Track market-moving stories before they get noisy

By Reuters

July 24, 20267:18 AM UTCUpdated 1 hour ago

Item 1 of 2 2025 Ford Bronco Sport vehicles sit on a dealership lot for sale in Dearborn, Michigan, U.S., May 7, 2025. REUTERS/Rebecca Cook/File Photo

[1/2]2025 Ford Bronco Sport vehicles sit on a dealership lot for sale in Dearborn, Michigan, U.S., May 7, 2025. REUTERS/Rebecca Cook/File Photo Purchase Licensing Rights, opens new tab

CompaniesJuly 24 (Reuters) - Ford (F.N), opens new tab ​is recalling 565,691 vehicles ‌in the U.S. as the engine compartment ​wiring harness may ​become damaged and short circuit, ⁠the National Highway ​Traffic Safety Administration said ​on Friday.

Here are the details:

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The recall affects certain 2021-2026 ​Bronco and Bronco ​Raptor vehicles.

A short circuit in ‌the ⁠engine compartment can create heat or spark, increasing the risk ​of a ​fire, ⁠the auto safety regulator said.

As ​part of the ​recall ⁠remedy, dealers will install sheathing over the ⁠wiring, ​free of charge, ​NHTSA added.

Preetika Parashuraman in Bengaluru; ​Editing by Mrigank Dhaniwala

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Revenue: $16.1 billion, $1.8 billion above guidance midpoint.Non-GAAP Gross Margin: 41.8%, 280 basis points above guidance.Non-GAAP Earnings Per Share (EPS): $

Gold Production: 1.3 million ounces.Copper Production: 17,000 tonnes.Silver Production: 7 million ounces.Cash Flow from Operations: $2.9 billion after working

Shares climbed after the group logged strong revenue figures, reassuring investors that growth at its cloud business remains healthy despite fears of AI disruption.

Core FFO: $2.13 per share in Q2 2026, 14% year-over-year growth.Bookings: Record 0 to 1-megawatt plus interconnection signings surpassing $100 million.Renewal

Revenue: $435 million, up 6% year over year.Earnings Per Share (EPS): $2.38, increased 7.7% year over year.Net Income: $217 million, compared to $207 million a

Micron stock's next catalyst may be coming from the Chinese model that initially unsettled semiconductor investors.

MU closed Thursday at $990.21, up 3.2%, after Alphabet raised its 2026 capital-spending forecast and revived confidence in data-centre demand.

Another signal is emerging from Moonshot AI’s Kimi K3. The low-cost, open-weight model was viewed as a threat to expensive Western infrastructure, but its popularity quickly strained computing capacity.

That reversal supports a Wall Street argument that cheaper AI may reduce the cost of each task while increasing the number of tasks, deployments and memory chips required.

Kimi K3 is a mixture-of-experts model with 2.8 trillion parameters and 50 billion active.

Its performance and low API prices revived comparisons with DeepSeek, raising fears that US technology groups were overspending on processors and data centres.

Demand then produced the opposite warning. Moonshot said usage pushed its infrastructure to capacity, forcing it to pause new subscriptions so customers could retain access.

For Micron, the point is not a confirmed order from Moonshot.

No such purchase has been disclosed, but the signal is that large, inexpensive models still consume memory when deployed at scale.

Bank of America analyst Vivek Arya said Chinese pricing reflects “business-model choices” rather than lower hardware costs, MarketWatch reported.

He added that model weights and active parameters can require “the same or more memory.” BofA reiterated its Buy rating and $1,550 target.

Open-weight models can transfer infrastructure spending from the developer to businesses operating them.

Deployments require servers, DRAM and storage even when access to the model is cheap.

The investment case resembles the Jevons paradox: when technology becomes cheaper, total consumption can rise because more customers adopt it and existing users run more workloads.

Wedbush analyst Matt Bryson said larger models require more memory to hold their parameters, either increasing memory content per accelerator or forcing larger chip clusters.

Continued adoption of Chinese models could therefore be “arguably good for memory vendors,” he said.

Micron, SK Hynix and Samsung are suppliers of high-bandwidth memory used alongside AI accelerators.

Wider deployment can also lift demand for DRAM and NAND storage needed to serve models and retain data.

Kimi K3 strengthens the demand thesis without proving that Micron will sell directly into China. Export restrictions, local suppliers and procurement arrangements make that conclusion premature.

The signal matters because data-centre memory supply is already tight.

Morgan Stanley analyst Joseph Moore said shortages “show no signs of abating,” according to MarketWatch, and expects prices to rise at least 25% from the second quarter to the third.

Moore argued that weakness in PCs, smartphones or consumer products could become a misleading “false flag” because AI data centres are absorbing so much DRAM.

Cloud customers are paying premiums to secure supply, while shortages are expected to persist through 2028.

Micron has reinforced that outlook by signing 16 multiyear customer agreements expected to generate about $22 billion in cash deposits and related financial commitments.

Chubb (NYSE:CB) reported a strong second quarter of 2026, with Chairman and Chief Executive Officer Evan Greenberg pointing to underwriting performance, investment income, life insurance growth and global diversification as key contributors to results.

Core operating earnings were $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, from the prior year, Greenberg said on the company’s earnings call. Tangible book value per share rose 17.1% year over year, which Greenberg described as the company’s “most important measure of shareholder wealth creation.”

The insurer posted an annualized core operating return on tangible equity of 21.2% for the quarter and a core operating return on equity of 14.5%. Property and casualty underwriting income exceeded $1.9 billion, up almost 19%, with a combined ratio of 83.8%. On a current accident year basis excluding catastrophe losses, the combined ratio was 82.2%.

Investment Income Hits Record Level Adjusted net investment income reached a record $1.88 billion, up more than 11%, supported by performance in fixed income and alternative asset portfolios. Greenberg said the fixed income portfolio yield was 5.1%, while the current new money rate averaged 5.5% as of June 30. Chubb’s invested assets stood at $175 billion, up from $161 billion a year earlier.

Chief Financial Officer Peter Enns said adjusted operating cash flow totaled $3.5 billion in the quarter. He also noted that Chubb issued $2.2 billion of debt across several currencies at a weighted average cost of 4.2% and an average term of about 7.5 years, with proceeds intended for general corporate purposes, including repayment and refinancing of debt.

Enns said Chubb returned $1.4 billion of capital to shareholders in the quarter, including $979 million of share repurchases at an average price of $327.18 per share and $395 million in dividends. The company ended the quarter with book value of $75 billion, or $195.45 per share. Book value per share and tangible book value per share excluding accumulated other comprehensive income grew 2.8% and 3.8%, respectively, during the quarter.

Chief Investment Officer Chris Hogan said the public fixed income portfolio generated $1.63 billion of income, up 12% year over year, while private investments, representing 12% of the portfolio, contributed $250 million, up 9.5%. Hogan called the current environment “ideal” for investment-grade bond investors, citing reinvestment rates above the portfolio’s book yield.

Premium Growth Varies by Business Line Global property and casualty premiums rose 3%, or 6.3% excluding large account and excess and surplus property, Greenberg said. Overseas general premiums grew 10.2%, or 4.8% in constant dollars. North America premiums increased about 0.5%, as commercial lines declined 2.3%, while personal lines and accident and health each rose 6%.

Greenberg said the “substantial majority” of Chubb’s businesses are growing, while some are flat or shrinking because of inadequate pricing or terms. He specifically cited U.S. large account and E&S property as an area where the company again reduced premium volume.

International retail, which Greenberg said produces more than $17 billion in annual gross premiums and operates in 51 countries, grew almost 12%, or about 6% in constant dollars. Consumer-related businesses, including accident and health and personal lines, were up more than 12%, while commercial lines rose more than 11%. Latin America grew 15.6%, Asia grew 12% and Europe grew nearly 7.5%.

In North America commercial, middle market and small commercial premiums grew almost 9%, with property and casualty lines up 12% and financial lines down about 3%. Premiums in major account and specialty, including E&S, declined 9% because of property.

In North America personal lines, Chubb’s high-net-worth business generated 6% premium growth and renewal retention of 90% on an account basis. Greenberg said the North America personal lines business now produces more than $8 billion in annual gross premiums.

Greenberg Warns on Casualty Pricing Greenberg said soft market conditions have begun to extend beyond property into more casualty lines, particularly in E&S. He said certain classes of large account and middle market business are becoming more competitive, and pricing in multiple casualty areas is not keeping pace with loss costs.

“U.S. casualty loss costs are rising at a pretty steady 6%-7% for primary casualty, and 9.5%-12% for excess,” Greenberg said, adding that pricing can become inadequate quickly under those conditions. He said financial lines remain soft, with some newer market participants and managing general agents underwriting at prices and terms he considers inadequate.

