Track market-moving stories before they get noisy

Bittensor just made a quiet but consequential move: it redesigned its entire documentation layer so that AI agents, not just human developers, can parse it, understand it, and act on it. The OpenTensor Foundation announced the upgrade on July 21, 2026, framing it as infrastructure for what it calls an “agentic world.”

The documentation overhaul goes well beyond reformatting existing pages. Bittensor rolled out a five-minute Quickstart guide, an expanded Software Development Kit, updated Command Line Interface guides, and migration materials for developers transitioning from older versions of the platform.

The docs now cover wallet management, staking TAO (Bittensor’s native token), mining, validating, and subnet operations. All of it is structured for both human readability and machine consumption.

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This matters because Bittensor’s network runs on subnets, which are specialized markets that create and trade digital commodities like computational power, AI inference, and storage solutions. If an AI agent can read the documentation, discover what a subnet does, and start participating in it without a developer manually wiring everything together, you’ve fundamentally changed the speed at which the ecosystem can grow.

The update arrived just three days after the v431 network upgrade on July 18, 2026, which introduced improved security measures and launched the Conviction mechanism for subnet ownership. That upgrade was designed to lower barriers for programmatic and agent-driven participation in subnets. The documentation refresh is essentially the instruction manual that makes the v431 features accessible to both humans and their AI counterparts.

With machine-readable documentation, an AI agent can theoretically do most of that work itself. It loads the docs, identifies available operations, understands the parameters required, and starts making calls. The human developer becomes a supervisor rather than a line-by-line coder.

If machine-readable docs successfully lower the barrier for AI agents to participate in Bittensor’s subnets, the logical consequence is more network activity. More activity means more demand for TAO, since operations on the network, from staking to mining to subnet interactions, require token usage.

Community feedback on the update has been notably positive, with developers highlighting reduced friction and praising the platform’s AI-native infrastructure approach.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

By PYMNTS  |  July 21, 2026

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Highlights

Capital One card purchase volume reached $253.8 billion, while legacy Discover purchase volume increased just under 2%.

Capital One completed its debit conversion to the Discover network and is now testing Capital One credit cards on the network.

Domestic card charge-offs and delinquencies declined as payment rates remained above pre-pandemic levels.  

Capital One’s Discover integration dominated discussion during the second-quarter earnings call, alongside new initiatives, with the bank testing Capital One credit cards on the Discover network while continuing to spend on technology and artificial intelligence (AI).

The company’s results on Tuesday (July 21) indicated that credit card purchase volume totaled $253.8 billion, increasing 15% sequentially and 26% from a year earlier. The year-over-year comparison includes the effect of Discover, which was present for only part of the second quarter of 2025.

Legacy Discover purchase volume increased just under 2% year over year. Purchase volume for legacy Capital One businesses, including Brex and the corporate card business transferred from commercial banking, increased about 14%. Management said most of that increase came from underlying organic growth.

Card loan growth was more restrained. Legacy Discover card loans declined 1.5% from a year earlier, while ending loans excluding Discover increased about 5.3%.

Chairman and CEO Richard Fairbank said Discover remains in what Capital One has called a “brownout” in loan growth during the integration. The company expects the constraint to continue for some time, although Fairbank said Capital One sees opportunities to increase Discover growth after the technology integration is completed.

Shares were up 0.2% in after hours trading Tuesday.

Discover Network Moves From Debit to Credit Capital One has completed the conversion of its debit cards to the Discover network, and the second quarter included the full quarterly run rate of the associated debit revenue synergies. Global Payment Network transaction volume reached approximately $190 billion, up about 9% sequentially.

The company is now testing credit card volume on the network.

“We are leaning hard into right now testing originating legacy Capital One branded accounts on the Discover network as well as testing the conversion of existing Capital One accounts to the Discover network,” Fairbank told analysts during the call.

Capital One has not announced how much credit card volume it will ultimately move or when. Fairbank said the company will make those decisions after evaluating the tests.

Network acceptance is part of that work. Capital One is addressing remaining domestic acceptance gaps and increasing international acceptance, with particular attention to Mexico, the Caribbean, Canada and the United Kingdom, which Fairbank identified as the four leading international destinations for its customers.

Technology and AI Spending Continues Capital One is carrying out the Discover integration alongside continued investment in its broader technology infrastructure.

Those investments continue to affect expenses. Domestic card non-interest expense increased 38% year over year, reflecting the addition of Discover as well as continuing technology investment.

Commentary during the call indicated that Capital One has realized about one-third of the announced Discover operating-expense synergies and expects to achieve the remainder by the second half of 2027.

Domestic card credit measures improved during the quarter. The net charge-off rate was 4.71%, down from 5.05% in the first quarter and 5.20% a year earlier.

The delinquency rate ended June at 3.39%, down 31 basis points sequentially and 21 basis points year over year. Management said credit trends were similar in the legacy Capital One and legacy Discover portfolios.

Capital One also released $662 million from its allowance for credit losses. CFO Andrew Young said the domestic card allowance reduction reflected “continued favorable observed credit in the quarter” and a modest reduction in the consideration given to economic uncertainty.

Consumers Continue to Spend and Pay Down Balances Capital One’s card results showed continued spending alongside relatively high payment rates.

Fairbank said spending growth was being driven by both account growth and “steady growth in spend per customer.” Payment rates remained “meaningfully above pre-pandemic levels across all of our customer segments,” while revolving rates have stabilized near pre-pandemic levels across the company’s major products and segments.

Those higher payment rates also help explain why loan balances are not growing as quickly as purchase volume. Fairbank said elevated payment rates “hold loan growth back a little bit,” while also associating them with stronger credit performance.

Western Alliance (WAL - Free Report) came out with quarterly earnings of $2.22 per share, missing the Zacks Consensus Estimate of $2.33 per share. This compares to earnings of $2.07 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -4.72%. A quarter ago, it was expected that this bank holding company would post earnings of $1.48 per share when it actually produced earnings of $2.22, delivering a surprise of +50%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Western Alliance, which belongs to the Zacks Banks - West industry, posted revenues of $1.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.28%. This compares to year-ago revenues of $856.1 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Western Alliance shares have lost about 3.7% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Western Alliance?While Western Alliance has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Western Alliance was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.67 on $1.02 billion in revenues for the coming quarter and $9.50 on $4.06 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Northrim BanCorp (NRIM - Free Report) , is yet to report results for the quarter ended June 2026.

This holding company for Northrim Bank is expected to post quarterly earnings of $0.62 per share in its upcoming report, which represents a year-over-year change of +19.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Northrim BanCorp's revenues are expected to be $53.1 million, up 5.7% from the year-ago quarter.

In the latest trading session, Leidos (LDOS - Free Report) closed at $104.92, marking a -1.96% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.89% for the day. Elsewhere, the Dow saw an upswing of 0.74%, while the tech-heavy Nasdaq appreciated by 1.29%.

Coming into today, shares of the security and engineering company had gained 2.08% in the past month. In that same time, the Computer and Technology sector lost 6.6%, while the S&P 500 lost 0.63%.

Market participants will be closely following the financial results of Leidos in its upcoming release. The company plans to announce its earnings on August 4, 2026. The company is expected to report EPS of $2.9, down 9.66% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.36 billion, up 2.55% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $12.3 per share and revenue of $18.12 billion. These totals would mark changes of +2.59% and +5.53%, respectively, from last year.

Any recent changes to analyst estimates for Leidos should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.41% higher. Leidos presently features a Zacks Rank of #3 (Hold).

Looking at its valuation, Leidos is holding a Forward P/E ratio of 8.7. This indicates a discount in contrast to its industry's Forward P/E of 12.98.

Investors should also note that LDOS has a PEG ratio of 1.57 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Computers - IT Services stocks are, on average, holding a PEG ratio of 0.99 based on yesterday's closing prices.

The Computers - IT Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 68, putting it in the top 28% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

In brief Shareholders voted by more than 90% to sell the company's 668 BTC, return capital, and cancel its London Stock Exchange listing This marks the end of a Bitcoin treasury experiment in under twelve months. Satsuma raised £163.6 million in August 2025 but expects to return only £26.8 to £30 million after wind-down costs. The shareholders of Satsuma Technology, a U.K.-based Bitcoin treasury company, have voted to liquidate the company's entire Bitcoin position and shut down the business, overruling four of its six board members.

More than 90% of votes cast backed the dual resolutions to sell 668 BTC—worth roughly $43.5 million—and cancel the company's London Stock Exchange listing, per a Monday filing. The move unwinds the digital asset treasury, or DAT for short—the latest such company to call it a day after the DAT trend picked up steam in 2025.

Satsuma started life as TAO Alpha, a small AI firm, before rebranding and hiring Mark Moss in August 2025 as its Chief Bitcoin Strategist. Moss is an American Bitcoin commentator with over 700,000 YouTube subscribers known for advising institutions on how to buy and hold Bitcoin as a corporate treasury asset—essentially, a company's rainy-day fund, but in crypto.

The same month, Satsuma raised £163.6 million ($218 million) through convertible notes—debt instruments investors can either reclaim as cash or convert into company shares—led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken joining in. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash.

The stock peaked around £14 per share, roughly £66 million in market cap, in June 2025. Bitcoin then hit its $126,000 all-time high in October before entering a months-long slide in what became the current crypto winter, dragging the rest of the market—including Satsuma’s stock—with it.

By December, Satsuma was already selling assets to stay solvent: 579 BTC went for £40 million to ensure it had enough cash to repay noteholders who chose not to convert their debt into shares by year-end.

The unravelingThe company’s CFO departed in February 2026; the CEO followed in March. By April, shares had lost more than 99% of their June 2025 value—trading at fractions of a penny—and Pantera Capital, holding about 6.7% of Satsuma's stock, began pushing publicly for full liquidation.

The logic was direct: Satsuma's market cap—the total combined dollar value of all its shares—had fallen well below the value of the Bitcoin sitting on its own balance sheet, the point where owning the stock is strictly worse than owning the coin directly. A group of shareholders representing more than 20% of issued capital formally put the resolution to a vote.

