings of 7.9%, 6.8% and 5.74%.
PepsiCo, Inc. (PEP - Free Report) reported third-quarter fiscal 2026 net revenues of $25.27 billion, up 5.6% year over year from $23.94 billion.The company released earnings on Oct. 8, 2026, before market open, beating expectations and helping its shares gain 3.7% that day.
Overview of PepsiCo’s Earnings Organic revenues grew 3.1%, while acquisitions and divestitures added 1.7 percentage points and foreign-exchange effects contributed 0.7 percentage points to reported growth.
PepsiCo’s core earnings per share (EPS) beat the Zacks Consensus Estimate of $2.29 by 2.18%, while revenues surpassed the $24.88-billion estimate by 1.59%.
Reported EPS rose 17.4% to $2.23 from $1.90, while core EPS increased 2.2% to $2.34. Gross profit grew to $13.75 billion from $12.82 billion, lifting the gross margin to 54.4% from 53.6%. The improvement indicates that gross profit grew faster than revenues in the quarter.
Reported operating profit increased 19% to $4.26 billion, but core operating profit rose just 3% to $4.28 billion, while the core operating margin declined 35 basis points to 16.9%, reflecting operating cost increases, and higher advertising and marketing expenses.
For the first 36 weeks of fiscal 2026, PepsiCo generated $7.95 billion in operating cash flow compared with $5.47 billion a year earlier, while the capital expenditure fell to $2.18 billion from $2.50 billion. Consequently, the free cash flow increased 80.7% to $5.86 billion from $3.24 billion.
The company expects core EPS growth of 2.5-3.5%, down from its previous forecast of 5-7%, while core constant-currency EPS growth is projected at just 1-2% compared with the previous outlook of the low end of 4-6%.
Rising Costs Instigate Deeper Cost-Cutting MeasuresHigher commodity, energy, transportation and packaging costs are creating additional challenges for PepsiCo. As previous cost hedges expire, the company faces greater exposure to rising input prices, putting pressure on its operating margin.
Since PepsiCo's core operating margin declined year over year in the third quarter of 2026, management plans additional structural cost reductions to eliminate redundancies and discretionary spending.
The savings are expected to help finance investments in innovation, advertising and marketing while offsetting inflationary pressures.
PepsiCo is also expanding its product portfolio to respond to changing consumer preferences. Its initiatives include high-protein and high-fiber snacks, simpler ingredients, zero-sugar beverages and functional hydration products. These efforts are intended to attract health-conscious consumers and address the potential long-term impacts of GLP-1 weight-loss medications on food consumption patterns, per Reuters.
Nevertheless, the company's turnaround remains a work in progress, and investors will be watching whether cost savings can improve profitability without compromising future growth.
ETFs in FocusPepsiCo's third-quarter results present a mixed picture for investors. Better-than-expected revenues and adjusted earnings demonstrate that the company continues to generate demand, particularly in international markets, putting PepsiCo-heavy ETFs in the spotlight.
Investors will also need to monitor competitive pressures in beverages, consumer spending trends and the company's progress toward its turnaround goals.
A sustained margin recovery, rather than revenue growth alone, will be an important indicator of whether the stock can regain momentum.
First Trust Nasdaq Food & Beverage ETF (FTXG - Free Report) is a U.S.-listed exchange-traded fund that provides exposure to food and beverage companies, including packaged-food makers, soft-drink producers, agricultural processors and other businesses across the food supply chain.
PEP has a holding of 7.9% (as of Oct. 15) in its portfolio and an expense ratio of 0.60%.
iShares U.S. Consumer Staples ETF (IYK - Free Report) provides exposure to U.S. consumer staples companies, including food and beverage producers, household and personal-care product makers, and consumer staples retailers.
PEP has a holding of 6.8% (as of Oct. 15) in its portfolio, along with an expense ratio of 0.37%.
Global X PureCap MSCI Consumer Staples ETF (GXPS - Free Report) is a U.S. sector ETF that invests in consumer staples companies, including food and beverage producers, household-product makers and consumer staples retailers.
PEP has a holding of 5.74% (as of Oct. 15) in its portfolio, along with an expense ratio of 0.15%.
Hertz získal pro společnost Oro Mobility, v níž drží většinový podíl, strategickou kapitálovou investici ve výši 80 milionů USD a ponechá si většinový podíl na ekonomických výnosech.
Private investors just put serious money behind a Hertz subsidiary most people have never heard of, and the bet is shaking up the entire rental and fleet sector this morning.
Outside investors are putting fresh money behind the fleet business Hertz Global Holdings (NASDAQ:HTZ) built from its own rental operations. Hertz stock is up 12% to $2.06 this morning after the company announced a strategic equity investment in its Oro Mobility subsidiary.
At the same time, Ryder System (NYSE:R | R Price Prediction) stock is up 2% to $240.01, a far smaller gain than the jump in Hertz shares. Avis Budget Group (NASDAQ:CAR) shares are up 0.9% to $103.34, trailing the gains in both Hertz stock and Ryder stock.
Transportation stocks as a group are stronger, as well. The iShares Transportation Average ETF (CBOE:IYT) is up 2% to $80.57. For broad-market context, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.5% to $770.54, leaving Hertz stock as the clear outlier in the group.