In North America, commercial property and casualty pricing excluding financial lines and workers’ compensation was up 1.3%, with rates down 1.4% and exposure change of 2.7%. Property pricing was down about 6%, while casualty pricing rose 7.1%, including a 6.4% rate increase and 0.7% exposure growth. Financial lines pricing was up 0.3%.

Asked during the question-and-answer session about casualty pricing, Greenberg said the issue was not limited to commercial auto. “It’s across casualty,” he said, adding that there is “zero evidence across the industry” that loss costs have abated.

Life Insurance and Worksite Benefits Grow Life income was $332 million, up 9% from a year earlier. Greenberg said international life insurance premiums and deposits rose almost 14.5%, with most exposure in Asia and most growth in North Asia, including China, Hong Kong, Korea and Taiwan.

Chubb’s North America Worksite Benefits business grew premiums 14%. Greenberg said the business has been built steadily over more than five years, through brokerage distribution tied to small and middle market commercial relationships and through a retooled agency force focused on small and lower middle market employers.

Greenberg said the company sees “a tremendous opportunity” to continue growing Worksite Benefits organically at double-digit rates, and expects it to become a more significant contributor to Chubb’s top and bottom line over time.

Reserves, Catastrophe Losses and Capital Pre-tax catastrophe losses were $475 million, principally from weather-related events in the U.S., Enns said. Chubb recorded favorable pre-tax prior period development of $441 million in active companies, with 89% from short-tail lines and 11% from long-tail lines. The corporate runoff portfolio had adverse development of $158 million, more than two-thirds of which came from molestation-related claims development.

Net loss reserves increased to nearly $69 billion, up 4% from the second quarter of 2025. The paid-to-incurred ratio was 90% for the quarter, or 86% excluding catastrophe losses, prior period development and agriculture. When asked why the ratio remains below pre-pandemic levels, Greenberg said it “speaks to overall the strength of our reserves.”

Enns said the core operating effective tax rate was 19.2% for the quarter, below the company’s previously guided range because of shifts in income mix and discrete tax benefits. Chubb continues to expect a full-year core operating effective tax rate of 19.5% to 20%.

Greenberg said Chubb remains confident in its ability to generate strong operating earnings growth and double-digit tangible book value growth over time, while acknowledging softer commercial property and casualty market conditions. “We have many sources and handles to pull,” he said, citing the company’s global mix, life business, invested assets and capital management.

About Chubb (NYSE:CB) Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.

In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.

Announcements from OpenAI and Anthropic continue to wreak havoc on certain sectors of the market, and the latest victim appears to be UiPath (PATH -4.63%), which as of midday Thursday had dropped by almost 15% from its peak over the prior few days. That slump in its stock price appeared to stem from OpenAI launching a new offering this week called OpenAI Presence. That solution is designed to help organizations better deploy AI agents by connecting those agents to the systems that house the organization's data, policies, workflows, guardrails, and existing software.

Presence can handle both real-time voice and chat interactions as well as help automate tasks such as resolving employee IT requests, fixing billing issues, and supporting insurance claims. The solution only gives AI agents access to the information and systems they need to complete their defined jobs, and clients can preset conditions when a person should take over or when human approval for an action is required.

Image source: The Motley Fool.

Software bots still have their uses While that may sound like what UiPath is doing in the robotic process automation and agentic AI arenas, there are some major differences. OpenAI Presence is largely aimed at deploying AI agents for things like customer service, sales, human resources, and IT support. These are all tasks that need probabilistic solutions, which AI handles very well. However, UiPath and its software bots have always been more focused on issues revolving around deterministic behavior. This includes rules-based tasks for things such as data entry or payroll. These are also tasks where management teams may be unwilling to take the risk that an AI hallucination will mess up the results. It's also much cheaper to use software bots than AI agents in cases where software bots can automate a particular task.

UiPath has also developed an agentic AI platform called Maestro, and while Presence could compete against this offering, Maestro has some clear advantages. The first is that it can determine which tasks need AI agents and which can be handled by cheaper software bots, and assign those tasks to the appropriate tools. AI expenses have been on the rise, and organizations are now making an effort to keep them in check. A solution like Maestro can save money while helping organizations manage a growing number of third-party AI agents and making sure they get the most value possible for their spending.

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Another important differentiation is that UiPath's Maestro platform is model-agnostic. Just as enterprises don't want to rely too much on a single vendor, they also don't want to be beholden to an AI model from a single company. Relying on OpenAI Presence is a bet on OpenAI's models, but that adds risk. If an AI model gets pulled (as happened recently with Anthropic's Claude Mythos 5) or a better model comes out, it is safer to have software layers that are separate from AI model vendors.

Overall, the pullback in UiPath stock that was triggered by the launch of OpenAI Presence looks overdone. UiPath could play an important role in the future of enterprise AI agent orchestration, and with the stock trading at a forward P/E ratio of about 13.5 and a price-to-sales (P/S) ratio of just above 3, it's an AI stock worth betting on.

CME Group (NASDAQ:CME) reported record second-quarter revenue and near-record trading activity, while executives used much of the company’s second-quarter 2026 earnings call to address investor questions about perpetual futures and outline a slate of new product launches.

Chairman and CEO Terry Duffy said second-quarter average daily volume was 29.8 million contracts, the second-highest second quarter in the company’s history and within 1% of the record set a year earlier. He said May and June were particularly strong following a difficult April comparison. Open interest ended the quarter up 8% from a year earlier and 16% since the start of 2026.

Duffy also said CME delivered record capital efficiencies, saving customers an average of more than $95 billion in margin per day. He said 94% of CME’s first-half volume came from institutional customers, a figure he used repeatedly to frame the company’s response to questions about perpetual futures.

Revenue Hits Second-Quarter Record Lynne said CME generated more than $1.7 billion in revenue during the second quarter, up 1% from the same period in 2025. She said that marked a second-quarter record and the company’s second-highest quarterly revenue total ever, behind the first quarter of 2026.

The average rate per contract was $0.678, up $0.026 from the first quarter. Market data revenue rose 20% to $238 million, which Lynne said extended CME’s streak to 33 consecutive quarters of year-over-year market data revenue growth and marked the eighth straight quarter of record market data revenue.

Adjusted expenses were $521 million, or $412 million excluding license fees. Adjusted operating income totaled $1.2 billion, producing a 69.5% adjusted operating margin. Adjusted net income was $1.1 billion, and adjusted diluted earnings per share were $2.99, up 1% from the second quarter of 2025. Lynne said the adjusted net income margin was 63.4%.

CME returned $1.2 billion to shareholders in the quarter, including $468 million in regular quarterly dividends and $695 million through share repurchases.

For the first half of 2026, Lynne said volume was 10% ahead of the prior year, revenue increased 8% and adjusted diluted earnings per share rose 10%. She also said July volumes to date were tracking 18% ahead of the prior year.

Executives Push Back on Perpetual Futures Concerns Duffy said recent discussion of perpetual futures had overshadowed CME’s business performance. He argued that although the products are often described as futures, they function more like leveraged spot instruments and are not substitutes for the institutional hedging tools used by CME’s core customers.

“Perpetual futures are in no way substitutes for the institutional hedging tools that these customers rely on,” Duffy said. He said the products do not provide price or time certainty, which he called necessary components for hedging exposures.

Duffy said CME has the technical and operational capabilities to launch perpetual futures and has contract specifications ready if customer demand or market structure changes justify it. However, he said the company has not heard demand from its core customers. In response to a question from Jefferies analyst Dan Fannon, Duffy said he had spoken with senior executives and derivatives users at major institutional participants, including a large commercial energy firm, and was told they did not want CME to list the product.

Tim added that CME’s cryptocurrency business has continued to grow even as crypto perpetuals have existed outside the U.S. He said CME’s suite of cryptocurrency futures and options was up 44% in the first half of 2026 compared with the first half of 2025, and up 76% in June from a year earlier. He said CME was seeing between $4.5 billion and $6.5 billion per day in trading across its cryptocurrency complex, compared with about $270 million at a Bitcoin perpetual product introduced by Kalshi in July.

Duffy also raised concerns about whether perpetual products should be classified as swaps, citing the exchange of payments through funding rates. In response to Deutsche Bank analyst Brian Bedell, he said CME believes its litigation will show that such products are swaps, not futures.

New Products Include Crypto, Gold, Single Stock Futures and Compute Futures Duffy highlighted several product initiatives, including 24/7 trading for crypto futures, 24/7 trading for CME’s one-ounce gold contract, Single Stock futures, Treasury Link and Compute Futures.

He said Single Stock futures are scheduled to launch the following week and will simplify directional trading with capital efficiency. Duffy acknowledged that Single Stock futures had failed in an earlier market cycle but said timing is important and that current market conditions make the product more relevant.