The board split hard. Four of six directors opposed the liquidation, arguing Satsuma was still a viable listed Bitcoin vehicle. Two sided with shareholders pushing to wind down. Shareholders overruled the board majority by a wide margin.

The wind-down runs through a "B Share Scheme," a U.K. legal mechanism for distributing cash assets back to shareholders. Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million—legal fees, severance, delisting charges, and run-off insurance.

Combined with the £40 million from the December BTC sale, total capital recovered lands around £66–£70 million against the £163.6 million originally raised. And because convertible note holders rank above common equity in any payout structure—meaning they get paid first—ordinary shareholders could walk away with considerably less than even those numbers suggest.

Satsuma is currently the second-largest U.K.-listed Bitcoin treasury company by holdings. The first is The Smarter Web Company, which holds 2,878 BTC and has not suggested it’s winding down.

U.K. High Court hearings to approve the capital return are set for August and September 2026. The delisting is expected mid-September, with shareholder payments due by late September.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Weatherford (WFRD - Free Report) came out with quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.92 per share. This compares to earnings of $1.87 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -40.22%. A quarter ago, it was expected that this oilfield service company would post earnings of $1.02 per share when it actually produced earnings of $1.49, delivering a surprise of +46.08%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Weatherford, which belongs to the Zacks Oil and Gas - Field Services industry, posted revenues of $1.11 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.82%. This compares to year-ago revenues of $1.2 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Weatherford shares have lost about 0.1% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Weatherford?While Weatherford has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Weatherford was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.40 on $1.17 billion in revenues for the coming quarter and $5.94 on $4.69 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Field Services is currently in the bottom 36% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

RPC (RES - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.

This oil and gas services company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

RPC's revenues are expected to be $464 million, up 10.3% from the year-ago quarter.

https://mannerofspeaking.org/2011/04/03/the-ripple-effect/

The XRP Ledger has surpassed a significant milestone, recording over 1 million agentic transactions. These transactions, settled via the x402 protocol, indicate the growing use of XRP for machine-to-machine micropayments. RippleX’s Head of Engineering, Ayo Akinyele, anticipates that this volume could reach between 10 and 100 million in the coming years. The development coincides with the launch of the XRPL AI Hub by Ripple-backed t54.ai, aiming to integrate payments and AI agents. This milestone suggests an emerging role for the XRP Ledger as a settlement layer in the agentic economy.

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Key Takeaways The milestone of 1 million agentic transactions on the XRP Ledger suggests increasing adoption of XRP for machine-to-machine payments. RippleX’s Ayo Akinyele anticipates a significant rise in transaction volume, potentially reaching 100 million in the next few years, which may indicate a robust growth trajectory. Pricing suggests market participants view this development as supportive of XRP’s potential for reaching a new all-time high by 2026. What to Watch Observers should monitor further announcements from Ripple and the XRPL AI Hub for indications of continued growth in agentic transaction volumes. Developments such as XRP ETF approvals or significant partnerships could act as catalysts, potentially influencing market sentiment toward XRP reaching a new all-time high. The market will also watch regulatory actions from entities like the U.S. SEC, which could impact sentiment and pricing.

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Term Structure

Contract Odds Δ since publish Volume 24h September 30, 2026 1.2% — — View market → December 31, 2026 6.2% — — View market →

Updated Jul 21, 2026, 6:27 p.m. Published Jul 21, 2026, 5:54 p.m.

2 min read

Summary

Movement Labs, the developer of the Movement blockchain, has filed for Chapter 11 bankruptcy.The project came under scrutiny after a market-making deal enabled the rapid sale of 66 million MOVE tokens, triggering a steep price drop and prompting investigations and a token buyback.Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy, marking the latest setback for a crypto project that has spent much of the past year navigating governance disputes, a token market-making controversy and a failed strategic reset.

The company said in a bankruptcy filing that it had under 1,000 creditors, somewhere between $100,000 and $500,000 in assets and north of $1 million in liabilities. Its largest creditors include co-founder Rushi Manche, the Delaware Division of Revenue, Anchorage Digital and other entities.

The filing follows months of turmoil for Movement, an Ethereum layer-2 network built using the Move programming language, which was originally developed at Meta. The project launched with the goal of bringing Move-based smart contracts to Ethereum (ETH) while offering faster and cheaper transactions through a scaling network.

Its troubles began shortly after the December launch of the MOVE token.

An April 2025 CoinDesk investigation found that Movement was examining whether it had been misled into signing a market-making agreement that handed a single counterparty unusual influence over MOVE's circulating supply. Internal documents reviewed by CoinDesk at the time showed the arrangement allowed 66 million MOVE tokens to be sold into the market one day after the token debuted, contributing to a sharp decline in price.

The controversy centered on Rentech, a little-known intermediary that appeared in contracts connected to Chinese market maker Web3Port. According to documents obtained by CoinDesk, Movement executives later questioned whether the foundation believed Rentech was affiliated with Web3Port when it was not. Rentech has denied any wrongdoing or misrepresentation.

The fallout extended beyond Movement. Binance banned the market-making account involved in the token launch for what it described as misconduct, while Movement launched a token buyback program and hired outside firm Groom Lake to review the events surrounding the deal.

Movement Labs and co-founder Rushi Manche separated in May 2025.

More recently, the company attempted to chart a new course.

In June, Move Industries, a separate legal entity from MVMT Labs, the company that filed for bankruptcy, announced it would pivot away from competing with other Ethereum scaling networks and instead focus on cross-border payments, remittances and stablecoin settlement. The company said it had secured access to licensed payment infrastructure in the U.S., Canada and the European Union as it sought to build services aimed at emerging markets.

The strategy reflected a wider trend across the crowded layer-2 sector, where blockchain projects have increasingly shifted toward real-world financial applications as competition among scaling networks has intensified.

UPDATE (July 21, 2026, 17:58 UTC): Adds additional detail.

CORRECTION (July 21, 2026, 18:26 UTC): Corrects that Move Industries and not Movement Labs pivoted from Ethereum scaling.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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TRON Network - Q2 2026

TRON Network - Q2 2026

In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.

11 hours ago

In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.

Why it matters:

In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.

In the latest trading session, Duolingo, Inc. (DUOL - Free Report) closed at $124.71, marking a -6.86% move from the previous day. This change lagged the S&P 500's daily gain of 0.89%. Meanwhile, the Dow gained 0.74%, and the Nasdaq, a tech-heavy index, added 1.29%.

Shares of the company witnessed a gain of 5.22% over the previous month, beating the performance of the Business Services sector with its gain of 4.27%, and the S&P 500's loss of 0.63%.

Market participants will be closely following the financial results of Duolingo, Inc. in its upcoming release. The company plans to announce its earnings on August 5, 2026. The company is expected to report EPS of $0.61, down 32.97% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $297.2 million, indicating a 17.81% upward movement from the same quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.81 per share and revenue of $1.2 billion, which would represent changes of -67.21% and +16.1%, respectively, from the prior year.

Any recent changes to analyst estimates for Duolingo, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.65% higher. Right now, Duolingo, Inc. possesses a Zacks Rank of #2 (Buy).

Investors should also note Duolingo, Inc.'s current valuation metrics, including its Forward P/E ratio of 47.7. For comparison, its industry has an average Forward P/E of 16.53, which means Duolingo, Inc. is trading at a premium to the group.

We can also see that DUOL currently has a PEG ratio of 1.02. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Technology Services was holding an average PEG ratio of 1.44 at yesterday's closing price.

The Technology Services industry is part of the Business Services sector. This group has a Zacks Industry Rank of 99, putting it in the top 41% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Chief Executive Officer Rahul G. Patel reported a disposition of 24,452 shares of Synaptics Incorporated (SYNA +5.14%) in a SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$2.8 millionShares sold (direct)24,452Post-transaction shares (directly held)86,868Post-transaction value$9.87 millionTransaction value based on SEC Form 4 weighted average sale price ($114.20); post-transaction value based on July 20, 2026 market close ($113.60).

Key questionsWhat was the composition of this transaction?
Approximately 81% of the volume, or 19,898 shares, was comprised of non-discretionary tax withholding associated with the settlement of restricted stock units, while the remaining 4,554 shares were sold via an existing trading plan.How did the transaction price compare to recent market levels?
The 10b5-1 plan sales were executed at weighted average prices ranging from $113.63 to $115.92 per share, while the stock was priced at $114.05 as of the July 17, 2026, market close.What is the insider's remaining stake in the company?
Following the disposition, the insider retains direct ownership of 86,868 shares, which represent an equity position of about $9.87 million.Was there any indirect ownership disclosed?
The filing indicates that all reported holdings are held directly, with no indirect equity positions through trusts or other legal entities identified in the disclosure.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$114.05Market Capitalization$4.5 billionRevenue (TTM)$1.2 billionNet Income (TTM)-$48.1 millionCompany SnapshotSynaptics develops and markets semiconductor product solutions, including AudioSmart for advanced sound and voice processing, ConnectSmart for high-speed multimedia connectivity, and DisplayLink for compressed video transmission, generating revenue across audio, video, and connectivity solutions.The company operates a fabless semiconductor business model, designing specialized chips for consumer electronics and computing devices while leveraging third-party manufacturing partners to optimize capital efficiency and scalability.Synaptics serves original equipment manufacturers and system integrators in the personal computing, mobile, and consumer electronics markets, with primary customers including major laptop, smartphone, and peripheral device manufacturers.Synaptics Incorporated is a global semiconductor solutions provider with approximately $1.2 billion in TTM revenue, specializing in human-machine interface and connectivity technologies. The company has demonstrated significant market momentum, with its stock appreciating 72% over the past year, reflecting investor confidence in its product portfolio and market positioning. Synaptics maintains competitive advantages through its specialized expertise in audio processing, video transmission, and connectivity solutions that enhance user experience across diverse consumer and computing platforms.

What this transaction means for investorsFor a chief executive, this is a relatively lean position, and since he just became CEO last year, it seems Patel is still building his stake rather than drawing it down, which is what you'd expect from a leader relatively early in the job.

