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CarMax Today

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$30.26▼

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$57.85

CarMax Inc. NYSE: KMX operates in the used-car retail industry, where affordability pressures and elevated borrowing costs have weighed on consumers.

But the company recently received a bullish double upgrade from Bank of America, raising the possibility that its midyear rally could rev up again.

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That’s a meaningful change in tone. Wall Street has largely treated the used car giant as a show-me story, with analysts waiting for proof that its omnichannel strategy could deliver consistent unit growth and better margins.

A double upgrade, which skips over a neutral rating entirely, signals that at least one major firm believes CarMax is making enough progress to justify a more bullish outlook.

CarMax Is Benefiting From an FTC PolicyThe catalyst for CarMax comes down to transparency. In March, the Federal Trade Commission (FTC) warned 97 auto dealership groups about deceptive pricing practices, followed by additional guidance in September. For years, CarMax has been disadvantaged by posting an "all-in" price that was, on paper, higher than prices some competitors advertised without including mandatory fees.

But those additional fees could appear later in the buying process. Now the FTC is requiring dealers to list their all-in prices, which works to CarMax's advantage.

In other words, shoppers comparing listings online were often making an apples-to-oranges comparison. A competitor’s lower sticker price could look like the better deal until documentation fees, reconditioning charges, and other add-ons appeared at the closing table. CarMax’s no-haggle pricing, long one of its key brand differentiators, was being penalized for the very thing that made it consumer-friendly.

Used Car Market Tailwinds Are Hard to IgnoreIt's a real story, but it's not new. So why now? The used car market has shown resilience in 2026, supported by demand from budget-conscious buyers. The same pressures that have impacted new car prices (tariffs, inflation, etc.) are making used vehicles more appealing. The gap between new and used cars is approximately $16,000, the widest it has ever been.

That gap pushes budget-conscious buyers who might otherwise have purchased a new vehicle into the used market. As the nation’s largest used car retailer, CarMax is well-positioned to capture a large share of that demand.

Plus, according to Mordor Intelligence, the U.S. used car market is valued at approximately $871 billion and could reach $980 billion by 2031. Even modest market share gains in a market that size can translate into significant revenue growth for a company with CarMax’s scale.

Second-Quarter Results Show the Thesis Is WorkingCarMax's fiscal 2027 (FY2027) second-quarter earnings report provided encouraging evidence of its turnaround. The company reported revenue of $7.88 billion, which was up 19.5% year over year (YOY).

The earnings story was even stronger. CarMax delivered diluted earnings per share (EPS) of $1.16. That beat expectations by approximately 59% and came in over 81% higher YOY.

Investors should also keep an eye on CarMax Auto Finance (CAF), the company’s in-house lending arm. CAF contributes a meaningful share of CarMax’s profits, and its provision for loan losses offers a window into the financial health of the company’s customers. If credit quality holds up as more buyers shift to used vehicles, that would ease one of the risks that has weighed on the stock.

The company is expected to report Q3 FY2027 earnings on Dec. 17. Before then, CarMax will host a strategic update on Nov. 3, which Bank of America highlighted as a near-term catalyst. But for long-term investors, this may be a time to look at buying KMX on weakness. Between now and the next earnings report, the stock is likely to trade on broader sentiment toward consumer spending and interest rates, as well as management's strategic outlook, creating entry points for patient investors.

Is KMX Ready for a Second Act?It's not like investors ignored the FTC action. The KMX share price is up around 35% year-to-date. However, that includes a drop of over 17% since hitting its 52-week high in August.

The question for investors is whether they are losing confidence in the stock or if this is just a healthy pullback. The technicals signal more of the latter. The relative strength index (RSI) hit an oversold level near 29 on Oct. 14, and investors rushed in to provide support.

The rebound confirms support at a level the stock reached in June. That was also a level that acted as resistance at two other points in 2026. When former resistance becomes support, technical analysts generally read it as a sign that buyers are willing to defend that price, which can set the stage for the next leg higher.

Some analysts are coming around to the current price action. The CarMax analyst forecasts on MarketBeat have 19 analysts giving KMX a consensus Hold rating with a price target of $57.85.

In addition to Bank of America's Oct. 15 double upgrade from Underperform to Buy, which included a price-target increase from $50 to $65, UBS Group set a $65 price target on CarMax.

Consensus price targets also tend to lag fresh upgrades. If more analysts follow Bank of America’s lead, the consensus target could move higher in the coming weeks.

Should You Invest $1,000 in CarMax Right Now?Before you consider CarMax, you'll want to hear this.

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The upcoming report from Old National Bancorp (ONB - Free Report) is expected to reveal quarterly earnings of $0.66 per share, indicating an increase of 11.9% compared to the year-ago period. Analysts forecast revenues of $735.94 million, representing an increase of 3.2% year over year.

The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

Given this perspective, it's time to examine the average forecasts of specific Old National Bancorp metrics that are routinely monitored and predicted by Wall Street analysts.

The combined assessment of analysts suggests that 'Net interest margin (FTE)' will likely reach 3.6%. The estimate is in contrast to the year-ago figure of 3.6%.

The consensus estimate for 'Efficiency Ratio' stands at 49.3%. Compared to the current estimate, the company reported 58.8% in the same quarter of the previous year.

Analysts forecast 'Average Balance - Total earning assets' to reach $67.36 billion. The estimate compares to the year-ago value of $64.03 billion.

Based on the collective assessment of analysts, 'Nonaccrual loans' should arrive at $447.31 million. The estimate is in contrast to the year-ago figure of $590.82 million.

The consensus among analysts is that 'Total underperforming assets' will reach $455.31 million. The estimate compares to the year-ago value of $598.67 million.

The average prediction of analysts places 'Net Interest Income (FTE)' at $607.72 million. The estimate is in contrast to the year-ago figure of $582.58 million.

Analysts' assessment points toward 'Total noninterest income' reaching $128.22 million. Compared to the present estimate, the company reported $130.46 million in the same quarter last year.

According to the collective judgment of analysts, 'Debit card and ATM fees' should come in at $13.16 million. Compared to the present estimate, the company reported $13.20 million in the same quarter last year.

The collective assessment of analysts points to an estimated 'Other income' of $16.56 million. The estimate is in contrast to the year-ago figure of $19.08 million.

It is projected by analysts that the 'Mortgage banking revenue' will reach $9.73 million. Compared to the present estimate, the company reported $10.44 million in the same quarter last year.

Analysts expect 'Wealth and investment services fees' to come in at $42.59 million. The estimate is in contrast to the year-ago figure of $39.68 million.

Analysts predict that the 'Capital markets income' will reach $11.68 million. Compared to the present estimate, the company reported $12.63 million in the same quarter last year.

View all Key Company Metrics for Old National Bancorp here>>>

Shares of Old National Bancorp have experienced a change of -1.9% in the past month compared to the +0.7% move of the Zacks S&P 500 composite. With a Zacks Rank #2 (Buy), ONB is expected to outperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Wall Street analysts expect Valley National (VLY - Free Report) to post quarterly earnings of $0.33 per share in its upcoming report, which indicates a year-over-year increase of 17.9%. Revenues are expected to be $577.6 million, up 12.7% from the year-ago quarter.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.

While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.

Given this perspective, it's time to examine the average forecasts of specific Valley National metrics that are routinely monitored and predicted by Wall Street analysts.

Analysts predict that the 'Efficiency Ratio' will reach 52.4%. The estimate compares to the year-ago value of 53.4%.

It is projected by analysts that the 'Net Interest Margin' will reach 3.3%. Compared to the present estimate, the company reported 3.0% in the same quarter last year.

Analysts' assessment points toward 'Average Balance - Total interest earning assets' reaching $61.99 billion. Compared to the current estimate, the company reported $58.62 billion in the same quarter of the previous year.

The average prediction of analysts places 'Total non-accrual loans' at $461.40 million. The estimate is in contrast to the year-ago figure of $421.49 million.

The consensus among analysts is that 'Total Non-performing Assets' will reach $466.23 million. Compared to the present estimate, the company reported $427.34 million in the same quarter last year.

According to the collective judgment of analysts, 'Tier 1 risk-based capital ratio' should come in at 11.4%. Compared to the present estimate, the company reported 11.7% in the same quarter last year.

The combined assessment of analysts suggests that 'Total risk-based capital ratio' will likely reach 13.8%. The estimate is in contrast to the year-ago figure of 13.8%.

Analysts forecast 'Total non-interest Income' to reach $72.03 million. Compared to the present estimate, the company reported $64.89 million in the same quarter last year.

Analysts expect 'Service charges on deposit accounts' to come in at $19.01 million. The estimate compares to the year-ago value of $16.76 million.

The consensus estimate for 'Net Interest Income' stands at $506.34 million. The estimate is in contrast to the year-ago figure of $446.22 million.

The collective assessment of analysts points to an estimated 'Wealth management and trust fees' of $17.74 million. Compared to the current estimate, the company reported $16.13 million in the same quarter of the previous year.

Based on the collective assessment of analysts, 'Bank owned life insurance' should arrive at $5.74 million. Compared to the present estimate, the company reported $4.66 million in the same quarter last year.

View all Key Company Metrics for Valley National here>>>

Shares of Valley National have experienced a change of -6.2% in the past month compared to the +0.7% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), VLY is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

, /PRNewswire/ -- Oncor Electric Delivery Company LLC ("Oncor") plans to release its third quarter 2026 results on November 5, prior to Sempra's (NYSE: SRE) third quarter 2026 results conference call. Oncor's earnings release will be available on Oncor's website, oncor.com.

Sempra executives will host a conference call at 12 p.m. ET on Thursday, November 5 that will include discussion of Oncor's third quarter 2026 operational and financial results. Investors, media, analysts and the public may listen to a live webcast of the conference call by registering on the Investors section of Sempra's website and clicking on the appropriate link. Prior to the conference call, an accompanying slide presentation will be posted on sempra.com/investors.

For those unable to obtain access to the live webcast, it will be available on replay a few hours after its conclusion at sempra.com/investors.

Oncor's Quarterly Report on Form 10-Q for the period ended September 30, 2026 will be filed with the U.S. Securities and Exchange Commission after Sempra's conference call and, once filed, will also be available at oncor.com.

Headquartered in Dallas, Oncor Electric Delivery Company LLC is a regulated electricity transmission and distribution business that uses superior asset management skills to provide reliable electricity delivery to consumers. Oncor (together with its subsidiaries) operates the largest transmission and distribution system in Texas, delivering electricity to more than 4.1 million homes and businesses and operating more than 145,000 circuit miles of transmission and distribution lines in Texas. While Oncor is owned by two investors (indirect majority owner, Sempra, and minority owner, Texas Transmission Investment LLC), Oncor is managed by its Board of Directors, which is comprised of a majority of disinterested directors.

SOURCE Oncor Electric Delivery Company LLC

OpenZeppelin has embedded Chainlink's CCIP and ACE into its developer tooling, adding cross-chain and compliance features for ERC-20 and ERC-3643 tokens.

@Chainlink and @OpenZeppelin have formed a partnership that brings Chainlink's Cross-Chain Interoperability Protocol (CCIP) and Automated Compliance Engine (ACE) into OpenZeppelin's developer library. The move ties Chainlink's $LINK-powered oracle and cross-chain infrastructure to software already widely used by token issuers.

What the integration coversAccording to OpenZeppelin's announcement, CCIP and ACE are now native across its Wizards, AI tooling, Skills and documentation. UI Builder support is due in a future release.

The integration makes CCIP and ACE the default solution for ERC-20, ERC-3643 and future token standards built with OpenZeppelin's tooling. Compliance policies can be updated without redeploying the core token contract, the company said.

OpenZeppelin framed the deal around scale. The firm says its development standard sits behind $38T in value transferred, covering 9 of the top 10 stablecoins. Chainlink's oracle and cross-chain messaging protocols have processed more than $36T in transaction volume. Those figures are company-reported and have not been independently audited.

