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OMAHA, Neb. & MONTREAL--(BUSINESS WIRE)--Union Pacific Railroad (NYSE: UNP) and CN (NYSE: CNI) announced today that they have signed a binding Memorandum of Understanding establishing a framework for CN to secure competitive access in connection with the proposed transaction between Union Pacific and Norfolk Southern (NYSE: NSC). The settlement agreement preserves customer options and resolves terminal railroad ownership issues, while expanding CN's presence in the Midwest and reaffirming gatew.

Fortive: A Simplified And Accelerated Special Situation

SANTA BARBARA, Calif., July 23, 2026 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a technology leader powering the future of the real estate industry, today announced its financial results for the second quarter ended June 30, 2026.

"Our Q2 results continue to reflect our momentum with new and existing customers," said Shane Trigg, Chairman and CEO. "For the first time, we've crossed $1 billion in revenue on a trailing twelve-month basis, a milestone we believe reflects the success customers are having by adopting our products and services. The operators on our platform are embracing AI that works because it knows their business and drives real performance outcomes. That is what Real Estate Performance Management delivers."

Financial Highlights for Second Quarter of 2026

Revenue grew 19% year-over-year to $281 million.Total units under management grew 8% year-over-year to 9.6 million.GAAP operating income grew 31% to $53 million, or 18.8% of revenue, compared to $41 million, or 17.2% of revenue in Q2 2025.Non-GAAP operating income grew 24% to $76 million, or 27.1% of revenue, compared to $62 million, or 26.2% of revenue in Q2 2025.Net cash provided by operating activities was $88 million, or 31.2% of revenue, compared to $53 million, or 22.3% of revenue in Q2 2025. Financial Outlook
Based on information available as of July 23, 2026, AppFolio's outlook for fiscal year 2026 follows:

Full year revenue range is increasing to $1.117 - $1.127 billion.Full year non-GAAP operating margin range as a percentage of revenue is increasing to 26.5% - 28.0%.Diluted weighted average shares outstanding are expected to be approximately 36 million for the full year. Conference Call Information
As previously announced, the Company will host a conference call today, July 23, 2026, at 2:00 p.m. Pacific Time (PT), 5:00 p.m. Eastern Time (ET), to discuss the Company’s second quarter financial results. A live webcast of the call will be available at: https://edge.media-server.com/mmc/p/iuf6q6wf/. To access the call by phone, please go to the following link: https://register-conf.media-server.com/register/BIf2eada34bb9140a98f952424c8f0d5f1, and you will be provided with dial-in details. A replay of the webcast will also be available for a limited time on AppFolio’s Investor Relations website at https://ir.appfolioinc.com/news-events/events.

The Company also provides announcements regarding its financial results and other matters, including SEC filings, investor events, and press releases, on its Investor Relations website at https://ir.appfolioinc.com/, as a means of disclosing material nonpublic information and for complying with AppFolio's disclosure obligations under Regulation FD.

About AppFolio
AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit ir.appfolioinc.com.

Investor Relations Contact:
Lori Barker
[email protected]

Use of Non-GAAP Financial Measures
Reconciliations of current and historical non-GAAP financial measures to AppFolio’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables entitled “Statement Regarding the Use of Non-GAAP Financial Measures.”

AppFolio is unable, at this time, to provide GAAP equivalent guidance measures on a forward-looking basis for non-GAAP operating margin because certain items that impact this measure are uncertain, out of our control, or cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to future operating results and financial position, including the Company's fiscal year 2026 financial outlook, anticipated future expenses and investments, the Company's business opportunities, the impact of the Company's strategic actions and initiatives, the potential benefits and effect of AI and its impact on the Company’s plans, objectives, expectations and capabilities.

Forward-looking statements represent AppFolio's current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include those risks, uncertainties and other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 5, 2026, as such risk factors may be updated from time to time in our subsequent filings with the SEC, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in the Company's other filings with the SEC. You should read this press release with the understanding that the Company's actual future results may be materially different from the results expressed or implied by these forward-looking statements.

The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)
  June 30,
2026 December 31,
2025Assets    Current assets    Cash and cash equivalents $217,401 $106,967Investment securities—current  4,284  144,256Accounts receivable, net  50,442  36,873Prepaid expenses and other current assets  53,058  65,218Total current assets  325,185  353,314Property and equipment, net  21,464  23,228Operating lease right-of-use assets  14,798  15,924Capitalized software development costs, net  11,444  11,324Goodwill  96,410  96,410Intangible assets, net  33,711  38,826Deferred income taxes  42,819  58,823Long-term investments  87,668  77,033Other long-term assets  14,872  14,085Total assets $648,371 $688,967Liabilities and Stockholders’ Equity    Current liabilities    Accounts payable $4,776 $4,123Accrued employee expenses  30,010  59,774Accrued expenses  26,990  20,829Other current liabilities  23,106  22,121Total current liabilities  84,882  106,847Operating lease liabilities  30,660  33,287Other liabilities  6,687  6,254Total liabilities  122,229  146,388Stockholders’ equity  526,142  542,579Total liabilities and stockholders’ equity $648,371 $688,967 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026  2025Revenue(1)$281,124  $235,575  $543,338 $453,277Costs and operating expenses:       Cost of revenue (exclusive of depreciation and amortization)(2) 102,595   83,827   197,570  163,325Sales and marketing(2) 43,944   36,776   81,445  67,833Research and product development(2) 50,997   46,674   100,626  90,432General and administrative(2) 25,626   21,936   49,967  45,287Depreciation and amortization 4,985   5,850   10,005  12,105Total costs and operating expenses 228,147   195,063   439,613  378,982Income from operations 52,977   40,512   103,725  74,295Other (loss) income, net (1)  (11)  568  45Interest income, net 1,435   1,466   3,219  4,419Income before provision for income taxes 54,411   41,967   107,512  78,759Provision for income taxes 12,867   5,987   23,544  11,396Net income$41,544  $35,980  $83,968 $67,363Net income per common share:       Basic$1.17  $1.00  $2.36 $1.87Diluted$1.17  $0.99  $2.36 $1.85Weighted average common shares outstanding       Basic 35,391   35,922   35,544  36,111Diluted 35,461   36,204   35,635  36,425
(1) The following table presents our revenue categories:

 Three Months Ended
June 30, Six Months Ended
June 30, 2026
 2025
 2026
 2025
Subscription Services$59,800 $52,473 $118,022 $101,986Value Added Services 219,467  180,145  420,830  344,851Other 1,857  2,957  4,486  6,440Total revenue$281,124 $235,575 $543,338 $453,277
(2) Includes stock-based compensation expense as follows:

