At the end of last year, Warren Buffett retired as chairman and CEO of Berkshire Hathaway (BRKA 0.15%)(BRKB 0.40%) and passed the reins to Greg Abel. Although Buffett still has some influence on the company, it's clear that Abel and Berkshire Hathaway are embracing new strategies.
Since Abel took over, Berkshire Hathaway's stock portfolio has changed a bit, and one of the biggest shifts is that it has loaded up on Alphabet (GOOG 1.46%)(GOOGL 1.39%). Berkshire Hathaway purchased its first Alphabet shares in late 2025, but Abel has taken it up a notch. It's now Berkshire Hathaway's fifth-largest holding, accounting for 8.7% of its stock portfolio (across both share classes).
Image source: The Motley Fool.
Alphabet isn't the typical Berkshire Hathaway investment, but amid the evolving artificial intelligence (AI) landscape, it makes sense for the conglomerate to embrace an AI company that has its hands in many pots. Between its prior public stake and the company's announcement of a new $10 billion private placement purchase in June, Berkshire Hathaway now holds a nearly $31 billion stake.
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Alphabet is becoming a one-stop AI shop It's clear that AI is here to stay. The way people and businesses interact with it will inevitably evolve, but the technology itself isn't going anywhere. Alphabet is a smart investment for Berkshire Hathaway because it's a full-stack AI company that handles most of the pipeline in-house. It has operations in key parts of the AI ecosystem, including:
Research: Google DeepMind. Hardware: Custom AI chips. Infrastructure: Google Cloud and data centers. Applications: Gemini, productivity apps, and AI Overviews. Alphabet still relies on other companies for certain hardware -- such as Nvidia for chips or Taiwan Semiconductor Manufacturing Company for manufacturing -- but it's slowly but surely reducing its reliance on third parties and heading toward vertical integration.
When you're too reliant on other companies, you're at the mercy of their pricing and supply, so Alphabet is putting itself in a position to control more of its own destiny.
Google Cloud is becoming one of Alphabet's most impressive businesses If you're considering adding AI companies to your portfolio, it makes sense to include one of the leading builders of cloud computing infrastructure. Google Cloud lags behind Amazon Web Services (AWS) and Microsoft's Azure in market share, but it's by far the fastest-growing major cloud provider.
In the first quarter, Google Cloud revenue jumped 63% year over year to $20 billion. AWS and Azure grew their revenues by 28% and 40%, respectively, in their most recently reported quarters.
Don't expect Google Cloud to catch up to AWS or Azure in terms of size anytime soon, but its relatively small size leaves it plenty of room for growth as the cloud computing market as a whole grows. Alphabet stock is a perfect way to invest in AI without throwing money into more volatile and speculative businesses.
It has cash flow that only a handful of companies can match, a virtual monopoly in online search, and not much of the risk that comes with cyclical tech businesses or newer companies.
Stefon Walters has positions in Microsoft and Taiwan Semiconductor Manufacturing. The Motley Fool has positions in and recommends Alphabet, Amazon, Berkshire Hathaway, Microsoft, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
Nvidia says its latest chip designs are making their way to customers and will help solidify the chipmaker's leadership in the industry. This as the company is under pressure to show that its latest products are on schedule and superior to rivals like AMD and Broadcom.
Bloomberg's Ed Ludlow breaks down Nvidia's latest AI chip rollout, as the company says its next-generation processors are now shipping to customers and entering full production. Plus, a judge hits pause on Paramount's merger with Warner Bros.
Key Takeaways NVIDIA could benefit as easing inflation supports AI spending and Blackwell platform deployments.Amazon reported strong retail and AWS growth, with management guiding for higher second-quarter sales.NVDA and AMZN are highlighted as growth stocks positioned to gain from a less restrictive rate environment. The cooler-than-expected June Consumer Price Index (CPI) report has increased expectations that inflationary pressures are gradually easing, improving the outlook for sectors that are highly sensitive to interest rates and consumer spending. U.S. headline CPI rose 3.5% year over year in June, down from 4.2% in May, while core CPI slowed to 2.6%, signaling continued moderation in underlying price pressures. The report also showed the first monthly decline in headline prices since 2020, reflecting softer energy costs and broad-based easing across several categories.
Fed Holds Rates Steady, Rate-Cut Hopes Gain MomentumWhile the Federal Reserve kept benchmark interest rates unchanged at its June policy meeting and reiterated that future decisions will remain data dependent, the latest inflation data has strengthened market expectations that the next policy move is more likely to be a rate cut than another hike if disinflation continues. Lower inflation also eases pressure on Treasury yields, improves financing conditions and supports equity valuations, particularly for sectors whose earnings and multiples are sensitive to borrowing costs.
Against this improving macro backdrop, two stocks that appear well positioned to benefit from easing inflation and the prospect of a less restrictive interest-rate environment are NVIDIA (NVDA - Free Report) from the technology sector and Amazon (AMZN - Free Report) from the consumer discretionary space.
Let’s get into more details.
Why Technology and Consumer Discretionary Stand to BenefitTechnology companies, particularly those tied to artificial intelligence, cloud computing and semiconductors, typically outperform when inflation moderates because lower interest-rate expectations increase the present value of future earnings and support premium valuations. At the same time, secular AI infrastructure spending by hyperscalers continues to provide a strong fundamental tailwind.
Consumer discretionary is another likely beneficiary. Cooling inflation improves consumers' purchasing power by reducing pressure on household budgets, while easing energy prices leave more disposable income available for discretionary purchases. Combined with a resilient labor market and steady wage growth, this environment could support higher spending across retail, travel, restaurants and leisure businesses.
Although policymakers continue to caution that inflation remains above the Federal Reserve's 2% target and additional data will determine the policy path, the June CPI report marks an important step toward a more favorable macro environment for growth- and consumption-oriented sectors.
Our PicksNVIDIA: Its momentum continues to be driven by unprecedented demand for its Blackwell AI platform from hyperscalers, enterprises and sovereign AI projects. NVIDIA's latest guidance points to another quarter of robust revenue growth, supported by continued AI infrastructure investments despite export-related headwinds. As financing conditions improve, sustained enterprise AI spending and accelerating Blackwell deployments should support NVIDIA's near-term growth trajectory.
This Zacks Rank #1 (Strong Buy) stock has seen the Zacks Consensus Estimate for fiscal 2027 earnings increase by 11% over the past 60 days, reflecting analysts' growing confidence in sustained AI demand and Blackwell deployments. The full-year estimate of $9.09 indicates 90.6% growth over the fiscal 2026 reported number. You can see the complete list of today’s Zacks #1 Rank stocks here.
Image Source: Zacks Investment Research
Amazon: Amazon too is well positioned to benefit from easing inflation through both its consumer-facing retail operations and Amazon Web Services (AWS). Cooling price pressures could strengthen discretionary spending, while lower borrowing costs encourage enterprise cloud and AI investments. In first-quarter 2026, Amazon reported a 17% year-over-year increase in net sales with AWS revenues rising 28% year over year. Management guided second-quarter net sales of $194-$199 billion, reflecting confidence in continued demand across both retail and cloud businesses.
This Zacks Rank #2 (Buy) stock has seen the Zacks Consensus Estimate for 2026 earnings increase by 15% over the past 90 days, supported by AWS growth, advertising strength and improving retail margins. The full-year estimate of $8.93 indicates 24.6% growth over the 2025 reported number.
Amplify CWP Growth & Income ETF remains, in my opinion, a strategic overweight for income-oriented portfolios, especially given its tech sector tilt and dynamic management. QDVO offers a 10.69% distribution rate, achieved through selective call writing and concentrated exposure to high-growth tech names like NVDA, AAPL, and GOOG. I rate QDVO a BUY, favoring it over DIVO due to potentially attractive forward valuations in tech and strong earnings momentum.
Key Takeaways Alphabet and Tesla are slated to report Q2 earnings Wednesday afternoon, kicking off what’s expected to be another round of strong reports for the Magnificent Seven.The Mag 7 stocks have underperformed the S&P 500 this year amid uncertainty about the return on their AI investments. Get personalized, AI-powered answers built on 27+ years of trusted expertise.
The Magnificent Seven stocks may be more “Lag 7” than “Mag 7” this year, but their profits are still pretty magnificent.
The Mag 7—Nvidia (NVDA), Alphabet (GOOG), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Meta (META), and Tesla (TSLA)—have grown faster than the rest of the S&P 500—or the “Other 493”—in every quarter since the end of 2022, and estimates suggest that was likely the case last quarter, too. In the coming weeks, the Mag 7 are expected to report earnings grew about 31% in the second quarter, a slowdown from 63% in Q1 but still ahead of the Other 493’s 23% growth.1
Tesla and Google-parent Alphabet will be the first of the group to post Q2 results when they report after the bell Wednesday. Analysts expect the search and cloud computing giant had another strong quarter, with revenue projected to increase about 20%, driven by a 65% increase in cloud revenue. The report will set expectations for cloud computing competitors and fellow Mag 7 members Microsoft and Amazon, both of which are slated to report next week.
Why This Is Important to Investors The Magnificent Seven earned their nickname in 2023 when their earnings and stocks soared as the economy and the rest of the stock market struggled. The tables have turned in the stock market this year, but the tech giants have continued to grow faster than most of the S&P 500.
Mag 7 stocks accounted for the vast majority of the S&P 500’s rise in recent years, but the group has lagged the broader market in 2026 amid uncertainty about the return on their huge AI investments. The Roundhill Magnificent Seven ETF (MAGS) is up less than 2% since the start of the year, trailing the S&P 500’s nearly 10% return.
The combination of stock weakness and earnings strength has many of the Mag 7 stocks trading at relatively undemanding valuations. “I don’t think there’s a problem paying 24 times forward earnings for a company that can grow high-margin revenue at roughly 20%,” said David Miller, CIO at Catalyst Funds, of Alphabet on Tuesday. “From a price-to-earnings-growth perspective, those numbers work.”
But the Mag 7’s earnings growth may not be Wall Street’s focus when they report in the coming weeks. Revenue and earnings “are likely to not matter as much as the amount of capital spending completed in the quarter and the guide for the rest of the year,” wrote Wolfe Research analysts on Tuesday.2 The hyperscalers—Alphabet, Microsoft, Amazon, Meta, and Oracle (ORCL)—reported strong results across the board last quarter, but their stocks mostly languished as investors focused on capex increases.
Hyperscalers are expected to spend upwards of $700 billion on capital expenditures this year, and much of that total is earmarked for AI data centers. Those investments have caused their free cash flows to dwindle, and compelled several of them to tap debt and equity markets for fresh capital, increasing their exposure to fluctuating interest rates.
Wolfe Research expects the hyperscalers in aggregate to increase their capex guidance again in the coming weeks.3 While that may pressure their stocks, it could reinvigorate the shares of semiconductor, memory and data storage suppliers, whose sales and earnings growth have been turbocharged by the AI data center buildout. After a torrid rally throughout the second quarter, memory and chip stocks have cooled off in recent weeks. Some market watchers say that’s created opportunities to own stocks expected to benefit from AI spending for years to come.
“Nvidia is trading like a value stock,” said Nancy Tengler, CEO of Laffer Tengler Investments, on Tuesday. “You have to believe all the [AI] spending is going to stop tomorrow” to justify the stock’s forward price-to-earnings ratio of about 16x, said Tengler.
Organic Growth: 5.4% in Q2.Operating Margin: 24.9%, up 40 basis points.Earnings Per Share (EPS): $2.40, up 11%.Free Cash Flow: $1.3 billion with 107% conversio
Summary3M Company delivered a Q2 '26 beat and raise, driven by operational improvements and strength in Safety & Industrial and Transport & Electronics segments.MMM is scaling its Expanded Beam Optical, or EBO, technology, targeting durable growth from rising global data center and fiber optics demand, supported by a Microsoft partnership.Despite consumer market headwinds, I expect industrials strength and new product launches to sustain margin-accretive growth, justifying a Buy rating.I maintain a Buy rating and $183.55/share price target (13.78x eFY27 EV/aEBITDA) for MMM stock, citing operational momentum and long-term optics opportunity. akinbostanci/E+ via Getty Images
3M Company (MMM) reported a robust close to Q2 ’26 with a beat and raise across the top- and bottom-line. With an emerging growth strategy in the optics market, 3M may be in the early stages
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of META either through stock ownership, options, or other derivatives. 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.