The results, meanwhile, give him something to build on. Fiscal third-quarter revenue reached $294.2 million, up 10%, with core internet-of-things products jumping 31% and non-GAAP earnings per share hitting $1.09. On the latest earnings call, Patel said Synaptics is seeing "accelerating adoption,” with customer engagements continuing to expand, and the company guided to about $305 million for the following quarter and repurchased $39 million of stock, bringing the fiscal year total to $93 million. It carries $404.4 million in cash against $836.7 million in long-term debt. For long-term investors, that debt load is worth weighing against the buybacks, but ultimately Synaptics is returning cash while owing twice what it holds, signaling that it’s counting on continued growth.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Synaptics. The Motley Fool has a disclosure policy.

Cardano is weighing a proposal that could allocate 120 million ADA, valued at approximately $19.2 million, to increase its decentralized finance (DeFi) total value locked (TVL) by $200 million over the next year. While the initiative aims to advance Cardano’s DeFi ecosystem, some analysts caution that financial incentives alone may not address the network’s deeper challenges.

Alpha Growth’s PRIME proposal and phased funding safeguardsCrypto commentator Linda recently explored the PRIME proposal, developed by Alpha Growth, which seeks to enhance liquidity, develop DeFi products, and attract longer-term capital beyond short-lived incentive schemes. Cardano currently holds about $90 million in DeFi TVL and $45 million in stablecoins.

Alpha Growth’s strategy begins with a comprehensive audit covering 20 to 25 DeFi categories. This would be followed by a public gap analysis to identify specific ecosystem weaknesses. Only after these assessments would the actual incentive programs and capital deployment start.

The proposal’s structure includes key safeguards. The transition to the critical third phase, where most funds would be distributed, requires approval from a five-member operating group featuring representatives from Blink Labs, CoinseLion, Midgard Labs, Input Output, and Tweag. If this panel does not agree to proceed, roughly 90 million ADA will remain untouched in the treasury.

Linda highlighted her support for the safeguard: “I personally really, really like that safeguard.”

The preliminary budget allocates $5.6 million to ecosystem grants, $4.3 million for liquidity provider incentives, and $2.4 million for marketing, events, and partnerships. Alpha Growth would receive a $1.7 million fixed management fee, with as much as $4.6 million additionally tied to performance milestones. Remaining funds are designated for audits and compliance expenses.

Budget ItemPlanned AllocationEcosystem grants$5.6 millionLiquidity incentives$4.3 millionMarketing & partnerships$2.4 millionAlpha Growth fixed fee$1.7 millionPerformance-based feeUp to $4.6 millionAudits & complianceRemaining fundsBefore any spending can occur, Cardano governance may need to lift its Net Change Limit—the treasury cap for funding cycles—from 350 million ADA to 500 million ADA. Linda argued that the current ceiling leaves insufficient room to accommodate the proposed initiative.

Mini dictionary: Alpha Growth, a blockchain consulting firm, develops strategies for DeFi project growth and helps optimize liquidity and capital efficiency for emerging crypto ecosystems.

Key adoption barriers and the debate over incentivesAlpha Growth’s analysis points to Cardano’s fragmented and inefficient liquidity as a primary DeFi obstacle. The proposal claims that increasing “organic APR”—returns based on genuine transaction activity rather than external incentives—will help retain capital and users.

Linda, however, expressed skepticism about the effectiveness of such incentives. She noted that despite past campaigns offering high, relatively low-risk yields, Cardano has struggled to achieve broad DeFi adoption. She believes the network needs a unique “killer app” to persuade users to overcome operational hurdles such as new wallets, cross-chain bridges, and unfamiliar DeFi interfaces.

“We don’t just need competitive APRs. We need something that only exists on Cardano”—an application compelling enough to offset onboarding friction, Linda stated.

Additional headwinds include the lack of native USDC stablecoin support; Cardano currently relies on bridged USDCX, which Linda argued may not deliver the trust, liquidity depth, or integrations that users expect. She also cited slower settlement times and less responsive liquidation processes compared to other leading chains.

Alpha Growth’s proposal essentially represents a test case for whether Cardano can cultivate a robust, sustainable DeFi environment. Should efforts fall short of significantly boosting on-chain activity, Linda suggested that Cardano might need to shift focus toward real-world financial infrastructure—a core vision that shaped the project’s initial development.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

For the quarter ended June 2026, East West Bancorp (EWBC - Free Report) reported revenue of $791.14 million, up 12.5% over the same period last year. EPS came in at $2.63, compared to $2.28 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $785.94 million, representing a surprise of +0.66%. The company delivered an EPS surprise of +0.77%, with the consensus EPS estimate being $2.61.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how East West Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net interest margin: 3.4% compared to the 3.5% average estimate based on four analysts.Efficiency ratio: 36.7% versus the four-analyst average estimate of 35.4%.Average Balance - Total interest-earning assets: $80.09 billion compared to the $79.83 billion average estimate based on three analysts.Annualized quarterly net charge-offs to average loans HFI: 0.2% compared to the 0.2% average estimate based on three analysts.Total nonperforming assets: $246.96 million compared to the $221.84 million average estimate based on two analysts.Leverage ratio: 11% versus the two-analyst average estimate of 11%.Tier 1 capital ratio: 15.4% versus the two-analyst average estimate of 15.2%.Total capital ratio: 16.8% compared to the 16.5% average estimate based on two analysts.Total nonaccrual loans: $204.96 million compared to the $186.16 million average estimate based on two analysts.Total Noninterest Income: $106.49 million versus the four-analyst average estimate of $98.34 million.Net Interest Income: $684.65 million versus the four-analyst average estimate of $687.82 million.Commercial and consumer deposit-related fees: $31.62 million compared to the $30.01 million average estimate based on three analysts.View all Key Company Metrics for East West Bancorp here>>>

Shares of East West Bancorp have returned +3.7% over the past month versus the Zacks S&P 500 composite's -0.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Bitcoin Provides Defensive ExposureBlue Macellari, T. Rowe Price’s head of digital assets and the ETF’s lead portfolio manager, said the fund reflects the company’s longstanding emphasis on active management and fundamental research.

"We were never going to launch just a Bitcoin ETF," Macellari said during an appearance on the Crypto Prime podcast on Monday.

Its initial portfolio was led by Bitcoin at roughly 41% and ETH at about 18%, followed by positions in BNB, SOL XRP, HYPE and smaller allocations to other assets.

Macellari described the current market as a crypto winter and noted the fund is positioned relatively defensively, explaining its substantial Bitcoin weighting.

‘Tokenization Good, Crypto Bad’ Is A False DivideMacellari argued that Wall Street often tries to separate tokenization from cryptocurrencies by claiming tokenization is valuable while native digital assets are not.

She rejected that distinction.

If stocks, funds and other financial products migrate to public blockchains, their activity could create value for the networks and native tokens underpinning those systems.

The broader portfolio reflects T. Rowe Price’s bullish outlook on what she called "on-chain finance."         

Macellari highlighted Hyperliquid’s revenue model as particularly compelling because it can be understood and valued using metrics familiar to traditional investors.

ETH and SOL may also benefit as financial institutions move tokenized assets and around-the-clock markets onto blockchain networks, she predicts.

Crypto Winter May Approach Its Final StageMacellari explained that the market has been in a persistent downturn since the October 2025 selloff, marking the first crypto winter experienced by many investors through spot exchange-traded products.

Bitcoin has suffered a drawdown of about 50%, while Ethereum, Solana and other altcoins have faced deeper declines.

However, she said the selloff has created more attractive asymmetric opportunities in projects whose underlying adoption and economics remain intact.

The key difference from previous winters is that banks, asset managers and financial platforms have continued developing digital-asset infrastructure rather than abandoning the sector.

Macellari expects choppy conditions and the possibility of further declines through the summer but believes the market could begin emerging from crypto winter heading into Q4.

Image: Shutterstock

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Nano Nuclear Energy (NNE +5.42%) is a nuclear energy company that wants to build small, portable nuclear power systems. It does not yet have commercial reactors in operation, yet its flagship microreactor design, called KRONOS, is moving through the Nuclear Regulatory Commission (NRC) regulatory process and is tied to a University of Illinois project.

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That's a decent elevator pitch for the nuclear stock, but it doesn't really do justice to what this company is trying to accomplish. In addition to building portable microreactors, the company also aims to control parts of the nuclear reactor infrastructure, such as fuel transportation. To that end, Nano may have just pulled off one of its most strategically important moves of 2026.

Let's take a look.

A critical piece of the nuclear puzzle purchased In late May 2026, Nano acquired Secured Transportation Services (STS), a profitable nuclear logistics company with 21 years of experience moving radioactive and nuclear materials.

Nano agreed to pay up to $13 million for STS, which is about 1.8 times the logistics company's trailing sales (about $7.1 million in 2025). STS also reported a net income of about $1.3 million, with net margins of roughly 18%.

At first glance, those numbers might produce little more than a half-shrug of indifference. So what? A million and some change in profits is hardly a drop in the bucket for a company whose first microreactor is expected to cost between $300 million and $350 million. Nano reported a net loss for 2025 of about 30 times that $1.3 million ($40 million in fiscal 2025).

Image source: Getty Images.

So, no, the deal isn't going to unleash a fire hose of cash on Nano's balance sheet. But there are much subtler reasons why this acquisition was critical to Nano's business, and they all revolve around the vertical integration model Nano is seeking to establish.

What you have to remember is that transportation in nuclear is not like ordinary trucking. Moving nuclear fuel and waste commercially requires more inspections, security protocols, rules, requirements, approvals, and route planning than putting a bunch of goods on the highway and telling the driver where to go. This is especially true of "spent fuel," or fuel that's already been used in reactors, as fuel at that stage is highly radioactive.

In this regard, STS' current operations could come in handy. According to Nano, STS "currently holds approval for more than 90% of the active U.S. NRC approved spent fuel routes in the United States."

Obviously, operating on nine out of 10 of the NRC-approved spent-fuel routes can help Nano's operations directly. It could also become a profit-making machine. In fact, it could transport fuel for utilities, government agencies, nuclear fuel suppliers, and even Nano's competitors. The business could, in short, grow with a broadening nuclear industry, even if Nano's KRONOS reactors haven't yet turned on the revenue spigot.