 Three Months Ended
June 30, Six Months Ended
June 30, 2026
 2025
 2026
 2025
Costs and operating expenses:       Cost of revenue (exclusive of depreciation and amortization)$1,246 $1,419 $2,334 $2,706Sales and marketing 3,633  3,045  6,973  5,893Research and product development 8,918  8,176  16,800  15,107General and administrative 6,674  5,659  12,353  10,964Total stock-based compensation expense$20,471 $18,299 $38,460 $34,670 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands) Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Cash from operating activities       Net income$41,544  $35,980  $83,968  $67,363 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation and amortization 4,985   5,850   10,005   12,105 Amortization of operating lease right-of-use assets 566   507   1,126   1,008 Amortization of costs capitalized to obtain revenue contracts, net 3,300   2,699   6,468   5,419 Deferred income taxes 7,976   (7,644)  16,004   (13,185)Stock-based compensation, including as amortized 20,471   18,299   38,460   34,670 Other —   (131)  (523)  (1,048)Changes in operating assets and liabilities:       Accounts receivable (6,475)  (5,081)  (13,918)  (8,197)Prepaid expenses and other assets (1,887)  (5,966)  (10,093)  (11,426)Accounts payable 1,035   (1,694)  653   852 Operating lease liabilities (1,204)  (1,051)  (2,384)  (2,102)Accrued expenses and other liabilities 17,293   10,875   (7,864)  5,649 Net cash provided by operating activities 87,604   52,643   121,902   91,108 Cash from investing activities       Purchases of available-for-sale investments (3,277)  (1,732)  (45,940)  (64,034)Proceeds from sales of available-for-sale investments —   99,944   140,154   202,662 Proceeds from maturities of available-for-sale investments 3,230   1,670   45,590   43,820 Purchases of property and equipment 3   (275)  (228)  (505)Capitalization of software development costs (1,250)  (842)  (2,554)  (1,478)Purchases of long-term investments (10,000)  (75,000)  (10,000)  (75,000)Cash paid in business acquisition, net of cash acquired —   —   —   (906)Net cash (used in) provided by investing activities (11,294)  23,765   127,022   104,559 Cash from financing activities       Proceeds from stock option exercises and the issuance of common stock under the Employee Stock Purchase Plan —   117   998   128 Tax withholding for net share settlement (6,321)  (10,020)  (14,478)  (19,098)Purchase of common stock —   (49,960)  (125,010)  (145,723)Net cash used in financing activities (6,321)  (59,863)  (138,490)  (164,693)Net increase in cash, cash equivalents and restricted cash 69,989   16,545   110,434   30,974 Cash, cash equivalents and restricted cash       Beginning of period 147,662   57,183   107,217   42,754 End of period$217,651  $73,728  $217,651  $73,728    RECONCILIATION FROM GAAP TO NON-GAAP RESULTS
(UNAUDITED)
(in thousands, except per share data)

   Three Months Ended
June 30, Six Months Ended
June 30,    2026   2025   2026   2025 Costs and operating expenses:      GAAP cost of revenue (exclusive of depreciation and amortization)$102,595  $83,827  $197,570  $163,325   Stock-based compensation expense (1,246)  (1,419)  (2,334)  (2,706) Non-GAAP cost of revenue (exclusive of depreciation and amortization)$101,349  $82,408  $195,236  $160,619  GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue 36%  36%  36%  36% Non-GAAP cost of revenue (exclusive of depreciation and amortization) as a percentage of revenue 36%  35%  36%  35%           GAAP sales and marketing$43,944  $36,776  $81,445  $67,833   Stock-based compensation expense (3,633)  (3,045)  (6,973)  (5,893) Non-GAAP sales and marketing$40,311  $33,731  $74,472  $61,940  GAAP sales and marketing as a percentage of revenue 16%  16%  15%  15% Non-GAAP sales and marketing as a percentage of revenue 14%  14%  14%  14%           GAAP research and product development$50,997  $46,674  $100,626  $90,432   Stock-based compensation expense (8,918)  (8,176)  (16,800)  (15,107) Non-GAAP research and product development$42,079  $38,498  $83,826  $75,325  GAAP research and product development as a percentage of revenue 18%  20%  19%  20% Non-GAAP research and product development as a percentage of revenue 15%  16%  15%  17%           GAAP general and administrative$25,626  $21,936  $49,967  $45,287   Stock-based compensation expense (6,674)  (5,659)  (12,353)  (10,964) Non-GAAP general and administrative$18,952  $16,277  $37,614  $34,323  GAAP general and administrative as a percentage of revenue 9%  9%  9%  10% Non-GAAP general and administrative as a percentage of revenue 7%  7%  7%  8%           GAAP depreciation and amortization$4,985  $5,850  $10,005  $12,105   Amortization of stock-based compensation capitalized in software development costs (241)  (241)  (482)  (482)  Amortization of purchased intangibles (2,558)  (2,558)  (5,115)  (5,115) Non-GAAP depreciation and amortization$2,186  $3,051  $4,408  $6,508  GAAP depreciation and amortization as a percentage of revenue 2%  2%  2%  3% Non-GAAP depreciation and amortization as a percentage of revenue 1%  1%  1%  1%    Three Months Ended
June 30, Six Months Ended
June 30,    2026   2025   2026   2025 Income from operations:        GAAP income from operations$52,977  $40,512  $103,725  $74,295   Stock-based compensation expense 20,471   18,299   38,460   34,670   Amortization of stock-based compensation capitalized in software development costs 241   241   482   482   Amortization of purchased intangibles 2,558   2,558   5,115   5,115  Non-GAAP income from operations$76,247  $61,610  $147,782  $114,562           Operating margin:        GAAP operating margin 18.8%  17.2%  19.1%  16.4%  Stock-based compensation expense as a percentage of revenue 7.3   7.8   7.1   7.7   Amortization of stock-based compensation capitalized in software development costs as a percentage of revenue 0.1   0.1   0.1   0.1   Amortization of purchased intangibles as a percentage of revenue 0.9   1.1   0.9   1.1  Non-GAAP operating margin 27.1%  26.2%  27.2%  25.3%          Net income (loss):        GAAP net income$41,544  $35,980  $83,968  $67,363   Stock-based compensation expense 20,471   18,299   38,460   34,670   Amortization of stock-based compensation capitalized in software development costs 241   241   482   482   Amortization of purchased intangibles 2,558   2,558   5,115   5,115   Income tax effect of adjustments (4,223)  (7,257)  (9,801)  (13,599) Non-GAAP net income$60,591  $49,821  $118,224  $94,031           Net income per share, basic:        GAAP net income per share, basic$1.17  $1.00  $2.36  $1.87   Non-GAAP adjustments to net income 0.54   0.39   0.97   0.73  Non-GAAP net income per share, basic$1.71  $1.39  $3.33  $2.60           Net income per share, diluted:        GAAP net income per share, diluted$1.17  $0.99  $2.36  $1.85   Non-GAAP adjustments to net income 0.54   0.39   0.96   0.73  Non-GAAP net income per share, diluted$1.71  $1.38  $3.32  $2.58            Weighted-average shares used in GAAP and non-GAAP per share calculation         Basic 35,391   35,922   35,544   36,111   Diluted 35,461   36,204   35,635   36,425 
Statement Regarding the Use of Non-GAAP Financial Measures

We use the following non-GAAP financial measures in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Non-GAAP presentation of income from operations, costs and operating expenses, operating margin, net income, and net income per share. These measures exclude certain non-cash or non-recurring items, including stock-based compensation expense, amortization of stock-based compensation capitalized in software development costs, amortization of purchased intangibles, and the related income tax effect of these adjustments, as applicable and described below. Non-GAAP operating margin is calculated as non-GAAP operating income from operations as a percentage of revenue. We use each of these non-GAAP financial measures internally to assess and compare operating results across reporting periods, for internal budgeting and forecasting purposes, and to evaluate our financial performance. We believe these non-GAAP financial measures also provide useful supplemental information to investors and facilitate the analysis of our operating results and comparison of operating results across reporting periods.

