West Texas Intermediate (WTI) crude touched $106.2 per barrel on Friday, its highest intraday level since mid-September. The jump followed Iran’s claim that mines struck four tankers, a day after US forces called Hormuz lanes clear.
WTI later eased to $104.1, and Brent traded near $111.9, up 9.4% from a month earlier. For energy traders, the bigger swing factor comes after the November 3 US midterms. Renewed US strikes on Iran are reportedly on the table for that window.
Oil Prices Rise Ahead of Midterms. Source: TradingEconomicsTwo Fronts Flare Before Americans VoteIran’s Islamic Revolutionary Guard Corps (IRGC) said three tankers exploded on the southern route on Thursday. Tehran treats that route as off-limits.
Iran’s army reported a fourth vessel damaged by a mine east of the waterway. US Central Command (CENTCOM) had called Iranian mine-strike reports false and said US forces cleared the main routes. On Thursday, the IRGC rejected that position.
“Prove the claim that the Strait of Hormuz has been cleared of mines with independent evidence, not a statement,” IRGC spokesman Hossein Mohebi said. “The reality of the Strait of Hormuz is determined in the air, on land and at sea, not on social media and in America’s media war rooms.”
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🚫 CLAIM: Over recent days and weeks, Iranian-controlled media have reported Iranian claims that commercial vessels are hitting sea mines while transiting the Strait of Hormuz. These claims are FALSE.
✅ FACT: All internationally recognized primary transit routes through the… pic.twitter.com/SPobSv6ZTf
— U.S. Central Command (@CENTCOM) October 28, 2026 The second front is Saudi Arabia. Iran-backed Houthis claimed six attacks on Saudi airports and oil sites, including the Ras Tanura refinery.
Those claims came days after Saudi Defense Minister Khalid bin Salman attended a meeting in Tehran focused on “peace and security in the region.”
What November 3 Could Decide for Iran and OilWashington is now running force and diplomacy side by side. CENTCOM chief Adm. Brad Cooper presented Iran military options to Trump on Thursday, the Wall Street Journal reported.
That briefing adds to earlier reports of post-midterm Iran strike plans. Trump could still decide against action, according to the report.
Meanwhile, Vice President JD Vance reportedly wrote to Iranian security chief Mohsen Rezaei about a framework for talks. Asked whether he directed it, Trump said “No” and tied the outreach to medical supplies.
Polymarket traders still give the ceasefire an 83% chance of holding through November 3. The odds briefly slid from above 90% to near 62% before rebounding.
Polymarket odds on the US-Iran ceasefire lasting through the midterms. Source: PolymarketThat contract expires on Election Day, while the reported strike window opens after it. The 83% reading therefore says little about oil’s path into mid-November.
Brent already climbed toward its yearly high last week, touching $117.42 on October 23. The World Gold Council has argued a Democratic Congress could restrict war funding, adding another post-vote variable.
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Web Development Stock Surges as AI Offerings Accelerate RevenuesGoDaddy NYSE: GDDY reported third-quarter revenue growth of 6% to $1.3 billion, while total bookings rose 6% to $1.4 billion, as the company highlighted accelerating adoption of its AI-driven Airo platform and continued margin expansion.
Chief Executive Officer Aman Bhutani said Airo’s annualized bookings run rate more than doubled to more than $100 million during the quarter, compared with $50 million in the prior quarter and $10 million two quarters earlier. He said Airo contributed incrementally to bookings growth, more than offsetting the effects of customers migrating away from the company’s legacy Websites + Marketing products.
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Is GoDaddy Stock a Smart Addition to Your Portfolio?“Airo is at the heart of meeting this moment,” Bhutani said, describing the company’s strategy to make the platform its flagship website product and, over time, an operating system for micro and small businesses.
Airo Adoption Drives Bookings Momentum GoDaddy made Airo the default option in its domain-purchase path late in the third quarter, a move Bhutani said is already generating attachment rates above those of Websites + Marketing in that funnel. The company plans to increase marketing behind Airo in the fourth quarter, with incremental spending offset by efficiencies elsewhere in the business.
Palantir Was Left Out of the S&P 500; It Still Looks Like a BuyChief Financial Officer Mark McCaffrey said much of Airo’s current growth came from existing-customer migrations, while the company had only recently introduced the product to the domain-purchase path. Airo’s starter tier has gained traction, with customers also purchasing token credit packs that support additional usage.
McCaffrey said Airo bookings are currently made up of roughly two-thirds subscriptions and one-third credit packs. The company also said more than 70% of new Airo customers have at least two paid products, compared with slightly more than half of GoDaddy’s overall customer base.
Bhutani said the company is seeing stable free-to-paid conversion rates and favorable customer satisfaction as it expands Airo’s reach. He added that the platform is intended to take on more customer tasks beyond website creation, including marketing, commerce and customer communications.
Revenue, Profitability and Capital Returns Applications and Commerce bookings grew 8%, accelerating from 7% in the second quarter. Segment revenue increased 9% to $524 million, supported by productivity and commerce growth, though the transition from Websites + Marketing to Airo partially offset the result. Applications and Commerce segment EBITDA margin expanded about 120 basis points to 47%.
Core Platform revenue rose 4% to $818 million, aided by high-value aftermarket transactions as well as new primary domain registrations and renewals across multiple top-level domains. Core Platform segment EBITDA margin was flat at 33%.
GoDaddy’s annual recurring revenue increased 5% to $4.5 billion. International revenue rose 3% to $436 million. McCaffrey said international growth was comparatively slower because the quarter’s aftermarket transactions were concentrated in the U.S., whereas international aftermarket activity had contributed in prior periods.
Normalized EBITDA increased 10% to $449 million, and normalized EBITDA margin expanded approximately 120 basis points to 33%. Free cash flow rose 9% to $481 million, bringing trailing 12-month free cash flow to $1.8 billion.
The company ended the quarter with $1.1 billion in cash, $2.3 billion in total liquidity and net debt of $2.7 billion, equivalent to trailing-12-month net leverage of 1.4 times. GoDaddy repurchased 5 million shares for $477 million in the third quarter. Through Oct. 26, it had repurchased $1.4 billion of stock year to date, reducing fully diluted shares outstanding by 12%, according to McCaffrey.
Margin Outlook and AI Costs Management acknowledged that Airo carries lower gross margins than internally developed software products such as Websites + Marketing, in part because of inference and token-related costs. McCaffrey said gross margin could face further pressure as Airo grows, though the company expects operational efficiencies across the business to more than offset that effect and support continued normalized EBITDA margin expansion.
Bhutani said GoDaddy is testing open-weight AI models in its own data centers and can route Airo workloads among different models based on the use case. The company expects to use a combination of frontier models, open-weight models and internal infrastructure to balance customer value, costs and margins.
Management also pointed to AI-related productivity gains across functions including software development, customer care, legal, finance, tax and human resources. Bhutani said a large majority of the company’s software is now written with AI tools and that internal efficiency gains should increasingly support investment in Airo, marketing and product development.
Guidance and Agentic-Web Strategy For the full year, GoDaddy expects revenue toward the higher end of its prior $5.215 billion to $5.255 billion range, helped by aftermarket outperformance in the first three quarters. It expects Applications and Commerce revenue growth of about 10% and Core Platform growth of about 4% for the year.
For the fourth quarter, excluding foreign-exchange effects, the company expects bookings growth to accelerate and run slightly ahead of revenue growth, driven by rising Airo units within Applications and Commerce. GoDaddy reaffirmed its full-year normalized EBITDA margin target of more than 33% and free-cash-flow target of approximately $1.8 billion.
Bhutani also discussed changing demand patterns as more customers begin their online journeys through coding assistants, command-line tools and AI agents. GoDaddy has expanded APIs across domains, hosting, professional email and commerce, though he said the initiative remains early and requires further go-to-market work.
The company plans to test new bundles and competitive offers beginning late this year and into early next year, seeking to improve its visibility in large language models and AI-agent channels. It also views its Agent Name Service, or ANS, as a longer-term opportunity to provide identity and trust infrastructure for transactions among AI agents on the open internet.
GoDaddy plans to provide a broader view of its strategy and investment plans at an Investor Night scheduled for Dec. 1 in Tempe, Arizona.
About GoDaddy (NYSE:GDDY)GoDaddy Inc NYSE: GDDY is a global technology company that provides online tools and services to entrepreneurs, small businesses and individuals. Its platform helps customers establish, manage and grow an online presence, with offerings that include domain-name registration, website hosting, website and online-store builders, professional email and digital marketing tools.
The company also provides services designed to support commerce and customer engagement, including e-commerce functionality, online appointment scheduling, payments and other business-management capabilities.
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As Home Prices Hit Highs, These Apartment REITs Offer GrowthMid-America Apartment Communities NYSE: MAA reported third-quarter core funds from operations of $2.10 per diluted share, in line with its guidance, as lower-than-expected property expenses offset softer revenue tied to new lease pricing and occupancy.
Management said apartment fundamentals showed early signs of improvement entering the fourth quarter, though the recovery in new resident pricing has arrived later than the company had anticipated. CEO and President Brad Hill said MAA now expects year-over-year improvement in new resident lease-over-lease rates for the full fourth quarter, rather than the third quarter.
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“Robust demand continues to absorb the elevated supply delivered over the past few years,” Hill said, adding that absorption has exceeded new supply deliveries across the company’s markets year to date. He said lower new construction starts, stabilizing lease-up communities and declining concessions should support a more balanced supply-and-demand environment.
Leasing trends improve entering fourth quarter
Chief Strategy and Analysis Officer Tim Argo said same-store net operating income met expectations in the third quarter. Lower property operating expenses offset revenue that came in below expectations because of weaker new lease pricing.
Renewal performance remained a source of support. Rolling 12-month turnover was 39.6%, which Argo described as a record low, while renewal lease-over-lease rates rose 5.3% during the quarter. Blended lease-over-lease rates increased 10 basis points from the third quarter of 2025.
MAA also reported net delinquency of 0.3% of billed rents outstanding, a level that has remained consistent for several quarters. The company’s average resident rent-to-income ratio was 18%, matching the second quarter and remaining at its lowest level since before the COVID-19 pandemic.
New lease rates remained under pressure during the third quarter. Argo said new lease pricing was approximately negative 6% for the period and was slightly worse in September, at more than negative 7%. However, he said preliminary October trends showed improvement from September and from October 2025.
For the fourth quarter, management expects new lease pricing to moderate less than its typical seasonal decline from the third quarter. The company also expects renewal growth to remain above 5%. Argo said occupancy, which averaged 95.3% in both the second and third quarters, is expected to increase toward roughly 95.5% during the fourth quarter.
MAA said pre-leasing volume and rates for November and December were ahead of the same period last year, though management noted it remains early in the leasing cycle. More than 90% of fourth-quarter renewal decisions had been made, with accepted renewals exceeding 5% lease-over-lease growth and acceptance rates above the prior year.
Market performance varied with supply conditions
Management said market results continued to vary based on local supply levels. Charleston and Norfolk, Virginia, gained momentum and led the portfolio in third-quarter blended lease-over-lease pricing. Dallas also continued to outperform the broader portfolio.
Austin remained an underperforming market on an absolute basis but recorded a 420-basis-point year-over-year improvement in blended pricing. Orlando’s blended pricing improved 100 basis points from the third quarter of 2025.
Phoenix, Charlotte and Savannah continued to face substantial supply pressure despite strong demand, according to Argo. MAA’s Charlotte lease-up properties have offered concessions of up to 10 to 12 weeks on certain floor plans. In Atlanta, management described weaker conditions in July as a temporary issue, pointing to improving occupancy and new lease pricing entering the fourth quarter.
Urban properties continued to outperform suburban properties. Argo said blended lease performance in urban areas was about 40 basis points better than suburban areas, while the gap in new lease performance was about 100 basis points.
Investment initiatives and development activity
MAA completed 2,040 interior unit upgrades in the third quarter, bringing its year-to-date total to 5,544 units, 16% above the comparable period of 2025. The upgrades generated average rent increases of $114 over non-upgraded units on average spending of $5,926 per unit, producing an approximately 23% cash-on-cash return through the first nine months.
The company also continued expanding its community-wide Wi-Fi initiative. Revenue from properties already offering the service rose to $1.35 million in the third quarter from $850,000 in the second quarter. An additional 38 properties that began the initiative in 2026 are expected to start going live during the fourth quarter.
During the quarter, MAA began construction on three projects: an 88-unit wholly owned Phase II development in Kansas City, a 306-unit pre-purchase joint venture development in Northern Virginia, and a 312-unit pre-purchase joint venture development in Nashville. The company expects all three projects to stabilize in 2029.
Guidance reduced as recovery shifts later
CFO Clay Holder said MAA lowered the midpoint of its full-year core FFO outlook by $0.04 to $8.49 per diluted share. The revised full-year range is $8.43 to $8.55 per share.
Same-store revenue growth midpoint was reduced 35 basis points to negative 0.25%.
Expected effective rent growth midpoint was lowered 20 basis points to negative 0.1%.
Expected average physical occupancy midpoint was reduced 10 basis points to 95.4%.
Same-store expense growth midpoint was lowered 35 basis points to 1.4%, primarily because of real estate taxes.
Same-store NOI growth midpoint was reduced 35 basis points to negative 1.25%.
For the fourth quarter, MAA expects core FFO of $2.12 to $2.24 per diluted share, with a midpoint of $2.18. The expected sequential increase reflects seasonally lower operating expenses, higher contributions from the non-same-store portfolio and lower overhead costs, partly offset by higher interest expense.
At Sept. 30, MAA had approximately $661 million of combined cash and revolver capacity and net debt to adjusted EBITDA of 4.7 times. During the quarter, the company repurchased about 400,000 common shares for $50 million at a weighted average price of $126.72 per share.
About Mid-America Apartment Communities (NYSE:MAA)Mid-America Apartment Communities, Inc NYSE: MAA is a real estate investment trust that owns, operates and develops multifamily apartment communities. Its portfolio is focused primarily on conventional apartment housing, with properties offering a range of floor plans and amenities designed for individual renters, couples and families.
MAA concentrates its operations in high-growth markets across the Sun Belt, including communities in the Southeast, Southwest and Mid-Atlantic regions of the United States.