Tim said CME’s equity complex has shown momentum, with second-quarter average daily volume of 8.6 million contracts, up 13% year over year. He said June equity volume was 10.1 million contracts, up 54% from a year earlier, while July volumes were running about 40% to 50% above July 2025. He also said the new Single Stock futures will be financially settled against the closing print of each stock.

Julie said retail brokers globally were “extremely excited” about the Single Stock futures launch and described the product as a significant retail growth catalyst. She said more than 35 retail partners were targeting readiness for day-one or week-one activity.

Duffy and Derek Sammann also discussed Compute Futures, which CME plans to launch in partnership with Silicon Data later in 2026. Sammann said the product will be a daily benchmark tracking the spot hourly rental cost of NVIDIA H100 GPUs. He said the contracts are intended to provide price discovery and risk-management tools for data centers, AI labs, cloud providers, asset managers, banks, energy firms, hedge funds and professional trading firms.

Market Data, Prediction Markets and Treasury Link On market data, Julie said CME’s second-quarter revenue benefited from pricing, professional subscriber growth, derived data revenue and growth in simulation trading device accounts. She said professional subscribers rose 3.5% quarter over quarter, while simulation trading device accounts were up 56% year over year. The quarter also included about $7 million in audits and catch-up payments for prior periods, compared with $3.8 million in the first quarter.

Asked about prediction markets, Lynne said CME has handled about 525 million event contracts since launch, including about 48 million contracts related to market events. She said more than 140,000 accounts traded event contracts during the quarter, up about 13% from the prior quarter, and average daily volume was above 4 million, up about 40% from the first quarter. Duffy said CME is being careful about its product set and repeated his view that some sports-related prediction markets resemble gambling.

At the end of the call, Duffy asked for additional commentary on Treasury Link, a planned fourth-quarter 2026 offering. Mike said Treasury Link will enable centralized spread trading between Treasury futures and BrokerTec cash Treasuries on CME Globex, using FX Link technology. He said the product is designed to connect two major U.S. Treasury liquidity pools and reduce execution lag risk in cash-futures spread transactions.

Duffy closed the call by emphasizing CME’s institutional base, capital efficiencies and product pipeline, saying the company remains focused on expanding its marketplace while maintaining protections and market integrity.

About CME Group (NASDAQ:CME) CME Group Inc is a global markets company that operates some of the world’s largest and most liquid derivatives exchanges, including the Chicago Mercantile Exchange (CME), the Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX) and COMEX. The firm offers futures and options contracts across a broad range of asset classes — including interest rates, equity indexes, foreign exchange, energy, agricultural commodities and metals — and serves a diverse client base of institutional investors, commercial hedgers, brokers and retail participants.

The company’s core services include electronic trading on the CME Globex platform, central clearing through CME Clearing, and distribution of market data, indexes and analytics.

24.7.2026 10:47

EUR/USD 1,1383 (euro posiluje o 0,06 %)
USD/CZK 21,21 (dolar oslabuje o 0,16 %)
EUR/CZK 24,15 (euro oslabuje o 0,1 %)
GBP/CZK 28,24 (libra oslabuje o 0,11 %)
CHF/CZK 25,98 (frank oslabuje o 0,09 %)
PLN/CZK 5,5828 (zlotý posiluje o 0,05 %)

Zdroj: Reuters

Marek Krejčiřík
Fio banka, a.s.
Prohlášení

Natural Gas (NG) Price Chart Natural Gas continues trading in a broad consolidation range after a break above $2.95 could not be sustained. Currently, the contract trades at $2.89, below the 50-day moving average ($3.03), an above the 100-day moving average ($2.88), suggesting a neutral medium-term outlook.

First, resistance is at $2.95, followed by $3.03 and $3.09. First, support is at $2.83, with further support at $2.78 and $2.73. RSI is at 41, suggesting weak buying pressure.

A break and close above $2.95 is needed to improve the outlook for the market and open $3.03 and $3.09. This market would remain range-bound. A break below $2.83 would improve selling pressure and support an advance to $2.78.

WTI Crude Oil Technical Analysis: Pullback Tests Channel Support Above $90

EQT (NYSE:EQT) executives said the company exceeded expectations across key operating and financial measures in the second quarter of 2026, citing stronger production, better price realizations, lower operating costs and reduced capital spending.

Chief Financial Officer Jeremy Knop said EQT generated $330 million of free cash flow attributable to the company during the quarter, despite natural gas prices averaging $2.89 per MMBtu. He said the result reflected EQT’s position “at the low end of the cost curve.”

The company raised its 2026 production guidance by roughly 90 billion cubic feet equivalent at the midpoint while lowering full-year capital expenditure guidance by $25 million. EQT also said it is pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026 to accelerate construction timing for MVP Southgate.

Operational performance drives guidance increase President and Chief Executive Officer Toby Rice said EQT’s operating teams set multiple records during the quarter, including drilling what he described as “the longest lateral in the history of shale development” at more than 29,000 feet. Rice said the well was drilled 100% in-zone with no safety incidents. He also said EQT set a new basin 24-hour drilling record and a new company 48-hour drilling record.

Rice attributed the production outperformance partly to better-than-expected base production, including results from midstream compression projects that are extending flat production periods on new wells and reducing decline rates on older wells. He said those projects were part of the synergies projected when EQT acquired Equitrans and are continuing to exceed even the company’s upside forecasts.

During the question-and-answer session, Rice said compression projects are also benefiting new wells by allowing production into optimal gathering-system pressures. Knop added that EQT is recalibrating its models after the impact from lower pressures exceeded the company’s original expectations.

MVP Southgate construction accelerated Rice said EQT received Federal Energy Regulatory Commission authorization to begin construction activities on MVP Southgate and now has all key regulatory approvals in hand. The company elected to accelerate construction timing into 2026 to reduce execution risk.

Rice said the project will connect low-cost Appalachian natural gas supply with demand growth in the Carolinas, helping utilities meet energy needs and support reliability. He said MVP Southgate and the MVP Boost expansion were not included in EQT’s original Equitrans underwriting case.

In response to an analyst question, Rice said construction should be available by the end of the year, while the company is working on commercial arrangements tied to the accelerated project timeline. He said any benefit to 2027 plans would be upside.

New commercial agreements target power and LNG markets Knop said EQT recently signed a 10-year definitive agreement with Competitive Power Ventures to provide 325 million cubic feet per day of natural gas to a planned two-gigawatt power generation facility in Doddridge County, West Virginia. The facility is expected to enter service in early 2031.

Knop said the CPV contract is linked to PJM power pricing rather than a natural gas index, making it EQT’s second agreement using that structure. At the forward strip, he said EQT expects the agreement to provide a material premium to local index pricing. In response to an analyst question, Knop said that if the contract were online for a full year at full capacity, it would improve annual free cash flow by about $100 million and corporate differentials by $0.05, though actual utilization would be lower.

Knop said EQT can hedge the power-linked exposure but currently views the structure favorably because of the correlation between gas and power prices in PJM and the potential for spark spreads to widen as demand for generation grows.

EQT also updated investors on its LNG strategy. Knop said the company executed a five-year offtake agreement with a large Asian integrated energy company for approximately 500,000 tons per year of LNG beginning in 2028, sourced from Gulf Coast LNG facilities. At recent strip pricing, he said the agreement is expected to increase EQT’s 2028 free cash flow by about $45 million.

Blackline acquisition expands propane optionality Knop discussed EQT’s acquisition of Blackline Midstream for approximately $77 million. Blackline owns and operates two propane storage and distribution terminals in New England, including what Knop described as the largest propane storage facility in the region, with rail and waterborne access.

The assets provide 46 million gallons of storage capacity, and EQT currently supplies about 60% of Blackline’s propane volumes. Knop said the acquisition requires essentially no incremental capital investment and gives EQT additional flexibility for propane production, flow assurance, pricing optimization and commercial activity through domestic and international channels.

Knop said EQT projects a 20% free cash flow yield under its base case underwriting for Blackline, with upside that could roughly double that metric.

Management emphasizes balance sheet, buybacks and Appalachia demand Knop said EQT is close to reaching its long-term net debt target of $5 billion, which he described as a milestone in strengthening the balance sheet. He said the company plans to accumulate cash in the near term and deploy it into share repurchases during industry down cycles.

Asked how much cash EQT might hold, Knop said the company is “not opposed to accumulating at certain points in the cycle up to a few billion dollars of cash,” while adding that the company would look to be more aggressive with buybacks when it sees opportunities.

Management repeatedly highlighted Appalachian demand growth as a central theme. Rice said EQT’s analysis shows more than 45 Appalachian demand and pipeline takeaway projects under construction or in evaluation, representing nearly 20 billion cubic feet per day of potential demand. He said EQT would not grow “for growth’s sake” and would tie any upstream growth to demand supported by commercial agreements.