In particular, we believe these non-GAAP financial measures are useful to investors and others in assessing our operating performance due to the following factors:

Stock-based compensation expense and amortization of stock-based compensation capitalized in software development costs. We utilize stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of our stockholders while ensuring long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period. Amortization of purchased intangibles. We view amortization of purchased intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period. Income tax effects of adjustments. We utilize a fixed long-term projected tax rate in our computation of non-GAAP income tax effects to provide better consistency across interim reporting periods. In projecting this long-term non-GAAP tax rate, we utilize a financial projection that excludes the direct impact of other non-GAAP adjustments. The projected rate, which we have determined to be 22% and 21% for 2026 and 2025, respectively, considers other factors such as our current operating structure, existing tax positions in various jurisdictions, and key legislation in major jurisdictions where we operate. We periodically re-evaluate this tax rate, as necessary, for significant events, based on relevant tax law changes, and material changes in the forecasted geographic earnings mix. Our non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and can exclude expenses that may have a material impact on our reported financial results. As such, non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the tables above. We encourage investors to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures.

CHICAGO--(BUSINESS WIRE)--GE HealthCare (Nasdaq: GEHC) today announced that Jay Saccaro will step down as Vice President and Chief Financial Officer for an expanded role outside of the medical technology industry. The Company has appointed George Newcomb, currently Controller and Chief Accounting Officer, as interim Chief Financial Officer. Mr. Saccaro will remain with the Company through August 14, 2026, and work together with Mr. Newcomb to ensure a smooth transition. GE HealthCare has commen.

FAREHAM, England--(BUSINESS WIRE)--Teledyne Raymarine and Teledyne FLIR Marine today announced a strategic five-year partnership with the Royal National Lifeboat Institution (RNLI), the largest lifeboat service operating around the coast of the United Kingdom, Ireland and the Channel Islands, to deliver advanced navigation and thermal imaging technologies to its fleet of vessels, enhancing the charity's ability to respond swiftly and effectively in lifesaving operations at sea.The integration of.

July 23, 2026 16:05 ET  | Source: Wintrust Financial Corporation

ROSEMONT, Ill., July 23, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq: WTFC) has approved a quarterly cash dividend of $0.55 per share of outstanding common stock. The dividend is payable on August 20, 2026, to shareholders of record as of August 6, 2026.

Additionally, the Company’s Board of Directors approved a cash dividend on outstanding shares of the Company’s 7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F. The dividend is payable on October 15, 2026, to shareholders of record as of October 1, 2026.

About Wintrust

Wintrust is a financial holding company with $74.7 billion in assets whose common stock is traded on the Nasdaq Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit wintrust.com.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year and in Wintrust’s subsequent Quarterly Report on Form 10-Q. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Website address: www.wintrust.com

, /PRNewswire/ -- National plaintiffs' law firm Berger Montague PC announces a class action lawsuit against AeroVironment, Inc. (NASDAQ: AVAV) ("AeroVironment" or the "Company") on behalf of investors who purchased or acquired AeroVironment common stock during the period from June 25, 2025 through March 10, 2026 (the "Class Period").

Investor Deadline: Investors who purchased or acquired AeroVironment common stock during the Class Period may, no later than July 27, 2026, seek to be appointed as a lead plaintiff representative of the class. To learn your rights, CLICK HERE.

Based in Arlington, Va., AeroVironment is a leading American defense technology company specializing in autonomous systems and unmanned aircraft systems (UAS) and space and directed-energy technologies serving the U.S. Department of Defense, allied governments, and commercial customers globally.

On January 20, 2026, AeroVironment disclosed that the U.S. government had issued a stop work order on the Company's agreement to deliver BADGER systems to the Satellite Communication Augmentation Resource ("SCAR") program. While AeroVironment stated that it expected to continue delivering capabilities under the program, its stock price fell 15.77% on January 20, 2026, closing at $330.89 per share — a decline of $61.97.

On March 2, 2026, Space News reported that the U.S. Space Force was reopening the SCAR program and "reassessing how to move forward," with Colonel Owen Stevens of the Space Rapid Capabilities Office confirming that the Space Force would "move into a new acquisition strategy for SCAR." Following this report, AeroVironment's stock price fell 17.42% on March 2, 2026, closing at $208.32 per share — a drop of $43.93.

On March 10, 2026, AeroVironment reported a third quarter 2026 operating loss of $179.0 million for fiscal year 2026, inclusive of a $151.3 million goodwill impairment in its space division. The Company also disclosed that the Space Force had formally terminated its SCAR contract and that AeroVironment would be required to "recompete" for the program. On this news, AeroVironment's stock fell 6.24% on March 11, 2026, closing at $207.73 per share.

If you are an AeroVironment investor and would like to learn more about this action, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Caitlin Adorni at [email protected] or (267) 764-4865.

About Berger Montague
Berger Montague is one of the nation's preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. With more than $2.4 billion in 2025 post-trial judgments alone, the Firm is a leader in the fields of complex litigation, antitrust, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For over 55 years, Berger Montague has played leading roles in precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago; Malvern, PA; Minneapolis; San Diego; San Francisco; Toronto, Canada; Washington, D.C., and Wilmington, DE.

For more information or to discuss your rights, please contact:

Andrew Abramowitz
Berger Montague
(215) 875-3015
[email protected] 

Caitlin Adorni
Berger Montague
(267)764-4865
[email protected]

SOURCE Berger Montague

Moneta Money Bank vykázala za první letošní pololetí čistý zisk 3,3 miliardy korun, což je meziročně o 8,1 procenta více. Výsledky podpořily především vyšší provozní výnosy, zatímco provozní náklady zůstaly prakticky beze změny. Banka zároveň potvrdila celoroční výhled a nově očekává, že původně stanovený cíl překoná.

Provozní výnosy skupiny vzrostly meziročně o 6,5 procenta na 7,2 miliardy korun. Čistý úrokový výnos se zvýšil o 8,5 procenta na 5,2 miliardy korun díky růstu objemu nově poskytnutých úvěrů a úpravě sazeb v hypotečním portfoliu. Čistá úroková marže za první pololetí dosáhla dvou procent.

Pozitivní vývoj zaznamenaly také poplatky a provize z investičních produktů, kde čistý výnos stoupl o 6,2 procenta na 1,8 miliardy korun. Výnosy z jejich distribuce vzrostly o třetinu na 544 milionů korun. Výnosy z distribuce pojištění dosáhly 598 milionů korun.
Celkové provozní náklady zůstaly na úrovni 2,9 miliardy korun. Vyšší personální náklady, které vzrostly o 8,8 procenta na 1,3 miliardy korun, kompenzovaly nižší odpisy a pokles správních nákladů. Regulované poplatky meziročně vzrostly o 8,7 procenta na 212 milionů korun.

