Track market-moving stories before they get noisy

In the latest trading session, NetApp (NTAP - Free Report) closed at $163.88, marking a +2.62% move from the previous day. The stock's change was more than the S&P 500's daily loss of 1.01%. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq lost 1.4%.

The stock of data storage company has fallen by 0.01% in the past month, leading the Computer and Technology sector's loss of 3.73% and undershooting the S&P 500's gain of 0.32%.

The upcoming earnings release of NetApp will be of great interest to investors. The company's upcoming EPS is projected at $2.11, signifying a 36.13% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $1.83 billion, reflecting a 17.43% rise from the equivalent quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.88 per share and a revenue of $7.48 billion, representing changes of +9.23% and +8.07%, respectively, from the prior year.

Any recent changes to analyst estimates for NetApp should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Currently, NetApp is carrying a Zacks Rank of #3 (Hold).

In terms of valuation, NetApp is currently trading at a Forward P/E ratio of 17.99. This expresses a premium compared to the average Forward P/E of 14.84 of its industry.

One should further note that NTAP currently holds a PEG ratio of 2.35. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Computer- Storage Devices was holding an average PEG ratio of 1.53 at yesterday's closing price.

The Computer- Storage Devices industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 22, putting it in the top 9% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

HSBC wins Bank of England approval to enter Digital Securities SandboxThe Bank of England approved HSBC Orion to go live in its Digital Securities Sandbox, with the first Digital Gilt Instrument transaction expected in the first quarter of 2027.

HSBC, one of the world’s largest banks, has received approval to operate in the United Kingdom’s Digital Securities Sandbox (DSS), allowing its digital assets platform, HSBC Orion, to support the issuance, servicing and settlement of digital securities.

The bank announced Tuesday that HSBC Orion will operate as a digital securities depository within the DSS, a regulatory environment designed to test new technology for securities markets. HSBC said it is the first company approved by the Bank of England to go live in the sandbox.

HSBC’s platform will support digitally native bond issuance, including the UK’s planned digital sovereign bond — Digital Gilt Instrument (DIGIT) — and corporate bonds. HSBC said HSBC Orion has enabled more than $5 billion in digital bond issuances globally.

HM Treasury said Thursday that the first DIGIT transaction is expected by Q1 2027, adding that HSBC and London Stock Exchange Group also signed a memorandum of understanding to develop connectivity that supports investor access to the pilot issuance.

Launched in 2024, the DSS is operated by the Bank of England and the Financial Conduct Authority to test distributed ledger technology for issuing, trading and settling securities in a live regulatory environment.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

NEW YORK--(BUSINESS WIRE)--Today, prominent investor rights law firm Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) filed a class action in the U.S. District Court for the District of Delaware alleging violations of the federal securities laws by AeroVironment, Inc. (“AeroVironment” or the “Company”) and certain of the Company’s current senior executives (collectively, “Defendants”). The action is brought on behalf of all investors who purchased or otherwise acquired AeroVironment common stock beginning at 4:30 PM ET on June 24, 2025, through June 18, 2026, inclusive (the “Class Period”). This case is related to a previously filed securities class action pending against AeroVironment captioned Norrell v. AeroVironment, Inc., No. 1:26-cv-1429 (E.D. Va. filed May 26, 2026) (“Norrell”).

BLB&G filed this action on behalf of its client, City Pension Fund for Firefighters and Police Officers in the City of Miami Beach, and the case is captioned City Pension Fund for Firefighters and Police Officers in the City of Miami Beach v. AeroVironment, Inc., No. 26-cv-00875 (D. Del.). The complaint is based on an extensive investigation and a careful evaluation of the merits of this case. A copy of the complaint is available on BLB&G’s website by clicking here.

AeroVironment’s Alleged Fraud

AeroVironment is a defense technology provider across air, land, sea, space, and cyber. Shortly before the Class Period, AeroVironment acquired BlueHalo, LLC (“BlueHalo”), another defense technology company with a leading role in the U.S. Department of Defense’s (“DoD”) Satellite Communications Augmentation Resource (“SCAR”) program. Through SCAR, BlueHalo had been awarded a contract valued at approximately $1.7 billion to develop military satellite command and control stations known as Broad Area Deployable Ground Terminal Enabling Resilient Communications (“BADGERs”).

The claims against AeroVironment and certain of its executives arise from misrepresentations relating to the SCAR contract. Throughout the Class Period, Defendants repeatedly touted the SCAR program as central to AeroVironment’s growth prospects. Defendants told investors that the Company had “won” the SCAR contract, that it was “locked in,” that the customer was “asking for more,” and that the Company was “very much on track” to ramp revenue and improve margins as more BADGER systems moved into production. In truth, AeroVironment’s agreement with the U.S. DoD to produce BADGERs for the SCAR program was not secure, as AeroVironment was facing a significant threat of competition from other vendors for the work it was performing under that agreement, and there was a material risk that the Company would not continue to deliver products for the SCAR program, or would do so only on a significantly reduced basis.

The truth began to emerge on January 20, 2026, when AeroVironment announced that the U.S. Government had issued a stop work order on the SCAR contract. As a result of this disclosure, the price of AeroVironment common stock declined by $61.97 per share, or 16%. Then, on March 2, 2026, industry publication Space News reported that the U.S. DoD was reopening the SCAR program and soliciting proposals from vendors other than AeroVironment because the Space Force was “reassessing how to move forward.” That news caused the price of AeroVironment common stock to decline by $43.93 per share, or 17%.

On March 10, 2026, AeroVironment revealed that the U.S. Government intended to terminate the SCAR agreement, while allowing AeroVironment to compete for future work under the program. The Company also reported a $151.3 million goodwill impairment charge in the Space reporting unit triggered by the SCAR stop work order. These disclosures caused the price of AeroVironment common stock to decline by $13.84 per share, or 6%. Then, on June 22, 2026, AeroVironment disclosed that its previously issued financial statements should no longer be relied upon because the Company had understated the goodwill impairment charge by $89.4 million, or 59%. AeroVironment further disclosed that the restatement resulted from a newly identified material weakness in internal control over financial reporting and that its disclosure controls and procedures as of January 31, 2026, were ineffective. As a result of these disclosures, the price of AeroVironment common stock declined by $18.28 per share, or 11%.

The filing of this action does not alter the previously established deadline to seek appointment as Lead Plaintiff. Pursuant to the May 27, 2026, notice published in connection with the Norrell action, under the Private Securities Litigation Reform Act of 1995, investors who purchased AeroVironment common stock during the Class Period may, no later than July 27, 2026, seek to be appointed as Lead Plaintiff for the Class. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Scott R. Foglietta of BLB&G at 212-554-1903, or via e-mail at [email protected].

About BLB&G

BLB&G is widely recognized worldwide as a leading law firm advising institutional investors on issues related to corporate governance, shareholder rights, and securities litigation. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity and pioneered the use of the litigation process to achieve precedent-setting governance reforms. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering over $40 billion on behalf of defrauded investors. More information about the firm can be found online at www.blbglaw.com.

The aisles are packed with the same bulk goods you would find in a California suburb: 50-pound bags of rice, high-end electronics, and automotive supplies. But this isn't California. It's a shopping hub in the Caribbean, and the customers waiting in line are members of PriceSmart (PSMT 1.61%), a company that has exported the U.S. warehouse club model to the emerging markets of Latin America and the Caribbean. Trading at $194.56 as of July 14, 2026, the stock has rallied over 80% over the past year, reflecting investor appetite for its consistent, consumption-based business model despite regional headwinds.

Our proprietary Hidden Gems scoring system assigns PriceSmart an overall Superscore of 79 out of 100, placing it in the Strong category. The Superscore is an AI-powered score that evaluates a company's overall strength by combining financial performance, product market position, technological capabilities, leadership quality, and relative valuation. It represents the unification of all our scores into a single score for public companies, with five rating bands: Exceptional (90-100), Strong (75-89), Above Average (60-74), Average (40-59), and Cautious (0-39).