Knop said EQT internally estimates that high single-digit Bcf per day of growth, or roughly 40% of the identified potential, is realistic after risk-weighting the opportunity set. Executives said projects around the Clarington area in Ohio are a key focus for future pipeline takeaway opportunities.

Rice closed the call by calling the quarter “fantastic” and thanking shareholders and employees, saying the company is excited about its path forward.

About EQT (NYSE:EQT) EQT Corporation (NYSE: EQT) is a U.S.-based energy company focused on the exploration, development and production of natural gas. Headquartered in Pittsburgh, Pennsylvania, the company concentrates its upstream operations in the Appalachian Basin, producing from major shale formations including the Marcellus and Utica. EQT’s primary product is natural gas, with production activities supported by associated liquids and conventional gas assets where applicable.

In addition to drilling and well development, EQT operates and coordinates the infrastructure and commercial activities necessary to bring gas to market.

Brown-Forman Corporation (BF.B) Shareholder/Analyst Call July 23, 2026 9:30 AM EDT

Company Participants

Susanne Perram - VP & Director of Investor Relations
Marshall Farrer - Executive Chairman
Michael Carr - Executive Vice President, General Counsel & Secretary
Lawson Whiting - CEO, President & Director

Presentation

Susanne Perram
VP & Director of Investor Relations

Good morning, everyone. We have a packed house today. I see standing room only in the back, really impressive. I am Sue Perram. I'm Director of Investor Relations. I'd like to welcome you to Brown-Forman's 2026 Annual Meeting of Stockholders. So thank you for joining us here in Louisville, a beautiful Churchill Downs. But also welcome to my fellow Brown-Forman colleagues that are joining us virtually from around the globe.

Before handing the meeting over to Marshall, I would like to remind all of you of the code of conduct for today's meeting, which is on the slide behind me, and it can also be found on the meeting website. I also need to make you aware that portions of today's meeting may contain forward-looking statements and certain non-GAAP financial measures as more fully described on the slide behind me. So I don't have to read this to all of you this time. It's also in the appendix of the presentation, which we will be posting later today on our website, www.brown-forman.com.

So with that, we appreciate your interest in and continued support of Brown-Forman. And with that, I would like to turn the stage over to Marshall Farrer, Chairman of the Board.

Marshall Farrer
Executive Chairman

Thank you, Sue, and good morning, everyone. I'm pleased to now call the Brown-Forman 2026 Annual Meeting of Stockholders to order. To start, I would like to acknowledge certain individuals who are with us here today, our Board of Directors, former members of the Board of Directors, and I would ask that

First Financial Bancorp. (NASDAQ:FFBC) reported record adjusted second-quarter earnings and outlined plans to expand further in the Chicago and Northwest Indiana markets through its planned acquisition of Finward Bancorp, executives said on the company’s earnings call.

President and Chief Executive Officer Archie Brown said the quarter was “another active quarter” as the company continued post-integration work related to the Westfield acquisition and completed the systems conversion for BankFinancial. He said operating results were strong, with adjusted net income of $83.9 million, or $0.80 per share.

Brown said adjusted earnings per share increased 8% from the second quarter of 2025, driven by higher earning assets from organic loan growth and recent acquisitions. Adjusted return on assets was 1.5%, while adjusted return on tangible common equity was 19.7%.

Loan Growth and Margin Remained Stable Chief Financial Officer Jamie Anderson said the quarter was highlighted by “strong earnings, 7% loan growth, a solid net interest margin, and positive credit trends.” Net interest margin was 3.98%, down one basis point from the linked quarter. Anderson said deposit costs declined six basis points, while asset yields fell seven basis points due to lower accretion income.

Loan balances rose $240 million, or 7% annualized, with growth across much of the portfolio. Management highlighted commercial and industrial lending, Summit and Agile as key contributors. Brown said loan originations increased 23% from the first quarter and that advanced-stage pipelines remained strong heading into the second half of the year.

Average deposits increased $41 million, which Anderson attributed mainly to a seasonal influx in public funds and growth in interest-bearing demand accounts. He said 21% of total deposit balances remained in non-interest-bearing accounts and that the company remains focused on growing lower-cost deposits.

Fee Income Fell From First Quarter, Expenses Declined Brown said adjusted fee income was below management’s expectations after a strong first quarter, with lower foreign exchange swap income and investment banking fees weighing on non-interest income. However, he said the company expects a rebound in the third quarter.

Anderson said adjusted fee income totaled $72 million, led by leasing and foreign exchange. Other non-interest income increased $3.6 million due to higher income from bank-owned life insurance and limited partnership investments.

Adjusted non-interest expenses declined from the linked quarter, which management attributed to lower commission expense, payroll taxes and acquisition-related synergies. Anderson said core expenses decreased $5.7 million, driven by lower compensation costs tied to lower fee income.

Brown said virtually all expected Westfield cost reductions had been realized by June 30, while BankFinancial-related savings are expected to phase in during the third quarter, with full savings anticipated by quarter-end.

Credit Trends Improved and Capital Levels Rose Asset quality trends were positive in the quarter. Net charge-offs declined 15 basis points to 0.20% of total loans on an annualized basis. Anderson said net charge-offs were down 42% from the first quarter, while non-performing assets and classified assets also declined.

The allowance for credit losses increased two basis points to 1.38% of total loans. The company recorded $8.2 million of provision expense, driven primarily by loan growth and net charge-offs.

Capital levels remained above internal and regulatory targets. Tangible book value increased to $16.64, and the tangible common equity ratio rose to 8.2%. Anderson said tangible book value now exceeds pre-Westfield and BankFinancial levels.

The company did not repurchase shares during the quarter as it focused on acquisitions and integration work. Anderson said 34% of second-quarter earnings were returned to shareholders through the common dividend, and the board voted to raise the common dividend to $0.26 per share.

Third-Quarter Outlook Calls for Steady Margin For the third quarter, Brown said management expects mid-single-digit annualized loan growth and low single-digit core deposit growth. The company expects net interest margin to remain in a range of 3.96% to 4.01%, assuming no changes in interest rates and purchase accounting accretion in line with the second quarter.

Management expects credit costs to approximate second-quarter levels and allowance coverage to remain relatively stable as a percentage of loans. Brown said net charge-offs are expected to approximate 25 to 30 basis points in the back half of the year.

The company projected total fee income of $74 million to $77 million in the third quarter, including $15 million to $17 million from foreign exchange and $22 million to $24 million from leasing business revenue. Non-interest expenses are expected to range from $149 million to $152 million.

Finward Deal Expands Chicago and Northwest Indiana Presence First Financial also discussed its agreement to acquire Finward Bancorp, the holding company for Peoples Bank. Finward is headquartered in Munster, Indiana, and has 24 banking locations. Brown said the transaction is expected to expand First Financial’s ability to serve consumers and businesses in the Chicagoland and Northwest Indiana markets.

Finward has approximately $2 billion in assets, $1.7 billion in deposits, $1.5 billion in loans and $412 million in wealth assets under management. Under the agreement, each outstanding Finward common share will be converted into the right to receive 1.35 shares of First Financial common stock. Brown said the transaction was valued at approximately $208 million based on First Financial’s July 20 closing price.

Brown said the deal is expected to be approximately 5% accretive to First Financial’s earnings per share, with tangible book value per share at closing estimated to be only slightly diluted and an anticipated earn-back period of just over half a year.

Including the BankFinancial acquisition, Brown said First Financial will have added $2.9 billion in lower-cost deposits to its Northwest Indiana operations and will have $4.1 billion in deposits in Chicago and Northwest Indiana. The combined branch network in the region is expected to exceed 40 offices.

During the question-and-answer session, Brown said the company does not expect to be on the sidelines for M&A permanently, but said management does not see anything in the near to intermediate term beyond closing and integrating Finward. He said the acquisition is strategic and incremental relative to First Financial’s size.

Anderson said First Financial expects to close the Finward transaction around year-end, with conversion anticipated sometime in the second quarter of next year. He said cost savings would likely phase in after conversion, with the first full quarter of all expected savings likely in the fourth quarter of next year.

Brown said First Financial is also committing $500,000 to its foundation for the benefit of organizations in communities served by Finward, in addition to the $1 million donation made when the company entered the Chicago market through BankFinancial.

About First Financial Bancorp. (NASDAQ:FFBC) First Financial Bancorp (NASDAQ: FFBC) is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.

First Financial Bank’s product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.

Bank OZK (NASDAQ:OZK) executives used the company’s second-quarter 2026 earnings call to emphasize the bank’s ongoing shift toward a more diversified loan portfolio, with rapid growth in corporate and institutional banking helping offset elevated repayments in its real estate specialties group.

Chairman and CEO George Gleason said the corporate and institutional banking, or CIB, business is “a very important and rapidly growing and developing part” of the franchise. He said the bank is investing in the unit and hiring experienced leadership as it seeks to reduce concentration in commercial real estate and the real estate specialties group, or RESG.