Náklady na riziko dosáhly 414 milionů korun, což odpovídá 28 bazickým bodům průměrného čistého úvěrového portfolia. Banka uvedla, že meziroční růst ovlivnilo především selhání jednoho komerčního klienta. Podíl úvěrů v selhání se však dále snížil na 0,9 procenta. Prodeje problémových pohledávek v nominální hodnotě 716 milionů korun zároveň přinesly mimořádný výnos 58,5 milionu korun.

Výrazně rostla úvěrová aktivita. Moneta poskytla nové úvěry v celkovém objemu 51,7 miliardy korun, což je o 43,9 procenta více než před rokem. Nově poskytnuté hypotéky zaznamenaly růst o 61,8 procenta na 14,6 miliardy korun, zatímco objem spotřebitelských a ostatních retailových úvěrů se zvýšil o 23,3 procenta na 15,3 miliardy korun. V případě malých a středních podniků se objem nových úvěrů zvýšil o 58,2 procenta na 16,6 miliardy korun.

Celkové úvěrové portfolio banky meziročně vzrostlo o 9,1 procenta na 310 miliard korun. Rychleji rostl komerční segment, jehož objem se zvýšil o 18,5 procenta na 116 miliard korun. Retailové úvěry vzrostly o 4,2 procenta na 193 miliard korun.

Silnou dynamiku si nadále udržuje oblast investic. Klienti banky investovali během prvního pololetí do podílových fondů 10,9 miliardy korun a celkový objem prostředků ve fondech ke konci června dosáhl 88,7 miliardy korun, meziročně o 31,5 procenta více.

Banka současně v červnu vydala nástroj dodatečného kapitálu Tier 1 (AT1) v objemu 150 milionů eur. Emise byla podle banky trojnásobně přeupsána a agentura Moody's jí přidělila rating Ba1. Získané prostředky mají podpořit další růst úvěrového portfolia.

Představenstvo zároveň potvrdilo střednědobý výhled pro období 2026 až 2030. Pro letošek Moneta nadále míří k čistému zisku 6,6 miliardy korun, nově ale očekává, že tento cíl překoná přibližně o 200 milionů korun. K lepšímu výsledku mají přispět především vyšší úrokové výnosy z rychlejšího růstu úvěrového portfolia a nižší než plánované provozní náklady.

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP highlights the contrast between Badger Meter, Inc.'s (NYSE: BMI) promises to shareholders and the results that ultimately materialized. Find out if you can recover your Badger Meter investment losses or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

BMI shares collapsed more than 24%, losing $36.75 per share on April 17, 2026, after the company disclosed total sales fell 9% year-over-year and utility water revenue dropped 10%. The lead plaintiff deadline is August 3, 2026.

The Promise

Throughout 2024 and into early 2025, Badger Meter's leadership painted a picture of durable, accelerating growth for investors. The company projected "high single-digit average top line growth" supported by what it described as "ongoing favorable industry fundamentals" and "secular growth drivers." Management characterized demand as "robust" and told the market its order book and opportunity pipeline "continue to support" the growth outlook. On the 1Q 2025 earnings call, the company went further, directly rejecting the possibility that customers were pulling orders forward, asserting that 75% of revenue went to end users who "really, in many ways, cannot pull forward."

The Reality

The company's actual trajectory told a different story:

Promised: "High single-digit average top line growth" sustained by secular demandDelivered: Total sales declined 9% year-over-year in 1Q 2026Promised: Utility water revenue driven by "robust adoption rates" and "solid demand"Delivered: Utility water sales fell 10% year-over-year in 1Q 2026Promised: Operating margins expanding on "strong operating execution"Delivered: Operating margin contracted from 22.2% to 17.4% in one yearPromised: EPS growth trajectory; 1Q 2025 delivered $1.30 diluted EPSDelivered: Diluted EPS fell to $0.93 in 1Q 2026, a 28% declinePromised: No evidence of customer order pull-forward; "pretty normal order environment"Delivered: Management acknowledged $15 million to $20 million of revenue shortfall from "softer short-cycle municipal customer ordering" What the Lawsuit Contends About the Gap

The securities action alleges that Badger Meter's "record" results during the Class Period were not the product of genuine demand growth but were instead inflated by pulling forward customer orders, which depleted revenue from future periods. When backlog cushions thinned and short-cycle ordering weakened, the complaint asserts, the company could no longer mask the underlying deterioration. Management itself eventually conceded that the demand "variability" seen in 1Q 2026 "has always existed" during 2023-2025 but was "less visible" due to backlog levels and projects in flight.

"Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. The contrast between what Badger Meter communicated about its growth trajectory and what ultimately occurred raises serious questions for shareholders." — Joseph E. Levi, Esq.

Speak with an attorney about recovering your BMI losses or call (212) 363-7500.

LEAD PLAINTIFF DEADLINE: August 3, 2026

About Levi & Korsinsky, LLP

Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the BMI Lawsuit

Q: What specific misstatements does the BMI lawsuit allege? A: The complaint alleges Badger Meter made materially false or misleading statements regarding the sustainability of its revenue growth, the strength of customer demand, and the absence of order pull-forward practices during the class period from April 18, 2024 through April 16, 2026. When the true state of demand was revealed, the stock price declined sharply.

Q: How much did BMI stock drop? A: Shares fell more than 24%, a decline of $36.75 per share, on April 17, 2026, after the company disclosed that total sales were 9% lower year-over-year and that short-cycle order rates were "weaker than anticipated." Across three corrective disclosures, BMI lost over $95 per share.

Q: What do BMI investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What if I already sold my BMI shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: Can I join a different law firm's lawsuit instead? A: Multiple firms often file competing complaints. The court consolidates and appoints a single lead counsel. Contacting Levi & Korsinsky before August 3, 2026 ensures your losses are considered.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

[email protected]

Tel: (212) 363-7500

Fax: (212) 363-717

SAN FRANCISCO--(BUSINESS WIRE)--Research from Twilio (NYSE: TWLO), the infrastructure for customer engagement in the AI era, shows a stark perception gap in the public sector: while 88% of government organizations rate their citizen engagement as good or excellent, only 44% of citizens agree. The Connected Government Report (2026) shows that while public sector agencies are confident in their digital services, citizens report fewer tangible benefits from digital interactions than in previous yea.

IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST), today announced the successful launch of ATSC 3.0 (NextGen TV) in the Cleveland, Ohio, television market, with the next-generation broadcast standard now deployed across all of the top 25 U.S. designated market areas (DMAs). As the largest remaining market yet to deploy ATSC 3.0, Cleveland had been unable to launch due to structural limitations in available broadcast spectrum and station participation. However, following.