Image source: Getty Images.

Why PSMT Has a 79 SuperscoreDisciplined expansion: Management has successfully scaled the footprint to 57 clubs as of May 31, 2026, with an active pipeline of new locations in Chile, Costa Rica, and the Caribbean, driving reliable growth in its store count.Pricing power: The company had successfully implemented a $5 membership fee increase in fiscal 2024 without triggering significant churn, confirming that the membership value proposition remains sticky.Recurring revenue: Membership renewal rates have shot up to 90.5% as of the third quarter of 2026, providing a predictable, high-margin revenue base that serves as a critical buffer against the inherent volatility of the retail sector.Operational modernization: Investments in the RELEX supply chain platform and the Elera point-of-sale system are actively removing operational friction, allowing for better inventory management and deeper digital member engagement.Why Is PSMT's Superscore Not Higher?Currency volatility: Operations span diverse economies across Latin America and the Caribbean, meaning foreign exchange shifts often pressure reported margins, even when underlying constant-currency performance remains robust.Valuation premium: The stock trades at a trailing P/E of 37.34, a high multiple that implies significant future growth expectations, potentially leaving little margin for error if expansion velocity slips.Regional dependence: The company is inherently tied to the economic health and political stability of its operating regions, introducing a structural risk profile that is more complex than that of domestic retail peers.Hidden Gems Database Scores at a GlanceScoreScore (out of 100)Supporting Data PointProduct (1Y)83Operational momentum is driven by a 13.7% increase in membership income and the successful rollout of advanced technology stacks like RELEX.Product (5Y)74The company maintained a 9.8% revenue CAGR from 2021 to 2025, demonstrating steady execution in a niche regional market.Financial (1Y)73Fiscal 2025 results featured a 25.9% surge in operating cash flow to $261.3 million, highlighting improved conversion efficiency.Financial (5Y)74Consistent profitability has been underpinned by stable net margins of 2.7% and a low debt-to-equity ratio of 0.26 as of fiscal 2025.Leaders95Management maintains a transparent, long-term capital allocation strategy with a 99.3% shareholder approval rating on compensation policies.AI17The business operates as a traditional retailer without the proprietary datasets required for advanced data-driven competitive advantages.Valuation Risk53The stock carries a trailing P/E of 37.34, which suggests the market has already priced in substantial future growth.Who Should Buy PSMT Stock Now?You should consider investing if...

You are seeking long-term exposure to emerging market growth through established consumer staples stocks that benefit from a sticky, membership-based recurring revenue model.You are comfortable with geographic diversification outside of the U.S. and believe the warehouse club format will continue to gain traction among growing middle-class families in Latin America.You may want to avoid this stock if...

You have a low tolerance for the currency fluctuations and macroeconomic instability that often impact retailers operating in developing regional markets.You prioritize bargain-priced stocks, as the current valuation appears to fully account for the company's expansion roadmap and leaves little room for operational disappointments.The Superscore serves as a data-driven foundation for research, but investors should always weigh this framework against their personal risk tolerance and financial goals before making an investment decision.

Today's Change

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-1.61

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Current Price

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186.00

My 5-year prediction for PSMT stockPriceSmart’s growth strategy is centered around expanding its warehouse club network across Latin American and the Caribbean. It’s a membership-based retail outlet that benefits from increasing demand among consumers to shop at lower-cost stores.

In addition, PriceSmart has a large number of loyal customers who continue to purchase items at their stores due to lower prices and superior services. In the third quarter, net merchandise sales grew 12.5%, with comparable sales growing 10.7% year over year. Importantly, membership grew at a solid clip of 8.6% to 2.1 million, while renewal rates hit an all-time high of 90.5%. Membership income grew 17.6%, thanks to management rolling out an auto-renewal strategy.

PriceSmart is developing its regional footprint, with Chile set to open its first club in a Santiago mall. Management is investing $100 million for three clubs and supporting offices over the next few years.

Over the next five years, I wouldn’t be surprised if sales continue to grow in the low- to mid-double-digit range. However, management also acknowledged near-term headwinds as selling, general, and administrative (SG&A) costs spike when new clubs come online. Additionally, uncertain trade policies could also weigh on growth.

Overall, PriceSmart remains a solid long-term investment, with momentum firmly on the business’s side.

The Hidden Gems Superscore reflects The Motley Fool's proprietary AI-driven evaluation of a company across product, financial, leadership, and valuation pillars as of the article date and may change over time. Performance figures are point-in-time. Past performance does not guarantee future results.

Key Takeaways D-Wave Quantum has fallen 29.4% in July amid profit-taking, valuation concerns and macro headwinds.QBTS plans a Nasdaq listing transfer and expanded quantum research with an NSF-backed subsidiary grant.QBTS faces weak technical signals as investors await second-quarter earnings and further execution updates. The sharp pullback in D-Wave Quantum (QBTS - Free Report) this month has shifted investor attention from the quantum computing sector's long-term promise to its near-term execution risks. After delivering substantial gains earlier this year, the stock has fallen 29.4% month to date, underperforming the Computer and Technology sector's 1.4% decline and the S&P 500's 1.2% gain.

The weakness reflects a combination of profit-taking after the stock's outsized gains earlier this year, valuation concerns across high-growth quantum names and a macroeconomic backdrop marked by elevated U.S. Treasury yields and expectations that the Federal Reserve will keep interest rates higher for longer. These conditions have weighed disproportionately on speculative technology stocks despite continued enthusiasm for artificial intelligence and quantum computing.

During the same period, QBTS' pure-play quantum computing peers, IonQ (IONQ - Free Report) and Rigetti Computing (RGTI - Free Report) , also witnessed sharp share price declines of 34.1% and 27%, respectively.

Month-to-Date Share Price Comparison
Image Source: Zacks Investment Research

Will July Catalysts Change QBTS' Trajectory?D-Wave Quantum will report its second-quarter earnings in early August. While the stock has remained under pressure amid a broader selloff of speculative growth companies, the company's strategic execution continues to advance. Most notably, D-Wave announced plans to transfer its listing from the NYSE to the Nasdaq later this month, a move expected to enhance its visibility among technology-focused investors and potentially broaden its shareholder base. The company also disclosed that its Quantum Circuits subsidiary received a U.S. National Science Foundation grant to support research in fault-tolerant quantum computing, further strengthening D-Wave's expansion beyond quantum annealing into gate-model quantum systems.

The broader industry backdrop also remains constructive. NVIDIA (NVDA - Free Report) recently introduced an open-source AI decoder that significantly improves quantum error-correction performance, while IBM reaffirmed plans to invest more than $10 billion in quantum technologies over the coming years. Meanwhile, governments across the United States and Europe continue to expand funding for quantum research and commercialization. These developments strengthen the long-term growth opportunity for the sector, although they are yet to offset near-term concerns surrounding elevated valuations, higher Treasury yields and a "higher-for-longer" interest-rate environment that continues to put pressure on pre-profit technology companies.

What Do the Estimates Say?The earnings estimate chart indicates that D-Wave is expected to report a second-quarter loss of 8 cents per share, representing an 85.5% improvement from the year-ago quarter. For full-year 2026, the consensus estimate calls for a loss of 25 cents per share, reflecting a 77.5% improvement from 2025. Despite the broader market selloff, the absence of estimate revisions suggests that analysts have adopted a wait-and-see stance ahead of the company's second-quarter earnings release.

Image Source: Zacks Investment Research

Technical Pressure RemainsThe technical picture remains weak. As the chart shows, QBTS is trading well below both its 50-day SMA and 200-day SMA, indicating sustained bearish momentum. While the sharp correction reflects deteriorating near-term sentiment, upcoming catalysts, including the Nasdaq listing transition and second-quarter earnings, could determine whether the stock stabilizes or extends its decline.

