Key Takeaways Newmont beat Q2 adjusted earnings estimates despite revenue missing expectations. NEM's higher realized gold prices offset lower gold sales volumes, lifting quarterly revenue. Newmont reaffirmed 2026 guidance for gold production, CAS and AISC. Newmont Corporation (NEM - Free Report) reported second-quarter 2026 earnings of $2.06 per share compared with $1.85 in the year-ago quarter.
Barring one-time items, adjusted earnings were $2.10 per share, up 46.9% from $1.43 reported in the prior-year quarter. The figure topped the Zacks Consensus Estimate of $2.05.
Newmont’s revenues for the second quarter were roughly $6.12 billion, up 15.1% from the prior-year quarter. The figure missed the Zacks Consensus Estimate of $6.35 billion. The year-over-year improvement in the top line was primarily driven by higher realized gold prices, partly offset by lower gold sales volumes.
Newmont Corporation Price, Consensus and EPS SurpriseOperational HighlightsNewmont’s attributable gold production in the second quarter was roughly 1.29 million ounces, down 12.5% year over year. The figure surpassed our estimate of 1.23 million.
The average realized price of gold rose around 33% year over year to $4,414 per ounce. The figure lagged our estimate of $4,913 per ounce.
The company’s CAS for gold on a co-product basis was $1,463 per ounce, up 20.4% year over year. The figure outpaced our estimate of $1,228.8 per ounce.
AISC for gold on a co-product basis increased around 21.7% year over year to $1,938 per ounce. The figure beat our estimate of $1,881 per ounce.
FinancialsThe company ended the quarter with cash and cash equivalents of roughly $9 billion, up 45.7% year over year. At the end of the quarter, Newmont had debt of around $5.08 billion, down 28.7% year over year.
Net cash provided by operating activities amounted to $2.92 billion in the reported quarter, up 22.7% from $2.38 billion in the year-ago quarter. Free cash flow increased to $2.21 billion from $1.71 billion a year earlier.
OutlookNewmont remains on track to achieve its previously announced 2026 guidance. The company expects attributable gold production of approximately 5.26 million ounces. It also projects gold by-product CAS of $1,055 per ounce and gold by-product AISC of $1,680 per ounce.
General and administrative expenses for 2026 are expected to be around $375 million. Reclamation and remediation accretion is projected at approximately $385 million, while exploration and advanced-project expenses are anticipated to total $525 million.
NEM’s Price PerformanceShares of Newmont have gained 44% over the past year compared with a 39.2% rise in its industry.
Image Source: Zacks Investment Research
NEM’s Zacks Rank & Key PicksNEM currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Basic Materials space are CSW Industrials, Inc. (CSW - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ternium S.A. (TX - Free Report) .
CSW Industrials is expected to report second-quarter results on July 30. The Zacks Consensus Estimate for CSW’s second-quarter earnings is pegged at $3.66 per share. It carries a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CRS is slated to report second-quarter results on July 30. The Zacks Consensus Estimate for earnings is pegged at $3.03 per share. CRS has a Zacks Rank #1 at present.
Ternium is scheduled to report second-quarter results on Aug. 4. The Zacks Consensus Estimate for TX’s second-quarter earnings is pegged at $1.06 per share. It currently carries a Zacks Rank #1.
SummaryNewmont Corporation remains a buy, trading at under 10x normalized EPS with a compelling valuation despite technical weakness.NEM delivered record free cash flow and strong operational results, but faces headwinds from lower gold prices and a bearish technical setup.Management reaffirmed 2026 targets, projecting $8.5 billion in FCF and robust EPS growth, supported by aggressive share buybacks.Key NEM risks include further declines in precious metals, rising energy costs, and geopolitical tensions impacting operations and costs. showcake/iStock via Getty Images
Newmont Corporation (NEM) reported mixed earnings on Thursday, July 23. Shares rose by the following morning, however, as the volatility in the gold market continues to cause wide swings in the gold mining company’s stock price. Record
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Newmont Corporation (NYSE:NEM, TSX:NGT, ASX:NEM, XETRA:NMM) reported mixed results for the second quarter, with revenue falling short of expectations as the company generated record free cash flow and maintained its full-year production guidance.
The gold miner reported adjusted earnings of $2.10 per diluted share for the quarter ended June 30, ahead of the consensus estimate of $2.05.
Revenue rose 15.1% year over year to $6.12 billion but missed analyst expectations of approximately $6.35 billion.
Net income totaled $2.2 billion, while adjusted EBITDA reached $3.8 billion. The company generated $2.9 billion in operating cash flow, excluding working capital impacts of $90 million, and reported record quarterly free cash flow of $2.2 billion.
Newmont produced approximately 1.3 million attributable gold ounces during the quarter, along with 7 million ounces of silver and 17,000 tonnes of copper, keeping the company on track to meet its full-year production guidance of 5.3 million attributable gold ounces.
Gold costs applicable to sales were $1,043 per ounce, while all-in sustaining costs were $1,621 per ounce. The company noted that year-to-date costs remain below its full-year cost guidance.
During the quarter, the company also received key regulatory approvals from the Province of British Columbia for the Red Chris Block Cave project, including an amended Environmental Assessment Certificate and an amended Mines Act permit, advancing the project toward a final investment decision.
"Newmont delivered another quarter of strong operational and financial performance, producing approximately 1.3 million attributable gold ounces and generating record second quarter free cash flow of $2.2 billion, while remaining on track to achieve our full-year 2026 guidance,” Newmont CEO Natascha Viljoen said in a statement.
Newmont’s shares were set to open about 1.5% higher at about $95 on Friday.
Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF, FRA:SCP) saw its shares drop 27% this week, but the movement obscures the real story, which is a largely positive one for investors.
It may take the market a while to process some transformational changes that will see the oncology research specialist fully funded and headed for a US listing.
The mechanism is a reverse takeover, which sounds more dramatic than it is.
In plain terms, Scancell is merging with a smaller American company, Neuphoria Therapeutics, and inheriting its Nasdaq quotation, so the buyer effectively steps into the seller's listing rather than queuing up for a fresh flotation of its own.
Scancell shareholders keep 85.5% of the enlarged group, and the Scancell name stays over the door.
The prize is access to a market that understands biotechnology far better than AIM currently does. American investors are more comfortable funding long clinical timelines, the pools of capital are deeper, and comparable cancer immunotherapy companies routinely trade on valuations that London has never come close to awarding.
Add up to $89 million of new funding to take its lead melanoma treatment through a phase III trial, and the dilution starts to look like a small price to pay.
AIM's shrinking pool
After starting the month on the back foot, the AIM All-Share was in recovery mode, rising 1% over the week to 768.74. It outperformed the FTSE 100, which edged up 0.7%.
The week's biggest loser was Celsius Resources Ltd (ASX:CLA, AIM:CLA, FRA:FX8), which tumbled 96% after a lender moved to seize and auction its 40% stake in the Makilala copper-gold project in the Philippines.
Equinaire, a subsidiary of India's Kiri Industries, issued notices of default, foreclosure and disposition, having acquired the loan from the Philippine sovereign wealth fund last month. Kiri wants preferential copper supply for a plant it is building. Celsius disputes the default and says it will defend its interests fully.
CPP Group's (LSE:CPP) shares were cancelled from trading on AIM on Friday at the company's own request, marking another departure from London's junior market and leaving shareholders without a public venue to trade the stock.
The number of companies on AIM has collapsed to just 612, down from a peak of 1,694 in 2007, according to research from UHY Hacker Young. The concern is that the pool of quality companies is thinning fast, with too few flotations to make up the numbers.
The week's winners
The week's biggest gainer was IQE PLC (AIM:IQE), which jumped 34% after guiding to full-year revenue growth above 30%, with first-half sales of at least £64 million on strong demand for indium phosphide used in AI and data centre applications. The compound semiconductor maker ended June debt-free with £41.6 million of cash.
Sunrise Resources PLC (AIM:SRES) rose 30% after picking up the Lake copper-silver-gold project in Nevada, where historical drilling returned 50 metres grading 0.73% copper, 31 grams per tonne of silver and 0.2 grams gold from surface. Geophysical surveying and follow-up drilling are planned.
Tooru PLC (AIM:TOO, FRA:73N), the functional foods specialist, advanced 28% without any obvious news to explain it. Worth noting, though, that the market barely blinked at a fairly upbeat trading update alongside the preliminary results at the end of last month. Perhaps the penny has finally dropped.
Hardide PLC (AIM:HDD) rose 27% after third-quarter revenue of £4.1 million took the year-to-date total to £8.9 million, prompting guidance that full-year results will land materially ahead of the £13.4 million previously expected. The coatings specialist is spending £4.5 million on three new reactors.
Blockchain with big ambitions
Finally, Valereum, which is building a regulated marketplace where traditional shares and bonds can be traded on blockchain rails, rose 12% on a pair of announcements.
The first concerns Quorium Global Photonics, a partner Valereum is in the middle of doing a deal with. Quorium has launched a stablecoin, simply a digital token pegged to a fixed value, usually a dollar, so it can be used to move money around without the wild price swings associated with cryptocurrencies. Valereum says it gives the partner's ecosystem something to trade with, and takes the pair a step closer to completing their agreement.
Valereum holds 20,000 Quorium notes it values at $10,000 apiece, a sum that dwarfs the company's own market value, and it openly admits that putting a price on tokens like these is an uncertain business.
The second announcement is a tie-up with Blockchain Digital Assets, aimed at Africa and the Indian Ocean. The idea is tokenisation: ownership of a physical asset such as a gold or lithium deposit is represented by a digital token that can be bought and sold far more easily than the thing itself. Throw in a mobile payments app, and it is an ambitious plan for a company of this size.
SAP reported strong Q2 results, highlighted by a robust GAAP EPS beat and sustained >20% cloud revenue growth. I see the Q2 earnings season as a catalyst for capital rotation toward laggards, notably in software and consumer sectors. SAP remains in a deep bear market, with shares down approximately 40% year-to-date despite operational strength and expectations of revenue acceleration in 2027.
HomeIndustriesSoftwareEarnings ResultsEarnings ResultsThe stock has dropped 40% since the start of the year on concerns that artificial intelligence may entirely disrupt the software company’s business modelJuly 24, 2026, 9:43 a.m. ET
Shares of SAP rose on Friday after the company reported strong revenue growth in its cloud business, but analysts at Oppenheimer warn there are risks to its guidance.
The German software company said that its current cloud backlog — which is a key metric of the sales that management expects to achieve — grew 26% on a constant-currency basis to €22.93 billion (equivalent to $26.08 billion) in the second quarter, above analysts’ forecasts of 24%.
About the Author
Nora Redmond is a MarketWatch reporter based in London.
, /PRNewswire/ -- Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle") announced today that it has entered into a subscription agreement dated July 23, 2026 (the "Subscription Agreement") with Cadillac Mines Corporation ("Cadillac"), pursuant to which Agnico Eagle agreed to acquire 8,696,000 common shares of Cadillac ("Common Shares") at a price of C$6.90 per Common Share for total consideration of C$60,002,400.00(the "Private Placement"). The Private Placement is subject to certain closing conditions, including the closing of Cadillac's initial public offering of Common Shares (the "IPO") pursuant to Cadillac's final long form base PREP prospectus dated July 23, 2026. The Private Placement is expected to close on or about August 5, 2026.
Prior to entering into the Subscription Agreement, Agnico Eagle owned 22,821,028 Common Shares, representing approximately 9.70% of the issued and outstanding Common Shares on a non-diluted basis. On closing of the Private Placement, Agnico Eagle is expected to own 31,517,028 Common Shares, representing approximately 11.09% of the issued and outstanding Common Shares on a non-diluted basis after giving effect to the IPO (assuming the issuance of all Common Shares qualified thereunder) and all other security issuances completed by Cadillac concurrently with the Private Placement.
Pursuant to a subscription agreement dated July 25, 2023 between Agnico Eagle and Cadillac, Agnico Eagle is entitled to certain rights, including the right to participate in equity financings in order to maintain its pro rata ownership interest in Cadillac at the time of such financing.
On closing of the IPO, Agnico Eagle will enter into a lock-up agreement in favour of the underwriters of the IPO, pursuant to which it will agree that it will not, directly or indirectly, without the prior written consent of the underwriters: (a) offer, sell, pledge or otherwise dispose of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares (collectively, the "Locked-Up Securities"); (b) make any short sale, engage in any hedging or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Locked-Up Securities; or (c) agree to or publicly announce any intention to do any of the foregoing, in each case, for a period of 180 days following the closing date of the IPO, subject to certain limited exceptions.
Agnico Eagle is acquiring the Common Shares as part of its strategy of acquiring strategic positions in prospective opportunities with high geological potential. Depending on market conditions, strategic priorities and other factors, Agnico Eagle may, from time to time, acquire additional Common Shares or other securities of Cadillac or dispose of some or all of the Common Shares or other securities of Cadillac that it owns at such time.
An early warning report will be filed by Agnico Eagle in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact:
Investor Relations
Agnico Eagle Mines Limited
145 King Street East, Suite 400
Toronto, Ontario M5C 2Y7
Telephone: 416-947-1212
Email: [email protected]
Agnico Eagle's head office is located at 145 King Street East, Suite 400, Toronto, Ontario M5C 2Y7. Cadillac's head office is located at 123 Front Street West, Suite 905, Toronto, Ontario M5J 2M2.
About Agnico Eagle
Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. Agnico Eagle is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Forward-Looking Statements
The information in this news release has been prepared as at July 24, 2026. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "may", "will" or similar terms.
Forward-looking statements in this news release include, without limitation, statements relating to Agnico Eagle's acquisition of Common Shares pursuant to the Private Placement and expected ownership interest in Cadillac, the closing of the Private Placement and IPO and the agreements to be entered into in connection therewith, and Agnico Eagle's acquisition or disposition of securities of Cadillac in the future.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by Agnico Eagle as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Other than as required by law, Agnico Eagle does not intend, and does not assume any obligation, to update these forward-looking statements.
Key Takeaways Agnico Eagle and ORLA are advancing growth projects while benefiting from still-supportive gold prices. AEM generated strong cash flow and shareholder returns, while ORLA expanded through Musselwhite. Both miners face higher operating costs, but differ in valuation, ROE and 2026 growth expectations. Agnico Eagle Mines Limited (AEM - Free Report) and Orla Mining Ltd. (ORLA - Free Report) are two prominent players in the gold mining space with solid producing assets and expansion-focused operations. While gold prices have pulled back sharply from their January 2026 highs, they remain supportive.
Heightened geopolitical tensions, a weaker U.S. dollar, tariff-related worries and concerns surrounding the Federal Reserve’s independence had driven bullion to a record high of nearly $5,600 per ounce in late January. Since then, gold has pulled back sharply due to inflation concerns triggered by a surge in crude oil prices amid Middle East tensions, with prices falling to $4,500 per ounce around the end of May.
Bullion continued to retreat in June, with prices slipping below $4,000 per ounce to a near eight-month low amid rate-hike expectations and a stronger greenback, despite reduced inflation concerns following the interim agreement between the United States and Iran. Meanwhile, the Fed held interest rates steady in the latest policy meeting, but signaled a potential rate increase before the year's end. Aggressive profit-booking also contributed to the slump in gold prices.
Gold prices recouped some losses to climb above $4,100 per ounce recently, but have again eased toward $4,000 per ounce as a surge in oil prices has stoked renewed inflation fears, fueling a hawkish shift in interest rate expectations. Notwithstanding the pullback, bullion prices are still up roughly 20% year over year.
Let’s dive deep and closely compare the fundamentals of these two Canada-based gold miners to determine which one is a better investment now.
The Case for Agnico EagleAgnico Eagle is focused on executing projects that are expected to provide additional growth in production and cash flows. It is advancing its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas.
AEM has a robust liquidity position and generates substantial cash flows, which enable it to maintain a strong exploration budget, finance a strong pipeline of growth projects, pay down debt and drive shareholder value. Its operating cash flow for full-year 2025 was a record $6.8 billion, driven by operational efficiencies. Operating cash flow was roughly $1.3 billion in the first quarter, up around 29% from the year-ago quarter.
