Track market-moving stories before they get noisy

Multicoin Capital appears to be locking in gains on its Hyperliquid ($HYPE) position, with on-chain data tracked by Lookonchain showing the firm moving a combined $36.5 million worth of tokens toward an exit.

The fund accumulated 606,091 HYPE at around $30 roughly five months ago. It has since deposited 395,570 HYPE, worth approximately $23.8 million, into Coinbase Prime, and separately requested to unstake a further 211,486 HYPE valued at close to $13 million. Based on current prices, the position carries an estimated unrealised profit of about $18.5 million.

A High-Conviction Position Now Being TrimmedThe move comes roughly a month after Multicoin published a detailed research report on Hyperliquid, in which it set a base-case price target of $319 for HYPE by 2028. The firm said it initiated a large position early in the year and had been accumulating since, with HYPE representing one of the largest positions in its liquid fund. To manage any conflict of interest, Multicoin adopted a three-day no-trade rule following the report's publication.

Hyperliquid is a vertically integrated Layer 1 blockchain and decentralised exchange built for high-speed trading, generating approximately $873 million in revenue across roughly $2.9 trillion in trading volume in 2025. Approximately 99% of protocol revenue is used to buy back HYPE, which is then effectively removed from circulating supply.

Deposit to Coinbase Prime Signals Potential SaleRouting tokens to Coinbase Prime is a common precursor to a structured institutional exit. On-chain data analysts note that Coinbase Prime deposits by institutional funds have historically tended to precede large structured OTC exits. The unstaking request for the remaining tokens suggests Multicoin may be preparing to liquidate the full position, though the firm has not made a public statement on its intentions.

HYPE reached an all-time high of $76.67 on June 16, 2026, and has since pulled back roughly 18% from that peak. At an average entry of around $30, Multicoin's position would still represent a substantial gain even at current levels.

The profit-taking activity stands in contrast to the firm's longer-term bullish thesis on the protocol, and may reflect routine portfolio management rather than a change in fundamental view.

Sources:
Multicoin Capital: Hyperliquid (HYPE) Analysis and Valuation
Crypto Briefing: Multicoin Capital predicts HYPE will reach $319 by 2028
CoinMarketCap: Hyperliquid (HYPE) price and market data

Firm offers bespoke managed account solutions to help institutions generate BTC-denominated returns while preserving ownership, custody and institutional governance. As digital asset treasury companies have successfully acquired Bitcoin, the focus has evolved to improving yield generation on these assets.

LONDON, July 22, 2026 /PRNewswire/ — Annamite Capital, the institutional digital asset investment manager founded by Tom Geary and Lucas Gaylord, has announced the launch of its institutional treasury management platform, designed to help publicly traded Bitcoin holders transform dormant treasury holdings into productive assets, while maintaining institutional standards for custody and risk management. 

As public and private companies continue to adopt Bitcoin as a strategic treasury asset, many organizations face a common challenge: how to diversify returns on balance-sheet Bitcoin holdings while maintaining prudent risk and governance controls. 

Annamite’s Bitcoin Treasury Management platform addresses this need through customized Separately Managed Accounts (SMAs), where clients retain ownership of their Bitcoin, while gaining exposure to Annamite’s multi-manager, multi-strategy Bitcoin yield program. 

The platform seeks to generate Bitcoin-denominated returns through a diversified portfolio of specialist market-neutral investment strategies, including arbitrage, quantitative trading and other systematic approaches. Capital is allocated across independent specialist managers with the objective of maximizing diversified sources of idiosyncratic alpha along the efficient frontier, while minimizing directional exposure and counterparty risk. SMA mandates are bespoke to meet each client’s risk, return and liquidity objectives. The platform targets attractive risk-adjusted BTC returns while seeking to achieve limited drawdowns. 

“Corporate Bitcoin adoption has entered a new phase,” said Tom Geary, CFA, Co-Founder and Managing Partner of Annamite Capital. “Balance sheet-based industries tend to evolve along a shared arc. In the 90s, insurance firms who turned their balance sheets into professionally managed portfolios thrived into the successful firms they are today. We are seeing the same pattern evolve in the corporate BTC space.

“Many treasury companies have successfully accumulated Bitcoin and other digital assets. The next challenge is transforming those holdings into productive assets. Our approach is the same as traditional allocators: multi-manager, market-neutral investment frameworks to improve resilience and diversify sources of alpha. Our goal is to help generate BTC-denominated returns while maintaining institutional standards.” 

Through the SMA structure, clients retain legal ownership of their Bitcoin throughout the investment process. Assets remain with qualified custodians or in approved tri-party arrangements, while trading activity occurs through delegated authority and off-exchange settlement infrastructure. This separation of custody from execution materially reduces exchange counterparty risk while enabling full transparency for the investor. 

The treasury management platform is available to qualified institutional investors globally. Customized mandates are structured based on each client’s liquidity requirements, custody preferences, risk tolerance, and treasury objectives. While initially focused on Bitcoin, the platform also supports customized treasury mandates for and other digital assets such as Ether and XRP, enabling institutions to generate native asset-denominated returns while retaining ownership and custody.

About Annamite Capital

Annamite Capital is a regulated institutional digital asset investment manager specializing in multi-manager, market-neutral investment strategies and digital asset treasury management. The firm combines institutional portfolio construction, crypto-native trading infrastructure and purpose-built risk management to deliver customized investment solutions for institutions, corporate treasuries, family offices and long-term digital asset holders. Founded by executives from Citadel, UBS, Brevan Howard, Cambridge Associates, Morgan Stanley, ConsenSys and leading digital asset infrastructure companies, Annamite Capital is focused on helping institutions generate long-term native asset-denominated returns while maintaining institutional standards for governance, custody and risk management.

For more information, visit www.annamite.com or contact [email protected]. 

SOURCE Annamite Capital

RIDGELAND, Miss., July 22, 2026 (GLOBE NEWSWIRE) -- Cal-Maine Foods, Inc. (Nasdaq: CALM) (“Cal-Maine Foods,” “we,” “us,” “our” or the “company”), the largest egg company in the United States and a leading player in the egg-based food industry, today reported results for its fourth quarter and fiscal year ended May 30, 2026. Unless otherwise indicated, all comparisons are to the comparable period of fiscal 2025.

Financial Highlights

 (in thousands except per share amounts and percentages) Fourth QuarterFiscal Year 2026 2025 $ Change % Change2026 2025 $ Change % ChangeNet sales$552,581  $1,103,658  $(551,077) (49.9)%$2,911,632  $4,261,885  $(1,350,253) (31.7)%Gross profit$34,066  $531,510  $(497,444) (93.6)%$672,049  $1,850,885  $(1,178,836) (63.7)%Operating income (loss)$(58,811) $435,851  $(494,662) (113.5)%$350,186  $1,536,539  $(1,186,353) (77.2)%Net income attributable to Cal-Maine Foods, Inc.$(35,876) $342,475  $(378,351) (110.5)%$316,682  $1,220,048  $(903,366) (74.0)%Income (loss) per share - diluted$(0.76) $7.01  $(7.77) (110.8)%$6.63  $24.95  $(18.32) (73.4)%                                Strategic Execution Highlights

Continued focus on sales diversification and mix shift, expected to strengthen earnings durability and predictability over time In the fourth quarter of fiscal 2026: Prepared Foods accounted for 10.9% of net salesCombined, Specialty Shell Eggs and Prepared Foods increased to 53.0% of net sales In fiscal 2026: Prepared Foods accounted for 8.4% of net salesCombined, Specialty Shell Eggs and Prepared Foods grew to 44.4% of net sales Acquired certain assets of Creighton Brothers LLC and its affiliates, intended to further enhance vertically integrated operating model and strengthen connectivity across shell egg and prepared foods value chainAcquired the Van’s® brand, aimed at accelerating strategic evolution into value-added, consumer-facing prepared foods and further diversifying earnings profileSubsequent to fiscal year-end: Acquired additional Eggland’s Best® franchise territory in Northeast, expanding the company's distribution footprint and increasing its specialty shell egg category penetration across one of the nation’s largest, highest-income consumer marketsAnnounced new $54 million investment to further expand Prepared Foods production capacity: Expected to add approximately 30% incremental production capacity beginning in the first half of fiscal 2028Builds on previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growthPrepared Foods production capacity projected to increase by over 60% from the end of fiscal 2026 through the first half of fiscal 2028 Commentary

Sherman Miller, president and chief executive officer of Cal-Maine Foods, said, “Fiscal 2026, culminating in a particularly challenging fourth quarter, reinforced the importance of our strategy to enhance the structural mix of our business, expand our portfolio of products that support more stable and predictable financial performance, and reposition our pricing structure by reducing the impact of market-based pricing. Equally important has been maintaining a strong balance sheet, which provides the financial flexibility to navigate market cyclicality while supporting our long-term strategic priorities.

“During the quarter, industry oversupply drove wholesale shell egg prices to historically low inflation-adjusted levels. This dynamic was largely supply-driven rather than demand-driven, and we continue to see favorable long-term demand fundamentals across our end markets. The sustained trough pricing environment in the quarter provides a valuable stress-case reference point, demonstrating the resilience built through our strategic actions to date while highlighting the meaningful upside opportunity as our initiatives continue to mature.

“We are proud of the progress we have made this year executing our strategy. We are advancing our Prepared Foods network optimization and expansion initiatives on schedule, driving improved operating performance and sequential margin improvement in the quarter. We delivered Specialty Shell Egg volume growth for the full fiscal year with broad-based gains across subcategories. Notably, Specialty Shell Eggs plus Prepared Foods represented more than half of our net sales for the fourth quarter of fiscal 2026.”

New Reportable Operating Segments

Cal-Maine Foods previously operated as one operating and one reportable segment. Effective in the fourth quarter of fiscal 2026, the company implemented a new operating segment structure designed to better align with how management reviews operating results and makes decisions about resource allocation and strategic initiatives.

Cal-Maine Foods’ reportable operating segments now consist of the following:

Conventional Shell EggsSpecialty Shell EggsPrepared Foods Cal-Maine Foods’ remaining operations, which include co-pack shell eggs, egg products, hard-cooked eggs and other business activities, are not reportable segments, as defined by the applicable accounting standard. All prior fiscal year periods have been recast to reflect the new reportable segments, and such recast information is included in the schedules accompanying this release.

Segment Results Summary

 Segment Sales (in thousands except percentages) Fourth QuarterFiscal Year 2026 2025 Volume Change Avg. Price Change2026 2025 Volume Change Avg. Price ChangeConventional Shell Eggs$210,765  $702,069  3.1 % (70.9)%$1,348,076  $2,755,859  (0.3)% (50.9)%Specialty Shell Eggs 239,731   305,142  (5.9)% (16.5)% 1,070,458   1,154,951  2.4 % (9.5)%Prepared Foods 60,403   1,565  N.M. % N.M. % 244,802   4,050  N.M. % N.M. %Total Reportable Segments$510,899  $1,008,776       $2,663,336  $3,914,860                                   N.M. – Not Meaningful

 Operating Income (Loss) (in thousands except percentages) Fourth QuarterFiscal Year       Operating Margin      Operating Margin 2026 2025 2026 20252026 2025 2026 2025Conventional Shell Eggs$(40,587) $370,499  (19.3)% 52.8 %$216,641  $1,290,003  16.1 % 46.8 %Specialty Shell Eggs 17,538   87,129  7.3 % 28.6 % 181,544   333,602  17.0 % 28.9 %Prepared Foods 8,820   (647) 14.6 % (41.3)% 33,882   (2,119) 13.8 % (52.3)%Total Reportable Segments$(14,229) $456,981  (2.8)% 45.3 %$432,067  $1,621,486  16.2 % 41.4 %Other - Segment Income (Loss) (7,394)  25,535  N/A   N/A   19,044   42,091  N/A   N/A  Unallocated Corporate SG&A (37,897)  (45,923) N/A   N/A   (108,353)  (127,141) N/A   N/A  Gain (Loss) on Involuntary Conversion 851   —  N/A   N/A   8,819   (156) N/A   N/A  Gain (Loss) Disposal of Fixed Assets (142)  (742) N/A   N/A   (1,391)  259  N/A   N/A  Operating Income (Loss)$(58,811) $435,851  (10.6)% 39.5 %$350,186  $1,536,539  12.0 % 36.1 %                         N/A – Not Applicable

Conventional Shell Eggs

Fourth quarter and full-year performance reflected an egg pricing environment that deteriorated throughout fiscal 2026, with egg prices reaching historically low inflation-adjusted levels in the fourth quarter and remaining well below the record-high prices of the prior fiscal year. Market conditions were driven by elevated supply, resulting in low pricing. During fiscal 2026, supply increased to levels that left the market abundantly supplied, a sharp contrast to the severe shortages experienced in the prior fiscal year. In addition, the fourth and first fiscal quarters are typically the seasonally lowest periods for pricing, even under more normal supply conditions.