Don't get me wrong, though. If Nano wants to become a major, or even a nontrivial, player in the advanced nuclear space, it needs to commercialize its reactors. But I like where management's thought process is. With the stock currently trading more than 40% lower year to date, this could be an attractive entry point for risk-tolerant long-term investors.

Key Takeaways Analysts expect Tesla to report Q2 EPS of $0.50.The options market is implying a 6% post-EPS move.Energy and future tech timelines will be important clues for investors to observe. Tesla Q2 EarningsZacks Rank #3 (Hold) stock Tesla ((TSLA - Free Report) ) will report earnings on second quarter earnings results on Wednesday, July 22, after the equity market close. Zacks Consensus Analyst Estimates predict that Tesla will earn $0.50 for Q2, up from the $0.41 the company earning in Q1.

Image Source: Zacks Investment Research

Tesla’s Recent EPS HistoryTesla’s recent earnings track record has been spotty to say the least. The EV maker has missed Zacks Consensus Estimates in 6 of the past 10 quarters.

Image Source: Zacks Investment Research

Nevertheless, Tesla is exhibiting some recent signs of a turn around. Over the past two quarters Tesla has beaten Wall Street estimates by double digits and has an average EPS surprise of 5.48% over the past four.

Image Source: Zacks Investment Research

TSLA Implied Post-EPS MoveThe options market is currently pricing in a rather subdued post-EPS move of +/- $24 or 6%.

The Legacy EV Business: Volume vs. MarginsAlthough most investors own Tesla shares because they are betting on future products such as the Optimus humanoid robot and robotaxi, it’s electric vehicle business still comprises the lion’s share (~85%) of its total revenues. Last month, Tesla delivered a spectacular deliver beat when it reported ~480k vehicles for Q2. The 480K delivery number trounced Wall Street estimates of 406k and represented a 25% year-over-year increase.

However, it’s important that investors do not view the delivery number in a vacuum. Amid a sunsetting of the federal EV tax credits and a slowing EV market Tesla has offered generous promotional financing and has slashed prices in key markets such as China and Europe. The question for investors is “Will increased EV sales volumes supersede incentives or will deep discounts erode profit margins?”

Tesla EnergyTesla’s Energy business continues to be a consistent bright spot for the company. Deployments soared 40% year-over-year. Meanwhile, Tesla is expanding its energy business. SunRun ((RUN - Free Report) ) and TSLA announced a 16GW distributed energy pact targeting utilities and data center operators. Additionally, Tesla brough the largest lithium refinery in the U.S. online earlier this year. While growth will likely continue, investors will be watching to see if CAPEX stabilizes in this segment.

Future Product TimelinesTesla CEO Elon Musk has a reputation for setting extremely aggressive (and sometimes unrealistic) timelines. While these optimistic timelines can lead to increased productivity, they have been a thorn in the side of Wall Street investors, who are often hyper focused on quarterly results as opposed to long-term results. As a result, investors will want to see progress on Tesla’s Robotaxi & Cybercab commercialization, its FSD adoption rates, and Optimus and AI Compute expansion.

Bottom Line

Tesla’s Q2 EPS will answer important questions about the company’s legacy EV business, energy growth, and future product timelines. If strong delivery volumes can offset incentives and Elon Musk delivers tangible updates on autonomous tech, Tesla shares could finally get the spark they need.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Jim Cramer used his Tuesday, July 20, CNBC Mad Money segment to defend Netflix (NASDAQ:NFLX | NFLX Price Prediction) after a punishing post-earnings sell-off, telling viewers the streamer’s slide into the high-$60s makes the stock worthy of a closer look.

“This is not a broken company. It’s one of the best companies around with one of the best products, and the numbers are still better than most,” Cramer said, framing the stock’s 19x forward earnings multiple as an entry point patient investors have been waiting for.

Netflix shares are down 8.44% over the past week, 12.64% over the past month, and 44.1% over the past year, closing Tuesday at $68.67. That’s a sharp reset from levels near $95.55 at the start of April.

Netflix Beat Estimates, but Investors Still Sold the Stock Netflix’s Q2 2026 report on July 16 delivered EPS of $0.80 versus the $0.7883 estimate on revenue of $12.56 billion, up 13.37% year over year, with an operating margin of 33.4%. Growth was broad-based, with Latin America up 21%, Asia Pacific up 16%, EMEA up 14%, and North America up 10%. Netflix narrowly missed on Wall Street’s revenue expectations.

However, Netflix fell from $73.985 at the filing to $68.20 within an hour. Cramer conceded the quarter was a disappointment with a weakening content slate, but pushed back on the idea that the company is now fundamentally broken.

Netflix’s Advertising Revenue Could Double to $3 Billion Cramer shared Netflix’s bull case based on an uptick in advertising revenue. “Advertising revenues should roughly double to $3 billion this year, and management believes the gap between the economics of the ad-supported and the ad-free plans is narrowing,” he said, pointing to a gap now under 45%. On the earnings call, co-CEO Gregory Peters described that closing gap as “near-term, unrealized revenue growth” the company can harvest.

The Company Captures Only 5% of Global Television Viewing Then came the runway argument. “Penetration of its addressable broadband households captures only about 7% of the entertainment revenue available in those markets, and accounts for just about 5% of global television viewing, so there’s still plenty of room for growth,“ Cramer said. CFO Spencer Neumann noted Netflix is approaching 1 billion people in audience with household penetration under 45% of ~800 million addressable households.

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Netflix Repurchased a Record $4.7 Billion of Stock Additionally, Netflix repurchased $4.7 billion of stock in Q2, its largest buyback quarter ever, with roughly $27 billion in remaining authorization after April’s $25 billion refresh. Cramer characterized it as one of the largest corporate buyback programs in America, alongside investments across ads, games, live programming, podcasts, sports, and AI.

Cramer Says Buy a Small Position and Add “Pyramid Style” Cramer advocated for interested investors to start a small position and scale up over time. “I’d put a small position here and then gradually add on to weakness in pyramid style, because I wouldn’t be surprised if the weakness sticks,” he said.

Polymarket’s active weekly market assigns roughly 81% probability that NFLX closes the week of July 20-24 in the $60-$70 range, and the July monthly market puts the highest conviction at $65 with 0.405 probability.

Reddit sentiment mirrors the split Cramer is trying to bridge. Aggregate sentiment scores dropped to 24 on Monday afternoon, while a widely upvoted r/stocks thread titled “Netflix beat earnings, did its biggest buyback and then restricted access to its engagement data and fell 12% through two days” captured the frustration. Wall Street’s average analyst price target sits at $97.91 with 37 Buy and 13 Hold ratings, which represents significant upside from the stock’s current price of $68.67.

What To Watch Cramer believes Netflix’s sell-off has created an attractive entry point, but he cautioned that the stock could remain weak in the near term. His strategy is to start with a small position and gradually buy more if shares continue to fall.

The bull case now depends on Netflix doubling advertising revenue to $3 billion, restoring engagement growth, and meeting its Q3 guidance. If the company delivers, its global growth runway, record share repurchases, and 19x forward earnings multiple could make the current decline a long-term buying opportunity.

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In the latest trading session, StoneCo Ltd. (STNE - Free Report) closed at $11.26, marking a +1.21% move from the previous day. This move outpaced the S&P 500's daily gain of 0.89%. Elsewhere, the Dow gained 0.74%, while the tech-heavy Nasdaq added 1.29%.

The company's shares have seen an increase of 3.54% over the last month, surpassing the Computer and Technology sector's loss of 6.6% and the S&P 500's loss of 0.63%.

The investment community will be paying close attention to the earnings performance of StoneCo Ltd. in its upcoming release. The company is slated to reveal its earnings on August 13, 2026. In that report, analysts expect StoneCo Ltd. to post earnings of $0.46 per share. This would mark year-over-year growth of 17.95%. Simultaneously, our latest consensus estimate expects the revenue to be $731.18 million, showing a 8.8% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.27 per share and a revenue of $2.91 billion, signifying shifts of +40.12% and +10.25%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for StoneCo Ltd. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.73% decrease. StoneCo Ltd. currently has a Zacks Rank of #4 (Sell).

Looking at its valuation, StoneCo Ltd. is holding a Forward P/E ratio of 4.9. This expresses a discount compared to the average Forward P/E of 19.97 of its industry.

We can additionally observe that STNE currently boasts a PEG ratio of 0.33. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 1.1.

The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 85, putting it in the top 35% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

PDD Holdings Inc. Sponsored ADR (PDD - Free Report) closed the most recent trading day at $84.83, moving -1.42% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.89% for the day. Meanwhile, the Dow gained 0.74%, and the Nasdaq, a tech-heavy index, added 1.29%.

Prior to today's trading, shares of the company had gained 10.16% outpaced the Retail-Wholesale sector's gain of 1.33% and the S&P 500's loss of 0.63%.

The upcoming earnings release of PDD Holdings Inc. Sponsored ADR will be of great interest to investors. The company is predicted to post an EPS of $2.85, indicating a 7.47% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $17.13 billion, up 18.04% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $10.37 per share and revenue of $70.74 billion, which would represent changes of +0.1% and +16.67%, respectively, from the prior year.

Any recent changes to analyst estimates for PDD Holdings Inc. Sponsored ADR should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. PDD Holdings Inc. Sponsored ADR is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that PDD Holdings Inc. Sponsored ADR has a Forward P/E ratio of 8.3 right now. This indicates a discount in contrast to its industry's Forward P/E of 17.17.

Meanwhile, PDD's PEG ratio is currently 0.66. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Internet - Commerce stocks are, on average, holding a PEG ratio of 1.13 based on yesterday's closing prices.

The Internet - Commerce industry is part of the Retail-Wholesale sector. Currently, this industry holds a Zacks Industry Rank of 166, positioning it in the bottom 33% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow PDD in the coming trading sessions, be sure to utilize Zacks.com.

Autodesk (ADSK - Free Report) closed at $211.15 in the latest trading session, marking a -3.05% move from the prior day. This change lagged the S&P 500's daily gain of 0.89%. On the other hand, the Dow registered a gain of 0.74%, and the technology-centric Nasdaq increased by 1.29%.