Oro Mobility Lands Outside Backing
Hertz announced that Oro Mobility, its majority-owned fleet subsidiary, secured an $80 million strategic equity investment. Backers include Cohen Private Ventures and funds affiliated with Certares Opportunities and Knighthead Capital Management, a group putting private money into a unit Hertz built in-house. Because Oro Mobility is privately held and carries no ticker of its own, Hertz stock remains the main publicly traded link to the business.
Oro provides integrated driver-led and autonomous fleet management across mobility segments, and its driver-led unit supports rideshare platforms. Management at Hertz frames Oro as one piece of a platform covering rent-a-car, service, fleet and mobility.
Under the deal terms, Hertz keeps majority economic ownership of Oro and stays on as its fleet and corporate services partner. That structure leaves Hertz with the larger share of the economics while Oro’s new capital funds expansion across rideshare rentals, driver-led and autonomous vehicle fleet management.
Gil West, who serves as Hertz CEO and as executive chairman of Oro Mobility, tied the investment to the company’s broader transformation. West issued a statement. In it, he declared, “This investment underscores the strong foundation we’ve built at Oro and the immense opportunity ahead, validating both Oro’s trajectory and Hertz’s transformation strategy.” His comment frames Oro as evidence that the overhaul at Hertz is producing assets outside investors want to back.
A Rally Tied to Hertz Alone
Modest gains in Ryder stock, Avis shares and the transportation fund point to the Oro deal as the driver behind the surge in Hertz stock, while a broad sector rally would typically lift rental and fleet names more equally.
Business models explain part of that gap. Hertz and Avis shares both trade on travel demand, rental days and vehicle utilization, while Ryder stock moves with freight volumes and commercial fleet leasing, and such a split means the Oro deal carries limited direct read-through for Ryder’s leasing operations.
Meanwhile, customer bookings remain central to the Hertz story. The company carries its own exposure to travel demand, rental days and vehicle utilization, the same drivers that shape Avis. Hertz shares have also spent much of the year under heavy pressure, and sharp jumps in low-priced, volatile stocks have a habit of fading without follow-up news. However, outside backers chose to fund Oro on its own merits, which offers some balance against those rental risks.
Autonomous Partnerships Set the Next Test for Oro
Hertz now faces the question of whether Oro’s push into autonomous vehicle fleets turns into new partnerships. Oro’s new capital gives it the means to pursue those deals, and West has tied Oro’s progress to the Hertz overhaul.
Ryder and Avis shares are trading closer to the transportation fund, keeping the Oro story specific to Hertz. Given the volatility, investors should keep their Hertz stock holdings modest until partnership news supports the rally.
Contact [email protected] for any questions or corrections.
Cisco spent years as the networking giant that growth investors ignored, but AI infrastructure spending is rewriting that story fast. Whether the rally has legs or a margin squeeze kills the momentum depends on one critical number.
Cisco Systems (NASDAQ:CSCO | CSCO Price Prediction) spent years as the networking giant that growth investors passed over. AI is pulling it back into the public eye.
The 24/7 Wall St. price target for Cisco is $125.51, which implies 16.87% upside from $107.39. The model is highly confident in its buy rating for the stock.
Metric
Value
Current Price
$107.39
Price Target from 24/7 Wall St.
$125.51
Upside/Downside
16.87%
Recommendation
BUY
Confidence Level
90%
The comeback case rests on AI infrastructure revenue. Cisco expects AI infrastructure revenue to reach $7.5 billion in FY2027, up from about $4 billion in FY2026. If that ramp holds, our model’s base case reaches $138.03 by October 2028.
Cisco is one of the names gaining as hyperscalers pour money into the picks-and-shovels side of AI (we featured seven of these non-chipmaker suppliers in a free report you can grab here).
A Sharp Weekly Pullback Follows a Strong 2026 Rally
Shares fell 9.29% over the past week and are about flat over one month (+0.05%). They are still up 41.96% year to date. The stock sits about 17% below its 52-week high of $129.38 and about 57% above its low of $68.58.
Fiscal Q4 revenue rose 17.58% to $17.25 billion, ahead of the $16.83 billion estimate. Non-GAAP EPS of $1.22 exceeded expectations of $1.17. Even so, the stock slipped after the report on margin concerns, and Piper Sandler cut its price target in September.
Why Bulls See $136 and Beyond
Management guides FY2027 revenue to $72.2 billion to $73.4 billion and non-GAAP EPS to $5.05 to $5.11. Q4 product orders rose 35%, and Cisco won three new hyperscaler design wins. Hyperscaler AI grew to about 6% of total revenue, up from under 2%.
Chuck Robbins said, “We believe we’re only at the beginning of this super cycle.” The consensus target is $136.16, supported by 19 bullish ratings and no sells. Our bull case is $136.52.
Margin Pressure and Hyperscaler Dependence Could Stall the Comeback
Non-GAAP gross margin slipped to 66.3% from 68.4% as hardware became a bigger share of sales. Price increases added about five points to Q4 growth, and FY2026 operating cash flow fell 0.11%. Restructuring charges continue through FY2027.