Netflix gave streaming investors a jolt last week. The industry leader reported second-quarter results that were fine on their own, but its forecast called for revenue growth to slow again in the third quarter, and the stock, already deep in a yearlong slide, fell further on Friday.
Walt Disney (DIS 0.31%) shareholders know the feeling. Shares of the entertainment giant have fallen about 15% in 2026, to roughly $96 as of this writing, and they trade about 22% off their 52-week high.
But there's an irony in the timing. While the market frets over the streaming leader's slowing growth, Disney's own streaming business has been moving the other direction -- toward faster growth and higher profits.
So, with the leader stumbling, is the House of Mouse the contrarian buy in streaming?
Image source: Walt Disney.
Behind the decline Disney's sell-off this year wasn't baseless. In the company's fiscal first quarter of 2026 (the period ended Dec. 27, 2025), total segment operating income fell 9% year over year. The biggest problem was the entertainment segment, where operating income dropped 35% to $1.1 billion as programming, production, and marketing costs grew faster than revenue. The sports segment's operating income fell 23%, too, dinged by about $110 million from YouTube TV temporarily dropping Disney's networks in a carriage dispute.
Layer on the long-running decline of linear television and management's own caution about consumers (Disney says it is "mindful of the macroeconomic uncertainty consumers are facing today"), and investors had reasons to sour on the stock.
Streaming profits are finally showing up But the fiscal second quarter (ended March 28, 2026) showed a company in better shape than the stock price suggests. Revenue increased 7% year over year to $25.2 billion, and total segment operating income grew 4%. Non-GAAP (adjusted) earnings per share rose 8% to $1.57.
Streaming was the standout. Disney's subscription streaming revenue grew 13% year over year, accelerating from 11% growth in fiscal Q1, with subscription fees up 16%. And the streaming business's operating income nearly doubled year over year, climbing from $310 million to $582 million. That works out to a streaming operating margin of about 11%, up from about 6% a year earlier.
The trend within the year matters as much as the comparison. Streaming operating income went from $450 million in the fiscal first quarter to $582 million in the second, and the margin stepped up alongside it.
And Disney's content engine is helping. Zootopia 2 generated $1.9 billion at the global box office, and the franchise has since surpassed 1 billion hours streamed on Disney+. Hits like that can feed the company's parks and merchandise businesses for years to come.
The parks themselves are holding up as well. Experiences revenue rose 7% in the fiscal second quarter, and the segment's operating income grew 5%. Management called current demand at its domestic parks healthy, and it expects attendance to improve in fiscal Q3 after a 1% dip in the March quarter tied partly to soft international visitation.
Put it together, and management expects fiscal 2026 adjusted earnings per share to grow about 12%, excluding the benefit of an extra week in the fiscal year. The company is also targeting at least $8 billion in share repurchases in fiscal 2026.
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Yet the stock trades at about 13 times forward earnings. That's about two-thirds of what investors are paying for Netflix's forward earnings -- for the streaming business that's accelerating, not the one that's slowing down.
Of course, Disney's cheaper multiple partly reflects its baggage. The decline of linear TV remains a headwind, and those networks still generate profits that streaming must replace. A weakening consumer could hit the parks, which remain Disney's biggest source of operating income. And film slates are hit-driven, so the box office may disappoint in any given quarter.
With that said, the market seems to be pricing Disney as if its streaming turnaround isn't happening, even as the numbers show that turnaround gaining speed. To me, that makes Disney the more interesting streaming stock today -- a profitable, diversified entertainment company at 13 times forward earnings, backed by guided double-digit earnings growth and a large buyback program.
In short, I think the pessimism has overshot, and Disney looks like a contrarian buy here. Though I'd start with a modest position. With all of this said, we'll find out more soon; Disney's fiscal third-quarter report is due in early August.
ExxonMobil Holdings Corporation (NYSE: XOM) will release its second quarter 2026 financial results on Friday, July 31, 2026. The company will issue a press rel
Revenue: $92 billion in the first half of 2026; $48 billion in Q2 2026, up $900 million year-over-year.EBIT Adjusted: $8.2 billion in the first half of 2026; $
Verizon (VZ +0.59%) spent last week doing what it has done all year under CEO Dan Schulman: getting smaller. The telecom giant said it will sell 274 company-owned retail stores to franchise operators and cut about 500 corporate positions, moves that affect roughly 3,000 employees in total. The changes take effect in mid-August and come on top of the more than 13,000 job cuts Verizon announced in November.
Headlines like these can spook income investors. But does it make sense to be fearful? At the stock's current price near $44, shares yield about 6.5% -- one of the largest payouts among major U.S. companies.
So, with second-quarter earnings due Friday morning, July 24, is a dividend this big still safe at a company this focused on cutting?
I believe it is. If anything, the restructuring is part of why.
Image source: Getty Images.
Shrinking by design Schulman took over in October and has moved quickly to build a leaner company. The November restructuring was Verizon's largest-ever round of layoffs, and it included handing 179 stores to franchisees.
Last week's move extends the same strategy, leaving Verizon with about 1,000 corporate-owned stores. Most of the affected retail employees' jobs shift to the franchise operators taking over their locations rather than disappearing outright.
So far, the approach has coincided with better results, not worse. First-quarter revenue rose 2.9% year over year to $34.4 billion, and cash flow from operations came in at $8 billion. And adjusted earnings per share climbed 7.6% to $1.28 -- an acceleration the company said was its best quarterly growth on that measure since 2021.
The subscriber trends have turned as well. Verizon added 55,000 postpaid phone customers in the first quarter, its first positive result on that metric in a first quarter since 2013. Broadband remained a growth engine, adding 341,000 net customers, including 214,000 fixed wireless access connections.
Additionally, management raised its full-year guidance, now calling for adjusted earnings-per-share growth of 5% to 6%.
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A dividend is only as safe as the cash flow behind it. And Verizon's cash flow is heading in the right direction.
Verizon generated $3.8 billion of free cash flow during the period, up 4% year over year. For the full year, management guided for free cash flow of at least $21.5 billion, or growth of about 7%, even while spending $16 billion to $16.5 billion on capital expenditures.
The dividend costs Verizon a little over $11 billion a year. The company paid $11.2 billion in cash dividends in 2024, for instance. In other words, guided free cash flow covers the payout nearly twice over.
That's a comfortable cushion. It's also what lets a company keep raising its dividend straight through a restructuring -- Verizon has increased its payout for 20 consecutive years, a streak management extended in January.
And the valuation adds another layer of support. Shares trade at about 10 times earnings and about 9 times consensus earnings-per-share estimates for the next 12 months. Even measured against earnings rather than cash flow, the payout ratio sits near two-thirds -- elevated for most companies, but ordinary for a telecom. Nobody is paying a premium here for growth that doesn't exist.
There is an important caveat, though: growth is thin. Mobility and broadband service revenue rose just 1.6% year over year in the first quarter, growth management said was dented by a January network outage.
Of course, cost cuts can fund a dividend for a long time. But they can't grow one forever. Eventually, the leaner Verizon has to deliver sustained subscriber and revenue gains, not just a smaller expense base.
That's what makes Friday's report worth watching. The items I'd check first are free cash flow, postpaid phone additions against the company's full-year target of 750,000 to 1 million (management expects the upper half of that range), and service revenue growth with the outage noise gone.
Unless those numbers crack, the dividend looks well protected. A payout covered nearly twice over by free cash flow, backed by improving subscriber trends and a management team attacking the cost base, is not a payout in danger.
For income investors, I think the dividend stock remains a solid option at today's price. Collect the 6.5% yield, and let Schulman keep shrinking the company into better shape.
Goldman Sachs logo appears in this illustration taken December 1, 2025. REUTERS/Dado Ruvic//File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 21 (Reuters) - Goldman Sachs (GS.N), opens new tab has created a new platform as it looks to expand its private market offerings for wealthy clients, according to an internal memo seen by Reuters on Tuesday.
The alternative investment platform will be led by Matt Doherty, who will continue to oversee the Wall Street bank's alternatives business, the memo said.
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The move comes as wealthy investors increasingly seek access to privately held companies, where many fast-growing startups are staying private for longer, allowing investors to benefit from rising valuations before an initial public offering.
Companies such as Elon Musk's SpaceX (SPCX.O), opens new tab remained privately held for years before going public last month even as its valuation surged, fueling demand among wealthy investors for private market investments. The AI boom has only bolstered that interest.
That has prompted Wall Street banks to expand their private market offerings for wealthy clients.
Alternative capital markets, which manage alternative investments for wealthy clients, will remain the core business within the platform, the memo showed.
The team will continue to help clients invest in private market assets, advise them on building alternative investment portfolios and manage those portfolios on their behalf.
As part of the changes, Goldman is creating a new private company investments team by combining its fiduciary single-asset investment business with its family office-focused direct investment business.
The changes are intended to build on the growth of Goldman Sachs' alternatives business and strengthen its private markets platform.
CNBC had reported the news earlier in the day.
Earlier this month, Goldman Sachs exceeded second-quarter profit expectations as dealmaking picked up and market volatility amid the U.S.-Iran war boosted equities revenue to a record.
Reporting by Prakhar Srivastava in Bengaluru and Saeed Azhar in New York; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Intel (INTC +8.73%) stock soared 8.4% through 2:10 p.m. ET Tuesday on a raft of positive news headlines -- or at least headlines investors viewed as positive.
Image source: Intel.
Layoffs at Intel Intel employees are probably less thrilled with the first item on this list, a report from Business Insider that Intel will lay off an unspecified number of employees in its data center division. If true, the layoffs would come on top of a 15% reduction in force last year -- 5,000 souls -- with thousands more laid off in 2024.
The good news: Intel hopes all these layoffs will translate into annual savings in excess of $10 billion.
Alliance with Fortinet Separately, Intel announced today it will collaborate with cybersecurity company Fortinet (FTNT 1.26%) to develop a secure "Fortinet Security Processor 6" semiconductor chip that will integrate well with Intel processors.
Few details were revealed, but this sounds like a contract manufacturing agreement that will make use of Intel's foundry business to manufacture chips for its partner.
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Good news from TSMC And speaking of foundries... Intel rival Taiwan Semiconductor Manufacturing Company (TSM +5.67%) just announced plans to raise the price of its own contract manufacturing services by either up to 10% (as Nikkei Asia reports) or up to 20% (as Nikkei goes on to explain) for certain advanced chips it manufactures for customers including Nvidia and AMD.
As a competing foundry business, TSMC's decision to raise prices gives Intel implicit permission to raise its own prices without fear of losing customers -- or else hold its own prices steady and take market share from its rival. More than that, TSMC's decision implies that the market for AI semiconductor chips remains so strong that Intel might be able to do a little bit of both!
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fortinet, Intel, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
After a sharp pullback over the last several trading sessions, semiconductor stocks are staging an impressive rebound on Tuesday as investors return to AI-related names ahead of a busy week of earnings.
The Philadelphia Semiconductor Index (SOX) is surging nearly 5%, with broad-based gains across Intel (INTC - Free Report) ), Micron (MU - Free Report) ), Marvell (MRVL - Free Report) ), AMD (AMD - Free Report) ), Nvidia (NVDA - Free Report) ), and other chipmakers helping to lift the broader Nasdaq.
The rally appears to reflect renewed optimism following last week's sector-wide correction, improving sentiment surrounding AI infrastructure spending, and investors positioning ahead of several closely watched technology earnings reports.
For Intel, the improving backdrop comes at an important time. To that point, the chipmaker has enjoyed a remarkable turnaround this year but has also experienced heightened volatility as investors evaluate whether its foundry ambitions, AI initiatives, and manufacturing roadmap can support a sustained recovery.
With Intel set to report Q2 earnings after market hours on Thursday, July 23, investors may be wondering if now is an opportune time to buy INTC, which has soared more than 350% over the last year to outperform all of its aforementioned chip peers outside of Micron.
Image Source: Zacks Investment Research
Intel’s Optimistic Q2 ExpectationsWall Street is expecting another meaningful step forward in Intel’s turnaround.