“We want to make sure that we are not trading one concentration for another,” Gleason said, adding that diversification within CIB is important to long-term franchise value.

CIB Growth Adds Diversification Jake Munn, president of corporate and institutional banking, said CIB now includes more than seven major business lines, including corporate banking and sponsor finance, fund finance, lender finance, natural resources, franchise capital solutions, asset-based lending and equipment finance.

Munn also highlighted the bank’s emerging middle market group, which he said is intended to bridge the gap between the legacy community bank and the larger corporate banking and sponsor finance segment. The group will focus on family-owned businesses with roughly $15 million to $100 million in revenue, particularly within Bank OZK’s core footprint.

According to Munn, CIB currently represents more than 42 unique NAICS categories, giving the bank flexibility to adjust its emphasis across business lines as market conditions change. He said growth in the most recent quarter was led by corporate banking and sponsor finance, along with natural resources, while asset-based lending was less emphasized because of tighter pricing and more aggressive advance rates in that market.

Munn said the bank views CIB as more than a loan-growth engine, pointing to potential deposit opportunities and cross-selling in treasury management, private wealth management, commodity hedging, interest-rate hedging and capital markets services.

RESG Repayments Expected to Remain Elevated Executives said repayments in the RESG portfolio remained high in the second quarter and are expected to stay elevated through the rest of 2026 and into 2027. Gleason said repayments approached $3 billion in the second quarter and averaged about $2.5 billion per quarter over the trailing four quarters.

Gleason said the elevated repayment activity is tied to the natural cadence of loans originated during 2022, which he described as a record origination year. He said the bank expects repayments to taper somewhat in 2027 but remain elevated based on current projections.

President Brannon Hamblen said repayment timing can shift based on market conditions, sponsor strategies, refinancing activity, sales decisions and cap-rate changes. “A lot of it’s just the natural cadence of the portfolio moving through the pipe,” Hamblen said.

Despite the repayment headwind, Gleason said the bank continues to expect mid-single-digit loan growth for the full year. He said a wave of repayments early in the second quarter pressured average earning assets, making it difficult to catch up during the rest of the period.

“Hopefully those prepayments will be a little more levelized in Q3 and Q4,” Gleason said.

Net Interest Income Guidance Pressured by Average Earning Assets Asked about changes in net interest income commentary, Gleason said the principal factor was average earning assets rather than deposit competition or liability-side pressures. He said the bank had expected more linear growth during the year but experienced a pullback in the second quarter after early loan payoffs.

Gleason said Bank OZK had anticipated a competitive deposit environment at the start of the year, and that environment has continued. He said the bank’s view of net interest margin is broadly consistent with analyst consensus estimates and reiterated that management expects margin to be slightly below the first quarter’s 4.20% level.

On deposit costs, Gleason said the bank’s CD specials are roughly 10 basis points higher than their low point, reflecting expectations for more deposit growth in the third and fourth quarters to support loan growth. He said the second-quarter cost of interest-bearing deposits likely represented an inflection point and that modest increases are expected going forward.

Chief Financial Officer Tim Hicks said he expects average earning assets to increase in both the third and fourth quarters from the second-quarter level.

Credit Trends and Reserves Remain in Focus Credit quality was a major focus of the call, with analysts asking about special mention loans, life science exposure and charge-offs. Gleason said the increase in special mention loans should not be overinterpreted, noting that some loans enter the category while extension or recapitalization discussions are underway and later return to pass status.

“I think there are several of them that look like they’re going to work out favorably and be candidates for upgrade over the next couple of quarters, if not the next month or two,” Gleason said.

Hicks said Bank OZK had built its allowance for credit losses in recent years in anticipation of later charge-offs. As those charge-offs are realized, he said the bank has considered it appropriate to reduce the allowance over the last couple of quarters. He cited two Seattle buildings that moved into other real estate owned during the quarter, with charge-offs of $22 million on the office property and $3.7 million on the life science property, saying those amounts had already been reserved for in the prior quarter.

Hicks said provision expense has been below consensus estimates over the last several quarters and could continue to “drift down” if the economy maintains its resiliency and strength.

On life science, Gleason said the bank has a “pretty healthy” allowance for the portfolio given sector challenges. He said several life science assets are well leased, while one life science loan that was exited through a discounted payoff was, in his view, probably the least desirable single asset in the portfolio. Hamblen said tenant activity has improved in some markets, including interest from technology, AI and office users in addition to life science tenants.

Real Estate Concentration Continues to Decline Gleason said muted RESG origination volume and ongoing repayments will continue to reduce the bank’s real estate concentration. He said Bank OZK is now below the regulatory concentration guideline for total commercial real estate and expects to be below the 100% guideline for construction and development by the end of 2026 or early 2027.

Management expects the CIB and RESG portfolios to become roughly equal in size at some point in 2027. Gleason said that implies continued strong growth in CIB and continued paydowns in RESG. He also said the community banking, indirect and RV portfolios could show more positive momentum through 2027, resulting in a more balanced portfolio across major segments.

Asked about share repurchases, Hicks said the bank used about $175 million of its prior $200 million authorization over the last four quarters at an average price below tangible book value. He said the board has approved a new $200 million authorization for the next four quarters, with actual usage dependent on the stock price.

Gleason closed the call by saying management looks forward to updating investors again next quarter.

About Bank OZK (NASDAQ:OZK) Bank OZK, formerly known as Bank of the Ozarks, is a regional commercial bank headquartered in Little Rock, Arkansas. Established in 1903, the bank offers a full suite of banking products and services to both individual and corporate clients. Through a combination of organic growth and targeted acquisitions, Bank OZK has built a diversified lending portfolio and a strong deposit franchise.

The bank’s core operations focus on commercial real estate lending, including acquisition, development and construction financing.

HomeEarnings AnalysisConsumer 

SummaryMonarch Casino delivered a 6% EPS beat, with hotel segment growth and robust cash generation, despite a 5% stock pullback post-earnings.MCRI's hotel revenue rose 13% YoY, now over 15% of total revenue, driven by regional visitation trends and recent property renovations.Adjusted EBITDA margin dipped 30 bps to ~37%, mainly due to higher F&B costs and wage inflation, but SG&A remains well-controlled.I upgrade to a moderate 'Buy,' targeting $125 short-term and $140–$150 medium-term, citing strong EPS growth and M&A optionality. Alex Potemkin/iStock via Getty Images

Monarch Casino (MCRI), which I affectionately call the 'Jewel of Regional Casinos,' reported its earnings yesterday.

I had written that I expected a moderate EPS beat, with revenue at the same pace as the last

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

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

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24.07.2026 7:20

MONETA Money Bank, a.s.
(IČ: 25672720)

MONETA meziročně zvýšila svůj čistý zisk o 8,1 procenta na 3,3 miliardy Kč. To představuje návratnost hmotného kapitálu ve výši 23,3 procenta. Prezentace finančních výsledků je dostupná zde a na odkazu: https://investors.moneta.cz/financni-vysledky

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Zdroj: Bloomberg

Marek Krejčiřík
Fio banka, a.s.
Prohlášení

Posted by Defense World Staff on Jul 24th, 2026

Gentherm (NASDAQ:THRM – Get Free Report) announced that its Board of Directors has approved a share buyback program on Thursday, July 23rd, RTT News reports. The company plans to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the auto parts company to reacquire up to 36.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes Several analysts recently weighed in on the company. Robert W. Baird lifted their price target on Gentherm from $33.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Wall Street Zen raised Gentherm from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 25th. Stifel Nicolaus raised their price target on shares of Gentherm from $38.00 to $44.00 and gave the company a “buy” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price target on shares of Gentherm from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Finally, Weiss Ratings upgraded shares of Gentherm from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $38.60.

Read Our Latest Research Report on Gentherm

Gentherm Stock Performance Shares of Gentherm stock opened at $45.61 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.97 and a quick ratio of 1.36. Gentherm has a one year low of $27.00 and a one year high of $45.96. The business has a 50-day simple moving average of $35.19 and a 200 day simple moving average of $32.88. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 60.81 and a beta of 1.38.

Gentherm (NASDAQ:THRM – Get Free Report) last posted its earnings results on Thursday, July 23rd. The auto parts company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.19. The company had revenue of $404.94 million for the quarter, compared to analyst estimates of $382.90 million. Gentherm had a net margin of 1.47% and a return on equity of 11.25%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 EPS. On average, research analysts anticipate that Gentherm will post 2.75 earnings per share for the current fiscal year.