CFO Mark Patterson pushed back on the margin worry: lower-margin hardware “actually turns out to be highly profitable because we don’t have to add incremental expenses.” Our bear case is $106.37.
Cisco Trades at Half Arista’s Multiple
Arista Networks (NYSE:ANET) competes directly with Cisco for AI data center switching. Revenue grew 37.7% last quarter, which helps explain why the stock trades at a forward P/E of 39, about twice Cisco’s.
Hewlett Packard Enterprise (NYSE:HPE) now has Juniper Networks and posted 74.9% networking growth. However, its 4.8% operating margin is far below Cisco’s. With HPE at the low end and Arista at the high end, Cisco’s valuation looks reasonable, and our target leaves room for upside.
Company
Forward P/E
Quarterly Revenue Growth (YoY)
Cisco
20
17.6%
Arista
39
37.7%
HPE
14
33.7%
Cisco Earns a Buy Rating at These Levels
The 24/7 Wall St. price target of $125.51 carries a buy rating with 90% confidence. The forward valuation supports the rating: about 20 times earnings for a business that expects earnings growth to speed up in FY2027.
The bull case strengthens if hyperscaler orders keep turning into revenue on schedule. The case weakens if gross margin falls below the 65% low end of guidance. On balance, I think the comeback is real.
These longer-range figures extend the model’s base case:
Year
Price Target from 24/7 Wall St.
2026 (January 2027 milestone)
$109.93
2027
$125.51
2028
$138.03
2029
$149.74
2030
$162.45
These projections assume Cisco keeps executing on Silicon One and its optics strategy. A slowdown in hyperscaler spending or new tariff pressure could pull results well below this path.
Contact [email protected] for any questions or corrections.
IBM vydal open-source llm-d 1.0 pro efektivnější a spolehlivější provoz modelů AI ve velkém měřítku. Na projektu se podílí více než 500 přispěvatelů z více než 25 organizací.
advanced to $238.95, up approximately 1.08%, at 11:52 a.m. ET on October 20 as investors weighed the release of llm-d 1.0. The open-source project aims to make running AI models at scale more efficient and reliable. For shareholders, the opportunity comes down to one thing: turning better infrastructure into paying customers.
According to IBM's announcement, the release helps multiple customers share computing resources and keeps services operating through planned upgrades. The project now draws on more than 500 contributors across over 25 organizations. That gives it technical reach. IBM's potential payoff lies in demand for supported Red Hat platforms and implementation services, but participation alone does not establish revenue.
The valuation snapshot puts shares 1.83% below the GF Value™ estimate of $243.40, suggesting a modest valuation cushion. The bigger test is execution. Paid deployments, stronger Red Hat growth and sustained software profitability would give investors something concrete to measure. A stronger AI platform opens doors. IBM still has to turn that access into profitable business.
K 17. říjnu FedWatch odhadoval pravděpodobnost prosincového zvýšení sazeb na 89 %. AbbVie má dluh ve výši 70,8 mld. USD, z větší části v dluhopisech s pevnou úrokovou sazbou.
Kevin Warsh's Federal Open Market Committee (FOMC) has its next meeting on Oct. 28 to decide on a course of action for interest rates. It looks as if they aren't coming down anytime soon.
According to the CME Group's proprietary FedWatch tool, which tracks the chances of future changes in the effective federal funds rate, the Fed probably won't hike rates on Oct. 28. But as of Oct. 17, the FedWatch tool predicted an 89% chance of a rate hike for the Fed's December meeting.
We might not be at the start of a prolonged Fed rate hike cycle. Warsh and the FOMC might only raise rates by another 0.25% or 0.5% by the end of the year. But in recent months, longer-term bond yields have been rising. If you're concerned about the effects of higher rates on your stock portfolio, now might be a good time to look at stocks that tend to hold up better in a rising rate environment.
One of the best dividend stocks to consider is AbbVie (ABBV +2.80%). This leading pharma stock has a long-term track record of raising its dividend and delivering strong growth for investors. Let's look at why AbbVie could be a good stock to buy now to protect your portfolio from rising interest rates.
Fed chair Kevin Warsh. Image source: Federal Reserve.
ABBV: a Dividend King with 18.8% annualized returns over 10 years
AbbVie develops and sells well-known pharmaceuticals like Skyrizi, Rinvoq, Humira, and Botox. Over the past 10 years, ABBV stock has delivered annualized returns of about 18.8%, strongly outperforming the S&P 500 index. This pharma stock has done even better in the past few years, with average annual returns of 23.7% over the past five years and 28.9% over the past year.
The drugmaker also pays strong, steady dividends. The stock is a Dividend King, with more than 50 years of history of increasing its payout to investors. AbbVie became an independent company in 2013 after a spinoff from Abbott Laboratories, but AbbVie retained (and has continued) the former parent company's long-term dividend streak. In 2026, AbbVie paid total dividends of $6.92 ($1.73 per quarter). Its forward annual dividend yield is 2.42%.
ABBV AbbVie$290.60+$7.92 (+2.80%)
NYSE · As of 1:53 PM ET 10/20/26
Why ABBV is a good stock when rates are rising
There are a few reasons why AbbVie could be a great choice for your portfolio if interest rates remain high or continue rising.