QBTS 50-&-200-Day SMAs
Image Source: Zacks Investment Research

Our TakeDespite near-term macro headwinds and a weak technical setup, D-Wave's strengthening fundamentals and strategic execution support a constructive long-term outlook. The planned Nasdaq listing, continued expansion into gate-model quantum computing and strong earnings expectations position the company favorably ahead of its second-quarter results. Consistent with its Zacks Rank #2 (Buy), we believe the recent pullback offers a buying opportunity for investors willing to look beyond near-term volatility, while recognizing that technical weakness may persist until fresh business catalysts emerge. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Microsoft NASDAQ:MSFT shares fell 1.5% on Friday, extending a difficult year for the software giant as investors continued to weigh heavy artificial intelligence spending against the company's long-term growth prospects.

The stock has declined more than 20% in 2026 and nearly 23% over the past year, even as Microsoft has continued investing aggressively in AI infrastructure and Azure cloud services.

Several Wall Street firms revised their price targets this week ahead of Microsoft's fiscal fourth-quarter earnings report on July 29, while largely maintaining bullish ratings on the stock.

Wall Street lowers targets but maintains bullish ratingsCiti reduced its price target on Microsoft to $570 from $620 while maintaining a Buy rating.

According to reports, the firm said the lower target reflected broader valuation compression across software stocks rather than any deterioration in Microsoft's business fundamentals.

The bank said its channel checks remained positive, highlighting healthy adoption of Microsoft 365 Copilot and the company's positioning as enterprises increasingly optimize AI spending.

Citi expects Microsoft to deliver a strong fiscal fourth-quarter report but believes investors will focus closely on management's outlook for fiscal 2027, particularly regarding operating margins and capital expenditure.

Other brokerages also adjusted their targets.

Mizuho analyst Gregg Moskowitz lowered his price target to $490 from $515 while maintaining an Outperform rating.

"SaaS (software-as-a-service) continues to be resilient, although multiples continue to be plagued by investor concerns about AI-led disruption," Moskowitz said in a research report on software stocks.

He added that Microsoft continues to see improvement in its Azure cloud computing and Microsoft 365 Copilot businesses despite broader concerns surrounding AI-native competitors and infrastructure spending.

Wells Fargo also lowered its price target to $625 from $650 while maintaining its Overweight rating, citing questions around cloud market share and the pace of capital expenditure.

Evercore ISI moved in the opposite direction, raising its price target to $525 from $510 while maintaining an Outperform rating.

Microsoft is scheduled to report fiscal fourth-quarter results after the market closes on July 29.

Consensus estimates compiled by Fiscal AI and Koyfin call for earnings of $4.24 per share on revenue of $86.66 billion.

Analysts expect Azure growth and operating margin guidance to be the primary focus during the earnings release.

While Citi expects the fourth-quarter results to be solid, the firm believes management's commentary on fiscal 2027 could prove more important for investors as Microsoft continues expanding its AI infrastructure.

Heavy AI investments remain under scrutinyMicrosoft's aggressive capital spending remains one of the biggest concerns for investors.

The company spent $30.88 billion on capital expenditures during its fiscal third quarter, up 84.4% from a year earlier.

According to Forbes estimates, Microsoft's total fiscal 2026 capital expenditure could reach approximately $190 billion as the company continues investing in AI data centers, Azure infrastructure and computing capacity.

The elevated spending has pressured margins and free cash flow, contributing to the stock's underperformance despite continued business growth.

At the same time, analysts note that enterprise demand for AI remains healthy.

Bernstein's mid-year CIO survey pointed to strong IT budget growth in 2026, supporting Azure demand, although investors continue to monitor whether Microsoft can translate that investment into market share gains and stronger financial returns.

Key Takeaways AT&T reports Q2 earnings on July 22, with the model indicating a likely earnings beat.T expanded enterprise connectivity, connected car services and flexible consumer wireless offerings.AT&T is investing in fiber expansion, but intense telecom remain a challenge. AT&T Inc. (T - Free Report) is scheduled to report second-quarter 2026 earnings on July 22, before the opening bell. The Zacks Consensus Estimate for revenues and earnings is pegged at $32.04 billion and 59 cents per share, respectively. The earnings estimate for AT&T for 2026 has increased 0.43% to $2.32 per share over the past 60 days, while the same for 2027 has increased 0.79% to $2.55 per share.

Image Source: Zacks Investment Research

Earnings Surprise HistoryThe communications service provider delivered a trailing four-quarter earnings surprise of 5.19%, on average.

Image Source: Zacks Investment Research

Earnings WhispersOur proven model predicts a likely earnings beat for AT&T for the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is exactly the case here. AT&T currently has an ESP of +4.83% and a Zacks Rank #3.

You can see the complete list of today’s Zacks #1 Rank stocks here.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Factors Shaping the Upcoming ResultsDuring the quarter, AT&T strengthened its enterprise connectivity portfolio with several strategic initiatives. The company launched North America's first Post-Quantum Cryptography (PQC)-enabled Software-Defined Wide Area Network (SD-WAN) service in collaboration with Cisco. The solution is designed to help enterprises protect sensitive data against emerging quantum computing-related cyber threats.

The company also expanded its connected vehicle ecosystem by extending its collaboration with Cisco and LiveOne. The enhanced Connected Car platform integrates in-vehicle connectivity with digital entertainment services. Such innovative product launches are expected to have a positive impact on upcoming results.

In the to be reported quarter, the company continued to expand its consumer connectivity offerings by introducing the Unlimited Day Pass for eligible iPad users. The on-demand service provides flexible wireless connectivity without requiring a long-term subscription.
AT&T also reaffirmed its long-term commitment to fiber and wireless expansion by announcing a $19 billion investment in California through 2030. The initiative aims to extend fiber connectivity to more than 4 million additional households and businesses.

However, AT&T continues to face intense competition in the U.S. telecom market from Verizon Communications, Inc. (VZ - Free Report) and Charter Communications (CHTR - Free Report) . This could limit subscriber additions and weigh on revenue growth.

Price PerformanceOver the past year, AT&T has declined 17.5% against the industry’s growth of 83.2%, outperforming its peers like Charter but underperforming Verizon. Charter has declined 65%, while Verizon has improved 8.8% during this period.

Image Source: Zacks Investment Research

Key Valuation MetricFrom a valuation standpoint, AT&T appears to be trading relatively cheaper than the industry and below its mean. Going by the price/earnings ratio, the company shares currently trade at 9.03 forward earnings, lower than 44.18 for the industry and the stock’s mean of 11.4

Image Source: Zacks Investment Research

Investment ConsiderationsAT&T is aggressively expanding its fiber footprint. The company has reached more than 37 million fiber locations, the highest in America. It is aiming to expand this footprint to more than 60 million locations by the end of the decade. Fiber is emerging as a critical component for AI native connectivity, cloud applications, streaming, gaming, enterprise workloads and next-generation digital experiences. Amid this backdrop, AT&T’s continuous investment in developing a robust fiber architecture nationwide will likely bring long-term benefits.

However, the U.S. telecom market is highly competitive. Major rivals like Verizon and Charter are also aggressively investing in fiber, fixed wireless access, and customer acquisition. T must continue offering attractive pricing, bundled services and network improvements to maintain subscriber growth. In the wireless domain, T-Mobile is also rapidly expanding its 5G network. This could pose a threat to AT&T’s wireless subscriber growth.

It has been implementing several initiatives to drive customer retention over the past several quarters. Its convergence strategy has become one of the central pillars of these retention efforts. The company is focused on increasing the number of households that subscribe to both AT&T wireless and broadband services, including AT&T Fiber and AT&T Internet Air.

When customers get dependent on multiple services from a single vendor, it becomes difficult for them to change service providers. From a user’s point of view, opting for fiber and wireless services from a single vendor reduces complexity for them as well. This trend improves customer retention, lowers churn and increases long-term customer value.