The Zacks Consensus Estimate calls for Q2 revenue of approximately $14.4 billion, representing 12% year-over-year growth.
On the bottom line, Intel's Q2 adjusted earnings are projected to come in at $0.21 per share, a dramatic improvement from a loss of -$0.10 a share in the year-ago period.
Investors will likely focus on several key themes during the earnings call:
Progress of Intel's 18A manufacturing processGrowth within the Data Center & AI businessUpdates on Intel Foundry customer winsOutlook for the second half of 2026Management's commentary regarding enterprise AI demand and capital spendingPerhaps most importantly, investors will want reassurance that Intel's turnaround remains on schedule and that its manufacturing investments are beginning to translate into sustainable financial improvements.
The Zacks ESPOptimistically, the Zacks ESP (Expected Surprise Prediction) indicates Intel could once again surpass earnings expectations, with the Most Accurate and recent estimate among Wall Street analysts having Q2 EPS slated at $0.22 and slightly above the underlying Zacks Consensus of $0.21 (Current Qtr below).
Image Source: Zacks Investment Research
This comes as Intel has impressively exceeded earnings expectations in three of its last four quarterly reports with an average EPS surprise of 996.88%. Intel most recently reported Q1 adjusted net income of $1.5 billion or $0.29 per share, which crushed EPS expectations of $0.01.
Image Source: Zacks Investment Research
AI and Foundry Progress Remain the Biggest CatalystsWhile Intel continues to face intense competition from AMD and Taiwan Semiconductor (TSM - Free Report) ), the company's long-term investment thesis has become increasingly centered around two opportunities: expanding its AI portfolio and rebuilding its semiconductor manufacturing leadership.
Recent announcements surrounding Intel's expanding AI ecosystem and growing enterprise partnerships, including with Nvidia, have reinforced confidence that management is making tangible progress.
Meanwhile, continued improvements in manufacturing yields and increased production on Intel's next-generation process technologies could eventually position the company as a more competitive foundry alternative for third-party chip designers.
If management delivers encouraging commentary regarding foundry customer demand and AI-related revenue opportunities, earnings estimate revisions could continue trending higher following the report.
Summary & Conclusion Although Intel still has work to do before fully re-establishing itself as a semiconductor leader, the company's turnaround appears to be gaining momentum.
Improving profitability, rising earnings estimates, AI-related growth opportunities, and continued progress within its foundry business all suggest Intel is moving in the right direction and starting to grow back into its valuation after a sharp rebound.
Naturally, Thursday's earnings report could introduce additional volatility, especially with options markets pricing in a sizable post-earnings move. However, if management delivers another solid quarter and reinforces confidence in its long-term roadmap, INTC could have further room to run.
For now, Intel stock currently sports a Zacks Rank #1 (Strong Buy), indicating favorable earnings estimate revisions and suggesting INTC may warrant consideration ahead of Q2 results.
Key Takeaways WELL is expected to report Q2 revenues and normalized FFO growth on July 27 after market close.Senior housing demand, muted new supply and long-term leases may support Welltower's results.High interest expenses could weigh on Welltower, while investment and development efforts continue. Welltower, Inc. (WELL - Free Report) is slated to report second-quarter 2026 results on July 27, after market close. The quarterly results are likely to reflect year-over-year growth in revenues and normalized funds from operations (FFO) per share.
In the last reported quarter, this Toledo, OH-based healthcare real estate investment trust (REIT) witnessed a normalized FFO per share of $1.47, beating the Zacks Consensus Estimate of $1.45. Results reflected a rise in revenues on a year-over-year basis. The total portfolio same-store net operating income (SSNOI) increased year over year, driven by SSNOI growth in the senior housing operating (SHO) portfolio.
Over the preceding four quarters, Welltower’s normalized FFO per share beat the Zacks Consensus Estimate on all occasions, with the average beat being 2.52%. The graph below depicts this surprising history:
Factors at Play for WELLWelltower owns a diversified portfolio in the healthcare real estate industry across the major, high-growth markets of the United States, Canada and the United Kingdom. During the second quarter, the company’s SHO portfolio is likely to have continued to benefit from an aging U.S. population and a rise in healthcare expenditure by this age cohort, which is usually higher than that of the general population. In addition, muted new supply is expected to have provided a favorable operating environment for this portfolio.
Further, Welltower’s long-term leases with its healthcare management companies or operators are anticipated to have led to stable revenue generation, boosting its top line.
The Zacks Consensus Estimate for quarterly total revenues is pegged at $3.43 billion, suggesting an increase of 34.5% from the prior-year period’s reported number.
We expect WELL to have continued its investment and development activities during the to-be-reported quarter, supported by its solid balance sheet position and capital-recycling efforts.
WELL’s activities during the to-be-reported quarter were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for second-quarter normalized FFO per share has been revised a cent upward to $1.55 over the past month. The figure suggests an increase of 21.1% from the year-ago reported number.
However, high interest expenses are likely to have been a spoilsport for Welltower during the to-be-reported quarter.
What Our Quantitative Model Predicts for WELLOur proven model does not conclusively predict a surprise in terms of FFO per share for Welltower this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an FFO beat, which is not the case here.
Welltower currently has an Earnings ESP of -0.72% and carries a Zacks Rank of 2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT industry — BXP, Inc. (BXP - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
BXP, which is scheduled to report second-quarter 2026 results on July 28, has an Earnings ESP of +0.18% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties is slated to report second-quarter 2026 results on July 30. CUZ has an Earnings ESP of +0.45% and a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
Spectrum Reach Expands Operations in NY, Continuing to Represent Comcast and Optimum, and Providing Opportunities for Brands to Advertise in Nation's Top Media Market
Key Takeaways:
The move strengthens Spectrum Reach's ability to align operations and deliver enhanced multiscreen campaigns for advertisers seeking to reach consumers at scale in the New York market. Bringing NYI's product portfolio into Spectrum Reach expands the capabilities, insights and local expertise available to brands and agencies in one of the most important advertising markets in the U.S. , /PRNewswire/ -- Spectrum Reach, the advertising sales business of Spectrum, today announced the expansion of its advertising business to provide many of the products and services of New York Interconnect (NYI), which will cease operations on September 28, 2026. NYI is an advanced advertising joint venture that allows marketers to seamlessly purchase TV and digital ad space across multiple Multichannel Video Programming Distributors (MVPDs) in the New York Designated Market Area (DMA).
With this expansion, Spectrum Reach will streamline operations, reducing handoffs and backend execution steps for a more seamless advertising experience while bringing together its advanced advertising capabilities and scale with NYI's local market strength. The expansion will enable Spectrum Reach to be even better positioned to offer enhanced multiscreen solutions that make it easier for brands to reach the right audiences across the New York media market in the rapidly evolving TV ecosystem.
"We are further strengthening Spectrum Reach and New York Interconnect to create even more value for brands and agencies looking to connect with audiences at scale in New York," said Jason Brown, Executive Vice President, Spectrum Reach. "We are strengthening our market-leading capabilities, local insight and advanced advertising solutions to better serve our clients in one of the most dynamic and influential markets in the country."
In connection with this, later this year, certain members of the NYI team will join Spectrum Reach, creating one unified team focused on supporting advertisers, agencies and marketing partners with seamless service and more powerful media solutions, further positioning NYI's current advertising customers for the future, which is streaming and advanced advertising in addition to traditional TV advertising.
More information about Spectrum Reach is available at www.spectrumreach.com.
About Spectrum Reach
Spectrum Reach®, the advertising sales business of Charter Communications, Inc. (NASDAQ:CHTR), provides custom advertising solutions for local, regional and national clients. Operating in 36 states and 91 markets, Spectrum Reach creates scalable advertising and marketing services driven by aggregated and de-identified data insights and award-winning creative services and supported by our 100% U.S.-based employees. Spectrum Reach helps businesses of all sizes reach anyone, anywhere, on any screen. Additional information about Spectrum Reach can be found at spectrumreach.com.
Laura Miele, President of Enterprise Development at Electronic Arts Inc. (EA 0.12%), sold 2,500 shares of common stock on July 15, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueShares sold2,500Transaction value$517,525Post-transaction shares (directly held)71,013Post-transaction value$14.72 millionTransaction value based on SEC Form 4 weighted average sale price ($207.01); post-transaction value based on July 15, 2026 market close ($207.27).
Key questionsWhat was the structural context of this disposal?
This sale was executed under a Rule 10b5-1 trading plan, which was established on August 8, 2025. These plans allow insiders to schedule stock transactions in advance, providing a defense against potential allegations of trading on non-public information and indicating this was a pre-arranged liquidity event.How does this impact the insider's remaining stake and alignment?
The sale of 2,500 shares represents a minor adjustment to the insider's total equity position. After the trade, she continues to hold 71,013 shares directly, maintaining a 0.0283% ownership stake in the company and ensuring ongoing alignment with shareholder value.What are the current financial fundamentals of the company?
As of the transaction date, the company had a market capitalization of $52 billion and reported trailing twelve-month revenue of $7.5 billion. The stock was priced at $207.01 per share at the time of execution, following a one-year total return of 39% as of July 15, 2026.Company OverviewMetricValueShare Price (as of market close 2026-07-15)$207.27Market Capitalization$52.0 billionRevenue (TTM)$7.5 billionNet Income (TTM)$887.0 millionCompany SnapshotElectronic Arts develops, publishes, and distributes interactive entertainment across multiple platforms including gaming consoles, personal computers, smartphones, and tablets, with primary revenue derived from premium game titles, in-game content, and digital services across sports, racing, first-person shooter, action, and role-playing game genres.The company operates a diversified business model generating revenue through direct game sales, subscription services, in-game purchases, and digital content monetization, leveraging both owned intellectual property and licensed franchises to drive recurring engagement and player spending.Electronic Arts serves a global audience of millions of players across all demographic segments, with particular strength in competitive gaming communities, console and PC gamers, and mobile gaming audiences seeking premium entertainment experiences.Electronic Arts is a global leader in interactive entertainment with a market capitalization of $52 billion, operating 14,600 employees across its Redwood City headquarters and worldwide offices. The company maintains competitive advantages through its portfolio of iconic franchises, advanced game development capabilities, and integrated digital distribution platforms that enable direct consumer relationships and recurring revenue streams.
EA's strategic focus on live-service gaming, cross-platform experiences, and emerging technologies positions the company to capture growth across traditional and next-generation gaming markets.
What this transaction means for investorsThe July 15 sale of Electronic Arts stock by President of Enterprise Development Laura Miele occurred at a time when the company is awaiting regulatory approval for its purchase by a consortium of investors. Her sale came just days before new reports surfaced about European regulators preparing to approve the video game maker’s acquisition. As a result, shares rose to an all-time high of $209.34 on July 20.
However, the timing appears coincidental since Miele’s disposition was a non-discretionary transaction. It was part of a prearranged Rule 10b5-1 trading plan. In addition, she retained over 70,000 shares post-transaction, suggesting she has confidence in the acquisition going through.
In September of 2025, Electronic Arts announced it would be acquired and taken private. Shareholders will receive $210 per share if the deal can capture the necessary regulatory approvals. That’s why the stock did not go past $209.34 as investors await the final regulatory clearances.
Robert Izquierdo has positions in Electronic Arts. The Motley Fool recommends Electronic Arts. The Motley Fool has a disclosure policy.
Shares of software giant Salesforce (CRM 1.97%) were falling on Tuesday, down as much as 3.9% in early trading, before recovering slightly to a 2.7% decline as of 1:30 p.m. EDT.
The move was somewhat notable, given that the broader Nasdaq Composite was up by about 1.4% at the same time.
Salesforce was on the receiving end of a Wall Street analyst's downgrade today, along with a big price target cut. That led to a sell-off; however, given the stock's bargain-basement valuation, is the analyst's negativity already baked into the share price?
Today's Change
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170.36
Morgan Stanley sours on Salesforce's AI transition Salesforce is facing the same headwinds and uncertainties that all software stocks have experienced since the emergence of powerful AI coding agents from Anthropic and other AI labs at the beginning of this year.