First, higher interest rates tend to be worse for stocks of companies with a lot of floating-rate debt. When interest rates go up, those companies often struggle to refinance their debts. AbbVie investors shouldn't worry about this risk; this company has a strong balance sheet, and AbbVie's debt of $70.8 billion is only 14% of the company's $504 billion market cap. And most of AbbVie's debt is in fixed-rate senior notes.
Another reason AbbVie stock could be resilient in a higher-rate environment is the nature of the pharmaceutical industry. When people need medical treatment, they tend to go get it -- whether interest rates are high or not. Successful pharmaceuticals are not rate-sensitive in the way that consumer discretionary purchases might be. Past performance doesn't guarantee future results. But here's how ABBV performed in 2022 during the most recent Fed rate hike cycle:
ABBV Total Return Level data by YCharts
And perhaps here's a simple but underrated reason why now is a good time to buy ABBV: It's not connected to the artificial intelligence (AI) trade. Some investors are getting nervous about AI stocks and the large amounts of debt that companies are issuing to build AI data centers. AbbVie is in an industry sector that is totally separate from AI. If you want to diversify against a possible sell-off in AI stocks, ABBV and other healthcare stocks could put your money to work in a different part of the economy.
Ben Gran has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Abbott Laboratories, and CME Group. The Motley Fool has a disclosure policy.
Insatiable demand for artificial intelligence (AI) infrastructure has been a generational catalyst for memory specialist Micron Technology (MU +0.51%). After an extraordinary rally earlier this year, investors may be wondering where the stock is headed next.
Between 2020 and 2025, Micron stock generated an average gain of 28% during the calendar fourth quarter. So far this year, the story has looked different. After closing September at $1,065, Micron stock has fallen roughly 17% through Oct. 16.
Nevertheless, I see two upcoming catalysts that could help reverse sentiment and send Micron shares soaring before 2027 arrives.
Image source: Micron Technology.
Earnings season could ignite enthusiasm for memory stocks
Over the next several weeks, investors will hear from some of the world's largest AI companies. Space Exploration Technologies reports third-quarter earnings on Oct. 20, followed by Tesla and Meta Platforms on Oct. 21. Microsoft, Alphabet, Amazon, Apple, and Nvidia are also scheduled to report earnings throughout the remainder of October and November.
These earnings reports could be especially important for Micron because each of these companies is spending hundreds of billions of dollars building AI data centers, and they are increasingly discussing the same bottleneck: memory supply.
During SpaceX's second-quarter earnings call, Elon Musk said memory was the limiting factor for AI development. He implied that memory production was growing 20% annually while demand was increasing much faster, around 200%. His outlook was straightforward: "Economics 101 would suggest that the price increases."
Musk has also publicly praised Micron for being reasonable about memory prices, suggesting that the company's approach will strengthen customer relationships.
Meanwhile, Apple's former CEO Tim Cook touched on memory costs during the company's July earnings call. Cook characterized the situation as a "hundred-year flood," explaining why Apple decided to raise prices on certain products.
These comments are important because they illustrate how memory shortages aren't limited to data centers. Demand for high bandwidth memory (HBM) and advanced DRAM also affects consumer electronics, autonomous systems, and other end-markets.
As big tech companies continue discussing their capital expenditure (capex) plans, investors will likely receive additional evidence that memory supply remains tight. For Micron, that could reinforce expectations for higher average selling prices and stronger profitability heading into next year.
Micron's $35 billion stock buyback is another catalyst
On Oct. 8, Micron's board increased the company's share repurchase authorization to $35.16 billion. The timing of this announcement was particularly interesting. During Micron's most recent earnings call, CFO Mark Murphy explained that the company will increase capital returns beginning Dec. 9, subject to restrictions associated with CHIPS Act funding agreements.
When a company repurchases stock, it reduces the number of outstanding shares. That means future earnings are divided among fewer shares, potentially increasing earnings per share (EPS) even without additional profit growth.
Considering Micron is already witnessing record earnings momentum, stock buybacks should provide another tailwind. If the company begins repurchasing shares while its valuation remains depressed, the new authorization could prove especially lucrative for long-term investors.
MU Micron Technology$909.54+$4.64 (+0.51%)
NASDAQ · As of 1:48 PM ET 10/20/26
Should you buy Micron stock before 2027?
The most compelling part of Micron's investment thesis revolves around valuation. Wall Street's fiscal 2027 earnings estimates currently sit around $176 per share. With Micron trading around $911, that implies a forward price-to-earnings (P/E) ratio of roughly 5.2. That's a reasonable multiple for a company benefiting from one of the AI industry's biggest investment cycles.
Of course, there are reasons for investors to be cautious. Memory is notoriously cyclical. If manufacturers expand production too aggressively, prices could eventually decline. Moreover, rising competition from China's ChangXin Memory Technologies (CXMT) also presents a longer-term risk.
Nevertheless, Micron's near-term fundamentals are compelling. The company has secured numerous long-term strategic customer agreements that cover a substantial portion of its expected fiscal 2027 production, which provides greater visibility into future demand.