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

Positive Sentiment: Gentherm beat Q2 earnings and revenue expectations, reporting $0.75 per share versus the $0.56 consensus and revenue of $404.94 million versus $382.90 million expected. The company also said revenue rose 11% year over year. Gentherm (THRM) Beats Q2 Earnings and Revenue Estimates Positive Sentiment: Management raised full-year 2026 guidance and highlighted record quarterly revenue of $416 million, signaling momentum heading into the second half of the year. Gentherm Reports 2026 Second Quarter Results and Announces a New Increased Stock Repurchase Authorization Positive Sentiment: The board approved a new stock repurchase authorization of up to $400 million, which can support earnings per share and signals confidence in the company’s cash generation. Gentherm Reports 2026 Second Quarter Results and Announces a New Increased Stock Repurchase Authorization Positive Sentiment: Gentherm also announced the acquisition of Innovative Medical Equipment, expanding its medical product portfolio and customer channels, which could add to longer-term growth. Gentherm Acquires Innovative Medical Equipment, LLC, Strengthening Medical Product Portfolio and Customer Channels About Gentherm Get Free Report)

Gentherm Incorporated (NASDAQ: THRM) is a global developer and supplier of advanced thermal management technologies for automotive, specialty vehicle, medical, consumer and industrial markets. The company’s core focus lies in delivering integrated heating and cooling systems designed to enhance energy efficiency, comfort and safety across a wide range of applications. Gentherm’s product portfolio includes seat thermal systems, heated and ventilated seating surfaces, steering wheel heaters, battery thermal management solutions, and climate systems for electric vehicles.

In the automotive sector, Gentherm partners with leading original equipment manufacturers to engineer and manufacture high-performance thermal solutions that meet stringent industry demands for reduced weight, lower energy consumption and improved passenger comfort.

Featured Stories Five stocks we like better than Gentherm Premium Retail’s Stress Test Is Separating Winners From Losers D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? GE Vernova Just Sent a Mixed AI Signal to Investors Alphabet Crushed Earnings, But One Number Spooked the Market Receive News & Ratings for Gentherm Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gentherm and related companies with MarketBeat.com's FREE daily email newsletter.

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Weatherford International (NASDAQ:WFRD) reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million and adjusted free cash flow of $139 million, as management said the oilfield services company held margins steady despite operational disruptions tied to conflict in the Middle East and softer activity in several markets.

President and CEO Girish Saligram said adjusted EBITDA margin was 20.2% in the quarter, while adjusted free cash flow conversion reached 62.3% of adjusted EBITDA. He said the company was “especially pleased” with margin and cash performance given a challenging backdrop that included Middle East activity not returning to pre-conflict levels, activity declines in Indonesia, pricing pressure in some areas and a union strike in Norway.

“Despite those incremental pressures, our team rallied to deliver EBITDA margins north of 20% and essentially flat to Q1,” Saligram said. He also cited working capital execution, including strong payments from Weatherford’s largest customer in Mexico, as a key driver of cash flow.

Middle East disruptions weigh on outlook Saligram said the Middle East was the most visibly affected region in the quarter, with activity suspensions, project deferrals and logistical disruptions that began in March continuing through much of the period. Freight and logistics costs remained elevated, peaking in May before beginning to moderate, he said.

The company previously estimated a first-half profit impact of $30 million to $50 million from the regional conflict. Saligram said the first-half impact was within that range, but that the full-year effect is expected to increase following recent flare-ups, and Weatherford has incorporated that into its guidance.

In response to a question from Citigroup analyst Scott Gruber, Saligram said the financial impact does not appear to be increasing at the moment and is moderating, though he cautioned that the situation remains uncertain. He said Saudi Arabia had started to return to normalcy before the latest flare-up, while Oman remained broadly stable. He identified Bahrain, Qatar, Iraq and Kuwait as areas that had seen more disruption and delay.

Weatherford also saw revenue decline in Saudi Arabia following the conclusion of its LSTK contract, an effect Saligram said will be more visible in the second half. He said the company remains interested in growth in Saudi Arabia but is comfortable not having an LSTK contract given market pricing levels.

Guidance revised, cash flow outlook raised Executive Vice President and CFO Anuj Dhruv said Weatherford generated $139 million of adjusted free cash flow in the second quarter, compared with adjusted free cash flow conversion of 31.1% in the second quarter of 2025 and 36.5% in the first quarter of 2026. He attributed the improvement primarily to working capital release, continued collections, including from the company’s key customer in Mexico, and lower capital expenditures.

Dhruv said adjusted net working capital as a percentage of revenue improved sequentially by about 90 basis points to 27%, marking the second consecutive quarter of improvement. Capital expenditures were $42 million, or 3.8% of revenue, down about $12 million from the prior-year quarter.

Weatherford returned $36 million to shareholders during the quarter, including $20 million in dividends and $16 million in share repurchases. Since launching its shareholder return program, the company has returned more than $370 million through buybacks and dividends, Dhruv said.

At quarter-end, Weatherford had about $1.14 billion of cash and restricted cash, total liquidity of $1.7 billion and a net leverage ratio of 0.34 times.

For the third quarter, Weatherford expects:

Revenue of $1.105 billion to $1.155 billion; Adjusted EBITDA of $235 million to $265 million; Adjusted free cash flow of more than $100 million. For full-year 2026, the company now expects revenue of $4.54 billion to $4.80 billion and adjusted EBITDA of $951 million to $1.046 billion. Weatherford raised its adjusted free cash flow conversion outlook to the mid-to-high 40% range, up from its prior outlook, while forecasting an effective tax rate in the low-to-mid 20% range.

Regional and segment trends mixed Latin America revenue declined sequentially, driven primarily by Mexico, where activity came in below expectations as several wells were deferred and Weatherford’s largest customer in the country continued to prioritize spending, Saligram said. However, collections from that customer were strong, and the company has aligned its cost structure and footprint in Mexico to current activity levels.

During the Q&A, Saligram said Pemex appears to have reached “a point of stability,” adding that Weatherford is not betting on a major increase in activity but sees potential for mid-to-high single-digit growth in 2027 and beyond. Dhruv said the second quarter marked the third consecutive quarter of sizable collections from Pemex and said the company is cautiously optimistic that trend will continue.

In Europe, Sub-Saharan Africa and Russia, revenue grew sequentially on higher activity, though a labor strike in Norway affected activity late in the quarter and is expected to remain a headwind into the third quarter.

By segment, Weatherford said:

Well Construction and Completions revenue declined 5% year over year, primarily due to lower activity in the Middle East and North Africa, partly offset by higher completions activity in Latin America; Drilling and Evaluation revenue declined 13% year over year, mainly from lower wireline and drilling-related services activity in MENA, partly offset by higher managed pressure drilling activity in Europe, Sub-Saharan Africa and Russia; Production and Intervention revenue declined 3% year over year, primarily due to lower artificial lift activity in North America and Latin America. Contracts, NCS acquisition and redomestication plans Saligram highlighted several contract awards, particularly in deepwater markets. In Brazil, Weatherford received offshore well intervention and managed pressure drilling awards from Constellation Oil Services, Ventura Offshore and Valaris. In West Africa, Noble Corporation awarded multiple managed pressure drilling contracts and a global aftermarket agreement in Nigeria, while Esso Exploration and Production Nigeria awarded Weatherford a deepwater integrated completions contract. Chevron awarded a five-year framework contract in Australia for tubular running services, casing accessories and other tools tied to a deepwater development project.

Beyond deepwater, Saligram said Kuwait Oil Company awarded two five-year contracts for cementation products and completion services, while PTTEP awarded a 22-month downhole deployment valve contract in Thailand. Petroleum Development Oman awarded Weatherford a three-year integrated drilling services contract covering 247 wells in the Marmul Field.

Weatherford also discussed its definitive agreement to acquire NCS Multistage, which Saligram said expands the company’s completions portfolio and increases exposure to unconventional resources. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions. Weatherford expects at least $15 million of annual cost synergies within 18 months of closing.

Saligram said the deal is “at its core, a distribution play,” with NCS bringing differentiated technology and Weatherford offering a customer base across six continents. In response to analyst questions, he said the focus is less on increasing North American exposure and more on scaling NCS technologies globally, including in Argentina, the Middle East and other unconventional markets.

Saligram also updated investors on Weatherford’s proposed redomestication to the United States. A prior proposal to redomesticate to Texas received more than 60% support from votes cast but fell short of the 75% threshold required under Irish law. Weatherford has since introduced a proposal to redomesticate to Delaware, with special shareholder meetings scheduled for Sept. 3. The company continues to expect $20 million to $30 million of annual cash savings beginning in 2027, subject to approvals.

Management emphasizes margins and cash discipline Throughout the call, management emphasized that Weatherford would prioritize returns over lower-margin revenue. In response to Barclays analyst David Anderson, Saligram said the company recognizes that top-line growth is needed over the long term, but it will walk away from contracts that do not provide the right returns unless they offer strategic capability benefits.