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Women Drive the Job Market—These 3 Stocks Are Following ThemBright Horizons Family Solutions NYSE: BFAM reported third-quarter revenue growth of 5% to $841 million and adjusted earnings per share growth of 15% to $1.80, supported by continued demand for its Back-Up Care offerings. The company, however, lowered its full-year outlook as it expects softer fourth-quarter trends in Back-Up Care usage and enrollment pressure in its Full Service business.
Adjusted operating income rose 5% to $130 million, while adjusted EBITDA increased 5% to $163 million. Adjusted operating margin was unchanged from a year earlier at 15.5%, and adjusted EBITDA margin was also flat at 19.4%.
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Back-Up Care Drives Growth, but Fourth-Quarter Growth Expected to Moderate Back-Up Care revenue increased 13% to $286 million during the quarter. Chief Executive Officer Stephen Kramer said growth was driven primarily by more employees using the benefit, as well as higher usage per user. Demand was particularly strong for services supporting families with school-aged children during the summer, including camps and tutoring.
Kramer said the company expanded its vetted provider network before the peak season, adding capacity in high-demand locations and extending service into new markets. The preparation supported a high fulfillment rate during the period of elevated demand, he said.
Bright Horizons expects Back-Up Care revenue to grow about 13% for the full year. That forecast reflects an expected moderation late in the year, as many repeat users have drawn down their annual benefit allotments earlier than anticipated.
“We are mindful that many client employees are ahead of use within their annual use banks, given their strong utilization year-to-date,” Kramer said.
Chief Financial Officer Elizabeth Boland characterized the expected fourth-quarter effect as primarily a timing issue rather than a sign of weakening underlying demand. She said the company continues to add new users, but the mix of usage during the year tilted more heavily toward returning users, who tend to consume available benefit days earlier.
Management said penetration remains below 5% of the eligible employee population, leaving room to increase participation among existing clients. The company is also developing new offerings, including Care Advising for families navigating complex neurodiversity and senior-care needs, a conversational AI-supported navigation experience, and a more integrated “One Bright Horizons” service experience.
Full Service Enrollment Faces U.K., Australia and U.S. Pressures Full Service revenue rose 1.3% to $522 million, as tuition increases were partly offset by lower enrollment and center closures. The company ended the quarter with 979 centers after opening two and closing 11, including four closures in Australia.
Enrollment at centers open for more than a year declined about 50 basis points excluding Australia. Australia represented an additional roughly 100-basis-point headwind to overall enrollment, while net center closures reduced Full Service revenue growth by approximately 200 basis points.
Boland said the U.S. accounted for most of the enrollment decline outside Australia. Family retention has remained solid, but new-family starts during the fall enrollment season were below expectations. The company said the departure of preschoolers for kindergarten creates a need to refill openings, particularly at its highest-occupancy centers.
Management also cited a broader consumer environment marked by persistent inflation and economic uncertainty. Boland said Bright Horizons is focused on improving the experience for prospective families, including faster follow-up, center tours, registration processes and competitive local pricing. The company also plans to leverage relationships with employer clients to reach prospective families.
In the U.K., new-family enrollment was affected by a regulator’s group-wide notice issued in late June requiring the company to strengthen safeguarding governance and oversight across its nurseries. The regulator issued an updated notice in mid-September that recognized Bright Horizons’ progress but extended the review period.
Kramer said the company did not fully anticipate the duration or impact of the notice on families’ enrollment decisions. Bright Horizons expects the larger effect on enrollment to occur during the fourth quarter and continue until the notice is lifted.
The company has begun implementing additional safeguarding measures in both the U.S. and U.K., including cameras in centers. It is also working with an outside firm specializing in safeguarding and is examining additional classroom technology measures, Kramer said.
Australia Review Leads to Impairment Charge Bright Horizons said conditions in Australia remain challenging, with real estate developer-driven supply growth and softer demand pushing industry occupancy to multiyear lows. The company recorded a non-cash goodwill impairment charge of $290 million and an additional $4 million impairment charge for other intangible assets related to its international Full Service reporting unit, where Australia is grouped.
Kramer said the company is reviewing strategic alternatives for Australia and is moving “with urgency,” though he did not provide further details.
Full Service adjusted operating margin declined 25 basis points to 3.7% in the quarter. Excluding Australia, margins would have increased 40 basis points from the prior-year period, Boland said, as tuition increases ahead of wage growth and operational efficiencies outweighed the impact of modestly lower enrollment.
The company continues to close underperforming centers. It closed 42 centers through September and expects to close roughly another 20 by year-end. Boland said Bright Horizons expects to remain in a net center-closing position in the U.S. during 2027 because some low-occupancy centers remain candidates for exit.
Updated Outlook Bright Horizons now expects full-year revenue of approximately $3.07 billion and adjusted EPS of $4.98 to $5.03. The forecast implies fourth-quarter revenue of $730 million to $740 million and adjusted EPS of $1.14 to $1.19.
Full Service revenue is expected to grow approximately 2% for the year. Back-Up Care revenue is projected to increase approximately 13%. Educational Advisory revenue is expected to be approximately flat with 2025. Full-year interest expense is expected to be $61 million to $62 million. The adjusted effective tax rate is expected to be 28.25%. Educational Advisory revenue was $33 million in the third quarter, with continued College Coach growth offset by lower participant use in EdAssist.
Through September, Bright Horizons generated $208 million in cash from operations, made $69 million in net fixed-asset investments and repurchased $560 million of stock. The company ended the quarter with $119 million in cash and trailing net leverage of 2.4 times net debt to adjusted EBITDA.
About Bright Horizons Family Solutions (NYSE:BFAM)Bright Horizons Family Solutions Inc provides employer-sponsored child care and workplace support services. The company operates early education and preschool centers that serve infants, toddlers, preschoolers and school-age children, with programs designed to support children's development and learning.
Its services also include back-up care for children and other dependents, typically provided through a network of child care centers, in-home caregivers and other providers. Through its Bright Horizons EdAssist Solutions business, the company offers education advising, tuition assistance administration, student loan support and related workforce education services for employers and their employees.
Founded in 1986, Bright Horizons serves families and corporate clients primarily in the United States and also has operations in the United Kingdom and other international markets.
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On its third quarter of 2026 earnings call, held on Oct. 29, 2026, Mobileye (MBLY -9.21%) raised its full-year revenue outlook midpoint to $2.008 billion. Long-term investors gained clarity on how chip sales convert into higher software value per vehicle. Three key takeaways from the call stand out.
1. Automakers Are Upgrading to Higher-Value Driver-Assist SystemsAutomakers are upgrading beyond basic front-facing cameras to adopt surround-view vision and cloud-based mapping. Mobileye tracks the fitment rate, which represents the percentage of newly manufactured vehicles that come equipped with its Advanced Driver Assistance Systems (ADAS) or autonomous driving technologies.
Selling broader software packages increases average selling price (ASP, the average revenue earned per unit) and builds deeper long-term customer relationships.
Looking toward 2027 through 2030, our growth opportunity within ADAS has two reinforcing drivers: ADAS reaching more vehicles and Mobileye delivering more value in each vehicle. Rising fitment rates support unit growth, while broader adoption of our software and systems capabilities create the path to higher content per vehicle.
-- Professor Amnon Shashua, Chief Executive Officer and President2. Chinese Vehicle Exports Are Driving Global Safety StandardsChinese original equipment manufacturers (OEMs, the companies that build vehicles) are shipping cars with built-in safety software to overseas markets. That push forces legacy carmakers in Latin America and South Asia to add safety hardware to stay competitive.
Chinese OEMs are also choosing Mobileye to support their rapid emerging market expansion, adding more than 1 million units and four percentage points to our overall growth rate.
-- Professor Amnon Shashua, Chief Executive Officer and President3. Full-Stack Control Accelerates Robotaxi Deployment and Cost CutsBy managing vehicle integration, fleet orchestration, and custom sensors directly, Mobileye avoids reliance on external hardware schedules. Operating its own vertically-integrated stack lets the business use imaging radar to reduce reliance on costly lidar (laser-based distance sensors).
Our rationale for broader participation through our own vertically integrated solution is to accelerate the deployment of our self-driving system and capture more of the value it enables, not to pursue fleet ownership for its own sake.
-- Professor Amnon Shashua, Chief Executive Officer and PresidentLooking AheadEyeQ microchip shipments outpace global vehicle production, driven by export momentum. The business expands software content across major automakers while management monitors component costs.
Demand for our technology is outpacing production at our top 10 customers, while Chinese OEMs continue to choose our solutions for export markets.
-- Professor Amnon Shashua, Chief Executive Officer and PresidentMobileye favors production-grade software over temporary demonstrations. Building Level 3 hands-free driving systems (where software handles driving in set conditions) protects its position as advanced features scale.
We believe that scaling a proven production-grade product is a stronger position than productizing across many customers at once.
-- Professor Amnon Shashua, Chief Executive Officer and PresidentThe Motley Fool recommends Mobileye Global and recommends the following options: short November 2026 $7 puts on Mobileye Global. The Motley Fool has a disclosure policy.
New York, New York--(Newsfile Corp. - October 30, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against Hims & Hers Health, Inc. ("Hims & Hers" or the "Company") (NYSE: HIMS) on behalf of investors that purchased or otherwise acquired Hims & Hers securities between August 4, 2025 and July 29, 2026 (the "Class Period").
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If you are an investor in Hims & Hers and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than November 2, 2026 for an opportunity to be lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On July 29, 2026, the Federal Trade Commission ("FTC"), the People of the State of California through Los Angeles County Counsel and the Utah Division of Consumer Protection sued Hims & Hers in the Northern District of California. According to the FTC, the action alleges that Hims & Hers fails to clearly disclose that it charges consumers for prescriptions almost immediately after they submit an intake form, despite telling consumers that they will be able to consult with a medical provider to find a treatment that is "right for them." The FTC also alleges that the company has made it difficult for consumers to cancel subscriptions and misled consumers about keeping their health information private. The FTC alleges that Hims shared consumers' health information with Meta, Snap and other third parties.
Following this news, the price of Hims & Hers stock fell $4.32 per share, or 14.73%, to close at $25.00 per share on July 29, 2026.
Based on the FTC allegations, the complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts to investors, including that (1) the Company shared consumers' health information with third-party advertising platforms; (2) the Company charges consumers for prescriptions almost immediately after they submit an intake form, despite telling consumers that they will be able to consult with a medical provider to find a treatment that is "right for them;" (3) the foregoing conduct subjected the Company to regulatory scrutiny; (4) as a result of the foregoing, the Company was reasonably likely to incur fees and penalties; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.
Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.
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A large crypto whale closed long positions in BTC and ETH, reaping $17.78 million in profits, before opening short positions for 20,000 ETH.
According to monitoring by Tradingbeats, an address starting with 0x15a liquidated $100 million worth of BTC and ETH long positions on Hyperliquid, realizing a profit of $17.78 million. The address subsequently opened a short position of 20,000 ETH at $2,228, valued at $44.6 million. The address opened long positions of 1,000 BTC at $62,353 and 10,000 ETH at $1,762 in early July 2026, holding the positions for nearly four months.
13 minutes ago
CryptoQuant CEO: Coinbase Premium Index drops to a four-year low, market sentiment nears the level seen after the 2022 FTX collapse.
CryptoQuant CEO Ki Young Ju posted that the Coinbase Premium Index has fallen to its lowest level in four years. The last time this metric hit such a low was in November 2022, following the FTX collapse, when Bitcoin also reached a local bottom. Ki Young Ju believes that current market bearish sentiment has reached a notable level, which could instead signal a bullish turn.
13 minutes ago
Cursor Extension Store Poisoned: SSH Backdoor Implanted in Claude Code, Affecting Up to 5,000 Users
Beating AI News (Insight) reports: Cursor disclosed that on October 29, a maliciously tampered version of Claude Code 2.1.313 appeared in its extension marketplace. The installer was not created by Anthropic and was listed on the store for roughly 11 hours. Cursor estimates up to 5,000 users were affected and will contact them directly. Security research firm OpenSourceMalware analyzed the incident and found attackers inserted 66 lines of malicious code before the plugin’s legitimate code. The malware executes as soon as the editor loads the extension—no interaction with Claude is required. It collects device details including the computer name, Git email, and public IP, and secretly adds the attacker’s SSH key to the system’s authorized list. The malware then attempts to enable remote login, connect to the attacker’s server via a reverse SSH tunnel, and sets up a background task to run on startup, trying to reconnect every 60 seconds. However, the malicious code contains bugs. Cursor noted most Mac and Windows devices lack the admin privileges needed to enable SSH, so attackers generally cannot log in via the tunnel. Still, adding the malicious key, installing the background script, and exfiltrating device information may succeed. Even devices with SSH enabled are not safe. Cursor has removed the malicious extension, temporarily shut down its entire extension marketplace, and assisted in taking down the attacker’s server. Affected users must check their SSH authorized files for `svc-telemetry` and clean up using the official fix script; uninstalling the extension alone is insufficient, as the backdoor may persist.
13 minutes ago
A whale closed long positions in BTC and ETH, locking in a profit of $17.78 million, then opened a short position of 20,000 ETH.
According to EmberCN’s monitoring, an address starting with 0x15a liquidated $100 million in BTC and ETH long positions on Hyperliquid, earning a profit of $17.78 million. The address subsequently opened a short position of 20,000 ETH at $2,228, valued at $44.6 million. The address had opened long positions of 1,000 BTC at $62,353 and 10,000 ETH at $1,762 in early July 2026, holding the positions for nearly four months.
13 minutes ago
Metaplanet CEO voices support for Binance: The Bitcoin network remains unaffected by this incident, and all of the company’s Bitcoin (BTC) is held in cold storage at regulated custodian institutions.
Metaplanet CEO Simon Gerovich posted a statement expressing support for Binance and all teams working diligently to address the incident, noting that industry participants should unite and collaborate during such times. Gerovich emphasized that the incident has not affected Bitcoin itself, pointing out that the Bitcoin network has operated normally in accordance with its established protocol since 2009. Additionally, all Bitcoin held by Metaplanet is stored in cold wallets and safeguarded by leading regulated custodial institutions in the sector.