AEM’s first-quarter free cash flow climbed 23% year over year to roughly $732 million. The upside was backed by higher realized gold prices and robust operational results. AEM also returned around $1.4 billion to its shareholders in 2025 and $375 million in the first quarter through dividends and share buybacks. It raised the quarterly dividend by 12.5% to 45 cents per share. AEM offers a dividend yield of 1.2% at the current stock price. It has a five-year annualized dividend growth rate of 2.7%. AEM has a payout ratio of 18%.
Despite these positives, Agnico Eagle remains exposed to higher production costs. Its all-in-sustaining costs (“AISC”) — a critical cost metric for miners — were $1,483 per ounce in the first quarter, marking a roughly 26% year-over-year rise, impacted by higher total cash costs and an uptick in sustaining capital expenditures. Total cash costs per ounce for gold were $1,093, 22% higher than $895 a year ago. Total cash costs rose due to increased royalty costs and lower production.
AEM forecasts total cash costs per ounce in the range of $1,020 to $1,120 and AISC per ounce between $1,400 and $1,550 for 2026, suggesting a year-over-year increase at the midpoint of the respective ranges.
The Case for Orla MiningBased in Vancouver, Orla Mining has operations and development projects in Mexico, Canada and the United States. The company acquired the Musselwhite gold mine in February 2025, expanding its asset base. Orla Mining inked a deal with Equinox Gold Corp. (EQX - Free Report) on May 13, 2026, for an at-market combination to create a North American senior gold producer. Once completed, the combined company will operate as Equinox Gold.
ORLA shareholders will receive 1.00 Equinox Gold common share and a nominal cash payment of $0.0001 for each Orla Mining common share as part of the deal. The company is set to increase its annual production, aided by a highly complementary portfolio of six North American mines.
Orla Mining’s Musselwhite mine, combined with Equinox Gold’s Greenstone mine in Ontario and the Valentine mine in Newfoundland & Labrador, will have a cumulative production of 685,000 ounces of gold in Canada. Of this, Musselwhite is expected to contribute 235,000 ounces of gold or 34% of the total production in Canada. The proposed business combination has been approved by the shareholders of both companies.
ORLA recently provided a strong operational update for the second quarter of 2026. Orla Mining reported a second-quarter total gold production of 88,265 ounces and gold sales of 90,225 ounces, up roughly 13% and 14% year over year, respectively. For the first half of 2026, it produced 169,471 ounces of gold, up around 35% from the prior-year period, driven by strong performance at Musselwhite.
Gold production at the Musselwhite mine came in at 67,077 ounces in the second quarter, which marked a 27% increase from the prior-year quarter. Operations at the Camino Rojo mine in Mexico returned to normal after a brief interruption due to an illegal worker blockade. The mine produced 21,188 ounces of gold in the quarter. ORLA remains on course to achieve its 2026 gold production guidance of 340,000-360,000 ounces, suggesting year-over-year growth of 16% at the mid-point.
ORLA ended the second quarter with a cash position of $451 million. It made debt repayments of $35 million during the quarter. Also, $182.7 million of convertible debentures were converted to equity, reducing its outstanding debt to $132.3 million, resulting in a net cash position of $318.7 million. The company is slated to report its second-quarter financial results on Aug. 4, 2026.
However, Orla Mining has been facing headwinds from higher operating costs. Total cash costs per ounce surged 109% year over year to $1,251 in the first quarter. AISC per ounce of gold sold increased 97% to $1,668. Higher costs are also expected to weigh on the company’s performance in 2026. The company expects AISC of $1,550-$1,750 per ounce of gold sold for 2026, suggesting an increase from $1,458 per ounce in 2025.
AEM & ORLA: Price Performance, Valuation & Other ComparisonsAEM stock has gained 14% in the past year, while ORLA stock has lost 11.2% compared with the Zacks Mining – Gold industry’s increase of 39.3%.
Image Source: Zacks Investment Research
AEM is currently trading at a forward 12-month earnings multiple of 11.68, which represents a roughly 19.4% premium when stacked up with the industry average of 9.78X.
Image Source: Zacks Investment Research
Orla Mining looks more attractively priced than Agnico Eagle. ORLA stock is currently trading at a forward 12-month earnings multiple of 6.1, below the industry average.
Image Source: Zacks Investment Research
ORLA’s return on equity (ROE) of 66.8% is higher than AEM’s 21.1%. This reflects Orla Mining’s efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
How Does Zacks Consensus Estimate Compare for AEM & ORLA?The Zacks Consensus Estimate for AEM’s 2026 sales and EPS implies a year-over-year rise of 36% and 46%, respectively. The EPS estimates for 2026 have been trending lower over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for ORLA’s 2026 sales and EPS indicates year-over-year growth of 62.2% and 77.8%, respectively. The EPS estimates for 2026 have been trending southward over the past 60 days.
Image Source: Zacks Investment Research
AEM or ORLA: Which Is a Better Pick?Both Agnico Eagle and Orla Mining are positioned to benefit from still-supportive gold prices and expansion initiatives, each demonstrating strong operating performance. However, both face headwinds from cost inflation. ORLA has a more attractive valuation, which gives it the edge over AEM. ORLA’s higher ROE also indicates that it is more effectively utilizing shareholder funds. In addition, Orla Mining’s higher earnings growth projections suggest that it may offer better investment prospects in the current market environment. Investors seeking exposure to the gold space might consider ORLA as the more favorable option at this time.
While AEM currently carries a Zacks Rank #5 (Strong Sell), ORLA has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.
T-Mobile US Inc. (NASDAQ:TMUS) on Thursday reported mixed second-quarter results.
T-Mobile reported adjusted earnings of $2.99 per share, topping the analyst consensus estimate of $2.58, according to Benzinga Pro. Revenue increased to $22.79 billion from $21.13 billion a year earlier but missed the Street estimate of $22.94 billion.
T-Mobile reaffirmed its full-year outlook for postpaid net account additions of 950,000 to 1.05 million. The company continues to expect core adjusted EBITDA, which excludes lease revenues, of $37.1 billion to $37.5 billion.
T-Mobile raised its forecast for net cash provided by operating activities, including net payments related to the UScellular merger, to $28.4 billion to $28.8 billion, from its prior outlook of $28.1 billion to $28.7 billion.
T-Mobile shares rose 0.9% to $171.95 in pre-market trading.
These analysts made changes to their price targets on T-Mobile following earnings announcement.
Keybanc analyst Brandon Nispel maintained the stock with an Overweight rating and lowered the price target from $260 to $250. Benchmark analyst Matthew Harrigan maintained the stock with a Buy and lowered the price target from $295 to $280. Considering buying TMUS stock? Here’s what analysts think:
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US stocks opened mixed on Friday, recovering modestly after Wall Street's sharp selloff in the previous session, as investors assessed fresh corporate earnings, easing oil prices, escalating geopolitical tensions in the Middle East, and new tariffs announced by the Trump administration.
The Dow Jones Industrial Average rose about 40 points, while the S&P 500 gained around 0.13%.
The Nasdaq Composite fell 0.13%, continuing from Thursday's losses.
The rebound came after the Dow fell more than 500 points, or around 1%, on Thursday, while the S&P 500 and Nasdaq Composite posted their steepest one-day declines in a month.
The selloff was driven by concerns over rising artificial intelligence spending following earnings from Alphabet and Tesla, alongside a surge in oil prices amid escalating Middle East tensions.
Intel reported second-quarter results that exceeded Wall Street expectations.
The chipmaker forecast quarterly revenue and profit above analyst estimates and outlined plans to increase spending over the next two years.
The company also reported revenue growth of 25%, marking its strongest quarterly revenue increase since the third quarter of 2011.
However, shares of Intel fell about 1.14% in trading.
The broader semiconductor sector remained subdued as investors continued to scrutinize AI-related spending across the technology industry.
Alphabet and Tesla's latest quarterly results have heightened concerns over increasing capital expenditures and cash burn among major technology companies.
The cautious mood comes ahead of earnings reports next week from Microsoft, Amazon and Meta Platforms, which are expected to provide further insight into AI infrastructure spending.
Investors have become increasingly selective toward AI-related companies, rewarding operational execution while paying closer attention to profitability and returns on investment.
Oracle traded higher by 0.7% after the Pentagon announced a contract worth nearly $7 billion over as long as 10 years to consolidate the Defense Department's on-premises software licenses under a single cloud agreement.
Middle East tensions and tariffs remain key market driversMarkets continued to monitor geopolitical developments after President Donald Trump signaled that he is considering further military action against Iran following attacks by Yemen's Houthi forces on two Saudi oil tankers in the Red Sea.
Oil prices, which climbed above $100 a barrel on Thursday for the first time since late May, eased on Friday. Brent crude traded near $97 per barrel, down roughly 3%, while US West Texas Intermediate crude slipped more than 2% to trade above $89 per barrel.
Although prices retreated, investors remain concerned that prolonged disruptions to global energy supplies could revive inflation pressures and complicate central bank policy decisions.
Separately, the Trump administration announced new tariffs ranging from 10% to 12.5% on goods from 60 trading partners, citing concerns over enforcement of forced-labor bans.
The measures took effect after a temporary 10% global tariff expired.
Attention is now shifting toward next week's Federal Reserve policy meeting and the release of the Personal Consumption Expenditures (PCE) price index, the central bank's preferred inflation measure.
According to CME FedWatch data, markets are pricing in roughly a one-in-three probability of a Fed rate hike next week, compared with about a 12% chance a week earlier.
Despite Friday's rebound in futures, the major US indexes remain on track for weekly losses, with the Dow heading toward a third consecutive weekly decline and both the S&P 500 and Nasdaq poised for a second straight week in the red.
Miniatures of windmill, solar panel and electric pole are seen in front of NextEra Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
CompaniesJuly 24 (Reuters) - NextEra Energy (NEE.N), opens new tab beat Wall Street estimates for second-quarter profit on Friday, as robust demand for electricity from data centers continued to drive growth at its regulated utility and renewable energy businesses.
U.S. utilities are investing billions of dollars to expand power generation and transmission as technology companies race to secure electricity for data centers, and as more of the economy shifts to electricity from fossil fuels.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
The U.S. Energy Information Administration expects power demand, which reached a record for a second straight year in 2025, to continue rising through 2026 and 2027.
NextEra, one of the world's largest renewable energy developers, is among the companies positioning themselves for that growth.
In May, it agreed to buy Dominion Energy (D.N), opens new tab in a $66.8 billion deal that would create one of the world's largest electric utilities and broaden its regulated footprint across fast-growing U.S. markets.
The deal is under regulatory review after drawing opposition from U.S. Senator Angus King, who argued it would concentrate too much market power in one company.
Florida Power & Light, the company's regulated utility, posted a 10.2% rise in second-quarter net income to $1.41 billion, while regulatory capital employed increased about 9.3%.
NextEra said FPL continues to see strong interest from hyperscalers and other large electricity users, with about 21 gigawatts of large-load opportunities, including 12 GW in advanced discussions.
It expects to announce at least one agreement under its large-load tariff before year-end.
NextEra Energy Resources, its renewable energy unit, reported net income of $1.63 billion, up 66.2%, and added 3.6 GW of wind, solar and battery storage projects during the quarter, taking its development backlog to about 35.1 GW.
The company earned $1.15 per share on an adjusted basis in the quarter ended June 30, above analysts' average estimate of $1.11, according to data compiled by LSEG.
Reporting by Katha Kalia in Bengaluru; Editing by Leroy Leo
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NextEra Energy (NEE - Free Report) came out with quarterly earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +5.51%. A quarter ago, it was expected that this parent company of Florida Power & Light Co. would post earnings of $0.98 per share when it actually produced earnings of $1.09, delivering a surprise of +11.22%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
NextEra, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $7.53 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 5.76%. This compares to year-ago revenues of $6.7 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
NextEra shares have added about 11.9% since the beginning of the year versus the S&P 500's gain of 8.2%.
What's Next for NextEra?While NextEra has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for NextEra was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.27 on $9.18 billion in revenues for the coming quarter and $4.01 on $31.85 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Entergy (ETR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This power company is expected to post quarterly earnings of $0.98 per share in its upcoming report, which represents a year-over-year change of -6.7%. The consensus EPS estimate for the quarter has been revised 4.4% higher over the last 30 days to the current level.
Entergy's revenues are expected to be $3.56 billion, up 6.9% from the year-ago quarter.
COSTA MESA, Calif.--(BUSINESS WIRE)--Experian today announced that Fastly (NASDAQ: FSLY), a leading global edge cloud platform, has joined the growing Experian Agent Trust™ ecosystem. Together, the companies will help enterprises verify AI agents, authorize transactions, and make trust decisions in real time as autonomous commerce continues to grow. "Agentic commerce represents one of the most significant shifts in digital commerce since the rise of mobile," said Kathleen Peters, Chief Innovati.
Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.
The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.
Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.
The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.
With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.
Bringing together a positive earnings ESP alongside a Zacks Rank #3 (Hold) or better has helped stocks report a positive earnings surprise 70% of the time. Furthermore, by using these parameters, investors have seen 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.
Should You Consider Deere?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Deere (DE - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $4.99 a share, just 27 days from its upcoming earnings release on August 20, 2026.
By taking the percentage difference between the $4.99 Most Accurate Estimate and the $4.85 Zacks Consensus Estimate, Deere has an Earnings ESP of +2.97%. Investors should also know that DE is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
DE is just one of a large group of Industrial Products stocks with a positive ESP figure. Caterpillar (CAT - Free Report) is another qualifying stock you may want to consider.
Caterpillar, which is readying to report earnings on August 4, 2026, sits at a Zacks Rank #3 (Hold) right now. Its Most Accurate Estimate is currently $6.56 a share, and CAT is 11 days out from its next earnings report.
The Zacks Consensus Estimate for Caterpillar is $6.25, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +4.96%.
DE and CAT's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Oracle stock rose by 2% in the premarket session as the company reached a deal with the US government in a major win for Larry Ellison, a close friend of Donald Trump. Still, it remains near its lowest level since April 2025. It has fallen by 65% from its all-time high.
Oracle, a large database, software, and cloud computing company, has reached a big $7 billion deal with the Pentagon. This deal will see the company provide its software in ten years.
Oracle will provide it with its software in on-premises data centers for the military, intelligence community, and the Coast Guard. The government believes that the deal will help it save over $444 million.
Ellison has cultivated a relationship with President Trump. He contributed $45 million in his campaign and took part in a large data center project in collaboration with OpenAI and Softbank.
Trump also brokered a deal that allowed the company to own TikTok’s US business. It owns a 15% stake in the company, while Silver Lake, MGX, and ByteDance own 15%, 15%, and 19.9%, respectively.
Still, despite the deal, Oracle faces major challenges even as its revenue backlog jumped to over $638 billion. Its revenue jumped by 21% to $19.2 billion, while the earnings-per-share soared by 21% to $1.45. The net revenue jumped to over $4.5 billion.
Analysts expect the business to continue growing, with the average estimate for the last quarter being $19.12 billion. If this is correct, it will represent a 28% increase from the same period last year. Its annual revenue is expected to be $90 billion and $130 billion next year.
Still, the biggest challenge the company faces is its balance sheet as its debt jumps. The company’s short-term debt jumped to over $7.2 billion, while its long-term debt soared to over $122 billion. It also expects that it will raise over $40 billion in a combination of debt and equity.
This soaring debt, and its exposure to OpenAI, explain why the stock has plunged in the past few months.
On the positive side, the company has become highly undervalued. Its forward price-to-earnings ratio has dropped to 14.9, lower than the sector median of 23. Its five-year average was 22.
The company also has a highly positive rule-of-40 multiple. Its forward revenue growth is about 17%, while its net income margin jumped to 45%. This means that the company is prioritizing its growth and margins.
READ MORE: Oracle stock slips on AI spending concerns, why analysts still see upside
ORCL stock chart | Source: TradingView
The weekly chart shows that the ORCL stock has plunged in the past few months. It slumped below the important support level of $136, its lowest level in February and March this year. Moving below that level confirmed that bears are in control.
The stock has dropped below the 50-week Exponential Moving Average (EMA). at the same time, the Relative Strength Index (RSI) has continued falling and is nearing the oversold level.
The RSI suggests that the stock will continue falling as it gets to the oversold level. If this happens, it may drop to the key support level of $100 and then bounce back.