Saligram said Weatherford sees a multi-year demand cycle forming around energy security, though the timing and pace have been affected by geopolitical events and demand uncertainty. He said national oil companies and governments are increasingly anchoring investment programs around security of supply, including gas programs, deepwater projects and domestic production initiatives.

“The recovery will be progressive, and we are managing the company accordingly,” Saligram said.

About Weatherford International (NASDAQ:WFRD) Weatherford International (NASDAQ: WFRD) is a global oilfield services company specializing in the development, design and manufacturing of equipment and technologies for oil and natural gas drilling, evaluation, completion and production. The company’s core offerings include well construction services such as directional drilling and wellbore positioning, well completion solutions that encompass sand control and zonal isolation technologies, and production enhancement services involving artificial lift systems and well intervention tools.

In addition to its comprehensive service lines, Weatherford provides a range of drilling optimization and reservoir evaluation products.

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Badger Meter (NYSE:BMI) reported lower second-quarter 2026 sales and earnings from the prior year, but management said revenue improved sequentially as previously awarded advanced metering infrastructure projects began shipping and reaffirmed its expectation for improving quarterly revenue through the rest of the year.

Chief Financial Officer and Treasurer Dan Weltzin said total sales for the quarter were $222.3 million, down 7% year-over-year. Excluding about $2 million in sales from UDlive, which Badger Meter acquired on May 1, base sales declined 7.5% from the prior-year period. However, base sales rose 9% from the first quarter, which management said reflected initial shipment ramps on several awarded projects.

Chairman, President and Chief Executive Officer Ken Bockhorst said the results were in line with expectations. “As expected, we delivered sequentially improved sales in the second quarter as a number of our previously awarded AMI projects began initial ramping of shipments,” he said. He added that the company saw “a modest increase” in short-term order rates and in flow instrumentation.

Utility Water Sales Decline, Flow Instrumentation Grows Weltzin said utility water sales declined 8% year-over-year, or 9% excluding the acquisition, due to the project pacing dynamics the company has been discussing. Lower AMI-related product revenue was partially offset by higher software and growth in what the company calls beyond-the-meter offerings. On an organic basis, utility sales increased 8% sequentially.

Flow instrumentation sales rose 6% from a year earlier, supported by broad-based water application demand. In the question-and-answer session, Bockhorst said the company benefited from orders tied to data center applications, including clamp-on meters and magnetic meters used for cooling towers and flow monitoring. However, he cautioned that the business should still be viewed as having “GDP-like” growth over the company’s five-year strategic horizon.

The company also confirmed that product shipments for the PRASA project have begun. Bockhorst said several other awarded projects have also started, and that the overall cohort of nine previously discussed awarded projects “feels like it’s pretty solid at this point.” Management declined to provide individual project-level details.

Margins Hold Within Range Despite Lower Volumes Operating earnings declined 12% year-over-year, and operating margin fell 110 basis points to 17.7%. Excluding UDlive, base operating margin was 18.4%, down 40 basis points from the year-ago quarter.

Gross margin was 40.8%, down 30 basis points from the second quarter of 2025. Weltzin attributed the decline primarily to lower sales volumes and project mix, but said gross margins remained in the upper half of the company’s normalized range, reflecting “the resiliency of our overall structural mix and pricing discipline.”

Selling, engineering and administrative expenses totaled $51.4 million, down $1.6 million from the prior year. Weltzin said spending controls, lower incentive compensation and cost containment actions more than offset about $3 million of year-over-year spending tied to UDlive and transaction-related costs. The company expects UDlive intangible asset amortization of approximately $5 million annually.

Diluted earnings per share were $1.02, down from $1.17 a year earlier. The effective tax rate was 25.2%, compared with 24.5% in the prior-year quarter.

Cash Flow Lower; Buybacks Continue Free cash flow was $21.9 million, down from $40.6 million in the prior-year quarter. Weltzin cited lower earnings and temporary increases in working capital. Primary working capital as a percentage of sales rose to 22.9% from 20.0% at the end of the prior quarter.

Weltzin said the increase in receivables was related to revenue timing, while inventory levels were above average due to revenue pacing dynamics. He said the company expects to work down inventory through the fiscal year and remains focused on full-year cash flow conversion in excess of 100% of net earnings.

During the quarter, Badger Meter repurchased 204,000 shares for $25.3 million. Weltzin said the company has about $90 million remaining under its current share repurchase authorization and has deployed roughly $80 million in buybacks over the past three quarters. The company also renewed a five-year, $150 million credit facility, which remains undrawn.

Management Reaffirms Full-Year Organic Revenue Outlook Management reaffirmed its outlook for sequential improvement in base quarterly revenue for the balance of 2026. Excluding UDlive, Badger Meter continues to expect full-year organic revenue to be “flat-ish” with 2025 levels.

Bockhorst emphasized that the outlook should not be interpreted as perfectly flat, citing variability in project ramping and short-term order patterns. He said year-over-year base sales growth is expected to be heavily weighted toward the fourth quarter because it represents the company’s easiest comparison.

On short-cycle demand, Bockhorst said the first quarter was an outlier and that second-quarter order rates were “more normal-ish” and typical of the operating environment. He said a higher daily turn rate of orders in the second quarter, combined with project activity, supports the company’s full-year stance.

Management also discussed electronic component cost and availability pressures driven by demand from artificial intelligence and data center build-outs. Weltzin said the company has been able to mitigate the impacts to date, but the pressures are not easing. Bockhorst said Badger Meter has managed similar supply chain challenges before and remains positioned to work through them.

Customer Interest Remains Focused on AMI and Software Bob Wrocklage, Executive Vice President of North America Municipal Utility, said feedback from the AWWA ACE 2026 trade show in Washington, D.C., remained constructive. He said utilities continue to prioritize modernization, efficiency and visibility across water and wastewater networks.

Wrocklage said discussions with consultants and customers focused on both hardware and software components of the company’s Network as a Service offerings, including network resiliency, dynamic multi-carrier SIM technology and the ORION Lens endpoint solution for metal pit lids. He also cited interest in EyeOnWater Premium, the BEACON Field app and Badger Meter’s embedded AI functionality, Cobalt.

Management said the company is continuing to educate utilities on stormwater and sewer line applications through SmartCover and UDlive. Bockhorst said the company’s confidence in the long-term outlook remains intact, supported by replacement demand, AMI adoption, recurring software, beyond-the-meter technologies and acquisitions.

About Badger Meter (NYSE:BMI) Badger Meter, founded in 1905 and headquartered in Milwaukee, Wisconsin, is a global leader in flow measurement and control solutions. The company’s core business centers on the design, manufacture and sale of water meters, control valves and related accessories for municipal and industrial water utilities. Over its more than a century of operation, Badger Meter has built a reputation for precision engineering, durability and compliance with international regulatory standards.

The company’s product portfolio includes mechanical and ultrasonic water meters, electromagnetic flow meters for industrial applications, and a range of control valves that help utilities manage pressure and flow in distribution networks.

Cal-Maine Foods (NASDAQ:CALM) reported a sharp decline in fourth-quarter results as historically low conventional shell egg prices weighed on revenue and margins, while management emphasized progress in diversifying the company through specialty eggs and prepared foods.

President and CEO Sherman Miller said the company faced “one of the most difficult conventional egg pricing environments” it has experienced, driven by industry oversupply rather than weaker demand. He said the company continues to see favorable long-term demand fundamentals for eggs, citing household penetration above 97%, higher retail volume as prices have retreated, and continued consumer interest in protein, nutrition, convenience and value.

For the fourth quarter of fiscal 2026, Cal-Maine reported consolidated revenue of $552.6 million, down 49.9% from the prior-year period. Gross profit was $34.1 million, with a gross margin of 6.2%. The company posted an operating loss of $58.8 million and a net loss attributable to Cal-Maine Foods of $35.9 million, or a diluted loss of $0.76 per share.

New Segment Structure Highlights Shift in Business Mix Vice President and CFO Max Bowman said Cal-Maine revised its internal reporting in the fourth quarter to reflect how management now reviews the business. The company identified three reportable segments: Conventional Shell Eggs, Specialty Shell Eggs and Prepared Foods. Prior-year periods have been recast under the new structure.

The conventional shell egg segment generated fourth-quarter revenue of $210.8 million, down 70% year over year, with an operating loss of $40.6 million. Bowman said the segment reflected a pricing environment that declined steadily through fiscal 2026 and reached historically low inflation-adjusted levels in the fourth quarter.

The specialty shell egg segment reported fourth-quarter revenue of $239.7 million, down 21.4% from the prior year, with operating income of $17.5 million and an operating margin of 7.3%. Prepared foods revenue was $60.4 million, with operating income of $8.8 million and a 14.6% operating margin.