These headwinds were partially offset by the benefits of existing grain-based and hybrid pricing arrangements with certain customers and rigorous commercial execution. Volume increased 3.1% in the fourth quarter and was relatively flat for the fiscal year, indicating that lower results were driven by pricing rather than demand. Average selling price per dozen decreased 70.9% in the fourth quarter and 50.9% for the fiscal year. Margins declined due to substantially lower pricing, partially offset by improved price realization relative to both the prior-year fourth quarter and preceding quarter.

Specialty Shell Eggs

Fourth quarter volumes were more consistent with historical seasonal patterns, underlying demand, and typical pricing relationships across adjacent categories. Volumes decreased 5.9% in the fourth quarter primarily due to an unusually strong prior-year comparison, which benefited from temporary demand acceleration driven by an atypical pricing relationship with conventional shell eggs. The average selling price per dozen for the fourth quarter decreased 16.5%, driven by supply-side dynamics.

As a result, the quarter reflects a seasonal reversion from an exceptionally strong prior-year period, while the broader segment continues to benefit from stable long-term pricing and favorable demand fundamentals. For the fiscal year, volume increased 2.4% despite more typical pricing dynamics, an encouraging result that reflects resilient consumer demand and the strength of the company’s commercial execution. The average selling price per dozen for the fiscal year decreased 9.5%. Margins declined in both the fourth quarter and fiscal year, primarily due to pricing that remained below the elevated prior-year levels and lower volumes in the fourth quarter.

Prepared Foods

For the fourth quarter, results reflected continued execution of previously announced network optimization and expansion initiatives. As these initiatives advanced on schedule, higher production improved utilization and fixed-cost absorption, driving stronger operating performance and sequential margin improvement. Sales prices and volume increased compared to the third quarter of fiscal 2026. The integration of Van’s® progressed in line with expectations, with early results demonstrating strong performance. The Crepini® joint venture continued to exhibit robust growth momentum, reinforcing the company’s ability to scale high-performing brands and products.

Outlook

Mr. Miller commented, "Looking ahead, we believe we are increasingly well positioned as market conditions improve, particularly as we move beyond our first quarter. During the first five weeks of our first quarter, Urner Barry reported that market prices averaged just $0.72, approximately 54% below the comparable period in our fourth quarter. More recently, Urner Barry has reported that pricing has strengthened, increasing by more than 90% in only a few weeks. Early indications point to improving supply-demand balance, supporting a more constructive egg pricing environment heading into the fall, which is historically a seasonally stronger period.

“More importantly, we believe the strategy we have been executing is beginning to gain traction. A key component of this strategy is expanding our presence in categories with attractive long-term growth opportunities and strong market positioning.

“We are excited about the expansion of our Eggland’s Best® franchise territory in the Northeast, which provides us with the right to distribute and sell Eggland’s Best® and Land O’Lakes® branded eggs in Maine, Massachusetts, New Hampshire, Rhode Island, and select key areas in Vermont, New York, and Connecticut. This expansion is expected to increase our Specialty Shell Egg volume by approximately 5% annually, and further strengthens our position in an important growth market.

“We are also advancing our long-term growth strategy with a new $54 million investment to further expand our Prepared Foods production capacity. This investment will add approximately 30% incremental production beginning in the first half of fiscal 2028, strengthening our business with a more durable, predictable, and diversified revenue and earnings profile. Together with our previously announced 30% organic capacity growth and 6% Van’s® acquisition-driven capacity growth, Prepared Foods production capacity will increase over 60% from the end of fiscal 2026 through the first half of fiscal 2028.

“We are still in the early stages of our evolution, with substantial runway to grow our value-added businesses through both organic expansion and targeted acquisitions. As our portfolio continues to mature, we expect a greater share of earnings to come from higher-quality, less cyclical sources, creating a more consistent earnings profile and positioning the company for sustainable growth and long-term shareholder value creation.”

Share Repurchase Update

Cal-Maine Foods repurchased 396,083 shares of its common stock under the company’s current share repurchase authorization during the fourth quarter for a total of $30.1 million. The repurchase program permits the company to repurchase up to $500 million, of which $320.7 million remains available.

Dividend Payment

Pursuant to the company’s variable dividend policy, Cal-Maine Foods will not pay a cash dividend for the fourth quarter and will not pay a dividend for a subsequent profitable quarter until the company is profitable on a cumulative basis computed from the date of the last quarter in which a dividend was paid. As of May 30, 2026, the total cumulative loss to be recovered before payment of any future dividends under our variable dividend policy was $35.9 million.

Conference Call and Webcast

Management will host a conference call and webcast at 9:00 a.m. ET on July 22, 2026. Participants can access the live webcast on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations. To join by telephone, participants can register here. Upon registration, participants will receive a confirmation email with detailed instructions, including a dial-in number, unique passcode, and registrant ID. A replay of the webcast will be available for 30 days following the call on the Investor Relations page of the Cal-Maine Foods website at https://www.calmainefoods.com/events-presentations.

About Cal-Maine Foods

Cal-Maine Foods, Inc. (Nasdaq: CALM) is the largest egg company in the United States and a leading player in the egg-based food industry. With a strong national footprint, Cal-Maine Foods provides nutritious, affordable, and sustainable protein to millions of households every day.

The company’s portfolio spans the full egg value ladder—from conventional to specialty, including cage-free, organic, brown, free-range, pasture-raised, and nutritionally enhanced—serving both retail and foodservice customers nationwide. Cal-Maine Foods also participates in the growing prepared foods sector, with offerings such as pre-cooked egg patties, omelets, folded and scrambled egg formats, hard-cooked eggs, pancakes, waffles, and specialty wraps. Its branded portfolio includes Eggland’s Best®, Land O’Lakes®, Farmhouse Eggs®, 4Grain®, Sunups®, Sunny Meadow®, MeadowCreek Foods®, Van’s®, and Crepini®.

Headquartered in Ridgeland, Mississippi, Cal-Maine’s strategy combines scale, operational excellence, and financial discipline with a commitment to innovation and sustainability, to enable the company to deliver trusted nutrition, enduring partnerships, and long-term value for its stakeholders.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current intent, belief, expectations, estimates and projections regarding our Company and our industry. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and may be beyond our control. The factors that could cause actual results to differ materially from those projected in the forward-looking statements include, among others, (i) the risk factors set forth the company’s SEC Filings (including its Annual Report on Form 10-K, as updated in Part II Item 1A of the company’s quarterly reports on Form 10-Q and Current Reports on Form 8-K), (ii) changes in wholesale shell egg market prices, (iii) changes in the demand for shell eggs and our prepared foods offerings, (iv) increases in feed costs for our shell egg operations as well as increases in input costs for prepared foods, (v) our ability to predict and meet demand for cage-free and other specialty shell eggs, (vi) the risks and hazards inherent in shell egg, egg products and prepared foods operations (including, as applicable, disease, pests, weather conditions, and potential for product recall), including but not limited to the current outbreak of HPAI affecting poultry in the U.S., Canada and other countries that was first detected in commercial flocks in the U.S. in February 2022 and that impacted our flocks in the third and fourth quarters of fiscal 2024 and again in March 2026, (vii) risks, changes, or obligations that could result from our recent or future acquisition of new flocks or businesses, such as our acquisition of Echo Lake Foods completed June 2, 2025, and risks or changes that may cause conditions to completing a pending acquisition not to be met, (viii) our ability to successfully integrate and manage recently acquired businesses like Echo Lake Foods and realize the expected benefits of such acquisitions, including synergies, cost savings, reduction in earnings volatility, margin expansion, financial returns, expanded customer relationships, or sales or growth opportunities, (ix) our ability to produce, supply and distribute shell eggs and prepared foods efficiently and reliably, (x) our ability to compete effectively with existing competitors and new market entrants, retain existing customers, acquire new customers and grow our product mix including our prepared foods product offerings, (xi) the impacts of government, customer and consumer reactions to high market prices for eggs, including, without limitation, potential new or expanded government regulations, (xii) risks relating to potential changes in inflation, interest rates and trade and tariff policies, (xiii) the loss or expiration of any registered trademarks or other intellectual property that we use in our business, (xiv) adverse results in pending litigation and other legal matters, and (xv) global instability, including as a result of geopolitical conflicts and other uncertainties. The Company’s SEC filings may be obtained from the SEC or the company’s website, www.calmainefoods.com. Readers are cautioned not to place undue reliance on forward-looking statements because, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. Further, forward-looking statements included herein are made only as of the respective dates thereof, or if no date is stated, as of the date hereof. Except as otherwise required by law, we disclaim any intent or obligation to update publicly these forward-looking statements, whether because of new information, future events, or otherwise.

CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except per share amounts)SUMMARY STATEMENTS OF INCOME

       13 Weeks Ended 52 Weeks Ended  May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net sales $552,581  $1,103,658  $2,911,632  $4,261,885 Cost of sales  518,515   572,148   2,239,583   2,411,000 Gross profit  34,066   531,510   672,049   1,850,885 Selling, general and administrative  93,586   94,917   329,291   314,449 (Gain) loss on involuntary conversions  (851)  —   (8,819)  156 (Gain) loss on disposal of fixed assets  142   742   1,391   (259)Operating income (loss)  (58,811)  435,851   350,186   1,536,539 Other income, net  12,285   17,348   60,818   66,603 Income (loss) before income taxes  (46,526)  453,199   411,004   1,603,142 Income tax expense (benefit)  (11,486)  111,069   92,892   384,910 Net income (loss)  (35,040)  342,130   318,112   1,218,232 Less: Income (loss) attributable to noncontrolling interest  836   (345)  1,430   (1,816)Net income (loss) attributable to Cal-Maine Foods, Inc. $(35,876) $342,475  $316,682  $1,220,048              Net income (loss) per common share:            Basic $(0.76) $7.03  $6.65  $25.04 Diluted $(0.76) $7.01  $6.63  $24.95 Weighted average shares outstanding:            Basic  47,000   48,696   47,650   48,719 Diluted  47,000   48,821   47,781   48,891                   CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY BALANCE SHEETS

         May 30, 2026
 May 31, 2025
ASSETS        Cash and short-term investments $924,057  $1,392,100 Receivables, net  264,431   272,361 Inventories, net  375,265   295,670 Prepaid expenses and other current assets  17,789   7,979 Current assets  1,581,542   1,968,110          Property, plant and equipment, net  1,318,335   1,026,684 Other noncurrent assets  207,693   89,825 Total assets $3,107,570  $3,084,619          LIABILITIES AND STOCKHOLDERS' EQUITY        Accounts payable and accrued expenses $205,516  $194,208 Dividends payable  —   114,163 Current liabilities  205,516   308,371          Deferred income taxes and other liabilities  261,522   210,233 Stockholders' equity  2,640,532   2,566,015 Total liabilities and stockholders' equity $3,107,570  $3,084,619           CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