The two companies have also set out a migration path from OpenZeppelin Defender to the Chainlink Runtime Environment (CRE). OpenZeppelin says CRE will power upcoming production-grade institutional solutions and act as the orchestration layer for more complex financial workflows.

Why compliance tooling matters for issuersThe compliance features are aimed at issuers of both standard and permissioned tokens. Using existing smart contracts, issuers can run sanctions screening, KYC validation and minting controls, with identity and compliance logic built into the token design.

ACE launched in June 2025. Chainlink's launch release described it as a modular, privacy-preserving framework that links existing identity systems with onchain infrastructure and supports both onchain and offchain policy enforcement. It was developed with Apex Group, GLEIF and the ERC-3643 Association.

ERC-3643 is a permissioned token standard that builds compliance and controls into the asset itself, according to Chainlink's overview of ACE. Embedding ACE at the tooling level means developers can adopt those controls without assembling separate compliance infrastructure.

OpenZeppelin also points to institutional demand. It says its smart contract tooling is used by major institutions including BlackRock, WisdomTree and Franklin Templeton. Whether the integration translates into wider production use of CCIP and ACE will depend on issuer uptake over the coming months.

SourcesOpenZeppelin: OpenZeppelin Partners With Chainlink to Advance Onchain Finance
PR Newswire: Chainlink Launches Automated Compliance Engine
Chainlink: Introducing Chainlink Automated Compliance Engine (ACE)

Key Takeaways ManpowerGroup shares fell 20% after Q3 revenues missed estimates by 1.4% despite 22% earnings growth.Americas revenues surged 13%, while Northern Europe grew 5%, driven by stronger regional labor demand.ManpowerGroup targets $200M in annual cost savings by 2028 and projects Q4 revenue growth of 3%-7%. ManpowerGroup (MAN - Free Report) reported mixed third-quarter 2026 results, with adjusted earnings meeting the Zacks Consensus Estimate and revenues missing expectations.

Although earnings matched estimates, the top-line miss disappointed investors, triggering a 20% dip in MAN shares after the results were released on Oct. 15.

MAN's adjusted earnings of $1.01 per share were in line with the consensus estimate and increased 22% year over year. Revenues of $4.84 billion lagged the consensus estimate of $4.91 billion by 1.4% but increased 4% year over year (5% in constant currency).

Growth was supported by improving labor demand, with Manpower brand revenues increasing 7% organically in constant currency.

MAN Benefits From Improving Regional DemandRevenues from the Americas increased 13% year over year to $1.2 billion, reflecting continued momentum in the United States and other regional markets. On a constant-currency basis, revenues increased 12%, while organic constant-currency revenues advanced 14%.

The United States registered revenue growth of 6% on both reported and constant-currency bases, with organic constant-currency growth reaching 9%. Canada posted 2% reported revenue growth, while Other Americas revenues increased 33%, reflecting broader regional strength.

Southern Europe, accounting for 46% of consolidated revenues, generated $2.2 billion, up 1% year over year and 2% in constant currency. France reported a 3% revenue decline, partially offset by growth of 4% in Italy and 7% in Spain.

ManpowerGroup Sees Growth Across European MarketsNorthern Europe revenues rose 5% year over year to $861 million, increasing 6% in constant currency. Germany delivered strong revenue growth of 20%, while the United Kingdom registered a 7% increase.

However, revenues declined 4% in both the Netherlands and Belgium. The Nordics posted modest reported growth of 2%, with revenues remaining flat in constant currency.

Asia-Pacific Middle East revenues decreased 1% year over year to $515 million but increased 4% in constant currency. Japan and India each recorded a 6% decline in reported revenues, primarily reflecting currency movements, while constant-currency revenues increased 1% and 3%, respectively.

MAN Shows Improving Brand MomentumThe Manpower brand continued to drive growth, with reported revenues increasing 6% year over year. Organic constant-currency revenues advanced 7%, following 8% growth in the preceding quarter.

Experis revenues declined 3% on a reported basis but remained flat organically in constant currency, improving from a 2% decrease in the second quarter. Management highlighted the return to growth for Experis in the United States as an important milestone.

Talent Solutions recorded 1% revenue growth on both reported and organic constant-currency bases. Growth in recruitment process outsourcing and managed service provider activities was partially offset by weaker Right Management performance due to lower outplacement activity.

ManpowerGroup Improves Profitability Through Cost CutsGross margin contracted 70 basis points year over year to 15.9%, reflecting changes in staffing mix, permanent recruitment and career transition activities. Total gross profit was $767 million.

Selling, general and administrative expenses declined to $685 million from $702.3 million a year earlier. Excluding restructuring and transformation charges, adjusted expenses were $666.9 million, representing 13.8% of revenues compared with 15.2% in the prior-year quarter.

Reported operating profit was $82 million, with an operating margin of 1.7%. Adjusted operating profit reached $100 million, highlighting a 2.1% margin.

The company's global transformation program expanded to the United Kingdom during the quarter. Management remains on track to deliver $200 million in annual cost savings by 2028.

MAN's Balance Sheet and Cash Flow PositionManpowerGroup ended the third quarter with total debt of $1.1 billion and net debt of $870 million. The total debt-to-capitalization ratio stood at 34% compared with 33% at the end of the preceding quarter.

Free cash flow represented an outflow of $17 million compared with an inflow of $45 million in the year-ago quarter. Management attributed the negative performance partly to the timing of managed service provider payments. Excluding these items, free cash flow would have represented an inflow of $75 million.

Capital expenditures totaled $9 million compared with $15 million a year earlier.

ManpowerGroup Provides Q4’26 OutlookManagement expects fourth-quarter 2026 adjusted earnings per share between $1.03 and $1.13, excluding restructuring and transformation costs. The midpoint ($1.08) of the guided range stands lower than the Zacks Consensus Estimate of $1.1. The outlook assumes an effective tax rate of 44% and no currency impact on earnings.

Revenues are projected to increase 3%-7% year over year, or 4%-8% organically in constant currency. Gross margin is expected between 15.8% and 16%, while adjusted EBITA margin is projected at 2.2%-2.4%.

Regionally, Americas revenues are expected to grow 7%-11%, Southern Europe revenues are projected to remain flat or increase 4%, and Northern Europe revenues are anticipated to rise 8%-12%. Asia-Pacific and Middle East revenues are expected to increase 1%-5%.

MAN currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Earnings SnapshotAccenture plc (ACN - Free Report) reported impressive fourth-quarter fiscal 2026 results.

ACN's earnings of $3.29 per share beat the Zacks Consensus Estimate of $3.19 by 3.1%. Earnings rose 9% from adjusted earnings of $3.03 in the year-ago quarter.

Revenues of $18.7 billion topped the consensus mark of $18.01 billion by 3.8% and increased 6% year over year in U.S. dollars.

FactSet Research Systems Inc. (FDS - Free Report) reported impressive results for fourth-quarter fiscal 2026.

FDS’s adjusted earnings were $4.52 per share, beating the Zacks Consensus Estimate of $4.32 by 4.6%. The figure jumped 11.6% from the year-ago quarter.

Revenues of $634.7 million topped the consensus mark of $628.2 million by 1% and rose 6.3% year over year.

MSCI (MSCI - Free Report) came out with quarterly earnings of $5.11 per share, beating the Zacks Consensus Estimate of $4.98 per share. This compares to earnings of $4.47 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +2.61%. A quarter ago, it was expected that this maker of software tools to help portfolio managers make investment decisions would post earnings of $4.9 per share when it actually produced earnings of $4.94, delivering a surprise of +0.82%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

MSCI, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $892 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.30%. This compares to year-ago revenues of $793.43 million. The company has topped consensus revenue estimates three 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.

MSCI shares have lost about 1.8% since the beginning of the year versus the S&P 500's gain of 12.4%.

What's Next for MSCI?While MSCI has underperformed 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 MSCI 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 $5.12 on $907.33 million in revenues for the coming quarter and $19.56 on $3.51 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, Financial - Investment Management is currently in the bottom 21% 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, Franklin Templeton (BEN - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on November 6.

This investment manager is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of +14.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Franklin Templeton's revenues are expected to be $2.36 billion, up 0.5% from the year-ago quarter.

According to official announcements, Ondo Perps has launched the OpenAI Private Market Note (ticker: OPAIPon), a tokenized financial exposure instrument tied to OpenAI. The note is now available for 24/7 trading on Ondo Perps’ permissionless spot order book, with the trading pair OPAIPon/USDC. OPAIPon falls under Ondo Private Markets, a product line designed to provide accredited investors with economic exposure to leading private companies via tokenized notes. Users can participate in transactions without waiting for the companies to go public, and may self-custody the tokens in personal wallets.

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Spark now supplies more than $400 million in USDC to the cbBTC/USDC lending market on Base. That makes it the source of nearly a quarter of all the USDC in the market.

The numbers behind the vault Spark is the allocation layer from the Sky ecosystem. It routes its capital through a dedicated Morpho USDC Vault, which in turn feeds the cbBTC/USDC market.

Spark’s vault has allocated over $410 million into that single market, according to the research data. Spark’s own public figure puts it at “over $400 million” and “nearly a quarter” of the market’s USDC.

The market itself is large. Total supplied assets sit at approximately $1.77 billion, with $1.60 billion borrowed.

That works out to a utilization rate above 90%. Put simply, almost every dollar lenders deposit is already out on loan.

Spark adjusts its USDC reserves to track borrowing needs, according to the research findings. Its allocations started modest and grew rapidly from there.

How the market works The market runs on Morpho as an isolated lending market. Isolated means the risk stays inside this one pairing. Problems with some unrelated asset elsewhere on Morpho do not spill into it.

The market launched on September 4, 2024. It uses an 86% liquidation loan-to-value ratio, or LLTV.

That figure sets the danger line. If a borrower’s debt climbs to 86% of their cbBTC collateral’s value, the position becomes eligible for liquidation.

Rates have cooled as competition for lending has picked up. Lenders currently earn a supply APY of about 4.73%, while borrowers pay around 5.26%.

Earlier, rates sat near 7.5%. The gap between the two rates sits at a little over half a percentage point.

The Coinbase connection In January 2025, Coinbase introduced Bitcoin-backed loans that let users borrow USDC against cbBTC directly inside the Coinbase app. Users never need to open a separate DeFi interface, and the borrowing happens on Morpho in the background.

The research findings describe Spark as a primary liquidity provider tied to that Coinbase lending launch. When a Coinbase user borrows USDC against their Bitcoin, there is a decent chance some of those dollars came from Spark’s vault.

The market has also seen a 55% rise in volumes year-to-date, according to the research data.

What this means For other lenders, falling supply APYs from around 7.5% earlier down to about 4.73% show that deep-pocketed players compress returns for everyone else in the pool.

Concentration is the risk worth watching. When one supplier provides nearly a quarter of a market’s USDC, its allocation decisions carry real weight.

The 86% LLTV allows fairly aggressive borrowing against Bitcoin. A sharp drop in Bitcoin’s price could push many positions toward liquidation at once.

Coinbase supplies the front end and the users. Morpho supplies the lending rails. Suppliers like Spark supply the dollars. Going forward, the key metrics are utilization, the spread between supply and borrow rates, and Spark’s share of the pool.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Papa John's To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Papa Johns between August 7, 2025 and August 5, 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. - October 20, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Papa John's International Inc. ("Papa Johns" or the "Company") (NASDAQ: PZZA) and reminds investors of the November 2, 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 the true state of Papa Johns' transformation; notably, that it was "taking longer than expected," and ultimately was unable to prevent further market share losses. Papa Johns ultimately required a significant shift in strategy toward a sharp increase in promotional efforts to abate the Company's declining competitive position.

On August 6, 2026, Papa Johns announced an 8.3% decrease in North American comparable sales, the suspension of its dividend, and a sharp reduction in its 2026 outlook from a 3% decline in North American comparable sales at the midpoint to a 7% annual decline. The Company attributed its strategic shift and guidance reset on the soft consumer trends and the execution of Papa Johns' own turnaround efforts, admitting they were unable to "meet the consumer as much as [they] should have," and the rebuilt innovation pipeline was "not bringing in as many new customers" as had been expected.