When combined with favorable industry conditions and Micron's expanded buyback authorization, the bull case becomes clear. Investors could see rising earnings, a shrinking share count, and potentially an expanding valuation multiple if confidence in the memory industry's outlook improves.
In turn, Micron stock could witness substantial stock-price appreciation sooner than most investors anticipate. In my view, Micron's recent sell-off presents an attractive entry point ahead of 2027. With shares trading at a reasonable valuation, I see Micron stock as a rock-solid buy for long-term investors.
Micron ve fiskálním roce 2026 vytvořil upravený volný peněžní tok ve výši 62,3 miliardy USD a navýšil autorizaci programu zpětného odkupu akcií na zhruba 35,2 miliardy USD.
Investors following Micron Technology (MU +0.51%) have plenty to focus on: record earnings, surging revenue, and the memory chips powering artificial intelligence (AI).
But a quieter development could shape the company's long-term future: Micron is accumulating the financial firepower to invest aggressively, weather a downturn, and return capital to shareholders without necessarily having to choose just one.
In fiscal 2026, Micron generated $89.7 billion in operating cash flow and $62.3 billion in adjusted free cash flow. It ended the year with $73.5 billion in cash, marketable investments, and restricted cash, compared with $12 billion a year earlier.
Those numbers represent a dramatic change in Micron's financial position. The bigger question is what management will do with that money -- and whether the company can turn a cyclical windfall into a more durable competitive advantage.
Image source: Getty Images.
Micron's cash generation has changed dramatically
Free cash flow is the money a business generates after accounting for capital spending. It matters because accounting profits alone do not tell investors how much financial flexibility a company has. Micron's adjusted free cash flow climbed from $3.7 billion in fiscal 2025 to $62.3 billion in fiscal 2026. That is an extraordinary increase, even for a company benefiting from a powerful memory-market up cycle.
It's important to keep in mind that Micron is not a business that can simply stop investing when conditions become difficult; it must continually spend on manufacturing capacity, advanced production processes, and product development to remain competitive. In fiscal 2026, its capital expenditure was already $27.4 billion. Still, Micron generated tens of billions of dollars in adjusted free cash flow after that spending.
That distinction matters, because Micron is not merely reporting record profits; it is generating substantial cash while funding the investments required to compete in a capital-intensive industry.
Having said that, investors should not assume that fiscal 2026 represents a sustainable annual run rate. Memory prices and profitability can change sharply, so the crucial test is how much cash Micron can generate when market conditions worsen.
MU Micron Technology$909.54+$4.64 (+0.51%)
NASDAQ · As of 1:48 PM ET 10/20/26
Cash could become a competitive advantage
Memory manufacturing is expensive, and technological progress requires continuous investment. A company that cuts spending too aggressively during a downturn risks falling behind just as competitors prepare for the next recovery. A stronger balance sheet gives Micron another option. If memory-market conditions weaken, Micron could use its financial reserves to keep investing in technology and strategically important capacity.
Having that option, however, would not eliminate the memory industry's cyclical risks. Nor would it guarantee that every investment earns an attractive return. Moreover, building capacity ahead of demand can still destroy value.
But financial flexibility can help a company make decisions based on long-term competitive needs rather than immediate financial pressure. For investors, the potential significance of Micron's growing cash position is that it could help the company navigate the next downturn without sacrificing as many of its long-term ambitions.
A $35 billion buyback authorization raises the stakes
Micron is also signaling that shareholder returns could become a more significant part of its capital-allocation strategy. The company recently announced an additional $33 billion share repurchase authorization, bringing its total authorized repurchases to approximately $35.2 billion.
That is a substantial commitment on paper, but investors need to distinguish an authorization from actual purchases. The program does not oblige Micron to repurchase shares, and any buybacks remain subject to management's assessment of the best use of its cash.
That qualification is important. Micron still has enormous investment requirements, and the cash generated during an exceptional period may not persist at the same level. Besides, repurchasing shares can create value when a company buys them at a discount to intrinsic value. But buying back stock at an excessive price -- or prioritizing repurchases over attractive growth investments -- can squander a financial advantage.
The question is not whether Micron can return billions to shareholders, but whether management can balance buybacks, dividends, manufacturing investment, and financial resilience to increase long-term per-share value.
What does it mean for investors?
Micron's financial transformation gives investors another way to evaluate the business beyond quarterly earnings. The bullish case is straightforward: If Micron can maintain strong cash generation while funding its investments, it may emerge from the current cycle with greater technological capabilities and more options for shareholders.
The risk is that today's cash generation reflects unusually favorable industry conditions. If profitability contracts, free cash flow could fall sharply even if Micron remains a strong long-term business.
That is why investors should watch not just earnings, but also adjusted free cash flow, capital expenditure, and the amount of cash Micron retains as it increases shareholder returns. And above all, whether management can use the huge cash flow to strengthen the business beyond this cycle.
Eli Lilly just posted 47.7% revenue growth and its weight-loss drugs are reshaping global healthcare, but whether that momentum turns a four-year investment into a windfall or a disappointment depends on factors most investors overlook.