The design software company's shares have seen an increase of 16.02% over the last month, surpassing the Computer and Technology sector's loss of 6.6% and the S&P 500's loss of 0.63%.

The upcoming earnings release of Autodesk will be of great interest to investors. The company's earnings per share (EPS) are projected to be $3.12, reflecting a 19.08% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $2.01 billion, up 13.96% from the prior-year quarter.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $12.58 per share and a revenue of $8.19 billion, representing changes of +20.61% and +13.65%, respectively, from the prior year.

Any recent changes to analyst estimates for Autodesk should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.01% higher. Autodesk is currently a Zacks Rank #3 (Hold).

From a valuation perspective, Autodesk is currently exchanging hands at a Forward P/E ratio of 17.32. This represents a discount compared to its industry average Forward P/E of 19.97.

Meanwhile, ADSK's PEG ratio is currently 1.03. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Internet - Software was holding an average PEG ratio of 1.1 at yesterday's closing price.

The Internet - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 85, placing it within the top 35% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Frederick G. Thiel, the chief executive officer of MARA Holdings, Inc. (MARA +4.97%), reported a sale of 27,505 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$300,000Shares sold27,505Post-transaction shares (directly held)4,471,403Post-transaction value$47.8 millionTransaction value based on SEC Form 4 weighted average sale price ($10.90); post-transaction value based on July 17, 2026 market close ($10.69).

Key questionsWhat was the structural context of this transaction?
The sale was executed under a Rule 10b5-1 trading plan established on May 28, 2025, a mechanism that allows corporate insiders to schedule trades in advance to mitigate potential concerns regarding non-public information.How does this impact the CEO's total equity position?
Frederick G. Thiel continues to hold a substantial direct interest in the company, with the current disposition reducing his direct holdings by less than 1% to a total of 4,471,403 shares.What is the current valuation of the remaining holdings?
Using the July 17, 2026, market close price of $10.69, the executive's remaining direct equity position is valued at $47.8 million.What is the recent performance of the equity?
Shares of the digital asset technology company have experienced a one-year decline of about 35%.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$12.25Market Capitalization$4.7 billionRevenue (TTM)$867.8 millionNet Income (TTM)-$2.0 billionCompany SnapshotMARA Holdings operates as a digital asset technology company focused on Bitcoin mining, generating revenue through the ownership and operation of Bitcoin mining facilities and data centers, the sale of proprietary software and technology to third parties within the Bitcoin ecosystem, and the provision of advisory and consulting services to support Bitcoin mining ventures across domestic and international jurisdictions.The company's business model centers on leveraging proprietary mining infrastructure and technology to extract Bitcoin while optimizing operational efficiency through renewable energy generation and resource management.MARA's primary customers include institutional and retail investors seeking Bitcoin exposure, third-party Bitcoin mining operators requiring technology solutions and consulting services, and enterprises evaluating Bitcoin mining ventures in various jurisdictions.MARA Holdings, Inc. operates as a significant participant in the digital asset and cryptocurrency mining sector. The company maintains a focused strategy on Bitcoin ecosystem development, combining mining operations with technology licensing and advisory services to capture value across multiple segments of the Bitcoin infrastructure market. Despite current net losses, MARA's diversified revenue streams and proprietary technology position it as a vertically integrated player in the evolving digital asset infrastructure landscape.

What this transaction means for investorsThe plan governing this sale dates to May 2025, roughly fourteen months before it executed, with MARA trading at slightly higher levels then, at around $14 to $16, effectively meaning shares haven’t delivered consistent gains since. With this sale, he collected about $300,000 while holding onto 4,471,403 shares worth $47.8 million, so less than 1% of his position moved. That’s a scale that says he remains tied to the outcome far more than any single sale suggests.

That outcome now hinges on Bitcoin's price more than mining itself. First-quarter revenue fell 18% to $174.6 million as the cryptocurrency’s average price dropped, and the company posted a $1.26 billion net loss. CFO Salman Khan attributed roughly $1 billion of it to "the unrealized mark-to-market fair value adjustment for digital assets." MARA also sold about $1.5 billion of Bitcoin during the quarter, using proceeds to retire roughly $1 billion in convertible notes, a sharp break from its old refusal to sell. That’s what long-term investors should be mindful of. MARA's reported results can swing on Bitcoin's quarterly price move, which makes the shares effectively a bet on the asset rather than on the mining business underneath.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Anyone keeping tabs on orbital-launch service provider Rocket Lab (RKLB +5.31%) knows it's working on a company-changing solution. That's its so-called Neutron rocket, capable of lifting up to 28,000 pounds of payload. That's a huge leap from its similarly reusable Electron rocket, with a maximum payload of 660 pounds. This medium-lift portion of the space-launch business that Space Exploration Technologies can also serve is the biggest.

Still, Rocket Lab can't afford any further delays in the development of Neutron, which has already suffered too many. Here's why.

Image source: Getty Images.

Rocket Lab's customers are waiting Introduced in early 2021, the rocket's early delays weren't particularly surprising or unusual. February's decision to postpone the first flight planned for that month to late 2026 was as alarming as it was surprising. By that time, Rocket Lab had already made agreements with the U.S. Air Force, NASA, and one unnamed satellite operator, each of which was likely counting on regular flights being possible by now. Although these contracts allow for contingencies like developmental delays, the deals aren't necessarily inescapable either.

And that matters.

See, alternatives (in addition to SpaceX) are materializing. In cooperation with defense contractor Northrop Grumman, for instance, a company called Firefly Aerospace is working on a medium-lift launch vehicle of its own -- the Eclipse -- that could start flying as soon as next year. Relativity Space's reusable, 3D-printed "Terran" medium-to-heavy lift rocket could see its first launch soon, too. Stoke Space, Isar Aerospace, Galactic Energy, Space Pioneer, and Blue Origin are just some of the other names specifically looking to serve the medium-lift space-launch market with rockets that could be flying within the next couple of years, if not sooner.

With the arguable exception of Blue Origin, none of these companies is as proven as Rocket Lab, thanks to its smaller Electron rocket, which, at over 91 flights, has successfully deployed more than 260 satellites. Not all of Rocket Lab's confirmed Neutron customers are necessarily in a hurry either; they'll likely hold off until the vehicle is reliably ready.

Others may not be in a position to wait, though, if another option materializes before the end of this year or in the first half of next year, if Rocket Lab runs into another delay (which is certainly conceivable).

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Perhaps the bigger risk to Rocket Lab shareholders, however, is the medium-lift business it may never win in the future because would-be customers have already had acceptable experiences with other launch-service providers.

In other words, this sliver of the orbital launch business just turned into a horse race, and Rocket Lab seems to have about as much to lose as it does to win.

The clock is ticking on Rocket Lab The company also has something of a not-so-secret weapon. That's its capabilities beyond mere launch. Rocket Lab can also help its customers build the very satellites they need the company to put into orbit. This integrated, one-stop-shop offering certainly makes otherwise complicated things simpler for its users.

That alone may not be enough, though. Rocket Lab's long-term future largely depends on at least a few successful launches of Neutron by this time next year.

The PDT Rule Is On Its Way Out: 5 Stocks That Stand to Benefit the MostInteractive Brokers Group NASDAQ: IBKR reported another record-setting quarter in the second quarter of 2026, with executives citing stronger trading activity, account growth, higher client balances and continued product expansion across global markets.

Nancy Stuebe, Director of Investor Relations at Interactive Brokers, said the company set records in commissions, net interest income and total net revenue, as well as total accounts, account additions, client equity and total client daily average revenue trades, or DARTs. She said the company’s pre-tax profit margin was 77%, marking the seventh consecutive quarter above 70%.

Get IBKR alerts:

MarketBeat Week in Review – 03/16 - 03/20Stuebe said the S&P 500 rose nearly 15% during the quarter, supported by strong technology earnings, while semiconductor names became a notable driver of client trading activity on the platform. “Our clients tend to embrace volatility and changing market dynamics as they provide opportunities in the market,” she said.

Revenue, Margins and Balance Sheet Paul Brody, Chief Financial Officer of Interactive Brokers, said the company produced record net revenues and pre-tax income in the quarter. Commissions rose 30% from the prior-year quarter to a new record, supported by higher trading volumes across stocks, options and futures.

Can Interactive Brokers Repeat Another Big Year?Net interest income increased 23% year over year to more than $1 billion, driven primarily by higher balances. Brody said margin borrowing increased as investors took on more risk, while the company’s segregated cash portfolio grew with new account additions. Those gains were partially offset by higher interest paid on customer cash balances.

Other fees and services totaled $87 million, up 40%, which Brody attributed mainly to strong options volumes and higher risk exposure fees. Excluding certain non-core items, other income was $66 million for the quarter.

Expenses also rose. Execution, clearing and distribution costs were $142 million, up 22% from the year-ago quarter. Brody said the increase was primarily due to the reinitiation of SEC regulatory fees, which totaled $34 million in the quarter. He said those fees are largely passed through and increase both commission revenue and execution costs, leaving profits unaffected.

Compensation and benefits expense was $182 million, equal to 10% of adjusted net revenues, down from 11% a year earlier. General and administrative expenses were $68 million, with expanded advertising contributing to the increase. Interactive Brokers had 3,265 employees as of June 30.

Total assets rose 36% year over year to $247 billion, driven by higher margin lending and segregated cash and securities balances. Brody said the company continues to have no long-term debt. Firm equity increased 20% to $22.3 billion.

Client Growth and Trading Activity Interactive Brokers reported client equity of $930 billion, up 40% year over year. Client uninvested cash balances rose 27% to a record $182 billion, while new accounts grew 34%. Stuebe said strong interest continues from both institutional and individual investors globally in opening and funding accounts.

Brody said total customer DARTs were 4.8 million trades per day, up 36% from the prior year. Options contract volumes rose 17%, futures contract volumes increased 2% and stock share volumes were up 14%.

Brody said the average U.S. Fed funds rate was down 70 basis points from a year earlier, but margin loan interest rose 39% and segregated cash interest increased 7%, supported by balance growth. He estimated that a 25-basis-point increase in the Fed funds rate would raise annual net interest income by $81 million, while a 25-basis-point reduction would lower it by the same amount. For non-U.S. benchmark rates, a 25-basis-point move would affect annual net interest income by about $38 million.