 Conventional Shell Eggs               Fiscal Year 2026 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$486,523  $350,452  $271,556  $201,026 Intersegment sales 11,910   10,035   6,835   9,739 Total segment sales 498,433   360,487   278,391   210,765 Segment COGS 312,205   273,170   240,567   233,237 Segment SG&A 17,992   17,495   18,654   18,115 Segment operating income$168,236  $69,822  $19,170  $(40,587)               Fiscal Year 2025 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$462,018  $588,004  $964,061  $689,419 Intersegment sales 10,332   12,735   16,640   12,650 Total segment sales 472,350   600,739   980,701   702,069 Segment COGS 308,879   342,667   428,040   313,626 Segment SG&A 17,956   18,221   18,523   17,944 Segment operating income$145,515  $239,851  $534,138  $370,499                Fiscal Year 2024 1st Qtr 2nd Qtr
 3rd Qtr
 4th QtrNet sales - external customers$214,773  $266,782  $392,199  $353,149 Intersegment sales 5,441   4,454   5,476   5,018 Total segment sales 220,214   271,236   397,675   358,167 Segment COGS 228,197   239,499   263,730   238,605 Segment SG&A 16,673   15,893   15,710   15,284 Segment operating income$(24,656) $15,844  $118,235  $104,278                  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

  Specialty Shell Eggs
                 Fiscal Year 2026
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$269,579  $271,941  $275,254  $232,454 Intersegment sales 6,011   4,806   3,136   7,277 Total segment sales 275,590   276,747   278,390   239,731 Segment COGS 184,575   186,830   210,693   195,822 Segment SG&A 26,819   28,263   29,541   26,371 Segment operating income$64,196  $61,654  $38,156  $17,538                  Fiscal Year 2025
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$241,620  $272,233  $314,590  $298,158 Intersegment sales 6,086   5,554   9,726   6,984 Total segment sales 247,706   277,787   324,316   305,142 Segment COGS 168,890   179,280   178,985   190,256 Segment SG&A 24,923   27,737   23,521   27,757 Segment operating income$53,893  $70,770  $121,810  $87,129                  Fiscal Year 2024
 1st Qtr
 2nd Qtr
 3rd Qtr
 4th Qtr
Net sales - external customers$193,674  $203,503  $243,273  $222,847 Intersegment sales 2,683   2,199   2,721   2,719 Total segment sales 196,357   205,702   245,994   225,566 Segment COGS 157,112   157,392   170,152   163,580 Segment SG&A 20,263   20,904   24,119   23,902 Segment operating income$18,982  $27,406  $51,723  $38,084                  CAL-MAINE FOODS, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands)SUMMARY SEGMENT INCOME

 Prepared Foods              Fiscal Year 2026 1st Qtr 2nd Qtr 3rd Qtr 4th QtrNet sales - external customers$72,368  $60,012  $52,019  $60,403 Intersegment sales —   —   —   — Total segment sales 72,368   60,012   52,019   60,403 Segment COGS 53,471   45,218   42,978   43,703 Segment SG&A 5,676   5,784   6,210   7,880 Segment operating income$13,221  $9,010  $2,831  $8,820               Fiscal Year 2025 1st Qtr 2nd Qtr 3rd Qtr 4th QtrNet sales - external customers$—  $1,024  $1,461  $1,565 Intersegment sales —   —   —   — Total segment sales —   1,024   1,461   1,565 Segment COGS —   1,303   1,609   1,599 Segment SG&A —   460   585   613 Segment operating income$—  $(739) $(733) $(647)                 Contacts

Investors: [email protected]
Media: [email protected]
Telephone: (601) 948-6813

Key Highlights BitMEX co-founder Arthur Hayes purchased 1,332.5 ETH for approximately $2.53 million, continuing his July accumulation spree exceeding 3,270 ETH valued at $6.2 million After selling 6,000 ETH at a loss during June, Hayes reversed strategy and began aggressive accumulation throughout July The percentage of staked Ethereum reached an all-time high of 33.9%, representing approximately 40.9 million ETH secured in validator nodes Three freshly minted wallets extracted 30,000 ETH (approximately $58 million) from Coinbase Prime, while additional major holders transferred ETH from exchanges ETH confronts critical resistance between $1,963 and $2,000, with crypto analyst Ali Martinez suggesting a decisive close above $2,000 could trigger moves toward $2,060 and beyond BitMEX co-founder Arthur Hayes has resumed his Ethereum accumulation strategy. Blockchain analytics from Lookonchain reveal he acquired 1,332.5 ETH in a single on-chain transaction valued at approximately $2.53 million, securing an average entry around $1,899 per token.

This acquisition builds upon two previous July transactions. The first involved approximately 646 ETH obtained following a USDC exchange with Galaxy Digital. The second represented a direct purchase of roughly 1,293 ETH costing about $2.48 million.

In total, Hayes has amassed more than 3,270 ETH throughout July. The aggregate value based on transaction prices approaches $6.2 million.

This strategy marks a dramatic shift from June’s activity. Hayes liquidated 6,000 ETH last month, incurring an estimated $606,000 loss. He subsequently re-entered the market during Ethereum’s price correction.

Crypto analyst Daan Crypto Trades observed on X that ETH is pursuing a breakout pattern and successfully closed above its Bull Market Support Band for the first time since late 2025. He emphasized that bulls require sustained momentum, noting that a climb above the 0.03 ETH/BTC ratio would confirm a full breakout with strong continuation potential.

$ETH Attempting a breakout and closd above its Bull Market Support band again for the first time since late 2025.

Need to see some follow through here by the bulls though. Above 0.03+ and I will consider this a full on breakout and likely a move that will continue for a while… https://t.co/KdJcqarrjG pic.twitter.com/63jIJmgKaV

— Daan Crypto Trades (@DaanCrypto) July 21, 2026

Ethereum Staking Reaches Unprecedented Levels According to Token Terminal metrics, Ethereum’s staking ratio has climbed to an unprecedented 33.9% of total circulating supply. This milestone represents approximately 40.9 million ETH locked within validator infrastructure.

An additional 2.47 million ETH currently waits in the entry queue, facing an estimated 43-day delay before activation. Meanwhile, the exit queue remains empty. Current staking APR hovers around 2.64%.

Tokens committed to staking cannot be immediately accessed for spot market trading without utilizing liquid staking derivatives. An increasing staking ratio, coupled with shrinking exchange reserves, effectively constrains the ETH volume available to potential sellers.

Major Holders Withdraw ETH From Trading Platforms Significant accumulation activity has intensified across whale addresses. Three recently established wallets extracted 30,000 ETH, valued near $58 million, from Coinbase Prime custody. Additional wallets executed substantial withdrawals from Binance and Gemini before directing funds toward staking.

Such outflows diminish the available supply on exchange order books, potentially restricting selling pressure when buying demand strengthens.

Ethereum Price Analysis and Critical Thresholds ETH is trading above the $1,900 level, with today’s session spanning between approximately $1,852 and $1,950. The asset encounters resistance clustered between $1,963 and $2,000.

Ethereum (ETH) Price Crypto analyst Ali Martinez indicated that a convincing daily close above the $2,000 threshold could unlock movement toward the $2,060 zone, with sustained bullish momentum potentially reaching the $2,150–$2,200 corridor.

Support infrastructure remains firm near $1,850–$1,870. A daily close beneath $1,850 could reactivate the $1,700–$1,750 trading range.

Market intelligence indicates substantial liquidation clusters above $1,968. A decisive breach above this level could trigger forced short position closures through cascading market buy orders.

ETH currently maintains position just above $1,900 as market participants evaluate whether buyers possess sufficient strength to overcome the psychological $2,000 resistance barrier.

Table of contents

TRON DAO, the decentralized autonomous organization that governs the TRON blockchain, has introduced GreatVoyage v4.8.2 (Pyrrho) as a mandatory upgrade. The new network upgrade focuses on fortifying Ethereum compatibility, protocol security, and improving node operations. As TRON DAO mentioned in its official announcement, with this update, all node operators need to upgrade ahead of August 16, 2026, to avoid any disruptions concerning blockchain synchronization. Additionally, TRON has advised operators leveraging the Event Plugin to upgrade to its version 3.0.0 ahead of installing the exclusive node software.

GreatVoyage-v4.8.2 (Pyrrho) has been officially released.

This is a mandatory upgrade. Node operators should upgrade by August 16, 2026, 23:59 SGT to avoid disruption to block synchronization.

Key updates:
🔻 TVM compatibility with Ethereum Pectra and Osaka, including CLZ and… pic.twitter.com/J3JMP6LQVx

— TRON DAO (@trondao) July 21, 2026 TRON’s GreatVoyage v4.8.2 Upgrade Advances Ethereum Compatibility A crucial element of the new GreatVoyage v4.8.2 upgrade of TRON DAO is that it is closely aligned with the new Osaka and Pectra upgrades of Ethereum. Additionally, TVM now backs the Count Leading Zeros (CLZ) opcode while also introducing Secp256r1 signature validation. This enables compatibility with the latest authentication mechanisms like Apple Secure Enclave, WebAuthn, and Android Keystore.

Apart from that, the release enhances the MODEXP precompile with the integration of input limits, standardized signature validation, and updated pricing. Thus, the developers can build more effective dApps while keeping compatibility with resilient Ethereum standards intact. The upgrade also bolsters the core protocol of TRON by unveiling TIP-2935. It enables seamless storage of historical block hashes.

Simultaneously, the respective feature is beneficial for stateless users and L2 solutions while enhancing interoperability with advanced Ethereum-based networks. More protocol optimizations take into account securer recourse window calculations through BigInteger, enhanced calldata verification, improved TVM execution safeguards, and adjustable time restrictions for consistent contract calls. Keeping this in view, such changes are poised to elevate ecosystem security, long-term scalability, and execution reliability.

Driving Network Reliability and Network Performance According to TRON DAO, the GreatVoyage v4.8.2 notably enhances node performance as well as operational efficiency. Additionally, TRON has modernized the API layer thereof by using Jackson in place of the fastjson library, strengthening security and guaranteeing compatibility with already working integrations. The update brings forth enhanced JSON-RPC compatibility. Ultimately, the release underscores one of the leading inclusive infrastructure upgrades of TRON, attempting to increase security, operational reliability, compatibility with the advancing Ethereum network, and developer experience.

AUTHOR

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

Andra AP fonden acquired a new position in shares of Seagate Technology Holdings PLC (NASDAQ:STX – Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 32,687 shares of the data storage provider’s stock, valued at approximately $12,805,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in STX. State Street Corp raised its position in shares of Seagate Technology by 1.0% during the 4th quarter. State Street Corp now owns 9,370,805 shares of the data storage provider’s stock worth $2,587,535,000 after buying an additional 94,527 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Seagate Technology by 5.1% in the fourth quarter. Morgan Stanley now owns 5,317,516 shares of the data storage provider’s stock valued at $1,464,391,000 after acquiring an additional 258,151 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Seagate Technology by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 4,896,815 shares of the data storage provider’s stock valued at $1,343,683,000 after acquiring an additional 234,436 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Seagate Technology by 8.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,193,063 shares of the data storage provider’s stock valued at $879,338,000 after acquiring an additional 243,551 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Seagate Technology by 1,510.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,008,516 shares of the data storage provider’s stock valued at $553,125,000 after acquiring an additional 1,883,769 shares during the period. 92.87% of the stock is owned by institutional investors.

Seagate Technology Stock Performance Shares of STX opened at $891.83 on Wednesday. Seagate Technology Holdings PLC has a one year low of $138.30 and a one year high of $1,145.00. The company has a 50-day moving average of $888.04 and a two-hundred day moving average of $599.64. The stock has a market cap of $199.98 billion, a price-to-earnings ratio of 84.61 and a beta of 2.04. The company has a debt-to-equity ratio of 3.16, a current ratio of 1.33 and a quick ratio of 0.85.

Seagate Technology (NASDAQ:STX – Get Free Report) last announced its earnings results on Tuesday, April 28th. The data storage provider reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.51 by $0.59. The company had revenue of $3.11 billion for the quarter, compared to the consensus estimate of $2.96 billion. Seagate Technology had a net margin of 21.60% and a return on equity of 1,005.65%. The company’s revenue was up 44.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.90 EPS. Seagate Technology has set its Q4 2026 guidance at 4.800-5.200 EPS. On average, equities research analysts expect that Seagate Technology Holdings PLC will post 14.14 earnings per share for the current year.

Seagate Technology Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Wednesday, June 24th were issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Wednesday, June 24th. Seagate Technology’s dividend payout ratio (DPR) is currently 28.08%.