Eli Lilly (NYSE:LLY | LLY Price Prediction) is one of the most closely followed growth stories in large-cap healthcare, so it makes sense to ask what a $1,000 investment could turn into by 2030. In intraday trading the shares were at $1,267.90, up 4.89% on the session from $1,208.74.
That $1,208.74 figure is the starting price the forecast model uses. The move came as healthcare stocks rallied across the sector. Lilly increased revenue 47.7% year over year last quarter, and that pace is a good reason to look further out.
What $1,000 Becomes at 10% a Year Start with the basic math. If Lilly compounds at a steady 10% a year, a $1,000 investment increased to $1,464.10 after four years, which brings you to around 2030. Over five years it hits $1,610.51. Treat both as example figures. They are not model forecasts.
The forecast model runs to a five-year horizon ending October 15, 2031, the modeled horizon closest to 2030. In its base case, a $1,000 investment would increase to about $1,830.10 by 2031, a total return of 83.01%. That figure rests on a per-share target of $2,212.06 and implies an annualized return of 12.85%, which beats the 10% hook.
Bull, Base and Bear Outcomes for Your $1,000 Scenario (2031 horizon) Target Share Price Total Return Value of $1,000 Bull $2,693 122.79% $2,227.90 Base $2,212.06 83.01% $1,830.10 Bear $1,456.52 20.5% $1,205 On the way to 2031, the base path places shares at $2,074.95 in October 2030. Measured from the model’s starting price, that would leave a $1,000 investment near $1,716.62. The bull and bear 2030 path points work out to $2,062.20 and $1,157.92. These 2030 numbers are example markers, not separate targets.
Over the next 12 months, the model’s base target is $1,478.22, an upside of 22.29%, with a bull case of $1,699.82 and a bear case of $1,245.07. Model confidence is 0.9 (high).
Wall Street’s consensus target is $1,330.14. Analyst ratings break down as 6 strong buy, 19 buy, 3 hold, 1 sell and 1 strong sell.
Three Drivers Powering Lilly’s Upside Case A Weight-Loss Franchise Still Expanding Mounjaro brought in $9.94 billion in the second quarter, up 91%. International sales rose 172% after the drug was added to China’s National Reimbursement Drug List. Zepbound added $4.93 billion, up 46%.
In the U.S. obesity market, about 6 out of 10 incretin prescriptions were for a Lilly medicine. A UBS analyst said on CNBC that “we think Lilly will dominate with 65% of that market over the next five or seven years.”
Earnings That Keep Beating Q2 EPS of $8.38 exceeded the $6.58 estimate, giving Lilly 5 consecutive beats. Management raised full-year 2026 revenue guidance to $85 billion to $87 billion, up from $82 billion to $85 billion.
A Pipeline Built for the Next Decade Lilly plans to file retatrutide in quarter one, 2027. The oral GLP-1 Foundayo is set for a global launch in 2027, and the company has more than 40 active phase three programs. CEO David A. Ricks said “Lilly’s future, after 150 years, has never been brighter.”
Risks That Could Shrink Your 2030 Payoff Pricing is the biggest pressure point. Realized prices fell 13% in Q2, while a 60% jump in volume did the heavy lifting. Acquired IPR&D charges of $2.78 billion in the quarter led management to lower the top of its EPS guidance to $36.50 from $37. Mounjaro and Zepbound make up the majority of revenue, so any slowdown in that franchise would hit the whole company.
Competition from Novo Nordisk (NYSE:NVO) and newer GLP-1 entrants could pressure market share. Possible pharmaceutical tariffs and manufacturing limits add more uncertainty.
Valuation is the final risk. At a trailing P/E of about 40, the stock leaves little room for disappointment. The bear case annualizes at just 3.8%, well below the 10% hook.
Where Your $1,000 Could Land by 2030 and Beyond At the modeled 2031 horizon, a $1,000 stake in Lilly ranges from $1,205 in the bear case to $2,227.90 in the bull case, with a base case of $1,830.10. The example 2030 markers run from $1,157.92 to $2,062.20.
Over the coming quarters, the retatrutide filing and the Foundayo launch are the milestones most likely to move these scenarios. All of these figures represent projections rather than certainty. Consider it a projection, not investment advice.
Contact [email protected] for any questions or corrections.
Spotify Technology SA (NYSE:SPOT) is heading into its third-quarter results with scope for improving advertising growth, moderating cost pressures and a potential artificial intelligence product launch providing catalysts for the shares, according to Jefferies.
The investment bank reiterated its Buy rating on the music-streaming company and raised its price target to $620 from $600, citing a favorable set-up against muted investor expectations.
Gross margin will be a key focus when Spotify reports. Jefferies expects investors to look for a third-quarter margin of about 33.1%, slightly above the company’s guidance of 32.9%. That would represent a decline from the 33.4% reported in the second quarter, reflecting seasonal factors and a regulatory charge that has historically weighed on margins by 30 to 40 basis points.
Jefferies considers the guidance achievable, with room for a modest upside surprise based on historical trends. Fourth-quarter margin expectations will also be closely watched, with investors looking for around 33.7%, below the bank’s previous forecast of 34.3%.