AT&T continues to experience steep declines in legacy wireline and copper-based services as customers migrate to newer technologies. The company's long-term growth story relies on massive investments in fiber and wireless infrastructure. It is accelerating fiber deployment, investing $19 billion in California alone through 2030, which places pressure on free cash flow.

End NoteAT&T continues to invest in fiber and 5G to expand advanced Internet reach and drive more households to buy wireless and home Internet together. Management expects fiber reach to grow by about 8 million locations in 2026, including over 4 million locations acquired from Lumen, and remains on track to reach over 40 million total fiber locations by the end of 2026. The effort of portfolio expansion and venture into new high-growth markets, such as network security and automotive, is a positive.

 However, the U.S. wireless market remains saturated. This makes the market highly price sensitive and limits average revenue per user growth. Amid stiff competition from other major players, the company has to continuously invest in network upgrades and improve customer experience to maintain its market share, which impacts profitability. With a Zacks Rank #3 (Hold), AT&T appears to be treading in the middle of the road, and new investors could be better off if they trade with caution.

, /PRNewswire/ -- The Board of Directors of PepsiCo, Inc. (NASDAQ: PEP) today declared a quarterly dividend of $1.48 per share of PepsiCo common stock, a 4 percent increase versus the comparable year-earlier period. Today's action is consistent with PepsiCo's previously announced increase in its annualized dividend to $5.92 per share from $5.69 per share, which began with the June 2026 payment. This dividend is payable on September 30, 2026 to shareholders of record at the close of business on September 4, 2026. PepsiCo has paid consecutive quarterly cash dividends since 1965, and 2026 marked the company's 54th consecutive annual dividend increase. 

About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated nearly $94 billion in net revenue in 2025, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com, and follow on X (Twitter), Instagram, Facebook, and LinkedIn @PepsiCo.

Cautionary Statement
Statements in this release that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Forward-looking statements inherently involve risks and uncertainties. For information on certain factors that could cause actual events or results to differ materially from our expectations, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE PepsiCo, Inc.

July 17, 2026 16:15 ET  | Source: Royalty Pharma plc

NEW YORK, July 17, 2026 (GLOBE NEWSWIRE) -- The board of directors of Royalty Pharma plc (Nasdaq: RPRX) has approved the payment of a dividend for the third quarter of 2026 of $0.235 per Class A ordinary share.

The dividend will be paid on September 10, 2026, to shareholders of record at the close of business on August 14, 2026.

About Royalty Pharma plc
Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta and Alyftrek, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, Servier’s Voranigo, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Pfizer’s Nurtec ODT, and Gilead’s Trodelvy, and 19 development-stage product candidates. For more information, visit www.royaltypharma.com.

Royalty Pharma Investor Relations and Communications
+1 (212) 883-6772
[email protected]

, /PRNewswire/ -- Paramount Skydance Corporation (NASDAQ: PSKY) ("Paramount") today announced the extension of the Expiration Dates in connection with the previously announced (i) offers to purchase (the "Tender Offers" and each, a "Tender Offer") for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the "Offer to Purchase"), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the "DGH Issuer") and Discovery Communications, LLC (the "DCL Issuer" and together with the DGH Issuer, each a "WBD Issuer" and collectively the "WBD Issuers"), as applicable, and (ii) offers to exchange (the "Exchange Offers" and each, an "Exchange Offer" and, together with the Tender Offers, the "Offers" and each, an "Offer"), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the "Offering Memorandum"), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the "Offer Notes") issued by the applicable WBD Issuer for notes to be newly issued by Paramount.

The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on July 31, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the third quarter of 2026. Paramount anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on or promptly following the closing date of the proposed acquisition (the "Acquisition") by Paramount of Warner Bros. Discovery, Inc. ("WBD"). Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by Paramount on June 12, 2026, June 26, 2026, and July 13, 2026.

As of 5:00 p.m., New York City time, on July 16, 2026, approximately 66.16% and 75.95% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount does not view these figures to be representative of the final results of the applicable Offers.

Information about each series of Offer Notes eligible to participate in the Offers is summarized below.

Type of Offer

Offer Notes to be Tendered
or Exchanged, as
Applicable

Issuer of Offer Notes

CUSIP No. / Common Code
/ ISIN Eligible to
Participate in the Offers (1)

Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)

Tender Offer

3.950% Senior Notes due
2028

DCL Issuer

25470D CP2

US25470DCP24

$1,234,458,000

Exchange Offer

4.125% Senior Notes due
2029

DCL Issuer

25470D CQ0

US25470DCQ07

$655,825,000

Exchange Offer

3.625% Senior Notes due
2030

DCL Issuer

25470D CR8

US25470DCR89

$914,183,000

Exchange Offer

5.000% Senior Notes due
2037

DCL Issuer

25470D CS6

US25470DCS62

$453,281,000

Exchange Offer

6.350% Senior Notes due
2040

DCL Issuer

25470D CT4

US25470DCT46

$438,102,000

Exchange Offer

4.950% Senior Notes due
2042

DCL Issuer

25470D CU1

US25470DCU19

$130,366,000

Exchange Offer

4.875% Senior Notes due
2043

DCL Issuer

25470D V91
CV9US25470DC

$141,584,000

Exchange Offer

5.200% Senior Notes due
2047

DCL Issuer

25470D W74
CW7US25470DC

$3,161,000

Exchange Offer

5.300% Senior Notes due
2049

DCL Issuer

25470D X57
CX5US25470DC

$247,860,000

Tender Offer

3.755% Senior Notes due
2027

DGH Issuer

254948 AH5

US254948AH58

254948 AN2

US254948AN27

U25483 AA3

USU25483AA38

$1,189,336,000

Exchange Offer

4.054% Senior Notes due
2029

DGH Issuer

254948 AJ1

US254948AJ15

254948 AP7

US254948AP74

U25483 AB1

USU25483AB11

$1,353,828,000

Exchange Offer

4.279% Senior Notes due
2032

DGH Issuer

254948 AK8

US254948AK87

254948 AQ5

US254948AQ57

$2,691,764,000

Exchange Offer

5.050% Senior Notes due
2042

DGH Issuer

254948 AL6

US254948AL60

254948 AR3

US254948AR31

U25483 AD7

USU25483AD76

$4,104,687,000

Exchange Offer

5.141% Senior Notes due
2052

DGH Issuer

254948 AM4

US254948AM44

254948 AS1

US254948AS14

$949,883,000

Exchange Offer

4.302% Senior Notes due
2030

DGH Issuer

XS3393993285

339399328

€234,382,000

Exchange Offer

4.693% Senior Notes due
2033

DGH Issuer

XS3393994507

339399450

€316,641,000

__________

(1)

No representation is made as to the correctness or accuracy of the identifiers listed in this press release or printed on the Offer Notes. Such identifiers are provided solely for the convenience of the holders.

(2)

Represents the aggregate principal amount of Offer Notes outstanding that are eligible to participate in the Offers.

The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and the rules and regulations of the Securities and Exchange Commission (the "SEC") promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be "qualified institutional buyers" as defined in Rule 144A under the Securities Act or (b) not "U.S. persons," as defined in Rule 902 of Regulation S under the Securities Act (such holders, "Eligible Holders"), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount. 

General

Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount's sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.

The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder's Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.

Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the "Exchange Agent") and information agent (in such capacity, the "Information Agent") for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at [email protected]. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount. 

Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the "Dealer Managers") for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or [email protected] or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or [email protected]. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY's portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.

PSKY-IR

Cautionary Note Concerning Forward-Looking Statements

This communication contains "forward-looking statements" regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the "Combined Company"); the adverse impact on the Combined Company's advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company's decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company's business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company's content; damage to the Combined Company's reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company's intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company's business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company's operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount's ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company's holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," Paramount's most recently filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 4, 2026, including in the sections captioned "Cautionary Note Concerning Forward-Looking Statements" and "Item 1A. Risk Factors," and Paramount's subsequent filings with the SEC, and in WBD's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned "Item 1A. Risk Factors," WBD's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, and WBD's subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.