Baby boomers heading into retirement face a specific math problem: They need income that grows faster than inflation, drawn from businesses stable enough to survive whatever the next decade throws at them. With the 10-Year Treasury yielding 4.56% as of July 10, 2026 and Core PCE inflation still climbing (index at 130.08 in May 2026, up 0.3% month over month), fixed-rate bonds alone will not preserve purchasing power over a 25-year retirement. Dividend Kings, companies with 50-plus years of consecutive dividend hikes, remain the workhorse solution.
Here are three durable-income names built for the long haul, each with a specific bull case and a risk worth respecting.
Johnson & Johnson (JNJ) Johnson & Johnson (NYSE:JNJ | JNJ Price Prediction) is the healthcare anchor almost every retirement portfolio needs. The company just posted Q1 2026 revenue of $24.06 billion (up 9.9% year over year) and adjusted EPS of $2.70, both ahead of Street expectations, and management raised FY2026 guidance to revenue of $100.3 billion to $101.3 billion and adjusted EPS of $11.45 to $11.65.
The dividend track record is the headline. The board approved a 3.1% dividend increase to $1.34 per share quarterly, marking 64 consecutive years of dividend growth, verified by the payment record showing the Q2 2026 ex-dividend date of May 26, 2026 at $1.34 versus $1.30 the prior quarter. The annualized forward payout of $5.36 gives retirees a concrete income figure to plan around.
Growth is accelerating too. DARZALEX delivered $3.96 billion in the quarter (up 22.5%), TREMFYA grew 68.3%, and CARVYKTI expanded 62.1%. CEO Joaquin Duato called this “a strong start to 2026” delivering on the promise of “a year of accelerated growth and impact.” Shares reflect that momentum: JNJ is up around 52% over the past year and 23.23% year to date through July 22, with a beta of 0.235 that still qualifies as defensive.
Risk/caveat: STELARA biosimilar erosion hit hard, with sales down 59.7% to $656M, and the planned Orthopaedics separation carries execution risk. At a forward P/E near 22, this is no longer a bargain-bin buy.
Kimberly-Clark (KMB) Kimberly-Clark (NASDAQ:KMB) is the consumer-staples version of this trade: Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise and Depend all sit in cabinets that get restocked whether the economy is booming or contracting.
The Q1 2026 print was solid: adjusted EPS of $1.97, which beat the $1.93 estimate, on revenue of $4.16 billion. The company reaffirmed 2026 guidance for organic sales growth of ~2.5% and double-digit adjusted EPS growth on a constant-currency basis, with International Personal Care up 9.1% to $1.51 billion.
The dividend? The Q1 2026 quarterly rose to $1.28 from $1.26 in Q4 2025, extending a streak the data confirms has run every single year from 1999 through 2026. The 4.7% trailing yield is one of the highest available in blue-chip staples.
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Valuation looks reasonable too: forward P/E of 15 versus a trailing 22, with a beta of 0.279. CEO Mike Hsu framed the pending Kenvue acquisition as a “generational value creation opportunity.” For retirees hunting income, this is a Dividend King built to weather cycles.
If maximizing income across a full portfolio is the objective, 24/7 Wall St.’s 10 Dividend Kings research report drills into how these multi-decade compounders fit alongside other steady-payer names.
Risk/caveat: Reported net sales fell 14% year over year due to IFP discontinued operations and the US private label diaper exit, and the consumer tissue restructuring plus Kenvue integration risk are real. As of July 22, shares are down 15.52% over the past year — a reminder that even Kings have off years.
Genuine Parts Company (GPC) Genuine Parts Company (NYSE:GPC) owns NAPA Auto Parts and one of the strongest industrial distribution networks in North America. Q1 2026 delivered adjusted EPS of $1.77, revenue of $6.26B (up 6.8% YoY), and comparable sales up 2.4%. Management reaffirmed FY2026 guidance for sales growth of 3% to 5.5%, adjusted diluted EPS of $7.50 to $8 and free cash flow of $550 million to $700 million.
The dividend streak here is the longest of the three. Data confirms 70 consecutive years of dividend increases announced with Q4 2025, with the annual rate up 3.2% to $4.25 per share. Payment records verify the Q1 2026 quarterly at $1.0625 (up from $1.03 through 2025), annualized forward of $4.25, with the latest payment on July 2, 2026. The 3.53% yield gives income a running start, and the planned tax-free separation into Global Automotive and Global Industrial businesses is targeted for Q1 2027, which could unlock trapped value.
CEO Will Stengel noted the team “delivered first quarter results ahead of expectations” while progressing on the separation.
Risk/caveat: Q4 2025 posted a GAAP net loss of $609.5 million driven by a $742 million pension settlement charge and a $150.5 million First Brands supplier bankruptcy credit loss. Add tariff exposure, separation execution risk, and a Q1 2026 free cash flow deficit of $33.6 million and the near-term picture is choppier than the streak suggests.
The Bottom Line All three names are Dividend Kings in defensive sectors, and all three have raised payouts through recessions, wars, and rate cycles. For baby boomers building an income base to draw from for decades, that consistency is the point. The forward-looking question is whether each company can navigate its current transition (JNJ’s Orthopaedics spin, KMB’s Kenvue integration, and GPC’s separation) without disrupting cash flow to shareholders. History says the odds favor the Kings.
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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In First Solar To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in First Solar between February 26, 2025 and February 24, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York--(Newsfile Corp. - July 24, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against First Solar, Inc. ("First Solar" or the "Company") (NASDAQ: FSLR) and reminds investors of the August 24, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Defendants had overstated First Solar's capacity to manage the impact of U.S. tariff policy on the Company's business; (2) Defendants understated the extent to which its responses to U.S. tariff policy, including the intentional underutilization of production facilities in Malaysia and Vietnam, and attempted relocation of production to the U.S., were likely to negatively impact First Solar's projected performance in the 2026 fiscal year; and (3) as a result, Defendants' public statements were materially false and misleading at all relevant times.
The truth began to emerge on January 7, 2026, when Jefferies downgraded First Solar to Hold from Buy, noting that during 2025, the Company had lowered guidance, faced significant de-bookings and experienced margin compression through 2025. Jefferies also flagged that "[international] facilities remain a pain point while tariffs exist" and "underutilization at [international] facilities remains a concern." The Jefferies analyst also predicted that First Solar's deployment opportunities were likely to be more limited in 2026.
On this news, First Solar's stock price fell $27.67 per share, or 10.29%, to close at $241.11 per share on January 7, 2026.
Then, on February 24, 2026, First Solar issued a press release "announc[ing] financial results for the fourth quarter and year ended December 31, 2025." Among other items, First Solar announced earnings that missed expectations by a wide margin and issued lower-than-expected FY 2026 revenue guidance, citing customer headwinds such as permitting delays under the Trump administration. Following First Solar's announcement, Baird Research downgraded its stock to Neutral from Outperform, citing "several question marks in forward outlook".
On this news, First Solar's stock price fell $33.09 per share, or 13.61%, to close at $210.12 per share on February 25, 2026.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding First Solar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the First Solar, Inc. class action, go to www.faruqilaw.com/FSLR or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Frequently Asked Questions (FAQ) for Investors Regarding the First Solar, Inc. Securities Class Action Lawsuit:
What is the First Solar securities fraud lawsuit about?
The lawsuit alleges that First Solar, Inc. and certain executives violated federal securities laws by making false or misleading statements and failing to disclose material information regarding the impact of U.S. tariff policies, production facility utilization, and risks to the Company's projected 2026 financial performance.
Who may be eligible to participate in the lawsuit?
Investors who purchased or otherwise acquired First Solar (NASDAQ: FSLR) securities during the applicable Class Period and suffered losses may be eligible to participate in the securities class action. Eligibility will depend on the specific circumstances of each investor's transactions and losses.
What is a lead plaintiff, and how can I seek appointment?
A lead plaintiff is a court-appointed representative who acts on behalf of all class members in directing the litigation. Any eligible investor may seek appointment as lead plaintiff by filing the appropriate motion with the court on or before the August 24, 2026 deadline.
What should investors do if they purchased First Solar stock during the Class Period?
Investors who purchased First Solar securities during the Class Period and experienced losses should review their legal rights and options. They may contact counsel to discuss the lawsuit, determine whether they qualify to participate, and learn more about seeking appointment as lead plaintiff before the applicable deadline.
Why should investors contact Faruqi & Faruqi, LLP?
Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased First Solar securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306259
Source: Faruqi & Faruqi LLP
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New York, New York--(Newsfile Corp. - July 24, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against First Solar, Inc. ("First Solar" or the "Company") (NASDAQ: FSLR) on behalf of investors that purchased or otherwise acquired First Solar securities between February 26, 2025 and February 24, 2026 (the "Class Period").
CLICK HERE TO JOIN THE CASE
If you are an investor in First Solar and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than August 24, 2026 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On January 7, 2026, according to the complaint, "Jefferies downgraded First Solar to Hold from Buy, noting that during 2025, First Solar had lowered guidance, faced significant de-bookings and experienced margin compression through 2025."
Following this news, the price of First Solar stock fell $27.67 per share, about 10.3%, to close at $241.11 per share on January 7, 2026.
Then, on February 24, 2026, after markets closed, according to the complaint First Solar announced financial results for the fourth quarter and year ended December 31, 2025 "that missed expectations by a wide margin and issued lower-than expected FY 2026 revenue guidance, citing customer headwinds such as permitting delays under the Trump administration."
Following this news, the price of First Solar stock fell $33.09 per share, about 13.6%, to close at $210.12 per share.
The complaint alleges, among other things, that throughout the Class Period, (i) Defendants overstated First Solar's capacity to manage the impact of U.S. tariff policy on the Company's business; (ii) Defendants understated the extent to which its responses to U.S. tariff policy, including the intentional underutilization of production facilities in Malaysia and Vietnam, and attempted relocation of production to the U.S., were likely to negatively impact First Solar's projected performance in the 2026 fiscal year; and (iii) as a result, Defendants' public statements were materially false and misleading at all relevant times.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Past results do not guarantee future outcomes.
If you have any questions about this Notice, your rights, or your interests, please contact:
Contacting or submitting information to Kaplan Fox & Kilsheimer LLP does not create an attorney-client relationship, nor an obligation on the part of Kaplan Fox to retain you as a client.
Enbridge (ENB - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Over the past month, shares of this oil and natural gas transportation and power transmission company have returned +0.4%, compared to the Zacks S&P 500 composite's +0.6% change. During this period, the Zacks Oil and Gas - Production and Pipelines industry, which Enbridge falls in, has gained 1.7%. The key question now is: What could be the stock's future direction?
While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Enbridge is expected to post earnings of $0.43 per share for the current quarter, representing a year-over-year change of -8.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -2.5%.
For the current fiscal year, the consensus earnings estimate of $2.13 points to a change of -1.4% from the prior year. Over the last 30 days, this estimate has changed -2.4%.
For the next fiscal year, the consensus earnings estimate of $2.35 indicates a change of +10.3% from what Enbridge is expected to report a year ago. Over the past month, the estimate has changed -1.9%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Enbridge is rated Zacks Rank #4 (Sell).
The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:
12 Month EPS
Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.
In the case of Enbridge, the consensus sales estimate of $10.85 billion for the current quarter points to a year-over-year change of +0.9%. The $48.33 billion and $47.5 billion estimates for the current and next fiscal years indicate changes of +3.7% and -1.7%, respectively.
Last Reported Results and Surprise HistoryEnbridge reported revenues of $16.3 billion in the last reported quarter, representing a year-over-year change of +26.5%. EPS of $0.71 for the same period compares with $0.72 a year ago.
Compared to the Zacks Consensus Estimate of $12.82 billion, the reported revenues represent a surprise of +27.09%. The EPS surprise was +2.9%.
Over the last four quarters, Enbridge surpassed consensus EPS estimates three times. The company topped consensus revenue estimates three times over this period.
ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.
Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Enbridge is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.
ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Enbridge. However, its Zacks Rank #4 does suggest that it may underperform the broader market in the near term.
As central bank policy stabilizes and real estate valuations recalibrate, income-focused investors are increasingly looking toward real estate investment trusts (REITs) to secure durable cash flows.
However, capturing reliable passive income in today's market requires looking beyond raw yield – it demands balance sheet strength, high portfolio occupancy, and clear distribution visibility.
Whether anchoring a portfolio with monthly net-lease payouts, riding structural industrial tailwinds, or tapping into healthcare real estate restructuring, selective allocations can provide both inflation defense and reliable yield.
Here are three top REITs positioning themselves as standout income engines for 2026.
Realty Income remains the foundational allocation for monthly cash flow-seeking investors.
Hovering around $65 currently, with a market cap of over $60 billion, the company pays a healthy dividend yield of 5.01% at writing, underpinned by a June payout hike to $0.271 a share – marking 132 dividend hikes since its 1994 public debut.
Q1 Adjusted Funds From Operations (AFFO) climbed 7% year-over-year to $1.13 a share on $1.55 billion in revenue, driven by 99% portfolio occupancy and a 103% rent recapture rate.
Realty’s management expanded full-year investment volume guidance to $9.5 billion – reinforced by a $1.0 billion strategic partnership with Apollo.
All in all, cash flow durability and disciplined capital deployment are why Wall Street analysts rate it at Overweight currently, with price targets going as high as $72, indicating about a 10% upside from here.
STAG Industrial provides focused exposure to single-tenant industrial real estate, though investors should account for its January 2026 operational transition from monthly to quarterly dividend distributions.
At about $40 per share, STAG yields roughly 3.45% via its $0.3875 quarterly payout.
Underlying fundamental momentum remains robust: fourth-quarter 2025 revenue expanded 11% year-over-year to $220.9 million, generating an 8% increase in Core FFO to $0.66 per share.
Portfolio occupancy held strong at 96.4%, accompanied by a 24% full-year cash rent change.
With 69% of 2026 leasing already secured at a 20% cash rent spread and a $3.6 billion deal pipeline, STAG offers high-quality dividend protection.
That said, Wall Street currently rates STAG stock at Hold only, with the mean price target of nearly $42.
Healthpeak Properties presents a compelling yield strategy following its transition to a monthly payout structure of $0.10 per share, delivering a 5.53% yield at $21.62.
The primary catalyst stems from the Janus Living IPO, which netted approximately $880 million in capital while allowing Healthpeak to retain an 82% equity stake in the $6.9 billion entity.
First-quarter 2026 operational metrics outperformed expectations, as GAAP EPS of $0.28 easily beat consensus estimates and senior housing same-store cash NOI expanded 14%.
Healthpeak’s management raised full-year adjusted FFO guidance to $1.71–$1.75 per share, reinforcing dividend safety alongside an active share repurchase program.
Wall Street currently rates DOC at Overweight with price targets going as high as $29.
Supporting his choice, Canaccord Genuity analyst Gary Nachman maintained AbbVie with a Buy rating on Wednesday and raised the price target from $273 to $282.
Jim Lebenthal, partner and chief market strategist at Cerity Partners, picked Transocean Ltd. (NYSE:RIG) ahead of quarterly earnings.
Transocean will report second quarter earnings and issue a fleet status report on Wednesday, Aug. 5, after the closing bell. Analysts expect the company to report quarterly earnings at 1 cent per share on revenue of $962.88 million.
Don’t forget to check out our premarket coverage here
Malcolm Ethridge, managing partner at Capital Area Planning Group, named Cerebras Systems Inc. (NASDAQ:CBRS) as his final trade.
As per the recent news, CrowdStrike Holdings Inc. (NASDAQ:CRWD) and Cerebras Systems, on Wednesday, announced a strategic partnership to strengthen artificial intelligence-powered cybersecurity.
Joshua Brown, co-founder and CEO of Ritholtz Wealth Management, recommended Netflix, Inc. (NASDAQ:NFLX).
On the earnings front, Netflix, on July 16, reported mixed second-quarter financial results and issued weak guidance for the third quarter. Netflix reported second-quarter revenue of $12.56 billion, up 13% year-over-year. The revenue total missed a Street estimate of $12.59 billion, according to data from Benzinga Pro. Second-quarter earnings of 80 cents per share beat a Street consensus estimate of 79 cents per share.