Summit Therapeutics Inc. (SMMT) Q2 2026 Earnings Call July 23, 2026 4:30 PM EDT

Company Participants

Dave Gancarz - Chief Business & Strategy Officer
Robert Duggan - Co-CEO & Executive Chairman
Mahkam Zanganeh - Co-CEO, President & Director
Manmeet Soni - COO, CFO & Director
Allen Yang - Chief R&D Strategy Officer

Conference Call Participants

Yigal Nochomovitz - Citigroup Inc., Research Division
Nicholas Lorusso - TD Cowen, Research Division
Salveen Richter - Goldman Sachs Group, Inc., Research Division
Bradley Canino - Guggenheim Securities, LLC, Research Division
William Zhang - Wells Fargo Securities, LLC, Research Division
David Dai
Reni Benjamin - Citizens JMP Securities, LLC, Research Division
Eric Schmidt - Cantor Fitzgerald & Co., Research Division
Dara Azar - Stifel, Nicolaus & Company, Incorporated, Research Division
Faisal Khurshid - Jefferies LLC, Research Division

Presentation

Operator

Good afternoon, and welcome to Summit Therapeutics Q2 2026 Earnings Call. [Operator Instructions] We do not expect any technical difficulties today. However, in the event that we lose the webcast connection and are unable to provide any updates, please wait up to 10 minutes for resolution. Please refer to the company's website for updates. Please note that today's call is being recorded. [Operator Instructions]

At this time, I would like to turn the call over to Dave Gancarz, Summit Therapeutics Chief Business and Strategy Officer. You may proceed.

Dave Gancarz
Chief Business & Strategy Officer

Good afternoon, and thank you for joining us. On today's call, we will provide an update on our second quarter 2026 financial results and operational progress. This afternoon's press release is available on our website, www.smmttx.com. Our Form 10-Q was also filed today and is available on our website and via the SEC's website. Today's call is being simultaneously webcast, and an archived replay will also be made available later today on our website.

Joining me on the call today is Bob

New York, New York--(Newsfile Corp. - July 23, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Futu Holdings Limited (NASDAQ: FUTU) between May 24, 2023 and May 27, 2026, inclusive (the "Class Period"), of the important August 25, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Futu securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Futu class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 25, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose that: (1) Futu was not in compliance with the requirements of the China Securities Regulatory Commission (the "CSRC"), including because Futu continued to conduct securities business, public fund sales business and futures business in mainland China without obtaining the requisite licenses or approval; (2) as a result, Futu was reasonably likely to face regulatory penalties, including the disgorgement of ill-gotten gains and other penalties; (3) as a result of the foregoing, Futu's financial results were overstated; and (4) as a result of the foregoing, defendants' positive statements about Futu's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Futu class action, go to https://rosenlegal.com/cases/futu-holdings-limited/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306350

Source: The Rosen Law Firm PA

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

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Shares of Tesla (TSLA -14.38%) plunged on Thursday after the Elon Musk-led tech titan reported earnings that fell short of investors' expectations.

Image source: The Motley Fool.

Heavy spending weighed on Tesla's profit margins Tesla's revenue rose 26% year over year to $28.2 billion in the second quarter. The gains were fueled by a 23% jump in automotive sales to $20.5 billion, a 13% rise in energy generation and storage revenue to $3.1 billion, and a 50% surge in services and other revenue to $4.6 billion.

But sales weren't the issue. Soaring costs and declining margins were.

The electric vehicle (EV) maker's operating margin fell to 1.4% from 4.1% in the prior-year quarter, driven by a 47% surge in operating expenses.

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All told, Tesla's adjusted net income declined 17% to $1.2 billion, or $0.33 per share. That was well below Wall Street's estimates, which had called for per-share profits of $0.54, according to Yahoo! Finance.

Worse still, Tesla's free cash flow turned negative as its capital expenditures outpaced its operating cash flow.

Project delays are getting tiresome Investors would likely have more patience if they were confident that this spending would produce strong returns. But as Musk ramps up Tesla's capital expenditures -- to more than $25 billion in 2026 alone -- he's failing to meet previously communicated timelines for key projects such as the company's Robotaxi service and Optimus robots.

Shareholders are growing increasingly frustrated. And many investors decided to sell their shares today.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

Alphabet (GOOG -6.88%)(GOOGL -7.12%) gave investors plenty to debate in its second-quarter report this week, from 24% revenue growth to another big increase in its capital spending plans. But I'd argue the most remarkable number sat in the company's quarterly filing with the Securities and Exchange Commission. Alphabet's stake in rocket maker SpaceX (SPCX +2.58%) was worth about $94 billion as of June 30.

Zoom out, and the history behind that figure is extraordinary. In January 2015, Google and investment firm Fidelity together put $1 billion into SpaceX for a combined stake of just under 10%. SpaceX now carries a $1.5 trillion market value -- about 150 times what the entire company was worth in that funding round.

But Alphabet can't spend a dollar of its windfall yet. The filing shows the whole position is restricted from sale. About $80 billion of the stake sits under short-term restrictions (the standard lockup period that follows an initial public offering), and the remaining $14.1 billion is locked up through the third quarter of 2027.

Here's a closer look at what the stake means for shareholders on both sides of it.

Image source: Getty Images.

A windfall on paper The stake did wonders for Alphabet's reported profit. Second-quarter net income rose 298% year over year to $112.1 billion, and earnings per share climbed 294% to $9.11.

The driver wasn't advertising or cloud computing. It was a $99.0 billion gain on equity securities, which the company said primarily reflected unrealized gains from SpaceX and a private company (reported to be artificial intelligence (AI) developer Anthropic).

Unrealized is the key word. Alphabet didn't collect $99 billion in cash. It marked up shares it isn't currently allowed to sell.

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That distinction helps explain why investors mostly shrugged at the windfall and focused on spending instead. Alongside the report, Alphabet raised its capital spending guidance for 2026 to $195 billion to $205 billion, from the $180 billion to $190 billion range it set in April. Free cash flow swung to negative $5.9 billion for the quarter, down from a positive $10.1 billion in the first quarter. Also worth noting: the company raised $49.6 billion in June by selling new stock, all while sitting on $94 billion of SpaceX shares it can't touch. After all, locked-up paper gains don't fund data centers.

Shares of Alphabet were down about 7% Thursday afternoon as of this writing.

Of course, the stake still matters. It amounts to about 2.4% of Alphabet's roughly $3.9 trillion market capitalization -- a nice bonus for shareholders, but not the reason to own the stock.

The other side of the trade For SpaceX shareholders, the disclosure sends two messages at once.

The first is a vote of confidence. Alphabet has held on for more than a decade, and it still owns an effective stake of about 4.9% of the company, down from about 6% before recent dilution. An investor of Alphabet's caliber keeping a position this large is arguably part of the bull case.

The second message is about supply. SpaceX stock has had a rough public debut. Shares went public at $135 in June, peaked at $225.64, and trade at about $116 as of this writing -- a decline of nearly 49% from the high.

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And the restrictions on Alphabet's stake begin easing after SpaceX delivers its first earnings report, scheduled for Aug. 4. Alphabet hasn't said anything about selling. But an outside holder with $94 billion of stock and a spending plan of its own approaching $200 billion at least has reasons to consider it once it's allowed.

Also, SpaceX shares have fallen since June 30, so the stake is already worth less than the filing's mark. Paper gains move in both directions.

So what should investors do with the news? For Alphabet shareholders, I'd treat the SpaceX windfall as exactly that -- a windfall. The investment case still rests on the operating business (where revenue grew 24% year over year last quarter and Google Cloud is accelerating) and on whether the company's enormous AI spending pays off.