Insider Transactions at Seagate Technology In other news, EVP John Christopher Morris sold 1,364 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $1,200,579.16. Following the completion of the sale, the executive vice president directly owned 12,088 shares of the company’s stock, valued at $10,639,736.72. This trade represents a 10.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Gianluca Romano sold 903 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $880.19, for a total transaction of $794,811.57. Following the completion of the sale, the chief financial officer owned 42,860 shares of the company’s stock, valued at $37,724,943.40. This represents a 2.06% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 151,069 shares of company stock valued at $126,191,753 in the last three months. 0.79% of the stock is currently owned by insiders.

Key Seagate Technology News Here are the key news stories impacting Seagate Technology this week:

Positive Sentiment: Analysts say Seagate has the right mix of factors for a likely earnings beat in its next report, with expectations for earnings growth ahead of results. Seagate (STX) Earnings Expected to Grow: Should You Buy? Positive Sentiment: Seagate was included in a Zacks analyst roundup alongside names tied to strong results, AI demand, and improving growth outlooks, reinforcing bullish sentiment. The Zacks Analyst Blog Highlights Johnson & Johnson, Lam Research, Seagate, KVH Industries and Dawson Geophysical Positive Sentiment: Broker commentary and market coverage continue to cite Seagate as a beneficiary of AI infrastructure and memory-related demand trends, which has supported the stock’s recent strength. Banking giant names 7 stocks to buy after memory equities sell-off Neutral Sentiment: Jim Cramer suggested trimming Seagate after its strong comeback ahead of July 28 earnings, which may reflect caution about short-term gains despite the constructive longer-term backdrop. Jim Cramer suggests trimming Seagate position after strong comeback ahead of July 28 earnings Analyst Ratings Changes A number of equities research analysts have weighed in on the company. Wedbush upped their target price on Seagate Technology from $700.00 to $825.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. JPMorgan Chase & Co. lifted their price target on Seagate Technology from $775.00 to $920.00 and gave the company an “overweight” rating in a research report on Thursday, June 11th. Barclays boosted their price objective on Seagate Technology from $750.00 to $1,000.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Cantor Fitzgerald raised their target price on Seagate Technology from $1,000.00 to $1,300.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, Susquehanna lifted their target price on Seagate Technology from $615.00 to $775.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Twenty-two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $898.52.

Get Our Latest Research Report on STX

Seagate Technology Company Profile (Free Report)

Seagate Technology (NASDAQ: STX) is a global data storage company that designs, manufactures and sells a broad range of storage products and systems. The firm’s product portfolio includes traditional hard disk drives (HDDs), solid-state drives (SSDs), hybrid storage devices and integrated storage systems aimed at enterprise, cloud, OEM and consumer markets. Seagate also provides services that support its hardware offerings, including data recovery and storage management solutions.

Seagate’s products are used in a wide array of applications, from large-scale data centers and cloud infrastructure to desktop and portable consumer devices.

Recommended Stories Five stocks we like better than Seagate Technology Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding STX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Seagate Technology Holdings PLC (NASDAQ:STX – Free Report).

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AT&T Inc. (NYSE:T) will release its second quarter earnings report before the opening bell on Wednesday, July 22.

Analysts expect the Dallas, Texas-based company to report quarterly earnings of 59 cents per share, up from 54 cents per share in the year-ago period. The consensus estimate for AT&T’s quarterly revenue is $31.82 billion. It reported $30.85 billion last year, according to Benzinga Pro.

On July 7, AT&T, Ericsson and MediaTek completed North America’s first in-field trial of enhanced mobility features tied to Ericsson’s 5G Advanced Critical IoT subscription.

Shares of AT&T rose 1.4% to close at $22.26 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying T stock? Here’s what analysts think:

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Posted by Defense World Staff on Jul 22nd, 2026

Andra AP fonden lowered its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 46.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 63,189 shares of the software company’s stock after selling 55,251 shares during the period. Andra AP fonden’s holdings in Adobe were worth $15,360,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Western Pacific Wealth Management LP acquired a new stake in Adobe during the 4th quarter valued at approximately $26,000. Measured Wealth Private Client Group LLC acquired a new position in shares of Adobe in the 3rd quarter valued at $26,000. Beacon Financial Strategies CORP purchased a new stake in shares of Adobe during the 4th quarter worth about $28,000. Marquette Asset Management LLC grew its holdings in Adobe by 72.3% in the fourth quarter. Marquette Asset Management LLC now owns 81 shares of the software company’s stock valued at $28,000 after purchasing an additional 34 shares during the period. Finally, TrustBank acquired a new stake in Adobe in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes Several equities analysts have issued reports on ADBE shares. Barclays decreased their price objective on shares of Adobe from $275.00 to $250.00 and set an “equal weight” rating on the stock in a report on Friday, June 12th. Mizuho reduced their price target on shares of Adobe from $270.00 to $245.00 and set a “neutral” rating for the company in a research report on Friday, June 12th. Citizens Jmp reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 12th. Stifel Nicolaus reiterated a “hold” rating and issued a $200.00 price objective (down from $350.00) on shares of Adobe in a report on Friday, June 12th. Finally, Wells Fargo & Company cut their price objective on Adobe from $330.00 to $250.00 and set an “overweight” rating for the company in a research note on Friday, June 12th. Seven equities research analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $271.30.

Check Out Our Latest Report on Adobe

Insiders Place Their Bets In related news, CAO Jillian Forusz sold 755 shares of Adobe stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $246.25, for a total transaction of $185,918.75. Following the sale, the chief accounting officer directly owned 3,521 shares in the company, valued at $867,046.25. This trade represents a 17.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 75,000 shares of Adobe stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $243.54, for a total transaction of $18,265,500.00. Following the completion of the transaction, the chief executive officer owned 359,538 shares in the company, valued at approximately $87,561,884.52. This represents a 17.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.20% of the stock is owned by company insiders.

More Adobe News Here are the key news stories impacting Adobe this week:

Negative Sentiment: Morgan Stanley lowered Adobe to Underweight, saying multiple strategic transitions are happening at once and that AI disruption could make it harder for the company to reaccelerate growth. Adobe stock has been crushed by AI fears. Now Morgan Stanley has cut its rating to underweight Negative Sentiment: More Wall Street downgrades and commentary around Adobe’s AI exposure are adding to the selling pressure, with some analysts saying peers may offer cleaner AI monetization and faster growth. ADBE Stock Drops After Morgan Stanley Downgrade – Sees ‘Cleaner Growth And AI Monetization Elsewhere’ Neutral Sentiment: Adobe continues to push into AI with new features in its experimental Project Indigo camera app, highlighting that it is still investing in product innovation even as investors worry about competitive threats. Adobe crams multiple AI tools into its experimental camera app Neutral Sentiment: Some coverage argues Adobe still looks attractive on valuation and that one analyst sees meaningful upside from current levels, but that view is being outweighed today by broader AI-related concern. ADBE stock is falling again but here’s why one Wall Street analyst sees a 31% upside Adobe Stock Performance NASDAQ ADBE opened at $227.16 on Wednesday. The stock’s fifty day moving average is $228.08 and its two-hundred day moving average is $253.81. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.75 and a current ratio of 0.75. The firm has a market capitalization of $90.30 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 0.79 and a beta of 1.43. Adobe Inc. has a fifty-two week low of $190.12 and a fifty-two week high of $376.16.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Thursday, June 11th. The software company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.82 by $0.14. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the firm earned $5.06 EPS. Adobe’s revenue was up 12.7% on a year-over-year basis. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. On average, research analysts anticipate that Adobe Inc. will post 19.81 earnings per share for the current year.

Adobe announced that its board has approved a share buyback program on Tuesday, April 21st that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 24.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Adobe Profile (Free Report)

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company’s core offerings are organized around digital media and digital experience.

Featured Articles Five stocks we like better than Adobe Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).

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S&P Dow Jones Indices and Pantera Capital have launched the S&P Pantera Digital Asset Index, a new crypto benchmark that excludes Bitcoin (BTC) entirely.

CEO Cathy Clay said Bitcoin fails the index’s core test, generating real protocol revenue instead of trading purely on speculation.

How the Index Weighs Its TokensThe index holds 18 constituents. Its five largest holdings are Ether (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE), a decentralized derivatives exchange.

The benchmark weights holdings by market capitalization and rebalances quarterly. No single token can exceed 35% of the total, and no other holding can top 20%. These caps mirror rules S&P applies to its own equity benchmarks.

Clay wants to bring stock-index discipline into digital assets. She favors protocols with verifiable economic activity over ones that trade on name recognition alone.

Pantera co-developed the methodology with founder Dan Morehead. The firm has managed over $3 billion across three investment strategies since launching its first crypto fund in 2013.

“S&P Dow Jones Indices helps investors cut through market noise with benchmarks you can trust.”
Clay, CEO of S&P Dow Jones Indices

Wall Street Warms to Altcoin SeasonThe exclusion highlights a widening split in how institutions define crypto value. By this measure, revenue beats Bitcoin’s dominant narrative as the market’s largest asset. Pantera’s history with institutional crypto access suggests more revenue-screened benchmarks could follow.

The launch lands as retail altcoin season signals stay unconfirmed but improving. CoinGlass’s Altcoin Season Index climbed to 58 in mid-July, building on a June 4 spike to 64. That reading sits above the neutral midpoint, but it remains short of the 75 threshold that confirms genuine rotation.

Institutional flows tell a parallel story. A March BeInCrypto Expert Council discussion found major allocators narrowing institutional crypto bets to Bitcoin, Ethereum, and a short list of DeFi names.

A revenue-screened benchmark like the S&P Pantera Digital Asset Index offers portfolio managers a compliant route into that same thesis. It provides exposure to large-cap altcoins with real usage, skipping meme coins and speculative networks entirely.

If other index providers copy the approach, institutional capital could rotate into select altcoins early. That could happen well before retail-driven altcoin season data confirms a broader move.

Ramp has expanded its business payments platform with Solana-powered stablecoin accounts, giving companies a way to hold USDC and USDT while sending cross-border payments around the clock from a single financial workflow.

Summary

Ramp has launched Solana powered stablecoin accounts, allowing businesses to hold USDC and USDT while sending cross border payments at any time. Companies can pay vendors in more than 140 countries with stablecoins or settle in over 40 local currencies through Ramp’s existing financial workflows. The launch adds to Solana’s recent enterprise payment partnerships as institutions and businesses expand stablecoin use for treasury management and global settlements. According to an announcement from Ramp, businesses can now open a Stablecoin Account to store USDC or USDT directly within the company’s financial platform and use those balances for international payments without relying on separate crypto exchanges, wallets, or accounting systems.

STABLECOINS ARE NOW ON RAMP.

Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.

Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd

— Ramp (@tryramp) July 21, 2026 The launch also lets companies pay overseas vendors in stablecoins even if they never hold digital assets themselves. Through Ramp Bill Pay, payments can be funded from a U.S. dollar bank account or Ramp Checking before being converted into USDC or USDT and delivered to a recipient’s wallet.

Ramp said the new feature is designed to fit into existing finance operations instead of requiring businesses to adopt a separate crypto workflow. Stablecoin balances appear alongside cash accounts in the same dashboard, follow existing approval policies, and remain connected to the same accounting integrations already used by customers.

Businesses using the Stablecoin Account can also earn rewards of up to 3.25% on eligible stablecoin balances. Ramp described the balances as digital dollars backed by cash reserves and said they are intended for payments and treasury management rather than investment.

Payments move beyond banking hours Cross-border transfers can now be made at any time without waiting for banking cutoffs or wire processing windows, Ramp said. Companies can send USDC or USDT directly to vendor and contractor wallets in more than 140 countries or convert those funds into fiat currencies for payouts across more than 40 local currencies.

The company said more than 1,000 businesses already use stablecoins to pay vendors through its platform. According to Ramp, more than 70% of the payment volume generated by those users takes place outside traditional banking hours, indicating that businesses continue making payments after banks have closed.

Ramp also included comments from Totalis Chief Executive Officer Pravesh Mansharamani, who said the company’s Stablecoin Account has allowed it to keep treasury assets on-chain. He added that his company views programmable, always-available money as a better fit for modern businesses than conventional banking rails.