13 minutes ago
Trader Loracle added short positions totaling around $48.4 million in altcoins and tech stocks today.
According to TradingBeats monitoring, a review of trading activity and positions across Loracle’s main account and seven sub-accounts shows that as of press time, the main sub-account’s combined trading volume for new and increased short positions today totals approximately $48.38 million: - ETH: New short position opened today, trading volume ~$22.82 million, current position ~$22.52 million, average price $2,262.70 - Nvidia: New short position opened today, trading volume ~$8.37 million, current position ~$8.34 million, average price $208.57 - Oracle: New short position opened today, trading volume ~$2.19 million, current position ~$2.18 million, average price $134.06 - NEAR, PEPE: Added ~$10 million and ~$5 million in short positions respectively On the long side, the same sub-account added 123.12 BTC today with a trading volume of ~$10 million. It currently holds 718.34 BTC in long positions worth ~$56.1 million, at an average cost of $84,948, for an unrealized loss of ~$4.92 million. The sub-account also added ~$570,000 in XMR, bringing its current XMR long position to ~$15.54 million. Other accounts: The main account still holds ~$9.59 million in HYPE short positions, with no relevant trades recorded today. Sub-account 0x2ed0 primarily added short positions in PAXG, SOL, DOGE and XRP, with net selling volume per asset ranging from $140,000 to $320,000. Stock sub-account 0xdba0 added small long positions in Intel, Samsung and SOXL, and covered some Nasdaq short positions, with individual buy volumes ranging from $4,000 to $10,000. The remaining four sub-accounts currently hold no perpetual positions. Collectively, the eight accounts hold ~$77.23 million in long positions and ~$75.07 million in short positions, with a total unrealized loss of ~$10 million.
„Meziroční růst HDP o 1,6 % podpořily vyšší výdaje na konečnou spotřebu, tvorba hrubého fixního kapitálu a rostoucí zahraniční poptávka. Negativní vliv měla změna stavu zásob,“ sdělil Vladimír Kermiet, ředitel odboru národních účtů ČSÚ.
The Pound-Canadian Dollar rate could extend its rebound if Canadian growth disappoints, while softer oil prices may keep the Loonie under pressure.
The Pound Canadian Dollar (GBP/CAD) exchange rate recovered from a four-month low on Thursday as easing oil prices pressured the ‘Loonie’.
At the time of writing, GBP/CAD was trading at CA$1.8693, up 0.2% on the day.
Latest — Exchange Rates:
Pound to Canadian Dollar (GBP/CAD): 1.871239 (+0.39%)
Euro to Canadian Dollar (EUR/CAD): 1.562904 (+0.16%)
Dollar to Canadian Dollar (USD/CAD): 1.39864 (0.00%)
DAILY RECAP:
The Canadian Dollar (CAD) retreated on Thursday, trimming Wednesday’s gains, as falling oil prices pressured the commodity-sensitive currency.
Crude prices eased amid reports of a fresh push for peace in the Middle East. US Vice President JD Vance sent a letter to Iranian security chief Mohsen Rezaei, which was reportedly ‘received well’ by Iran, stirring hopes for new negotiations between Washington and Tehran.
The resulting decline in global oil prices undermined the crude-sensitive ‘Loonie’, forcing it to surrender some of the gains it made in the wake of the Bank of Canada’s (BoC) latest interest rate decision.
Meanwhile, the Pound (GBP) strengthened on Thursday as markets continued to react to Chancellor John Healey’s inaugural Autumn Budget.
Healey delivered a relatively safe Budget, sticking to the government's fiscal rules and appeasing the bond market.
As a result, UK government borrowing costs eased in the wake of the Budget, with the 10-year gilt yield dipping to its lowest level in five weeks. This helped GBP gain ground.
Near-Term GBP/CAD Forecast: Canadian GDP in Focus
Looking forward, the key data release on Friday is Canada’s preliminary GDP figures for September. Anaemic growth last month could put some pressure on the Canadian Dollar.
Meanwhile, oil price dynamics are likely to continue impacting the crude-linked ‘Loonie’. If prices continue to moderate, CAD exchange rates may trend lower.
As for the Pound, British data is thin on the ground on Friday, potentially muting the Pound and limiting its movement.
Exchange Rates UK Research
Our currency coverage draws on live market data, official economic releases and published bank research.
USD/CAD traded near 1.3960 after the Canadian dollar reached a six-week high on Thursday.
The Bank of Canada raised its policy rate to 2.50%, while the Federal Reserve held steady.
Canadian GDP data are due at 8:30 a.m. ET, with monthly growth of 0.2% expected.
The Canadian dollar extended its gains on Friday after reaching a six-week high in the previous session, as a Bank of Canada rate increase narrowed the yield gap with the United States. Investors now await Canadian GDP figures for evidence that the economy can withstand further tightening.
USD/CAD traded near 1.3960, down 0.21%, slipping below Thursday’s low of 1.3966. The decline means fewer Canadian dollars are needed to buy one US dollar, reflecting a stronger loonie.
Friday’s GDP release is the next test for the currency after the Bank of Canada raised rates for the first time since July 2023 and left further increases on the table.
Why Is USD/CAD Falling Today?
The Canadian dollar is benefiting from a smaller US yield advantage following Wednesday’s Bank of Canada decision.
The gap between Canadian and US two-year government bond yields narrowed by 4.7 basis points on Thursday to approximately 128 basis points in favour of the US, Reuters reported. Earlier this month, that advantage had reached about 160 basis points.
US bonds still offer the higher yield, but the narrowing gap has made Canadian assets relatively more attractive. Klarity FX director Amo Sahota told Reuters that the shift was encouraging traders to pursue further gains in the loonie. A softer US dollar also helped. Treasury yields eased after US inflation figures broadly matched expectations, reducing support for the greenback.
Canadian GDP Data Could Drive USD/CAD’s Next Move
Statistics Canada will release August GDP figures on Friday at 8:30 a.m. ET. The report will also include an advance estimate for September, giving investors a more recent indication of activity.
The agency’s preliminary estimate pointed to 0.2% growth in August. Economists also expect a 0.2% monthly increase, following unchanged output in July. www150.statcan.gc.ca
A stronger result could reinforce the view that Canada has room for tighter policy, potentially supporting the loonie. A weak reading could prompt investors to scale back those expectations.
September’s advance estimate will matter alongside the August figure. Since the Bank of Canada has already assessed a broad improvement in third-quarter growth, investors will be looking for evidence that momentum continued towards the quarter’s end.
Oil Prices Add Support to the Canadian Dollar
Elevated oil prices remain another source of support because energy is one of Canada’s major exports.
US crude futures settled around $102 a barrel on Thursday, Reuters reported. Prices fell 0.8% during the session on hopes for US-Iran peace talks but remained high enough to support the value of Canadian energy exports.
Oil also complicates the economic outlook. Higher export receipts can help the currency, while expensive fuel raises costs for households and businesses.
That leaves the loonie sensitive to geopolitical developments. A sustained decline in crude could remove some support, even if Canadian interest-rate expectations remain firm.
USD/CAD Technical Analysis: Support and Resistance
USD/CAD is testing the 1.3950–1.3960 area after moving below Thursday’s 1.3966 low. A sustained break would bring the round-number 1.3900 level into focus.
On the upside, Friday’s session high near 1.3994 and the psychological 1.4000 threshold are the nearest hurdles. A recovery above that area would weaken the immediate downward momentum.
These levels provide reference points around the GDP release. The price snapshot alone does not establish a longer-term reversal, and a brief move through either side could fade once traders assess the details.
USD/CAD Forecast: Can the Loonie Extend Its Rally?
The near-term backdrop favours the Canadian dollar while the yield gap narrows and oil remains elevated. Strong GDP figures would add economic support to that position.
The risk is that much of the policy shift is already reflected in prices. Disappointing growth, weaker crude or renewed demand for the US dollar could interrupt the rally.
For now, whether USD/CAD holds below 1.4000 after the release will help show how much conviction remains behind the move.
Will the Canadian dollar get stronger against the US dollar?
Further gains would be more likely if Canadian growth supports additional rate increases and the US yield advantage continues to narrow. Weaker oil prices or disappointing economic data could interrupt the rally.
Why is the Canadian dollar rising against the US dollar?
The Bank of Canada’s rate increase has narrowed the gap between Canadian and US bond yields. Elevated oil prices have also supported the loonie, while softer US yields have weighed on the greenback.
How does Canadian GDP affect USD/CAD?
Stronger-than-expected GDP can support the Canadian dollar by increasing expectations for tighter monetary policy, pushing USD/CAD lower. A weaker report can have the opposite effect, particularly if it reduces expectations for another rate increase.
Evropská centrální banka včera podle očekávání ponechala depozitní úrokovou sazbu na 2,5 %. Po zářijovém zvýšení tak zvolila pauzu, která ale podle nás neznamená konec zpřísňování měnové politiky.
Podle centrální banky zůstává ekonomika eurozóny odolná, probíhající energetický šok však její růst přibrzdí. Inflaci táhnou vzhůru ke 4% hranici především drahé energie, které budou cenové tlaky živit i v dalších měsících. Nahrává tomu aktuální vývoj na energetických trzích: ropa Brent se pohybuje okolo 110 dolarů za barel, zatímco evropský plyn včera poprvé od roku 2022 překonal hranici 100 EUR/MWh.
Přestože bychom si dokázali představit zvýšení sazeb již v říjnu, stabilní jádrová inflace a vysoká nejistota dávaly ECB prostor vyčkat. Riziko průsaku dražších energií do dalších cen ale v čase narůstá. A z našeho pohledu výrazněji, než si aktuálně ECB připouští.
Část práce za centrální banku naopak odvádí růst dlouhodobých úrokových sazeb, který zpřísňuje finanční podmínky v ekonomice. Dražší úvěry totiž tlumí poptávku a v konečném důsledku i cenové tlaky.
ECB se ani tentokrát nezavázala ke konkrétní trajektorii úrokových sazeb. Vzhledem k převaze proinflačních rizik se náš výhled v tomto ohledu nemění: v prosinci očekáváme zvýšení depozitní sazby na 2,75 % a na začátku příštího roku završení cyklu na 3,0 %. Peněžní trh počítá s ještě výraznějším zpřísněním a vrchol sazeb vidí o čtvrt procentního bodu výše.
V reakci na napětí na dluhopisových trzích šéfka ECB Christine Lagardeová zdůraznila, že centrální banka má nástroje proti jejich destabilizaci. Patří mezi ně zejména anti-fragmentační nástroj TPI, který prostřednictvím cílených nákupů dluhopisů chrání transmisi měnové politiky. Jeho využití ale zatím nepovažujeme za pravděpodobné. U Francie je navíc zásadní povaha tamních potíží: TPI má čelit neopodstatněným až panickým výprodejům, nikoli kompenzovat růst rizikové přirážky odpovídající skutečným politickým a rozpočtovým problémům země.
Včerejší zasedání navíc doprovodila zpráva o změně v čele ECB. Christine Lagardeová oznámila, že ECB předčasně opustí 7. února 2027, přibližně devět měsíců před řádným koncem mandátu. Jako důvod uvedla potřebu svobodněji se vyjadřovat, což lze číst v kontextu blížících se francouzských prezidentských voleb. Její odchod zapadá do širší personální obměny: v první polovině příštího roku se uvolní tři ze šesti míst ve Výkonné radě ECB. Už v lednu odejde do MMF Isabel Schnabelová a v květnu skončí mandát hlavního ekonoma Philipa Lanea.
TRHY
Koruna
Včerejší zasedání ECB přešla koruna bez povšimnutí a ke konci týdne okupuje úroveň 24,35 EUR/CZK. Dnes ráno bude zveřejněn bleskový odhad HDP za třetí čtvrtletí, od kterého očekáváme zrychlení růstu české ekonomiky na mezikvartálních 0,5 %. Na detaily si však, s výjimkou krátkého komentáře statistického úřadu, budeme muset počkat až do začátku prosince.
Eurodolar
Euro po očekávaném rozhodnutí ECB nejprve oslabilo až pod říjnové minimum. Obrat přišel během tiskové konference, během níž Lagardeová uvedla, že Rada guvernérů debatovala o třetím zvýšení sazeb, než se jednomyslně shodla na pauze, a že prosincové zvýšení zůstává pravděpodobné. Trhy nyní připisují prosincovému kroku na 2,75 % pravděpodobnost přes 80 %. Euro tak smazalo ztrátu 0,4 % a EUR/USD se vyšplhal těsně pod 1,12. Dolaru rozhodně také nepomáhají výprodeje technologických akcií v posledních dnech, které vracejí do hry obavy o americký růst. I tak podle nás euro bude mít problém v současném sestupném trendu jakékoliv pozitivní korekce přetavit v trvalejší zisky.
Růst české ekonomiky ve třetím čtvrtletí citelně zpomalil, ale i tak si drží solidní tempo expanze. Hrubý domácí produkt meziročně vzrostl o 1,6 %, přičemž hlavními tahouny zůstávají spotřeba domácností, investice a zahraniční poptávka. Na druhé straně ekonomiku brzdí úbytek zásob a slabší výkon některých průmyslových odvětví. Předběžná data tak naznačují, že české hospodářství sice pokračuje v růstu, avšak po loňském silnějším oživení postupně ztrácí dynamiku.
Česká ekonomika letos ve třetím čtvrtletí meziročně vzrostla o 1,6 procenta. Vyplývá to z předběžného odhadu, který dnes zveřejnil Český statistický úřad (ČSÚ). Meziroční růst proti druhému čtvrtletí, kdy činil 1,8 procenta, zpomalil. Jedná se o nejnižší nárůst od třetího čtvrtletí roku 2024. Mezičtvrtletně hrubý domácí produkt (HDP) stoupl o 0,5 procenta.
"Meziroční růst HDP o 1,6 procenta podpořily vyšší výdaje na konečnou spotřebu, tvorba hrubého fixního kapitálu a rostoucí zahraniční poptávka. Negativní vliv měla změna stavu zásob," sdělil ředitel odboru národních účtů ČSÚ Vladimír Kermiet. Mezičtvrtletní růst pozitivně ovlivnily podle statistiků také především rostoucí výdaje na konečnou spotřebu domácností a saldo zahraničního obchodu.