For anyone eyeing SpaceX stock, though, the filing is worth remembering. The company is still losing money, its market value sits near $1.5 trillion, and one outside holder alone is sitting on $94 billion of stock it will soon be free to sell. Between the two stocks, I'd rather own the shareholder than the rocket maker.

Norsk Hydro is transforming into a vertically integrated, low-carbon aluminum leader with strong renewable power and recycling assets. Q2 2026 results highlight Hydro's integrated model: NOK 56.49B revenue (+6%), NOK 8.92B adjusted EBITDA (+15%), and NOK 4B free cash flow. Hydro benefits from European aluminum scarcity, regional premiums, and long-term power contracts while maintaining disciplined capacity deployment.

Netflix (NFLX +0.53%) is struggling to change investor sentiment, which turned negative last year.

*Stock prices used were the afternoon prices of July 21, 2026. The video was published on July 23, 2026.

Parkev Tatevosian, CFA has positions in Netflix. The Motley Fool has positions in and recommends Netflix. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

Dover Corporation is rated a Buy after a strong Q2, despite a minor revenue miss and share price drop. Gross and operating margins expanded, with LTM bookings accelerating to 15% YoY and diversified end-market exposure—especially in data centers and AI-related segments. Capital allocation in the Climate & Sustainability segment raises questions, but overall ROE and margin improvements support the bullish thesis.

On July 23, 2026, RH (RH) shares fell 5.2% to a current price of $166.08. The stock has seen significant volatility over the past year, with a 52-week range bet

Taiwan Semiconductor (TSM -1.42%) is arguably the best manufacturing company in the world.

*Stock prices used were the afternoon prices of July 21, 2026. The video was published on July 23, 2026.

Parkev Tatevosian, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy. Parkev Tatevosian is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.

Buffett Spent 60 Years Ignoring Tech and the Bill Is Coming DueUnion Pacific NYSE: UNP reported record second-quarter 2026 financial results, with executives citing volume growth, pricing gains and improved operating performance, while also raising the railroad’s full-year earnings outlook.

Chief Executive Officer Jim Vena said the company delivered “record financial results driven by strong execution and 2% volume growth.” Net income totaled $2 billion, and earnings per share were $3.36 on a reported basis. Adjusted for merger costs, EPS was $3.41.

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AI Broke the Trucks: 3 Transports to Buy After the AI Panic“There was a lot of in and outs as we compare our performance against last year,” Vena said, noting fuel was a major driver of both surcharge revenue and expense. Excluding those factors, he said Union Pacific saw “solid core improvement” in revenue and operating income.

Revenue Rises as Fuel Surcharges and Volume Lift Results Chief Financial Officer Jennifer Hamann said operating revenue rose 12% from a year earlier to $6.9 billion, while freight revenue also increased 12% to $6.5 billion. Fuel surcharge revenue contributed 750 basis points to freight revenue growth and increased by roughly $460 million, reflecting higher fuel prices and volume.

2026 Sector Playbook: 3 Sectors Trading Below Fair ValueVolume growth added 225 basis points to freight revenue, while core pricing and business mix contributed 175 basis points. Hamann said the company’s “quarterly pricing dollars continue to exceed inflation dollars” as Union Pacific competes for business at levels reflecting the value of its rail service.

Business mix was a slight headwind in the quarter, Hamann said, as stronger-than-expected domestic intermodal growth offset the mix benefit from lower international intermodal traffic.

Operating expenses rose 13% to $4.1 billion, primarily due to higher diesel fuel prices. Fuel expense increased 63%, driven by a 60% increase in the average fuel price and 2% higher gross ton miles. The company’s average price per gallon rose to $3.86 from $2.42 a year earlier, adding 120 basis points to the operating ratio.

Union Pacific’s operating ratio was 59.2% in the quarter. Hamann said cash from operations increased 21% to $5.5 billion, while free cash flow totaled $1.8 billion after network reinvestment and dividends. The company also paid down $1.5 billion of long-term debt in the first half, bringing adjusted debt-to-EBITDA to 2.5 times.

Company Raises 2026 EPS Outlook Union Pacific raised its 2026 outlook to reported EPS growth in the high single-digit range, up from its prior outlook for 6% year-to-date growth in line with January expectations. Hamann said the company expects continued operating ratio improvement despite pressure from fuel costs.

“Fuel prices remain volatile,” Hamann said, adding that recent purchases have been above $4 per gallon. In response to an analyst question, she said fuel would likely continue to pressure the operating ratio, but Union Pacific expects volume opportunities and productivity gains to help offset that headwind.

Vena said he would prefer lower fuel prices despite the revenue benefit from fuel surcharges, because sustained high fuel prices could affect customers and consumer demand. Hamann said the company has not yet seen that demand impact.

Bulk, Industrial and Premium Segments Show Mixed Trends Executive Vice President of Marketing and Sales Kenny Rocker said second-quarter freight revenue excluding fuel surcharge grew 4% to $5.5 billion, which he described as a record.

In the bulk segment, revenue rose 7% despite a 1% decline in volume. Grain and grain products posted double-digit volume growth, driven by export demand, facility expansions, renewable fuels and related feedstocks. Rocker said the category delivered record second-quarter volume and revenue. Coal volume was pressured by weaker natural gas prices, mild weather and customer downtime.

Industrial revenue increased 8% on 3% volume growth. Petrochemicals benefited from improved demand and new business, while metals and minerals volumes rose on higher domestic steel production and business development wins, offsetting weakness in export soda ash.

Premium revenue rose 21% on 4% volume growth and a 16% increase in average revenue per car. Domestic intermodal posted its fourth consecutive record quarter in both volume and revenue, with private asset, rail asset and parcel volumes all up double digits. Rocker said the business benefited from constrained truck capacity and share gains. International intermodal volume fell 14%, though the company saw improvement late in the quarter from stronger West Coast imports.

Looking ahead, Rocker said grain and grain products are positioned for further second-half growth, while coal is expected to remain challenging due to elevated inventories and lower natural gas prices. He also said domestic intermodal should continue to perform well, supported by over-the-road conversions and Union Pacific’s service product.

Operations Improve as Volume Grows Executive Vice President of Operations Eric Gehringer said Union Pacific delivered record second-quarter operating performance while handling 2% more volume. Employee and derailment rates improved compared with their respective three-year rolling averages.

Freight car velocity increased 5% to 231 miles per day, a second-quarter record. Train speed rose 3%, and terminal dwell improved 7% to 19.7 hours, matching the first-quarter record and marking the third straight quarter below 20 hours. Gehringer said both the intermodal and manifest service performance indexes finished at 95%.

The company also reported record workforce productivity, train length and fuel consumption performance. Locomotive productivity improved 1%, fuel consumption improved 1%, workforce productivity rose 5%, and train length increased 2% from a year earlier.

Gehringer said Union Pacific continues to make strategic capacity investments, including in the Houston Complex, Pacific Northwest siding extensions and Sunset Double Track projects.

Norfolk Southern Merger and CN Agreement Remain in Focus Vena also provided an update on Union Pacific’s proposed merger with Norfolk Southern. He said the Surface Transportation Board accepted the company’s application as complete on May 28 and that Union Pacific planned to submit supplemental information requested by the board on Monday.