On this news, the price of Papa Johns' common stock declined dramatically. From a closing market price of $29.75 per share on August 5, 2026, Papa Johns' stock price fell to $24.64 per share on August 6, 2026, a decline of about 17.18% 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 Papa Johns' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about Papa John's International Inc. class action, go to www.faruqilaw.com/PZZA 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 Papa Johns Securities Class Action Lawsuit:

What is the Papa Johns securities fraud lawsuit about?

The lawsuit alleges Papa Johns misled investors about its transformation strategy, including delays in its turnaround, continued market share losses, and the need for increased promotions to address its declining competitive position.

Who may be eligible to participate in the lawsuit?

Investors who purchased or acquired Papa John's International (NASDAQ: PZZA) securities between August 7, 2025 and August 5, 2026 may be eligible if they suffered losses.

What is a lead plaintiff, and how can I seek appointment?

A lead plaintiff represents the proposed class during the litigation. Eligible investors must file a motion with the court by November 2, 2026. Investors may participate without serving as lead plaintiff.

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 Papa Johns 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/319771

Source: Faruqi & Faruqi LLP

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SAN JOSE, Calif., Oct. 20, 2026 (GLOBE NEWSWIRE) -- Synaptics Incorporated (Nasdaq: SYNA) today introduced the xMCU, a new class of microcontrollers that runs multimodal Edge AI, with the launch of the Synaptics Astra® SR200 Series. Unlike conventional MCUs constrained by limited on-chip memory and compute, the xMCU combines heterogeneous, AI-native compute and acceleration with integrated high-bandwidth custom DRAM scalable to hundreds of megabytes, enabling larger AI models and richer multimodal workloads to run entirely on-device. The Astra SR200 Series of xMCUs is designed for the next generation of AI wearables, battery-powered sensing devices, connected cameras, streamers, and industrial vision and voice systems.

AI is increasingly shifting out of the cloud and into resource-constrained Edge devices. At the same time, the most compelling new Edge applications are not simply smaller versions of cloud workloads. They are device-native experiences that combine modalities such as voice, vision, audio, motion, and contextual sensing, and must respond privately, in real time. The Astra SR200 Series of xMCUs was created for exactly these applications, which outgrow the memory of traditional MCUs but can’t afford the power and cost of applications processors.

The SR200 Series is powered by the Synaptics Torq™ AI engine, which brings a standards-based hardware architecture and unified developer experience featuring the Coral NPU™ from Google Research. It also comes with the industry’s first pairing of the Arm® Cortex®-M85 and Cortex®-M52. Together with integrated vision and audio capabilities and hardware-rooted security, the SR200 Series brings unmatched system design efficiency and cost benefits to Edge and Physical AI designs.

Setting a new standard for the industry, the Astra SR200 Series is engineered around the following core vectors: high-performance compute with extensible memory; transformer-ready AI acceleration; silicon-rooted security; multimodal integration; ultra-low-power architecture with tiered domains; and an open-source software ecosystem, offering developer choice and OEM design flexibility.

The Synaptics Astra® SR200 Series launches with three pin-compatible product lines, giving OEMs and developers a common hardware foundation and a shared SDK. The SR210 is designed to deliver 200 GOPS for power-optimized, always-on voice and sensing; the SR230 adds vision, display, and optional audio at 300 GOPS for mainstream multimodal devices; and the SR250 enables 400 GOPS with dual vision and display paths for premium, demanding edge applications. Developers can scale performance while preserving their software investment and system architecture.

In the SR200 Series of xMCUs, memory is the foundation, not an afterthought. A tiered architecture pairs up to 8MB of SRAM with extensible, high-bandwidth, high-capacity custom DRAM that scales to hundreds of megabytes as AI models and workloads grow. Built around latency, retention, and power demands of Edge AI, this architecture runs workloads at one-third the power of typical system DRAM, eliminating the need for costly external memory in most applications at a fraction of the system power.

At the heart of the family is the Synaptics Torq™ AI engine integrating the Coral NPU, optimized for low latency and high-efficiency execution of deep learning workloads, including CNN, transformer, and fully connected networks. Its open-source MLIR/IREE compiler supports industry-standard frameworks and model formats in place of proprietary vendor toolchains, extending Coral’s Edge AI heritage into ultra-low-power, always-on IoT.

A high-performance core, scaling to 800MHz, tackles control, multimedia, and burst-compute workloads, while an efficiency core handles always-on sensor fusion, connectivity, and low-power inference. An optional Cadence® Tensilica® HiFi 5 DSP adds dedicated audio and acoustic ML processing, while an always-on domain manages voice activity detection, timekeeping, and wake-up.

The SR200 Series integrates a multi-layered security engine that combines hardware isolation, cryptographic acceleration, anti-tamper detection, device lifecycle management, and secure boot. The implementation conforms to PSA Level 3 and CC EAL4+ certification targets, providing protection against software and physical attacks.

The platform provides a broad peripheral and connectivity set, including high-speed octal SPI, SDIO and eMMC storage interfaces, UART, SPI, I2C, I3C, PWM, USB 2.0 and extensive low-power GPIO. Industrial variants add 1Gb Ethernet with IEEE 1588 TSN support and two CAN-FD interfaces, supporting deterministic networking and real-time industrial control for Physical AI and Robotics applications.

Supporting Zephyr RTOS and the open-source Torq NPU compiler, the SR200 Series brings groundbreaking performance and power efficiency to define a new category of MCU experiences for Edge and Physical AI.

“The next wave of AI will be defined by devices that understand their environment and act locally, while meeting tight power, cost, and form-factor requirements,” said Vikram Gupta, SVP and GM, Edge Compute & Connectivity Division, Synaptics. “With the Astra SR200 Series, we’re introducing a new class, the xMCU, that brings applications-processor capability into the MCU domain, running multimodal AI workloads that traditionally required Linux and discrete DRAM. It gives customers a scalable foundation for everything from intelligent sensing to advanced Edge and Physical AI systems.”

“Open technologies and strong partnerships are key to making Edge AI more accessible,” said Yossi Matias, Vice President and Head of Google Research. “Our ongoing work with Synaptics combines the Coral platform with Astra’s scalable hardware and developer ecosystem to power next-generation, wearable-class devices. We share a vision of turning advanced research into reality through real-world products, empowering developers to create faster, more useful, and responsive experiences.”

Global Customers and Partners Trust Synaptics to Drive the Future of Edge AI and Physical AI

Chris Bergey, EVP, Edge AI Arm
“AI is quickly becoming the most important use case for Edge devices, with workloads increasingly spanning always-on sensing and inference through to more demanding voice, vision, and multi-media processing. By bringing Arm Cortex-M85 and Cortex-M52 together for the first time, Synaptics is demonstrating how the Arm compute platform gives partners the flexibility to balance performance and efficiency across a growing range of intelligent Edge devices.”

Kurt Preston, Chief Supply Chain Officer, Sonos
“Sonos’ products do more than play music; they connect every room, every source, every user, into one system, wirelessly. Astra’s scalable Edge compute, audio processing, and low power performance are the kind of capabilities that matter as we push what's possible in audio. Delivering that requires partnership across every level of the organization, from joint development to production that scales with us.”

Cristina Rivas, Chief Technology Officer, Verisure
“The future of home security is devices that understand, not just detect, with privacy at the heart of the design. Synaptics' Astra portfolio of processors lets us run our own vision, voice, and audio AI models on the device itself, with the low-power capabilities our products demand. Combined with our professional monitoring teams, this helps provide faster, more responsive intervention and protection for the customers we serve, delivering a truly AI-enhanced human service. We value Synaptics as a technology partner in making that possible.”

Lerdah Wang, CEO, Jorjin Technologies
“Next-generation AR wearables, including industrial smart glasses, demand real-time perception, contextual understanding, and seamless user interaction at the Edge. By leveraging the integrated vision and audio architecture, extensible DRAM support, and high-efficiency Torq™ NPU of the Synaptics Astra® SR200 Series, we can execute complex scene understanding, low-latency overlay rendering, and continuous voice processing on a single, highly integrated SoC. As the CEO at Jorjin, I see a transformative opportunity to merge Synaptics’ industry-changing SR200 platform with Jorjin’s cutting-edge AI solutions to accelerate the commercialization of the next-generation products.”

Enco Liew, VP, Value Line Business Center, Accton Technology Corporation
“Synaptics has been a valued engineering partner as we explore the Astra® processor family, bringing strong expertise in both AI software and hardware capabilities. The Astra SR200 Series introduces an exciting approach to MCU design, with potential applications in AI-driven automation, intelligent edge devices, and industrial IoT. We look forward to exploring how this technology could enable new possibilities across our future product portfolio.”

About Synaptics Incorporated
Synaptics (Nasdaq:

SYNA) is driving innovation in AI at the Edge, bringing AI closer to end users and transforming how we engage with intelligent connected devices, whether at home, at work, or on the move. As a go-to partner for forward-thinking product innovators, Synaptics powers the future with its cutting-edge Synaptics Astra® AI-Native embedded compute, wireless connectivity, and multimodal sensing solutions. We’re making the digital experience smarter, faster, more intuitive, secure, and seamless. From touch, display, and biometrics to AI-driven wireless connectivity, video, vision, audio, speech, and security processing, Synaptics is the force behind the next generation of technology enhancing how we live, work, and play. Follow Synaptics on LinkedIn, Facebook, Instagram, and YouTube, or visit www.synaptics.com.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include references to the capabilities, benefits, and market potential of the Astra SR200 Series, statements regarding AI market trends and device adoption, and expectations regarding customer deployments and product commercialization. These statements are subject to risks and uncertainties, including: technology development challenges and delays; actual product performance characteristics; competitive product introductions; manufacturing and supply chain constraints; customer and partner relationships; regulatory changes; adoption rates and demand for edge AI platforms, and macroeconomic conditions. Actual results may differ materially from those expressed or implied in this press release. For more information on risks, please refer to Synaptics' most recent Form 10-K and 10-Q filings with the SEC. Synaptics disclaims any obligation to update forward-looking statements except as required by law.

Media Contact
Neeta Shenoy
Synaptics
+1-408-425-2654
[email protected]

Synaptics and the Synaptics logo are trademarks of Synaptics in the United States and/or other countries. All other marks are the property of their respective owners. 

Key Takeaways Informatica contributed $456M to Salesforce's Q2'27 revenues, including $440M in subscriptions.CRM's Agentforce and Data 360 recurring revenues, including Informatica Cloud, surged over 210% YoY to $3.9B.Data 360 ingested 104T records, up 355%, as Informatica opens opportunities for more AI-powered services. Salesforce, Inc. (CRM - Free Report) is strengthening its enterprise data business through Informatica, which could help the company expand its artificial intelligence (AI) offerings and generate additional revenues. The key question is whether this data advantage can support faster and more sustainable growth.

In the second quarter of fiscal 2027, Informatica contributed $456 million to Salesforce’s revenues, including $440 million from subscription and support services. Salesforce reported total quarterly revenues of $11.3 billion, up 11% year over year. Subscription and support revenues increased 12% to $10.8 billion, highlighting the strength of its recurring business.

Informatica’s importance extends beyond its immediate revenue contribution. Its cloud-based data management capabilities can help Salesforce organize information across different systems, giving AI agents access to more useful and reliable business data. This could improve the value of Agentforce and Data 360, encouraging existing customers to purchase additional services.

Salesforce’s data and AI business is already expanding rapidly. Combined Agentforce and Data 360 annual recurring revenues, including Informatica Cloud, reached nearly $3.9 billion in the second quarter, up more than 210% year over year. Data 360 ingested 104 trillion records during the quarter, up 355% year over year. These figures highlight rising demand for enterprise data and AI capabilities.

Informatica strengthens Salesforce’s data capabilities and creates opportunities to sell more AI-powered services. If Salesforce successfully connects its data assets with Agentforce, Informatica could become a key long-term growth driver rather than simply another source of acquired revenues. The Zacks Consensus Estimate for CRM’s fiscal 2027 revenues is pegged at $46.3 billion, indicating an 11.4% year-over-year increase.