Price Action AbbVie shares gained 1.4% to close at $256.92 on Thursday. Transocean shares rose 0.4% to settle at $5.32 during the session. Cerebras Systems shares surged 4.9% to close at $220.00 on Thursday. Netflix shares gained 0.5% to close at $68.89 during the session. Photo via Shutterstock
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Quarterly financial reports play a vital role on Wall Street, as they help investors see how a company has performed and what might be coming down the road in the near-term. And out of all of the metrics and results to consider, earnings is one of the most important.
Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.
The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.
The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.
With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.
Bringing together a positive earnings ESP alongside a Zacks Rank #3 (Hold) or better has helped stocks report a positive earnings surprise 70% of the time. Furthermore, by using these parameters, investors have seen 28.3% annual returns on average, according to our 10 year backtest.
Most stocks, about 60%, fall into the #3 (Hold) category, and they are expected to perform in-line with the broader market. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank.
Should You Consider Bristol Myers Squibb?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Bristol Myers Squibb (BMY - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $1.60 a share, just six days from its upcoming earnings release on July 30, 2026.
By taking the percentage difference between the $1.60 Most Accurate Estimate and the $1.59 Zacks Consensus Estimate, Bristol Myers Squibb has an Earnings ESP of +0.51%. Investors should also know that BMY is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
BMY is part of a big group of Medical stocks that boast a positive ESP, and investors may want to take a look at UnitedHealth Group (UNH - Free Report) as well.
UnitedHealth Group is a Zacks Rank #1 (Strong Buy) stock, and is getting ready to report earnings on October 27, 2026. UNH's Most Accurate Estimate sits at $4.01 a share 95 days from its next earnings release.
UnitedHealth Group's Earnings ESP figure currently stands at +2.11% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $3.93.
BMY and UNH's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Key Takeaways Etsy is embedding loyalty into personalization, support and Etsy Insider to deepen repeat buying.App users deliver 40% higher lifetime value, while mobile GMS rose 11.2% in first-quarter 2026.AI-driven profiles, feeds and recommendations improved add-to-cart activity, conversion and engagement. Etsy, Inc.’s (ETSY - Free Report) focus on retaining and rewarding its most valuable customers centers on deepening engagement across the buyer experience. Rather than relying on a standalone loyalty program, the marketplace is weaving loyalty efforts into personalized recommendations, targeted offers, customer support and programs such as the Etsy Insider beta.
The mobile app is central to that effort. Etsy said app users have 40% higher lifetime value than non-app users because they visit more often, engage more deeply and convert at higher rates. The company is investing in AI-generated buyer profiles, personalized home feeds, smarter recommendations and more targeted push communications to better reflect individual interests. Early testing has produced improvements in add-to-cart activity, conversion and overall engagement.
In the first quarter of 2026, mobile app Gross Merchandise Sales (“GMS”) rose 11.2% year over year, accelerating from 6.6% growth in the preceding quarter. The app accounted for approximately 47% of total GMS, up about 240 basis points year over year. Gross buyer additions increased 4.8% to 11.9 million, including 5 million new buyers and 6.9 million reactivated buyers. GMS per active buyer reached $122, rising 1.5% year over year and 1.1% sequentially.
Etsy is also making targeted structural updates, including enhanced Purchase Protection and dedicated customer support resolution for top buyers. By sharing loyalty initiatives across product, engineering and operational teams, the platform focuses on systematically turning initial consumer engagement into durable, long-term repeat purchase behavior.
How eBay & Shopify Compare With EtsyeBay Inc. (EBAY - Free Report) is also strengthening customer lifetime value by deepening buyer engagement. eBay continues to invest in trusted shopping experiences through features such as Guaranteed Fit, Authenticity Guarantee, AI-powered discovery and eBay Live, all aimed at improving conversion and encouraging repeat purchases. Management also highlighted that AI-powered search refinements are driving higher engagement and double-digit increases in purchase behavior, reinforcing eBay’s strategy of building long-term buyer loyalty through differentiated experiences.
Shopify Inc. (SHOP - Free Report) is pursuing a similar objective by expanding its buyer ecosystem and improving merchant conversion. Shopify highlighted that Shop Pay, the Shop app and AI-powered commerce tools are helping merchants attract new shoppers while increasing repeat purchases. Shopify also noted that AI-driven traffic, personalized product discovery and its growing buyer network are strengthening customer engagement, supporting a flywheel that enhances buyer lifetime value while enabling merchants to build lasting customer relationships.
What the Latest Metrics Say About EtsyEtsy has seen its shares jump 24.2% over the past three months against the industry’s 6.2% decline.
Image Source: Zacks Investment Research
From a valuation standpoint, Etsy's forward 12-month price-to-earnings ratio stands at 13.71, lower than the industry’s ratio of 21.63. ETSY is also trading below its 12-month median level of 20.01.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Etsy's earnings per share has been revised upward. The consensus estimate for the current fiscal year has risen from $5.41 to $5.44, while the estimate for the next fiscal year has jumped from $6.29 to 6.37 over the past seven days.
Image Source: Zacks Investment Research
Etsy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bank of Nova Scotia trimmed its position in Micron Technology, Inc. (NASDAQ:MU – Free Report) by 64.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,237,399 shares of the semiconductor manufacturer’s stock after selling 2,269,995 shares during the quarter. Micron Technology comprises 0.7% of Bank of Nova Scotia’s investment portfolio, making the stock its 24th biggest position. Bank of Nova Scotia owned 0.11% of Micron Technology worth $418,043,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in MU. Gibbs Wealth Management increased its holdings in shares of Micron Technology by 108.8% during the 1st quarter. Gibbs Wealth Management now owns 1,516 shares of the semiconductor manufacturer’s stock worth $512,000 after buying an additional 790 shares during the last quarter. Sei Investments Co. lifted its holdings in Micron Technology by 39.5% in the first quarter. Sei Investments Co. now owns 802,106 shares of the semiconductor manufacturer’s stock valued at $270,980,000 after acquiring an additional 227,276 shares during the last quarter. MWA Asset Management lifted its holdings in Micron Technology by 105.1% in the first quarter. MWA Asset Management now owns 1,487 shares of the semiconductor manufacturer’s stock valued at $502,000 after acquiring an additional 762 shares during the last quarter. State of Wyoming purchased a new position in Micron Technology in the first quarter worth approximately $335,000. Finally, Cetera Investment Advisers increased its stake in Micron Technology by 13.9% during the first quarter. Cetera Investment Advisers now owns 385,997 shares of the semiconductor manufacturer’s stock worth $130,405,000 after acquiring an additional 47,064 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.
Insider Buying and Selling at Micron Technology In other news, Director Steven J. Gomo sold 2,000 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $787.03, for a total transaction of $1,574,060.00. Following the sale, the director owned 17,139 shares of the company’s stock, valued at approximately $13,488,907.17. This represents a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 40,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $1,083.94, for a total value of $43,357,600.00. Following the completion of the sale, the executive vice president owned 85,737 shares in the company, valued at approximately $92,933,763.78. The trade was a 31.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 163,300 shares of company stock worth $152,667,204. 0.24% of the stock is currently owned by insiders.
Analysts Set New Price Targets A number of equities research analysts have commented on the company. Melius Research began coverage on Micron Technology in a research report on Monday, April 27th. They issued a “buy” rating and a $700.00 target price on the stock. Sanford C. Bernstein set a $1,300.00 price objective on Micron Technology in a research report on Monday, June 22nd. The Goldman Sachs Group boosted their price objective on shares of Micron Technology from $900.00 to $1,100.00 and gave the company a “neutral” rating in a report on Thursday, June 25th. UBS Group upped their target price on shares of Micron Technology from $535.00 to $1,625.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Finally, Stifel Nicolaus increased their target price on shares of Micron Technology from $550.00 to $1,500.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Four investment analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $1,268.93.
Read Our Latest Stock Analysis on MU
Micron Technology Stock Up 3.2% Shares of MU opened at $990.21 on Friday. The stock has a market capitalization of $1.12 trillion, a PE ratio of 22.42 and a beta of 2.14. Micron Technology, Inc. has a 1 year low of $103.38 and a 1 year high of $1,255.00. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.98 and a current ratio of 3.42. The company’s 50-day simple moving average is $962.35 and its 200-day simple moving average is $620.46.
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings data on Wednesday, June 24th. The semiconductor manufacturer reported $25.11 earnings per share for the quarter, beating analysts’ consensus estimates of $21.39 by $3.72. Micron Technology had a net margin of 55.91% and a return on equity of 71.13%. The firm had revenue of $41.46 billion during the quarter, compared to analysts’ expectations of $35.91 billion. During the same quarter in the previous year, the business posted $1.91 earnings per share. The business’s quarterly revenue was up 345.8% compared to the same quarter last year. Micron Technology has set its Q4 2026 guidance at 30.000-32.000 EPS. Analysts forecast that Micron Technology, Inc. will post 72.93 earnings per share for the current fiscal year.
Micron Technology Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 21st. Shareholders of record on Monday, July 6th were paid a $0.15 dividend. The ex-dividend date was Monday, July 6th. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. Micron Technology’s payout ratio is 1.36%.
Micron Technology News Roundup Here are the key news stories impacting Micron Technology this week:
Positive Sentiment: Alphabet’s stronger capital-expenditure outlook for 2026 eased fears of an AI spending slowdown, which is lifting Micron and other memory-chip names on expectations for sustained demand. Micron stock gains 3%: how is the company benefiting from Alphabet and Tesla earnings Positive Sentiment: Elon Musk publicly thanked Micron during Tesla’s earnings call, adding to bullish sentiment around the company and helping fuel the stock’s recent rebound. Micron Technology Stock (MU) Is Recovering. Thank Elon Musk Positive Sentiment: Investor enthusiasm for the broader semiconductor and memory complex remains strong, with articles highlighting tight DRAM supply, rising memory prices, and heavy inflows into memory-focused ETFs. DRAM ETF inflows rise as Micron, SanDisk, SK Hynix, Samsung lead rally amid risks Positive Sentiment: Recent commentary also points to Micron’s strong margins and earnings momentum, reinforcing the view that the company is benefiting from a powerful AI-driven memory upcycle. Jim Cramer Still Loves Micron. Here Is the 1 Number That Shows Why He Is Right. About Micron Technology (Free Report)
Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.
Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.
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Key Takeaways Micron is accelerating HBM4 production as rising AI workloads drive demand for high-bandwidth memory.HBM4 revenues topped $1B, while the 12-high ramp-up is progressing twice as fast as the HBM3E transition.Faster yield gains, added packaging capacity and customer deals could strengthen Micron's market position. Micron Technology, Inc. (MU - Free Report) is strengthening its position in the fast-growing artificial intelligence (AI) memory market by accelerating the production of its HBM4 products. As AI models become larger and more complex, demand for high-bandwidth memory (HBM) continues to rise.
The faster HBM4 ramp-up could help Micron Technology capture a larger share of this expanding market while supporting higher revenues and profitability. According to a Counterpoint Research report, MU ended the first quarter of 2026 with a 21% market share in the HBM space, trailing SK Hynix’s (SKHY - Free Report) 58%.
The company's momentum is already visible. During the third quarter of fiscal 2026, Micron Technology generated record revenues of $41.46 billion, up 346% year over year, while non-GAAP earnings reached $25.11 per share compared with $1.91 in the year-ago quarter. AI-driven demand was a major contributor, with annualized data center revenues exceeding $100 billion and data center SSD revenues more than doubling sequentially.
HBM4 is emerging as Micron Technology's biggest growth catalyst. The company has already shipped more than $1 billion in HBM4 revenues, and management said the 12-high HBM4 ramp-up is progressing twice as fast as the earlier HBM3E 12-high transition. Micron Technology also expects HBM4 to achieve mature manufacturing yields much faster, improving production efficiency and profitability. Qualification samples have been delivered to multiple customers, while high-volume shipments are already underway for its lead AI platform.
Industry conditions also remain favorable. Micron Technology expects DRAM and NAND demand to exceed supply beyond calendar year 2027 as AI adoption expands across data centers, enterprise computing and edge devices. Combined with its advanced 1-gamma DRAM technology, expanding packaging capacity and long-term customer agreements, the faster HBM4 ramp-up could help Micron Technology strengthen its competitive position against rivals and remain one of the biggest beneficiaries of the AI memory boom.
The Zacks Consensus Estimate for Micron Technology’s fiscal 2026 revenues is currently pegged at $129.61 billion, indicating robust year-over-year growth of approximately 247%.
How Do Micron’s Rivals Compare in the AI Memory Race?SK Hynix remains Micron Technology's biggest rival in the HBM market, while SanDisk (SNDK - Free Report) competes in NAND flash and enterprise storage.
SK Hynix has established an early lead in HBM by supplying memory for leading AI accelerators and continues to expand production to meet surging demand. SK Hynix created the HBM market by jointly developing the very first generation with AMD in 2013. When the generative AI boom arrived, SK Hynix leveraged this head start to become the primary memory supplier for NVIDIA's AI processors.
SanDisk is benefiting from the recovery in NAND pricing and rising demand for high-capacity enterprise SSDs used in AI data centers. In the third quarter of fiscal 2026, the company’s revenues surged 251% year over year to $5.95 billion. However, its growth is tied primarily to flash storage rather than HBM, making it less exposed to the fastest-growing segment of AI infrastructure.
In contrast, Micron Technology is gaining from both HBM and NAND demand, giving it a broader AI opportunity. As AI adoption accelerates, MU's faster HBM4 ramp-up, expanding advanced packaging capacity and balanced exposure across DRAM and NAND could help it strengthen its competitive position against both SK Hynix and SanDisk while supporting long-term revenue and margin growth.
Micron’s Price Performance, Valuation and EstimatesShares of Micron have surged around 248.4% year to date compared with the Zacks Computer and Technology sector’s return of 13.2%.
From a valuation standpoint, MU trades at a forward price-to-earnings ratio of 6.66, significantly lower than the sector’s average of 23.73.
Micron Technology 12-Month Forward P/E Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Micron’s fiscal 2026 and 2027 earnings implies a year-over-year increase of 791% and 114%, respectively. Bottom-line estimates for fiscal 2026 have been revised upward in the past 30 days and revised northward over the past seven for fiscal 2027.
Image Source: Zacks Investment Research
Micron currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
An Amgen sign is seen at the company's headquarters in Thousand Oaks, California, U.S., November 6, 2019. REUTERS/Deena Beasley/File Photo/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 24 (Reuters) - Amgen (AMGN.O), opens new tab said on Friday it submitted new evidence to the FDA on July 23 as it seeks a hearing to challenge the proposed withdrawal of its rare-disease drug Tavneos from the U.S. market.
The U.S. Food and Drug Administration in April proposed withdrawing the drug, which treats a rare autoimmune disease that damages blood vessels, citing a lack of proven effectiveness and false statements in its original marketing application.
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Here are some details:
Amgen said it strongly disagrees with the FDA and that its submission includes more than 70 real-world studies involving over 2,200 patients supporting the drug’s effectiveness and safety.
The drug developer said the Duke Clinical Research Institute, which it had commissioned to independently review the pivotal trial, found Tavneos matched a steroid treatment regimen at 26 and 52 weeks, although it did not reproduce the original finding of superiority at 52 weeks.
The FDA did not immediately respond to a Reuters request for comment.
The health regulator in March had separately identified 76 cases of serious liver injury linked to Tavneos, including eight deaths and seven cases of a rare condition that can cause permanent liver damage.
In June, Europe's drug regulator recommended revoking the drug's approval, citing unreliable study data.
Tavneos treats severe active ANCA-associated vasculitis, a rare disease that inflames blood vessels and can damage organs including the kidneys and lungs.
The FDA said in April that Tavneos would remain on the U.S. market unless Amgen removes it or the FDA commissioner orders its withdrawal.
Reporting by Kunal Das in Bengaluru; Editing by Sahal Muhammed
Our Standards: The Thomson Reuters Trust Principles., opens new tab
The average 30-year fixed mortgage rate climbed to 6.85% on July 23, 2026, according to Mortgage News Daily’s daily index, up from 6.68% at the start of the prior week and the first time in 2026 that rates have run higher than the same point last year. Matthew Graham, chief operating officer of Mortgage News Daily, described the rise in Treasury yields as “a slow-motion train wreck playing out since March.” Mortgages track those yields, and the yields have been tracking a war.