Vena said Union Pacific has expanded its Committed Gateway Pricing and made other voluntary commitments intended to improve the competitive nature of the proposed merger. He also highlighted a newly announced merger settlement agreement with Canadian National.

Vena said the agreement with Canadian National addresses ownership and competitive issues involving the Kansas City terminal and Terminal Railroad Association of St. Louis, while also giving Canadian National access between east of St. Louis and Kansas City. He said the agreement would provide CN with a path to move traffic into Mexico and would give Union Pacific better east-to-west access through Chicago.

Vena argued the merger would create seamless single-line service, improve reliability, lower costs and make rail more competitive against trucks and other railroads. “Now versus almost one year ago when we first announced our plans to merge, we have even more conviction that our transaction is in the public interest,” he said.

About Union Pacific (NYSE:UNP)Union Pacific Corporation NYSE: UNP is one of the largest freight railroad companies in the United States. Its principal operating subsidiary, Union Pacific Railroad, has roots that trace back to the Pacific Railway Act of 1862 and the construction of the first transcontinental rail link completed in 1869. The company is headquartered in Omaha, Nebraska, and operates as a holding company for rail transportation and related services.

Union Pacific's core business is the movement of freight by rail across an extensive rail network serving the western two‑thirds of the United States.

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SpaceX IPO: Opportunity? Or the Ultimate Hype Trade?Snap-On NYSE: SNA reported higher second-quarter sales and earnings, with management pointing to strength in its Commercial & Industrial business and continued demand from vehicle repair technicians despite what executives described as a highly uncertain operating environment.

Chief Executive Officer Nick Pinchuk said the quarter showed the company’s ability to execute amid “Ukraine, inflation, fluctuating tariffs, restructured supply chains” and tensions involving Iran. He said Snap-on benefited from long-running market trends, including the rising complexity of vehicles, an aging vehicle fleet, demand for precision and customization in critical industries, and the increasing importance of technology and proprietary software.

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Industrial Buybacks: Top Homebuilding Supplier Leads Buyback IncreasesNet sales rose 4.7% to $1.235 billion, including a 3% organic gain, $11.5 million from the recent acquisitions of Hi-Force Hydraulic Tools and Diesel Laptops, and $8.7 million from favorable foreign currency translation. Net earnings were $260.6 million, or $4.96 per diluted share, compared with $250.3 million, or $4.72 per diluted share, a year earlier.

Consolidated gross margin improved to 51.4% from 50.5%. Chief Financial Officer Aldo Pagliari said the 90-basis-point increase primarily reflected higher volume and savings from the company’s rapid continuous improvement initiatives. Operating earnings before financial services were $268.9 million, compared with $259.1 million a year earlier, while the operating margin before financial services edged down to 21.8% from 22.0%.

Commercial & Industrial Drives Growth MarketBeat Week in Review – 10/20 - 10/24The Commercial & Industrial, or C&I, segment posted the strongest performance among Snap-on’s operating groups. Sales rose to $395.8 million, up $48 million from the prior year, including an 11% organic gain, $6.8 million from the Hi-Force acquisition and $2.5 million from currency translation.

Pagliari said the organic improvement reflected gains in Asia-Pacific and European handheld tools businesses, as well as double-digit increases in specialty torque and power tools. Sales to critical industries rose mid-single digits, led by aviation activity in the U.S. and internationally, along with gains in heavy-duty fleets and technical education. Shipments for military applications remained “attenuated,” he said.

C&I operating earnings increased to $66.5 million from $46.9 million, and operating margin expanded to 16.8% from 13.5%. Pinchuk called the margin an all-time record for the segment and said demand was strong for custom kits, precision torque tools and power tools.

During the question-and-answer session, Pinchuk said the C&I gross margin improvement was not primarily due to mix, noting that the most profitable critical industries business grew below the segment average. He instead cited better performance in several product areas, including power tools and torque, as well as improved absorption in Asia-Pacific and Europe.

Tools Group Gains Despite Weak Tool Storage The Snap-on Tools Group reported sales of $508.8 million, up from $491.0 million a year earlier, reflecting a 3% organic sales gain and $2.9 million of favorable currency translation. Pagliari said the organic increase came from low double-digit gains in both U.S. and international operations.

Management said activity was helped by higher sales of featured new items, including power tools, air conditioning service products and diagnostics. Pinchuk said the company continued to pivot toward “quicker payback” products as technicians remain reluctant to take on longer-term obligations for larger purchases such as tool storage.

Operating earnings in the Tools Group declined to $115.1 million from $116.7 million, and operating margin fell to 22.6% from 23.8%. Pagliari said gross margin slipped 30 basis points to 48.0%, primarily due to product mix, partially offset by savings from improvement initiatives. Operating expenses rose due to higher personnel, freight and other costs.

In response to an analyst question about originations and higher-ticket items, Pinchuk said tool storage was down while diagnostics was up, with storage representing a larger portion of the financing mix. He said the first quarter’s stronger tool storage performance had been helped by a limited-edition product tied to the U.S. semiquincentennial.

Repair Systems & Information Mixed as OEM Dealers Slow Repair Systems & Information, or RS&I, reported sales of $480.3 million, compared with $468.6 million a year earlier. The increase included $3.2 million of organic growth, $4.7 million from the Diesel Laptops acquisition and $3.8 million from currency translation.

Pagliari said low single-digit increases in undercar equipment and in diagnostics and repair information products sold to independent repair shop owners and managers were mostly offset by weaker activity with OEM dealerships. Pinchuk said independent shops continued to invest in products that expand their capabilities, while OEM dealers showed hesitancy on capital expenditures as automakers slowed program launches.

RS&I operating earnings fell to $115.1 million from $119.8 million, and operating margin declined to 24.0% from 25.6%. Pagliari cited higher sales of lower-margin products, higher personnel and other costs, expanded technology investments and a modest impact from the Diesel Laptops acquisition.

Pinchuk said Snap-on is investing in its proprietary database and large language model efforts, which he said the company expects to benefit from over time. He also highlighted the launch of the Apollo handheld diagnostic unit, describing it as an entry point for technicians seeking intelligent diagnostics at a moderate cost.

Financial Services Revenue Slips Financial services revenue declined to $99.7 million from $101.7 million a year earlier, primarily due to lower interest income from a smaller average finance receivable portfolio. Financial services operating earnings were $67.5 million, compared with $68.2 million.

Total loan originations were $281.0 million, down $12.0 million, or 4.1%, from the prior year. Extended credit loan originations were $237.6 million, down 2.4%. Pagliari said the U.S. 60-day-plus delinquency rate for extended credit receivables was 1.7%, down 10 basis points from the prior year and 20 basis points from the previous quarter.

Outlook and Capital Allocation Snap-on generated $271.5 million in cash from operating activities during the quarter, up from $237.2 million a year earlier. Investing activities included $154.0 million for acquisitions, net of cash acquired, consisting of $99.1 million for Diesel Laptops and $54.9 million for Hi-Force. Capital expenditures were $23.1 million.