Microsoft and Oracle Challenge Salesforce in Data ManagementMicrosoft Corporation (MSFT - Free Report) is a strong competitor through Azure, Microsoft Fabric and its enterprise data tools. In the fourth quarter of fiscal 2026, the company reported that Azure and other cloud services revenues increased 43% year over year.

Microsoft also had more than 40,000 paid Fabric customers at the end of the fourth quarter, up 60% year over year, highlighting rising demand for data analytics and AI tools. Its expanding data platform could challenge Salesforce as businesses seek better ways to organize information and power AI applications.

Oracle Corporation (ORCL - Free Report) is another major rival, with its database technology and cloud applications supporting enterprise data management. In the first quarter of fiscal 2027, the company’s Cloud Applications revenues reached $4.2 billion, up 10% year over year.

Oracle’s Multicloud AI Database business grew an impressive 353%, reflecting rising demand for AI-ready data platforms. Multicloud customers increased 180% year over year, and Oracle expanded its database reach to 70 multicloud regions and 119 availability zones.

Salesforce’s Informatica acquisition strengthens its data management capabilities, but sustained growth will depend on turning that advantage into wider AI adoption and higher customer spending.

Salesforce’s Price Performance, Valuation and EstimatesSalesforce shares have declined 8.4% year to date, while the Zacks Internet – Software industry has risen 3.7%.

Salesforce YTD Price Return Performance
Image Source: Zacks Investment Research

From a valuation standpoint, CRM trades at a forward price-to-earnings ratio of 15.04, significantly below the industry’s average of 28.97.

Salesforce Forward 12-Month P/E Ratio
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Salesforce’s fiscal 2027 earnings implies a year-over-year increase of approximately 33.5%, while estimates for fiscal 2028 indicate a 4.9% decline. Estimates for fiscal 2027 earnings have been revised upward in the past 30 days. Estimates for fiscal 2028 earnings have been revised upward over the past seven days.

Image Source: Zacks Investment Research

Salesforce currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In its upcoming report, Glacier Bancorp (GBCI - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.79 per share, reflecting an increase of 27.4% compared to the same period last year. Revenues are forecasted to be $327.98 million, representing a year-over-year increase of 25.8%.

Over the last 30 days, there has been a downward revision of 1.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.

That said, let's delve into the average estimates of some Glacier Bancorp metrics that Wall Street analysts commonly model and monitor.

The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 56.6%. Compared to the present estimate, the company reported 62.1% in the same quarter last year.

Analysts forecast 'Net interest margin (tax-equivalent)' to reach 4.0%. The estimate is in contrast to the year-ago figure of 3.4%.

Analysts predict that the 'Non-accrual loans' will reach $74.27 million. Compared to the present estimate, the company reported $45.45 million in the same quarter last year.

It is projected by analysts that the 'Total non-performing assets' will reach $91.79 million. Compared to the present estimate, the company reported $54.31 million in the same quarter last year.

The average prediction of analysts places 'Average Balances - Total earning assets' at $28.97 billion. The estimate compares to the year-ago value of $26.82 billion.

Based on the collective assessment of analysts, 'Tier 1 capital (to risk-weighted assets) - Glacier Bank regulatory ratios' should arrive at 13.0%. Compared to the present estimate, the company reported 12.6% in the same quarter last year.

Analysts' assessment points toward 'Total capital (to risk-weighted assets) - Glacier Bank regulatory ratios' reaching 14.9%. The estimate compares to the year-ago value of 13.8%.

The consensus among analysts is that 'Leverage Ratio/Tier 1 capital (to average assets) - Glacier Bank regulatory ratios' will reach 10.1%. Compared to the present estimate, the company reported 9.4% in the same quarter last year.

The combined assessment of analysts suggests that 'Total Non-Interest Income' will likely reach $41.41 million. Compared to the present estimate, the company reported $35.35 million in the same quarter last year.

The consensus estimate for 'Net Interest Income' stands at $287.02 million. Compared to the current estimate, the company reported $225.38 million in the same quarter of the previous year.

Analysts expect 'Net interest income (tax-equivalent)' to come in at $290.97 million. Compared to the present estimate, the company reported $228.84 million in the same quarter last year.

According to the collective judgment of analysts, 'Gain on sale of loans' should come in at $5.00 million. The estimate is in contrast to the year-ago figure of $5.03 million.

View all Key Company Metrics for Glacier Bancorp here>>>

Glacier Bancorp shares have witnessed a change of -2.7% in the past month, in contrast to the Zacks S&P 500 composite's +0.7% move. With a Zacks Rank #2 (Buy), GBCI is expected outperform the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Aave has found a new way to recruit borrowers: let them post big-name tech stocks as collateral.

Three out of every four borrowers using tokenized Magnificent 7 shares on Aave’s Base deployment are new to Aave on that network.

How the Equities Hub works Aave launched its Equities Hub on September 25, 2026, as part of its V4 rollout on Base. Base is the Ethereum layer-2 network incubated by Coinbase.

Eligible users outside the US can deposit tokenized shares of the Magnificent 7 companies and borrow USDC against them.

The design is deliberately narrow. The tokenized equities can only be used as collateral, so nobody can borrow them. Cross-collateral borrowing between the stocks is switched off, meaning you cannot post one tokenized share to borrow another.

The hub operates as an isolated pool, and at launch USDC was the only asset available to borrow.

The numbers so far As of October 18, 2026, users had deposited $9.57 million worth of tokenized Mag7 supply into the hub.

That figure represents 35.6% of the total tokenized supply of those shares, which stands at $26.9 million in total.

Against that collateral, borrowers have taken out $4.08 million in USDC.

The number of borrowing wallets grew from 8 to 144 by mid-October.

The loan-to-collateral ratio rose from 22.2% at launch to 42.9% by October 18.

Collateral factors range from 65% to 79% depending on the token. The aggregate collateral cap for the hub was set at approximately $29 million at launch.

Background: why tokenized stocks matter for DeFi Tokenized equities let assets that originate in traditional markets plug into onchain credit. The tokenized shares are backed by actual stocks custodied at Alpaca Securities. Aave uses Chainlink for pricing data, synchronizing on-chain operations with traditional market hours by pausing trading over weekends and U.S. holidays.

The decision to restrict access to non-US users reflects the regulatory reality around tokenized securities.

What this means The most important number here is not the dollar figure. It is the three-in-four share of new borrowers.

The rising loan-to-collateral ratio deserves attention. Moving from 22.2% to 42.9% shows confidence, but it also means borrowers have less cushion if share prices fall. Collateral factors topping out at 79% give some buffer before liquidation becomes likely.

With 35.6% of tokenized Mag7 supply already deposited, Aave’s growth in this hub is increasingly tied to how quickly the underlying tokenized shares themselves expand.

Potential expansion within this framework, including the introduction of additional equities or alternative assets like GHO, rests upon Aave governance.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.

Biopharmaceutical company trial results are full of uncertainty; just ask Viking Therapeutics (VKTX +1.60%) investors, who have been on a bit of a roller-coaster ride with the company's key weight loss drug, VK2735, in its oral formulation. Still, the latest announcement of the initiation of two phase 3 trials creates a lot of promise for investors. Here's why.

Viking Therapeutics and VK2735 As a reminder, Viking already has the weight loss drug in two phase 3 trials in subcutaneous (injectable) form, namely for obesity (VANQUISH-1) and adults with type 2 diabetes who have obesity or are overweight (VANQUISH-2). It's also undergoing a smaller maintenance trial to test a combination of an initial subcutaneous VK2735 dose followed by an oral VK2735 maintenance dose, following a successful maintenance trial using subcutaneous VK2735 as the maintenance dose.

Image source: Getty Images.

The development of subcutaneous and oral formulations of VK2735 is part of Viking's dual-formulation strategy. That's why it recently announced the initiation of phase 3 trials for oral VK2735 for obesity (SUNRISE-1) and adults with type 2 diabetes with obesity or weight issues (SUNRISE-2)

Viking Therapeutics and oral VK2735 As with all oral medications, there are concerns about safety and tolerability. As such, investors were delighted with the exemplary tolerability data coming from the phase 1 oral VK2735 trial (MAD) in 2024. The 28-day MAD trial involved 37 treated patients, of whom "mild nausea was reported in five (14%) VK2735-treated subjects," with no vomiting, and only one reporting diarrhea. According to the press release, "no clinically meaningful differences were reported for GI-related adverse events among subjects treated with VK2735 compared with placebo."

While phase 1 trials tend to be small, tolerability is generally excellent. That's why investors were shocked by the safety and tolerability results from the phase 2 oral VK2735 (VENTURE-Oral) trial.

In common with MAD, the 13-week VENTURE-Oral showed good efficacy, but unfortunately, it had a 20% discontinuation rate due to adverse events among treated participants.  The result caused the stock to crash.

$25.45+$0.40 (+1.60%)

NASDAQ · As of 9:45 AM ET 10/20/26

Why investors have cause for optimism over the phase 3 oral VK2735 trials First, the phase 2 trial appeared to have a difficult cohort, with 13% of the placebo group also discontinuing due to an adverse event.

Second, the phase 2 trial used a relatively aggressive titration, with 13 weeks of daily oral dosing. The phase 3 trial will be over 68 weeks. In addition, as CEO Brian Lian disclosed during a Morgan Stanley conference, in phase 2, "we had dosed people with 4 tablets, and they were a little bit larger tablets. That wasn't a great experience for some people." Management is focused on reducing the tablet size and count for the phase 3 trial.

Third, management has lowered the maximum dosing in the phase 3 trial. Whereas phase 1 had dosing from 2.5 mg to 40 mg, phase 2 was more aggressive, going from 15 mg to 120 mg, and phase 3 is designed to dose at 27.5 mg, 35 mg, and 55 mg doses.

All told, the combination of a potentially easier trial cohort, longer, less aggressive titration (treated patients have more time to adjust), and less aggressive dosing may well yield a more favorable phase 3 outcome.

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New autonomous vacuum expands Tennant's robotics portfolio with a practical, easy-to-use solution for everyday commercial cleaning

MINNEAPOLIS--(BUSINESS WIRE)--Tennant Company (NYSE: TNC), a world leader in designing, manufacturing, and marketing solutions to reinvent how the world cleans, today announced the launch of the P1 VAC, the company's first autonomous robotic vacuum. Designed to make robotic cleaning approachable and practical for everyday commercial environments, the P1 VAC combines autonomous vacuuming and dust mopping with a side brush that sweeps debris from walls and edges into the machine's cleaning path. The compact platform helps facilities maintain consistent cleaning standards, increase productivity, and make better use of existing labor resources.

The introduction of the P1 VAC expands Tennant's growing autonomous cleaning portfolio and underscores the company's continued investment in robotics innovation through Tennant Company Robotics. As organizations face ongoing labor challenges and increasing expectations around facility cleanliness, the P1 VAC provides a simple and accessible way to automate routine floor cleaning tasks while enabling staff to focus on higher-value responsibilities. As Tennant's first autonomous soft-floor cleaner, the P1 VAC expands its robotics portfolio beyond hard-floor solutions into a new growth category, advancing Tennant's plan to introduce 10 new products within 24 months to build a $250 million robotics equipment business by 2028. Together, these investments advance Tennant's strategy to lead the industry transformation to autonomous cleaning equipment.

The P1 VAC is the first model in Tennant’s new P-Series, a family of autonomous cleaning robots that complements Tennant’s existing portfolio by addressing more customer applications and price points to maximize market coverage. P-Series machines combine reliable cleaning performance, intuitive operation, and Tennant-backed support to help organizations adopt robotic cleaning quickly and confidently. The series is designed both for customers introducing robotics into their cleaning operations and for organizations seeking to expand automation across more applications within their facilities.