Na vývoj hrubé přidané hodnoty, tedy rozdílu mezi hodnotou produkce zboží a služeb a nákladů na výrobu, měla v mezičtvrtletním srovnání pozitivní vliv podle ČSÚ především skupina odvětví obchodu, dopravy, ubytování a pohostinství a informační a komunikační činnosti. Mírný pokles nastal ve zpracovatelském průmyslu a ve stavebnictví. Meziročně k růstu přidané hodnoty nejvíce přispěl průmysl, skupina odvětví obchodu, dopravy, ubytování a pohostinství, informační a komunikační činnosti a profesní, vědecké, technické a administrativní činnosti.
Meziroční růst českého hospodářství letos postupně zpomaluje. V prvním čtvrtletí činil růst HDP podle aktuálních údajů ČSÚ 2,1 procenta a ve druhém 1,8 procenta. Loni růst neklesl pod 2,5 procenta.
United Overseas Bank strategists Quek Ser Leang and Lee Sue report that GBP/USD has rebounded strongly from recent lows, invalidating earlier downside bias. The British Pound (GBP) is now expected to grind higher toward nearby resistance, though gains are seen as gradual and conditional on holding key support levels, with a clearer push to higher targets requiring a decisive break of initial caps.
Pound targets 1.3420 then 1.3450 "24-HOUR VIEW: Two days ago, GBP declined to a low of 1.3274 and then rebounded strongly. When GBP was at 1.3330 yesterday, we pointed out that “the immediate downward pressure has eased.” We highlighted that GBP “is likely to range-trade between 1.3295 and 1.3350.” GBP subsequently dipped to 1.3299 before staging a sharp rise, reaching a high of 1.3383. While the sharp rise appears excessive, GBP could continue to rise and test 1.3420. The next resistance at 1.3450 is unlikely to come under threat. Support is at 1.3355; a breach of 1.3340 would indicate that the immediate upward pressure has eased."
"1-3 WEEKS VIEW: Two days ago (28 Oct, spot at 1.3310), we highlighted that “the bias for GBP is on the downside toward 1.3265.” GBP then declined to a low of 1.3274 and rebounded. Yesterday, GBP rebounded further, breaking above our ‘strong resistance’ level at 1.3365. Downward pressure has eased with the break of the ‘strong resistance’ level. Upward momentum is building, albeit tentatively. From here, we expect GBP to rise toward 1.3420. GBP must break clearly above this level before a move to 1.3450 can be expected. To sustain the momentum buildup, GBP must hold above the ‘strong support’ level, now at 1.3310."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
W.A.G payment solutions plc oznámila změnu názvu společnosti na Eurowag Group. Tato změna má odrážet transformaci Eurowagu z poskytovatele platebních a mobilitních řešení na podnik provozující integrovanou digitální platformu, která sdružuje klíčové služby nezbytné pro fungování odvětví komerční silniční dopravy. O nabytí účinnosti změny názvu bude společnost informovat v samostatném oznámení.
Vývoj akcie
Akcie WAG payment solutions se vedle londýnské burzy obchodují také na pražské burze pod tickerem BAAWPS za 29,8 Kč.
Zdroj: W.A.G payment solutions
Jan Prokeš
Fio banka, a.s.
Prohlášení
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3 High-Momentum Gold Stocks Surging on the Metals RallyEldorado Gold NYSE: EGO reported third-quarter 2026 results marked by higher realized gold prices, continued investment in its Skouries and McIlvenna Bay projects, and revised production guidance following slower-than-expected ramp-ups at those new operations.
President and Chief Executive Officer Christian Milau, speaking on his first quarterly call as CEO, said the company is focused on improving execution consistency, strengthening capital discipline and converting its asset base into cash flow and per-share value. He said Eldorado has enhanced its projects team and does not expect to pursue significant capital projects without the group’s involvement from the outset.
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Skouries Ramp-Up Extends, Capital Estimate Rises Which of these Gold Mining Stocks is Glittering After Earnings?Skouries produced its first copper-gold concentrate on Sept. 8, while the project’s tailings-filter presses began operating during the week of the call. Milau said two filter presses are operating and enable continuous plant operations, while the remaining units were expected to come online in November. Four operating presses are needed to support commercial production, with five available presses targeted to provide operating redundancy.
The site was connected to grid power on Sept. 28, allowing temporary generators to be demobilized. Mining in both the open pit and underground mine continued to perform well, with the company reporting a significant ore stockpile and 2,100 meters of underground development completed during the quarter.
However, Eldorado now expects commercial production at Skouries in late 2026 rather than earlier expectations, following a longer and more costly commissioning process. Total project capital is now estimated at approximately $1.425 billion. The increase includes $65 million of additional project capital, largely related to contractor workforce requirements, temporary power, owners’ costs and other execution-related costs. Another $45 million previously expected after commercial production has been reclassified as project capital.
The company also expects $390 million in accelerated operating capital at Skouries, including $95 million in additional costs for stockpile growth, underground development and site earthworks. A further $35 million was reclassified from sustaining capital. Eldorado identified up to $30 million of additional contingency depending on the precise timing of commercial production, though Milau said the company did not expect to use it based on recent progress.
Management said the project remains fully funded. The company expects its first concentrate shipment to a European smelter in the coming weeks and said it has offtake contracts covering most expected output over the next two and a half years. Chief Financial Officer Paul Ferneyhough said those contracts provide delivery flexibility and do not carry penalties related to the later ramp-up.
Quarterly Financial Results Supported by Gold Prices Eldorado produced 106,000 ounces of gold and sold 107,000 ounces in the third quarter. Revenue rose 18% year over year to $512 million, supported by an average realized gold price of $4,326 per ounce, compared with $3,527 per ounce in the prior-year quarter.
Net earnings attributable to shareholders from continuing operations totaled $118 million, or $0.45 per share, compared with $56 million, or $0.28 per share, in the third quarter of 2025. Adjusted net earnings were $127 million, or $0.49 per share, versus $82 million, or $0.41 per share, a year earlier.
Production costs rose to $200 million from $164 million, reflecting higher royalties, higher costs at Lamaque and Olympias, and pre-commercial production costs at McIlvenna Bay. Total cash costs averaged $1,415 per ounce sold and all-in sustaining costs were $2,050 per ounce sold.
Cash flow from operating activities before changes in working capital increased to $249 million from $184 million a year earlier. Consolidated free cash flow was negative $191 million as Eldorado continued to invest in the two new operations. The established operating portfolio generated $98 million of free cash flow before investments in Skouries and McIlvenna Bay.
At quarter-end, the company had $397 million in cash and cash equivalents and $275 million available under its credit facility, for total liquidity of $672 million. Eldorado increased its revolving credit facility to $600 million in August and extended its maturity to March 2029.
Guidance Revised as Established Mines Face Mixed Results For its established operating assets, excluding Skouries and McIlvenna Bay, Eldorado revised 2026 gold-production guidance to 410,000 to 430,000 ounces. Strong performance at Lamaque partially offset lower expected output at Kışladağ and Olympias.
Lamaque produced 52,748 ounces of gold during the quarter, aided by higher throughput, grades and recoveries, including ore from Ormaque. Total cash costs were $897 per ounce sold and all-in sustaining costs were $1,436 per ounce sold.
Kışladağ produced 22,713 ounces, as lower-grade ore was stacked while the mine accelerated waste removal and bench cleanup. The company said higher-grade material became available in September, but the approximately 300-day leach cycle means the production benefit is expected toward the end of the fourth quarter and into 2027. The whole-ore agglomeration circuit remains on track for commissioning and ramp-up in the first half of 2027.
Olympias produced 13,430 ounces. Its expansion is now expected to begin ramping up in the first quarter of 2027, with nameplate capacity expected in the first half of that year. Efemçukuru produced 17,073 ounces and continued development work at the Kokarpinar deposit to support a mine-life extension.
McIlvenna Bay and 2027 Priorities McIlvenna Bay’s full processing plant is operational, with throughput averaging in the 70% range. Commercial production is expected in late 2026, although total project capital from June 2024 through commercial production is now estimated at $975 million, about $23 million higher than previously expected.
Chief Operating Officer Simon Hille said remaining work is concentrated on improving solid-liquid separation, reagent control, filtration rates and equipment availability. He said copper and zinc recovery performance in the front-end flotation circuit has been encouraging.
Management reiterated that it does not expect the 2026 ramp-up delays at Skouries to affect its broader 2027 outlook. It expects both Skouries and McIlvenna Bay to reach nameplate capacity around mid-2027. Eldorado plans to provide updated 2027 guidance early in the year and said an updated Skouries technical report is expected by the end of the first quarter.
Milau said the company intends to emphasize balance-sheet management, exploration and shareholder returns as cash flow improves. He said Eldorado does not expect to begin construction on major expansion projects in 2027 and will evaluate debt reduction, dividends, share repurchases and reinvestment as its new mines stabilize.
About Eldorado Gold (NYSE:EGO)Eldorado Gold Corporation is a Canadian mining company focused on the exploration, development and operation of gold properties. The company produces gold and related by-products, including silver, and manages a portfolio of mines and development projects in Türkiye, Greece and Canada.
Eldorado's operations and projects include the Kisladag and Efemcukuru gold mines in Türkiye, the Olympias polymetallic mine and Skouries copper-gold project in Greece, and the Lamaque gold operation in Quebec, Canada.
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Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
SanDisk stock NASDAQ:SNDK extended its decline after Thursday's earnings announcement, despite the memory maker reporting a 378% jump in quarterly revenue and stronger profits than Wall Street expected.
The stock fell another 3.8% in late trading after sliding 5.3% during the regular session to $1,330.05.
Fiscal first-quarter revenue reached $11.03 billion, while adjusted earnings climbed to $49.51 a share, both ahead of forecasts.
Data-centre sales surged as artificial intelligence customers bought more storage. But weakness in consumer products and doubts about how long elevated memory prices can last have left investors reluctant to reward another record-breaking quarter.
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SanDisk’s earnings beat fades as investors doubt consumer recovery and pricing durability.
51% of retail investor accounts lose money when trading CFDs with this provider.
SanDisk's revenue climbed from $2.31 billion a year earlier, easily topping estimates near $10.7 billion. Adjusted earnings exceeded expectations of roughly $46.67 a share, while its non-GAAP gross margin widened to 85.1% from 29.9%.
The strength was striking, but not universal, leaving important questions about growth elsewhere.
Consumer revenue fell 39% from a year earlier to $397 million, and declined 29% from the previous quarter. Edge revenue increased 7% sequentially to $5.83 billion but disappointed some analysts.
Those weaker areas matter because they reveal how much the company's earnings depend on exceptional pricing and demand from data-centre customers.
“The market is telling you that expectations are changing for how long the earnings boom is going to last for these companies,” Equity Armor Investments portfolio manager Joe Tigay told Bloomberg in comments published October 27, before SanDisk reported.
Investors had already enjoyed a rally of more than 450% this year. With such gains behind it, another earnings beat may not be sufficient without convincing evidence that growth can continue.
SanDisk's data-centre revenue rose 61% from the previous quarter to $4.80 billion, compared with just $269 million a year earlier.
Cloud operators are buying high-performance NAND storage to support AI workloads, while constrained supply has strengthened manufacturers' negotiating power.
That combination has lifted margins to levels rarely seen in the memory industry. Yet investors worry that additional production, weaker customer spending or falling chip prices could eventually reverse those gains.
Memory is cyclical, as shortages push prices and earnings higher, before capacity expansion can tip the market towards oversupply. Investors have seen reversals before, even when customers seemed willing to keep buying.
Canaccord remains more optimistic. The brokerage said AI demand was absorbing capacity and noted that SanDisk shares traded at roughly six times annualised earnings, as reported by TipRanks.
The valuation looks cheap if current profitability proves durable.
But the multiple could be misleading if today's record margins are close to a peak. A fall in earnings would make the stock more expensive than that headline ratio suggests.
SanDisk forecast fiscal second-quarter revenue of $12.2 billion to $12.6 billion, implying further sequential growth. It expects adjusted earnings of $55 to $57 a share, above market projections, and non-GAAP gross margins between 84.5% and 85.5%.
The company also repurchased about $5 billion of shares in the first quarter and announced an eight-for-one split. Shareholders will receive additional shares on November 19, with split-adjusted trading starting November 20.
A split makes individual shares cheaper to buy but does not increase the company's overall market value. Investors will also watch whether consumer demand starts recovering in the coming quarters.
Mizuho analyst Vijay Rakesh maintained an Outperform rating and a $2,050 target before the results.
NAND prices should “remain solid through 2027E”, he said in research, citing limited capacity growth outside China.
Stronger guidance offers evidence that the boom has room to run. But sustaining these extraordinary margins, rather than dividing shares into smaller units, is what will determine whether SanDisk can regain market confidence.
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.
Výsledky Erste Group za třetí čtvrtletí přinesly mírně pozitivní překvapení především díky silnějšímu čistému úrokovému výnosu, solidní nákladové disciplíně a nižším než očekávaným nákladům rizika, hodnotí analytik Jindřich Litner.