The announcement follows growing interest among finance companies in using stablecoins for international settlement, treasury management, and business payments as digital dollar infrastructure continues to expand.

Solana continues adding enterprise payment partners The integration adds another enterprise payments use case for Solana, whose ecosystem has increasingly focused on stablecoin settlement instead of only decentralized finance and trading applications.

Recent initiatives by the Solana Foundation have followed a similar direction. Earlier this month, SBI Holdings and the Solana Foundation announced a strategic partnership to establish SBI Solana Global, a venture that plans to build regulated on-chain financial infrastructure in Japan using Solana as its primary blockchain.

According to the companies, the project will support yen-denominated stablecoins, including JPYSC, while also developing tokenized bonds, commercial paper, investment funds, real estate products, and institutional settlement services. The partners also identified cross-border payments and AI-focused payment systems as future business areas, although product launch dates have not yet been disclosed.

Expansion into enterprise finance has also reached South Korea. In April, Shinhan Card announced a partnership with the Solana Foundation to test stablecoin payments on Solana’s testnet through a proof-of-concept that simulates everyday retail transactions between customers and merchants. The company said the pilot is evaluating transaction performance, non-custodial wallet security, and blockchain payment infrastructure while exploring hybrid finance models that combine traditional financial services with decentralized finance technologies.

Solana has also extended its stablecoin payment infrastructure into artificial intelligence services. Earlier this month, the Solana Foundation and Google Cloud introduced Pay.sh, a payment gateway that allows AI agents to purchase API access using stablecoins on Solana. The platform supports per-request payments for Google Cloud services, including Gemini, BigQuery, and Vertex AI, while using Solana wallets instead of conventional subscriptions or API keys.

Posted by Defense World Staff on Jul 22nd, 2026

Lockheed Martin (NYSE:LMT – Get Free Report) will likely be releasing its Q2 2026 results before the market opens on Thursday, July 23rd. Analysts expect the company to announce earnings of $7.22 per share and revenue of $19.3654 billion for the quarter. Lockheed Martin has set its FY 2026 guidance at 29.350-30.250 EPS. Parties may visit the the company’s upcoming Q2 2026 earning summary page for the latest details on the call scheduled for Thursday, July 23, 2026 at 8:30 AM ET.

Lockheed Martin (NYSE:LMT – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The aerospace company reported $6.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.79 by ($0.35). Lockheed Martin had a return on equity of 101.64% and a net margin of 6.38%.The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $18.38 billion. During the same quarter in the previous year, the business earned $7.28 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. On average, analysts expect Lockheed Martin to post $30 EPS for the current fiscal year and $32 EPS for the next fiscal year.

Lockheed Martin Trading Down 0.6% Lockheed Martin stock opened at $506.23 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.14 and a debt-to-equity ratio of 2.74. Lockheed Martin has a 52 week low of $410.11 and a 52 week high of $692.00. The company has a market capitalization of $116.72 billion, a price-to-earnings ratio of 24.51, a price-to-earnings-growth ratio of 0.91 and a beta of 0.11. The stock has a 50-day moving average price of $521.59 and a 200 day moving average price of $572.42.

Lockheed Martin Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Monday, June 1st were paid a dividend of $3.45 per share. The ex-dividend date was Monday, June 1st. This represents a $13.80 dividend on an annualized basis and a dividend yield of 2.7%. Lockheed Martin’s dividend payout ratio (DPR) is presently 66.83%.

Hedge Funds Weigh In On Lockheed Martin A number of hedge funds have recently bought and sold shares of the business. Davis R M Inc. boosted its holdings in shares of Lockheed Martin by 1.3% in the 4th quarter. Davis R M Inc. now owns 1,264 shares of the aerospace company’s stock valued at $612,000 after purchasing an additional 16 shares during the last quarter. Insigneo Advisory Services LLC grew its stake in shares of Lockheed Martin by 0.6% during the 4th quarter. Insigneo Advisory Services LLC now owns 2,884 shares of the aerospace company’s stock valued at $1,395,000 after buying an additional 17 shares during the period. Triumph Capital Management increased its holdings in shares of Lockheed Martin by 66.7% during the 4th quarter. Triumph Capital Management now owns 55 shares of the aerospace company’s stock worth $26,000 after buying an additional 22 shares during the last quarter. Richmond Investment Services LLC increased its holdings in shares of Lockheed Martin by 5.1% during the 4th quarter. Richmond Investment Services LLC now owns 456 shares of the aerospace company’s stock worth $220,000 after buying an additional 22 shares during the last quarter. Finally, Wimmer Associates 1 LLC raised its position in shares of Lockheed Martin by 0.5% in the 4th quarter. Wimmer Associates 1 LLC now owns 4,990 shares of the aerospace company’s stock worth $2,414,000 after buying an additional 24 shares during the period. Hedge funds and other institutional investors own 74.19% of the company’s stock.

Analyst Upgrades and Downgrades Several brokerages have recently issued reports on LMT. JPMorgan Chase & Co. decreased their price objective on Lockheed Martin from $680.00 to $605.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Wells Fargo & Company set a $575.00 target price on Lockheed Martin in a report on Wednesday, July 8th. Bank of America reduced their price target on Lockheed Martin from $660.00 to $600.00 and set a “neutral” rating for the company in a research report on Friday, April 24th. DZ Bank raised Lockheed Martin from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Finally, Citigroup raised Lockheed Martin from a “neutral” rating to a “buy” rating and boosted their price target for the company from $571.00 to $582.00 in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $615.78.

Check Out Our Latest Analysis on Lockheed Martin

More Lockheed Martin News Here are the key news stories impacting Lockheed Martin this week:

Positive Sentiment: Lockheed Martin secured a $10.5 billion, 12-year U.S. Special Operations Command logistics and sustainment contract for its GLSS2 program, reinforcing its long-term backlog and supporting the investment case for the shares. Is Lockheed Martin (LMT) Undervalued On Its $10.5b GLSS2 Contract Win? Positive Sentiment: The company also unveiled PAC-3 ACE, a lower-cost Patriot interceptor priced at less than half of the current PAC-3 MSE, which could help Lockheed stay competitive as demand for air defenses rises globally. Lockheed to make cheaper Patriot interceptors as air defense demand soars Positive Sentiment: Lockheed Martin also announced new defense-tech collaborations, including work with Venus Aerospace on next-generation propulsion, which highlights continued investment in future weapons and space capabilities. Lockheed Martin and Venus Aerospace Collaborate to Advance Next-Generation Propulsion for Long-Range Precision Fires About Lockheed Martin (Get Free Report)

Lockheed Martin Corporation (NYSE: LMT) is a global aerospace and defense company that designs, develops and manufactures advanced technology systems for government and commercial customers. Formed through the 1995 merger of Lockheed Corporation and Martin Marietta, the company is headquartered in Bethesda, Maryland, and focuses on providing integrated solutions across air, space, land and sea domains. Its primary customers include the U.S. Department of Defense, NASA and allied governments around the world.

Lockheed Martin’s product and service portfolio spans military aircraft, missile and fire-control systems, missile defense, space systems and satellite technologies, sensors and precision weapons.

Further Reading Five stocks we like better than Lockheed Martin Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible

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Posted by Defense World Staff on Jul 22nd, 2026

California Public Employees Retirement System trimmed its position in shares of Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report) by 7.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 746,962 shares of the real estate investment trust’s stock after selling 63,429 shares during the quarter. California Public Employees Retirement System owned 0.25% of Omega Healthcare Investors worth $32,732,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets grew its stake in shares of Omega Healthcare Investors by 91.9% in the fourth quarter. BNP Paribas Financial Markets now owns 389,305 shares of the real estate investment trust’s stock worth $17,262,000 after acquiring an additional 186,399 shares in the last quarter. CPC Advisors LLC acquired a new stake in shares of Omega Healthcare Investors in the fourth quarter valued at $3,050,000. Pensionfund PDN purchased a new position in Omega Healthcare Investors in the fourth quarter valued at $2,053,000. Oxbow Advisors LLC purchased a new position in Omega Healthcare Investors in the first quarter valued at $7,373,000. Finally, BOKF NA grew its stake in Omega Healthcare Investors by 51.8% during the 4th quarter. BOKF NA now owns 189,095 shares of the real estate investment trust’s stock worth $8,384,000 after purchasing an additional 64,539 shares in the last quarter. 65.25% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets OHI has been the topic of several recent research reports. BMO Capital Markets restated a “market perform” rating and set a $52.00 price target on shares of Omega Healthcare Investors in a report on Monday, May 4th. UBS Group set a $47.00 price objective on Omega Healthcare Investors in a research note on Thursday, June 18th. Royal Bank Of Canada boosted their price objective on Omega Healthcare Investors from $47.00 to $48.00 and gave the stock a “sector perform” rating in a research report on Monday, May 4th. Bank of America restated an “underperform” rating and set a $46.00 target price (down from $52.00) on shares of Omega Healthcare Investors in a research note on Tuesday, April 14th. Finally, Scotiabank reduced their target price on shares of Omega Healthcare Investors from $50.00 to $47.00 and set a “sector perform” rating on the stock in a report on Thursday, June 18th. Five research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.50.

Read Our Latest Stock Report on Omega Healthcare Investors

Omega Healthcare Investors Stock Up 1.9% Shares of NYSE OHI opened at $50.52 on Wednesday. The company has a market capitalization of $15.04 billion, a price-to-earnings ratio of 24.40, a price-to-earnings-growth ratio of 2.12 and a beta of 0.58. The company has a debt-to-equity ratio of 0.81, a current ratio of 5.32 and a quick ratio of 5.32. The business has a 50-day moving average of $47.28 and a two-hundred day moving average of $46.31. Omega Healthcare Investors, Inc. has a 1 year low of $38.02 and a 1 year high of $50.75.

Omega Healthcare Investors (NYSE:OHI – Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The real estate investment trust reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). Omega Healthcare Investors had a net margin of 51.14% and a return on equity of 11.86%. The business had revenue of $322.95 million during the quarter, compared to analysts’ expectations of $264.07 million. During the same quarter in the previous year, the company posted $0.75 EPS. The company’s revenue was up 16.7% compared to the same quarter last year. Omega Healthcare Investors has set its FY 2026 guidance at 3.190-3.250 EPS. On average, analysts forecast that Omega Healthcare Investors, Inc. will post 3.09 earnings per share for the current fiscal year.

Omega Healthcare Investors Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 5.3%. The ex-dividend date was Monday, May 4th. Omega Healthcare Investors’s dividend payout ratio is currently 129.47%.

About Omega Healthcare Investors (Free Report)

Omega Healthcare Investors, Inc is a real estate investment trust (REIT) that specializes in the ownership and management of healthcare-related facilities. The company’s core business involves acquiring and leasing long-term care properties, including skilled nursing facilities and assisted living communities, under net lease agreements. Its portfolio is designed to provide stable, inflation-protected cash flows from operators responsible for day-to-day property management.

Founded in 1992 and headquartered in Hunt Valley, Maryland, Omega Healthcare Investors has grown its holdings to encompass hundreds of facilities across the United States, with a smaller presence in select international markets.

Recommended Stories Five stocks we like better than Omega Healthcare Investors Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding OHI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Omega Healthcare Investors, Inc. (NYSE:OHI – Free Report).

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Oil rises towards a 6-week high as Middle East tensions escalate Oil prices are extending gains towards a six-week high amid fears of further supply disruption after the U.S. and Iran exchanged fire for an 11th consecutive night. Meanwhile, oil tankers made U-turns in the Red Sea following warnings of disruption from Iran-backed Houthi forces.

The continued exchange of strikes between the U.S. and Iran has heightened concerns over further disruption to energy supplies. Despite talk of mediation earlier in the week, hostilities appear to be escalating rather than easing.

Adding to those concerns, the Iran-backed Houthis have opened a new front by threatening to target vessels carrying Saudi crude through the Bab el-Mandeb Strait. They have also announced a naval blockade of Saudi Arabia.