"The P1 VAC was developed with a straightforward goal: make autonomous cleaning easier to adopt and easier to operate," said Pat Schottler, Tennant Company Senior Vice President, Robotics. "Customers are looking for practical solutions that help them maintain cleaning standards while making the most of available resources. The P1 VAC delivers dependable cleaning performance in a solution that is intuitive, productive, and backed by Tennant's expertise and support."

The P1 VAC autonomously performs routine vacuuming, sweeping, and dust mopping tasks, helping facilities maintain a consistent standard of cleanliness day after day. Intelligent navigation and sensing technologies enable the machine to safely operate in dynamic environments while delivering repeatable cleaning routes and reliable cleaning coverage.

"Before using the P1 VAC, routine vacuuming and dust mopping took a significant portion of our team's day, especially in high-use areas like our gymnasiums and hallways," said Brandon J., building and grounds director for the Cumberland School District in Wisconsin, which served as a product testing partner for the P1 VAC. "Now we can automate those routine cleaning tasks and spend more time focusing on maintenance projects and other priorities throughout the district. The flexibility it gives our team has been one of the biggest benefits."

Key benefits of the P1 VAC include:

More Time for People
Automates routine floor cleaning so staff can focus on guest services, occupant support, sanitation, and other responsibilities where people add the most value. Consistency You Can See
Repeatable cleaning routes and intelligent cleaning technologies help deliver reliable cleaning results across operators, shifts, and locations. More Cleaning. Less Intervention
Autonomous operation, opportunity charging, rapid recharge capability, and a dual-compartment 10-liter debris collection system help maximize productive cleaning time. Robotics Designed for Everyday Teams
Intuitive controls, streamlined maintenance procedures, flexible cleaning options, and mobile app management make robotic cleaning easier to adopt and operate. The robot's compact footprint allows it to clean areas that can be difficult for larger autonomous equipment to access, while edge-cleaning capabilities help maintain cleanliness along walls, corners, and baseboards. Facilities can schedule routes, monitor cleaning progress, and manage operations remotely, helping reduce the need for ongoing supervision while improving overall cleaning consistency.

The P1 VAC is now available to order. For more information about the P1 VAC and Tennant’s full robotic cleaning portfolio, click here.

About Tennant Company

Founded in 1870, Tennant Company (TNC), headquartered in Eden Prairie, Minnesota, is a world leader in the design, manufacture and marketing of solutions that help create a cleaner, safer and healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; and cleaning tools and supplies. Tennant's global field service network is the most extensive in the industry. Tennant Company had sales of $1.20 billion in 2025 and has approximately 4,500 employees. Tennant has manufacturing operations throughout the world and sells products directly in more than 25 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol “®” are trademarks of Tennant Company registered in the United States and/or other countries.

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CME has opened a regulated futures market for UNI, giving traders a way to take a position on the token’s dollar price without moving it between wallets. Standard and micro contracts are listed, and a market maker program is meant to help traders find bids and offers. Those steps say little about whether institutions will keep using the contracts once the launch is over. They do not send trading fees to the Uniswap protocol, either. Open interest in the months ahead will say more about the market’s staying power than the appearance of a new ticker.

Summary

CME listed UNI and micro UNI futures for the October 19, 2026 trade date.
A standard contract references 10,000 UNI, while a micro contract references 1,000 UNI.
Both contracts settle financially against a daily Uniswap dollar reference rate.
CME’s market maker program can designate up to seven participants through January 31, 2027.
The initial listing includes 10 contract months through March 2028.

CME has opened trading in cash settled futures on UNI, the governance token associated with the Uniswap protocol. Special Executive Report 9820 set the listing for Sunday, October 18, for the Monday, October 19 trade date, subject to the regulatory review periods then pending. CME’s current crypto product page identifies Bitcoin Cash and UNI futures as live products.

JUST IN: CME Group adds Uniswap futures, with trading starting October 19

The contracts were self-certified with the CFTC, as CME’s crypto futures and options averaged $15.4B in open interest during the first half of 2026. pic.twitter.com/VSadaSUukx

— crypto.news (@cryptodotnews) October 18, 2026

UNI joins a growing list of tokens that traders can reference through CME’s futures infrastructure. The listing says nothing yet about the number of institutions buying UNI, the volume of futures trades or the number of people swapping assets through Uniswap. CME settles the contracts in cash against a benchmark; Uniswap users trade through liquidity pools. Both markets respond to UNI’s price, though each produces a different record of who traded and what changed hands.

Two contract sizes, one token reference
The exchange lists a standard future representing 10,000 UNI and a micro future representing 1,000 UNI. Its September 22 announcement presented both as tools for price exposure and risk management. A trader holding UNI on a spot venue could sell futures to hedge a decline. Another could buy futures to express a view without taking delivery of tokens. Every new long requires a corresponding short. Opening a contract does not mean CME or both counterparties bought the underlying token.

At a purely illustrative $7 per UNI, one standard future represents $70,000 of notional exposure and a micro future $7,000. The amount deposited as initial margin would be different from the notional and can change under exchange and clearing requirements. The $7 input is a round example, not a snapshot of the October 20 market or a price target. Counting one standard and one micro as two equal trades would understate the different exposure by a factor of 10.

Contract size matters when those volume figures start appearing. A day with 100 micro contracts traded represents 100,000 UNI in contract units, but no corresponding transfer of 100,000 tokens is required. Traders can open and close the same exposure several times, adding to volume even when the number of outstanding contracts barely changes. Open interest records those positions still in place; it gives a more useful indication of whether a hedge market is taking hold beyond a burst of launch day trades.

The exchange’s initial schedule listed monthly contracts for October 2026 through March 2027, then additional quarterly expiries through March 2028. A position can be closed or rolled into another expiry before the last trading date. Listing a long dated contract gives a trader a possible maturity; it does not show that orders or meaningful open interest already exist across all 10 listed months.

CME says the contracts trade through its electronic platform and can be submitted for clearing through ClearPort. The launch announcement put the UNI products alongside Bitcoin Cash futures in its expansion of single asset crypto contracts. Bitcoin, Ether, XRP, Solana, Cardano, Chainlink, Stellar, Avalanche and Sui were already named in the suite. That history shows an exchange adding tradable references, not a ranking of the tokens’ underlying networks by use or revenue.

Cash settlement keeps UNI off the delivery rail
SER 9820 specifies financial settlement. When a contract expires, the final settlement price refers to the CME CF Uniswap Dollar Reference Rate on the last trading date. Positions are settled in cash rather than by handing 10,000 or 1,000 UNI to the holder of a long. This separates a futures position from direct token custody, staking or governance participation.

For a simple hypothetical standard contract, a move from $7 to $8 is $1 per UNI across 10,000 units, or $10,000 in contract value before fees and funding considerations. The matching short faces the other side of that mark. A micro contract would represent $1,000 for the same price change. The example describes exposure, not the margin needed to establish it or an actual payment by any trader. Daily variation margin and closing trades can cause cash to move before final expiry.

The settlement benchmark is a price reference, not a Uniswap pool or an onchain oracle called by the protocol. CF Benchmarks describes UNIUSD_RR as a once daily index aggregating eligible UNI dollar market trades from constituent exchanges. Its methodology and constituent markets matter when comparing futures with spot trades. A futures hedge based on that rate has benchmark exposure; an institution holding UNI on another venue may still face differences between its execution price and the rate used for final settlement.

Trading in an expiring future ends at 4 p.m. London time on the last Friday of the contract month, subject to a holiday adjustment if both London and the United States are closed. The benchmark and the expiry rule determine the final cash reference. A trader who buys UNI in a decentralized pool minutes before the benchmark window may receive a different price from the CME settlement. The prospect of an arbitrage trade does not erase fees, execution risk, slippage or the possibility that a spot route is not available in the same size.

There is a distinct mechanism called basis trading at index close, or BTIC. CME’s contract report assigns BUN and BMU codes for the standard and micro UNI products traded relative to the reference rate. A BTIC trade executed before the stated London cutoff uses the current day’s closing index for the related future price; a later execution uses the next day’s index. The existence of that facility does not prove a particular fund or dealer used it on launch day.

What a futures position does not buy
A UNI future gives economic exposure to a price move. It does not confer the voting rights attached to holding tokens in the relevant wallet or delegate, and it does not execute a swap through Uniswap’s contracts. The long can benefit when UNI’s price rises without directly acquiring the tokens that governance proposals count. A short can hedge token inventory without changing protocol parameters. The futures market can grow while onchain swaps or governance participation remain unchanged.

Uniswap’s token economics have changed since UNI was first introduced as a governance asset. Its UNIfication fee switch followed a governance decision to direct certain protocol fees into purchases and burns of UNI. Fees on selected v4 pools and networks subsequently brought more activity into the mechanism. Fee collection and burns are onchain activities with their own contract records. CME open interest cannot substitute for those figures.

Price and hedging can connect the two markets indirectly. A dealer selling futures might buy spot UNI to offset the exposure, while another dealer could use inventory it already owns or a different derivative. CME does not publish the hedge behind every trade, so contract volume cannot be converted into a claim about fresh token purchases. What the futures record shows is a transfer of price risk between counterparties, whose activity may or may not reach a spot venue.

The initial announcement cited strong client demand for regulated risk management tools. CME did not break out the number of clients seeking UNI specifically, nor did it provide a forecast for UNI contract volume. Its first half 2026 crypto derivatives average of 279,800 contracts a day and $8.3 billion daily notional covered the exchange’s suite at that time. It predates the UNI launch and cannot be presented as evidence of UNI demand. The same caution applies to the $15.4 billion average open interest quoted for the broader suite.

Market makers are being paid to help the launch
A separate CME rule filing numbered 26-480 describes a Bitcoin Cash and UNI futures market maker program. CME said the program would begin October 19 and last until January 31, 2027, unless changed, extended or ended. It may choose up to seven participants through a competitive application process. Those participants can be members or nonmembers.

Selected firms must quote continuous two sided markets at specified maximum bid and ask spreads and minimum sizes during a required share of trading time. Meeting the obligations can earn predetermined incentives. CME says it will monitor performance and can revoke a firm’s status. The public filing does not name the selected firms or give a UNI specific amount of incentive paid to them. It describes rules that could help an initially thin order book have executable bids and offers.

A trader benefits when designated firms keep bids and offers on the screen: entering or closing a position becomes easier, particularly in a new contract. Paid quoting, however, cannot establish how many independent hedgers want the product. CME’s current program runs through January 31, 2027, unless changed, extended or ended. Comparing spreads before and after that date would help show whether commercial trading can sustain the depth, while the filing says exchange execution and surveillance duties remain in force throughout.

BIG: Uniswap accounts for 60% of tokenized stock DEX trading volume

Tokenized stocks generated $20.9 billion in DEX volume over the past 30 days, with Uniswap v3 and v4 handling 60% of the total, according to Token Terminal. pic.twitter.com/yBXuoyskAR

— crypto.news (@cryptodotnews) September 30, 2026

The difference is measurable. A market with seven designated quoting firms could display bids and offers across trading hours but have little end user volume. Conversely, an active contract may be supported by additional unaffiliated liquidity providers. We cannot conclude either from the program notice alone. Contract specific volume, open interest, quoted depth and actual spreads are needed, preferably across multiple weekdays and weekends rather than one opening session.

CME opened its existing cryptocurrency futures and options markets to round the clock trading in 2026. SER 9820 lists UNI trading around the clock with defined maintenance windows, including a two hour period early Saturday in Central time and a brief daily weekday pause. A 24/7 label should not be read literally as uninterrupted trading every minute. Weekend quotation quality could differ from regular U.S. business hours even when the market is technically open.

The fine print changes how a trade is priced
The standard contract’s outright minimum price fluctuation is $0.0025 per UNI, or $25 for its 10,000 unit size. The micro contract’s outright minimum is $0.00125 per UNI, or $1.25 for 1,000 units. Those increments set the smallest allowed quoted price step for an outright future, not the total cost of placing a trade. A participant may pay an exchange fee and the bid and ask spread, and a broker can set its own commission.