Salesforce, of course, isn't standing still. The company has developed its own agentic AI features and capabilities, which it calls Agentforce. In June, Salesforce made a very interesting acquisition with an eye toward the agentic future: customer service agent software company Fin. Fin has already transformed its business model in the manner Salesforce needs to, including an outcome-based pricing model on its fully autonomous customer service agent, run on a custom AI model independent of the major AI labs.
Still, Adam Wood of Morgan Stanley doesn't think it's enough. The analyst lowered his rating on the shares from "Overweight" to "Equal Weight" and his price target from $287 to $185 today.
Wood is actually bullish on the leading indicators for Agentforce and Salesforce's new agentic AI offerings; however, Wood also acknowledges that this is coming at the expense of some of Salesforce's larger, legacy software subscription services. Moreover, Agentforce's revenue is still small, coming in at just a $3.4 billion annualized run rate last quarter; meanwhile, Salesforce projects about $46 billion in revenue this fiscal year. So Agentforce still accounts for only about 7% of revenue; even if that keeps growing fast, a drag on the larger non-agentic business could cap overall growth.
While he believes Salesforce is making the right moves and could emerge as an AI winner, Wood now thinks the inflection to overall company-level organic growth may take longer than expected. Given the uncertainty, he is bringing down the stock price to reflect a compressed valuation multiple that the market now attributes to much of the software sector.
Image source: Getty Images.
Long-term opportunity in the software sector? It should be noted that Salesforce currently trades at roughly $168 per share, which is still below Wood's new price target and represents a valuation of just 12 times this year's earnings estimates.
That valuation implies little to no growth going forward, which may be warranted given the uncertainties around agentic AI. However, Salesforce is returning lots of cash to shareholders through a large share repurchase program. If the company successfully navigates the agentic AI transition and eventually returns to growth, today's valuation could be a bargain. Still, investors should be prepared to wait a while to find out.
, /PRNewswire/ -- Dover Fueling Solutions ("DFS"), a part of Dover (NYSE: DOV) and a leading global provider of advanced customer-focused technologies, services and solutions in the fuel and convenience retail industries, today announced the launch of ProGauge MagLink Anywhere™, a new automatic tank gauge (ATG) mobile app designed to give fuel retailers reliable, real-time access to critical tank and console data.
As fuel retailers look to improve inventory control and make faster decisions across sites, access to accurate tank data is becoming increasingly important. Available globally, MagLink Anywhere provides retailers a clearer view of their fuel retail business, while strengthening the connectivity between various site ecosystems. The app works seamlessly with existing ProGauge® consoles, including the ProGauge MagLink LX 4® console, ProGauge MagLink LX Plus® console, and ProGauge MagLink LX Ultimate® console.
By bringing fuel station and underground tank data into a single mobile view, MagLink Anywhere gives retailers quick access to the information they need to monitor inventory, review site activity, and respond to issues requiring attention as they occur.
"Fuel retailers generate vast amounts of operational data every day but turning that information into actionable insights has long been a challenge," said Nuno Almeida, DFS Product Management Director. "With MagLink Anywhere, we're putting powerful intelligence directly into the hands of operators, enabling them to monitor inventory, identify issues sooner, and make smarter decisions from anywhere, at any time, and through an easy-to-use platform."
MagLink Anywhere allows the end user to pair to their ProGauge console easily and quickly, using a secure architecture that safeguards data transmitted through the app and supports controls intended to limit unauthorized access.
Fergus Heading, DFS ATG Business Development Director, added, "We designed the app to improve time management, enhance visibility into console and tank data, and provide stability within overall business operations. Whether operating a single site or managing a large network of tank gauging equipment, MagLink Anywhere gives fuel retailers a practical way to access the inventory and site information they need in one place."
To learn more information about the MagLink Anywhere app, visit ProGauge MagLink Anywhere.
About Dover Fueling Solutions:
Dover Fueling Solutions® (DFS) is part of Dover Corporation and a leading provider of advanced energy dispensing equipment, electronic automation, point-of-sale and payment systems, automatic tank gauging and subscription solutions to fueling and convenience retail customers worldwide. Comprised of brands Wayne®, Tokheim®, OPW®, ProGauge®, Fairbanks®, AvaLAN Networks™, LIQAL®, Bulloch Technologies®, and SiteIQ™, DFS is dedicated to offering a broad range of solutions that power vehicles, including conventional fuel and clean energy products that support gasoline, diesel, bio-diesel and ethanol as well as LNG, H2, LPG, CNG and EV chargers. Headquartered in Austin, TX, DFS has a strong global manufacturing and technology development presence, including facilities in Brazil, Canada, China, India, Italy, Poland, Belgium, the Netherlands, the United Kingdom and the United States. For more information about DFS, visit www.doverfuelingsolutions.com.
About Dover:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV." Additional information is available at dovercorporation.com.
Oracle faces strong cloud demand and a $638B backlog, but heavy debt and lease commitments cloud the outlook. I rate ORCL.PR.D a Buy, as its nearly 8% yield and conversion terms offer superior risk-adjusted returns versus common shares in flat or moderately bullish scenarios. ORCL.PR.D provides income and downside protection, outperforming common unless ORCL rises over 42% to $179+ by January 2029.
FOSTER CITY, Calif.--(BUSINESS WIRE)-- #Earnings--Gilead Sciences, Inc. (Nasdaq: GILD) announced today that its second quarter 2026 financial results and guidance will be released on Tuesday, August 4, 2026 after the market closes. At 4:30 p.m. Eastern Time that day, Gilead's management will host a webcast to discuss the company's second quarter 2026 financial results and provide a business update.A live webcast will be available in the Investors section of www.gilead.com and will be archived there for one.
, /PRNewswire/ -- DaVita Inc. (NYSE: DVA), announced today that it will hold its quarterly conference call to discuss second quarter results on Tuesday, August 4, 2026, at 5:00 p.m. Eastern Time. The company plans to release its results after market close the same day.
This call is also being webcast and can be accessed at the DaVita IR web page. You can join this call as follows:
Tuesday, August 4, 2026
Starting at 5:00 p.m. EDT
Webcast can be accessed using this link
Dial in number: 877-918-6630
International dial in: 517-308-9042
When calling in, please provide the operator the password "Earnings" and provide your name and company affiliation. Investors unable to listen to the conference call will be able to access a replay via our website at investors.davita.com. There will be no telephone replay.
About DaVita Inc.
DaVita (NYSE: DVA) is a healthcare provider focused on transforming care delivery to improve quality of life for patients globally. As a comprehensive kidney care provider, DaVita has been a leader in clinical quality and innovation for more than 25 years. DaVita cares for patients at every stage and setting along their kidney health journey — from slowing the progression of kidney disease to helping support transplantation. This includes ensuring they are supported at home, in dialysis centers, in the hospital and in skilled nursing facilities. As of March 31, 2026, DaVita served approximately 296,300 patients at 3,262 outpatient dialysis centers, of which 2,666 centers were located in the United States and 596 centers were located in 14 other countries worldwide. DaVita has reduced hospitalizations, improved mortality, helped improve health access and worked collaboratively to propel the kidney care community to adopt a higher quality standard of care for all patients, everywhere. To learn more, visit DaVita.com/About.
Director Melissa Reiff sold shares of Etsy, Inc. (ETSY 2.87%) on July 15, 2026, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueShares sold3,855Transaction value$328,000Post-transaction shares (directly held)17,613Post-transaction value$1.51 millionTransaction value based on SEC Form 4 weighted average sale price ($85.00); post-transaction value based on July 15, 2026 market close ($85.74).
Key questionsWhat was the primary driver of this transaction?
The transaction was non-discretionary and followed a pre-arranged Rule 10b5-1 trading plan established on August 4, 2025. This mechanism allowed the director to exercise fully vested options and liquidate the resulting shares at a predetermined execution price of $85.00 per share.What is the insider's remaining exposure to the company?
Following this sale, Reiff retains a direct ownership position of 17,613 shares. This equity stake is valued at $1.51 million based on the market close of $85.74 on July 15, 2026.How does this sale align with recent stock performance?
The sale was executed as Etsy shares reflected a 54% one-year return as of the July 15, 2026 transaction date. As of the July 16, 2026 market close, the stock was priced at $83.48, which is slightly below the weighted-average price achieved in the transaction.What is the director's total ownership stake in the firm?
Reiff holds a 0.0186% ownership interest in the $8.0 billion specialty retail company, which operates online marketplaces including its primary handcrafted goods platform and the Depop apparel resale division.Company OverviewMetricValueShare Price (as of market close 2026-07-16)$83.48Market Capitalization$7.9 billionRevenue (TTM)$2.9 billionNet Income (TTM)$302.7 millionCompany SnapshotEtsy operates global online marketplaces connecting independent merchants with consumers, featuring a primary platform dedicated to unique and handcrafted items, complemented by the Depop division specializing in apparel resale, with revenue derived from marketplace fees including listing, transaction, and payment processing charges, as well as advertising services and optional seller utilities.The company generates revenue through a diversified fee-based model that monetizes both buyer and seller activity across its platforms, including transaction fees, listing fees, payment processing fees, advertising placements, and premium seller tools such as shipping label services.Etsy's customer base comprises independent merchants and artisans seeking to reach a global audience of consumers interested in distinctive, handcrafted, and vintage merchandise, as well as fashion-conscious buyers utilizing the Depop platform for pre-owned apparel transactions.Etsy, Inc. operates as a leading specialty retail platform with a $7.9 billion market capitalization and TTM revenue of $2.9 billion, demonstrating strong profitability with TTM net income of $302.7 million. The company's differentiated business model leverages network effects by aggregating independent sellers and buyers on curated marketplaces, with competitive advantages rooted in brand recognition, community engagement, and diversified revenue streams that extend beyond transaction fees to include advertising and value-added seller services.
What this transaction means for investorsReiff’s sale is one of the uncommon occasions where investors do not have to wonder about why an insider sold.
Reiff scheduled this transaction up to nearly one year in advance under Rule 10b5-1. Since this was an options exercise, this sale most likely pertains to her compensation plan with Etsy rather than anything going on with its stock.
However, rather than emphasizing the 18% of the consumer discretionary stock that she sold, investors are likely better served by focusing on the 82% of her Etsy holdings that she kept.
Although the stock is still far below its pandemic highs, it now trades at its highest level in over 2.5 years as its performance makes noticeable improvement.
Today's Change
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Current Price
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In the first quarter of 2026, revenue rose 8% yearly, well above the 3% revenue increase for all of 2025. Also, gross merchandise sales rose 6% annually in Q1 after having fallen in 2025.
This indicates shoppers are returning to the site in increasing numbers, which could mean that investors should consider buying despite the insider sale.
Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Etsy. The Motley Fool has a disclosure policy.
, /PRNewswire/ -- The Board of Directors of Albemarle Corporation (NYSE: ALB) today announced that it declared a quarterly common stock dividend of $0.41 per share. The dividend, which has an annualized rate of $1.64, is payable Oct. 1, 2026, to shareholders of record at the close of business as of Sept. 11, 2026.
About Albemarle
Albemarle Corporation (NYSE: ALB) is a world leader in transforming essential resources into critical ingredients for mobility, energy, connectivity and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at Albemarle.com.
Albemarle regularly posts information to Albemarle.com, including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, U.S. Securities and Exchange Commission filings and other information regarding the company, its businesses and the markets it serves.
Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, including, without limitation, statements related to future dividends and results, which may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the statements expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; potential expected market pricing of bromine, lithium and spodumene and other underlying assumptions and our 2026 outlook considerations; adverse changes in liquidity or financial or operating performance; changes in the demand for our products or the end-user markets in which our products are sold and the other factors detailed from time to time in the reports we file with the U.S. Securities and Exchange Commission, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
Investor Relations Contact: +1 (980) 308-6194, [email protected]
Media Contact: Courtney St. Onge, +1 (980) 308-6310, [email protected]
Micron Technology Inc (NASDAQ:MU) experienced a significant Power Inflow alert, a key bullish indicator that is closely tracked by traders who value order flow analytics, specifically institutional and retail order flow data.
Understanding the Power Inflow Signal
Order flow analytics examine real-time buying and selling behavior by analyzing volume, timing, and order size across both retail and institutional participants. These insights provide a deeper understanding of price action and market sentiment, allowing traders and institutions to make more informed decisions.