SOURCE Paramount Skydance Corporation

Key Takeaways CWT plans $627 million in 2026 and $667 million in 2027 for infrastructure upgrades.Cal Water's approved $1.45 billion plan allows annual revenues increases through 2028.CWT expects rate base growth above 11.1% annually, exceeding $3.2 billion by 2027. California Water Service Group (CWT - Free Report) is benefiting from strategic investments that support the upgrade and replacement of aging infrastructure. These investments focus on improving system reliability, enhancing water quality and boosting operational efficiency, thereby strengthening service delivery.

The company plans to invest $627 million in 2026 and $667 million in 2027, respectively, to support rate base expansion and sustainable long-term earnings growth.  These investments strengthen infrastructure, support PFAS treatment, improve efficiency, enhance water system reliability and address quality requirements.

Recently, CWT’s subsidiary, Cal Water, received approval from the California Public Utilities Commission to invest $1.45 billion through 2027 in water quality, system reliability, power-outage resilience, cybersecurity and long-term water supply projects. The decision allows the company to increase annual revenues by $90.5 million in 2026, $43.2 million in 2027 and $48.9 million in 2028.

CWT expects infrastructure and other capital investments to support a more than 11.1% compound annual rate base growth, with the rate base projected to exceed $3.2 billion by 2027.

The company’s planned acquisition of water and wastewater systems could expand its customer base and create additional infrastructure investment opportunities. Overall, continued capital spending, regulatory support and rate-base growth could provide a strong foundation for sustainable earnings growth, although regulatory approvals, financing costs and execution risks remain important considerations.

Aging Water Utility Infrastructure Calls for UpgradesAs per the U.S Environmental Protection Agency, nearly $1.25 trillion will be needed over the next 20 years for water and wastewater infrastructure improvements. Aging water infrastructure creates investment opportunities as utilities replace old pipelines, upgrade treatment facilities and improve system reliability

American Water Works (AWK - Free Report) continues to invest in upgrading, expanding and maintaining its water and wastewater infrastructure. The company plans to spend $3.7 billion in 2026 and $19-$20 billion from 2026 through 2030 to support system reliability and long-term growth.

American States Water (AWR - Free Report) plans to invest $185-$225 million in 2026 to strengthen and improve infrastructure, support rate base growth and create long-term financial opportunities.

The Zacks Rundown on CWTCWT’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a year-over-year increase of 19.07% and 7.03%, respectively.

Image Source: Zacks Investment Research

Debt to CapitalCWT's debt-to-capital ratio currently stands at 50.29%, lower than the Zacks Utility- Water Supply industry’s 54.63%.

Image Source: Zacks Investment Research

CWT’s Stock Price PerformanceIn the past month, the company’s shares have risen 13.6% compared with the industry’s 8.6% growth.

Image Source: Zacks Investment Research

CWT’s Zacks Rank

, /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or the "Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations and other owners and occupiers, today announced the Company has secured a long-term Property and Project Management assignment with leading institutional investor and developer 601W Companies, expanding the relationship through management of more than 21 million square feet of premier office assets across the U.S., including Chicago, New York, New Jersey and Los Angeles.

Newmark secured the assignment through a coordinated effort led by Jesse Van Dyke, Executive Vice President, Midwest Regional Market Leader, and Richard Holden, President, Property Management, who worked closely with 601W Companies to develop a customized program aligned with 601W Companies' operating philosophy, long-term growth objectives and evolving portfolio needs.

"This assignment reflects the continued execution of our strategy to expand Newmark's recurring revenue businesses while deepening relationships with many of the industry's most sophisticated owners," said Luis Alvarado, Chief Operating Officer. "Property management and project management are critical components of our fully integrated platform, creating opportunities to deliver long-term value for clients while strengthening the breadth and durability of our Investor Solutions business."

The 601W portfolio comprises more than 12 million square feet in Chicago and more than nine million additional square feet across key U.S. markets, including New York City, New Jersey and Los Angeles. Newmark has already begun providing services for 601W's property at 333 S Grand Avenue in Los Angeles.

"601W has been one of the most active buyers of commercial real estate in the United States over the past several years, having acquired or contracted to acquire more than 10 million square feet," said Holden. "That level of conviction reflects exactly the kind of forward-looking ownership we're proud to support."

Newmark will serve as a strategic operating partner across the portfolio, delivering customized Property and Project Management services through an integrated program designed to support 601W Companies' ownership objectives, enhance tenant experiences and drive operational performance across the portfolio.

"Having proactively managed our portfolio through COVID — including restructuring and extending financings across our assets — we are well positioned for long-term growth and focused firmly on the opportunities ahead. We were looking for a strategic partner with the platform, talent and flexibility to match that ambition, and we are excited to work with Newmark on our path forward," said Mark Karasick, Managing Member of 601W. "Newmark brings a level of professionalism and discipline, along with a customized operating model and a collaborative approach, that aligns with our objectives today while providing the scale to grow with us as we continue investing in premier assets across the country."

The assignment further reinforces the Company's ability to serve institutional owners with complex, high-profile portfolios across the United States and reflects continued momentum within Newmark's Management Services businesses, particularly in Chicago, where the portfolio has a significant presence.

"With a significant concentration of assets in Chicago and major holdings across other U.S. markets, this assignment highlights the value of combining deep local market knowledge with the resources and capabilities of our global platform," said Van Dyke. "We're proud to support one of the industry's leading owners and deliver a tailored operating model for a portfolio of this size and complexity."

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners together operated from over 185 offices with more than 9,600 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

SOURCE Newmark Group, Inc.

Key Takeaways GMED gained 43.6% in a year, outperforming its industry and the S&P 500 on strong business momentum. GMED saw U.S. Spine and Enabling Technologies growth, with Enabling Technologies revenues up 21.1%. GMED remains debt-free with strong operating cash flow, despite higher SG&A and currency headwinds. Globus Medical (GMED - Free Report) shares have surged 43.6% over the past year, showing impressive momentum. It has significantly outperformed the industry’s 6.5% decline and the S&P 500 composite’s 23.8% gain.  

With healthy fundamentals and strong growth opportunities, this Zacks Rank #3 (Hold) company appears to be a solid wealth creator for its investors at the moment.

Based in Audubon, PA, Globus Medical develops and commercializes healthcare solutions for patients with musculoskeletal disorders. The company has two major product categories — Musculoskeletal Solutions and Enabling Technologies. Musculoskeletal Solutions primarily consists of implantable devices, biologics, accessories and unique surgical instruments, used in an expansive range of spinal, orthopedic and neurosurgical procedures. Enabling Technologies is an advanced computer-assisted intelligent system that’s designed to enhance surgeons’ capabilities and streamline complicated surgical procedures for both patients and caregivers. 

Key Catalysts for GMED’s GrowthGlobus Medical’s share price is trending upward, prompted by strong prospects in both the reporting segments. Within the Musculoskeletal arm, in the first quarter, U.S. Spine business marked its third straight quarter of 10% growth, with double-digit growth cited across standard fixation, minimally invasive surgery pedicle screws, expandable transforaminal lumbar interbody fusion, anteriorlumbar interbody fusion, posterior cervical and cervical plating. Trauma revenue growth was driven by continued adoption of the core trauma portfolio and the Precice limb-lengthening portfolio, while the ANTHEM Elbow system continued to exceed expectations.

Within the Enabling Technologies arm, ExcelsiusGPS platform continues to support implant pull-through and cross-selling as surgeons adopt a more integrated workflow. The company also carries out continued deal activity with a mix shift toward leases and rentals versus outright sales. In the first quarter, Enabling Technologies’ revenues increased 21.1% year over year.