From Ceasefire to Renewed Strikes The conflict began when U.S. and Israeli forces launched large-scale strikes on Iran on February 28, 2026, and Iran retaliated against U.S. and regional targets. A 60-day U.S.-Iran memorandum of understanding in April 2026 briefly cooled things off. During that window, oil prices fell roughly 20% from their 2026 peak. That truce collapsed this month, with both sides trading renewed attacks, and markets have been repricing the risk ever since.
Oil moved first. Brent crude, which had touched $68.53 a barrel on July 2, 2026, rebounded to $86.99 by July 20. West Texas Intermediate settled at $84.38 per barrel. After the initial February strikes, Brent surged 10% to 13% to roughly $80 to $82 a barrel, and the International Energy Agency characterized the resulting disruption as the largest supply disruption in the history of the global oil market, largely because roughly 20% of global oil trade passes through the Strait of Hormuz.
The Bond Market Does the Rest Higher oil feeds inflation expectations, lifting long yields. The 10-year Treasury yield, the benchmark most closely tied to mortgages, rose from 4.48% on July 1 to 4.71% on July 23, a 23 basis point move over three weeks. The 30-year yield rose from 4.97% to 5.17% over the same period. Gasoline has already reflected the shift: the national average sits at $4.00 per gallon as of July 20, 2026, up 3.8% on the week.
Mortgage rates had a different story only weeks earlier. The average 30-year fixed rate hit 6.55% in mid-July after renewed Iranian strikes rattled markets, itself a jump from ceasefire levels. Before the February strikes, rates had briefly dropped below 6% for the first time in four years.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Zillow Group didn't make the cut. Grab the names FREE today.
A Housing Market Losing Altitude The reversal is landing on a market that never fully recovered. Existing-home sales came in at 4.09 million (annualized) in June 2026, down 2.4% from May, in what FRED classifies as soft market territory. Sales hit a nine-month low after mortgage rates jumped back up toward 6.45% or higher. Consumer sentiment has followed the same trajectory, with the University of Michigan index at 44.8 in May 2026, down 5.0 points from April and deep in pessimistic territory.
Zillow (NASDAQ:Z | Z Price Prediction), which had forecast 4.3% growth in existing-home sales for 2026, cut that projection to 2.33% if elevated rates persisted through July 1, and warned of a possible 0.73% decline if rates stayed 50 basis points above the original trajectory alongside rising unemployment.
Zillow still expects rates to drift modestly lower to around 6.4% by the end of 2026, a forecast made before the ceasefire cracked. The signal to watch over the next two months is straightforward: whether the Strait of Hormuz stays open, and whether the 10-year yield tops 4.75%. Everything on a rate sheet keys off those two lines.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Zillow Group didn't make the cut. Grab the names FREE today.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Zillow To Contact Him Directly To Discuss Their Options
If you purchased or acquired Class A or Class C Zillow common stock between February 11, 2025 and May 7, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York--(Newsfile Corp. - July 24, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Zillow Group, Inc. ("Zillow" or the "Company") (NASDAQ: ZG) (NASDAQ: Z) and reminds investors of the August 10, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Zillow's agreement with Redfin was not a "partnership," but rather an acquisition of Redfin's business; (2) as a result of the Redfin Agreement, Zillow faced a materially heightened risk of regulatory scrutiny and liability under federal antitrust laws; (3) upon the filing of an antitrust lawsuit, Zillow continued to downplay its legal exposure; and (4) as a result, Defendants' statements about Zillow's business, operations, and prospects, were materially false and misleading and or lacked a reasonable basis at all relevant times.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Zillow's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Zillow class action, go to www.faruqilaw.com/Z or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Frequently Asked Questions (FAQ) for Investors Regarding the Zillow Securities Class Action Lawsuit:
What is the Zillow securities fraud lawsuit about?
The lawsuit alleges Zillow misrepresented its agreement with Redfin as a partnership, understated antitrust and regulatory risks, and downplayed potential legal exposure, making statements about its business and prospects allegedly misleading.
Who may be eligible to participate in the lawsuit?
Investors who purchased or acquired Zillow Class A or Class C common stock (NASDAQ: ZG) (NASDAQ: Z) between February 11, 2025 and May 7, 2026 may be eligible to participate if they suffered losses related to the alleged misconduct.
What is a lead plaintiff, and how can I seek appointment?
A lead plaintiff represents the interests of the proposed class and helps oversee the litigation. Investors seeking appointment must file a motion with the court by August 10, 2026. Investors can share in any recovery without serving as lead plaintiff.
What should investors do if they purchased Zillow stock during the Class Period?
Investors should review their transaction records, preserve relevant documents, and evaluate their legal options. Those who suffered losses may wish to consult counsel regarding participation in the lawsuit or seeking lead plaintiff status before the deadline.
Why should investors contact Faruqi & Faruqi, LLP?
Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased Zillow securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306267
Source: Faruqi & Faruqi LLP
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, /PRNewswire/ -- Regeneron Pharmaceuticals (NASDAQ: REGN) faces a securities class action lawsuit after its surprising revelations concerning a Phase 3 clinical trial of a therapy intended to treat patients with melanoma.
The news that the trial failed drove the price of Regeneron shares sharply lower and, along with the severe market reaction ($11 billion market cap wipeout), triggered the lawsuit which seeks to represent investors who purchased or otherwise acquired shares of Regeneron common stock between August 1, 2025 and May 15, 2026.
National shareholder rights firm Hagens Berman is investigating the legal claims and urges Regeneron investors with substantial losses to submit your losses now. The firm also invites persons who may be able to assist in the investigation to contact its attorneys.
Class Period: Aug. 1, 2025 – May 15, 2026
Lead Plaintiff Deadline: Sept. 14, 2026
Visit: http://www.hbsslaw.com/investor-fraud/regn
Contact the Firm Now: [email protected]
844-916-0895
Regeneron Pharmaceuticals, Inc. (REGN) Securities Class Action:
The litigation is focused on the propriety of Regeneron's repeated optimism about the state of- (and changes to-) its Phase 3 trial of Fianlimab in combination with Libtayo as a first-line treatment for metastatic or locally advanced melanoma (the "Study").
The Study's primary endpoint was progression-free survival ("PFS") and Regeneron has characterized the combination as a "potential blockbuster." "Events" – disease progression or death – determined the timing and statistical power of the primary PFS analysis.
The complaint alleges that Regeneron made false and misleading statements while failing to disclose critical information to investors. In particular, the lawsuit accuses the company and its management of not informing investors that the Study's preliminary statistical assumptions were flawed, the active treatment arm was not achieving meaningful differentiation over standard therapies, and achievement of its primary endpoint was unlikely.
Throughout the Class Period, Regeneron and the other defendants assured investors of their confidence in the Trial's achieving its primary endpoint even when events were slowing down. At one point, management said the slowing event rates are "because the test arms are performing well."
The truth began to emerge on April 29, 2026, when Regeneron first revealed that it decided to alter the Trial protocol such that "t]he primary analysis of progression-free survival will now consider all patients enrolled in the study with a minimum follow-up of 6 months."
One prominent analyst reportedly questioned whether the decision was made because, in contrast to management's expressed confidence, the "underlying PFS benefit may be insufficient to show statistical significance."
Then, on May 12, 2026, Regeneron admitted that the decision to alter the Trial protocol was made in response to "slow event rates," occurred nearly six months ago, and was "submitted it to all the global regulatory authorities in November, December timeframe."
Three days later, the final blow came. On May 15, 2026, Regeneron abruptly reported the "trial did not reach statistical significance of the primary endpoint of improvement in progression-free survival (PFS)."
"We're focused on whether Regeneron altered the Trial protocol without timely telling investors to intentionally mislead them because the defendants knew so-called blockbuster potential for the combination wasn't really there," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the pending claims in the suit.
If you invested in Regeneron and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »
If you'd like more information and answers to other frequently asked questions about the Regeneron case and the firm's investigation, read more »
Whistleblowers: Persons with non-public information regarding Regeneron should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Regeneron To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Regeneron between August 1, 2025 and May 15, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York--(Newsfile Corp. - July 24, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Regeneron Pharmaceuticals, Inc. (""Regeneron" or the "Company") (NASDAQ: REGN) and reminds investors of the September 14, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the true state of Regeneron's Phase III Fianlimab-Libtayo Study; notably, that its preliminary statistical assumptions were fundamentally flawed, that the active treatment arm was failing to achieve meaningful clinical differentiation over standard therapies, and that the trial would ultimately fail to reach statistical significance on its primary endpoint even without overperformance of the control arm.
On April 29, 2026, Defendants disclosed that the Phase III Fianlimab-Libtayo Study had been altered, expanding the number of patients in the study eligible for "analysis of progression-free survival." On this news, Regeneron's stock price fell $45.41, or approximately 6.2%, to close at $686.36 per share on April 29, 2026.
On May 15, 2026, Regeneron issued a press release announcing that the "Phase 3 Trial of Fianlimab . . . did not reach statistical significance for the primary endpoint of improvement in progression-free survival (PFS)." On this news, Regeneron's stock price fell $68.57, or approximately 9.8%, to close at $629.68 per share on May 18, 2026.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Regeneron's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Regeneron class action, go to www.faruqilaw.com/REGN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Frequently Asked Questions (FAQ) for Investors Regarding the Regeneron Securities Class Action Lawsuit:
What is the Regeneron securities fraud lawsuit about?
Faruqi & Faruqi, LLP has filed a securities class action lawsuit against Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) on behalf of investors who purchased Regeneron securities during the Class Period. The lawsuit alleges that Regeneron and certain of its officers made materially false and misleading statements regarding the Phase III Fianlimab-Libtayo clinical study. Specifically, the complaint alleges that defendants concealed that the study's preliminary statistical assumptions were fundamentally flawed, that the active treatment arm was allegedly failing to achieve meaningful clinical differentiation over standard therapies, and that the trial would ultimately fail to reach statistical significance on its primary endpoint. The alleged fraud is said to have come to light through two disclosures: first, on April 29, 2026, when defendants announced an expansion of patients eligible for analysis of progression-free survival - causing Regeneron's stock to fall approximately 6.2% - and then on May 15, 2026, when Regeneron announced that the Phase III trial did not reach statistical significance for its primary endpoint, causing the stock to fall an additional approximately 9.8%.
Who may be eligible to participate in the lawsuit?
Investors who purchased or otherwise acquired Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) securities on the NASDAQ between August 1, 2025 and May 15, 2026, inclusive (the "Class Period"), may be eligible to participate in this lawsuit. Eligibility to participate is not limited to those who seek appointment as lead plaintiff; any investor who purchased Regeneron securities during the Class Period and suffered a loss may potentially share in any recovery obtained on behalf of the class. Investors are encouraged to review their trading records to determine whether their purchases fall within the Class Period. Participation in the litigation does not require investors to take any active litigation role beyond filing a timely claim if a recovery is ultimately achieved.
What is a lead plaintiff, and how can I seek appointment?
A lead plaintiff is a court-appointed representative who acts on behalf of all class members in directing the litigation, including working with counsel to make key strategic decisions regarding the case. Any investor who purchased Regeneron securities during the Class Period and suffered losses may move the court for appointment as lead plaintiff, but must do so no later than September 14, 2026, which is the court-established deadline for such motions. Courts generally appoint the movant with the largest financial interest in the relief sought who also satisfies the adequacy requirements of the applicable securities laws. Importantly, investors are not required to seek appointment as lead plaintiff in order to participate in or potentially share in any recovery that may result from this litigation. Those who do not seek lead plaintiff status may still submit a claim and may be eligible to receive a portion of any settlement or judgment obtained on behalf of the class.
What should investors do if they purchased Regeneron stock during the Class Period?
Investors who purchased Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) securities between August 1, 2025 and May 15, 2026 are encouraged to promptly review their brokerage and trading records to confirm the timing and size of their purchases and any resulting losses. Investors should take steps to preserve all relevant documentation, including trade confirmations, account statements, and any communications relating to their Regeneron holdings, as such records may be material to any future claim. Given that the lead plaintiff motion deadline is September 14, 2026, investors who wish to be considered for that role should act in advance of that date. Investors may wish to consult with Faruqi & Faruqi, LLP to better understand their legal rights and options before the deadline passes. Retaining counsel or seeking lead plaintiff status is not required to participate in any potential class recovery, but timely action is advisable to preserve all available options.
Why should investors contact Faruqi & Faruqi, LLP?
Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased Regeneron securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306263
Source: Faruqi & Faruqi LLP
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WALTHAM, Mass.--(BUSINESS WIRE)--Thermo Fisher Scientific today announced the global launch of Thermo Scientific™ InstaFlux™, an integrated media-on-demand enrichment workflow that helps food microbiology laboratories simplify media preparation, improve productivity and enhance sample traceability. Food testing laboratories face growing pressure to process more samples, meet turnaround expectations and maintain consistent quality while managing staffing constraints, sustainability goals and inc.
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CHARLOTTE, N.C.--(BUSINESS WIRE)--Honeywell Technologies (NASDAQ: HON) today announced that its Board of Directors has declared a quarterly dividend payment of $0.70 per share on the Company's common stock. The dividend is payable on September 4, 2026, out of surplus to holders of record at the close of business on August 14, 2026. About Honeywell Technologies Honeywell Technologies is a global, pure-play automation company with a legacy of innovating to help solve the world's most mission-crit.
Union Pacific Corp. (NYSE:UNP) on Thursday reported better-than-expected second-quarter 2026 results.
Adjusted diluted EPS of $3.41 topped the $3.24 estimate, while operating revenue rose 12% to $6.864 billion, beating the $6.713 billion estimate.
Management said second-half demand is tracking above initial expectations, supported by industrial activity, grain, petrochemicals and domestic intermodal.
Union Pacific shares closed at $304.33 on Thursday.
These analysts made changes to their price targets on Union Pacific following earnings announcement.
Wells Fargo analyst Christian Wetherbee maintained the stock with an Overweight rating and raised the price target from $315 to $335. Benchmark analyst Nathan P. Martin maintained the stock with a Buy and raised the price target from $325 to $335. Considering buying UNP stock? Here’s what analysts think:
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ServiceNow (NYSE:NOW | NOW Price Prediction) just did something no enterprise software company has done at this pace: its AI business crossed $1 billion in annual contract value, with agentic deployments up ninefold in nine months. Yet the stock trades down 50.4% over the past year. Our 24/7 Wall St. price target says that disconnect is the opportunity.
The price target for ServiceNow is $216.50 over the next 12 months, implying 126.8% upside from the current $95.46. Our model registers a bullish signal with 90% confidence.
Metric Value Current Price $95.46 24/7 Wall St. Price Target $216.50 Upside 126.8% Recommendation BUY Confidence Level 90% Why the Stock Sold Off Into a Blowout Quarter ServiceNow is down 37.69% year to date and off 8.85% in the past week, sitting 33% below its 52-week high of $210.20. Q2 FY2026 delivered EPS of $0.90 versus $0.8564 estimated and revenue of $3.987 billion, up 24% year over year. Subscription revenue grew 24.5%, and total RPO hit $29 billion.
CEO Bill McDermott stated: “ServiceNow’s exceptional Q2 results solidify our position as the fastest-growing major enterprise software and cybersecurity company.” Management raised FY2026 subscription revenue guidance to $15.76 billion to $15.78 billion. The selling reflects sector-wide multiple compression across software while company execution remains strong.
Why Bulls See a Breakout Ahead The bull case rests on the AI Control Tower becoming the governance layer for enterprise agentic AI. ServiceNow closed 123 net new ACV deals over $1 million (up nearly 40% year over year) and now has 658 customers spending more than $5 million ACV. Partnerships with NVIDIA (NASDAQ:NVDA) on Project Arc, Anthropic on Action Fabric, and nearly all 50 US states running the ServiceNow AI Platform reinforce the moat.
The consensus analyst target of $141.64, backed by 43 buy or strong buy ratings against a single sell, implies substantial upside. Our bull scenario reaches $229.69 if margin expansion and AI attach rates continue. Management targets $30 billion in subscription revenue by 2030, with AI reaching 30% of ACV.
What Could Go Wrong Operating income fell 54.75% year over year to $162 million, and GAAP subscription gross margin fell to 73.5% from 80%. This reflects amortization from Armis and Veza acquisitions; free cash flow still grew 20.53% to $634 million. Non-GAAP operating margin guidance holds at 31.5% for FY2026.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ServiceNow didn't make the cut. Grab the names FREE today.