Product Expansion Includes Korea, Crypto and AI Stuebe said Interactive Brokers became the first e-broker to offer trading in Korea, providing access to the Korea Exchange and Nextrade, Korea’s 12-hour and overnight alternative trading system. She said Korean memory chip companies were highly sought after by clients.

In Europe, the company directly offered the SpaceX IPO to eligible U.K. and European retail clients, according to Stuebe. It also began offering cryptocurrencies throughout Europe, after previously offering crypto in the U.K. since 2024.

The company also released IBKR Connector in partnership with Anthropic, OpenAI and xAI. Stuebe said the integration allows clients to connect AI chatbots directly to their Interactive Brokers accounts to analyze portfolios, research opportunities and prepare orders for stocks, options and futures. She said the company is also expanding internal AI use in client service, compliance, surveillance and account onboarding.

In the question-and-answer portion of the call, Milan Galik, President and CEO of Interactive Brokers, said clients can use AI chatbots to access account data and prepare trading instructions, but those instructions currently require client approval before becoming executable orders. Galik said the company expects to offer fully autonomous agentic trading in the future, but only with guardrails and some form of client testing.

Prediction Markets, Introducing Brokers and Global Trends Interactive Brokers also launched IBKR Prediction Markets, a platform for trading event contracts across ForecastEx, CME and Kalshi. Stuebe said orders are routed to the venue offering the best net price, with a focus on economic, political and climate contracts. Galik said the company is not offering sports or entertainment contracts and is focused on events that may affect client portfolios.

Asked about ForecastEx, Thomas Peterffy, Founder and Chairman of Interactive Brokers, said the company will continue to focus on weather-related contracts and is adding potential hurricane landfall contracts, which he said could relate to insurance risk.

Stuebe said the introducing broker pipeline remains strong. Galik said the company had a double-digit number of integrations go live for the fourth or fifth consecutive quarter and has more integrations in progress than in the previous quarter. He said recent prospects include firms looking to expand into listed stocks, brokers seeking broader asset-class or regional coverage, and financial institutions moving to Interactive Brokers to reduce costs or access its product offering.

Asked about account growth by region, Galik said the company is “growing everywhere globally” across regions and account types. He said the launch of Korean trading was well timed and generated strong activity from the start.

Capital, Marketing and Risk In response to a question from Goldman Sachs analyst James Yaro, Galik said Interactive Brokers had about $10.3 billion in excess capital after buffers, up approximately $1.1 billion from the prior quarter. He said the company continues to review potential acquisitions, but “nothing so far stood out as worthy” of pursuing.

Peterffy said increased marketing spending has produced a corresponding increase in results, but not a higher yield than before. He declined to promise a sustained account growth rate, noting that the company has previously exceeded 30% growth after earlier expectations centered on 20%.

Asked about rapid growth in margin balances, Peterffy said Interactive Brokers continuously monitors client margin risk and is comfortable with current levels.

Galik also addressed Chinese regulatory actions affecting Tiger Brokers and Futu. He said Interactive Brokers has long complied with mainland Chinese regulations, does not advertise in mainland China and requires accounts to demonstrate residence outside mainland China. Following regulatory actions involving Tiger and Futu, he said Interactive Brokers saw an uptick in broker transfers and assets moving from those platforms.

On cryptocurrency perpetual futures, Galik said roughly one-third of Interactive Brokers’ crypto trading is now coming from those products, which allow clients to short cryptocurrencies and trade with leverage. He said the company will provide access to additional perpetual products where it sees meaningful volume and public interest.

About Interactive Brokers Group (NASDAQ:IBKR)Interactive Brokers Group, Inc NASDAQ: IBKR is a global electronic brokerage holding company that provides trading, clearing and custody services to retail traders, institutional investors, proprietary trading groups and financial advisors. The firm offers direct access to a wide range of asset classes, including equities, options, futures, foreign exchange, bonds and exchange-traded funds across many international markets. Interactive Brokers emphasizes electronic order execution, automated trading and low transaction costs as core differentiators for its clients.

Its product suite centers on advanced trading platforms and infrastructure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Super Micro Computer (SMCI) logo is seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 21 (Reuters) - Super Micro Computer (SMCI.O), opens new tab said on Tuesday it had secured ​more than $60 billion in new orders in ‌the fourth quarter, and now expects gross margin to exceed its previous forecast, sending its shares surging 17.5% in extended ​trading.

Artificial-intelligence infrastructure firms have seen demand accelerate ​as tech companies and cloud providers ramp up ⁠investments in data centers to support large language ​models and other AI applications.

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The AI server maker expects ​gross margins in the range of 15% to 17% for the quarter ended June 30, well above its earlier forecast of ​8.2% to 8.4%, "primarily due to a favorable customer ​and product mix."

Super Micro's backlog grew to "record levels" at the ‌end ⁠of fiscal year 2026, it said in a preliminarily statement of results.

It expects quarterly revenue near the low end of its $11 billion to $12.5 billion forecast range. ​Analysts expect revenue ​of $11.67 billion, ⁠according to data complied by LSEG.

The company is set to post quarterly results ​on August 11.

Super Micro had said in ​June ⁠it would raise $7 billion through a series of equity and equity-linked financing transactions and use the proceeds to fulfill ⁠orders ​worth about $39 billion for its ​advanced AI servers from more than 20 customers.

Reporting by Juby Babu in ​Mexico City; Editing by Shailesh Kuber and Shilpi Majumdar

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

Webster Financial (WBS - Free Report) came out with quarterly earnings of $1.6 per share, missing the Zacks Consensus Estimate of $1.61 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -0.62%. A quarter ago, it was expected that this holding company for Webster Bank would post earnings of $1.53 per share when it actually produced earnings of $1.57, delivering a surprise of +2.61%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Webster Financial, which belongs to the Zacks Banks - Northeast industry, posted revenues of $739.99 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.25%. This compares to year-ago revenues of $715.84 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Webster Financial shares have added about 19.7% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Webster Financial?While Webster Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Webster Financial was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.69 on $766.56 million in revenues for the coming quarter and $6.57 on $3.03 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Northeast is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Northeast Community Bancorp (NECB - Free Report) , is yet to report results for the quarter ended June 2026.

This bank holding company is expected to post quarterly earnings of $0.77 per share in its upcoming report, which represents a year-over-year change of -6.1%. The consensus EPS estimate for the quarter has been revised 2.4% lower over the last 30 days to the current level.

Northeast Community Bancorp's revenues are expected to be $25.76 million, down 0.7% from the year-ago quarter.

1 in the industry in year-to-date on-time performance

Expanded international service to include transatlantic flights from Seattle to Rome, London, Reykjavík

Achieved single passenger service system for Alaska and Hawaiian and recognized employees with 75k Atmos Points for major integration milestone

Q3 RASM expected to have double digit growth year-over-year

, /PRNewswire/ -- Alaska Air Group (NYSE: ALK) today reported financial results for the second quarter ending June 30, 2026.

"Our second quarter results were defined by a fuel spike outside our control - but underneath it, this company is executing better than ever," said CEO Ben Minicucci. "We led the industry in on-time performance for the first half of the year, completed the last major technical milestone of our Hawaiian integration, launched service to Europe, and returned to profitability in June. Absent the fuel headwind, we would have delivered a solidly profitable quarter. I have never been more confident in our people, our plan, and the long-term earnings power of Alaska Air Group."

Quarter in Review:

Air Group reported second quarter Generally Accepted Accounting Principles (GAAP) pretax margin of (5.3)% and GAAP net loss of $76 million, or $0.68 per share. Air Group's second quarter adjusted pretax margin was (4.3)% and adjusted net loss was $102 million, or $0.92 per share.

Q2 2026 Results

Prior Expectation

Actual Results

Capacity (ASMs) % change versus 2025

Up ~1%

Up 1.0%

RASM % change versus 2025

Up high single digits

Up 8.6%

CASMex % change versus 2025

Up high single digits

Up 6.5%

Economic fuel cost per gallon

$4.50

$4.43

Adjusted loss per share

~($1.00)

($0.92)

Second quarter total revenue grew 10% year-over-year to $4.1 billion on capacity growth of 1%, with unit revenue up 8.6%. Yields strengthened through the quarter, with June producing double digit unit revenue growth and double digit pretax profit margins.  

Our revenue performance was impacted by historic rainstorms in Hawai'i in March which had a meaningful impact on April spring break travel and reduced system unit revenue by approximately 3 points in the quarter, modestly above the 2 points originally expected. Outside of Hawai'i, demand remained resilient across the network and our diversified revenue streams continue to outpace system growth: premium revenue increased 15%, cargo revenue increased 21%, and managed corporate revenue accelerated 30% year-over-year respectively. Loyalty performance was also robust, with loyalty cash remuneration up 19%.

Non-fuel unit costs increased 6.5% year-over-year on 1% capacity growth, better than prior guidance. The year-over-year increase reflects 2.5 points of transitory factors, including a one-time employee recognition award tied to achieving a single passenger service system, a year-over-year headwind from prior-year aircraft sale gains, and crew training costs for our international widebody ramp. Outside of these transitory items, core cost management was strong, gaining momentum moving into the second half of the year.  

Second quarter economic fuel cost was $4.43 per gallon, an increase of 85% year-over-year, resulting in $600 million of incremental fuel cost for the period. In response to the elevated and unpredictable fuel price environment, we proactively raised $1 billion in financing during the quarter, deliberately bolstering liquidity to the top end of our target range of 15% to 25% of trailing-12-month revenue. As the fuel environment stabilizes and our earnings profile improves, we expect to put excess liquidity towards paying down debt and bring liquidity back to the midpoint of our target range.

Third Quarter Forecast Information:

With a strong demand backdrop and an improving unit cost trajectory, we expect a widening spread between unit revenue and unit costs in Q3. Coupled with continued execution on our strategic initiatives, we expect a meaningful inflection in financial performance beginning in Q3.

Third quarter capacity is expected to be up approximately 2% to 3% year-over-year, with nearly all growth coming from long-haul international flying out of Seattle, while capacity within North America will be essentially flat year-over-year.