Investors are also impressed with its investment in R&D and product cadence, which acts as a core part of its competitive positioning. Consistent with this strategy, first-quarter R&D expenses accounted for 4.8% of sales. Management expects R&D spending to reach 5% to 6% of net sales for the full year, with investments increasing methodically as product development efforts progress.

The company’s early second-quarter FDA 510(k) clearances for patient-specific lumbar spacers and rods further support its strategy of integrating planning software, enabling technologies, and implants into a unified workflow, a move that could strengthen account relationships and increase procedure-level pull-through over time.

Globus Medical ended the first quarter of 2026 with $560.9 million of cash and cash equivalents and $68.9 million of short-term marketable securities. The company remains debt-free. Liquidity is also being replenished internally, with $202.4 million of operating cash flow generated in the quarter. This supports continued capital spending and buybacks alongside ongoing integration work.

Image Source: Zacks Investment Research

Factors That May Offset GMED’s GainsThe company operates in an environment of interest-rate uncertainty, inflation and geopolitical complexity that can disrupt supply chains and raise input costs.  SG&A was $297.8 million in first-quarter 2026, or 39.2% of sales, up from $242.8 million a year earlier, reflecting higher compensation and benefit costs on higher volume.

Additionally, Globus Medical recorded a $2.1 million foreign currency transaction loss in the first quarter, which directly affected other income and expenses. With foreign revenues and expenses concentrated across regions such as Japan, the Eurozone, the United Kingdom and Australia, currency volatility can also affect gross margin and operating expense leverage over time.

A Glance at GMED’s EstimatesIn the past 30 days, the Zacks Consensus Estimate for 2026 earnings per share (EPS) has remained unchanged at $4.74. 

Revenues are projected to grow 8.7% to $3.20 billion in 2026, while the same for 2027 is expected to reach $3.41 billion (up 6.6%).  

Key PicksSome better-ranked stocks in the broader medical space are Alcon (ALC - Free Report) , Integra LifeSciences (IART - Free Report) and Phibro Animal Health (PAHC - Free Report) . 

Alcon has an earnings yield of 5.1% against the industry’s negative 2.8% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. ALC’s earnings topped estimates in three of the trailing four quarters and missed in one, the average surprise being 3.7%.

ALC carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Integra LifeSciences, carrying a Zacks Rank #2 at present, has an earnings yield of 16% against the industry’s negative 3% yield. Shares of the company have gained 22.8% compared with the industry’s 4.8% growth. IART’s earnings topped estimates in each of the trailing four quarters, the average surprise being 16.8%.

Phibro Animal Health, carrying a Zacks Rank #2 at present, has an earnings yield of 9.2% compared with the industry’s 2.8% yield. Shares of the company have climbed 43.1% against the industry’s 27.9% decline. PAHC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 16.3%.

Key Takeaways DOCS is expanding AI with rising physician use and early AI Search contracts with top-20 pharma companies.Doximity's Clinical AI Suite now serves 140 health systems, supporting retention and cross-selling.DOCS expects AI investment to trim margins as regulatory reviews delay meaningful revenue contribution. Doximity (DOCS - Free Report) is entering a pivotal phase as it accelerates investments in artificial intelligence to expand beyond its core physician engagement platform. While robust physician adoption, growing enterprise AI deployments and exceptional cash generation strengthen its long-term outlook, a sluggish pharma advertising market, rising AI investments and commercialization risks could temper near-term financial performance.

Shares of this Zacks Rank #3 (Hold) company have lost 49.8% so far this year compared with the industry's 5.6% decline and the S&P 500 Index’s 10.9% rise.

Doximity, with a market capitalization of $4.07 billion, is a global specialty medical device company.

DOCS’ bottom line is estimated to improve 3.8% over the next five years. Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 7.99%.

Image Source: Zacks Investment Research

What's Driving DOCS’ Performance?AI Platform Is Rapidly Becoming Doximity's Next Major Growth Engine: Doximity is positioning artificial intelligence as its largest long-term monetization opportunity. Since acquiring Pathway, AI Search and AI Scribe users have tripled, while nearly half of all active prescribers now use the company's AI tools.

Management has already signed its first AI Search contracts with top-20 pharmaceutical companies and believes AI Search alone represents a multibillion-dollar incremental addressable market beyond its existing pharma advertising business. The combination of physician engagement, hospital adoption and early customer interest suggests Doximity is building a differentiated AI ecosystem that could materially expand revenues over the next several years rather than simply enhancing existing products.

Deepening Health System Integration: Doximity's growing integration into hospital workflows is making its platform increasingly indispensable to physicians. Nearly half of all U.S. doctors now work at health systems using Doximity's workflow or scheduling tools, while 140 health systems, including seven of the top 20 U.S. hospitals, have adopted its Clinical AI Suite.

Management emphasized that more than 250,000 prescribers now access AI capabilities through HIPAA-compliant enterprise deployments, creating a significant barrier for competitors. As hospitals increasingly prioritize secure AI environments over public AI tools, Doximity's trusted infrastructure, physician network and enterprise relationships should support higher customer retention and expanding cross-selling opportunities across workflow, telehealth and AI solutions.

Record Physician Engagement: Doximity continues to strengthen the core asset underpinning its business — physician engagement. Workflow usage increased approximately 30% year over year, reaching more than 800,000 quarterly active prescribers, representing one of the strongest engagement accelerations in the company's history. AI usage is growing even faster, with users nearly doubling their monthly query activity since January.

Higher engagement not only strengthens customer loyalty but also increases the value of Doximity's advertising, workflow and AI offerings to pharmaceutical companies and health systems. Management believes sustained engagement growth will eventually translate into stronger revenue expansion, particularly as new AI-powered commercial products become more widely adopted across its physician network.

What’s Weighing on DOCS Stock?Core Pharma Advertising Market Remains Weak: The biggest near-term challenge for Doximity remains the soft healthcare professional (HCP) digital advertising market. Management acknowledged continued policy uncertainty, macroeconomic risks and shorter pharmaceutical budgeting cycles, causing many customers to delay spending commitments and favor shorter-duration contracts.

The company expects the overall HCP digital advertising market to grow only around 5% or less during fiscal 2027, significantly below historical levels. Although Doximity continues to outperform many peers, sluggish industry spending limits visibility and reduces opportunities for traditional advertising growth. Until pharmaceutical companies regain confidence and commit to longer-term marketing budgets, revenue acceleration is likely to remain constrained.

AI Monetization Will Pressure Margins: While AI represents Doximity's largest long-term opportunity, management expects fiscal 2027 to be an investment year rather than a significant earnings contributor. The company plans to substantially increase spending on AI compute, engineering talent, brand marketing, and product development, resulting in adjusted EBITDA margins declining from 55% in fiscal 2026 to approximately 49% in fiscal 2027.

Management also expects minimal AI revenue contribution during the first half because regulatory reviews and customer implementation timelines will delay commercialization. Consequently, the company could face a period of elevated expenses without commensurate revenue growth, increasing execution risk if AI adoption progresses more slowly than anticipated.

Commercial Success Depends on Regulatory and Customer Adoption of AI: Although customer interest in AI Search appears strong, commercialization remains at a very early stage. Management acknowledged that pharmaceutical companies must complete extensive medical, legal and regulatory reviews before campaigns can be deployed, creating longer implementation timelines than traditional advertising products.

Because Doximity launched the commercial offering only recently, management expects most of the financial benefits to materialize in the second half of fiscal 2027. Delays in regulatory approvals, customer onboarding, or campaign execution could defer revenue recognition. Given management's expectation that AI Search will become a major future growth driver, slower-than-expected commercialization would likely weigh on investor expectations.

Estimate TrendThe Zacks Consensus Estimate for fiscal 2027 revenues is pegged at $670.2 million, implying growth of 3.9% from the year-ago reported figure. The consensus mark for adjusted EPS is pinned at $1.39, indicating a decline of 8.6% from the previous year’s recorded level.