Q2 benefited from a US Federal on-premise pull-forward from Q3, and Q3 faces a $35 million FX headwind on cRPO. Our bear scenario lands at $173.48.
How ServiceNow Compares to Salesforce and Workday Salesforce (NYSE:CRM) trades at a P/E of 18 with Q1 FY27 revenue growth of 13.3%. ServiceNow grows subscription revenue at nearly twice that pace, yet its market cap of $98 billion trails Salesforce’s $133 billion. That gap makes our target conservative.
Workday (NASDAQ:WDAY) trades at a P/E of 38 while growing subscription revenue 14.3% year over year, slower than ServiceNow’s 24.5%. Investors pay a premium for slower growth at Workday, reinforcing that ServiceNow’s multiple has room to re-expand.
ServiceNow Price Prediction 2026-2030 The 24/7 Wall St. price target of $216.50 reflects a company growing 24% with an AI business scaling ninefold, trading like a slower-growth peer. The setup favors investors who can tolerate volatility on the road to Rule of 60. Stay on the sidelines only if enterprise software multiples compress further from macroeconomic shocks.
Our 24/7 Wall St. price target model projects ServiceNow could trade as follows, assuming AI monetization ramp and $30 billion subscription revenue target by 2030 stay on track.
Year 24/7 Wall St. Price Target 2026 $216.50 2027 $310 2028 $450 2029 $630 2030 $910 These projections assume ServiceNow executes on AI Control Tower adoption and margin discipline. Significant downside could result from a broader software multiple reset or slower enterprise AI monetization than management guides.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ServiceNow didn't make the cut. Grab the names FREE today.
SummaryBroadcom continues to ride the AI infrastructure boom, with multi-year custom chip programs for leading AI labs like OpenAI and Anthropic.AVGO's revenue backlog is likely to be lifted further, as hyperscalers aggressively scale compute capacity and custom chip demand accelerates to improve cost efficiencies.Valuation remains highly disconnected from AVGO's earnings growth inflection, with forward P/E near historical averages despite revenue estimates exceeding $230B by FY2028.I see the recent valuation disconnect with Broadcom's price action as highly suggestive of an accumulation phase rather than a further breakdown.Broadcom remains fundamentally well-positioned to capitalize on the highly compute-constrained environment as AI custom compute becomes even more pivotal in this AI race.Looking for a helping hand in the market? Members of Ultimate Growth Investing get exclusive ideas and guidance to navigate any climate. Learn More » Sundry Photography/iStock Editorial via Getty Images
Do not fret over Broadcom's massive backlog conversion risk Semiconductor stocks continue to come under pressure, and even the leading bellwethers like Broadcom (AVGO) aren't immune.
Broadcom has been a massive beneficiary of
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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Roblox To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Roblox between October 31, 2024 and April 30, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York--(Newsfile Corp. - July 24, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Roblox Corporation ("Roblox" or the "Company") (NYSE: RBLX) and reminds investors of the August 7, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Watch our latest video highlighting the key allegations:
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Roblox's organic growth potential; notably, that Roblox would see a significant slowdown in its growth rates as enrollment in the age verification rollout would quickly taper, compounding the resulting slowdown in on-platform communication, resulting in app store rating reductions and a swift reduction in organic growth. Such statements absent these material facts caused Plaintiff and other shareholders to purchase Roblox's securities at artificially inflated prices.
On April 30, 2026, Roblox announced its financial results for the first quarter of fiscal 2026. Management slashed bookings growth guidance down to 8-12% and a corresponding decline to margin expectations. Defendants disclosed the age verification rollout had caused much more significant impacts engagement and organic growth than management had previously suggested and age check adoption had only increased to 51% global daily active users, from 45% at the end of the previous quarter.
Investors and analysts reacted immediately to Roblox's revelation. The price of Roblox's common stock declined dramatically. From a closing market price of $55.26 per share on April 30, 2026, Roblox's stock price fell to $45.13 per share on May 1, 2026, a decline of about 18.33% in the span of just a single day.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Roblox's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Verra class action, go to www.faruqilaw.com/RBLX or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Follow us for updates on LinkedIn, on X, or on Facebook.
Frequently Asked Questions (FAQ) for Investors Regarding the Roblox Corporation Securities Class Action Lawsuit:
What is the Roblox Corporation securities fraud lawsuit about?
The Roblox Corporation securities fraud lawsuit is a federal securities class action alleging that Roblox Corporation (NYSE: RBLX) and its executives made false and misleading statements to investors by concealing that the Company's age verification rollout would cause a significant slowdown in growth rates, reduce on-platform communication, lead to app store rating reductions, and materially impair Roblox's organic growth potential. As the truth emerged on April 30, 2026 — when Roblox announced Q1 fiscal 2026 results, slashed bookings growth guidance to just 8-12%, disclosed margin deterioration, and revealed that age verification adoption had only reached 51% of global daily active users (up from just 45% the prior quarter), signaling far greater engagement impacts than management had previously suggested — RBLX's stock price fell from $55.26 to $45.13 per share, a decline of approximately 18.33% in a single day, causing significant losses for investors.
Who may be eligible to participate in the Roblox Corporation class action lawsuit?
Investors who purchased or acquired Roblox Corporation (RBLX) securities between October 31, 2024 and April 30, 2026 — the Class Period — and suffered financial losses may be eligible to participate in the Roblox securities class action. Participation as a class member does not require taking any affirmative legal action; eligible investors may recover losses simply by remaining members of the class. Whistleblowers, former Roblox employees, and others with relevant information about the Company's conduct are also encouraged to come forward.
What is a lead plaintiff, and how can I seek appointment in the Roblox Corporation lawsuit?
A lead plaintiff in the Roblox Corporation class action is a court-appointed investor — typically the one with the largest financial interest in the case — who directs and oversees the litigation on behalf of all class members. Any Roblox investor who purchased RBLX securities during the Class Period may move the Court to serve as lead plaintiff through counsel of their choice. The deadline to seek lead plaintiff appointment is August 7, 2026. Importantly, choosing not to seek the lead plaintiff role does not affect an investor's ability to share in any recovery obtained for the class.
What should investors do if they purchased Roblox Corporation stock during the Class Period?
Investors who purchased Roblox Corporation (RBLX) securities between October 31, 2024 and April 30, 2026 and suffered losses should contact Faruqi & Faruqi, LLP immediately to discuss their legal rights. The deadline to seek appointment as lead plaintiff in the Roblox Corporation securities class action is August 7, 2026. To speak directly with securities litigation partner Josh Wilson, call 877-247-4292 or 212-983-9330 (Ext. 1310), or visit www.faruqilaw.com/RBLX for more information.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306305
Source: Faruqi & Faruqi LLP
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Nucor Corporation (NYSE:NUE) will release its second-quarter earnings report after the closing bell on Monday, July 27.
Analysts expect the steel producer to report quarterly earnings of $4.53 per share. That’s up from $2.65 per share in the year-ago period. The consensus estimate for Nucor’s quarterly revenue is $10.13 billion. It reported $8.46 billion last year, according to Benzinga Pro.
With the recent buzz around Nucor, some investors may be eyeing potential gains from the company’s dividends. As of now, the company has an annual dividend yield of 0.93%, which is a quarterly dividend amount of 56 cents per share ($2.24 a year).
So, how can investors exploit its dividend yield to pocket a regular $500 monthly?
To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $646,041 or around 2,679 shares. For a more modest $100 per month or $1,200 per year, you would need $129,256 or around 536 shares.
To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($2.24 in this case). So, $6,000 / $2.24 = 2,679 ($500 per month), and $1,200 / $2.24 = 536 shares ($100 per month).
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price fluctuate over time.
How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.
For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).
Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.
NUE Price Action: Shares of Nucor gained 2.2% to close at $241.15 on Thursday.
Barclays analyst Richard Garchitorena, on July 16, maintained Nucor with an Overweight rating. He also raised the price target from $270 to $272.
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AGNC Investment (AGNC +0.76%) stands out for its mammoth monthly dividend. The real estate investment trust (REIT) currently yields 13.4%, more than 10 times higher than the S&P 500 (1.1% yield).
The mortgage REIT supports its ultra-high-yielding payout with a large portfolio of mortgage investments. Here's a look at the portfolio behind AGNC Investment's dividend.
Image source: The Motley Fool.
The portfolio supporting the dividend AGNC Investment recently reported its second-quarter financial results, which included an update on its investment portfolio. The REIT's portfolio stood at $97.1 billion at the end of the second quarter, up $2.5 billion from the prior quarter. That's the second-largest portfolio among residential mortgage REITs behind Annaly Capital, which had a $109.4 billion investment portfolio at the end of the second quarter.
The bulk of AGNC Investment's portfolio ($92 billion or 95%) consists of fixed-rated Agency mortgage-backed securities (MBS: pools of mortgages guaranteed against credit losses by government agencies such as Fannie Mae). These primarily 30-year mortgages have a weighted-average coupon of 5.04%, up from 4.95% at the end of the first quarter. They provide the REIT with stable fixed income.
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Most of the REIT's remaining investments are Agency MBS backed by multifamily properties ($3.5 billion or 4%). AGNC also has some Agency MBS backed by adjustable-rate mortgages (ARMs: $815 million, or about 1%), as well as some other credit and non-Agency securities.
Focused on one low-risk asset class Almost all of AGNC Investment's portfolio is Agency MBS, which are extremely low-risk fixed-income investments. That low-risk profile allows AGNC Investment to leverage its capital to earn a higher return. It currently leverages its capital at 7.0 to 7.5 times (7.4x at the end of the second quarter). That leverage boosts its returns.
In the current market environment, the REIT can earn a return on equity of 15% to 17% on new MBS investments if it leverages its capital at 7-7.5x. That's an attractive return compared to its current dividend level. AGNC Investment can sell stock at around a 13.5% yield and leverage that capital into new MBS investments, earning returns of 15% to 17%. That aligns with the economics of its dividend. As long as that alignment remains, AGNC can continue paying its current dividend.
AGNC's strategy is paying dividends AGNC Investment focuses exclusively on investing in Agency MBS, which are very low-risk fixed-income investments. That allows it to prudently use leverage to boost returns and provides it with the income to support its high dividend yield. While that use of leverage increases its risk, the REIT has navigated the market's challenges over the past few years, enabling it to maintain its dividend for 75 consecutive months. The REIT's investment strategy should continue to pay off for investors as long as there isn't a meaningful deterioration in the returns it can earn on levered Agency MBS investments.
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ABN Amro Investment Solutions increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX – Free Report) by 18.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,712 shares of the natural resource company’s stock after acquiring an additional 11,033 shares during the period. ABN Amro Investment Solutions’ holdings in Freeport-McMoRan were worth $4,098,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently bought and sold shares of FCX. Arrowstreet Capital Limited Partnership increased its stake in Freeport-McMoRan by 98.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after acquiring an additional 9,924,573 shares during the period. Franklin Resources Inc. increased its stake in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after acquiring an additional 8,891,743 shares during the period. Amundi raised its position in Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after purchasing an additional 7,192,955 shares in the last quarter. PointState Capital LP acquired a new position in Freeport-McMoRan in the fourth quarter worth about $198,523,000. Finally, Victory Capital Management Inc. lifted its stake in Freeport-McMoRan by 28.9% during the fourth quarter. Victory Capital Management Inc. now owns 17,366,596 shares of the natural resource company’s stock worth $882,050,000 after purchasing an additional 3,894,872 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.
Wall Street Analyst Weigh In A number of research firms have weighed in on FCX. Stifel Nicolaus lifted their price objective on Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. BMO Capital Markets reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Freeport-McMoRan in a research note on Thursday. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, July 9th. Scotiabank upped their target price on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Finally, Barclays increased their target price on shares of Freeport-McMoRan from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.95.
Check Out Our Latest Analysis on FCX
Key Stories Impacting Freeport-McMoRan Here are the key news stories impacting Freeport-McMoRan this week:
Positive Sentiment: FCX reported second-quarter earnings of $0.74 per share, ahead of the $0.62 consensus, while revenue of $7.03 billion also topped estimates, helped by higher realized metal prices. Article Title Positive Sentiment: Freeport-McMoRan said net income rose sharply year over year, and commentary around strong income growth and improved operations points to healthy underlying profitability. Article Title Positive Sentiment: Higher copper prices provided a tailwind to results, and one analyst also raised FCX’s price target to $80, suggesting some optimism remains around the stock’s longer-term setup. Article Title Neutral Sentiment: Management posted its quarterly and six-month results and highlighted strategic expansions, but also noted challenges from capital spending and regulatory approvals. Article Title Negative Sentiment: Shares are under pressure because lower operating rates at the Grasberg mine and a softer copper sales outlook for the next quarter have raised concerns about near-term production and revenue. Article Title Negative Sentiment: Recent weakness in copper prices has also weighed on sentiment across the sector, adding to investor caution around FCX’s near-term earnings momentum. Article Title Freeport-McMoRan Trading Down 2.6% Shares of FCX opened at $63.31 on Friday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $72.28. The firm has a market capitalization of $91.01 billion, a PE ratio of 33.67, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The stock’s fifty day simple moving average is $63.59 and its 200-day simple moving average is $62.33.
Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was down 7.3% compared to the same quarter last year. As a group, research analysts predict that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current year.
Freeport-McMoRan Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.
Freeport-McMoRan Profile (Free Report)
Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.
Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.
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« PREVIOUS HEADLINEABN Amro Investment Solutions Has $2.81 Million Stock Position in SEI Investments Company $SEIC
On July 23, Freeport-McMoRan NYSE: FCX delivered an earnings report shaped by two forces that will define how investors read the quarter.
Copper and gold prices sat at historically elevated levels, lifting realizations across the board. The report also showed the company continues to move toward full production at its Grasberg mine in Indonesia. The mine was closed in 2025 following a mining accident that locked up a significant portion of the company’s production.
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FCX
Freeport-McMoRan
$61.09 -2.41 (-3.80%)
As of 09:56 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$35.15▼
$72.28Dividend Yield0.49%
P/E Ratio32.49
Price Target$69.04
However, FCX was down after the report.
This could be a “buy the rumor, sell the news” situation. The stock climbed approximately 15% from July 17 through the market's close on July 22.
That suggests a lot of good news was priced into the report, which, by the numbers, was good but maybe not enough to justify FCX at a 52-week high in the short term.
But in the long term, there are two key factors to consider in analyzing Freeport-McMoRan's earnings.
Freeport Earnings Get a Boost From Higher Copper and Gold PricesThe headline numbers for the second quarter of 2026 show why investors were pushing FCX higher ahead of earnings. Freeport-McMoRan posted second-quarter net income of $984 million, or 68 cents per share, with adjusted earnings per share (EPS) of 74 cents after backing out one-time charges tied to the Grasberg incident. Revenue totaled $7 billion, and the company generated $2 billion in operating cash flow for the quarter.
The real story was pricing:
The company realized an average of $6.17 per pound for copper in the quarter, up roughly 36% from $4.54 a year ago.
Gold realizations jumped to $4,520 per ounce from $3,291, a year-over-year (YOY) gain of roughly 37%.
Molybdenum, often an afterthought in Freeport's story, also strengthened meaningfully, realizing $28.75 per pound versus $21.10 last year.
Copper sales volumes were down significantly year over year (710 million pounds versus 1.0 billion), a direct consequence of Grasberg's phased restart. In other words, FCX is earning more money while selling less copper. That dynamic won't repeat itself once Grasberg volumes normalize, which is worth keeping in mind when projecting forward growth rates.
Grasberg Mine Ramp-Up Strengthens Freeport's Long-Term OutlookThe other half of the bull case is de-risking, not just pricing. Freeport confirmed that its Grasberg Block Cave ramp-up met expectations in the second quarter, with mining rates climbing from 34,000 tons per day in April to 69,000 tons per day in June. Management now expects PTFI's overall production capacity to reach roughly 65% in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027.
That timeline also explains why unit net cash costs in Indonesia remain negative. PT Freeport Indonesia (PTFI) reported unit net cash credits of 81 cents per pound of copper in the quarter, meaning by-product gold credits more than offset production costs. As volumes recover, that credit dynamic should provide a continued tailwind to consolidated margins even if copper prices cool off from current levels.