The Bab el-Mandeb has become an increasingly important route for Saudi crude exports as traffic through the Strait of Hormuz has declined sharply since the U.S.-Iran ceasefire collapsed. Three Saudi oil tankers reportedly made U-turns in the Red Sea yesterday.

Should the Bab el-Mandeb Strait also become inaccessible, tankers would be forced to reroute via the Suez Canal, adding both time and cost to shipments to Asia.

Oil forecast – technical analysis

Oil broke above the symmetrical triangle pattern before running into resistance around $87. The price continues to trade above the 50-day and 200-day EMAs, as well as the rising trendline support. Combined with the RSI holding above 50, this keeps the near-term outlook constructive.

Buyers will look to break above $88, the 50% Fibonacci retracement of the $55–$120 move. A rise above here brings $95, the 38.2% Fibonacci retracement, into focus, ahead of the $100 psychological level.

Initial support can be seen at $84.50, ahead of the rising trendline, the 50-day EMA at $81.85, and $80, the 61.8% Fibonacci retracement.

Below there, support is seen around $78, where the 200-day EMA sits. A break below this level could see sellers gain traction towards $70.67, the July low.

USD/JPY on intervention watch above 163 USD/JPY has climbed to a fresh 40-year high above 163 as rising oil prices and higher U.S. Treasury yields continue to support the dollar, leaving investors increasingly nervous about the risk of Japanese intervention.

The dollar is finding support from safe-haven demand as the conflict in the Middle East continues.

At the same time, rising oil prices are adding to inflation concerns, helping push the benchmark 10-year Treasury yield to its highest level since May earlier this week.

However, the Japanese yen is failing to benefit from safe-haven demand given Japan's reliance on imported energy, making it particularly vulnerable when oil prices rise.

With the yen at its weakest level since 1986, markets remain on intervention watch after Japanese authorities stepped in during both April and May once USD/JPY moved above 160.

Previous intervention only slowed the move temporarily, with the underlying uptrend quickly reasserting itself.

With USD/JPY now trading above 163, the risk of another intervention is rising. However, while intervention can slow momentum, it rarely changes the broader trend unless it is backed by a more hawkish Bank of Japan and a less hawkish Federal Reserve.

For now, the wide interest rate differential continues to favour the dollar, making yen rallies attractive selling opportunities.

While the U.S. economic calendar is relatively quiet this week, attention will be on Friday's PMI data. In Japan, focus will turn to inflation figures released early Friday morning.

USD/JPY forecast – technical analysis

USD/JPY continues to extend its bullish run, trading above its rising trendline and both the 50-day and 200-day EMAs after climbing to 163.25.

However, momentum is beginning to slow, and the bearish RSI divergence suggests buyers should be a little more cautious.

Even so, buyers will look to extend gains towards 164.00, the next key psychological level.

On the downside, initial support can be be seen around 162.50. A break below here brings the 50-day SMA around 161.00 into focus before attention turns to the 160.00 support zone.

The kiwi has strengthened meaningfully against most peers this month. However, against the US dollar specifically, NZD/USD remains well below its 2026 highs, trading in the mid-0.58 area versus January’s peak near 0.6075.

New Zealand’s Q2 inflation data, released this week, blew past expectations: annual CPI accelerated to 4.1%, above both forecasts and the RBNZ’s own 3.9% projection, reinforcing the case for further tightening after the central bank’s surprise hike to 2.50% earlier in July—its first in over three years.

The dollar side of the equation remains the real wildcard. June’s payrolls report badly missed expectations, coming in at just 57,000, with prior months revised sharply lower, undercutting the Fed’s near-term tightening case despite still-sticky core inflation near 2.9%. Markets currently assign roughly even odds to a September hike, leaving NZD/USD’s next move hostage to next week’s Fed decision and any further escalation in Middle East tensions.

NZD/USD Technical Analysis

As the 4-hour chart shows, NZD/USD has arrived at a genuinely pivotal zone around 0.5850, a level that has repeatedly flipped between support and resistance throughout the year. Currently acting as resistance, this area has become the focal point of a tug-of-war that has now played out for several sessions.

Bullish Scenario After bouncing from the medium-term support at 0.5600–0.5650, price staged a decisive recovery, breaking above the 200-period EMA and successfully retesting it as new support, all while forming a clear pattern of higher highs and higher lows. This strength has been reinforced by supportive central bank rhetoric and macro data favoring the kiwi. A confirmed break above 0.5850, coinciding with the 0.618 Fibonacci retracement of the late-June decline, would open the path toward the next resistance and psychological level at 0.6000.

Bearish Scenario A rejection at this critical zone, however, would hand momentum back to sellers, sending price first toward a retest of the 200-period EMA near 0.5781. A break below that level would expose the well-defended 0.5600 support once again.

With the Fed decision looming and price sitting at such a decisive technical juncture, NZD/USD looks set for a significant move next week. Can the kiwi withstand the coming dollar volatility?

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Domino’s Pizza (NASDAQ:DPZ) executives said second-quarter U.S. demand remained strong in terms of order counts, but a weaker-than-expected ticket dragged on same-store sales as the company lapped last year’s Stuffed Crust Pizza launch.

On the company’s rescheduled second-quarter 2026 earnings call, Chief Executive Officer Russell Weiner said the company grew order counts “meaningfully” across both delivery and carryout, even as the broader quick-service restaurant industry faced pressure from macroeconomic uncertainty and heightened competition. However, he said same-store sales fell short of expectations because the company’s premium series and Slice Sauce promotion did not resonate with customers enough to offset the prior-year benefit from Stuffed Crust.

“The miss on ticket was largely within our control, which means we can and will address it moving forward,” Weiner said.

Leadership Transition Announced The call also featured comments from Joe Jordan, Domino’s incoming CEO. Weiner said the board unanimously elected Jordan, who has spent 15 years with the company and most recently served as chief operating officer. Jordan is expected to become CEO in October, while Weiner said he will transition to executive chairman next year.

Jordan said Domino’s priorities remain focused on serving customers with food, value and experience, supporting franchisees and executing with discipline to drive long-term growth.

“We have an exceptional global franchise system, talented people, a culture of innovation and operational excellence, and a brand that continues to earn the trust of customers every day,” Jordan said.

Second-Quarter Sales Lifted by Store Growth, Pressured by Ticket Chief Financial Officer Sandeep Reddy said income from operations increased 2.6% in the second quarter, excluding foreign currency impacts and refranchising gains from the sale of certain U.S. company-owned store markets in the second quarters of 2026 and 2025. The increase was driven primarily by higher U.S. and international franchise royalties and fees, along with supply chain gross margin dollar growth tied to U.S. order count growth. Those gains were partially offset by higher general and administrative expenses related to the company’s biennial worldwide rally.

Global retail sales rose 3% excluding foreign currency, supported by nearly 1,000 net new stores over the past 12 months. U.S. retail sales increased 1.9%, driven primarily by net store growth, including 26 net new U.S. stores during the quarter. U.S. same-store sales rose 0.1%, with carryout comps up 1.1% and delivery comps down 0.7%. Pricing was up 0.2%.

Reddy said the U.S. comp reflected strong order count growth in the core business and continued growth through aggregator channels, offset by lower average ticket. The company said it believes QSR industry order counts were flat during the quarter, while Domino’s grew orders in total and separately in delivery and carryout.

Weiner said the company’s order count growth is central to its strategy because orders bring customers into its loyalty program and support the company’s supply chain business. He said Domino’s has more than doubled U.S. system orders since he joined the company at the end of 2008, contributing to market share gains, additional retail sales, net new stores and higher franchisee store-level EBITDA.

Aggregator Business and Product Innovation in Focus Executives highlighted continued growth on third-party delivery platforms. Weiner said Domino’s believes it is now the No. 1 pizza company on both Uber and DoorDash, while still seeing “a significant amount of growth ahead” to reach what it views as fair share on those platforms.

In response to an analyst question, Weiner said Domino’s prices at a premium on aggregators and aims to be profit neutral for franchisees. Reddy added that the company is being deliberate in pursuing aggregator growth to protect profitability, calling the channel “one more lever” to drive franchisee profitability.

Weiner also discussed the company’s “orchestration agent,” a back-of-house technology designed to time pizza production so orders are hotter when handed to delivery drivers or customers. He said the system applies to orders placed through Domino’s own channels as well as aggregators.

Domino’s is also preparing to launch a new pizza product later in the third quarter. Weiner said the product is intended to address an unmet consumer need and hit an occasion that the pizza category does not serve well today. He described it as “unlike anything we’ve offered before at Domino’s” and said customer testing showed it was one of the best-tasting products the company has tested.

The company has already changed its third-quarter promotional calendar, including adding Stuffed Crust to its Best Deal Ever promotion. Weiner said customer reaction indicated the change was the right move.

International Results Mixed International retail sales grew 4.1% excluding foreign currency, primarily due to net store growth over the past year, including 183 net new international stores in the quarter. International same-store sales declined 0.1%.

Reddy said international comps continued to be affected by Domino’s Pizza Enterprises, which remains focused on turning around its business, as well as macroeconomic and geopolitical uncertainty across global markets. Weiner said Domino’s is looking forward to working with Andrew Gregory, the incoming CEO of Domino’s Pizza Enterprises, and noted that China and India have continued to be standouts over time.

Guidance and Capital Allocation Domino’s maintained its expectation for U.S. same-store sales to increase in the low single digits for 2026, excluding the impact of a 53rd week. The company also continues to expect international same-store sales growth in the low single digits, including the benefit of the recently concluded World Cup soccer tournament.

The company adjusted its U.S. net store outlook to approximately 175 stores from its prior expectation of 175-plus, citing some pressure on the pipeline from macro conditions and a challenging start to the year that affected franchisee profitability. Domino’s continues to expect approximately 800 net new international stores and mid-single-digit global retail sales growth for the year.

Domino’s also maintained its expectation for mid- to high-single-digit operating income growth, excluding foreign currency, refranchising gains and the gain on the sale of its corporate aircraft.

Through the second quarter, Domino’s repurchased about 632,000 shares for $231 million year to date. Reddy said the company had approximately $1.23 billion remaining on its share repurchase authorization at quarter end and continues to expect to return meaningful cash to shareholders in 2026 and beyond.

About Domino’s Pizza (NASDAQ:DPZ) Domino’s Pizza, Inc (NASDAQ: DPZ) is a global pizza delivery and carryout chain founded in 1960 and headquartered in Ann Arbor, Michigan. The company specializes in a broad range of hand‐crafted pizzas, including hand-tossed, thin crust and specialty offerings, alongside side items such as chicken wings, sandwiches, pasta, desserts and beverages. Domino’s has built its brand on convenience and speed, leveraging proprietary ordering platforms and its Domino’s Tracker system to provide real-time status updates from order placement through delivery.

Operating predominantly under a franchise model, Domino’s has more than 17,000 stores worldwide, with approximately 95% of outlets owned and operated by independent franchisees.

The Pound to New Zealand Dollar (GBP/NZD) exchange rate slipped to a one-month low on Tuesday after stronger-than-expected New Zealand inflation reinforced expectations for further Reserve Bank of New Zealand interest rate hikes.

At the time of writing, GBP/NZD was trading around NZ$2.2939, down approximately 0.2% on the day.

Latest — Exchange Rates:
Pound to New Zealand Dollar (GBP/NZD): 2.295692 (+0.02%)
Euro to New Zealand Dollar (EUR/NZD): 1.956495 (+0.29%)
New Zealand Dollar to Dollar (NZD/USD): 0.5827 (-0.43%)

DAILY RECAP:

The New Zealand Dollar (NZD) appreciated through Tuesday's Asian trading session as markets digested New Zealand's latest consumer price index.

According to the CPI figures published by Stats NZ, annual inflation accelerated to 4.1% in the second quarter, up from 3.1% previously and above market forecasts of 4.0%.

Perhaps more importantly, the Q2 inflation print also outpaced the Reserve Bank of New Zealand’s previous 3.9% forecast.

This prompted NZD investors to increase their bets on further monetary tightening after the RBNZ's recent decision to lift the Official Cash Rate to 2.5%.

However, the ‘Kiwi’ was unable to sustain its best levels for long, with NZD exchange rates falling back by the start of the European session as market risk appetite was sapped by the continued escalation of tensions in the Middle East.