Unit revenue is expected to improve sequentially from the second to third quarter to low double-digit growth year-over-year, supported by strong yields and demand. While Hawai'i remains a 2-3 point unit revenue headwind in the third quarter, loads are recovering and new bookings are coming in at system level yields, showing demand returning to historical levels in September.

Third quarter non-fuel unit costs are expected to increase in the low to mid single digits year-over-year, a meaningful step-down from the first half of the year, as transitory cost items are behind us and productivity improvements compound. While fuel prices remain volatile, economic fuel cost is expected to come down from second quarter levels as refining margins have recently moderated. Our guidance assumes a fuel price of $3.75 per gallon in the third quarter, reflecting July fuel costs of $3.60 per gallon, and average spot prices of $3.85 for August and September.   

Q3 2026 Expectation

Capacity (ASMs) % change versus 2025

Up 2% to 3%

RASM % change versus 2025

Up low double digits

CASMex % change versus 2025

Up low to mid single digits

Economic fuel cost per gallon

$3.75

Adjusted earnings (loss) per share(a)

$0.00 to $1.00

(a) Q3 earnings per share guidance assumes non-operating expense of approximately $60 million, a tax rate of approximately 35%, and shares outstanding of approximately 113.5 million.

Operational Updates:

Led the industry in year-to-date on-time performance. Transitioned to a single passenger service system (PSS), marking a key integration milestone that consolidates reservation and customer service platforms across Alaska and Hawaiian, and delivers a more streamlined guest experience. Launched new transatlantic service from Seattle with flights to Rome, London, and Reykjavik, further expanding our international network and reinforcing our position as the fourth-largest global airline in the U.S. Took delivery of six 737-8 aircraft, two E175 aircraft, and added one E175 under CPA with SkyWest. Announced agreement to add four 737-800 freighter aircraft to Alaska's cargo fleet, effectively doubling the cargo fleet's capacity. The aircraft are expected to enter service in the first half of 2027. Completed the 737 cabin retrofits, adding expanded first and premium class seating and refreshed cabin interiors. Announced expansions in our domestic route network, including the addition of new routes from Santa Rosa, the return of service between Seattle and Long Beach, new service from Honolulu to Burbank, Spokane, and Boise, and increased service between Honolulu and Las Vegas. Commercial Updates:

Hawaiian Airlines joined the oneworld alliance, connecting Hawai'i to over 900 global destinations across more than 170 territories. Opened the newest Alaska Lounge at Portland International Airport, which is twice the size of the previous Portland lounge and underscores our continued investment in premium travel. Announced plans for a new world-class Alaska Lounge in Seattle. The new lounge is set to open in 2027 and will span across two floors, featuring showers, premium bars, à la carte dining, and chef-curated seasonal menus. Liquidity Updates:

Generated $606 million of operating cash flow during the first six months of 2026. Held $3.8 billion in available liquidity, including unrestricted cash, marketable securities, and undrawn credit facilities. Total liquidity includes $1 billion in financing completed in the second quarter, comprising $500 million of 6.5% senior unsecured notes and $500 million in term loans secured by assets associated with the Atmos™ Rewards program. Had approximately $20 billion of unencumbered assets at June 30, 2026, including 131 aircraft and the unencumbered portion of our loyalty program assets. Other Highlights:

Elected Shane Tackett as President and Chief Financial Officer of Alaska Airlines. Appointed Mike Sievert, Vice Chairman and former CEO of T-Mobile, to Air Group's board of directors. Celebrated our employees' efforts in achieving a single PSS and dedication throughout the Alaska-Hawaiian integration by awarding 75,000 Atmos Rewards points to all Alaska, Hawaiian, and Horizon employees. Opened new premium check-in experience in Seattle for business class Suites guests and Atmos Titanium members. CEO Ben Minicucci named Executive of the Year - North America at FlightGlobal's 2026 Airline Strategy Awards. Hawaiian Airlines named "Most Comfortable Airline" on WalletHub's 2026 Best Airlines list.   Alaska Airlines and Hawaiian Airlines were recognized with APEX Best Awards for Best Cabin Service and Best Wi‑Fi, respectively. Alaska Airlines recognized by the Port of Seattle's Sustainable Century Awards for Environmental Performance and Innovation and Greatest Use of Ground Power and Pre‑Conditioned Air Systems. A conference call regarding the second quarter results will be streamed online at 11:30 a.m. EDT/ 8:30 a.m. PDT on July 22, 2026. It can be accessed at www.alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this update to "Air Group," "Company," "we," "us," and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified.

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a discussion of risks and uncertainties that may cause our forward-looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate operations following the acquisition of Hawaiian Holdings, Inc. and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. With oneworld and our additional global partners, guests can earn and redeem points for travel to over 1,000 worldwide destinations with Atmos Rewards. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Alaska Air Group, Inc.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

2026

2025

Change

2026

2025

Change

Operating Revenue

Passenger revenue

$    3,644

$     3,355

9 %

$    6,564

$     6,163

7 %

Loyalty program other revenue

258

210

23 %

485

417

16 %

Cargo and other revenue

163

139

17 %

316

261

21 %

Total Operating Revenue

4,065

3,704

10 %

7,365

6,841

8 %

Operating Expenses

Wages and benefits

1,239

1,165

6 %

2,481

2,292

8 %

Variable incentive pay

65

61

7 %

95

123

(23) %

Aircraft fuel

1,305

700

86 %

2,101

1,381

52 %

Aircraft maintenance

256

240

7 %

472

460

3 %

Aircraft rent

64

64

— %

125

126

(1) %

Landing fees and other rentals

305

278

10 %

596

520

15 %

Contracted services

158

146

8 %

309

291

6 %

Selling expenses

115

105

10 %

214

205

4 %

Depreciation and amortization

207

199

4 %

411

393

5 %

Food and beverage service

107

97

10 %

202

182

11 %

Third-party regional carrier expense

68

69

(1) %

124

133

(7) %

Other

302

247

22 %

605

508

19 %

Special items - operating

42

56

(25) %

77

147

(48) %

Total Operating Expenses

4,233

3,427

24 %

7,812

6,761

16 %

Operating Income (Loss)

(168)

277

(161) %

(447)

80

NM

Non-operating Income (Expense)

Interest income

21

22

(5) %

40

48

(17) %

Interest expense

(86)

(66)

30 %

(162)

(132)

23 %

Interest capitalized

13

9

44 %

23

21

10 %

Other - net

6

(4)

NM

15

(12)

NM

Total Non-operating Expense

(46)

(39)

18 %

(84)

(75)

12 %

Income (Loss) Before Income Tax

(214)

238

(531)

5

Income tax expense (benefit)

(138)

66

(262)

(1)

Net Income (Loss)

$       (76)

$       172

$     (269)

$          6

Basic Earnings (Loss) Per Share

$     (0.68)

$      1.45

$     (2.39)

$      0.05

Diluted Earnings (Loss) Per Share

$     (0.68)

$      1.42

$     (2.39)

$      0.05

Weighted Average Shares Outstanding used for computation:

Basic

111.127

118.847

112.702

120.979

Diluted

111.127

120.930

112.702

123.183

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

Alaska Air Group, Inc.

(in millions, except share amounts)

June 30,
2026

December 31,
2025

ASSETS

Cash and cash equivalents

$     1,064

$       627

Restricted cash

33

28

Marketable securities

1,598

1,496

Receivables - net

681

565

Inventories and supplies - net

253

203

Prepaid expenses

261

278

Other current assets

46

69

Total Current Assets

3,936

3,266

Property and equipment - net of accumulated depreciation and amortization of $5,205 and $4,945

12,009

11,857

Operating lease assets

1,345

1,268

Goodwill

2,723

2,723

Intangible assets - net of accumulated amortization of $102 and $74

787

815

Other noncurrent assets

446

432

Total Noncurrent Assets

17,310

17,095

Total Assets

$    21,246

$    20,361

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable

$       403

$       324

Accrued wages, vacation and payroll taxes

727

881

Air traffic liability

2,398

1,689

Other accrued liabilities

1,217

1,055

Deferred revenue

1,778

1,722

Current portion of long-term debt and finance leases

452

721

Current portion of operating lease liabilities

217

197

Total Current Liabilities

7,192

6,589

Long-term debt and finance leases, net of current portion

5,783

4,834

Operating lease liabilities, net of current portion

1,164

1,141

Deferred income taxes

739

1,004

Deferred revenue

1,752

1,711

Obligation for pension and post-retirement medical benefits

349

369

Other liabilities

597

595

Total Noncurrent Liabilities

10,384

9,654

Shareholders' Equity

Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding

—

—

Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2026 - 147,087,872 shares; 2025 - 145,115,659 shares, Outstanding: 2026 - 111,566,970 shares; 2025 - 115,530,889 shares

1

1

Capital in excess of par value

1,034

961

Treasury stock (common), at cost: 2026 - 35,520,902 shares; 2025 - 29,584,770 shares

(1,951)

(1,701)

Accumulated other comprehensive loss

(175)

(173)

Retained earnings

4,761

5,030

Total Shareholders' Equity

3,670

4,118

Total Liabilities and Shareholders' Equity

$    21,246

$    20,361

SUMMARY CASH FLOW (unaudited)

Alaska Air Group, Inc.

(in millions)

Six Months Ended
June 30, 2026

Three Months Ended
March 31, 2026(a)

Three Months Ended
June 30, 2026(b)

Cash Flows from Operating Activities:

Net Loss

$               (269)

$               (193)

$                (76)

Adjustments to reconcile net loss to net cash provided by operating activities

453

229

224

Changes in working capital

422

385

37

Net cash provided by operating activities

606

421

185

Cash Flows from Investing Activities:

Property and equipment additions

(523)

(338)

(185)

Other investing activities

(112)

169

(281)

Net cash used in investing activities

(635)

(169)

(466)

Cash Flows from Financing Activities:

472

(428)

900

Net increase (decrease) in cash and cash equivalents

443

(176)

619

Cash, cash equivalents, and restricted cash at beginning of period

684

684

508

Cash, cash equivalents, and restricted cash at end of the period

$              1,127

$                508

$              1,127

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

$              1,064

$                451

Restricted cash

33

27

Restricted cash included in Other noncurrent assets

30

30

Total cash, cash equivalents, and restricted cash at end of the period

$              1,127

$                508

(a) As reported in Form 10-Q for the first quarter of 2026.