SER 9820 lists different minimum increments for BTIC and calendar spread transactions. Those matter if an institution wants to hedge one expiry against another or execute relative to the daily benchmark. The standard and micro products are not simply the same line divided by 10 in every respect. Quoting increments, fees and potential liquidity can differ. A trader comparing them should first normalize exposure into UNI units and dollar notional.

The special executive report sets a minimum block trade threshold and a 15 minute reporting window. Such trades may allow large participants to negotiate or execute eligible positions under exchange rules, with clearing on the regulated venue. Their existence does not make every large transaction visible in the order book before execution. Counting visible screen depth alone may understate the ways institutional flow can be arranged, while block prints still require interpretation by time and contract month.

A futures quote can sit above the current UNI spot price or below it. Financing, margin costs and demand for a hedge all play a part in the gap, known as the basis. A contract priced above spot does not promise that the token will reach that price at expiry. Many positions are closed or rolled before then, and the final cash settlement ties only the expiring contract to the reference rate. Reading every intermediate quote as a price forecast gives the contract a meaning it does not have.

Large leverage can work against hedgers as well as speculators. Futures positions are margined and marked to market. A participant may need to post more collateral if the market moves against the position, even when a separate spot holding would make the combined economic exposure look hedged over a longer period. The entity carrying the spot tokens and the entity carrying the futures account can have different settlement schedules and operational controls. CME clearing supplies the exchange side of the arrangement, not the full financing of a trader’s strategy.

The exchange fee schedule illustrates another reason that “micro” does not mean a free substitute for standard exposure. SER 9820 lists a $4 per contract CME Globex fee for the standard product and $0.75 for the micro product in one membership category. Ten micro futures would represent the same 10,000 UNI notional units as one standard future but would incur $7.50 of those stated exchange fees instead of $4, if that exact category and transaction type applied. Other membership categories have different rates, and brokers may add charges. The calculation isolates one published fee line; it is not a universal comparison of total trade cost or a recommendation to use either size.

The same 10 to one conversion applies to price sensitivity. A one cent change in UNI corresponds to $100 per standard contract and $10 per micro contract. If a portfolio manager holds five standard contracts and 20 micro contracts, the total reference amount is 70,000 UNI. At a hypothetical $7 price, that is $490,000 notional. Counting the position as 25 contracts without converting units conceals its size. Exchange margin requirements and realized profit are separate from notional, so neither can be inferred by multiplying the token price by the number of contracts alone.

Different maturities add another layer. A participant with a near month short against a later month long has two outstanding positions but a spread exposure that is sensitive to the difference between those futures prices. Summing absolute contract notional without considering offsetting positions can overstate net directional risk. Public open interest does not reveal every trader’s paired positions. Consequently, even a careful aggregate across standard and micro lines describes market participation more reliably than it describes the direction or purpose of every trade.

The market maker program’s incentive is conditional on quoting performance, not simply on appearing as a participant. CME says it can assess proposed obligations, an applicant’s ability to maintain quotes and historical activity in similar markets. It can remove a participant whose performance fails its review. The resulting quotes may improve the displayed market while the program operates, but the public filing does not reveal who won the slots, the exact spreads promised by each firm or the amount of compensation any firm earned. Reporting a count of seven as actual appointed dealers would go beyond the document, which says “up to” seven.

These details create a workable evaluation period from the October 19 start through the currently scheduled January 31 end. Weekly observations of volume, open interest and executable spreads would show whether traders returned after the first publicity cycle. Comparing those data with the exchange’s own later report would avoid relying on a price chart that may move for reasons unrelated to CME. Any claim of institutional participation needs a named trade, disclosed position or attributed source; contract volume alone does not identify whether the buyer was a fund, a proprietary dealer or another customer.

The bull case is hedging, not instant protocol growth
An asset manager with token exposure may prefer a standardized, centrally cleared future to opening a short on an offshore perpetual venue. Exchange rules, dollar settlement and familiar margin systems can fit established risk processes. A hedge can be reduced, increased or rolled without moving the underlying tokens. CME’s stated goal of offering risk management across liquid altcoins gives that case its strongest form.

Some traders may use UNI futures without ever holding UNI. That is ordinary price speculation in a regulated derivatives market. It can add counterparties for hedgers and create observable prices across monthly expiries. It does not guarantee beneficial price direction. A short hedger needs a long counterparty; more long contracts do not exist without corresponding short positions. Open interest therefore measures participation, not a vote on future price.

The weaker claim would be that regulated futures automatically raise protocol revenue. Uniswap’s fees arise when users trade through its pools under governance configured rules. The protocol may use a portion for token burns under its approved mechanisms. CME’s exchange fees on futures belong to the exchange and intermediaries, not the automated market maker. A futures trade that is later hedged by a spot purchase may affect UNI markets, but there is no contractual requirement to route a hedge through Uniswap.

Nor does a futures launch prove an exchange traded fund is next. Other altcoins have had CME futures before particular fund applications, and U.S. fund listing requirements and commercial decisions are separate processes. The Avalanche and Sui futures rollout showed CME continuing to list more tokens in May 2026. It did not make each token’s governance or economics interchangeable. UNI’s link to a fee generating protocol adds questions that a generic futures listing cannot answer.

The countercase is that a deep, regulated futures market could make UNI risk easier for institutions to hold or hedge, even if it does not create onchain activity itself. The proposition can be tested in the months after launch. Sustained open interest, tight spreads outside promotional quoting hours and repeated participation across different expiries would support the idea of a durable hedge market. Sparse trading after the market maker program ends would weaken it. Either result leaves the protocol’s own fee and usage data to be measured independently.

Benchmarks and governance follow different clocks
The daily CME CF rate aggregates eligible market data according to a published methodology. A Uniswap governance proposal can move through discussion, voting and implementation on a different schedule. A protocol fee parameter change could affect expectations for UNI burns without changing the number of CME contracts immediately. A leveraged futures position can react to the anticipated event before an onchain rule is activated. The resulting price move would not, by itself, prove which event caused it.

The December 2025 UNI burn vote concerned token supply and fee switch activation. The futures contract launched almost 10 months later. A reader can compare the onchain burn records, trading fees and UNI supply with futures activity, but the units must remain distinct. Burned tokens are removed from circulation under a governance mechanism. Futures notional measures exposure to their price, not tokens destroyed, newly minted or held by CME.

Uniswap’s protocol can support swaps on multiple networks and versions. Fee settings differ by pool and governance action. Treating all reported trading volume as fee revenue would overstate the amount that accrues to the protocol, and treating all protocol fees as direct cash distributions to a futures holder would be wrong. A futures contract settles to a token price benchmark; its buyer receives no automatic entitlement to the protocol’s fee collections.

The exchange’s own data will give the first market answer. CME publishes contract specific volume, open interest and settlements, though any intraday screen is a time stamped snapshot and some public data are delayed. A comparison across standard and micro contracts should convert both to the same UNI unit and separate turnover from outstanding positions. Observing a highly traded debut without end of day open interest would suggest much of the risk was opened and closed in the session, not carried forward.

Market makers may use the standard and micro contracts together, shifting inventory between sizes. An open interest rise in one line and a fall in another may reflect that transfer rather than new aggregate demand. A clean market reading would add equivalent UNI units across contract sizes and maturity months, then compare the resulting exposure over time. Even that aggregation cannot identify every end holder or prove a direct spot hedge. It only describes outstanding futures risk on the exchange.

What to watch

Open interest in UNI units: Convert standard contracts at 10,000 and micro contracts at 1,000 before combining them.
Bid and ask spreads: Compare weekdays and weekends, including the period after the market maker program’s January 31 end date.
Monthly maturities: See whether positions persist beyond the nearest expiry rather than being confined to opening trades.
Spot and benchmark basis: Track futures prices against the CME CF reference rate without treating a premium as a forecast.
Protocol fees and burns: Check Uniswap’s onchain figures separately from CME volume and contract notional.

FAQ

When did CME UNI futures start trading?
CME listed the products effective October 18 for the October 19, 2026 trade date. The exchange currently identifies the UNI products as live.

How large is one standard UNI future?
A standard future represents 10,000 UNI. The micro version represents 1,000 UNI, or one tenth of the standard unit.

Do CME UNI futures deliver UNI tokens?
No. SER 9820 specifies financial settlement against the CME CF Uniswap Dollar Reference Rate on the final trading date. Holding a future does not transfer governance tokens.

Does a CME futures trade raise Uniswap protocol fees?
The trade itself occurs on CME, not in a Uniswap liquidity pool. Protocol fees require activity under the applicable Uniswap pool and governance rules; an optional spot hedge may or may not use those pools.

Does open interest show that institutions bought UNI?
No. It counts futures contracts still outstanding, each with one long and one short. A participant can hold price exposure without possessing tokens.

What does the market maker program require?
CME may choose up to seven participants to quote two sided markets at defined spreads and sizes. The published term runs from October 19 through January 31, 2027, unless changed.

Can the contracts trade on weekends?
Yes, except for specified maintenance windows. The listing report includes a Saturday two hour pause in Central time and a brief weekday maintenance period.

What would show the UNI market has lasting use?
Repeated contract specific volume, persistent open interest and workable spreads after the launch incentives would be evidence of a durable futures market. None alone establishes growth in Uniswap swaps. This is educational analysis, not investment advice.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of October 20, 2026.

Just weeks before the next round of earnings from many of the leading pure-play companies, the quantum computing industry seems to be focused on error correction. Quantinuum Inc. NASDAQ: QNT recently announced that it broke the global error-correction record by 10x, reducing logical errors tenfold compared with its previous record, while Alphabet Inc. NASDAQ: GOOGL has demonstrated that its "magic state" technology can reduce errors by 40x on its Willow processor.

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Still, with these technological advances dominating headlines, it can be easy to overlook more material achievements across the industry.

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That is exactly what has happened with D-Wave Quantum Inc. NASDAQ: QBTS, whose shares have fallen by nearly a third in the last month even as it has announced multiple promising operational updates.

The company has leaned into its R&D achievements in recent months—including a beta program for its gate-model simulator earlier in the fall—but what investors have really been seeking is proof that the company can grow its revenue and keep costs down.

Two recent updates—an expanding partnership with quantum foundry SkyWater Technology and the delivery of Italy's first-ever annealing quantum computing system—may help to give investors what they are looking for.

SkyWater Partnership Could Help Efficiency, Reduce CostsD-Wave has a long-standing partnership with SkyWater, the first domestic quantum foundry and now an IonQ subsidiary, but expanded its collaboration as of mid-October 2026 via a new multi-year agreement. Because the foundry has already supported D-Wave's development of its Advantage2 processors in recent years, as well as numerous other projects over the last decade, it has close knowledge of D-Wave's products and manufacturing needs.

This could be key to helping the quantum firm keep its costs down, and a newly efficient manufacturing process may be key. D-Wave claims that the optimized maintenance schedule implemented by SkyWater could reduce lot delays by up to 30%, with benefits for factory throughput.

D-Wave's costs are considerable: its adjusted EBITDA loss widened by 85% year over year (YOY) last quarter. A substantial portion of those costs is tied up in production, and if SkyWater can help make manufacturing more efficient—and, in turn, less expensive—it could go a long way toward improving D-Wave's bottom line. How long it may take for this impact to show up on D-Wave's earnings reports, however, remains to be seen.

A New Annealing Quantum System for Italy Reminds Investors of DemandD-Wave's recent gate-model quantum efforts, including its beta simulator, might suggest to investors that it is leaning heavily into this more traditional aspect of quantum technology while potentially losing focus on its other priority: annealing tech. With the delivery of a 4,400+-qubit Advantage2 system to Lombardy, Italy, however, the company reminds investors that it remains a leading annealing provider and that this technology still has real revenue potential.

Annealing may be better suited than other quantum technologies to optimization problems, and this latest delivery demonstrates continued interest among large institutional and organizational clients in this technology. By achieving critical physical infrastructure on the ground in Italy, D-Wave can further solidify its foothold in Europe.