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Tagy: výsledky, Erste Bank, akcie, Polsko, ČR
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30.10.2026 9:47Silné úrokové výnosy pomohly Erste k lepším u zisku. Hlavní otázkou zůstává Polsko 8:54Erste překonala odhady, trhy ale zaměstnává AI výprodej, hackerský útok na kryptoměny i dražší ropa 8:543M FUND MSI SICAV a.s: Pololetní finanční zpráva společnosti 8:53Amazon minul odhady trhu, pokles akcií nezastavil ani silný růst cloudu 8:38Vyšší zisk, lepší úrokové výnosy i ambicióznější cíle u Erste Bank brzdí opatrný výhled úvěrů 29.10.2026 21:01Rotace na trhu zasáhla vítěze AI boomu, Alphabet spustil výprodej technologických akcií 18:25Druhá derivace zlata 16:45Preview Erste: Banka potvrdí růst klíčových výnosů, zisk ale bude stagnovat 15:54ECB ponechala sazby beze změny, Lagardeová oznámila předčasný odchod 15:35Výsledky Microsoftu: AI konečně vydělává, Azure roste o 48 % a miliardový účet se nově přesouvá i na věřitele 14:44Komplikace pro Dukovany: KHNP ukončila jednání o smlouvě na stavební práce bez dohody 13:40Poptávka po lécích na hubnutí zůstává silná, a tak Eli Lilly zvyšuje celoroční výhled 13:15Lagardeová v únoru předčasně odstoupí z funkce šéfky ECB 12:18Výsledky Alphabetu: Cloud září, ale účet za umělou inteligenci začíná děsit i ty největší optimisty 11:31Výsledky Alphabetu táhnou dolů americké indexy, Evropě však v růstu nepřekáží 10:55Vysoká očekávání ServiceNow nenaplnila. Akcie padají až o 18 procent 9:16Komerční banka překonala odhady. Lepší zisk ale stojí hlavně na nákladech a rezervách 8:55Zisk Volkswagenu za tři čtvrtletí klesl o 98,7 procenta 8:50Rozbřesk: Říjnová pauza, prosincové zvýšení. ECB sleduje i francouzský dluh 8:48Po výsledcích KB přichází na řadu Erste. Investoři řeší i Fed, ECB a Big Tech
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Německý index DAX zahajuje obchodní den v červených číslech a následuje i ostatní globální trhy. V úvodu posilují akcie společnosti Bayer (+4,4 %). Její dceřiná společnost Monsanto uspěla v dalším soudním sporu o údajnou souvislost přípravku Roundup s rakovinou, když porota jednomyslně rozhodla v její prospěch.
Index DAX -0,4 % na 25935,06 b. Nejsilnější akcie Změna Nejslabší akcie Změna Bayer (BAYN) +4,4 % Siemens Energy (ENR) -5,4 % Beiersdorf AG (BEI) +3,1 % Infineon Technologies (IFX) -4,7 % Henkel (HEN3) +2,3 % HOCHTIEF AG (HOT) -2,5 % Scout24 SE (G24) +2,1 % Deutsche Bank (DBK) -2,0 % Hannover Rueck SE (HNR1) +1,7 % Siemens (SIE) -1,8 % Zdroj: Bloomberg
Jakub Němec
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Související odkazy Frankfurt započal seanci v zelených číslech Frankfurtská burza roste, akcie Zalando po výsledcích klesají až o 18 %, nejvíce od roku 2018 Frankfurtská burza na začátku obchodování mírně posiluje Frankfurtská burza v úvodu týdne mírně zpevnila Frankfurt uzavírá v plusu
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NBPE Announces Progress on Realisations and Portfolio Rebalancing, alongside September 2026 Monthly NAV
St Peter Port, Guernsey 30 October 2026
Neuberger Private Equity Partners (NBPE), the $1.1bn1 FTSE 250-listed private equity investment company managed by Neuberger, today announces progress on realisations and portfolio refresh and rebalancing initiatives alongside its September 2026 monthly NAV.
NBPE will host its annual Capital Markets Day on 5 November 2026, with presentations from the Chairman of NBPE, members of the Neuberger team, and TA Associates. The event will provide further details on the market, portfolio performance, progress on the portfolio refresh, and steps taken to rebalance the portfolio towards younger higher-growth investments, alongside returns of capital. A replay of the Capital Markets Day presentations will be accessible on NBPE’s website after the event.
Highlights
Neuberger’s proactive portfolio management has resulted in a significant increase in exit activity in September and October, taking total proceeds on signed transactions to $299 million in 2026A further $36 million of share buybacks in September at an average discount of 29%, bringing total capital returned to shareholders through buybacks and dividends to $152 million in 20262, a 138% increase on 2025Continued strong progress in refreshing the portfolio - year to date capital committed to 10 new investments is $187 million; strong pipeline of new investment opportunitiesExchange of holding in Action for shares in 3i Group in September to increase future optionalitySeptember NAV per share of $27.58 (£20.76), a total return of (2.0%) in the month, with performance impacted by proactive portfolio company realisations and portfolio management, and negative movements in quoted holdings and foreign exchangePrivate portfolio continues to perform well, with strong portfolio company operating performance - LTM revenue and EBITDA growth of 11.1% and 12.1%, respectively at 30 June 2026Liquidity position strengthened as at the end of September: $184 million of cash and available borrowing facility – an investment level of 111%, at the lower end of the 110% –120% range Exit activity accelerated with $299 million of proceeds on signed transactions in 2026, 25% of opening portfolio value
Proactive portfolio management has resulted in a significant increase in exit activity in September and October, including the completion of: Full exits of three investments and partial realisations of an additional two investments in a series of Neuberger led transactions to third-party buyers Investments represent 8.2% of NBPE’s August NAV and have a weighted average maturity of 7.6 yearsInvestments produced a since inception aggregate IRR of 17% and 3.0x multiple of cost as of 30 September 2026Transactions were completed at an aggregate 7% discount to 31 December 2025 NAV and generated proceeds of $81 million Sale of OneMonroe, NBPE’s third largest investment, to a GP led continuation vehicle NBPE invested in OneMonroe in 2021Transaction generated proceeds of $65.5 million and was an 11% uplift to December 2025 valuations These transactions further support the rebalancing of the portfolio towards younger investments with higher growth potentialProceeds are being redeployed into accretive share buybacks and new investmentsPotential for additional exits in next 6-12 months with a number of ‘exit’ ready companies in the portfolio Significant increase in capital returns with $152 million returned to shareholders via dividends and share buybacks in 2026, a 138% increase on 2025
YTD to September 2026, $112 million of share buybacks completed at a weighted average discount of 29%; 14.5% of the outstanding share capital at the end of 2025 1.8 million shares repurchased in September at a weighted average discount of 29%, resulting in ~$0.38 NAV per share accretion in the month As at 30 September 2026, a total of $182 million has been deployed into share buybacks since the beginning of 2025, adding $1.45 to NAV per shareIn the existing programme, $58 million of capital allocated to share buybacks remains Strong progress in refreshing the portfolio, with investments made since 2024 now representing 28%3 of the portfolio
$187m has been committed to 10 new investments in 2026, with five investments in September and October, including: $33m invested in a healthcare data company$10m in a global financial services company$10m in a pharmaceuticals company$10m additional funding to an existing 2026 investment$18m funded to a new healthcare technology company Recent investments continue to perform well: 2024 and 2025 investments delivered weighted average LTM revenue and EBITDA growth of 14.5% and 15.7% respectively, with a current aggregate gross MOIC of 1.6x and average gross IRR of ~28%The pace of new investments will continue to be balanced with distributions from the portfolio and returns of capital to shareholders Exchange of holding in Action for shares in 3i Group to increase future optionality
NBPE invested $26 million in Action in 2020. Since then, the investment has generated $70 million of proceeds, in addition to the value of NBPE’s position in 3i GroupExchange of holding in September was calculated at an implied 3i share price of £31.31, in line with 3i Group’s 30 June 2026 NAV, with the shares subject to lock-up restrictions preventing their sale for nine months, save for customary exceptionsAs at 30 September 2026, NBPE’s holding in 3i Group was valued at $64 million Strong liquidity profile
Liquidity position strengthened in September: cash of $54 million and $130 million borrowing availability under the credit facility as of 30 September 2026 – an investment level of 111%, at the lower end of the 110% – 120% short to medium-term rangeAt 29 October 2026, available cash was $33 million and the borrowing available under the credit facility was $160m – an investment level of 111%In addition, NBPE expects a further $33 million of proceeds shortly from signed transactions September NAV of $27.58 (£20.76), a total USD return of (2.0%) in the month
1.4% NAV increase attributable to share buybacks(1.7%) NAV decrease ($18 million) from proactive portfolio realisations and management(0.9%) NAV decrease ($10 million) from quoted holdings(0.6%) NAV decrease ($6 million) from foreign exchange movements(0.2%) NAV decrease ($2 million) attributable to expense accruals As of 30 September 2026YTD1 Year3 years5 years10 yearsNAV TR (USD)*
Annualised2.1%4.0%12.5%
4.0%4.8%
0.9%152.2%
9.7%MSCI World TR (USD)*
Annualised12.1%15.7%81.2%
21.9%79.4%
12.4%250.6%
13.4%Share price TR (GBP)*
Annualised(4.2%)4.0%7.5%
2.5%15.3%
2.9%161.7%
10.1%FTSE All-Share TR (GBP)*
Annualised9.8%16.8%53.9%
15.5%68.2%
11.0%118.4%
8.1% * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.
Portfolio Valuation
The fair value of NBPE’s portfolio as of 30 September 2026 was based on the following information:
13% of the portfolio was valued as of 30 September 2026 12% in public securities1% in private direct investments 1% of the portfolio was valued as of 31 August 2026 1% in private direct investments 86% of the portfolio was valued as of 30 June 2026 86% in private direct investments Supplementary Information (as of 30 September 2026)
Company NameVintageLead SponsorSectorFair Value ($m)% of FVSolenis2021Platinum EquityIndustrials72.66.3%OneMonroe2021AEA InvestorsIndustrials65.55.7%3i Group (Action)20203i GroupConsumer / diversified financials64.25.6%Mariner2024Leonard Green & PartnersFinancial Services46.34.0%True Potential2022CinvenFinancial Services46.14.0%BeyondTrust2018Francisco PartnersTechnology / IT39.13.4%Business Services Company*2017Not DisclosedBusiness Services38.73.3%Ryan2026Ares / OnexBusiness Services37.53.2%Constellation Automotive2019TDR CapitalBusiness Services35.63.1%Marquee Brands2014NeubergerConsumer35.53.1%Auctane2021Thoma BravoTechnology / IT34.93.0%Benecon2024TA AssociatesHealthcare31.62.7%Staples2017Sycamore PartnersBusiness Services31.02.7%AutoStore (OB.AUTO)2019THLIndustrials29.82.6%Excelitas2022AEA InvestorsIndustrials28.42.5%Technology Company #12026Multiple GPsTechnology / IT26.42.3%Engineering2020Renaissance Partners / Bain CapitalTechnology / IT26.22.3%AI Company #12026Not DisclosedTechnology / IT25.52.2%Agiliti2019THLHealthcare25.32.2%GFL (NYSE: GFL)2018BC PartnersBusiness Services24.82.1%Branded Cities Network2017Shamrock CapitalCommunications / Media24.62.1%Kroll2020Further Global / Stone PointFinancial Services21.51.9%Chemical Guys2021AEA InvestorsConsumer20.71.8%CH Guenther2021Pritzker Private CapitalConsumer18.31.6%Addison Group2021Trilantic Capital PartnersBusiness Services18.11.6%Qpark2017KKRTransportation16.91.5%Infra Group2025PAI PartnersTechnology / IT16.21.4%Zeus2024EQTHealthcare13.31.1%Bylight2017Sagewind PartnersTechnology / IT12.91.1%Milani2018Gryphon InvestorsConsumer11.71.0%Total Top 30 Investments $939.2 81.3% *Undisclosed company due to confidentiality.
Geography% of PortfolioNorth America75%Europe25%Total Portfolio100% Industry% of PortfolioTech, Media & Telecom23%Consumer17%Industrials20%Financial Services11%Business Services19%Healthcare7%Other4%Total Portfolio100% Vintage Year% of Portfolio2016 & Earlier5%201713%201810%20199%202011%202119%20228%20232%20248%20253%202612%Total Portfolio100% Note: Numbers may not sum due to rounding. Excludes pending investments.
Neuberger Private Equity Partners Limited (“NBPE”) invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.
LEI number: 213800UJH93NH8IOFQ77
About Neuberger
Neuberger was founded in 1939 to do one thing: deliver compelling investment results for our clients over the long term. This remains our singular purpose today, driven by a culture rooted in deep fundamental research, the pursuit of investment insight and continuous innovation on behalf of clients, and facilitated by the free exchange of ideas across the organization.
From offices in 39 cities[1] across 26 countries, Neuberger manages a range of equity, fixed income, private equity and hedge fund strategies on behalf of institutions, advisors and individual investors worldwide. With more than 780[1] investment professionals and over 2,900[1] employees in total, Neuberger has built a diverse team of individuals united in their commitment to client outcomes and investment excellence. Our culture has afforded us enviable retention rates among our senior investment staff and we are proud to have been ranked 1st by Pensions & Investments in their 2025 “Best Places to Work in Money Management” survey, where we have placed 1st in four of the last five years and finished in the top two for 12 consecutive years[2].
As a private, independent, employee-owned investment manager, Neuberger is structurally aligned with the long-term interests of our clients. We have no external parent or public shareholders to serve, nor other lines of business to distract us from our core mission. And with our employees and their families invested alongside our clients—plus 100% of employee deferred cash compensation directly linked to team and firm strategies—we are truly in this together.
For more information, please visit our website: www.nb.com/en/global/who-we-are.
[1] Firm data reflects the collective data for the various subsidiaries of Neuberger Berman Group LLC as of 30 June 2026.
[2] Among organizations with over 1,000 employees by Pensions & Investments. For additional information on the criteria for the award, please visit https://www.pionline.com/awards/best-places-to-work-in-money-management/pi-best-places-to-work-2025
This material is issued on a limited basis through various global subsidiaries and affiliates of Neuberger Berman Group LLC. Please visit www.nb.com/disclosure-global-communications to learn about each company and the legal restrictions and restrictions. The name "Neuberger Berman" and logo are registered service marks of Neuberger Berman Group LLC.
This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.
NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE's investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains "forward-looking statements." Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.
1 Based on net asset value (unaudited).
2 At 30 September 2026
3 Including pending investments.
GFL Environmental Inc. (GFL:CA) Q3 2026 Earnings Call October 29, 2026 8:30 AM EDT
Company Participants
Patrick Dovigi - Founder, Chairman, President & CEO
Luke Pelosi - Executive VP & CFO
Conference Call Participants
Sabahat Khan - RBC Capital Markets, Research Division
Patrick Brown - Raymond James & Associates, Inc., Research Division
Kevin Chiang - CIBC Capital Markets, Research Division
William Grippin - Barclays Bank PLC, Research Division
Trevor Romeo - William Blair & Company L.L.C., Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Bryan Burgmeier - Citigroup Inc., Research Division
Konark Gupta - Scotiabank Global Banking and Markets, Research Division
Jake Kooyman - Wells Fargo Securities, LLC, Research Division
James Schumm - TD Cowen, Research Division
Shlomo Rosenbaum - Stifel, Nicolaus & Company, Incorporated, Research Division
Chris Murray - ATB Cormark Capital Markets Inc., Research Division
Adam Bubes - Goldman Sachs Group, Inc., Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the GFL Environmental Inc. Third Quarter Earnings Call.