MU Performance
At the time of the Power Inflow alert, MU was trading at $932.86. Following the signal:
• Intraday High As Of 2:00PM EST: $982.88 (+5.36%)
This article is for informational purposes only and does not constitute financial advice, investment recommendations, or a solicitation to buy or sell securities. The analysis is based on stock order flow data, but accuracy is not guaranteed. Investing involves risk, including possible loss of principal, and past performance is not indicative of future results. Please consult a licensed financial advisor before making any investment decisions.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
Market News and Data brought to you by Benzinga APIs
Micron Technology Inc. (MU) shares surged 12% on Tuesday after Bank of America argued that the rapid emergence of low-cost, open-source Chinese artificial intelligence models could increase, rather than reduce, demand for memory chips.
The rally came ahead of a key week for the technology sector, with investors awaiting earnings from Alphabet and other major technology companies for updates on artificial intelligence spending that could influence demand for high-bandwidth memory (HBM).
In a note published Monday, Bank of America analyst Vivek Arya reiterated a Buy rating on Micron with a $1,550 price target, implying roughly 79% upside from the previous day's closing price.
The report coincided with the release of Moonshot AI's Kimi K3, a 2.8-trillion-parameter model that Bank of America described as the largest open-weight model ever built.
According to Bank of America, open-weight AI models create broader demand for memory because each organization deploying the model must run it on its own hardware.
Unlike closed AI models that operate from centralized data centers, open models require enterprises, governments, and cloud providers to install model weights locally.
The bank said every download of an open-weight model creates an additional customer-side memory requirement that would not otherwise exist.
Although Chinese AI companies are offering models at significantly lower prices, Bank of America said lower pricing reflects business strategy rather than lower hardware requirements.
The report noted that Kimi K3 charges $3 per million input tokens compared with $15 for Anthropic's Claude Opus 4.8, while some Chinese models are priced as much as 350 times below Western competitors.
Despite those lower prices, Bank of America estimated that running Kimi K3 still requires about 1.4 terabytes of high-bandwidth memory spread across at least 64 AI accelerators.
"Open LLMs such as Kimi K3 pose no threats to memory demand," Arya wrote.
"They require the same or more memory as their model weights and active parameters increase."
Bank of America also addressed concerns about growing competition from Chinese memory manufacturers.
The firm said ChangXin Memory Technologies is expanding production but currently competes primarily in commodity DRAM rather than advanced HBM3E and HBM4 memory used in AI systems.
It also noted uncertainty over whether US equipment suppliers will receive approval to sell into the Chinese company.
Beyond AI demand, Bank of America highlighted another potential catalyst for Micron shares.
The firm expects restrictions on Micron's share repurchases under the CHIPS Act to expire around December 2026, potentially allowing the company to resume large-scale stock buybacks.
Arya estimated Micron could generate between $120 billion and $130 billion in annual free cash flow over the next several years.
Under a hypothetical 40% payout policy, that could translate into annual share repurchases of $50 billion to $60 billion, or roughly 5% to 6% of the company's projected market capitalization each year.
Micron and SK Hynix shares also gained ahead of earnings from major technology companies, beginning with Alphabet's quarterly report on Wednesday.
Investors are looking for confirmation that large technology companies will continue increasing AI infrastructure spending, supporting demand for high-bandwidth memory and related components.
PALO ALTO, Calif., July 21, 2026 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s human and AI-powered work marketplace, today announced that it will report its financial results for the second quarter of 2026 on Monday, August 10, 2026 after market close. The company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day.
A live webcast of the call will be available on the Upwork Investor Relations website at investors.upwork.com.
An audio replay of the conference call will be available for one week following the call and will be archived via webcast on the Upwork Investor Relations website at investors.upwork.com for approximately one year.
About Upwork
Upwork Inc.’s (Nasdaq: UPWK) family of companies connects businesses with global, AI-enabled talent across every contingent work type including freelance, agency, fractional, and payrolled. This portfolio includes the Upwork Marketplace, which connects businesses with on-demand access to highly skilled talent across the globe, and Lifted, which provides a purpose-built solution for enterprise organizations to source, contract, manage, and pay talent across the full spectrum of contingent work. From Fortune 100 enterprises to entrepreneurs, businesses rely on Upwork Inc. to find and hire expert talent, leverage AI-powered work solutions, and drive business transformation. With access to professionals spanning more than 10,000 skills across AI & machine learning, software development, sales & marketing, customer support, finance & accounting, and more, the Upwork family of companies enables businesses of all sizes to scale, innovate, and transform their workforces for the age of AI and beyond.
Since its founding, Upwork Inc. has facilitated more than $30 billion in total transactions and services as it fulfills its purpose to create opportunity in every era of work. Learn more about the Upwork Marketplace at upwork.com and follow on LinkedIn, Facebook, Instagram, TikTok, and X; and learn more about Lifted at go-lifted.com and follow on LinkedIn.
Kim Forrest talks about Texas Instruments (TXN) as the company reports earnings Wednesday after the closing bell. She says the earnings from General Motors (GM) serves as a bullish indicator for Texas Instruments and shares her expectations for the report.
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of HDFC Bank Limited (“HDFC Bank” or the “Company”) (NYSE: HDB) on behalf of investors concerning the Company's possible violations of federal securities laws.IF YOU ARE AN INVESTOR WHO LOST MONEY ON HDFC BANK LIMITED (HDB), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.What Is The Investigation About?On May 27, 2026, the Indian Express newspaper reported that HDFC Bank had m.
ServiceNow Inc (NYSE:NOW, XETRA:4S0) is expected to report a solid second-quarter performance, with Jefferies analysts forecasting results above guidance for key subscription metrics and a potential increase to its full-year subscription revenue outlook, supported by strong execution, early customer renewals and AI-related demand.
Ahead of the company's earnings release, Jefferies expects ServiceNow to report second-quarter subscription revenue and constant currency current remaining performance obligations (cRPO) above its guidance, helped by strong execution and customers renewing contracts ahead of planned price increases.
The firm also expects the company to meet third-quarter cRPO expectations and raise its full-year 2026 subscription revenue guidance, supported by early renewals and continued adoption of its NowAssist AI products.
Jefferies expects stronger-than-guided results to be supported by healthy partner activity, early renewals before pricing changes in Australia, improving customer decision-making in Europe, and contributions from recent acquisitions.
The firm also forecast an operating margin beat of around two percentage points, citing lower-than-expected operating expense growth excluding acquisition-related costs.
Feedback from channel partners pointed to stronger-than-expected customer renewal activity during the quarter, as some organizations sought to secure existing pricing before new product packaging and pricing took effect on July 1 in Australia.
Partners also reported growing interest in ServiceNow's NowAssist AI offering, with some enterprise customers making seven-figure commitments ahead of broader deployments. Jefferies said demand continued to be supported by IT operations management and IT service management products, while the company was also seeing success cross-selling its customer relationship management offerings.
Looking ahead, Jefferies expects ServiceNow to issue third-quarter cRPO guidance broadly in line with market expectations while increasing its full-year subscription revenue outlook to reflect stronger second-quarter performance and improved visibility into the second half of the year.
The firm added that investor reaction is likely to depend on the strength of the earnings beat and any signs that demand remains sustainable following the pull-forward of renewals ahead of price increases. Jefferies also said it continues to view the stock's risk-reward profile favorably at current valuation levels.
ServiceNow shares traded down 3% at $102 on Tuesday, down more than 33% so far this year.
ServiceNow Inc (NYSE:NOW, XETRA:4S0) is expected to report a solid second-quarter performance, with Jefferies analysts forecasting results above guidance for key subscription metrics and a potential increase to its full-year subscription revenue outlook, supported by strong execution, early customer renewals and AI-related demand.
Ahead of the company's earnings release, Jefferies expects ServiceNow to report second-quarter subscription revenue and constant currency current remaining performance obligations (cRPO) above its guidance, helped by strong execution and customers renewing contracts ahead of planned price increases.
The firm also expects the company to meet third-quarter cRPO expectations and raise its full-year 2026 subscription revenue guidance, supported by early renewals and continued adoption of its NowAssist AI products.
Jefferies expects stronger-than-guided results to be supported by healthy partner activity, early renewals before pricing changes in Australia, improving customer decision-making in Europe, and contributions from recent acquisitions.
The firm also forecast an operating margin beat of around two percentage points, citing lower-than-expected operating expense growth excluding acquisition-related costs.
Feedback from channel partners pointed to stronger-than-expected customer renewal activity during the quarter, as some organizations sought to secure existing pricing before new product packaging and pricing took effect on July 1 in Australia.
Partners also reported growing interest in ServiceNow's NowAssist AI offering, with some enterprise customers making seven-figure commitments ahead of broader deployments. Jefferies said demand continued to be supported by IT operations management and IT service management products, while the company was also seeing success cross-selling its customer relationship management offerings.
Looking ahead, Jefferies expects ServiceNow to issue third-quarter cRPO guidance broadly in line with market expectations while increasing its full-year subscription revenue outlook to reflect stronger second-quarter performance and improved visibility into the second half of the year.
The firm added that investor reaction is likely to depend on the strength of the earnings beat and any signs that demand remains sustainable following the pull-forward of renewals ahead of price increases. Jefferies also said it continues to view the stock's risk-reward profile favorably at current valuation levels.
ServiceNow shares traded down 3% at $102 on Tuesday, down more than 33% so far this year.
Lockheed Martin (LMT 0.66%) stock initially fell more than 4% in Tuesday morning trading before paring its losses in the afternoon. As of 8 2:35 p.m. ET, Lockheed stock is still down -- but now only 0.8%.
But why did Lockheed Martin fall at all?
Image source: Getty Images.
Lockheed's big price rollback The most obvious catalyst for Lockheed Martin's morning sell-off was Lockheed's announcement yesterday of a new PAC-3 Adapted Capability Effector (PAC-3 ACE) Patriot missile that will either replace or supplement Lockheed's existing product, the PAC-3 MSE (for "Missile Segment Enhancement").
That sounds like good news -- more missiles for Lockheed to sell, especially if the ACE supplements existing sales of MSE Patriots. But here's the thing:
Lockheed is marketing ACE as a "low-cost" interceptor missile. But when Lockheed says "low-cost," investors seem to have heard ACE will be "low-profit," endangering the 13% operating profit margin at Lockheed Martin Missiles and Fire Control.
Today's Change
(
-0.66
%) $
-3.37
Current Price
$
506.17
We'll make it up on volume I think that's the wrong way to look at this news, however -- with Lockheed's stock price losses moderating as the day goes on, my hunch is other investors are coming to the same conclusion.
Why? Just because Lockheed advertises a product as "low-cost" doesn't mean the cost will be objectively low -- nor that profit margins will be low. PAC-3 MSE historically cost about $4 million per missile, although it's gotten more expensive due to increased demand in Ukraine and the Persian Gulf. ACE, at a reported $2.5 million price, may cost half as much as an MSE today -- but it's a much smaller discount relative to MSE's historical price.
Factor in lower input costs, plus more sales of cheaper ACEs, and I suspect Lockheed Martin stock is going to do just fine.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Lockheed Martin. The Motley Fool has a disclosure policy.
Few rivalries capture the wild AI age we're in like Sam Altman versus Elon Musk. The two co-founded OpenAI together, fell out spectacularly, and now run competing camps: Altman's OpenAI, maker of ChatGPT, and Musk's xAI, maker of Grok, which he has folded into his rocket company. They even fought it out in court.
So whose vision actually wins? My answer is Musk, but I want to be up front about why, because it isn't the reason you might assume.
Elon Musk. Image source: The White House.
On the merits, it isn't close Let me be honest: If you judge by the product, Altman is winning, and it isn't especially close. ChatGPT has about 1.1 billion monthly users and roughly half the U.S. chatbot market, and OpenAI's annualized revenue has climbed to somewhere around $24 billion to $25 billion. Grok, by contrast, has roughly 117 million monthly users, a shrinking share that recently slipped to fifth place behind Claude, Gemini, and others, and revenue closer to $500 million against a cash burn near $1 billion a month. Altman also won the legal round when a jury tossed Musk's lawsuit over OpenAI's restructuring, clearing OpenAI's path to a public listing. By almost every operational measure, OpenAI is ahead.