Freeport Maintains Strong Balance Sheet While Returning CapitalFreeport also used the quarter to reinforce its capital discipline story. The company returned $600 million to shareholders in the first half of 2026, including $200 million in share repurchases, and separately increased its ownership stake in the Cerro Verde mine to 55.66% for roughly $107 million.
Net debt stood at just $2.1 billion (excluding downstream processing debt), well below the company's $3–$4 billion target ceiling. That balance sheet flexibility is part of why analysts have been comfortable raising price targets even as the stock notches new highs. The company is showing its ability to keep funding both shareholder returns and its growth pipeline (Bagdad, El Abra, Kucing Liar) without straining its investment-grade rating.
Is the Post-Earnings Pullback a Buying Opportunity?Turning to the technical picture, FCX spent most of 2025 consolidating in the low-$40s before staging a sustained breakout beginning in December, eventually pushing to a 52-week high near $72 in June. The pullback since then, including the post-earnings drop to around $63, has brought shares back toward both the 50-day moving average (about $64) and the lower end of the recent trading range, without breaking the broader uptrend.
Notably, the 200-day moving average has been rising steadily since bottoming near $40 late last year, now sitting at about $56—a sign that the medium-term trend remains constructive even after the post-earnings dip. Volume on the down day was elevated but not dramatically outsized relative to recent sessions, which is consistent with profit-taking after a steep run-up rather than a fundamental reassessment of the story.
Is Freeport-McMoRan Stock Still a Buy After Earnings?One problem with pricing FCX is that the company’s current strong growth is an outlier for two reasons. First, the spot prices of copper and gold are at historically elevated levels. Second, the company is just now reporting production from its Grasberg mine that had been closed. That skews the year-over-year comparisons.
Both variables are likely to support strong earnings and free cash flow growth, which are two of the best predictors of stock price growth. But many traditional discounted cash flow models suggest more modest growth.
That said, the structural case for copper demand remains in place. Price is starting to follow that demand. The same is true of gold.
It will take another earnings report or two to see if that demand is priced into FCX. For now, the stock is trading in a defined range. But a rising 50- and 200-day simple moving average shows that investors have been willing to let the stock grind higher.
Leading into the report, analysts raised their price targets for FCX, with the highest price targets coming in at $80. With the Grasberg project moving towards full production by the end of 2027, the current stock price may create an attractive entry point.
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Delivered diluted earnings per share (EPS) increase of 10%, or 11% on an adjusted basis and 12% on an adjusted basis at constant currency (1)Raised 2026 financial guidance, now assuming low single-digit RTM growth and expecting mid-to-high single-digit adjusted diluted EPS growthAchieved revenue ton miles (RTMs) increase of 5% year over year with strong overall volumes driven primarily by grain and energy productsRealized record first half and second quarter fuel efficiency performance Repurchased approximately 3 million shares for C$454 million Generated free cash flow of C$1,842 million, an increase of 19% for the first half of 2026 (consisting of net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million) (1) MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today reported its financial and operating results for the second quarter ended June 30, 2026.
“I want to thank the CN team for the strong results this quarter, which reflect their discipline, focus, and execution. We delivered on our key commitments, with solid operational and commercial performance, improved productivity, strong cash flow generation, and continued financial discipline. We are raising our full-year guidance, supported by sustained business momentum and our continued ability to deliver results for our customers.”
– Tracy Robinson, President and Chief Executive Officer, CN
Second-Quarter 2026 Results Highlights
CN saw improvements across operating metrics, with strong commercial and service performance. Gross ton miles (GTMs) increased by 3% to 121,082 (millions), while RTMs increased by 5% to 62,250 (millions). The Company delivered diluted EPS of C$2.06, an increase of 10%, and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. (1)
The quarter’s operating performance reflects the Company’s continued priority on operational execution as well as its ability to provide solid service to customers, allowing it to capture demand in grain and in other markets.
Quarterly Financial Results Highlights
Second-quarter 2026 compared to second-quarter 2025
Revenues of C$4,753 million, an increase of C$481 million, or 11%.Operating income of C$1,781 million, an increase of C$143 million, or 9%, and adjusted operating income of C$1,798 million, an increase of C$160 million, or 10%. (1)Operating ratio, defined as operating expenses as a percentage of revenues, of 62.5%, an increase of 80 basis points, and adjusted operating ratio of 62.2%, an increase of 50 basis points. (1)Net income of C$1,249 million, an increase of C$77 million, or 7%, and adjusted net income of C$1,261 million, an increase of C$89 million, or 8%. (1)Diluted EPS of C$2.06, an increase of 10% and adjusted diluted EPS of C$2.08, an increase of 11%, or C$2.09 on an adjusted basis at constant currency, an increase of 12%. (1)Net cash provided by operating activities of C$2,876 million and net cash used in investing activities of C$1,034 million for the first half of 2026.Free cash flow for the first half of 2026 was C$1,842 million, an increase of C$294 million, or 19%. (1)Adjusted EBITDA reported for the twelve months ended June 30, 2026 of C$8,832 million, an increase of 4%. (1)Adjusted debt-to-adjusted EBITDA of 2.61 times as at and for the twelve months ended June 30, 2026. (1)Repurchased approximately 2.9 million shares in the second quarter of 2026 for C$454 million. Quarterly Operating Performance Highlights *
Second-quarter 2026 compared to second-quarter 2025
GTMs increased 3% to 121,082 (millions).RTMs increased 5% to 62,250 (millions).Through dwell increased by 4% to 7.1 (entire railroad, hours).Car velocity decreased by 1% to 211 (car miles per day).Through network train speed increased by 1% to 19.1 (mph).Fuel efficiency of 0.836 (US gallons of locomotive fuel consumed per 1,000 GTMs), was 3% more efficient.Train length increased by 1% to 8,084 (feet).GTMs per average number of employees increased 9% to 5,105 (thousands).Operating expenses per GTM increased 9% to 2.45 (cents). * Statistical operating data and key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available.
Dividends
CN's Board of Directors has approved a third-quarter 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on September 29, 2026, to shareholders of record at the close of business on September 8, 2026.
Revised 2026 financial guidance (1)(2)
Based on strong volume and solid operational execution in the first half of the year, the Company now assumes to deliver low single-digit RTM growth in 2026 (compared to its January 30, 2026 assumption of flattish growth). The Company now expects adjusted diluted EPS growth in the mid-to-high single-digit range (compared to its January 30, 2026 expectation of slightly exceeding RTM growth).
In 2026, CN continues to plan to invest approximately C$2.8 billion in its capital program, net of amounts reimbursed by customers. The Company also expects to continue improving its free cash flow conversion throughout 2026.
CONFERENCE CALL DETAILS
CN's senior officers will review the results and the railway's outlook in a conference call starting at 8:30 a.m. Eastern Time on July 24, 2026. Tracy Robinson, CN President and Chief Executive Officer, will lead the call. Parties wishing to participate via telephone may dial 1-800-715-9871 (Canada/U.S.), or 1-647-932-3411 (International), using 2015414 as the passcode. Participants are advised to dial in 10 minutes prior to the call.
(1) Non-GAAP Measures
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). CN may also use non-GAAP measures in this news release that do not have any standardized meaning prescribed by GAAP. These non-GAAP measures may not be comparable to similar measures presented by other companies. For further details of these non-GAAP measures, including a reconciliation to the most directly comparable GAAP financial measures, refer to the attached supplementary schedule, Non-GAAP Measures.
CN's outlook, guidance or targets (2) exclude certain adjustments, which are expected to be comparable to adjustments made in prior years. However, management cannot individually quantify on a forward-looking basis the impact of these adjustments, which could be significant, are difficult to predict and may be highly variable. As a result, CN does not provide a corresponding GAAP measure for, or reconciliation to, its outlook, guidance or targets.
(2) Forward-Looking Statements
Certain statements included in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as "believes," "expects," "anticipates," "assumes," "outlook," "plans," "targets," "goals," or other similar words.
2026 key assumptions
CN has made a number of economic and market assumptions in preparing its 2026 outlook. The 2025/2026 grain crops in Canada and the U.S. were above their respective five-year averages. The Company continues to assume that the 2026/2027 grain crops in Canada and the U.S. will be in line with their respective five-year averages. CN now assumes low single-digit RTM growth (compared to its January 30, 2026 assumption of flattish growth). CN now assumes that in 2026, the value of the Canadian dollar in U.S. currency will be $0.71 (compared to its April 29, 2026 assumption of $0.73), and continues to assume that in 2026 the average price of crude oil (West Texas Intermediate) will be in the range of US$80 - US$110 per barrel. The Company notes there is a heightened demand risk as a result of volatile macroeconomic conditions, geopolitical conflicts and global trade tensions.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to, general economic and business conditions, including factors impacting global supply chains such as pandemics and geopolitical conflicts or tensions; trade restrictions, trade barriers, or the imposition of tariffs or other changes to international trade arrangements; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators and other regulatory claims or proceedings; increases in maintenance and operating costs; security threats; reliance on technology, including the use of artificial intelligence, and related cybersecurity risk; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings and other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; the availability of and cost competitiveness of renewable fuels and the development of new locomotive propulsion technology; reputational risks; supplier concentration; pension funding requirements and volatility; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN.
The achievement of CN’s climate goals is subject to several risks and uncertainties, including those disclosed in the MD&A in CN’s annual and interim reports. There can be no certainty that the Company will achieve any or all of these goals within the stated timeframe, or that achieving any of these goals will meet all of the expectations of its stakeholders or applicable legal requirements.
Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement. Information contained on, or accessible through, our website is not incorporated by reference into this news release.
This earnings news release, as well as additional information, including the Financial Statements, Notes thereto and MD&A, is contained in CN’s Quarterly Review available on the Company's website at www.cn.ca/financial-results and on SEDAR+ at www.sedarplus.ca as well as on the U.S. Securities and Exchange Commission's website at www.sec.gov through EDGAR.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
Three months ended June 30
Six months ended June 30
2026 2025 2026 2025 Financial measures Key financial performance indicators (1) Total revenues ($ millions)4,753 4,272 9,132 8,675 Freight revenues ($ millions)4,559 4,090 8,826 8,378 Operating income ($ millions)1,781 1,638 3,330 3,248 Adjusted operating income ($ millions) (2)(3)1,798 1,638 3,364 3,248 Net income ($ millions) 1,249 1,172 2,395 2,333 Adjusted net income ($ millions) (2)(3)1,261 1,172 2,363 2,333 Diluted earnings per share ($) 2.06 1.87 3.93 3.71 Adjusted diluted earnings per share ($) (2)(3)2.08 1.87 3.88 3.71 Net cash provided by operating activities ($ millions)1,611 1,745 2,876 2,909 Net cash used in investing activities ($ millions)669 823 1,034 1,361 Free cash flow ($ millions) (2)(4)942 922 1,842 1,548 Gross property additions ($ millions)695 805 1,134 1,324 Share repurchases ($ millions)454 306 1,323 407 Dividends per share ($)0.9150 0.8875 1.8300 1.7750 Financial ratio Operating ratio (%) (5)62.5 61.7 63.5 62.6 Adjusted operating ratio (%) (2)(3)62.2 61.7 63.2 62.6 Operational measures (6) Statistical operating data Gross ton miles (GTMs) (millions)121,082 117,335 239,471 232,178 Revenue ton miles (RTMs) (millions)62,250 59,215 124,084 119,264 Carloads (thousands)1,409 1,414 2,745 2,727 Route miles (includes Canada and the U.S., end of period)18,900 18,900 18,900 18,900 Employees (end of period)23,825 24,912 23,825 24,912 Employees (average for the period)23,719 25,003 23,636 24,815 Key operating measures Freight revenue per RTM (cents)7.32 6.91 7.11 7.02 Freight revenue per carload ($)3,236 2,893 3,215 3,072 GTMs per average number of employees (thousands)5,105 4,693 10,132 9,356 Operating expenses per GTM (cents)2.45 2.24 2.42 2.34 Labor and fringe benefits expense per GTM (cents)0.73 0.73 0.75 0.77 Diesel fuel consumed (US gallons in millions)101.2 101.5 206.8 206.8 Average fuel price ($ per US gallon)5.67 3.55 4.86 3.98 Fuel efficiency (US gallons of locomotive fuel consumed per 1,000 GTMs)0.836 0.865 0.864 0.891 Train weight (tons)9,404 9,125 9,350 9,101 Train length (feet)8,084 8,016 7,979 7,863 Car velocity (car miles per day)211 213 206 200 Through dwell (entire railroad, hours)7.1 6.8 7.3 7.3 Through network train speed (miles per hour)19.1 18.9 18.9 18.3 Locomotive utilization (trailing GTMs per total horsepower)202 190 200 187 Safety indicators (7) Injury frequency rate (per 200,000 person hours)1.01 0.83 1.09 0.97 Accident rate (per million train miles)2.30 1.56 2.26 1.82 (1)Amounts expressed in Canadian dollars and prepared in accordance with United States generally accepted accounting principles (GAAP), unless otherwise noted.(2)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.(3)See the supplementary schedule entitled Non-GAAP Measures – Adjusted performance measures for an explanation of these non-GAAP measures.(4)See the supplementary schedule entitled Non-GAAP Measures – Free cash flow for an explanation of this non-GAAP measure.(5)Operating ratio is defined as operating expenses as a percentage of revenues.(6)Statistical operating data, key operating measures and safety indicators are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. Definitions of gross ton miles, revenue ton miles, freight revenue per RTM, fuel efficiency, train weight, train length, car velocity, through dwell and through network train speed are included within the Company’s Management’s Discussion and Analysis. Definitions of all other indicators are provided on CN's website, www.cn.ca/glossary.(7)Based on Federal Railroad Administration (FRA) reporting criteria. SUPPLEMENTARY INFORMATION – UNAUDITED
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Fav (Unfav) Revenues ($ millions) (2) Petroleum and chemicals941 808 16%17% 1,869 1,723 8%10%Metals and minerals528 496 6%7% 996 1,019 (2%)(1%)Forest products495 461 7%8% 929 955 (3%)(1%)Coal243 242 —%—% 462 488 (5%)(5%)Grain and fertilizers980 834 18%18% 2,029 1,785 14%15%Intermodal1,087 1,008 8%8% 2,049 1,948 5%6%Automotive285 241 18%18% 492 460 7%8%Total freight revenues4,559 4,090 11%12% 8,826 8,378 5%7%Other revenues194 182 7%7% 306 297 3%4%Total revenues4,753 4,272 11%11% 9,132 8,675 5%7%Revenue ton miles (RTMs) (millions) (3) Petroleum and chemicals11,874 10,740 11%11% 24,558 22,576 9%9%Metals and minerals7,030 7,074 (1%)(1%) 13,086 13,826 (5%)(5%)Forest products5,216 5,113 2%2% 10,128 10,500 (4%)(4%)Coal5,078 5,058 —%—% 9,905 10,504 (6%)(6%)Grain and fertilizers18,369 16,513 11%11% 37,894 33,763 12%12%Intermodal13,730 13,856 (1%)(1%) 26,793 26,442 1%1%Automotive953 861 11%11% 1,720 1,653 4%4%Total RTMs62,250 59,215 5%5% 124,084 119,264 4%4%Freight revenue / RTM (cents) (2)(3) Petroleum and chemicals7.92 7.52 5%5% 7.61 7.63 —%1%Metals and minerals7.51 7.01 7%7% 7.61 7.37 3%5%Forest products9.49 9.02 5%5% 9.17 9.10 1%3%Coal4.79 4.78 —%—% 4.66 4.65 —%1%Grain and fertilizers5.34 5.05 6%6% 5.35 5.29 1%2%Intermodal7.92 7.27 9%9% 7.65 7.37 4%4%Automotive29.91 27.99 7%7% 28.60 27.83 3%4%Total freight revenue / RTM7.32 6.91 6%6% 7.11 7.02 1%3%Carloads (thousands) (3) Petroleum and chemicals170 154 10%10% 340 317 7%7%Metals and minerals234 239 (2%)(2%) 448 452 (1%)(1%)Forest products70 71 (1%)(1%) 137 144 (5%)(5%)Coal110 115 (4%)(4%) 218 233 (6%)(6%)Grain and fertilizers194 177 10%10% 389 355 10%10%Intermodal573 602 (5%)(5%) 1,107 1,119 (1%)(1%)Automotive58 56 4%4% 106 107 (1%)(1%)Total carloads1,409 1,414 —%—% 2,745 2,727 1%1%Freight revenue / carload ($) (2)(3) Petroleum and chemicals5,535 5,247 5%6% 5,497 5,435 1%3%Metals and minerals2,256 2,075 9%9% 2,223 2,254 (1%)—%Forest products7,071 6,493 9%9% 6,781 6,632 2%4%Coal2,209 2,104 5%5% 2,119 2,094 1%2%Grain and fertilizers5,052 4,712 7%7% 5,216 5,028 4%5%Intermodal1,897 1,674 13%13% 1,851 1,741 6%7%Automotive4,914 4,304 14%14% 4,642 4,299 8%10%Total freight revenue / carload3,236 2,893 12%12% 3,215 3,072 5%6% (1)This non-GAAP measure does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the supplementary schedule entitled Non-GAAP Measures – Constant currency for an explanation of this non-GAAP measure.(2)Amounts expressed in Canadian dollars.(3)Statistical operating data and related key operating measures are unaudited and based on estimated data available at such time and are subject to change as more complete information becomes available. NON-GAAP MEASURES – UNAUDITED
In this supplementary schedule, the "Company" or "CN" refers to Canadian National Railway Company, together with its wholly-owned subsidiaries. Financial information included in this schedule is expressed in Canadian dollars, unless otherwise noted.