Before we begin, I would like to remind everyone that this call will include forward-looking statements within the meaning of applicable Canadian and U.S. securities laws. These statements are subject to a number of risks and uncertainties, including those set out in GFL's filings with the Canadian and U.S. securities regulators. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those expressed or implied in the forward-looking statements. These statements speak only as of today's date, and GFL does not assume any obligation to update these statements.
This call will also include a discussion of certain non-IFRS measures. A reconciliation of these measures can be found in GFL's filings with the Canadian and U.S. securities regulators.
[Operator Instructions] I will now turn the call over to Mr. Patrick Dovigi, Founder and CEO of GFL. Please go ahead, Mr. Dovigi.
The Euro (EUR) gives back a majority of its early gains against the US Dollar (USD) on Friday. The EUR/USD pair corrects after failing to extend gains above 1.1215, but is still 0.11% higher at around 1.1188 in the European trade.
This week, AI giant Anthropic released its S-1 form, the mandatory filing that companies must make with the Securities and Exchange Commission prior to an initial public offering (IPO).
Many investors likely welcomed this news, as there's definitely broad interest in getting portfolio exposure to the AI lab. Still, investors may recall that there was similar enthusiasm ahead of the public debut of Space Exploration Technologies (SPCX -0.92%). That stock opened on June 12 -- its first day of trading -- at $150 per share. After surging to above $225 in its first few days, it pulled back significantly to a low in the vicinity of $108, and now, though it has rebounded somewhat, it's still below that initial $150 price.
The question for investors getting ready to snap up shares of Anthropic is whether they should treat SpaceX's brief history as a warning. They would probably be wise to -- not because of SpaceX's behavior specifically, but because of the history of IPOs in general.
Image source: Getty Images.
Why SpaceX is likely a warning
One could forgive investors for assuming that Anthropic's upcoming IPO will resemble SpaceX's.
Investors have long anticipated its stock market launch just like they did SpaceX's. Anthropic's primary competitors in the AI model space are OpenAI (developer of ChatGPT) and Alphabet (developer of Google Gemini). All three are experiencing massive user adoption, and there's reason to think Anthropic could deliver serious long-term returns for shareholders.
Nonetheless, its more immediate challenges could bring near-term headwinds. Both Anthropic and SpaceX have spent heavily on artificial intelligence and infrastructure, and the market's concerns about the size of such outlays -- and whether or not they will deliver profitable returns on investment -- have spurred sell-offs in other AI stocks.
Additionally, like all IPO stocks, during its first year as a publicly traded company, Anthropic will go through periodic lock-up expirations. Each such expiration will make more of the shares held by pre-IPO stakeholders eligible for sale on the Nasdaq, which can increase selling pressure and push share prices downward.
Many of these concerns have been the norm for mega-IPOs in their first 12 months. But they aren't the only reasons to be wary. Warren Buffett famously disliked IPOs, and his reasoning makes sense. As he once stated: "An IPO is like a negotiated transaction -- the seller chooses when to come public -- and it's unlikely to be a time that's favorable to you."
From a company's perspective, the primary reason to go public is to raise capital, not to offer investors a great new stock that could deliver massive returns. Thus, companies tend to go public during bull markets, when valuations are higher.
That leaves early IPO investors more exposed to the cyclical risk of a sector-specific downturn or a broad market decline.
SPCX Space Exploration Technologies$143.89-$1.34 (-0.92%)
NASDAQ · As of 4:00 PM ET 10/29/26
Where SpaceX's history leaves Anthropic investors
SpaceX's brief history offers warnings for Anthropic investors, but it's only one of many cautionary tales in the history of IPO stocks. Though the long-term future of Anthropic appears bright and AI investors should watch it closely, you may want to avoid buying the stock immediately after it goes public.
$7 Billion in Clean Hydrogen Grants: Winners and LosersCNX Resources NYSE: CNX said it expects to remain in a maintenance-production posture heading into 2027 unless natural-gas prices provide an incentive to increase output, with the company citing its hedge position and current storage levels as factors supporting that approach.
During the company’s third-quarter 2026 question-and-answer call, President and Chief Executive Officer Alan Shepard said U.S. gas storage was near its five-year average and could approach 4 trillion cubic feet entering winter. While CNX did not provide forward guidance, Shepard said the company’s current outlook supports keeping production steady.
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“Unless we see something that incentivizes producers to bring on more gas, we will be staying steady state,” Shepard said. “Obviously, if it sort of degrades from here, we will make adjustments as necessary.”
Shepard added that CNX is “pretty hedged” going into 2027, distinguishing its position from that of some other producers and supporting its maintenance-mode mindset despite current gas-price conditions.
Capital Allocation and Buybacks
Asked about consolidation in Appalachia following an in-basin transaction announced during the week, Shepard declined to comment on other companies’ merger activity. He said consolidation is common in commodity industries and that CNX will monitor how combined companies approach production levels.
On CNX’s own acquisition strategy, Shepard said mergers and acquisitions remain one potential use of capital but must compete with share repurchases. The company evaluates opportunities based on whether they are accretive to long-term free cash flow per share, he said.
“Right now, share repurchases are sort of the bar we test all of that against, and they continue to be extremely attractive,” Shepard said.
Shepard also addressed questions about CNX’s use of its balance sheet while conducting substantial repurchases in consecutive quarters. He declined to discuss short-term buyback tactics but said the company has historically increased purchases when the sector sells off and reduced activity when valuations improve.
He characterized buybacks as a way to build long-term per-share value, particularly given CNX’s view that Appalachian natural-gas demand will strengthen over time. Rather than growing total production, a company can increase production per share through repurchases, he said.
Costs and Infrastructure Plans
Chief Operating Officer Navneet Behl said CNX has seen higher costs for diesel and steel, though the expected effect on its capital program remains limited. Behl said the impact is less than 1% of capital spending.
Shepard said CNX has reduced its diesel exposure over time through emissions-reduction efforts, including the use of electric fracturing fleets and in-field water transportation. As a result, exposure to the categories experiencing inflation is relatively limited moving into 2027, he said.
Regarding development of the company’s Central Pennsylvania, or CPA, acreage, Shepard said CNX does not anticipate major infrastructure spending spikes as it advances through the field. He said annual infrastructure spending could fluctuate but would generally be around $25 million, plus or minus.
CNX expects its all-in capital-efficiency target, including drilling, completion and infrastructure spending, to be in the range of $0.85 to $0.90, subject to inflation and annual infrastructure requirements. Shepard said the company sees continued opportunity to reduce costs by improving drilling times in the Utica.
Development Transition Toward the Utica
Shepard said CNX intends to prioritize its remaining Southwest Pennsylvania Marcellus inventory because it is the company’s most economic opportunity, supported by existing infrastructure and largely involving return trips.
The company expects to finish development of its Southwest Pennsylvania Marcellus position as it exits the decade, leaving roughly four to five years of remaining activity in that area, according to Shepard. CNX would then shift predominantly toward the CPA Utica and CPA Marcellus, before ultimately returning to Southwest Pennsylvania for Utica and other horizons later.
For 2027, Shepard said the company expects a development mix broadly similar to the current year, blending Deep Utica activity with remaining Southwest Pennsylvania development. He did not provide a specific well count, saying annual program details should not be interpreted with “false precision.”
Still, Shepard called the Deep Utica a core part of CNX’s development plans for the coming decades.
Natural-Gas Demand and Pricing
CNX remains highly positive on long-term demand for Appalachian natural gas, Shepard said, though he declined to quantify projected demand from areas such as artificial intelligence-related power needs.
“What is clear is natural gas, every drop of it here in Appalachia is going to get developed,” Shepard said.
However, he said production growth will remain constrained by the supply curve. CNX would bring additional volumes to market when longer-term gas prices rise enough to support the required investment, while maintenance production remains the company’s approach until then.
Shepard also said CNX is participating in discussions around direct gas sales to potential customers, similar to other basin producers. The challenge, he said, is whether potential buyers offer sufficient premiums to justify producers committing to long-term fixed-delivery contracts. CNX did not provide a timeline for potential agreements.
On regional pricing, Shepard said about two-thirds of CNX’s portfolio has in-basin exposure. He attributed third-quarter differential pressure to weather-related softness in the region, noting that moving volumes to markets such as Michigan was not always economic.
CNX did curtail some production when in-basin prices fell below $1 per unit, though Shepard said total curtailments were less than 1 billion cubic feet for the quarter. The company’s hedge book reduced the need for more extensive shut-ins, he said.
About CNX Resources (NYSE:CNX)CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas from unconventional shale formations, with its operations concentrated in the Marcellus and Utica shale areas.
CNX's activities include leasing, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure arrangements used to transport production to market.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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The artificial intelligence (AI) boom has crowned a new kind of technology king. Instead of a company directly serving individuals with products or software, this market cap leader gained momentum through its AI chip expertise. I'm talking about Nvidia (NVDA -0.80%), which last year became the first company to reach a $5 trillion market capitalization. But the situation has shifted lately. Worries about AI financing have weighed on Nvidia and other tech players that are heavily involved in the space, while Apple (AAPL +1.48%) has pushed to record highs.
Apple even passed Nvidia during a recent trading session to become the world's most valuable company, though Nvidia took back the top spot by the close. This rally has come from the consumer side of tech rather than the AI infrastructure trade, and new devices are fueling it.
The pace has picked up, with Apple recently unveiling three: its first foldable iPhone, the iPhone Duo; HomeView, a smart home display; and Apple's first touchscreen MacBook Pro. Could these products help Apple pole vault past Nvidia and become the first company in the $10 trillion club? Let's find out.
Image source: Getty Images.
First, a quick look at Apple's market value path so far. This consumer goods and tech giant was the first to reach a $1 trillion market value in 2018, and it has kept climbing as the iPhone anchors a vast ecosystem of devices and services that are driving growth. Last year, Apple generated about $416 billion in revenue, with the iPhone bringing in nearly half of that. Services contributed $109 billion, showing that these devices are driving recurrent revenue as users sign up for things like digital entertainment or storage.
AAPL Apple$348.91+$5.08 (+1.48%)
NASDAQ · As of 4:00 PM ET 10/29/26
Momentum has continued this year, with revenue in the fiscal third quarter climbing 16% and earnings per share topping analysts' estimates. Between Oct. 6 and Oct. 23, Apple's market value rose about 4%, while Nvidia's fell nearly 12%.
NVDA Market Cap data by YCharts
Now, on to the new products. Apple recently launched the iPhone Duo, and though the company is late to the foldable space, IDC expects it to capture 44% of the market by value this year.
Apple, after long resisting a foray into touchscreen, recently took the leap with the new MacBook Pro with PROLED XDR Display. Meanwhile, HomeView, a smart speaker with a display that uses a redesigned Siri, is Apple's attempt to challenge Amazon in the smart home.
Is $10 trillion realistic?
Now, here's the challenge. To reach $10 trillion, Apple's value would need to climb nearly 100% from today's level of about $5.1 trillion. While Apple's recent products are exciting, they're small when compared to the company's complete portfolio. It may take time for each one to contribute meaningfully to revenue. A bright spot is that Apple's new chief executive officer, John Ternus, has a long history of product development -- he used to be Apple's senior vice president of hardware engineering -- so we could see a strong focus on products in the quarters to come.
To reach $10 trillion, valuation matters, too. Apple trades at about 37 times forward earnings, though analysts expect about 8% earnings growth next year. All of this means Apple isn't exactly dirt cheap in relation to expected earnings.
So, could Apple become the first $10 trillion company? Maybe someday. But it would take a few years and substantial earnings growth -- not just a few new products. Nvidia, with AI demand still strong, might be just as likely to get there first. Apple is a high-quality business with a powerful ecosystem, and these launches show it can still innovate. But after its run to record highs, I see $10 trillion as a long-term possibility rather than a near-term bet. Investors may want to buy for the long haul and consider adding on dips.
While we don't know what terms, if any, are on the table for a potential merger, there's a strong case that now isn't the best time for Tesla (TSLA -0.23%) to pursue a merger with Space Exploration Technologies (SPCX -0.92%). The argument rests on two main ideas. First, it runs contrary to market trends; second, Tesla is on the cusp of delivering significant shareholder value after years of disappointment.
Different risk and capital profiles
Over the last decade, the major trend with industrial conglomerates such as General Electric, United Technologies Corporation, Honeywell, 3M, Danaher, Johnson Controls, and Emerson Electric has been to break them up. While each company had its own circumstances, three themes apply to all:
Separating companies allows for greater management and operational focus.
The market has tended to apply a so-called conglomerate discount, and investors increasingly value the ability to make targeted investments.
Each company has its own specific risk and its own capital allocation priorities, and they are better served as stand-alone companies.
Given the incredible complexity inherent in managing Tesla (EVs, robotaxi/Cybercab, Optimus, energy generation/storage, charging infrastructure, and a host of investments in building its own supply chain) and SpaceX (launch services, artificial intelligence (AI) infrastructure, Starlink, defense networks), it's not hard to see how complex a merged entity would become.
TSLA Tesla$403.30-$0.92 (-0.23%)
NASDAQ · As of 4:00 PM ET 10/29/26
The argument over the conglomerate discount is admittedly subject to change, as conglomerates once commanded a premium. However, that's not the case now, and until it changes, there's no strong reason to believe a merger will lead to an immediate market-valuation rerating of the merged entity. On the contrary, the opposite could occur.
Different risk profiles and capital profiles
The argument from specific risk and capital profiles is the strongest. Tesla is on the cusp of beginning a multiyear journey to scale its robotaxi service and generate a long stream of recurring revenue from robotaxi/Cybercab. Investors can disagree on its profit potential amid competition, but robotaxi/Cybercab is baked into the valuation, and if you are holding the stock, you presumably believe in the potential of autonomous driving.