Meanwhile, trade in the Pound (GBP) was broadly flat on Tuesday as the UK's latest jobs report helped to calm concerns over turbulence in the UK bond market at the start of the session.

The Office for National Statistics (ONS) reported that unemployment held steady at 4.9% in May, against forecasts it would rise to 5.0%, while employment growth accelerated from 100,000 to 147,000 against consensus estimates it would drop to 85,000.

The surprisingly robust jobs data was welcomed by GBP investors as it increased the chances of the Bank of England (BoE) tightening monetary policy later in the year.

However, Sterling's upside potential remained capped after the start of Andy Burnham's premiership triggered a rise in UK gilt yields as he signalled his willingness to exercise flexibility while still adhering to fiscal rules.

Near-Term GBP/NZD Forecast: Slowdown in UK Inflation to Sap Sterling? Looking ahead, the next catalyst for the Pound to New Zealand Dollar exchange rate will be the UK's latest inflation figures.

Economists expect UK inflation to have cooled further in June, with Sterling likely to come under pressure if the data weakens expectations for further Bank of England interest rate hikes.

Meanwhile, the ‘Kiwi’ could face headwinds if New Zealand's latest credit card spending figures point to a slowdown in consumer spending last month.

Tuesday was the day the memory trade turned back around. Micron Technology (MU +12.26%), Western Digital (WDC +12.60%), and Sandisk (SNDK +14.33%) rose 12%, 12.5%, and 14.3%, respectively, in Tuesday's session. It was a violent reversal for three stocks that entered the day down 31%, 39%, and 41% from their 52-week highs.

The biggest catalyst was a single forecast. In a Monday note, Morgan Stanley reportedly told clients it expects memory prices to rise at least 25% from the second quarter to the third, with artificial intelligence (AI) data-center demand keeping supply tight. The firm's checks reportedly found no sign the shortage is easing, and it said shortages could grow even more severe in 2027 and 2028. The group started climbing on the note Monday. On Tuesday, the buying turned into a surge.

For a group of stocks that had spent two weeks selling off on fears the memory boom was ending, that was the whole argument. If prices are still rising, the boom isn't over. Here's what the forecast means for each of the three.

Image source: Micron.

Micron has the broadest exposure Micron is the biggest of the three and the most watched. The company sells both major categories of memory chips (DRAM and NAND flash), plus the high-bandwidth memory that AI accelerators depend on. So a rising price forecast touches nearly everything it ships.

Its latest results show what that leverage already looks like. Revenue for Micron's fiscal third quarter (the period ended May 28) more than quadrupled year over year to $41.5 billion, the company's fifth consecutive quarterly revenue record. Net income came in at $28.2 billion. And operating cash flow more than doubled sequentially, to $25.4 billion from $11.9 billion the prior quarter.

Today's Change

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"Micron's record fiscal Q3 financial results and even stronger outlook for Q4 reflect the strategic value of memory in the AI era," CEO Sanjay Mehrotra said in the company's June earnings release.

Even after Tuesday's move, the stock trades at about 20 times earnings, a multiple that says investors still doubt numbers like these can last.

Western Digital rode along Western Digital is the odd one out: it doesn't sell memory chips at all. The company makes hard disk drives, the slower, cheaper storage tier that data centers deploy in enormous volumes. Its leverage to a memory-price forecast is indirect.

Its own supply picture, however, is just as tight. Revenue for its fiscal third quarter (the period ended April 3) rose 45% year over year to $3.3 billion, and guidance calls for 36% to 44% year-over-year growth in the fiscal fourth quarter.

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"The demand drivers are clear: Virtually every AI workload, from training, inference, agentic AI to physical AI, creates data that is stored persistently and cost-efficiently on HDDs," Western Digital CEO Irving Tan said in the company's April earnings release.

When every tier of data-center storage is scarce at once, the market trades the group as one bet on AI's appetite for capacity. Tuesday showed as much.

Sandisk is the purest play Sandisk sells NAND flash, the exact product whose price Morgan Stanley expects to jump. That arguably makes it the most direct way to own the forecast.

Its results show what rising NAND prices do to a focused producer. Sandisk's fiscal third-quarter revenue rose 251% year over year to $5.95 billion, and non-GAAP (adjusted) gross margin reached 78.4%, up more than 55 percentage points from a year earlier. When the price of a company's core product surges, most of the increase lands in gross profit.

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The company is also locking in demand, signing five multiyear supply agreements under a new business model built on firm customer commitments. And its guidance calls for $7.75 billion to $8.25 billion of revenue in its just-ended fiscal fourth quarter, or roughly 34% sequential growth at the midpoint.

One forecast, three different bets So which of the three has the most direct leverage to rising memory prices? Arguably, Sandisk, whose entire business is the product in question. Micron is close behind, with broader exposure across DRAM, NAND, and high-bandwidth memory. Western Digital benefits at one remove, through the same data-center scramble that is straining storage supply of every kind.

Of course, a forecast is still just a forecast, and memory remains the most cyclical corner of the chip industry. The same operating leverage that multiplies profits on the way up works in reverse when prices roll over. The roughly 30% to 40% drawdowns these stocks carried into Tuesday existed precisely because investors understand this risk.

Ultimately, I wouldn't chase Tuesday's move. If Morgan Stanley is right about the third quarter, these companies' results will do the talking soon enough. And if it's wrong, this group has demonstrated in recent weeks just how fast it can reprice in either direction.

Brings GTF order backlog to more than 8,000 engines

, /PRNewswire/ -- Farnborough International Airshow – Pratt & Whitney, an RTX (NYSE: RTX) business, has received more than 800 GTF engine orders and commitments since the beginning of 2026. Airlines and lessors that have announced orders so far this year include Abra Group, AirAsia, Azorra, Binter, British Airways, Finnair, Jackson Square Aviation, Luxair, Scoot, Tigerair Taiwan and VietJet. In total, more than 14,000 GTF engine orders and commitments have been placed by more than 90 customers worldwide.

"We see strong demand for the GTF engine and continued confidence in the value it delivers to customers," said Rick Deurloo, president of Commercial Engines at Pratt & Whitney. "The GTF Advantage engine will enter into service later this year and will provide up to twice the time on wing, industry-leading fuel efficiency and even more range capability."

The GTF is the most fuel efficient engine for the single aisle market, delivering up to 20% lower fuel consumption and a 75% smaller noise footprint compared to the prior generation of engines. The engine's revolutionary geared architecture will serve as the foundation for next-generation propulsion technologies and is expected to have accumulated more than 300 million hours of flying time by the mid-2030s.

About Pratt & Whitney

Pratt & Whitney, an RTX business, is a world leader in the design, manufacture and service of aircraft engines and auxiliary power units for military, commercial and civil aviation customers. Since 1925, our engineers have pioneered the development of revolutionary aircraft propulsion technologies, and today we support more than 90,000 in-service engines through our global network of maintenance, repair and overhaul facilities.

About RTX

With more than 180,000 global employees, RTX pushes the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact [email protected]

SOURCE RTX

, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced plans to launch Sorghum basis futures. Trading is expected to start on August 24, 2026, pending regulatory review.

Sorghum is a versatile commodity uniquely positioned to meet global demand from the domestic feed industry, the international export market and, more recently, biofuels.

The new basis contract reflects the price difference between sorghum and corn, two types of grain used in animal feed as well as ethanol feedstock. Sorghum's premium over corn usually signals international demand driving values higher. A deep discount compels domestic buyers to shift feed rations toward cheaper sorghum.

"While sorghum prices tend to track corn closely over extended macroeconomic cycles, geopolitical events and regional supply shifts can disrupt that relationship," said John Ricci, Managing Director and Global Head of Agricultural Products, CME Group. "In recent years, the sorghum-to-corn cash spread has experienced considerable volatility, swinging from sharp premiums to steep discounts. The Sorghum futures contract will provide market participants a precise instrument to hedge that basis risk."

The contracts will be physically delivered, with grain being loaded out by truck or rail from a network of elevators in Kansas, the nation's largest sorghum-producing state, by using the established Kansas City Hard Red Winter Wheat delivery network.

CME Group achieved record quarterly volume of 2.1 million contracts for Agricultural products in Q2 2026. Corn futures and options reached record open interest of 4.1 million contracts in Q2 2026, with the second highest quarterly volumes on record at 695,000 contracts traded.

The new Sorghum basis futures contracts will be listed and subject to the rules of CBOT. For more information on these products, please visit  https://www.cmegroup.com/markets/agriculture/grains/sorghum. 

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners. 

CME-G

SOURCE CME Group

A general view of electronics manufacturer Wistron's new global operations headquarters in Hsinchu, Taiwan June 19, 2025. REUTERS/Wen-Yee Lee/File Photo Purchase Licensing Rights, opens new tab

TAIPEI, July 22 (Reuters) - Taiwan's Wistron (3231.TW), opens new tab, a supplier to Nvidia (NVDA.O), opens new tab, launched a $700 million manufacturing ​facility in Texas on Tuesday to produce ‌the U.S. chipmaker's latest AI systems, as Taiwanese electronics makers expand U.S. production to meet soaring ​demand for AI infrastructure.

Here are a ​few details:

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The Fort Worth facility manufactures Nvidia's ⁠GB300 Grace Blackwell Ultra Superchip. Nvidia CEO ​Jensen Huang has described the AI system built ​around the product as "the most powerful AI supercomputer in the world."

Wistron said the site is where Nvidia's ​first GB300 Grace Blackwell Ultra Superchip was ​built and mass-produced in the United States.

The factory will ‌also ⁠manufacture Nvidia's next-generation Vera Rubin Superchip, Wistron said.

The factory is expected to scale up production this year to manufacture tens of thousands ​of computing ​boards per ⁠month, according to Nvidia.

The factory has created more than 500 jobs, ​Nvidia said, adding that it is ​on ⁠track to expand its workforce to 1,000 employees by the end of the year.

Nvidia said ⁠Wistron's ​Fort Worth plant forms ​part of the $500 billion U.S. investment commitment it announced in ​2025.

Reporting by Wen-Yee Lee; Editing by Sherry Jacob-Phillips

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

Aflac (AFL 0.40%) is an insurance company, but it sells what is known as supplemental insurance. These policies are meant to be bought alongside other insurance, paying out only in the event of very specific outcomes, like a cancer diagnosis. However, that isn't the biggest issue you need to monitor when you look at Aflac.

Aflac is different but similar Aflac sells its insurance products directly to consumers. A typical policy example is for cancer coverage. A customer will pay Aflac premiums and, if a cancer diagnosis is made, Aflac will pay a set dollar amount to help cover the customer's out-of-pocket expenses. Still, like all insurers, Aflac makes money if it collects more in premiums than it pays out in claims.

Image source: Getty Images.

But even when it pays claims, it still collects the premiums up front, creating what is known as "float." Until it has to pay out that cash to cover claims, Aflec gets to invest the float to generate income. So far, the business model is different but roughly similar to a typical insurance company. And Aflec has done well as a business, highlighted by its 43-year streak of annual dividend increases. The last hike was a solid 5.2% made at the start of 2026.

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There's a catch that investors need to know about The really big difference with Aflac is its geographic reach. The company generated $4.3 billion in revenue in the first quarter of 2026, but roughly $1.6 billion of that came from its Japanese operations. That's more than a third of the company's top line. That said, the company's Japanese business had pre-tax adjusted earnings of $759 million in the quarter, while the U.S. business produced pre-tax adjusted earnings of just $363 million. That means Japan accounts for roughly two-thirds of the company's pre-tax adjusted earnings.

AFL data by YCharts

If you own Aflac, you need to pay close attention to the relationship between the U.S. dollar and the Japanese yen. A significant change in either direction can materially impact the company's financial results. Obviously, the company has handled this issue well over the years, or it wouldn't have increased its dividend for 43 consecutive years. Notably, it aggressively repurchases its own stock, which helps sustain dividend growth. Fewer shares reduce the burden of the dividend and provide more room for future dividend increases.