For the full fiscal year, consolidated revenue was $2.912 billion, down 31.7% from the prior year. Net income attributable to Cal-Maine Foods was $316.7 million, or $6.63 per diluted share. Conventional shell eggs generated full-year revenue of $1.348 billion and operating income of $216.6 million. Specialty shell eggs generated $1.070 billion in revenue and $181.5 million in operating income. Prepared foods generated $244.8 million in revenue and $33.9 million in operating income.

Management Points to Oversupply, Not Demand Weakness Miller said industry supply conditions remained elevated, referencing commentary from the American Egg Board and Urner Barry. He said the American Egg Board estimated the U.S. laying flock at 340 million to 347 million hens based on producer assessment data, materially above USDA’s published estimate.

However, Miller said early indicators suggest the market may be starting to rebalance, including slowing breeder activity, increased chick cancellations, softer hatchery demand and more aggressive flock rotations. If accurate, he said those developments are likely to tighten supply in the near term and could suggest moderation over coming quarters.

During the question-and-answer session, Miller said Cal-Maine’s conventional pricing arrangements remained steady, with about half of the business tied to market pricing and the other half tied to grain-based or hybrid structures. He said the company’s market realization was 102% of the Urner Barry market in the quarter, but the benchmark itself was at an “all-time low inflation-adjusted” level.

Miller also said highly pathogenic avian influenza remains an uncertainty, citing recent layer outbreaks in the U.S., continued presence in the U.S. dairy herd and outbreaks in Australia and South Korea. He said the issue should not be considered “a problem of the past.”

Prepared Foods Remains a Growth Focus Management highlighted prepared foods as a key part of Cal-Maine’s strategy to reduce earnings cyclicality and expand into higher-value consumer-facing markets. Prepared foods accounted for 10.9% of consolidated net sales in the fourth quarter and 8.4% for fiscal 2026. Combined specialty eggs and prepared foods represented 53% of fourth-quarter net sales and 44.4% of full-year net sales.

Miller said the company completed several strategic moves during fiscal 2026, including the acquisition of certain assets of Creighton Brothers LLC and affiliates, as well as the Van’s Foods brand acquisition. Subsequent to fiscal year-end, Cal-Maine also expanded its Eggland’s Best franchise territory in the Northeast.

The company announced a new $54 million investment to expand prepared foods production capacity, which Miller said is expected to add about 30% incremental capacity to the segment beginning in the first half of fiscal 2028. Together with previously announced organic capacity growth and capacity added through the Van’s acquisition, management expects prepared foods production capacity to increase more than 60% from the end of fiscal 2026 through the first half of fiscal 2028.

John Zoeller, CFO of Prepared Foods, said previously announced capacity additions for pancakes, scrambled eggs and Crepini products remain on track, with some capacity expected to come online in fiscal 2027 and additional growth continuing into fiscal 2028. He said the newly announced $54 million investment is expected to begin contributing around mid-fiscal 2028.

Balance Sheet, Buybacks and Dividend Policy Bowman said Cal-Maine ended the quarter with $924.1 million in cash and temporary cash investments and remained virtually debt-free. Net cash flow from operations for the quarter was $2.8 million, down 99.3%.

The company repurchased 396,083 shares during the quarter for $30.1 million. Bowman said $320.7 million remains available under the company’s $500 million share repurchase authorization.

Under Cal-Maine’s variable dividend policy, the company will not pay a cash dividend for the fourth quarter or for any subsequent profitable quarter until it is profitable on a cumulative basis from the most recent quarter for which a dividend was paid. As of May 30, 2026, Bowman said the cumulative loss to be recovered before payment of a dividend was $35.9 million.

Company Sees Improving Conditions Beyond Early Fiscal 2027 Looking ahead, Miller said market prices averaged $0.72 during the first five weeks of the first quarter of fiscal 2027, about 54% below the comparable period in the fourth quarter of fiscal 2026. He described that period as part of the seasonal trough typical of June and July.

More recently, Miller said pricing had strengthened by more than 90% in only a few weeks. He said early indications point to an improving supply-demand balance and a more constructive egg pricing environment heading into the fall, historically a seasonally stronger period.

Miller said Cal-Maine’s long-term strategy is not dependent on any single market environment. He said the company remains focused on disciplined capital allocation, operational execution, specialty egg growth and building a prepared foods platform that extends its egg-focused business into additional product formats and consumption occasions.

About Cal-Maine Foods (NASDAQ:CALM) Cal-Maine Foods, Inc, together with its subsidiaries, produces, grades, packages, markets, and distributes shell eggs. The company offers specialty shell eggs, such as nutritionally enhanced, cage free, organic, free-range, pasture-raised, and brown eggs under the Egg-Land's Best, Land O' Lakes, Farmhouse Eggs, Sunups, Sunny Meadow, and 4Grain brand names. It sells its products to various customers, including national and regional grocery store chains, club stores, independent supermarkets, foodservice distributors, and egg product consumers primarily in the southwestern, southeastern, mid-western, and mid-Atlantic regions of the United States.

Posted by Defense World Staff on Jul 24th, 2026

Portland General Electric (NYSE:POR – Get Free Report) will likely be issuing its Q2 2026 results before the market opens on Friday, July 31st. Analysts expect the company to post earnings of $0.71 per share and revenue of $847.5980 million for the quarter. Interested persons can check the company’s upcoming Q2 2026 earning results page for the latest details on the call scheduled for Friday, July 31, 2026 at 11:00 AM ET.

Portland General Electric (NYSE:POR – Get Free Report) last announced its earnings results on Thursday, April 30th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.19). Portland General Electric had a return on equity of 7.57% and a net margin of 7.12%.The firm had revenue of $879.00 million for the quarter, compared to analyst estimates of $953.24 million. During the same quarter last year, the business earned $0.91 EPS. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, analysts expect Portland General Electric to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Portland General Electric Trading Down 1.0% Shares of POR stock opened at $52.41 on Friday. The company has a market capitalization of $6.07 billion, a P/E ratio of 23.40, a P/E/G ratio of 2.22 and a beta of 0.52. Portland General Electric has a 12-month low of $39.73 and a 12-month high of $54.62. The company has a quick ratio of 0.95, a current ratio of 1.09 and a debt-to-equity ratio of 1.19. The firm has a 50-day moving average price of $50.98 and a 200 day moving average price of $51.26.

Analyst Upgrades and Downgrades POR has been the subject of a number of research analyst reports. Wells Fargo & Company set a $51.00 target price on shares of Portland General Electric in a research note on Tuesday, April 21st. BMO Capital Markets decreased their price target on Portland General Electric from $55.00 to $54.00 and set a “market perform” rating on the stock in a research report on Wednesday. Zacks Research cut Portland General Electric from a “hold” rating to a “strong sell” rating in a report on Monday, July 6th. JPMorgan Chase & Co. lifted their price objective on Portland General Electric from $51.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, April 20th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Portland General Electric in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $50.90.

View Our Latest Research Report on POR

Insider Activity In related news, CFO Joseph R. Trpik, Jr. sold 7,500 shares of Portland General Electric stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $49.03, for a total value of $367,725.00. Following the completion of the sale, the chief financial officer directly owned 31,897 shares in the company, valued at $1,563,909.91. This trade represents a 19.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert N. Hoglund bought 2,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $48.80 per share, for a total transaction of $97,600.00. Following the completion of the transaction, the director owned 2,519 shares in the company, valued at approximately $122,927.20. This trade represents a 385.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 0.52% of the company’s stock.

Institutional Trading of Portland General Electric Several institutional investors and hedge funds have recently made changes to their positions in the business. Johnson Financial Group Inc. bought a new position in shares of Portland General Electric in the 3rd quarter worth $27,000. Northwestern Mutual Wealth Management Co. lifted its stake in Portland General Electric by 272.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 719 shares of the utilities provider’s stock valued at $35,000 after buying an additional 526 shares during the period. IFP Advisors Inc lifted its stake in Portland General Electric by 61.7% in the third quarter. IFP Advisors Inc now owns 1,080 shares of the utilities provider’s stock valued at $48,000 after buying an additional 412 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Portland General Electric by 18.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,469 shares of the utilities provider’s stock worth $71,000 after buying an additional 226 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its position in shares of Portland General Electric by 202.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,816 shares of the utilities provider’s stock worth $80,000 after buying an additional 1,216 shares during the period.

About Portland General Electric (Get Free Report)

Portland General Electric (NYSE:POR) is an investor-owned electric utility headquartered in Tigard, Oregon, with roots tracing back to the late 19th century. The company generates, transmits and distributes electricity to residential, commercial and industrial customers across a broad territory in Oregon, primarily encompassing the Portland metropolitan area and surrounding regions.

As one of Oregon’s largest electric utilities, Portland General Electric operates a diverse portfolio of generation assets, including hydroelectric facilities, natural gas–fired plants and renewable energy sources.

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