Analysts lowered their fourth-quarter gross margin estimate but said 2026 has been an investment year, potentially limiting the sequential improvement typically seen at year-end.
Beyond margins, Jefferies expects operating expense growth to peak in the third quarter before moderating into the fourth quarter and 2027. Advertising revenue growth could also improve over the coming quarters as programmatic advertising accounts for a larger share of the business.
Another potential catalyst is an AI-powered remixing product tied to Spotify’s partnership with Warner Music Group. Jefferies expects a possible launch announcement later in 2026, although it does not include any AI-related revenue in its base-case forecasts.
Jefferies also expects US and UK subscription price increases to be announced within the next six to 12 months, while arguing that Spotify’s platform remains well positioned against concerns that AI could disrupt its business.
PENN Entertainment má před zveřejněním čtvrtletních výsledků ukazatel Earnings ESP na úrovni +2,62 % a rating Zacks #3; v minulém čtvrtletí překonala odhad zisku o 25,71 %.
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? PENN Entertainment (PENN - Free Report) , which belongs to the Zacks Gaming industry, could be a great candidate to consider.
This casino operator has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 72.86%.
For the last reported quarter, PENN Entertainment came out with earnings of $0.44 per share versus the Zacks Consensus Estimate of $0.35 per share, representing a surprise of 25.71%. For the previous quarter, the company was expected to post earnings of $0.05 per share and it actually produced earnings of $0.11 per share, delivering a surprise of 120.00%.
Price and EPS Surprise
Thanks in part to this history, there has been a favorable change in earnings estimates for PENN Entertainment lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
PENN Entertainment currently has an Earnings ESP of +2.62%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on November 5, 2026.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Gentex v posledním čtvrtletí překonal konsenzuální odhad zisku na akcii o 16 %; ukazatel Earnings ESP ve výši +0,66 % naznačuje možnost dalšího překonání odhadů.
Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Gentex (GNTX - Free Report) , which belongs to the Zacks Automotive - Original Equipment industry, could be a great candidate to consider.
This maker of automatic-dimming rearview mirrors and other products has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 12.55%.
For the last reported quarter, Gentex came out with earnings of $0.58 per share versus the Zacks Consensus Estimate of $0.5 per share, representing a surprise of 16.00%. For the previous quarter, the company was expected to post earnings of $0.44 per share and it actually produced earnings of $0.48 per share, delivering a surprise of 9.09%.
Price and EPS Surprise
For Gentex, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Gentex currently has an Earnings ESP of +0.66%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 23, 2026.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Xylem očekává za dané čtvrtletí zisk na akcii (EPS) ve výši 1,47 USD, což představuje meziroční nárůst o 7,3 %, při tržbách 2,28 miliardy USD. Analytici však snížili nejpřesnější odhad, což znamená, že ESP zisku činí −1,27 %.
Xylem (XYL - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 27. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis water and wastewater treatment company is expected to post quarterly earnings of $1.47 per share in its upcoming report, which represents a year-over-year change of +7.3%.
Revenues are expected to be $2.28 billion, up 0.5% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.26% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Xylem?For Xylem, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.27%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Xylem will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Xylem would post earnings of $1.34 per share when it actually produced earnings of $1.46, delivering a surprise of +8.96%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Xylem doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
There haven't been many drastic changes to Berkshire Hathaway since Warren Buffett stepped down as CEO and was replaced by Greg Abel. The investment conglomerate returned to buying back its own shares for the first time since 2024, but the company's approach to its subsidiaries remains largely unchanged. There also haven't been many big shifts in the company's portfolio of publicly traded stocks -- with one notable exception.
Berkshire began buying Alphabet (GOOG -0.81%) (GOOGL -0.85%) while Buffett was still CEO, and the company has dramatically increased its holdings in the tech giant under Abel. As of this writing, Alphabet stock (when combining Class A and Class C holdings) accounts for roughly 12.6% of Berkshire's portfolio and stands as its third-largest position. The tech leader's dominant position in a key market could help explain why Berkshire is betting big on the stock.
Image source: Getty Images.
Alphabet dominates a key market Alphabet's Google continues to dominate the search engine market, commanding roughly 90% market share. This strength has been the foundation that has allowed the company to build a leading digital advertising business. The company also generates ad revenue through its YouTube service and its Google Network advertising suite.
Alphabet's strengths have made it the top dog in the digital advertising market for well over a decade, but a change could be on the horizon. According to a report from eMarketer, Meta Platforms is on track to become the top digital ads company by revenue -- with a market share of 26.8% this year. Meanwhile, Alphabet is projected to come in at second with a market share of 26.4%, and Amazon is expected to be third with a share of 9%.
GOOGL Alphabet$341.26-$2.92 (-0.85%)
NASDAQ · As of 1:18 PM ET 10/20/26
But while Alphabet could be on track to cede the top spot in the digital ads market to Meta this year, Berkshire probably isn't sweating it too much. For starters, Alphabet's ads business is still projected to grow roughly 12% in 2026, according to eMarketer's estimate. Digital ads remain the company's biggest revenue source, and solid growth in the category suggests little reason for concern, but Alphabet's business has also been substantially diversified.