Why Musk's vision wins anyway So why give the crown to Musk? Because winning the AI race, at least for investors, is not only about who has the best chatbot today. It's about reach, capital, and belief, and on those, Musk is in a league of his own. He commands a following that hangs on his every post, and that fan base translates into something concrete: demand.
More importantly, he has done something Altman hasn't yet. By merging xAI into Space Exploration Technologies (SPCX +3.19%) and taking the combined company public, Musk gave millions of ordinary investors a way to actually buy a piece of his AI vision. Layer on his vertical integration, the computing, the plan for orbital data centers, and the distribution muscle of Starlink and Tesla, and Musk's vision has a scale and a megaphone that a private lab simply cannot match. It's not that Grok is better. It's that Musk's fans are louder and, crucially, create a compelling investment opportunity.
Today's Change
(
3.19
%) $
3.82
Current Price
$
123.67
A takeaway for investors Here's where it gets practical. If you want to bet on Musk's AI vision, SpaceX is the vehicle, but go in clear-eyed: You're really buying Starlink and rockets, with xAI as a small, money-losing side bet and a hefty fan premium baked into the price. Altman's side is about to become investable too, with OpenAI reportedly targeting a public debut near a $1 trillion valuation. Until then, the backdoor into his vision runs through the chipmakers it depends on.
That points to the smartest move of all. The companies guaranteed to win, no matter whose vision prevails, are the arms dealers. Nvidia (NVDA +2.10%) and Broadcom (AVGO +2.21%) sell the chips that power OpenAI, xAI, and everyone else, so they profit whether ChatGPT or xAI's Grok comes out on top. When two giants wage war, the people selling the guns and ammunition rarely lose.
Today's Change
(
2.21
%) $
8.34
Current Price
$
386.50
Musk wins the contest of fandom, capital, and investment opportunity, and that matters more than the skeptics admit, because it funds the vision and rallies a crowd. But Altman is quietly winning the product war, and investors shouldn't confuse the louder voice with the better business. My honest advice is to enjoy the rivalry, treat SpaceX as a high-conviction bet on Musk's ambition rather than a cheap AI play, and remember that the surest way to profit from this feud is to own the picks and shovels both sides are forced to buy.
Next time you need to fill your pet’s prescription, you might be able to pick up your own at the same time. Tuesday CVS Health announced plans to carry dog and cat medications alongside human ones in its pharmacies.
Medications such as antibiotics, allergy, flea, and tick control, insulin, pain relievers, and more will be available at around 9,000 CVS Pharmacies nationwide. Those prescriptions will also be eligible for automatic refills, prescription syncing, as well as delivery (for some medications).
“We’re proud to be a trusted partner in our patients’ health care journeys,” Sid Tenneti, Senior Vice President and Interim President, Pharmacy and Consumer Wellness, CVS Health, said in the release.
Tenneti continued, “With the addition of pet medication dispensing, CVS Pharmacy can now serve every member of the family. Combined with our convenient locations, extended hours, and broad range of health and wellness products, we offer a true one-stop destination for care.”
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When it comes to filling a prescription, it’s not dissimilar to how it works for human medications. Pet owners can bring the physical paper slip to the pharmacy to have it filled or have their pet’s veterinarian contact the pharmacy directly. The pet owner can pick the medication up at the pharmacy or opt for delivery (when eligible).
In order to help streamline the process, pet owners can also add their dogs and cats to their CVS profile, just like any human family member, to manage their prescriptions online or through the CVS Health app. CVS says that soon, the app will offer even more customer control.
“Additional enhancements to help make the new service even more convenient for pet owners and veterinarians, including electronic prescription capabilities, will be added in the coming months,” the announcement explains.
CVS is not the first major pharmacy to add pet prescriptions to its list of offerings. Costco, Walmart, Walgreens, and Publix already offer the service.
In recent months, CVS has made other major changes, too. The company just underwent a major rebranding, altering its packaging on thousands of health products. CVS previously told Fast Company the rebrand is part of the pharmacy’s plan to become customers’ go-to store for health and wellness products.
In a statement, Mike Wier, VP of store brands at CVS Health, said, “With this evolution of the CVS brand, we’re not only simplifying shopping for customers, but we’re also aiming to become the health and wellness brand they think of first when seeking trusted solutions that deliver value and convenience.”
The super-early-rate deadline for the Most Innovative Companies Awards is Friday, July 24, at 11:59 p.m. PT. Apply today.
ABOUT THE AUTHOR
Sarah Bregel is a writer, editor, and single mom living in Baltimore. She’s contributed to New York Magazine, The Washington Post, Vice, InStyle, Slate, Parents, and others. More
The S&P 500 has barely moved in five days, but crypto assets are gaining some momentum in the background. Bitcoin jumped on Tuesday to hit its highest level since mid-June.
Could this be the comeback crypto bulls have been waiting almost a year for? Options traders in stocks tied to the digital asset class seem to think so, piling into calls in the iShares Bitcoin Trust ETF (IBIT), Michael Saylor's Strategy, and most of all – trading platform operator Coinbase Global.
Coinbase shares in the past day
Shares of Coinbase rallied roughly 11% to trade around $178 Tuesday after dipping below $150 earlier this month, a level the stock has tested and held multiple times since early 2024. Options flows in the stock were resoundingly bullish, with more than 114,000 calls traded versus just under 50,000 puts. More calls were bought than sold, with more than four times as many calls bought versus puts.
More than $100 million in options premium on Coinbase traded by midday Tuesday, with $80 million tied to call contracts, according to data from SpotGamma. The most popular contract by volume was the 190-strike call expiring Friday, a trade that needs a 7.5% rally to pay off.
Options in Robinhood Markets mirrored the bullishness in Coinbase. Of the 170,000 total contracts traded on the brokerage stock, 125,000 were calls, with six times as many calls bought as puts bought, according to data from ThinkOrSwim.
Bullish bets on the brokers are most likely to pay off if crypto prices recover, and options flows around bitcoin ETF IBIT suggest that could be the case. In that fund, more than twice as many calls were bought than puts, though more calls were sold than bought, suggesting a more neutral-to-bullish outlook.
One point of possible relief for bitcoin bulls: Traders bought twice as many calls as puts in Strategy, the bitcoin treasury company that's down more than 75% in the past year and arguably a main source of crypto strife.
Palo Alto Networks Inc. PANW is emerging as one of Wall Street's preferred cybersecurity plays as concerns over increasingly powerful artificial intelligence models drive demand for security products and services.
The view follows comments from International Business Machines (IBM), which said last week that enterprise customers are placing greater emphasis on cybersecurity as more advanced AI models enter the market.
In a research note published Monday, William Blair named Palo Alto Networks its top pick in the cybersecurity sector, arguing that AI is creating more demand for cybersecurity solutions rather than reducing it.
Palo Alto shares fell about 3% to $338.19 on Tuesday after declining 2.8% in the previous session.
Despite the recent pullback, the stock has gained 83% this year and has posted gains in each of the past four months.
William Blair said discussions with private companies, resellers, industry participants and thought leaders pointed to strong cybersecurity spending during the second quarter.
The firm attributed the trend to increasing concerns surrounding Anthropic's Mythos AI model, demand for firewalls ahead of expected price increases and broader worries about AI-driven cyber threats.
Analyst Jonathan Ho wrote, "We are seeing a dramatic shift in prioritization as customers rush to purchase firewalls ahead of expected price increases and as supply chain challenges loom in the background."
The firm also said cybersecurity has become a higher priority following the release of Anthropic's Mythos model and Nvidia's next-generation Blackwell AI architecture.
According to William Blair, spending has been particularly strong for companies offering firewall products and vulnerability management services.
"We believe the strong near-term performance in security stocks following last quarter’s declines suggests that cybersecurity is now perceived as a beneficiary of AI," Ho wrote.
The report noted that vulnerability management has become a leading concern for customers, while spending on AI security and zero-trust projects has temporarily taken a back seat as organizations focus on addressing immediate risks associated with new AI models.
Palo Alto remains William Blair's top cybersecurity pickWilliam Blair maintained an Outperform rating on Palo Alto Networks, citing its competitive position and favorable demand trends.
"We believe Palo Alto continues to take share in the market and benefits from customers deciding to pull the trigger early as the perception is that price increases are coming and backlog/lead times are building," Ho wrote.
The firm said stronger firewall demand should support growth in both annual recurring revenue and product revenue, although rising hardware firewall component costs could weigh on margins.
William Blair also believes AI presents a long-term growth opportunity for established cybersecurity companies.
"AI offers a significant opportunity longer term, as platform vendors appear best positioned from a trust perspective to bring security for AI to customers," Ho wrote.
He added that it was "unlikely" that frontier AI model developers would replace traditional cybersecurity providers.
Palo Alto has also received a series of higher price targets from other Wall Street firms in recent weeks.
Tigress Financial Partners raised its target price to $430, citing the strength of the company's AI-driven platform following its third-quarter results.
Evercore ISI increased its target to $415 after positive channel checks and expectations for future free cash flow generation.
Needham also lifted its price target to $425, pointing to optimism surrounding the company's fiscal 2027 growth outlook following discussions with management.
New RUM and Synthetics capabilities unify infrastructure, application and user experience insights, catching problems before a user does
, /PRNewswire/ -- Palo Alto Networks® (NASDAQ: PANW), the global cybersecurity leader, today announced its intent to acquire Embrace, a leading provider of user-focused observability, to add high-fidelity Real User Monitoring (RUM) capabilities to the Palo Alto Networks Observability platform. Palo Alto Networks is also introducing Synthetics, a new capability built with its world-class Autonomous Digital Experience Management (ADEM) team, for proactively validating application performance from anywhere. These new capabilities will extend Palo Alto Networks Observability to Digital Experience Monitoring. Customers will gain a complete, unified view, from end-user interactions and proactive app validation to backend software and infrastructure, all on the industry's leading, innovative, cost-effective platform.
Modern applications are increasingly complex and autonomous, and organizations need full performance visibility to ensure reliability. Legacy tools are fragmented, cost-prohibitive, and frequently miss when a user's experience is broken. Embrace's proven RUM capabilities are built for modern environments, allowing customers to deliver applications that scale at the pace of AI. Synthetics will leverage Palo Alto Networks' globally distributed infrastructure to proactively validate application availability and performance from strategic locations across the globe. With these new capabilities, organizations will be able to:
Eliminate blindspots: Monitor user experiences and infrastructure health through a single interface to help ensure user-facing applications and workflows are seamlessly executing without introducing hidden digital issues.
Prevent revenue impacting downtime: Combine Embrace's advanced monitoring with Palo Alto Networks' deep data analytics, to quickly pinpoint and resolve complex performance issues, protecting revenue and brand reputation.
Catch problems before any user does: Palo Alto Networks' Observability platform and ADEM deliver a complete view of digital experience by catching issues before they impact both customers and employees. Following the acquisition of Chronosphere in January 2026, Palo Alto Networks continues to drive innovation across its Observability platform, surpassing $300M ARR in Q3 FY26. The company also earned recognition from Gartner® Magic Quadrant™ for Observability Platforms, where it was named a leader for the third consecutive year, earning the top ranking for Observability Cost Control in the 2026 Gartner® Critical Capabilities™ report.
Lee Klarich, Chief Product & Technology Officer of Palo Alto Networks
"To truly understand how their applications are performing, organizations need to see the whole picture - from the moment a user taps or clicks to what exactly happens on the backend. By combining Palo Alto Networks' leading Observability platform with Embrace's innovative Real User Monitoring and the organically developed Synthetic Monitoring capabilities, we'll deliver exactly that. And we're taking it a step further - by linking these capabilities with Cortex AgentiX, organizations will be able to both see and automatically fix issues across their ecosystem. This is what true platformization looks like in practice."
The acquisition is subject to customary closing conditions, and is expected to close in Palo Alto Networks first quarter of fiscal 2027.
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About Palo Alto Networks
Palo Alto Networks (NASDAQ: PANW), the global AI cybersecurity leader, protects our digital way of life with a comprehensive portfolio of cybersecurity solutions and platforms across Network, Cloud, Security Operations, AI and Identity. Trusted by 70,000+ customers and powered by Unit 42 threat intelligence, our AI-driven platforms eliminate complexity, empowering enterprises to modernize with confidence and securing the speed of innovation. Explore the future of security at www.paloaltonetworks.com.