(b) Cash flows for the three months ended June 30, 2026 can be calculated by subtracting cash flows from the three months ended March 31, 2026 from the six months ended June 30, 2026.

OPERATING STATISTICS (unaudited)

A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change

2026

2025

Change

Consolidated Operating Statistics:(a)

Revenue passengers (000)

15,056

15,234

(1.2) %

28,388

28,393

— %

RPMs (000,000) "traffic"

20,011

20,179

(0.8) %

37,311

37,436

(0.3) %

ASMs (000,000) "capacity"

24,306

24,058

1.0 %

45,876

45,277

1.3 %

Load factor

82.3 %

83.9 %

(1.6) pts

81.3 %

82.7 %

(1.4) pts

Yield

18.21¢

16.62¢

9.6 %

17.59¢

16.46¢

6.9 %

PRASM

14.99¢

13.94¢

7.5 %

14.31¢

13.61¢

5.1 %

RASM

16.72¢

15.39¢

8.6 %

16.06¢

15.11¢

6.3 %

CASMex(b)

11.40¢

10.70¢

6.5 %

11.85¢

11.14¢

6.4 %

Fuel cost per gallon(c)

$4.43

$2.39

85.4 %

$3.74

$2.49

50.2 %

Fuel gallons (000,000)(c)

295

293

0.7 %

562

556

1.1 %

ASMs per gallon

82.4

82.0

0.5 %

81.6

81.5

0.1 %

Departures (000)

139.0

139.6

(0.4) %

264.5

263.5

0.4 %

Average full-time equivalent employees (FTEs)

31,726

31,299

1.4 %

31,596

30,536

3.5 %

Operating fleet(d)

422

409

13 a/c

422

409

13 a/c

(a) 

Except for FTEs, data includes activity under a capacity purchase agreement with a third-party regional carrier.

(b) 

See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages.

(c) 

Excludes operations under the Air Transportation Services Agreement (ATSA) with Amazon.

(d) 

Includes owned and leased aircraft as well as aircraft operated under a capacity purchase agreement with a third-party regional carrier.

GAAP TO NON-GAAP RECONCILIATIONS (unaudited)
Alaska Air Group, Inc.

We are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. Amounts in the tables below are rounded to the nearest million. As a result, a manual recalculation of certain figures using these rounded amounts may not agree directly to the amounts presented. These reconciliations include adjustments intended to improve comparability and provide a clearer view of the Company's core operating performance.

Losses (gains) on foreign debt and other primarily reflect unrealized and realized gains or losses resulting from changes in foreign currency exchange rates on certain debt. In 2025, these expenses also included mark-to-market fuel hedge adjustments.

Special items - operating primarily relate to costs associated with the integration of Hawaiian Airlines, including employee-related costs, technology costs, and other merger-related expenses. In 2025, these expenses also included costs related to changes in Alaska flight attendants' sick leave benefits pursuant to a collective bargaining agreement ratified in the first quarter of 2025.

Pretax Income (Loss), Net Income (Loss), and Earnings (Loss) per Share, adjusted

Three Months Ended June 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income 
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (214)

$  (138)

$    (76)

$  (0.68)

$ 238

$     66

$    172

$   1.42

Adjusted for:

Losses (gains) on foreign debt and other

(4)

1

Special items - operating

42

56

Total adjustments

$   38

$     64

$    (26)

$  (0.24)

$   57

$     14

$     43

$   0.36

Adjusted

$         (176)

$    (74)

$  (102)

$  (0.92)

$ 295

$     80

$    215

$   1.78

GAAP pretax margin

(5.3) %

6.4 %

Adjusted pretax margin

(4.3) %

8.0 %

Six Months Ended June 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (531)

$  (262)

$  (269)

$  (2.39)

$    5

$     (1)

$      6

$   0.05

Adjusted for:

Losses (gains) on foreign debt and other

(7)

3

Special items - operating

77

147

Total adjustments

$   70

$     95

$    (25)

$  (0.22)

$ 150

$     36

$    114

$   0.92

Adjusted

$         (461)

$  (167)

$  (294)

$  (2.61)

$ 155

$     35

$    120

$   0.97

GAAP pretax margin

(7.2) %

0.1 %

Adjusted pretax margin

(6.3) %

2.3 %

CASMex Reconciliation

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except unit metrics)

2026

2025

2026

2025

Total operating expenses

$        4,233

$        3,427

$        7,812

$        6,761

Less the following components:

Aircraft fuel

1,305

700

2,101

1,381

Freighter costs

52

48

104

89

Performance-based pay

64

49

92

101

Special items - operating

42

56

77

147

Adjusted operating expenses

$        2,770

$        2,574

$        5,438

$        5,043

ASMs

24,306

24,058

45,876

45,277

CASMex

          11.40¢

          10.70¢

          11.85¢

          11.14¢

Adjusted Capital Expenditures Reconciliation

Six Months Ended June 30,

(in millions)

2026

2025

Aircraft, aircraft purchase deposits, and other flight equipment

$            415

$            613

Other property and equipment

108

128

Capital expenditures

523

741

Adjusted for:

Property and equipment acquired through the issuance of debt

48

69

Proceeds from sales of aircraft and other equipment

(7)

(62)

Adjusted capital expenditures

$            564

$            748

Debt-to-capitalization, including leases

(in millions)

June 30, 2026

December 31, 2025

Long-term debt and finance leases, net of current portion

$                 5,783

$                 4,834

Operating lease liabilities, net of current portion

1,164

1,141

Adjusted debt, net of current portion

6,947

5,975

Shareholders' equity

3,670

4,118

Total Invested Capital

$               10,617

$                10,093

Debt-to-capitalization ratio, including leases

65 %

59 %

Adjusted net debt to earnings before interest, taxes, depreciation, amortization, fixed portion of operating lease expense, and special items

(in millions)

June 30, 2026

December 31, 2025

Long-term debt and finance leases

$                    6,235

$                    5,555

Operating lease liabilities

1,381

1,338

Adjusted debt

7,616

6,893

Less: Total unrestricted cash and marketable securities

2,662

2,123

Adjusted net debt

$                    4,954

$                    4,770

(in millions)

Twelve Months Ended
June 30, 2026

Twelve Months Ended
December 31, 2025

Operating Income (Loss)(a)

$                     (224)

$                      303

Adjusted for:

Special items - operating

180

250

Gains on foreign debt and other

(13)

(3)

Depreciation and amortization

813

795

Fixed portion of operating lease expense

279

279

EBITDAR

$                    1,035

$                    1,624

Adjusted net debt to EBITDAR

4.8x

2.9x

(a) 

Operating income (loss) can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC.

Note A: Pursuant to Regulation G, we provide reconciliations of reported non-GAAP financial measures to the most directly comparable GAAP financial measures. We believe these non-GAAP measures provide meaningful supplemental information to investors for the following reasons:

Pretax income (loss), net income (loss), and earnings (loss) per share are presented on an adjusted basis. Adjustments are made for special charges that are unusual or nonrecurring in nature, as well as for gains and losses on foreign debt, as these adjustments enhance comparability of our core operations to prior periods and to the rest of the airline industry. CASMex is a key measure used by management and the Air Group Board of Directors to evaluate cost performance. It is also commonly used by industry analysts to compare airlines. Because U.S. carriers are generally similarly affected by changes in jet fuel prices over the long run, aircraft fuel costs are excluded to focus on more controllable, company-specific cost drivers. Costs related to freighter aircraft operations, including those incurred under the ATSA with Amazon, are excluded to enhance comparability with carriers that do not operate freighter aircraft. Performance‑Based Pay (PBP) expense is excluded as it is dependent on the Company's achievement of annually established financial and operational goals. Certain special charges are excluded as they are unusual or nonrecurring in nature. Adjusted capital expenditures includes certain amounts that are not classified as investing cash outflows within our consolidated statements of cash flows, but are viewed by management and other stakeholders as significant long-term investments in the business. Management believes these adjustments provide a more complete view of capital expenditures during the year. Liquidity and leverage measures, including debt-to-capitalization and adjusted net debt to EBITDAR, are presented to provide insight into the Company's financial position and flexibility. In 2026, we made adjustments to the calculation of these metrics to enhance comparability with our peers. The debt-to-capitalization ratio now excludes the current portion of operating and finance lease liabilities, with prior periods recast for consistency. Additionally, EBITDAR was adjusted to reflect the fixed portion of operating leases rather than total aircraft rent to better reflect performance, with prior periods recast accordingly. GLOSSARY OF TERMS

Adjusted debt - long-term debt, plus operating and finance lease liabilities

Adjusted net debt - long-term debt, plus operating and finance lease liabilities, less unrestricted cash and marketable securities

Adjusted net debt to EBITDAR - represents adjusted net debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, fixed portion of operating leases, and special items)

ASMs - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown

CASMex - operating costs excluding fuel, freighter costs, Performance-Based Pay (PBP), and special items per ASM, or "unit cost"

Debt-to-capitalization ratio - represents adjusted debt, net of current portion, divided by total equity plus adjusted debt, net of current portion

Diluted Earnings per Share - represents earnings per share (EPS) using fully diluted shares outstanding

Diluted Shares - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised

Freighter Costs - operating expenses directly attributable to the operation of B737 freighter aircraft and A330-300 freighter aircraft exclusively performing cargo missions

Load Factor - RPMs as a percentage of ASMs; represents the number of available seats that were filled with revenue passengers

PRASM - passenger revenue per ASM, or "passenger unit revenue"

RASM - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, loyalty program revenue, and other ancillary revenue; represents the average total revenue for flying one seat one mile

RPMs - revenue passenger miles, or "traffic"; represents the number of seats that were filled with revenue passengers; one passenger traveling one mile is one RPM

Yield - passenger revenue per RPM; represents the average passenger revenue for flying one passenger one mile

SOURCE Alaska Air Group