While it will obviously require significant upfront capital investment to build out the network, Tesla has the resources to do so and create a company with significant long-term cash flows. The same argument, albeit a few more years out, applies to Optimus. Tesla does not need SpaceX to achieve its own goals.
In contrast, SpaceX operates in a high-risk sector that requires even more massive capital investment. Moreover, while Starlink is currently SpaceX's profit generator, its revenue driver is the Super Intelligence business. The former is effectively funding growth in the latter.
SPCX Space Exploration Technologies$143.89-$1.34 (-0.92%)
NASDAQ · As of 4:00 PM ET 10/29/26
Tesla is moving toward becoming a company with a long-term stream of recurring revenue, scaling robotaxi/Cybercab and, in time, Optimus, and a play on physical AI. In contrast, SpaceX is a business that requires massive, ongoing, and uncertain capital expenditures and is a play on AI infrastructure.
Regarding the uncertainty of capital expenditures, consider orbital data centers and SpaceX. Their depreciation rate is likely to be high because they realistically can't be serviced in space and, unlike terrestrial data centers, which can replace servers and chips, will likely last only as long as their graphics processing units (GPUs) remain useful. A high depreciation rate implies higher maintenance capital spending.
Tesla hasn't released value from robotaxi/Cybercab yet
To understand this argument, consider how private equity might run Tesla. Their typical model is to generate value from the investment and sell the asset only once the business is firing on all cylinders, and it can optimize the price.
If you believe Tesla will evolve into a company generating billions of recurring revenue from its Cybercab fleet and then from Optimus, it makes sense to hold the asset, at least until the company proves the doubters wrong and releases value from the robotaxi rollout. At which point, Tesla shareholders will be in a stronger position to demand a healthier premium for the business.
Image source: Getty Images.
What it means to investors
Again, while it's true that we don't know what kind of offer or what deal it will be, or even if there will be a proposal at all, the reality is the value of Tesla will key off of its current market price, and if you think it's undervalued and/or want to wait until the company releases value from robotaxi, then an offer now is unlikely to lead to a favorable outcome for you.
All told, in a merger, Tesla investors would dilute their claim on cash flows from robotaxi, EVs, and robotics (physical AI) in favor of using that cash to support space exploration and cloud computing (AI infrastructure). This creates a merged company with a significantly different risk and capital-allocation profile from Tesla, and they might not get full value for their Tesla shares until robotaxi scales.
The CNN Money Fear and Greed Index showed slight improvement in overall market sentiment, while the index remained in the “Fear” zone on Thursday.
U.S. stocks settled lower on Thursday, with the Nasdaq Composite falling more than 1% during the session. The S&P 500 also ended a three-day advance on Thursday.
On the earnings front, Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) shares dipped over 12% on Thursday following weaker-than-expected earnings and revenue for the third quarter. Caterpillar Inc. (NYSE:CAT) also fell around 9% after reporting quarterly results.
On the economic data front, U.S. gross domestic product grew at a 3.4% annualized pace in the third quarter, above the 3.2% consensus and up from 2.2% in the second quarter. Meanwhile, the core personal consumption expenditures price index rose 3.1% from a year earlier in September, in line with estimates. U.S. initial jobless claims declined by 1,000 to 194,000 in the week ending Oct. 24, compared to market expectations of 199,000.
Most sectors on the S&P 500 closed on a positive note, with health care, real estate and consumer staples stocks recording the biggest gains on Thursday. However, communication services and information technology stocks were among the worst performers.
The Dow Jones closed lower by around 133 points to 52,342.56 on Thursday. The S&P 500 fell 0.30% to 7,720.39, while the Nasdaq Composite tumbled 1.38% at 26,184.72 during Thursday’s session.
Investors are awaiting earnings results from ExxonMobil Holdings Corp. (NYSE:XOM), Chevron Corp. (NYSE:CVX) and AutoNation Inc. (NYSE:AN) today.
What is CNN Business Fear & Greed Index?At a current reading of 35, the index remained in the “Fear” zone on Thursday, versus a prior reading of 34.
The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equally weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
Photo via Shutterstock
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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.
TDAQ is an actively managed ETF that holds the Nasdaq-100 and sells daily 0DTE OTM calls, distributing around 17% over the last 12 months with a 0.68% TER. In my opinion, with high rates and negative FCF at Alphabet limiting tech multiple expansion, TDAQ could offer more linear returns than the Nasdaq-100 in a sideways market. TDAQ monetizes implied volatility, trading the Nasdaq-100's expected capital growth for premiums.
Anthropic has filed its S-1 with the Securities and Exchange Commission (SEC), which signals its intent to go public in the future. Some of the information in this document is incredible, ranging from AI risks to the sheer amount of money Anthropic plans to spend over the next few years. However, there's one overarching theme that prevails in the S-1 document that makes me want to invest in a different stock entirely: Nvidia (NVDA -0.80%).
Nvidia has been the undisputed leader among AI investments since this trend started in 2023. However, it hasn't done as well recently, even though its business is booming. Seeing Anthropic's S-1 filing gave me confidence that Nvidia's still a great stock to buy, and that now could be the perfect buying opportunity.
Image source: Getty Images.
The AI build-out is far from over Anthropic lists several major industry partners, including Nvidia. Anthropic uses multiple chips to train and run its AI models, and can easily select the cheapest option for the given workload. Nvidia's graphics processing units (GPUs) are also used heavily in cloud computing environments, as companies that are hosting an internal AI model or creating a product that has Anthropic's Claude as its AI backbone will need to pay for their own cloud computing costs. These workloads also use Nvidia GPUs, so it's clear that Nvidia's products are being used all over the place.
NVDA Nvidia$213.66-$1.72 (-0.80%)
NASDAQ · As of 4:00 PM ET 10/29/26
Anthropic also has lots of commentary about the length of time its spending will last, often citing timeframes that are five to 10 years out. That pretty clearly shows that, in Anthropic's view, the AI build-out is a long way from wrapping up. Nvidia supports that thesis, as it believes global AI data center capital expenditures will rise to $3 trillion to $4 trillion annually by 2030. Anthropic will be a major part of that figure, and all that will add up to Nvidia's business continuing to expand.
However, the market doesn't believe it, even if it's looking it directly in the face.
The market isn't assuming any growth past 2026 for Nvidia Nvidia has already given strong guidance for 70% revenue growth in 2027. The problem is, the market hasn't factored a single penny of growth into its stock price beyond 2026.
Nvidia trades for about 23 times this year's earnings estimates. If you use next year's, that figure tumbles to a dirt cheap 13.6 times earnings.
NVDA P/E Ratio (Forward) data by YCharts. P/E = price-to-earnings.
Since Nvidia trades at 27 times trailing earnings now, it's clear that the market doesn't reflect Nvidia's future growth case. However, information from Anthropic reveals that not only will 2027 be a good year for Nvidia, but the next few years should be as well.
This is due to the sheer volume of computing capacity that has yet to be deployed to run an AI-first society. Nvidia is by far the largest computing provider in this area. This will provide huge growth opportunities for many years, and makes it one of the best AI stocks to buy now, if not the best.
It's rare to find a company expected to grow at 70% in the next fiscal year, trading at just 27 times earnings, but that's exactly the value Nvidia offers. The market doesn't want to believe that AI spending will remain strong over the next year, but that's likely what will happen unless something drastic changes in the market.
I think this is a pretty safe investment with huge upside, and there are few better stocks for investors to scoop up than Nvidia right now. Anthropic is just one of Nvidia's valued clients, and its S-1 has provided more information about massive AI spending in 2027. Other companies will announce 2027 spending plans soon and should confirm the Nvidia bull case.
With U.S. stock futures trading mixed this morning on Friday, some of the stocks that may grab investor focus today are as follows:
Wall Street expects ExxonMobil Holdings Corp. (NYSE:XOM) to report quarterly earnings of $4.08 per share on revenue of $103.47 billion before the opening bell, according to data from Benzinga Pro. ExxonMobil shares rose 0.8% to $184.72 in after-hours trading. Coinbase Global Inc. (NASDAQ:COIN) mixed third-quarter financial results. Coinbase reported third-quarter revenue of $1.216 billion, down 35% year-over-year. The revenue total missed a Street consensus estimate of $1.230 billion, according to data from Benzinga Pro. The company reported adjusted earnings of 27 cents per share, beating a Street consensus estimate of a loss of 6 cents per share. Coinbase shares fell 4.7% to $152.98 in the after-hours trading session. Analysts are expecting Chevron Corp. (NYSE:CVX) to post earnings of $4.88 per share on revenue of $61.11 billion for the latest quarter. The company will release earnings before the markets open. Chevron shares gained 1.2% to $234.29 in after-hours trading. Check out our premarket coverage here
Amazon.com Inc. (NASDAQ:AMZN) reported weaker-than-expected financial results for the third quarter after the market close on Thursday. Amazon posted third-quarter revenue of $201.94 billion, missing the consensus estimate of $202.31 billion, according to Benzinga Pro. The company reported earnings of $1.89 per share for the quarter, missing estimates of $1.97 per share. Amazon expects fourth-quarter revenue to be between $240 billion and $247 billion versus estimates of $244.51 billion. Amazon shares tumbled 7.3% to $225.99 in the after-hours trading session. Analysts expect AutoNation Inc. (NYSE:AN) to post quarterly earnings of $5.08 per share on revenue of $6.97 billion before the opening bell. AutoNation shares rose 3.3% to close at169.34 on Thursday. Photo via Shutterstock
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Spolčnost 3M FUND SICAV a.s. zveřejnila Pololetní finanční zprávu společnosti za období od 1.1. do 30.6.2026.
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30.10.2026
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8:543M FUND MSI SICAV a.s: Pololetní finanční zpráva společnosti
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Verizon Communications (VZ +1.11%) shares fell nearly 9% on Oct. 9, its worst day since 2002, after Space Exploration Technologies (SpaceX) acquired nationwide spectrum, setting up the prospect of a Starlink mobile service. Yet Verizon's latest quarterly report showed a healthy business behind a dividend yielding more than 6%. Here's why the stock looks worth holding for years.
VZ Verizon Communications$43.66+$0.48 (+1.11%)
NYSE · As of 4:00 PM ET 10/29/26
Verizon pays $0.7075 per share each quarter, or about $2.83 per year, yielding about 6.5% at roughly $43.50 per share on Oct. 26. The company has raised its payout for 20 consecutive years. Free cash flow -- the cash left after running and upgrading the network -- rose 12% to $7.8 billion in the third quarter, and management raised its full-year growth forecast to nearly 12%.
Dividend payments accounted for about 58% of free cash flow over the past year, leaving plenty of room to sustain the dividend even if Verizon experienced a soft year for results. CFO Tony Skiadas said Verizon remains "committed to growing the dividend."
Image source: Getty Images.
Importantly, Verizon is winning phone customers on value, not promotional giveaways. CEO Dan Schulman pointed to its Simplicity plan, loyalty program, and phone-plus-home-internet bundles, which help build a loyal customer base that sticks with Verizon rather than switching to a competing carrier. "We are not buying customers. We are winning them on revenue-positive terms and keeping them longer," he said.
Verizon added a net 406,000 customers on monthly phone plans -- typically its most valuable customers -- up 820% from a year earlier, and fewer customers are leaving each month.
If SpaceX launches its own service, it will get its share of the business, but it won't control 100% of the market. The wireless carrier market is already very competitive. Leaders like AT&T and Verizon have a large retail presence, providing in-person customer service that will be difficult to dislodge.
With cash flow covering the dividend and customers staying longer, Verizon still looks like a solid long-term income investment.
John Ballard has positions in Space Exploration Technologies. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Tech stocks sold off for a second consecutive day as a rotation out of the AI trade accelerated, after earnings from Amazon and Intel raised fresh concerns about capital expenditure.
Amazon and Intel shares were down in premarket trading on Friday after they reported September quarter numbers that disappointed investors, dragging Nasdaq futures down 2% and capping off a week of rough tech earnings.
Amazon shares were down 7% in premarket trading, while Intel was down 25%.
Amazon reported a third-quarter miss on the top and bottom line while maintaining its capital expenditure forecast for 2026 of $220 billion this year. Amazon also reported negative free cash flow for the second consecutive quarter, much larger than the previous period.
Investors are nervous about the massive AI spending from the tech giants and whether that will pay off.
On Thursday, Alphabet shares closed 13% lower, its worst single-day drop in history after it too reported ballooning negative free cash flow.
Microsoft shares rose after it remained cash flow positive in the September quarter.
This is a developing story. Please check back for more.
Chevron Corporation (NYSE:CVX) will release earnings for its third quarter before the opening bell on Friday, Oct. 30.
Analysts expect the Houston, Texas-based company to report quarterly earnings of $4.83 per share, up from $1.85 per share in the year-ago period. The consensus estimate for CVX’s quarterly revenue is $61.65 billion. It reported $49.73 billion last year, according to Benzinga Pro.
On Oct. 27, Chevron’s Australian business signed a new long-term natural gas supply agreement with South32 Worsley Alumina Pty Ltd., extending its longstanding relationship with the alumina producer.
Shares of Chevron rose 1% to close at $231.46 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Morgan Stanley analyst Devin McDermott maintained the stock with an Overweight rating and boosted the price target from $218 to $226 on Oct. 15, 2026. This analyst has an accuracy rate of 77%. TD Cowen analyst Jason Gabelman maintained the stock with a Hold rating and raised the price target from $215 to $225 on Oct. 12, 2026. This analyst has an accuracy rate of 70%. UBS analyst Josh Silverstein maintained the stock with a Buy rating and increased the price target from $220 to $235 on Oct. 8, 2026. This analyst has an accuracy rate of 67%. HSBC analyst Kim Fustier maintained a Buy rating and increased the price target from $218 to $250 on Sept. 25, 2026. This analyst has an accuracy rate of 71%. BMO Capital analyst Phillip Jungwirth maintained the stock with an Outperform rating and increased the price target from $210 to $235 on Sept. 3, 2026. This analyst has an accuracy rate of 66%. Considering buying CVX stock? Here’s what analysts think:
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Is the Fed Playing Chess With Rates—Or Just Behind the Curve Again?Caterpillar NYSE: CAT reported record third-quarter sales and a sharply higher backlog as demand remained strong across power generation, construction and resource industries, with the company maintaining its full-year outlook for mid- to high-teens revenue growth.