Palo Alto Networks, Cortex, Cortex AgentiX, and Chronosphere and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners. Any unreleased services or features (and any services or features not generally available to customers) referenced in this or other press releases or public statements are not currently available (or are not yet generally available to customers) and may not be delivered when expected or at all. Customers who purchase Palo Alto Networks applications should make their purchase decisions based on services and features currently generally available.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including, but not limited to, statements regarding the anticipated benefits and impact of the proposed acquisition of Embrace on Palo Alto Networks, Embrace and their customers. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to: the effect of the announcement of the proposed acquisition on the parties' commercial relationships and workforce; the ability to satisfy the conditions to the closing of the acquisition; the ability to consummate the proposed acquisition on a timely basis or at all; significant and/or unanticipated difficulties, liabilities or expenditures relating to proposed transaction, risks related to disruption of management time from ongoing business operations due to the proposed acquisition and the ongoing integration of other recent acquisitions; our ability to effectively operate Embrace's operations and business following the closing, integrate Embrace's business and products into our products following the closing, and realize the anticipated synergies in the transaction in a timely manner or at all; changes in the fair value of our contingent consideration liability associated with acquisitions or the fair value of our convertible senior notes and capped call transactions; developments and changes in general market, political, economic and business conditions; failure of our platformization product offerings; risks associated with managing our growth; risks associated with new product, subscription and support offerings; shifts in priorities or delays in the development or release of new product or subscription or other offerings or the failure to timely develop and achieve market acceptance of new products and subscriptions, as well as existing products, subscriptions and support offerings; failure of our product offerings or business strategies in general; defects, errors, or vulnerabilities in our products, subscriptions or support offerings; our customers' purchasing decisions and the length of sales cycles; our ability to attract and retain new customers; developments and changes in general market, political, economic, and business conditions; our competition; our ability to acquire and integrate other companies, products, or technologies in a successful manner; our debt repayment obligations; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock.
Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed with the SEC on June 2, 2026, which is available on our website at investors.paloaltonetworks.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of AGNC, NLY either through stock ownership, options, or other derivatives. 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.
Net income was $2.85 billion versus $2.97 billion prior year, and core operating income was $2.84 billion, up 14.6%. P&C net premiums written were $12.77 billion, up 3.0%, or 6.3% excluding large account and E&S property. North America Commercial was down 2.3%. Middle market and small commercial was up 8.9%. Major accounts and specialty was down 9.0% due to underwriting actions on property, and up 0.4% excluding large account and E&S property. North America Personal was up 6.0%. North America Agriculture was up 6.0%. Overseas General was up 10.2%, or 4.8% in constant dollars. Consumer insurance was up 12.1% and commercial insurance was up 8.8%; Latin America, Asia and Europe were up 15.6%, 12.0% and 5.1%, respectively. P&C underwriting income was $1.94 billion, up 18.8%, with a combined ratio of 83.8%. P&C current accident year underwriting income excluding catastrophe losses was $2.13 billion, up 5.8%, with a combined ratio of 82.2%. Total pre-tax net catastrophe losses were $475 million compared with $630 million in the prior year. Total pre-tax favorable prior period development was $283 million compared with $249 million in the prior year. Life Insurance net premiums written were $1.94 billion, up 7.5%, and segment income was $332 million, up 9.0%, with International Life income up 13.0%. Life Insurance net premiums written and deposits collected were $2.65 billion, up 14.4%. Pre-tax net investment income was $1.76 billion, up 12.3%, and adjusted net investment income was $1.88 billion, up 11.4%. Both were records. Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.2% and annualized core operating ROE was 14.5%. , /PRNewswire/ -- Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2026 of $2.85 billion, or $7.30 per share, and core operating income of $2.84 billion, or $7.26 per share. Book value per share and tangible book value per share increased 12.3% and 17.1%, respectively, from June 30, 2025 and now stand at $195.45 and $131.93. For the last three months, book value was favorably impacted by after-tax net realized and unrealized gains of $388 million in Chubb's investment portfolio, partially offset by $254 million of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 11.4% and 15.8%, from June 30, 2025.
Chubb Limited
Second Quarter Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$2,854
$2,968
(3.8) %
$7.30
$7.35
(0.7) %
Adjusted net realized (gains) losses and other,
net of tax
(47)
(539)
(91.3) %
(0.13)
(1.33)
(90.2) %
Integration expenses and severance, net of tax
6
2
NM
0.02
-
NM
Market risk benefits (gains) losses, net of tax
(4)
15
NM
(0.01)
0.04
NM
Amortization of deferred tax asset from Bermuda law
33
34
(2.9) %
0.08
0.08
-
Core operating income, net of tax
$2,842
$2,480
14.6 %
$7.26
$6.14
18.2 %
Annualized return on equity (ROE)
15.3 %
17.6 %
Core operating return on tangible equity (ROTE)
21.2 %
21.0 %
Core operating ROE
14.5 %
13.9 %
For the six months ended June 30, 2026, net income was $5.17 billion, or $13.17 per share, and core operating income was $5.53 billion, or $14.07 per share. Book value per share and tangible book value per share increased by 3.6% and 4.5%, from December 31, 2025. For the last six months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.55 billion in Chubb's investment portfolio, partially offset by $92 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.7% and 6.4%, from December 31, 2025.
Chubb Limited
Six Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$5,174
$4,299
20.4 %
$13.17
$10.63
23.9 %
Adjusted net realized (gains) losses and other,
net of tax
296
(480)
NM
0.75
(1.18)
NM
Integration expenses and severance, net of tax
13
2
NM
0.03
-
NM
Market risk benefits (gains) losses, net of tax
(16)
93
NM
(0.04)
0.23
NM
Amortization of deferred tax asset from Bermuda law
64
55
16.4 %
0.16
0.14
14.3 %
Core operating income, net of tax
$5,531
$3,969
39.4 %
$14.07
$9.82
43.3 %
Annualized return on equity (ROE)
13.9 %
12.9 %
Core operating return on tangible equity (ROTE)
20.9 %
16.9 %
Core operating ROE
14.3 %
11.2 %
For the six months ended June 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $3 million and $55 million, respectively for adjusted net realized gains and losses and other; $(4) million and nil for integration expenses and severance; $3 million and $(16) million for market risk benefits gains and losses, and $1.32 billion and $937 million for core operating income.
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a very strong quarter with results that again reflect the strengths of our company, including our sources of income, our diversification globally and the growth opportunities it presents, the size and strength of our balance sheet and the growth of our invested asset, and, finally, our disciplined approach to underwriting, which is a hallmark of our culture.
"Strong P&C underwriting, investment and life income led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, over the prior year. Our most important measure of value creation, tangible book value per share, increased 17.1% from last year.
"P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8% – a standout result – and on a current accident year basis excluding CATs, the combined ratio was 82.2%. On the investment side of our business, adjusted net investment income was a record $1.88 billion, up more than 11%, supported by excellent performance in our fixed income and alternative asset portfolios. Our invested asset now stands at $175 billion, up 9% over the last 12 months. Life income grew 9% to $332 million, with good revenue growth in our Asia Life and North America Worksite businesses.
"In terms of P&C markets, overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related. Our revenue results reflect our underwriting discipline, and we will not underwrite knowingly at a loss. The growth penalty we are paying in property will dissipate going forward. In the meantime, soft market conditions are spreading to certain areas of casualty while financial lines also remain soft. Against that backdrop, we're well diversified and the substantial majority of our businesses are growing, and that is evident in our results.
"P&C premiums rose 3% from last year, or 6.3% excluding large account and E&S property. Overseas General grew 10.2%, with Latin America up 15.6%, Asia up 12% and Europe up 5.1%. North America was up about 0.5%, with commercial down 2.3%, while personal lines and agriculture each grew 6%. Commercial was up 4.1% excluding major and specialty property. In our international life insurance business, premiums and deposits rose 14.4%.
"We are an all-weather company. As long-term compounders of wealth in a cyclical business, we are patient and have many sources of opportunity on both the liability and asset sides of the balance sheet. CATs and FX aside, we are confident in our ability to continue to outperform and generate strong growth in operating earnings and EPS, and double-digit growth in tangible book value."
Operating highlights for the quarter ended June 30, 2026 were as follows:
Chubb Limited
Q2
Q2
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Consolidated
Net premiums written (increase of 2.0% in constant dollars)
$
14,705
$
14,196
3.6 %
P&C
Net premiums written (increase of 1.4% in constant dollars)
(increase of 6.3% excluding large account and E&S property)
$
12,768
$
12,394
3.0 %
Underwriting income
$
1,937
$
1,631
18.8 %
Combined ratio
83.8 %
85.6 %
Current accident year underwriting income excluding catastrophe losses
$
2,129
$
2,012
5.8 %
Current accident year combined ratio excluding catastrophe losses
82.2 %
82.3 %
Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)
$
11,992
$
11,661
2.8 %
Underwriting income
$
1,871
$
1,566
19.5 %
Combined ratio
83.5 %
85.4 %
Current accident year underwriting income excluding catastrophe losses
$
2,049
$
1,946
5.4 %
Current accident year combined ratio excluding catastrophe losses
81.9 %
81.9 %
Life Insurance
Net premiums written (increase of 6.3% in constant dollars)
$
1,937
$
1,802
7.5 %
Segment income (increase of 9.1% in constant dollars)
$
332
$
305
9.0 %
Consolidated net premiums earned increased 5.8%, or 4.0% in constant dollars. P&C net premiums earned increased 5.5%, or 3.6% in constant dollars. Operating cash flow was $3.73 billion and adjusted operating cash flow was $3.48 billion. Total capital returned to shareholders in the quarter was $1.37 billion, comprising share repurchases of $979 million at an average purchase price of $327.18 per share and dividends of $395 million. Total capital returned to shareholders for the six months was $2.90 billion, comprising share repurchases of $2.12 billion at an average purchase price of $326.03 per share and dividends of $775 million. Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2026 are presented below:
Chubb Limited
Q2
Q2
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written
$
8,424
$
8,394
0.4 %
Combined ratio
81.5 %
81.7 %
Current accident year combined ratio excluding catastrophe losses
79.4 %
79.7 %
North America Commercial P&C Insurance
Net premiums written (increase of 4.1% excluding large account and E&S
property)
$
5,594
$
5,723
(2.3) %
Major accounts retail and excess and surplus (E&S) wholesale (increase
of 0.4% excluding large account and E&S property)
$
3,257
$
3,578
(9.0) %
Middle market and small commercial
$
2,337
$
2,145
8.9 %
Combined ratio
85.4 %
83.5 %
Current accident year combined ratio excluding catastrophe losses
81.8 %
81.1 %
North America Personal P&C Insurance
Net premiums written
$
2,054
$
1,938
6.0 %
Combined ratio
67.3 %
73.5 %
Current accident year combined ratio excluding catastrophe losses
69.9 %
72.2 %
North America Agricultural Insurance
Net premiums written
$
776
$
733
6.0 %
Combined ratio
89.7 %
89.1 %
Current accident year combined ratio excluding catastrophe losses
87.6 %
88.8 %
Overseas General Insurance
Net premiums written (increase of 4.8% in constant dollars)
$
3,990
$
3,620
10.2 %
Commercial P&C
$
2,259
$
2,077
8.8 %
Consumer P&C
$
1,731
$
1,543
12.1 %
Combined ratio
82.2 %
90.3 %
Current accident year combined ratio excluding catastrophe losses
85.2 %
85.4 %
Global Reinsurance
Net premiums written
$
354
$
380
(6.7) %
Combined ratio
76.1 %
71.0 %
Current accident year combined ratio excluding catastrophe losses
76.9 %
73.5 %
Life Insurance
Net premiums written (increase of 6.3% in constant dollars)
$
1,937
$
1,802
7.5 %
Net premiums written and deposits (increase of 12.9% in constant dollars)
$
2,652
$
2,320
14.4 %
Segment income (increase of 9.1% in constant dollars)
$
332
$
305
9.0 %
North America Commercial P&C Insurance: The combined ratio increased 1.9 percentage points, including a 1.3 percentage point increase from higher catastrophe losses and a 0.5 percentage point increase in the current accident year loss ratio excluding catastrophe losses. North America Personal P&C Insurance: The combined ratio decreased 6.2 percentage points, including a 2.4 percentage point decrease from higher favorable prior period development, a 1.5 percentage point decrease from lower catastrophe losses, and a 1.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses. North America Agricultural Insurance: The combined ratio increased 0.6 percentage points, including a 1.8 percentage point increase from higher catastrophe losses, partially offset by a 0.7 percentage point decrease in the underlying expense ratio, and a 0.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses. Overseas General Insurance: The combined ratio decreased 8.1 percentage points, including a 6.5 percentage point decrease from lower catastrophe losses, a 1.4 percentage point decrease from higher favorable prior period development, and a 0.6 percentage point decrease in the current accident year loss ratio excluding catastrophe losses, partially offset by a 0.4 percentage point increase in the underlying expense ratio, due to shift in the mix of business. Life Insurance: Net premiums written were $1.94 billion, up 7.5%, with International Life of $1.59 billion, up 6.2%, and Chubb Benefits up 14.0%. Life Segment income was $332 million, up 9.0%, primarily reflecting growth in International Life of 13.0%. All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated June 30, 2026, which is posted on Chubb's investor relations website, investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its second quarter earnings conference call on Wednesday, July 22, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, click here to register and receive dial-in numbers.