CN reports its financial results in accordance with United States generally accepted accounting principles (GAAP). The Company also uses non-GAAP measures that do not have any standardized meaning prescribed by GAAP, including adjusted performance measures, free cash flow, constant currency and adjusted debt-to-adjusted EBITDA multiple. These non-GAAP measures may not be comparable to similar measures presented by other companies. From management's perspective, these non-GAAP measures are useful measures of performance and provide investors with supplementary information to assess the Company's results of operations and liquidity. These non-GAAP measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP.
Adjusted performance measures
Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted operating expenses and adjusted operating ratio are non-GAAP measures that are used to set performance goals and to measure CN's performance and may include the following adjustments:
operating expense adjustments: workforce reduction program, advisory costs related to rail consolidation matters, depreciation expense on the deployment of a replacement system, advisory fees related to shareholder matters, losses and recoveries from assets held for sale, business acquisition-related costs;non-operating expense adjustments: business acquisition-related financing fees, merger termination income, gains and losses on disposal of property; andthe effect of changes in tax laws including rate enactments and changes in tax positions affecting prior years. These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
For the three and six months ended June 30, 2026, the Company's adjusted net income was $1,261 million, or $2.08 per diluted share, and $2,363 million, or $3.88 per diluted share, respectively. The adjusted figures for the three and six months ended June 30, 2026 exclude advisory costs related to the analysis and advocacy for the U.S. Surface Transportation Board (STB) review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern of $17 million, or $12 million after-tax ($0.02 per diluted share) and $34 million, or $25 million after tax ($0.04 per diluted share), respectively, recorded in Purchased services and material within the Consolidated Statements of Income. The adjusted figures for the six months ended June 30, 2026 also exclude the sale of a portion of the Newmarket subdivision located in Washago and Sundridge, Ontario, Canada, together with rail fixtures, for cash proceeds of $84 million, which resulted in a gain of $66 million, or $57 million after-tax ($0.09 per diluted share) recorded in the first quarter of 2026 in Other income within the Consolidated Statements of Income.
For the three and six months ended June 30, 2025, the Company's net income was $1,172 million, or $1.87 per diluted share, and $2,333 million, or $3.71 per diluted share, respectively. There were no adjustments in the second quarter and the first half of 2025.
Adjusted net income is defined as Net income in accordance with GAAP adjusted for certain significant items. Management believes that adjusted net income provides additional insight to management and investors into the Company's operations and underlying business trends as well as facilitates period-to-period comparisons, as it excludes certain significant items that are not reflective of CN's underlying business operations and could distort the analysis of trends in business performance. Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted-average diluted shares outstanding. This measure helps management and investors evaluate the Company's profitability on a per-share basis, facilitating the assessment of period-over-period performance by removing the impact of significant, non-recurring items.
The following table provides a reconciliation of Net income and Earnings per share in accordance with GAAP, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:
Three months ended June 30 Six months ended June 30 In millions, except per share data 2026 2025 2026 2025 Net income$ 1,249 $ 1,172 $ 2,395 $ 2,333 Adjustments: Operating expense adjustment: Advisory costs related to rail consolidation matters 17 — 34 — Non-operating expense adjustment: Gain on disposal of property — — (66) — Tax adjustment: Tax effect of adjustments (1) (5) — — — Total adjustments$ 12 $ — $ (32)$ — Adjusted net income$ 1,261 $ 1,172 $ 2,363 $ 2,333 Diluted earnings per share$ 2.06 $ 1.87 $ 3.93 $ 3.71 Impact of adjustments, per share 0.02 — (0.05) — Adjusted diluted earnings per share$ 2.08 $ 1.87 $ 3.88 $ 3.71 (1)The tax impact of adjustments is based on the nature of the item for tax purposes and related tax rates in the applicable jurisdiction. Adjusted operating income is defined as Operating income in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure helps management and investors assess the Company's core operating results by excluding items that may distort the analysis of ongoing business performance. Adjusted operating expenses is defined as Operating expenses in accordance with GAAP adjusted for certain significant operating expense items that are not reflective of CN's underlying business operations. This measure provides management and investors with a view of ongoing costs which exclude unusual or non-recurring items, enabling more accurate assessment of cost management and resource allocation across reporting periods. Adjusted operating ratio is defined as adjusted operating expenses as a percentage of revenues. For management and investors, the adjusted operating ratio serves as a key performance indicator of cost management and overall operational effectiveness, as it demonstrates how effectively management controls costs relative to total revenue by excluding unusual or non-recurring items.
The following table provides a reconciliation of Operating income, Operating expenses and operating ratio, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP adjusted performance measures presented herein:
Three months ended June 30 Six months ended June 30In millions, except percentages 2026 2025 2026 2025 Operating income$1,781 $1,638 $3,330 $3,248 Adjustment: Advisory costs related to rail consolidation matters 17 — 34 — Total adjustment$17 $— $34 $— Adjusted operating income$1,798 $1,638 $3,364 $3,248 Operating expenses$2,972 $2,634 $5,802 $5,427 Total adjustment (17) — (34) — Adjusted operating expenses$2,955 $2,634 $5,768 $5,427 Operating ratio 62.5% 61.7% 63.5% 62.6%Impact of adjustment (0.3
)%
—% (0.3
)%
—%Adjusted operating ratio 62.2% 61.7% 63.2% 62.6% Free cash flow
Free cash flow is a useful measure of liquidity as it demonstrates the Company's ability to generate cash for debt obligations and for discretionary uses such as payment of dividends, share repurchases, and strategic opportunities. The Company defines its free cash flow measure as the difference between net cash provided by operating activities and net cash used in investing activities, adjusted for the impact of (i) business acquisitions and combinations; and (ii) merger transaction-related payments, cash receipts and cash income taxes, which are items that are not indicative of operating trends. Free cash flow does not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
The following table provides a reconciliation of net cash provided by operating activities in accordance with GAAP, as reported for the three and six months ended June 30, 2026 and 2025, to the non-GAAP free cash flow presented herein:
Three months ended June 30 Six months ended June 30In millions 2026 2025 2026 2025 Net cash provided by operating activities$1,611 $1,745 $2,876 $2,909 Net cash used in investing activities (669) (823) (1,034) (1,361)Free cash flow$942 $922 $1,842 $1,548 Constant currency
Financial results at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. Measures at constant currency are considered non-GAAP measures and do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. Financial results at constant currency are obtained by translating the current period results denominated in US dollars at the weighted average foreign exchange rates used to translate transactions denominated in US dollars of the comparable period of the prior year.
The weighted average foreign exchange rates were $1.384 and $1.378 per US$1.00 for the three and six months ended June 30, 2026, respectively and $1.385 and $1.411 per US$1.00 for the three and six months ended June 30, 2025, respectively. On a constant currency basis, the Company's net income for the three and six months ended June 30, 2026 would have been higher by $5 million ($0.01 per diluted share) and $26 million ($0.04 per diluted share), respectively.
The following table provides a reconciliation of the impact of constant currency and related percentage change at constant currency on the financial results, as reported for the three and six months ended June 30, 2026:
Three months ended June 30Six months ended June 30
In millions, except per share data 2026 Constant
currency
impact
2025 % Change at
constant
currency Fav
(Unfav)
2026 Constant
currency
impact
2025 % Change at
constant
currency Fav
(Unfav) Revenues Petroleum and chemicals$941 $1 $808 17%$1,869 $25 $1,723 10%Metals and minerals 528 1 496 7% 996 17 1,019 (1%)Forest products 495 1 461 8% 929 16 955 (1%)Coal 243 — 242 —% 462 4 488 (5%)Grain and fertilizers 980 2 834 18% 2,029 24 1,785 15%Intermodal 1,087 — 1,008 8% 2,049 11 1,948 6%Automotive 285 — 241 18% 492 7 460 8%Total freight revenues 4,559 5 4,090 12% 8,826 104 8,378 7%Other revenues 194 — 182 7% 306 3 297 4%Total revenues 4,753 5 4,272 11% 9,132 107 8,675 7%Operating expenses Labor and fringe benefits 889 (1) 862 (3%) 1,803 16 1,782 (2%)Purchased services and material 641 (2) 576 (11%) 1,264 6 1,153 (10%)Fuel 659 3 413 (60%) 1,142 26 931 (25%)Depreciation and amortization 486 — 489 1% 970 9 982 —%Equipment rents 106 — 105 (1%) 218 4 223 —%Other 191 (1) 189 (1%) 405 4 356 (15%)Total operating expenses 2,972 (1) 2,634 (13%) 5,802 65 5,427 (8%)Operating income 1,781 6 1,638 9% 3,330 42 3,248 4%Interest expense (241) — (219)(10%) (475) (8) (452)(7%)Other components of net periodic benefit income 133 — 126 6% 266 — 251 6%Other income 7 — 16 (56%) 80 — 41 95%Income before income taxes 1,680 6 1,561 8% 3,201 34 3,088 5%Income tax expense (431) (1) (389)(11%) (806) (8) (755)(8%)Net income$1,249 $5 $1,172 7%$2,395 $26 $2,333 4%Diluted earnings per share $2.06 $0.01 $1.87 11%$3.93 $0.04 $3.71 7% Adjusted net income (1)$1,261 $5 $1,172 8%$2,363 $26 $2,333 2%Adjusted diluted earnings per share (1)$2.08 $0.01 $1.87 12%$3.88 $0.04 $3.71 6% (1)These non-GAAP measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies. See the section of this MD&A entitled Adjusted performance measures for an explanation and reconciliation of these non-GAAP measures. Adjusted net income at constant currency and adjusted diluted EPS at constant currency allow results to be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons in the analysis of trends in business performance. For the three months ended June 30, 2026, the Adjusted net income at constant currency was $1,266 million, calculated as adjusted net income of $1,261 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $5 million. For the six months ended June 30, 2026, the Adjusted net income at constant currency was $2,389 million, calculated as adjusted net income of $2,363 million, adjusted for the impact of fluctuations in foreign currency exchange rates of $26 million. For the three months ended June 30, 2026, the Adjusted diluted EPS at constant currency was $2.09, calculated as adjusted diluted EPS of $2.08, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.01 per diluted share. For the six months ended June 30, 2026, the Adjusted diluted EPS at constant currency was $3.92, calculated as adjusted diluted EPS of $3.88, adjusted for the impact of fluctuations in foreign currency exchange rates of $0.04 per diluted share. Adjusted debt-to-adjusted EBITDA multiple
Management believes that the adjusted debt-to-adjusted EBITDA multiple is a useful credit measure because it reflects the Company's ability to service its debt and other long-term obligations. The Company calculates the adjusted debt-to-adjusted EBITDA multiple as adjusted debt divided by the last twelve months of adjusted EBITDA. Adjusted debt is defined as the sum of Long-term debt and Current portion of long-term debt as reported on the Company’s Consolidated Balance Sheets as well as Operating lease liabilities, including current portion and pension plans in deficiency recognized on the Company's Consolidated Balance Sheets due to the debt-like nature of their contractual and financial obligations. Adjusted EBITDA is calculated as Net income excluding Interest expense, Income tax expense, Depreciation and amortization, operating lease cost, Other components of net periodic benefit income, Other income (loss), and other significant items that are not reflective of CN's underlying business operations and which could distort the analysis of trends in business performance. Adjusted debt and adjusted EBITDA are non-GAAP measures used to compute the adjusted debt-to-adjusted EBITDA multiple. These measures do not have any standardized meaning prescribed by GAAP and therefore, may not be comparable to similar measures presented by other companies.
The following table provides a reconciliation of debt and Net income in accordance with GAAP, reported as at and for the twelve months ended June 30, 2026 and 2025, to the adjusted measures presented herein, which have been used to calculate the non-GAAP adjusted debt-to-adjusted EBITDA multiple:
In millions, unless otherwise indicatedAs at and for the twelve months ended June 30, 2026 2025 Debt (1)$ 22,254 $ 20,425 Adjustments: Operating lease liabilities, including current portion (2) 465 443 Pension plans in deficiency (3) 337 342 Adjusted debt$ 23,056 $ 21,210 Net income$ 4,782 $ 4,564 Interest expense 936 913 Income tax expense 1,595 1,441 Depreciation and amortization 1,926 1,946 Operating lease cost (4) 154 158 Other components of net periodic benefit income (517) (478)Other income (127) (49)Adjustments: Workforce reduction program (5)
34 — Advisory costs related to rail consolidation matters (6) 49 — Adjusted EBITDA$ 8,832 $ 8,495 Adjusted debt-to-adjusted EBITDA multiple (times) 2.61 2.50 (1)Represents the aggregate of Current portion of long-term debt and Long-term debt as disclosed on the Consolidated Balance Sheets.(2)Represents the present value of operating lease payments.(3)Represents the total funded deficit of all defined benefit pension plans with a projected benefit obligation in excess of plan assets.(4)Represents the operating lease costs recorded in Purchased services and material and Equipment rents within the Consolidated Statements of Income.(5)Relates to employee termination benefits and severance costs related to a workforce reduction program, recorded in the fourth quarter of 2025 in Labor and fringe benefits within the Consolidated Statements of Income.(6)Represents advisory costs related to the analysis and advocacy for the STB review of the impacts to fair competition pertaining to the potential merger between Union Pacific and Norfolk Southern recorded in Purchased services and material within the Consolidated Statements of Income.
July 24, 2026 07:31 ET | Source: Canadian National Railway Company
MONTREAL, July 24, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that its Board of Directors has approved a third-quarter 2026 dividend on the Company’s common shares outstanding. A quarterly dividend of ninety-one and a half cents (C$0.9150) per common share will be paid on September 29, 2026, to shareholders of record at the close of business on September 8, 2026.
About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.
The Canadian railroad boosted its full-year outlook, citing firmer freight demand and shifting economic conditions, after posting higher profit and revenue in the second quarter.
Canadian National (CNI - Free Report) came out with quarterly earnings of $1.5 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $1.35 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.91%. A quarter ago, it was expected that this railroad would post earnings of $1.31 per share when it actually produced earnings of $1.31, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
CN, which belongs to the Zacks Transportation - Rail industry, posted revenues of $3.43 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.44%. This compares to year-ago revenues of $3.09 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
CN shares have added about 32.1% since the beginning of the year versus the S&P 500's gain of 8.2%.
What's Next for CN?While CN has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for CN was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.43 on $3.18 billion in revenues for the coming quarter and $5.67 on $12.89 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Rail is currently in the bottom 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Canadian Pacific Kansas City (CP - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.
This railroad is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of +9.9%. The consensus EPS estimate for the quarter has been revised 0.7% lower over the last 30 days to the current level.
Canadian Pacific Kansas City's revenues are expected to be $2.91 billion, up 9% from the year-ago quarter.