Sales and revenue rose 17% year over year to a quarterly record of $20.7 billion, while adjusted profit per share increased 45% to $7.20. Adjusted operating profit totaled $4.3 billion and adjusted operating margin was 20.6%, up 310 basis points from the prior-year quarter.
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Insider Sales Eclipse $450M Across 3 AI Winners, With NVIDIA Leading the PackChairman and CEO Joe Creed said the results reflected “the durability of our end markets,” citing strong order rates across Caterpillar’s three primary segments. Backlog reached a record $78 billion, up about $38 billion, or 96%, from the third quarter of 2025. It was the fourth consecutive quarter of sequential backlog growth in each of the company’s primary segments.
Power generation demand drives growth
Power & Energy sales increased 18% to $8.8 billion, with segment profit rising 31% to $2.1 billion. Segment margin expanded 250 basis points to 24.4% as higher volume offset increased costs associated with capacity expansion, freight and materials.
5 Reasons the S&P 500 Could Keep Rallying Through Year-EndSales to users in Power & Energy rose 36%, led by a 75% increase in power-generation sales as customers continued to seek turbines and large reciprocating engines for data-center applications. Oil-and-gas sales to users rose 5%, supported by turbines and related services, while industrial sales declined amid softness in the Europe, Africa and Middle East region.
Creed said Caterpillar is taking orders for large reciprocating engines into 2029 and turbine orders into 2030. The company expects power-generation growth in 2026 to be driven by energy demand associated with data-center construction, cloud computing and generative artificial intelligence, as well as rising prime-power demand.
To expand large-engine production, Caterpillar plans to use part of its Winston-Salem, North Carolina, facility as a second assembly and testing location for its 3600 Series reciprocating engines. The project is intended to support oil-and-gas customers’ natural-gas compression needs and contributes to the company’s goal of nearly tripling large reciprocating-engine capacity from 2024 levels by 2030.
During the question-and-answer session, Creed said the company expects to ship its first restarted 10-megawatt MaK engine units during the fourth quarter and continue ramping production in 2027.
Construction and mining activity remain supportive
Construction Industries sales increased 18% to $8 billion, while profit rose 33% to $1.8 billion. The segment’s operating margin increased 250 basis points to 22.9%, supported by pricing and volume growth, partly offset by freight, tariff, technology and digital-investment costs.
Construction sales to users increased 20%, marking the seventh consecutive quarter of year-over-year growth. North American sales to users rose 27%, aided by dealer rental fleet investment and demand from residential and nonresidential construction activity. Caterpillar said loading of rental fleets was exceptionally strong in the quarter.
The company also highlighted its Major Projects dealer-owned rental joint venture, launched last quarter to serve large North American infrastructure, energy, manufacturing and data-center projects. Creed said the initiative supplements local dealer fleets and has seen strong customer interest.
Caterpillar separately announced a $1 billion investment to expand compact construction equipment manufacturing capacity in Sanford, North Carolina. The facility is expected to incorporate automation, digital production systems and integrated logistics capabilities.
Resource Industries revenue rose 15% to $4.6 billion, and segment profit increased 14% to $622 million. Operating margin was essentially unchanged at 13.5%, as higher volume and favorable pricing were offset by higher manufacturing and material costs, including tariffs.
Resource Industries sales to users increased 4%, below Caterpillar’s expectations because of shipping and commissioning delays in mining. The company said it expects those delayed deliveries to catch up in the fourth quarter. Caterpillar expects full-year resource-industry growth to be supported by demand for copper and gold, activity in Canadian oil sands, and heavy construction and quarry-and-aggregates markets.
The company also expanded autonomous hauling work with Luck Stone to two additional Virginia operations. Caterpillar said autonomous trucks at Luck Stone’s Bull Run Quarry have hauled more than 3.5 million tons since beginning operations in November 2024.
Tariffs, capacity investments weigh on margins
Caterpillar recorded approximately $600 million in tariff costs during the third quarter, excluding recoveries under the International Emergency Economic Powers Act. The company recognized $128 million in IEEPA tariff recoveries during the quarter, with nearly all of the amount reflected in corporate items.
For the full year, Caterpillar continues to expect about $2.2 billion in tariff costs, excluding reported year-to-date IEEPA recoveries of roughly $520 million. It does not assume additional IEEPA recoveries in the fourth quarter.
The company maintained its expectation that full-year adjusted operating margin, excluding tariff recoveries, will be near the bottom of its target range. Management cited strategic growth investments, tariffs and higher freight costs tied to elevated energy prices. Creed said Caterpillar aims to move toward the midpoint of its target range over the next several years while continuing to increase production capacity.
Fourth-quarter outlook and capital deployment
Caterpillar expects moderate consolidated sales growth in the fourth quarter compared with a strong prior-year period. Power & Energy is expected to post moderate growth, Resource Industries is expected to deliver strong growth, and Construction Industries sales are expected to be similar to the prior year.
In Construction Industries, Caterpillar expects a typical seasonal dealer inventory reduction of roughly $1.6 billion in the fourth quarter, compared with a $600 million reduction a year earlier. The resulting roughly $1 billion year-over-year headwind is expected to reduce segment sales volume despite continued strong end-user demand. The company expects dealer inventory at year-end to remain higher than in 2025 in anticipation of strong sales to users in 2027.
Manufacturing, power and energy free cash flow was $3.8 billion during the quarter, up about $600 million from a year earlier. Caterpillar returned $2 billion to shareholders, including $1.2 billion in share repurchases and nearly $750 million in dividends. The company maintained its full-year free-cash-flow outlook for the top half of its $6 billion to $15 billion target range and lowered expected 2026 capital expenditures to approximately $3.3 billion from a prior estimate of $3.5 billion.
About Caterpillar (NYSE:CAT)Caterpillar Inc is a manufacturer of construction, mining, and industrial equipment. Its product portfolio includes excavators, bulldozers, wheel loaders, motor graders, articulated trucks, and other machinery used in construction, infrastructure development, mining, quarrying, forestry, and related industries. The company also produces diesel and natural gas engines, industrial gas turbines, generator sets, and other power-generation and transportation equipment.
Caterpillar operates through businesses focused on construction industries, resource industries, and energy and transportation.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Dover (DOV +1.14%) announced that organic revenue growth accelerated to 7% for the quarter. Strategic investments in specialized markets continue to expand the company's long-term earnings potential. Expanding order backlogs provide clear operational visibility into product shipments for next year. Three takeaways from management stand out for long-term investors.
1. Secular Growth Markets Now Account for Over 25% of RevenueDover has deliberately allocated capital to high-growth industrial niches such as data center liquid cooling and clean energy infrastructure. These specialized applications yield higher margins and help insulate the business from broader economic cycles.
Our secular growth markets now represent over 25% of our total revenue, up from 18% in 2024. Across the top of the slide, we show our expected growth rates in each of these markets this year.
-- Richard J. Tobin, President and Chief Executive Officer2. Backlog Expansion Provides Unprecedented Revenue Visibility Into 2027Orders grew across all five operating segments, driving total backlog 35% higher year over year. Customers are booking orders far in advance to secure factory capacity for critical components.
Importantly, our backlog is 35% higher than it was at this point last year and is up sequentially from Q2 with roughly half scheduled to ship in 2027. This gives us a solid foundation heading into next year.
-- Richard J. Tobin, President and Chief Executive Officer3. Factory Ramps and Cost Roll-Offs Point to Margin ExpansionFacility consolidation and line expansion costs in food retail refrigeration created a $40 million headwind year to date within climate and sustainability technologies (Dover's segment for heating, cooling, and refrigeration equipment). As production rates stabilize and temporary transition costs expire, segment profitability is set to rebound.
As line rates continue to ramp, and as the roll off of fixed costs accelerates in the balance of the year, margins in climate and sustainability technologies are poised to improve meaningfully in 2027.
-- Richard J. Tobin, President and Chief Executive OfficerLooking AheadOperational momentum is accelerating into the final quarter of the year, with cash conversion setting up a strong finish.
Free cash flow accelerated in the third quarter consistent with historical trends and we expect a further increase in the fourth quarter, which is historically our highest cash generating quarter.
-- Christopher Woenker, Senior Vice President and Chief Financial OfficerDisciplined pricing, targeted acquisitions, and multiyear capacity expansions in liquid cooling underscore Dover's structural advantage heading into 2027.
Alongside a constructive demand backdrop and a strong order book, we will benefit from carryover restructuring savings contributions from completed acquisitions, a lower share count, and a roll off of transition costs in food retail.
-- Richard J. Tobin, President and Chief Executive OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Market Volatility Playbook: Trade the Noise, Get Paid to Ignore the RestAgnico Eagle Mines NYSE: AEM reported third-quarter 2026 gold production of 814,000 ounces and free cash flow of $852 million, while reaffirming that it expects to meet the lower end of its annual production guidance and the upper end of its cost guidance.
President and CEO Ammar Al-Joundi said production landed at the midpoint of the company’s quarterly adjusted guidance. Cash costs were $1,133 per ounce, or 1% above the upper end of quarterly cost guidance, amid elevated diesel prices, supply-chain disruption, tariffs and geopolitical pressures.
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These 2 Gold Miners Just Flashed Golden Crosses—Is a Breakout Coming?“We remain on track to deliver our full year 2026 production and cost guidance, albeit at the lower end and the upper end of production and costs, respectively,” Al-Joundi said.
Financial results and capital returns
Chief Financial Officer Jamie Porter said the company generated adjusted net income of about $1.3 billion, or $2.62 per share, and adjusted EBITDA of roughly $2.5 billion in the third quarter. All-in sustaining costs were $1,648 per ounce.
Why Gold Miners Could Be the Market's Biggest Comeback StoryYear-to-date production totaled about 2.5 million ounces. Porter said higher diesel prices added more than $30 per ounce to third-quarter cash costs versus the company’s budget. Diesel represents approximately 11% of Agnico Eagle’s operating costs, though Porter said the company has less exposure than many peers because of grid power availability in Ontario and Quebec and its predominantly underground mine portfolio.
The company held a net cash position of approximately $3.4 billion as of Sept. 30. It returned about $478 million to shareholders through dividends and share repurchases during the quarter, representing 56% of free cash flow. Year-to-date returns represented 51% of free cash flow, exceeding the company’s initial 40% target.
At current gold prices, Agnico Eagle now expects to return more than 50% of free cash flow to shareholders for the full year, subject to business needs. Porter said 50% was “a reasonable threshold” to consider for 2027, although the company has not established a formal target for the year.
The company has invested approximately $1.6 billion in development capital year to date across Detour Lake, Odyssey, Hope Bay and Upper Beaver. Porter said these projects are expected to generate returns of roughly 25% to 50% at current spot gold prices.
Growth projects advance
Management emphasized its plan to increase production by 20% to 30% over the next decade, reaching more than 4 million ounces annually beginning in the early to mid-2030s. The company expects Detour Underground, mill-filling at Malartic, Hope Bay and Upper Beaver collectively to contribute an additional 1.3 million to 1.5 million ounces a year by the mid-2030s.
At the Odyssey project in Quebec, Executive Vice President and COO Dom Girard said construction is more than 70% complete and remains on target for first production through the shaft in the second quarter of 2027. Shaft sinking was completed four months ahead of schedule, while work is now focused on installing a production hoist.
At Hope Bay in Nunavut, detailed engineering was 75% complete and overall construction had reached 13% at the end of September. Girard said the project’s new 37-megawatt power plant was progressing, with 25% of structural steel completed at the time of the call. He also highlighted the completion of a large sealift campaign that delivered supplies to the site.
At Detour Lake, Executive Vice President and COO Natasha Vaz said development of the exploration ramp is proceeding from two active headings. The bulk sample is expected to be completed in the first half of 2027, with the resulting data intended for incorporation into the Domain 54 mine plan. That area could support underground production as early as 2028.
Vaz said Agnico Eagle is evaluating broader opportunities at Detour, including increased milling capacity, a larger open pit and a larger underground operation. The company expects to provide a project outlook in 2027. Detour is targeted to become a 1-million-ounce-per-year producer in the early 2030s.
At Upper Beaver, the exploration ramp advanced more than 600 meters during the quarter and reached a depth of 210 meters. Shaft sinking reached just over 730 meters, with the company expecting to reach the 760-meter level and begin shaft station excavation during the fourth quarter. Agnico Eagle is also evaluating a potential shaft extension to 1,200 meters to support infill drilling and possible resource growth at depth.
Operational and exploration updates
Girard said the Barnat Pit team safely restarted mining after a July rock movement, completing a recovery plan slightly ahead of schedule in late September. He also cited Kittilä’s highest monthly mill recovery in five years during September.
Vaz said Detour, Macassa and Fosterville exceeded their operating plans in the quarter. Detour benefited from productivity gains, mining in a higher-grade area and localized positive grade reconciliation, though the mine has transitioned to a lower-grade sequence expected to continue through the fourth quarter. Macassa and Fosterville also benefited from higher-grade mining areas, mill optimization and improved productivity.
Executive Vice President of Exploration Guy Gosselin said the company completed more than 330 kilometers of diamond drilling in the quarter, bringing year-to-date drilling to 1.1 million meters toward a 1.4 million-meter annual budget. He said the company expects to replace and grow global mineral reserves and resources at year-end.
Gosselin highlighted exploration results at Odyssey, Detour Lake, Hope Bay and the recently acquired Ikkari project in Finland. At Detour, drilling returned 19 grams per tonne over 26 meters near the existing reserve pit limit, while Hope Bay drilling included results at the Madrid and Boston deposits. At Ikkari’s Helmi area, an intercept returned an uncapped average of 15 grams per tonne over 10 meters, including a one-meter sample grading 185 grams per tonne.
Management said it plans to provide further detail on project development and growth opportunities at its Capital Markets Day on Nov. 18.
About Agnico Eagle Mines (NYSE:AEM)Agnico Eagle Mines Limited NYSE: AEM is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.
Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Agnico Eagle Mines Right Now?Before you consider Agnico Eagle Mines, you'll want to hear this.
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