Watch, but don't worry too much All in, the company's exposure to Japan probably isn't a good reason to avoid the stock. However, it is something that you'll want to know about and monitor. Aflac, with a roughly 2% dividend yield, is a steady dividend grower, but one that comes with some unique twists.

News Corp's CEO Robert Thomson attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., July 10, 2026. REUTERS/Brendan... Purchase Licensing Rights, opens new tab Read more

SummaryCompaniesNews Corp says Brave's "theft" hurts publishers, journalismBrave earlier sued News Corp, accusing it of threatening AI advancesPublishers, tech companies battle over use of copyrighted content for AIBrave not immediately available for commentJuly 21 (Reuters) - News Corp (NWSA.O), opens new tab, facing a lawsuit by search engine Brave Software, has filed a countersuit accusing it ‌of "flagrant theft" in distributing and selling versions of articles from the Wall Street Journal and New York Post to AI companies.

Brave had last year preemptively sued the media giant, seeking a court declaration that its practices were legal. It sued after ​receiving a cease-and-desist letter from News Corp, which is led by the family of Rupert Murdoch.

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In ​a Tuesday filing in the Oakland, California, federal court, News Corp said Brave's unauthorized "covert ⁠scraping" and resale of its copyrighted articles fall "nowhere near the bounds" of legally acceptable conduct known as ​fair use.

"The more content Brave copies and sells, the more revenue it generates, and the less incentive AI companies ​have to negotiate licenses with the publishers who produced the content," the lawsuit said. "Brave profits while publishers are cut out."

News Corp is seeking an injunction and unspecified monetary damages, plus damages of up to $150,000 per infringement.

Brave and its lawyers did not ​immediately respond to requests for comment outside business hours.

The competing lawsuits are part of a wave of litigation ​pitting publishers against technology companies that want to use copyrighted content to support AI.

BRAVE ACCUSED NEWS CORP OF DISRUPTING AIBrave sued ‌News Corp ⁠in March 2025, seeking a court declaration that bundling copyrighted articles that can be licensed and sold is not copyright infringement.

It filed a revised complaint in May 2026, following what News Corp called failed negotiations for a "fair, market-based agreement."

Brave has argued that its indexing of News Corp content to make it searchable, and providing ​users with snippets and "high-level summaries" ​of that content, amounted ⁠to fair use.

The San Francisco-based company also accused News Corp of threatening to disrupt advances in generative AI, which it said many consider "the most important innovation so ​far this century."

BRAVE ACCUSED OF 'TACKY TECH TRAFFICKING'News Corp Chief Executive Robert Thomson said ​in a statement ⁠that Brave's looting of his company's content reflected "blatant disregard" for the damage to how information is disseminated.

"This era of tacky tech trafficking must come to an end if journalism is to have a sustainable future," Thomson said.

Brave ⁠has said ​it is the smallest of the three U.S.-based companies to operate ​independent search engines "at scale."

Google (GOOGL.O), opens new tab dominates that market, followed by Microsoft (MSFT.O), opens new tab, which operates Bing.

The New York Post, Dow Jones and News Corp's British ​and Australian operations are also defendants in Brave's lawsuit.

Reporting by Jonathan Stempel in New York; Editing by Edwina Gibbs

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

East West Bancorp, Inc. (EWBC) Q2 2026 Earnings Call July 21, 2026 5:00 PM EDT

Company Participants

Adrienne Atkinson - Director of Investor Relations
Dominic Ng - Chairman, President & CEO
Christopher Del Moral-Niles - Executive VP & CFO
Irene Oh - Executive VP & Chief Risk Officer

Conference Call Participants

Jared David Shaw - Barclays Bank PLC, Research Division
David Rochester - Cantor Fitzgerald & Co., Research Division
David Smith - Truist Securities, Inc., Research Division
Manan Gosalia - Morgan Stanley, Research Division
David Chiaverini - Jefferies LLC, Research Division
Timur Braziler - UBS Investment Bank, Research Division
Ebrahim Poonawala - BofA Securities, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Matthew Clark - Piper Sandler & Co., Research Division
Sun Young Lee - TD Cowen, Research Division
Bernard Von Gizycki - Deutsche Bank AG, Research Division

Presentation

Operator

Good day, and welcome to East West Bancorp's Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Adrienne Atkinson, Director of Investor Relations. Please go ahead.

Adrienne Atkinson
Director of Investor Relations

Thank you, operator. Good afternoon, and thank you, everyone, for joining us to review East West Bancorp's Second Quarter 2026 Financial Results. With me are Dominic Ng, Chairman and Chief Executive Officer; Chris Del Moral-Niles, Chief Financial Officer; and Irene Oh, Chief Risk Officer. This call is being recorded and will be available for replay on our Investor Relations website. The slide deck referenced during this call is available on our Investor Relations site.

Management may make projections or other forward-looking statements, which may differ materially from the actual results due to a number of risks and uncertainties. Management may discuss non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of GAAP to non-GAAP financial measures, please refer

Nike is planning to cut off thousands of online distributors in China beginning in January as the sneaker giant looks to clean up what's become a messy digital marketplace and get the region back to growth, the company said Tuesday. 

Starting next year, Nike's online footprint will shift primarily to the retailer's official website and app, and the storefronts it operates on Tmall, JD.com and Douyin, some of China's largest online marketplaces and social platforms. 

Currently, consumers can shop Nike through all of those channels as well as thousands of other online storefronts powered by Nike's brick-and-mortar partners in the region and a network of secondary distributors. While the vast digital network has led to widespread consumer access to Nike's products, it's also created an inconsistent branding and pricing experience and hampered the company's efforts to reverse a sales decline in the region. 

"These new flagships will serve as the single, elevated destination for Nike within these ecosystems, with clearer product presentation, stronger storytelling and more connected consumer journeys," Cathy Sparks, Nike's new vice president and general manager of Greater China, wrote in a letter. "This is about strengthening the platforms where consumers already begin and end their shopping journey, making sure those experiences are direct, consistent and unmistakably Nike."

"This is not about reducing access. It is about reducing fragmentation and strengthening the consumer journey," she said. "When the experience is consistent, the brand becomes stronger." 

Nike's plans to pare back its online footprint are designed to create a better, more consistent experience for the consumer and allow it to take back pricing control online. However, there are also concerns it could lead to a material drop in revenue in a region that's already shrunk about 30% in the last five years. 

News about Nike's plans to cut off online distributors first came to light late last month in a local Chinese media report. It prompted a note from BNP Paribas equity analyst Laurent Vasilescu, who wrote the move is reminiscent of Nike's ill-fated decision to cut off wholesalers in North America, which contributed to its collapse of market dominance in the region, as well as steep declines in sales and margins. 

"This strategy opened up shelf space for competitors and the strategy ended poorly for Nike. We believe the same could happen if it takes the same approach in China," Vasilescu wrote last month, adding that BNP was sticking with its underperform rating for the company. "We don't think Nike has a distributor problem but rather a product problem which also applies in other markets." 

The change is also expected to hurt Nike's brick-and-mortar partners in the region, which have expanded their online presence in recent years to grow their own businesses. 

Still, Topsports, Nike's largest distributor in mainland China, said it supports the company's decision. 

"Topsports has worked with Nike for 27 years based on the principle of mutual benefit and shared growth," Topsports CEO Yu Wu said in a statement. "This adjustment will bring some short-term pressure to our business. But we firmly believe that, over the medium- to long-term, this direction will help promote a healthier, more orderly, and more sustainable retail ecosystem in China, while further improving consumer experience and product appeal."

"Looking ahead, we will continue to work closely with Nike, leveraging our strengths in offline retail operations, local consumer service, and deep market development across city tiers," Wu said. "Through new concept sport stores and high-quality physical retail experiences, we will bring Chinese consumers richer and more meaningful sport experiences."

In June 2013, Sony's PlayStation put out a short video demonstrating how easy it was to share games on PlayStation.

Then-Sony executive Shuhei Yoshida handed a disc to colleague Adam Boyes, and that was it. But it was viewed as more than just a simple instruction, it was seen as a dig at rival Microsoft Xbox's strict game-sharing policies.

"Trade in the game at retail. Sell it to another person. Lend it to a friend, or keep it forever," then-President and CEO of Sony Computer Entertainment America Jack Tretton said at a conference that same year. "When a gamer buys a PS4 disc, they have the rights to use that copy of the game."

The line sparked a standing ovation and helped intensify the backlash that led Xbox to roll back its restrictive policies.

Now, in the eyes of some, Sony is becoming the very villain it mocked.

PlayStation has announced it will end physical disc production for new games released on its consoles starting in January 2028, making new releases digital-only.

Boxed retail versions, if they are sold, will contain a download code rather than a disc.

One of the first games that will use this model is reportedly Take-Two Interactive's highly anticipated Grand Theft Auto 6, published by Rockstar Games and slated for release this year.

The economics are in Sony's favor. By selling more games digitally, the company has less need to manufacture physical boxes, and physical discs are eliminated completely, improving profit margins.

Michael Pachter, managing director of strategic planning at Wedbush Securities, told CNBC that the move will save Sony a bit of money, but "there can be no question that the consumer pays the tax in terms of less optionality."

A disc can be resold, traded in, lent to a friend, given as a gift, kept on a shelf, or preserved after a storefront shuts down. A download code cannot do any of that.

Without physical discs, gamers lose the ability to buy cheaper used games or recoup money from games they have finished. The change will give Sony a tighter grip on where games are sold, when they are discounted and how long consumers can access them.

"This is a truly ironic turn of events," Kazunori Ito, director of equity research at Morningstar, told CNBC. Sony won goodwill in 2013 by presenting physical discs as the "simple, consumer-friendly option," he said.

On YouTube, gamers resurfaced Sony's old clips with bitter comments: "This is like watching the wedding video after the divorce," one wrote. "Oh, how the mighty have fallen," wrote another.

Existing physical games, and titles released on disc before the cutoff, will not be affected.

"This is an extremely anti-consumer decision that has no legitimate justification and communicates a disdain for players in their ecosystem," Michael Futter, founder of video game industry consultancy F-Squared, told CNBC.

For Futter, the issue is that consoles are closed ecosystems, controlled by the platform holder. On PC, players can buy games through other marketplaces like Steam or the Epic Games Store.

"Sony would love for us to believe that the PC market's shift to digital is the exact same thing as consoles going down that path. It simply isn't," Futter said.

"There is an important difference between players accepting that shift because they see value in it, and having it effectively forced on them by taking away the alternative."

Kazunori Ito

Director of Equity Research, Morningstar

Sony and Playstation did not respond to CNBC's queries for comment.

Resale market declineSony's move has direct implications for the second-hand gaming economy. Dataintelo estimates the global second-hand game platform market, including pre-owned games, consoles, accessories and peripherals, was worth $7.2 billion in 2025 and will reach $13.8 billion by 2034.

"Realistically, at least 1/3 of games have been sold historically as used, and the games that were sold used also provided currency to the gamer who traded them in as cash to pay for new games," Wedbush's Patcher said. "Brick and mortar game retail is doomed."

While older games can still circulate even after disc production ceases, that's not possible with digital ones.

Morningstar's Ito expects the second-hand market for games to "keep shrinking and eventually disappear."

Developers will have less flexibility over discounting than PC platforms, where games can be sold across Steam, Epic Games Store, GOG and other stores, according to Futter.

However, Sony's defenders might argue that the market has changed since 2013. Sony's results for full-year 2025 showed that revenue from PlayStation 4 and 5 physical games is almost 10 times less than the revenue from digital downloads of full games.

Sony said in its announcement that the decision was a "natural direction for Sony Interactive Entertainment to adapt to consumer trends as the general preference for digital media significantly outpaces physical discs."

Separately, over 500 previously purchased movies will be removed from users' PlayStation libraries because of licensing agreements, with Sony's notice making no mention of compensation.

Still, some were wary of what this step could lead to eventually.

"What's to stop PlayStation from taking the same actions with games we've purchased?" Futter posited.

Ito expressed concern also.

"There is an important difference between players accepting that shift because they see value in it, and having it effectively forced on them by taking away the alternative," he said.

"Most would prefer to make that transition in their own way and at their own pace, rather than having it driven by the end of physical discs," he added.