In the past 60 days, DOCS’ earnings estimate for fiscal 2027 has remained stable.

Stocks to ConsiderSome better-ranked stocks from the broader medical space are Alcon (ALC - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health (CAH - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Alcon reported first-quarter 2026 earnings per share of 85 cents, which beat the Zacks Consensus Estimate by 6.3%. Revenues of $2.69 billion surpassed the Zacks Consensus Estimate by 0.3%.

Alcon has an estimated long-term earnings growth rate of 11.5%. ALC’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 3.66%.

Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.

Intuitive Surgical has an estimated long-term earnings growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.

Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.

Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 10.3%.

Foundry Digital, a prominent Bitcoin mining pool operator based in Rochester, New York, announced it will allow its mining clients to determine the pool’s signaling stance on the controversial BIP-110 proposal. Clients will cast their votes using their respective hashrate, directly influencing the pool’s action regarding the upgrade.

BIP-110: Restricting non-monetary dataBIP-110, short for Bitcoin Improvement Proposal 110, aims to address the rising volume of arbitrary and non-monetary data being stored on the Bitcoin network. If implemented, the proposal would initiate a soft fork, resulting in backward-compatible rule changes that cap the amount of such data included in transactions.

The proposal is also known as the “reduced data temporary soft fork.” Key rules include limiting most new outputs to 34 bytes, reestablishing an 83-byte limit on OP_RETURN outputs, and prohibiting data pushes above 256 bytes.

Mini dictionary: OP_RETURN, a script opcode in Bitcoin transactions, allows users to store small amounts of arbitrary data on the blockchain, often used for metadata or simple messages.

Supporters contend that these measures would reinforce Bitcoin’s design as a peer-to-peer electronic cash system. Conversely, critics argue the proposal transforms a policy debate into a technical consensus change and could lead to the exclusion of transactions that pay network fees.

“It’s one of the more actively debated proposals in Bitcoin right now, and miners play a direct role in whether it activates,” Foundry stated, stressing the importance of miner participation in network governance.

Among the high-profile opponents are MicroStrategy founder Michael Saylor and Blockstream co-founder Adam Back, who have publicly raised concerns about the implications for transaction validation.

How voting will workFoundry outlined that each participating miner’s vote will be weighted according to their average hashrate on the pool over a 10-day period from July 6 to July 15. The company expects the voting window to remain open until the blockchain reaches block 961,632, projected for early August. At this point, the soft fork’s fate is likely to be decided.

Initially, Foundry’s default position is to signal “No” for BIP-110. However, should “Yes” votes exceed 51% of the hashrate during the voting window, Foundry will shift to signaling “Yes” on all of its future blocks. Any accounts that do not participate are automatically considered “No” votes. Meanwhile, miners retain the right to change their vote as long as the window remains open, with individual choices remaining confidential and only overall results shared.

Market observers note the significance of Foundry’s decision, as the company currently controls roughly one-third of the network’s total hashrate. Analysts at BGeometrics have suggested that the combined actions of leading pools like Foundry and Antpool could decisively move daily signaling metrics into a range capable of determining the soft fork’s fate.

Supporters believe BIP-110 can help Bitcoin function as true peer-to-peer money, while critics worry it may introduce contentious network changes and prevent certain fee-paying transactions from confirming.

ProposalMain Rule ChangeAdvocatesOpponentsBIP-110Limits arbitrary data in transactions; caps OP_RETURN at 83 bytesBitcoin developers, some minersMichael Saylor, Adam BackA final signaling window near block 961,632 will require Foundry to declare its majority-supported position before the activation timeline closes. The outcome will depend on where the majority of hashrate-weighted votes fall at the end of the period.

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.

While federal lawmakers continue to argue over the finer points of digital asset legislation, US states have quietly started putting real money into Bitcoin. Texas executed its first purchase of roughly $5 million in Bitcoin through the BlackRock iShares Bitcoin Trust (IBIT) ETF in late November 2025, making it the first state to actually fund and buy Bitcoin for a strategic reserve.

The purchase came from a $10 million allocation approved under SB 21, which Governor Greg Abbott signed into law in June 2025. Texas acquired its Bitcoin at prices ranging between roughly $87,000 and $91,000 per coin. New Hampshire and Arizona both enacted their own strategic reserve laws months earlier, and over 30 additional states have introduced similar bills as of mid-2026.

The state-level Bitcoin land grab New Hampshire got its law on the books first. HB 302, signed in May 2025, authorized investments in Bitcoin and qualifying digital assets up to certain portfolio limits. Arizona followed almost immediately with HB 2749, also signed in May 2025, which took a slightly different approach by leveraging unclaimed property and seized assets to build its digital holdings.

Texas’s approach of routing the purchase through BlackRock’s IBIT ETF is notable. Rather than setting up custodial infrastructure from scratch, Texas went with the most liquid and institutionally familiar wrapper available.

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More than 30 states have introduced Bitcoin reserve-style bills, reflecting bipartisan interest in treating Bitcoin as a reserve asset alongside traditional holdings like gold and bonds.

California’s Digital Financial Assets Law became operative on July 1, 2026, imposing licensing requirements on crypto businesses operating in the state. New York continues refining its BitLicense standards.

Washington’s half-finished homework In March 2025, the Trump administration established a Strategic Bitcoin Reserve through executive order, funded with forfeited Bitcoin already held by government agencies.

In July 2025, the GENIUS Act was signed into law, creating a comprehensive regulatory framework for payment stablecoins. The legislation included reserve requirements, audit mandates, and supervisory guidelines.

The Digital Asset Market Clarity Act, commonly called the CLARITY Act, has advanced through various stages but still hasn’t become law as of mid-2026.

What this means for investors When state treasuries start buying Bitcoin, it changes the asset’s narrative in ways that matter for every market participant. These aren’t hedge funds chasing alpha or retail traders following social media hype. These are government entities making deliberate allocations through regulated vehicles, framed as fiduciary decisions about public funds.

Texas’s $10 million is a rounding error in a state budget that runs into the hundreds of billions. These are test cases, designed to establish legal precedent and operational frameworks that can scale.

Investors watching this space should pay attention to three things: which states move from legislation to actual purchases, whether the CLARITY Act reaches the president’s desk before year-end, and how state-level reserves perform relative to traditional holdings in their first full reporting cycles.

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

Evernorth, a crypto treasury company, has assembled more than 470 million XRP as part of an ambitious plan to list on the Nasdaq under the ticker “XRPN” through a special purpose acquisition company (SPAC) merger. Dr. Kamilah Stevenson, a wealth educator with expertise in digital assets, highlighted the company’s growing XRP holdings as a signal of increasing institutional conviction in the cryptocurrency.

Institutional strategy behind EvernorthEvernorth’s core model centers on holding XRP on its balance sheet for shareholders, essentially transforming the company into a corporate vault for the digital asset. Once the company is publicly listed, purchasing its shares would give investors indirect exposure to the XRP pool, similar to how some public companies have structured their balance sheets around Bitcoin holdings.

Unlike firms that simply speculate on crypto prices, Evernorth’s stated mission is to remove XRP from circulation and warehouse it for the long term. Dr. Stevenson emphasized that this is a balance-sheet allocation, not a short-term trading play, with all transactions and holdings disclosed in public regulatory filings.

Stevenson noted the distinctive nature of Evernorth’s approach, drawing a comparison to similar strategies used by companies that focus exclusively on Bitcoin. Her analysis pointed out that Evernorth’s model offers institutional investors a new avenue to gain exposure to XRP through equity markets.

Backing and regulatory processMajor industry names have committed to Evernorth, including Ripple—the company behind the XRP Ledger—SBI, Pantera Capital, Kraken, and Arrington Capital. These backers have reportedly pledged more than $1 billion in capital to support the corporate structure.