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It's important to keep in mind what the Italian quantum installation does not mean, however: a diversified revenue stream or one that is likely to generate recurring revenue at the rate that many investors are hoping for. D-Wave’s reliance on one-off sales of major systems like this has made its revenue lumpy in the past, increasing the risk of disappointing earnings reports and making it harder to convince investors that it deserves higher analyst ratings.

In this way, the Italy deployment is perhaps not the game-changer that D-Wave needs in order to keep pace with some of its rivals. Still, fulfilling a major agreement is notable nonetheless, even if it may not be enough to establish a more consistent, long-term revenue stream.

Meanwhile, D-Wave shares are now down around 55% year to date (YTD). While the broader quantum computing sector has faced a sell-off in 2026, QBTS stock has experienced one of the steepest declines. Analyst price targets suggest the share price could triple, but investors may be waiting for a stronger catalyst than either of the two announcements above before buying again. Investors particularly bullish on D-Wave, however, may find that the current scenario—with a depressed share price and some recent operational successes just a few weeks out from the next expected earnings report—provides an attractive time to buy the dip. Even so, neither announcement necessarily points to an immediate rebound in the share price.

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Stacks brought its first institutional Bitcoin into staking during Q3 after the PoX-5 hard fork. Almost all liquid staked Bitcoin on the network now sits as lending collateral on Zest Protocol. STX has handed back a large part of its August-October rally despite the stronger network data. The token is testing a support zone where a key moving average and a retracement level overlap. STX, the native token of the Bitcoin smart contract layer Stacks, trades near $0.35 on Tuesday after losing roughly 19% over seven days, even though the STX Ecosystem Report for Q3 2026 shows the network pulled about 735 BTC into its new Bitcoin Staking product across the first two bonding periods. That gap between improving on-chain numbers and a weakening price has pushed STX back into the area that needs to hold if the rally that began in mid-August is to survive.

735 BTC Across Two Bonds The quarter turned on the PoX-5 hard fork, which went live on July 30 at Bitcoin block 960,230 and unlocked every staked STX token, forcing holders to restake under the new contract. They restaked 392M STX almost immediately, the figure climbed to 448M by the end of September, and it reached 493M once Bonding Period 2 opened on October 8.

The Genesis Bond opened on September 10 and filled all 230 BTC of its capacity, with ETP issuer 21shares, HashKey Cloud, Nakamoto Inc. subsidiary UTXO Management and Sypher Capital among the first participants. Stacks Labs sized that bond deliberately small so institutions could test the product live. The second bond doubled it to 505 BTC, and 483 BTC of that came through liquid staking on Stacking DAO.

Metric Latest figure Change in context STX staked 493M STX Up 25%+ from 392M after the fork BTC bonded ~735 BTC 230 BTC, then 505 BTC sBTC supply 2,487 BTC End of Q3 stBTC supply 636 BTC 97% posted on Zest Weekly DEX volume $16.7M 12-month high, week of Sept. 28 Source: Stacks Labs, Q3 2026 ecosystem report

Why Bitcoin Staking Locks Up STX STX holders care about Bitcoin deposits because of how PoX-5 works: it introduced protocol bonds, which pair BTC timelocked on the Bitcoin base layer with STX locked on Stacks as staking capacity, so every new tranche of Bitcoin needs STX sitting beside it. Bonding Period 2 alone required 6.7M STX alongside its 505 BTC, and the yield is paid in BTC. Stacks Labs says Bond 2 targets 3%, while Stacking DAO estimates about 2.3% a year for stBTC holders.

With a market capitalization of $627.55M at $0.3458, STX has roughly 1.81B tokens in circulation, which puts the 493M staked figure at around 27% of supply. Much of that stake is returning capital that the fork had temporarily unlocked, so the recovery above 392M is the part that reflects fresh demand.

Where the Staked Bitcoin Ends Up stBTC runs on sBTC, the Bitcoin-backed token on Stacks secured by a set of institutional signers, and nearly all of it ends up in one place: of the 636 BTC in stBTC supply, 97% is posted as collateral on Zest Protocol,
the network’s largest lending market, which reports more than $122M in deposits, $42M in borrows and 800 BTC of Bitcoin-denominated collateral. Zest also runs a levered staking vault that loops stBTC for extra yield, and it has processed over 1,500 liquidations since launch without bad debt. That record matters more as concentration grows, because a single liquidation engine now carries nearly all of the network’s staked Bitcoin.

STX Price Tests the $0.33 Zone STX/USDT daily chart. Source: Alexander Stefanov/TradingView STX climbed from about $0.118 in mid-August to a $0.459 high in mid-October, a gain close to 290%. During the first leg of that move the 14-day RSI pushed above 80, a reading that signals buyers were paying up at an unusually stretched pace, and it then stayed mostly between 55 and 75 while price ground higher through September. The index has now dropped to 45, below the 50 midline and well under its own average of 62, which means short-term momentum has passed to sellers.

The longer trend still leans positive, because in mid-September the 50-day EMA crossed above the 200-day EMA, a golden cross that marks the point where the average price of recent weeks overtook the longer-term average. Price has already lost the 0.236 Fibonacci retracement at $0.3785 and now trades just above $0.3318, where the 50-day EMA meets the 0.382 retracement at $0.3287. Fibonacci retracements measure how much of a rally has been given back, and this overlap makes $0.33 the first area where buyers tend to defend a trend.

A daily close below $0.3287 would leave $0.2884 as the next support, with the 200-day EMA at $0.2703 below it. A move back above $0.3785 would put the October high back in play.

Monthly Bonds Set the Q4 Test Bond 3 opens around November 10, and Stacks Labs expects custody integrations, including Anchorage, to bring more institutions in from that round onward, with a 50 BTC minimum for self-custodial participants. New bonds follow monthly through the end of 2026 with larger capacity each time, so each one will show whether Bitcoin demand keeps pace with supply and how much additional STX gets locked.
Epoch 4.1, the next network upgrade, targets activation in early December and makes Clarity 7 the default language version for new smart contracts, with the activation block height due at least 30 days in advance. Muneeb Ali, the Stacks co-founder, took over as CEO of Stacks Labs on October 15.

The Stack Sats incentive program pays out 1 BTC a month to Bitflow traders and Zest lenders until December 10, and the Stacks Endowment intends to use its participation data to design a longer-term DeFi rewards framework. Bitflow, the main exchange on the network, also plans to ship a new concentrated-liquidity design in Q4 that it says will handle at least ten times more swap throughput, which would matter if bond sizes keep doubling.

Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.

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Dime Community (DCOM - Free Report) came out with quarterly earnings of $0.91 per share, beating the Zacks Consensus Estimate of $0.87 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.60%. A quarter ago, it was expected that this bank holding company would post earnings of $0.76 per share when it actually produced earnings of $0.79, delivering a surprise of +3.95%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Dime Community, which belongs to the Zacks Banks - Southeast industry, posted revenues of $135.35 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 3.14%. This compares to year-ago revenues of $115.61 million. 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.

Dime Community shares have added about 28.6% since the beginning of the year versus the S&P 500's gain of 12.4%.

What's Next for Dime Community?While Dime Community 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 Dime Community 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 $0.96 on $135.86 million in revenues for the coming quarter and $3.38 on $518.22 million 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, Banks - Southeast is currently in the top 28% 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, Hilltop Holdings (HTH - Free Report) , has yet to report results for the quarter ended September 2026. The results are expected to be released on October 22.

This insurance holding compnay is expected to post quarterly earnings of $0.64 per share in its upcoming report, which represents a year-over-year change of -13.5%. The consensus EPS estimate for the quarter has been revised 5.2% lower over the last 30 days to the current level.

Hilltop Holdings' revenues are expected to be $319.86 million, down 3.1% from the year-ago quarter.

New York, New York--(Newsfile Corp. - October 20, 2026) - NANO Nuclear Energy Inc. (NASDAQ: NNE) ("NANO Nuclear" or the "Company"), an advanced nuclear energy and technology company developing microreactors, nuclear fuel cycle capabilities and nuclear transportation solutions, today announced that its subsidiary Secured Transportation Services LLC ("STS") was recognized for its contributions to two nuclear material transportation missions whose teams received 2026 U.S. Department of Energy ("DOE") Secretary of Energy Achievement Awards. The awards, presented on September 28, 2026, recognized the Japan High-Assay Low-Enriched Uranium ("HALEU") Removal and Venezuela Highly Enriched Uranium ("HEU") Removal teams for their successful execution of complex international nuclear material removal and transportation operations.

For the Japan HALEU removal mission, STS served as DOE's prime logistics contractor, coordinating the international shipment of approximately 1.7 metric tons of HALEU to the United States, the largest single international uranium shipment in the history of the National Nuclear Security Administration ("NNSA"), along with associated spent nuclear fuel. STS coordinated international transportation logistics, licensing, security coordination and delivery to designated U.S. facilities. Separately, for the Venezuela HEU removal mission, STS coordinated the U.S. receipt and inland transportation of approximately 13.5 kilograms of HEU removed from a dormant research reactor, facilitating its secure delivery to the Savannah River Site in South Carolina.

Both missions highlight STS' specialized nuclear transportation capabilities, which are integral to supporting national security, international nonproliferation cooperation and the development of a more resilient domestic nuclear fuel supply chain. The HALEU transferred from Japan is expected to support advanced reactor fuel development through DOE's HALEU Availability Program, while the HEU removed from Venezuela is expected to be processed for future use in the U.S. advanced nuclear fuel supply chain.

Figure 1: Secretary of Energy Chris Wright with 2026 Secretary's Honor Award recipients, including Roy Boyd, STS President. Credit: U.S. Department of Energy.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11703/319898_1ecf8e3c94f3a86d_002full.jpg

Separately, STS recently completed a specialized uranium hexafluoride ("UF₆") shipment to LIS Technologies Inc. ("LIST"), supporting LIST's ongoing uranium enrichment technology development and testing activities. STS served as the lead logistics and transportation coordinator, overseeing shipment planning, packaging arrangements and delivery. To address the highly specialized packaging requirements associated with the material's 5B UF₆ cylinders, STS worked with a subcontractor to arrange for the modification and use of a UX-30 transportation overpack. STS also contracted with Tri-State Secure Trucking to perform the over-the-road transportation. The shipment delivered the first physical UF₆ material for LIST's testing program in Oak Ridge, Tennessee, enabling further evaluation of its laser-based uranium enrichment technology. NANO Nuclear and LIST are affiliated companies.

"These awards reflect the exceptional teamwork and specialized expertise required to safely execute some of the most complex nuclear material transportation missions," said Roy Boyd, President of STS. "We are proud of our contributions to these important DOE and NNSA initiatives, as well as our continued work supporting commercial customers such as LIS Technologies. Each project demonstrates the critical role that experienced logistics coordination, specialized packaging solutions and regulatory expertise play in advancing the U.S. nuclear industry."

"STS's contributions to these nationally significant missions highlight the value of the specialized capabilities we added through its acquisition earlier this year," said James Walker, Chief Executive Officer of NANO Nuclear. "As we continue developing our microreactor technology and expanding our nuclear fuel cycle capabilities, STS provides an established platform for supporting the safe and secure movement of nuclear materials for both government and commercial customers."

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is a North American advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel supply chain, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services.

Led by a world-class nuclear engineering team, NANO Nuclear's reactor products in development include the proprietary KRONOS MMR™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign, the ZEUS™ system, a portable solid core battery reactor, and the space focused, portable LOKI MMR™ system, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, bolstered by the May 2026 acquisition of Secured Transportation Services (STS), is led by former executives from the largest transportation company in the world and provides nuclear engineering and materials transport services in the U.S. and globally. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear's own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear's developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS' initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon's surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

NANO Nuclear Energy LINKEDIN
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Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear's management and collaborators in connection with this news release contain or may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "explore," "plans", "aim," "goal," "believes", "potential", "future," "will", "should", "could", "would" or "may" or derivations of these words and other words of similar meaning about the future, although forward-looking statements could be denoted by other terms as well. In this press release, forward-looking statements include those relating to STS' specialized nuclear transportation capabilities and their potential contribution to NANO Nuclear's strategy and results of operations. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to, risks associated with STS's future performance and its ability to generate and grow revenues, as well as the following: (i) risks related to our U.S. Department of Energy ("DOE"), NRC, Canadian Nuclear Safety Commission ("CNSC") or related state or other U.S. or non-U.S nuclear licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complementary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) risks related to our ability to obtain key vendor, technology and customer contracts and the significant funding necessary to execute on our business plan, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the U.S. Department of Energy, and the NRC, including those associated with the recently enacted ADVANCE Act and the May 23, 2025 Executive Orders seeking to streamline nuclear regulation, and (vi) similar risks and uncertainties associated with the operating a developing business a highly regulated, competitive and rapidly evolving industry, including that our plans may change and we may use our cash on hand faster or in different ways than anticipated as our business requires. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319898

Source: NANO Nuclear Energy Inc.