In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb's ownership interest and exclude the non-controlling interest.
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: www.chubb.com.
Regulation G – Non-GAAP Financial Measures
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $1 million and $4 million in Q2 2026 and Q2 2025, and including investment income of $119 million and $115 million in Q2 2026 and Q2 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value adjustment on acquired invested assets was $3 million and $6 million for the six months ended June 30, 2026 and 2025, and the investment income from private equity partnerships was $246 million and $222 million for the six months ended June 30, 2026 and 2025. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income for further description of these items.
P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.
Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share is Chubb shareholders' equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life deposits are an important component of production and key to our efforts to grow our business.
See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
June 30
2026
December 31
2025
Assets
Investments
$
172,649
$
168,720
Cash and restricted cash
2,753
2,470
Total invested assets
175,402
171,190
Insurance and reinsurance balances receivable
19,068
15,944
Reinsurance recoverable on losses and loss expenses
20,284
20,338
Goodwill and other intangible assets ($25,859 and $25,775 represents
Chubb portion as of 6/30/2026 and 12/31/2025, respectively)
26,488
26,448
Other assets
40,080
38,407
Total assets
$
281,322
$
272,327
Liabilities
Unpaid losses and loss expenses
$
89,669
$
88,018
Unearned premiums
28,511
26,279
Other liabilities
82,297
78,251
Total liabilities
200,477
192,548
Shareholders' equity
Chubb shareholders' equity, excl. AOCI
81,295
78,732
Accumulated other comprehensive income (loss) (AOCI)
(5,923)
(4,975)
Chubb shareholders' equity
75,372
73,757
Noncontrolling interests
5,473
6,022
Total shareholders' equity
80,845
79,779
Total liabilities and shareholders' equity
$
281,322
$
272,327
Book value per common share
$
195.45
$
188.59
Tangible book value per common share
$
131.93
$
126.22
Book value per common share, excl. AOCI
$
210.81
$
201.31
Tangible book value per common share, excl. AOCI
$
145.67
$
136.91
Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
The Trade Desk (Trade Desk Inc (NASDAQ:TTD))'s upcoming print does not look compelling in either direction, according to analysts at Jefferies, who warned that structural challenges are likely to persist regardless of the outcome of the company's dispute with Publicis.
The brokerage said it is modeling second-quarter revenue growth of 8% year-over-year, in line with Street estimates, though it would not rule out a typical beat of around 2%.
Jefferies noted the second-quarter guide likely already reflects a full quarter of impact from the Publicis dispute, which began in mid-March, and that 8% year-over-year growth implies just 9% quarter-over-quarter growth, well below the 13%, 19% and 21% quarter-over-quarter growth Trade Desk posted in the second quarters of 2025, 2024 and 2023, respectively.
For the third quarter, Jefferies is modeling 9% year-over-year growth, also in line with the Street, and called the guide a possible swing factor given the Publicis resolution and new go-to-market leadership. The firm said Street estimates for the third quarter imply 7% quarter-over-quarter growth, consistent with typical seasonality, and that the Publicis resolution along with modest political ad spend could drive upside.
At the same time, Jefferies said it has limited visibility into the concessions made to secure the Publicis resolution and is watching whether recent leadership hires, including a new chief business development officer, chief commercial officer and vice president of client strategy, create near-term disruption to the go-to-market organization.
Looking further out, Jefferies said Street estimates for 2027 revenue growth of 9.4%, roughly stable versus 9.8% in 2026, look aggressive given ongoing structural headwinds, including potential take-rate pressure, risk of incremental share loss and a tougher comparison against this year's political spending tailwind. The firm said stable growth is harder to sustain on a larger revenue base, with two-year growth trends yet to find a floor.
Jefferies pointed to competitive pressure from Amazon as a continuing risk, citing potential take-rate compression and share loss at a time when overall brand budget growth is slowing and spending continues to shift toward performance channels.
The firm also cited reports of declining open web publisher traffic as a potential structural headwind to Trade Desk's non-CTV business, and said it views competitive and operational pressures as stickier than management's more cyclical characterization.
Jefferies lowered its 2027 revenue estimate by 2% and its 2027 EBITDA estimate by 3% to approximately $1.4 billion, in line with the Street.
The Trade Desk (Trade Desk Inc (NASDAQ:TTD))'s upcoming print does not look compelling in either direction, according to analysts at Jefferies, who warned that structural challenges are likely to persist regardless of the outcome of the company's dispute with Publicis.
The brokerage said it is modeling second-quarter revenue growth of 8% year-over-year, in line with Street estimates, though it would not rule out a typical beat of around 2%.
Jefferies noted the second-quarter guide likely already reflects a full quarter of impact from the Publicis dispute, which began in mid-March, and that 8% year-over-year growth implies just 9% quarter-over-quarter growth, well below the 13%, 19% and 21% quarter-over-quarter growth Trade Desk posted in the second quarters of 2025, 2024 and 2023, respectively.
For the third quarter, Jefferies is modeling 9% year-over-year growth, also in line with the Street, and called the guide a possible swing factor given the Publicis resolution and new go-to-market leadership. The firm said Street estimates for the third quarter imply 7% quarter-over-quarter growth, consistent with typical seasonality, and that the Publicis resolution along with modest political ad spend could drive upside.
At the same time, Jefferies said it has limited visibility into the concessions made to secure the Publicis resolution and is watching whether recent leadership hires, including a new chief business development officer, chief commercial officer and vice president of client strategy, create near-term disruption to the go-to-market organization.
Looking further out, Jefferies said Street estimates for 2027 revenue growth of 9.4%, roughly stable versus 9.8% in 2026, look aggressive given ongoing structural headwinds, including potential take-rate pressure, risk of incremental share loss and a tougher comparison against this year's political spending tailwind. The firm said stable growth is harder to sustain on a larger revenue base, with two-year growth trends yet to find a floor.
Jefferies pointed to competitive pressure from Amazon as a continuing risk, citing potential take-rate compression and share loss at a time when overall brand budget growth is slowing and spending continues to shift toward performance channels.
The firm also cited reports of declining open web publisher traffic as a potential structural headwind to Trade Desk's non-CTV business, and said it views competitive and operational pressures as stickier than management's more cyclical characterization.
Jefferies lowered its 2027 revenue estimate by 2% and its 2027 EBITDA estimate by 3% to approximately $1.4 billion, in line with the Street.
, /PRNewswire/ -- On July 21, 2026, the Board of Directors of West Pharmaceutical Services, Inc. (NYSE: WST), a global leader in innovative solutions for injectable drug administration, declared its regular quarterly dividend of $0.22 per share on the Company's common stock. The dividend is payable on August 5, 2026 to shareholders of record on July 29, 2026.
About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life saving and life enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year.
Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included on the Standard & Poor's 500 index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.
Key Takeaways Micron expects higher Q4 FY2026 revenues as AI memory demand and pricing power remain strong. Western Digital forecasts stronger Q4 FY2026 revenues and margin expansion on AI storage demand. Micron and Western Digital carry strong earnings growth outlooks backed by upbeat analyst targets. NVIDIA Corporation’s (NVDA - Free Report) gains this year have been muted, up just 8.7%. NVIDIA’s latest quarterly results were strong, but that wasn’t enough to drive another large rally. Investors’ expectations are sky-high, and as a large company, NVIDIA finds it difficult to achieve extraordinary growth time and again.
No doubt, NVIDIA’s cutting-edge chips and graphics processing units are in demand, but any curb in future AI spending by hyperscale cloud providers can put pressure on its margins. At the same time, competition from peers such as Advanced Micro Devices, Inc. (AMD - Free Report) continues to intensify.
U.S. restrictions on advanced artificial intelligence (AI) chip exports to China have already limited the company’s access to a potential market, creating pressure on revenue growth and margins. The current geopolitical tensions pose challenges for NVIDIA, as its dependency on Taiwan Semiconductor Manufacturing Company Limited (TSM - Free Report) for advanced chip production leaves it exposed to potential supply-chain disruptions.
Amid these challenges, investors are looking beyond AI leaders like NVIDIA toward other semiconductor stocks offering greater upside. Notable among them are Micron Technology, Inc. (MU - Free Report) and Western Digital Corporation (WDC - Free Report) , which have gained from a rebound in memory pricing and demand. Shares of Micron and Western Digital have soared 205.5% and 182.9%, respectively, so far this year.
Let’s thus see in detail the reasons behind their strong performance this year and the key catalysts that could support further upside –
AI-Driven Memory Demand Boosts Micron’s Growth Outlook Micron’s state-of-the-art high-bandwidth memory chips witnessed robust demand as hyperscalers ramped up spending on AI infrastructure. As a result, the company reported revenues of $41.46 billion in the fiscal third quarter of 2026, a 74% sequential increase, according to investors.micron.com. The company expects further revenue growth in the fiscal fourth quarter of 2026 to $50 billion, fueled by robust AI memory demand.
The growing demand for its high-value AI memory products and strong pricing power have helped Micron’s gross margin increase to 84.6% for the fiscal third quarter from 37.7% a year earlier. Additionally, a strong cash flow in the fiscal third quarter and strategic deals with Anthropic have enhanced Micron’s long-term demand visibility and reinforced its growth outlook.
Consequently, Micron’s expected earnings growth rate for the current year is a whopping 790.8%. The Zacks Consensus Estimate of $73.85 for MU’s earnings per share (EPS) is up 501.9% year over year.
Image Source: Zacks Investment Research
Brokers also remain bullish on Micron’s growth, estimating an average short-term price target for MU stock at $1,495.06, a 76.1% increase from the last closing price of $848.95. The highest target is $2,000, suggesting a potential upside of 135.6%.
Image Source: Zacks Investment Research
AI Storage Demand Fuels Western Digital’s Growth Outlook For the fiscal third quarter of 2026, Western Digital’s revenues totaled $3.34 billion, up 45% from the year-ago period, according to the company’s press release. A favorable pricing environment and high demand for its high-value enterprise hard disk drives boosted revenue growth.
Furthermore, Western Digital expects revenues of about $3.65 billion, plus or minus $100 million, for the fiscal fourth quarter of 2026. The positive outlook reflects robust AI infrastructure demand, with cloud providers and businesses expanding storage capabilities to meet growing AI workloads.
Western Digital expects non-GAAP gross margin to reach 51-52% in the fiscal fourth quarter from 50.5% reported in the fiscal third quarter. The higher gross margins provide the company additional resources to fund R&D and support long-term growth initiatives.
As a result, Western Digital’s expected earnings growth rate for the current year is a solid 104.3%. The Zacks Consensus Estimate of $10.07 for WDC’s EPS is up 54.9% year over year.
Image Source: Zacks Investment Research
Brokers also remain optimistic about Western Digital’s growth, estimating an average short-term price target for WDC stock at $638.27, a 33.8% increase from the last closing price of $477.22. The highest target is $1,050, suggesting a potential upside of 120%.
Image Source: Zacks Investment Research
Both Micron and Western Digital currently have a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