In particular, the company's Google Cloud segment has emerged as a powerful growth driver. Sales in the category increased 82% year over year to reach $24.8 billion in the second quarter, and it's likely that the unit will continue to see very strong expansion in line with trends connected to artificial intelligence.
Alphabet looks poised to retain its dominant position in search, remain a leader in the digital ads market, and record explosive growth with its Google Cloud business. With these dynamics in mind, it wouldn't be surprising to see Berkshire buy more of the company's stock at some point.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Berkshire Hathaway, and Meta Platforms. The Motley Fool has a disclosure policy.
Společnost UMB Financial má ve čtvrtletí vykázat zisk 3,22 USD na akcii, což představuje meziroční nárůst o 19,3 %, při výnosech 749,94 milionu USD (+9,2 %).
Wall Street expects a year-over-year increase in earnings on higher revenues when UMB Financial (UMBF - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 27, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $3.22 per share in its upcoming report, which represents a year-over-year change of +19.3%.
Revenues are expected to be $749.94 million, up 9.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.33% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for UMB?For UMB, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.08%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination makes it difficult to conclusively predict that UMB will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that UMB would post earnings of $3.08 per share when it actually produced earnings of $3.57, delivering a surprise of +15.91%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
UMB doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAmong the stocks in the Zacks Banks - Midwest industry, 1st Source (SRCE - Free Report) , is soon expected to post earnings of $1.83 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +7%. This quarter's revenue is expected to be $117.95 million, up 6.6% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for 1st Source has been revised 2.5% up to the current level. Nevertheless, the company now has an Earnings ESP of +0.55%, reflecting a higher Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that 1st Source will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
CMS Energy očekává za čtvrtletí zisk na akcii (EPS) ve výši 1,21 USD, což představuje meziroční nárůst o 30,1 %, a tržby ve výši 2,14 mld. USD; ukazatel Earnings ESP činí +9,69 %.
Wall Street expects a year-over-year increase in earnings on higher revenues when CMS Energy (CMS - Free Report) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 27, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis energy company is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents a year-over-year change of +30.1%.
Revenues are expected to be $2.14 billion, up 5.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.96% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CMS Energy?For CMS Energy, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +9.69%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that CMS Energy will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CMS Energy would post earnings of $0.37 per share when it actually produced earnings of $0.37, delivering no surprise.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CMS Energy appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Invesco by měla za čtvrtletí vykázat EPS ve výši 0,74 USD, což představuje meziroční nárůst o 21,3 %, při tržbách 1,39 mld. USD. Ukazatel ESP výnosů činí −0,19 %.
The market expects Invesco (IVZ - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 27. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis investment management company is expected to post quarterly earnings of $0.74 per share in its upcoming report, which represents a year-over-year change of +21.3%.
Revenues are expected to be $1.39 billion, up 17.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.82% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Invesco?For Invesco, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.19%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Invesco will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Invesco would post earnings of $0.67 per share when it actually produced earnings of $0.71, delivering a surprise of +5.97%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Invesco doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Analytici očekávají, že Herc Holdings za čtvrtletí vykáže zisk 3,08 USD na akcii, což představuje meziroční nárůst o 38,7 %, při tržbách ve výši 1,34 mld. USD (+2,6 %).
Herc Holdings (HRI - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 27. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis equipment rental supplier is expected to post quarterly earnings of $3.08 per share in its upcoming report, which represents a year-over-year change of +38.7%.
Revenues are expected to be $1.34 billion, up 2.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 2.78% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Herc Holdings?For Herc Holdings, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -4.44%.
On the other hand, the stock currently carries a Zacks Rank of #1.
So, this combination makes it difficult to conclusively predict that Herc Holdings will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Herc Holdings would post earnings of $0.76 per share when it actually produced earnings of $1.43, delivering a surprise of +88.16%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Herc Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
HCA Healthcare by měl za čtvrtletí končící v září 2026 vykázat zisk 6,75 USD na akcii, což by znamenalo meziroční pokles o 3 %, při tržbách ve výši 19,38 mld. USD.
The market expects HCA Healthcare (HCA - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 27, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis hospital operator is expected to post quarterly earnings of $6.75 per share in its upcoming report, which represents a year-over-year change of -3%.
Revenues are expected to be $19.38 billion, up 1.1% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.2% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for HCA?For HCA, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.73%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that HCA will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that HCA would post earnings of $7.57 per share when it actually produced earnings of $7.59, delivering a surprise of +0.26%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
HCA doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
CenterPoint Energy očekává za čtvrtletí EPS ve výši 0,50 USD při tržbách 2,16 mld. USD, což představuje meziroční nárůst o 8,4 %. Ukazatel Earnings ESP činí +0,67 %.
The market expects CenterPoint Energy (CNP - Free Report) to deliver flat earnings compared to the year-ago quarter on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 27. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis energy delivery company is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents no change from the year-ago quarter.
Revenues are expected to be $2.16 billion, up 8.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.24% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CenterPoint?For CenterPoint, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.67%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that CenterPoint will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CenterPoint would post earnings of $0.37 per share when it actually produced earnings of $0.40, delivering a surprise of +8.11%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CenterPoint appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