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Apple (AAPL.O) said on Tuesday it has committed to purchasing up to $100 million of titanium over three years ​from a Pennsylvania-based company as part of the iPhone ‌maker's push to expand manufacturing in the United States.

The purchase agreement with Perryman Company, part of Apple's American Manufacturing Program, ​covers titanium for various products, including its ​first foldable phone, the iPhone Duo.

Here are more ⁠details:

Perryman will melt, forge and roll titanium with ​at least 80% recycled content at its site in ​Houston, Pennsylvania

Apple is also expanding its partnership with Delaware-based Qnity Electronics to cover production of films for the new variable-aperture camera system ​in the iPhone 18 Pro

Nearly 100 components in ​the iPhone Duo and iPhone 18 Pro are produced by ‌American ⁠companies, drawn from suppliers in more than a dozen states, Apple said

TSMC's Arizona plant will produce more than 100 million chips for Apple in 2026, while ​Corning's Kentucky facility ​will make ⁠all cover glass for iPhones and Apple Watches sold worldwide by the end ​of the year

Apple launched the American Manufacturing ​Program ⁠last year as part of its $600-billion, four-year commitment to US manufacturing

In August, Apple opened an Advanced Manufacturing Center in Houston, ⁠Texas, ​in the same facility that ​builds its AI servers and will begin making Mac minis this year

Breaking

By and Hugh Langley You're currently following this author! Click to unsubscribe from email alerts.

Google's cloud division competes with Amazon and Microsoft for enterprise customers. Bloomberg/Getty Images Google Cloud is experiencing outages in London that appear to have knocked out a number of banking services.

An update on Google Cloud's status dashboard states that it's seeing service issues at its europe-west2 region, which is based in London.

A handful of banking apps and services, including Halifax and Revolut, reported issues on Tuesday that coincided with Google Cloud's disruptions. Some companies said that the Google Cloud outage was the cause, while others attributed it to an unnamed third-party provider.

Users of some affected banking apps have said in social media posts that they can't make card payments, log in to the app, or transfer money.

"We can confirm that all our customers' money and data are safe. We've been working to fix the issue since it was identified this morning and apologize to anyone affected and for any inconvenience caused," Revolut said in a statement. The outage is due to Google Cloud, a person familiar with the matter said.

"We're aware some customers are having issues with our app and online. We're sorry about this and are working hard to fix it," Halifax posted on X.

Emma, a popular UK budgeting app, also reported outages on Tuesday. "Emma is currently down due to a Google Cloud outage affecting services in London since 7 a.m. This is a technical outage, not a security issue," the company said on X.

A Google spokesperson said the company was investigating the issue and referred Business Insider to the status dashboard, which said a "power event" caused the issue but has since been "mitigated."

Google was seeing some "recovery of services" by around 8 a.m. ET, and "tentatively" expected a full recovery by 9 a.m. ET, according to the dashboard.

Emma is currently down due to a Google Cloud outage affecting services in London since 7am. This is a technical outage, not a security issue. We're monitoring closely and will update here as soon as the app is back. Sorry for the disruption 🙏

— Emma (@emma_finance) October 20, 2026 Some have taken to X to share how the outage was disrupting their lives. One person said they've had to cancel their beauty appointments in Japan, and another said their card was declined at the airport and they couldn't reach the support team.

The outage also appears to have affected non-finance companies, too, according to Downdetector, a site that tracks online service disruptions.

An X account for DPD, a delivery service, said in a post that its website is affected, and the web-hosting platform SiteGround said the outage has hit its UK data center. SiteGround said in its post that its engineers are working with Google Cloud engineers to address the issue.

The UK's courts and tribunal service said that it was experiencing issues with its cloud-based video tools for remote hearings on Tuesday. "We're working with our technology partners to restore service," an account for the government service wrote in an X post.

The Google Cloud outage comes as the tech giant has competed with Amazon and Microsoft to win business from enterprises, startups, and governments, particularly amid the AI boom. Reliability is a big promise built into these deals, as outages can have costly consequences for customers.

Google is not alone in being affected by outages, though: Amazon, Microsoft, and others have suffered downtime this year.

This is a developing story. Check back for updates.

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Alice Tecotzky You're currently following this author! Click to unsubscribe from email alerts.

Alice Tecotzky is a reporter on the Finance desk, based in New York City. She writes about JPMorgan and what it's like to work on Wall Street. Have a tip? Email her at [email protected], reach her on Signal at alicetecotzky.05, or follow her on X @atecotzky.Alice graduated from Columbia University in May 2024 with a degree in English. Before she joined Business Insider, she covered breaking news at the Daily Beast and education at the Atlanta Journal-Constitution.

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Hugh is a senior correspondent at Business Insider where he writes about Google, tech, and wealth. His work has been cited by The New York Times, Bloomberg, Reuters, The Wall Street Journal, and other outlets.Get an alert whenever I publish a story.Got a tip? You can reach him using the secure messaging app Signal (hughlangley.01) or email ([email protected]). We can keep sources anonymous.

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Microsoft claims its in-house AI models now match OpenAI's output at a fraction of the cost, and that single number reshapes how one investor is sizing up the entire cloud AI trade against Alphabet and Amazon.

I follow Microsoft (NASDAQ:MSFT | MSFT Price Prediction) closely, and the company’s latest earnings call gave me one more reason to keep researching it. Microsoft says its in-house MAI models now match OpenAI’s output on common work for a fraction of the cost. I’m building a retirement portfolio that has to compound for decades, so I care about that cost curve more than any other number.

Cheaper Intelligence Keeps Pulling Me Back Enterprises run their AI on Microsoft’s platform, and Microsoft keeps cutting the cost of every answer. On the July call, management said MAI Cyber One Flash beat a much larger model at half the cost, and MAI Voice 2 Flash delivered an 89% reduction of GPU costs in Dynamics 365. Satya Nadella, the chief executive at the time of the call, put it simply: “We are advancing the frontier on the cost-to-outcome curve, ensuring every customer can turn tokens into business results.” CFO Amy Hood added that “Demand continues to exceed available supply.” With demand exceeding supply, every efficiency gain shows up as margin.

Three Receipts Behind Microsoft’s Momentum First, growth at scale. Fiscal 2026 revenue reached $331.84 billion, up 17.79%. Azure posted 43% growth in the fourth quarter and passed $100 billion in revenue for the full year. Commercial remaining performance obligations hit $678 billion, up 84%, so I can already see years of contracted demand.

Second, profitability. Microsoft runs a 46.78% operating margin, a 40.31% net margin and a 22.01% return on the capital it has invested. Fourth-quarter EPS of $4.74 beat the $4.24 estimate, making it the fifth consecutive beat.

Third, its financial position and income stream. Microsoft’s debt-to-equity sits at 0.29 and interest coverage at 50.88. The dividend yields 0.67%. Microsoft announced another quarterly dividend increase in September 2026, and in fiscal Q2 alone it returned $12.7 billion to shareholders.

Why Microsoft Stands Out Against Alphabet and Amazon Alphabet (NASDAQ:GOOGL) trades at 15 times earnings, against 30 for Microsoft. A $99.03 billion gain on equity securities ballooned Alphabet’s second-quarter net income, which makes that multiple look cheaper than it is. In the same quarter its free cash flow came in at negative $5.855 billion, it suspended buybacks, and long-term debt rose from $46.5 billion to $98.2 billion. Its dividend yield of 0.5% is also lower than Microsoft’s.

Shares of Amazon (NASDAQ:AMZN) trade at 36 times earnings and pay no dividend. It sells for 367.88 times free cash flow, against 59.14 for Microsoft, and its trailing free cash flow stands at negative $7.6 billion. Its operating margin is 11.16%.

Risk I Refuse to Ignore Capital spending is the biggest risk to Microsoft’s outlook. Fiscal 2026 capex rose 79.62% to $115.95 billion. Fourth-quarter free cash flow fell 23.19% to $19.64 billion, and management expects capex of roughly $175 billion. OpenAI concentration also matters to me: excluding OpenAI, commercial RPO grew only 25%.

Several metrics offset that risk. Operating cash flow rose 34.35% to $182.94 billion, and nearly 90% of Microsoft Cloud revenue came from customers outside frontier model companies. Hood also said capex has switched toward “short-lived assets,” so “if the demand environment changes, you just slow down” the biggest cost driver.

Growth Drivers Investors Can’t Afford to Miss Microsoft 365 Copilot has passed 30 million paid seats, and net seat additions more than doubled sequentially. Foundry has 100,000 customers, and Microsoft expects to roughly double its capacity in two years. All of that capacity has to be powered, cooled, and connected by someone, and we featured seven of the companies doing exactly that in a free AI infrastructure report. The stock gained 907.07% over the past ten years. Each cheaper model broadens the gap between what Microsoft charges and what it spends, and that gap is the metric to watch.

Contact [email protected] for any questions or corrections.

Nike (NYSE: NKE) stock has suffered a steep decline in 2026, but historical data suggests the shares could be poised for a recovery in November.

Notably, Nike stock has historically gained an average of 4.48% between November 14 and December 4, closing higher in all 10 years examined by SeasonalityX. However, the 100% historical win rate does not guarantee similar returns in 2026.

The data identified 676 recurring seasonal windows over the past decade, including 393 bullish and 283 bearish patterns. The October 31 to November 10 window delivered an average return of 1.45%, with an 80% win rate. 

Nike seasonality chart. Source: SeasonalityX November 1 to December 1 recorded an average return of 6.19%, while November 2 to December 2 returned 6.25%. Both windows had 90% win rates.

These patterns point to potential seasonal upside, although Nike’s fundamentals remain under pressure. The stock rose 0.22% in the latest session to close at $37, while remaining down 41% year to date. Indeed, Nike is trading well below its 52-week high of $70.44. 

NKE YTD stock price chart. Source: Google Finance Nike’s fiscal Q1 2027 revenue fell 4% year over year to $11.21 billion, while Greater China sales plunged 26%, marking nine consecutive quarters of declines. Intensifying local competition, weaker demand, and sluggish Sportswear and Jordan Brand sales have weighed on growth and pricing power.

Nike Direct revenue fell 6% to $17.7 billion in fiscal 2026, while digital sales declined 12%. In Q1 FY2027, Nike Direct revenue fell another 8% and digital sales dropped 13%.

Nike’s management focus  Management is refocusing on performance sports and rebuilding wholesale relationships. Nike also plans to end online sales arrangements with some major Chinese retail partners in early 2027 to regain control over distribution and pricing, although the changes could pressure near-term revenue.

At the moment, Nike expects fiscal 2027 revenue to decline at a high-single-digit rate. Its Pace restructuring program is expected to deliver $2.5 billion in cumulative savings through fiscal 2031, although additional restructuring charges are expected.

Despite weak sales, Nike retains a strong global brand, an established distribution network, and $8.4 billion in cash and short-term investments as of August 2026. 

The company generated $46.4 billion in fiscal 2026 revenue, while performance footwear and North America have shown relative resilience. The 2026 FIFA World Cup also offered an opportunity to boost football product sales.

Nike’s gross margin rose 60 basis points year over year to 42.8% in fiscal Q1 2027, but stronger demand, less discounting and sustained cash generation are needed to confirm a recovery.

Featured image via Shutterstock

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