The company paid $126.4 million in dividends and repurchased 241,000 shares for $91.4 million. Pagliari said Snap-on had $185.5 million remaining under existing share repurchase authorizations at quarter-end.

For the remainder of 2026, Pagliari said corporate costs are expected to approximate $28 million in each of the next two quarters. The company expects full-year capital expenditures of about $100 million and an effective tax rate of approximately 22%.

Pinchuk said Snap-on remains confident in its ability to sustain progress through the rest of the year, citing resilience in vehicle repair and critical industries. “The results taken individually or collectively are marked by momentum, strength, and continuing green shoots,” he said.

About Snap-On (NYSE:SNA)Snap‑On Incorporated NYSE: SNA is a designer, manufacturer and marketer of tools, diagnostic equipment, repair information and shop equipment for professional users. The company's product range includes hand and power tools, tool storage and cabinets, diagnostic scan tools and software, shop equipment such as lifts and tire changers, and specialized specialty tools for automotive, aviation, marine and industrial applications. Snap‑On also offers information and workflow solutions that combine diagnostic data, repair procedures and parts information to support professional technicians.

Founded in 1920 and headquartered in Kenosha, Wisconsin, Snap‑On has established a long history in the professional tools market.

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3 Dividend Champions with room for dividend growthWest Pharmaceutical Services NYSE: WST raised its full-year 2026 outlook after reporting second-quarter results that topped management’s expectations, supported by strong demand for high-value product components, biologics-related offerings and GLP-1 elastomers.

Chief Executive Officer and Board Chair Eric Green said revenue reached $872 million, up 13% organically, while adjusted earnings per share rose 29% from the prior year to $2.37. Green said the performance reflected “execution of our strategy and continued operational excellence initiatives,” as well as recovery efforts following a cyber incident during the quarter.

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What Factors Will Drive S&P 500 Performance This Year?“Given the robust outcome in the second quarter and the ongoing momentum in the business, we are raising our guidance for full year 2026,” Green said.

High-value components drive quarterly growth West’s Proprietary Products segment delivered 16% organic growth, led by the biologics market group, which rose 29% organically. The company’s high-value product, or HVP, components business generated $424 million in revenue and grew 18.4% organically, according to Chief Financial Officer Bob McMahon.

Healthcare Stocks With at Least 30 Years of Dividend IncreasesGreen said HVP components now account for 49% of total company revenue, up from 46% in the prior-year quarter. He pointed to three main growth drivers: biologics and biosimilars, HVP upgrades including Annex 1-related demand, and continued strength in GLP-1 elastomers.

Non-GLP-1 HVP components grew in the high teens on an organic basis and were the largest contributors to the company’s outperformance in the quarter, Green said. He added that West continues to see win rates above 90% for new biologic molecules, which often require higher-quality containment products such as FluroTec and NovaPure.

Management also emphasized the biosimilars opportunity. Green said biosimilar launches can expand therapy use and may allow West to maintain or increase component demand after commercialization.

Annex 1 upgrades and GLP-1 demand remain key themes Green said West is seeing more customers upgrade to HVP components, often adding finishing processes such as Envision inspection. He described the Annex 1-related opportunity as being in the early stages of a multi-year transition and said it remains on track to contribute 200 basis points of revenue growth in 2026.

During the question-and-answer portion of the call, Green said West had “just shy of 800 total projects in hand” related to Annex 1 and other HVP upgrades, up 50% from the same period last year. McMahon added that the company is seeing possible “spillover” opportunities beyond Europe, including in the United States.

GLP-1 HVP component revenue increased in the high teens, slightly ahead of company expectations. Green said West believes global adoption of GLP-1 therapies remains in the early stages and that injectables continue to show efficacy advantages compared with oral alternatives. He also said oral GLP-1 products appear to be expanding the overall market rather than cannibalizing injectables.

Green said West is participating in generic GLP-1 rollouts in several countries and is encouraged by next-generation GLP-1 molecules in development for obesity, diabetes and other metabolic conditions.

Margins expand as mix shifts toward proprietary products McMahon said total company gross margin was 37.7%, up 200 basis points from the prior year. Adjusted operating margin rose 230 basis points to 22.6%. The improvement was driven by stronger sales, positive mix shift toward HVP components, pricing and leverage across selling, general and administrative expenses and research and development, he said.

Price contributed four percentage points of revenue growth in the quarter. McMahon said pricing accelerated from the first quarter and was above the company’s 2% to 3% corridor, reflecting West’s effort to capture more of the value it provides to customers.

The West Vantage segment generated $150 million in revenue and grew 0.8% organically. McMahon said the segment was affected by the cyber incident, which pushed some revenue into the second half of the year. He estimated the impact at a mid-single-digit headwind to growth in the quarter and said the company expects to recover that revenue during the remainder of the year.

West reported $124 million in operating cash flow for the quarter. Capital expenditures were $43 million, down from $75 million in the prior year. The company repurchased just over 0.5 million shares for $157 million in the quarter and paid $16 million in dividends.

Company raises full-year outlook West now expects full-year 2026 revenue of $3.345 billion to $3.38 billion, representing 10% to 11% organic growth, up from its previous 7% to 9% organic growth forecast. Reported growth is expected to be 8.8% to 10%.

The company raised its adjusted EPS outlook to $8.85 to $9.05, implying year-over-year growth of 21% to 24%. McMahon said the updated outlook incorporates a stronger dollar, with currency now expected to provide a 1 percentage point tailwind, down from a prior assumption of about 2 percentage points.

West also completed the sale and transfer of manufacturing and supply rights for the SmartDose 3.5mL on-body delivery system and associated facilities on July 1. McMahon said the company excluded SmartDose 3.5 revenue from organic growth calculations for the year. He also said the divestiture is expected to contribute 50 basis points of margin improvement for the full year, or 100 basis points in the second half.

For the third quarter, West expects revenue of $820 million to $835 million, reflecting reported growth of 1.9% to 3.8% and organic growth of 7% to 8.9%. Adjusted diluted EPS is expected to be $2.14 to $2.24, up 9% to 14% year over year.

Leadership transition ahead Green, who is preparing to hand leadership to Michel Lagarde on Aug. 31, used his closing remarks to thank employees, customers, shareholders and the board. He said the quarter reaffirmed that West’s growth strategy is working and that the company remains focused on biologics, GLP-1s, Annex 1 and other HVP conversions.

“We have a durable business with a strong competitive moat, which delivers unique value to our customers,” Green said.

About West Pharmaceutical Services (NYSE:WST)West Pharmaceutical Services, Inc is a global developer and manufacturer of components, systems and services that enable the containment and delivery of injectable drugs. The company focuses on high-quality packaging and delivery solutions for the pharmaceutical and biotech industries, producing primary drug packaging components and specialized drug delivery devices used for vaccines, biologics and other injectable therapies. West is known for its elastomeric closures, seals and polymer components that maintain sterility and compatibility with sensitive drug formulations.

In addition to component manufacturing, West provides engineered delivery systems and support services across the product lifecycle.

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Chimera Investment Corporation (NYSE: CIM) announced today that it will release financial results for the second quarter ended June 30, 2026, before the market