Evernorth’s proposed Nasdaq listing remains incomplete, as the process still requires regulatory approval and consent from shareholders. Stevenson underlined that the plans are currently in the filing stage with relevant authorities and that no trading of XRPN shares can take place until permissions are secured.

Publicly available filings are being used to transparently document Evernorth’s operations, a process designed to provide both investors and regulators with confidence in the company’s strategy.

Mini dictionary: Special Purpose Acquisition Company (SPAC) – A SPAC is a publicly listed company created for the purpose of acquiring or merging with another company to facilitate taking that company public without a traditional initial public offering (IPO).

Company/BackerRole/ContributionRippleStrategy backer, technology providerSBI (Japan)Strategic investment, capital providerPantera CapitalInstitutional investorKrakenExchange support, possible liquidity partnerArrington CapitalVenture backer, capital commitmentImplications for individual investorsDr. Stevenson, who has significant experience educating on wealth strategies in crypto markets, cautions that Evernorth’s strategy is not directly instructive for retail investors. She distinguishes between the financial engineering available to corporations and the personal risk that comes from borrowing heavily to invest in volatile assets like XRP.

She urges smaller investors to focus on tax-efficient structures, such as maintaining digital assets in tax-advantaged accounts like Roth IRAs. This approach, Stevenson argues, enhances wealth preservation and asset protection without resorting to high leverage or risky borrowing practices.

The goal for individuals, according to Stevenson, should be disciplined asset accumulation and risk management, rather than attempts to mimic sophisticated corporate treasury operations. She also highlights the importance of regulatory compliance and prudent financial planning in the context of crypto wealth management.

Evernorth’s approach to XRP is structured for long-term balance-sheet strength rather than speculative trading, reflecting a conviction-based corporate strategy that public investors will soon be able to access if the listing moves forward.

In summary, while Evernorth’s trajectory may offer institutions and investors a unique channel into XRP exposure, Stevenson makes clear that regulatory processes remain ongoing and retail strategies should prioritize sustainable wealth management over aggressive financial engineering.

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.

A Colorado-based wealth manager has disclosed a new investment in the Canary XRP ETF. 

It is yet another institutional firm that has gained exposure to XRP through recently launched exchange-traded funds.

According to a Form 13F-HR filed with the U.S. Securities and Exchange Commission on July 17, Gallacher Capital Management LLC reported holding 86,744 shares of the Canary XRP ETF ($961,126 as of June 30).

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Institutional XRP ETF holdings keep growingGallacher's disclosure follows several other recent 13F filings showing fresh institutional exposure to XRP-linked investment products.

On July 16, registered financial advisor Vista Finance reported owning 129,958 shares of the Franklin XRP Trust ETF, with a market value of roughly $11.45 million at the end of the second quarter. 

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A day earlier, CPR Investments, a Michigan-based registered investment adviser, disclosed a new position in the ProShares Ultra XRP ETF. According to its SEC filing, the firm held 36,619 shares valued at approximately $363,627.

T. Rowe Price launches ETF with XRP exposureIn the meantime, yet another product with XRP exposure was recently launched in the US. 

Earlier this week, Wall Street giant T. Rowe Price, which oversees roughly $7 trillion in assets under management, rolled out its first actively managed cryptocurrency ETF.

Trading under the TKNZ ticker, the fund provides diversified exposure to several major digital assets, including Bitcoin, Ethereum, Solana and XRP. The ETF debuted with approximately $15 million in assets and carries a 0.75% management fee.

The entry of the financial giant into the ETF space is viewed as yet another sign of growing mainstream adoption. 

Ethereum outsourced scaling to L2s. Now native proof verification and fast finality can bring them back into the fold.

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One of the critiques of Ethereum's rollup era is that Layer 2s were supposed to be extensions of Ethereum, but they've drifted into being de facto chains that just buy data availability from the L1.

It's a fair critique, even if there's room for nuance.

Yet over the past 18 months, two research arcs have been maturing that could dissolve this argument entirely. The first arc is native rollups, i.e. packaging L2 blocks as proof-carrying transactions that Ethereum verifies directly.

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This concept has bounced around the Ethereum community in recent years (originally known as "enshrined rollups"), and then the EIP-8079 draft formalized an initial approach in November 2025. To understand why it matters, consider how things work now.

Today, every rollup deploys and maintains its own verifier contracts on L1, i.e. bespoke stacks of code that prove the L2's blocks are valid. These verifiers are complex, gas-heavy, and risky to upgrade. For example, Taiko's stack alone spans six contracts.

In contrast, L2BEAT's Head of Research Luca Donno has estimated that major rollups could shed in the ballpark of ~39% of their onchain verifier code under a native approach:

Specifically native rollups would delete that extra load by making Ethereum the verifier, and L2s built this way would inherit L1 security and every future EVM upgrade automatically, with no migration scrambles required. And this architecture is no longer just theory, either.

Earlier this year, the ethrex client team released a full demo of an L2 settling to L1 via re-execution and with working deposits and withdrawals. And per L2BEAT's new dedicated Native Rollups tracker page, ecosystem-wide development milestones are slated through 2027, including a devnet targeted for this December.

All that said, the second key arc here is fast finality. Right now, Ethereum blocks arrive every ~12 seconds, though finality, i.e. the point where a block becomes practically irreversible, takes roughly 15 minutes. That lag caps how "final" any L2 settling to Ethereum can feel.

Ensuring that we have an expressive proof verification interface, native to the Ethereum protocol, should be one of our highest design goals.

Paired with fast finality, it will be a powerful force in the world. https://t.co/kYTpTAwcIm

— punk5736 (@punk5736) July 16, 2026 The fix has long been on the roadmap in the form of single slot finality research, and breakthroughs are nearing.

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For instance, researcher Francesco D'Amato, one of the minds behind Ethereum's SSF and PeerDAS work, just announced his move from the Ethereum Foundation to Ethlabs with a stated mission of making Ethereum "finalize much faster, as soon as possible."

This vision is also not a distant dream. D'Amato's fast confirmation rule, already running on Glamsterdam's devnets, was replayed against a full year of mainnet data and produced zero false confirmations while delivering 1-slot confirmation more than 95% of the time.

Goal is fast *finality* asap, but in the meantime fast confirmation (https://t.co/vFVtjqULOa) is already here and gives a *very strong* confirmation in seconds, 98% faster than finality! Now on Glamsterdam devnets https://t.co/o3cez3gQ6s pic.twitter.com/5LYQgBSWcI

— Francesco (@fradamt) July 16, 2026 In other words, near-instant strong assurances are demonstrably achievable without sacrificing safety.

Now, of course, native rollups and fast finality are great in their own rights, but combined they're transformative. Native verification makes L2 blocks something Ethereum personally checks, and fast finality will make these checks land in seconds rather than minutes.

In this paradigm, an L2's state could finalize with full L1 security almost immediately, i.e. not like a separate chain posting data to Ethereum but more like Ethereum simply having more blockspace.

Ethereum researcher Barnabé Monnot recently pushed this framing even further, noting that the L1 itself will likely eventually verify its own blocks via proofs, effectively becoming "a rollup of itself." If this pans out, the L1-vs-L2 distinction will blur into a matter of how composable everyone's state is, and more composability on Ethereum should accrue more value to Ethereum.

Riffing on this, many analogies collapse when you consider that L1 is likely to eventually turn into a rollup/L2 of itself.

So it's not the fundamental nature of a rollup to not be "value accretive" to ETH or Ethereum.

And the right lens to think about it is state, and one's… https://t.co/OBXRkXvXIH

— Barnabé Monnot | barnabé.eth (@barnabemonnot) July 15, 2026 To be sure, it will take time for these advances to actualize and synergize. EIP-8079 is still just a draft, and so on. The earliest this full meld could come together is likely late 2027. And there's also the sovereignty angle to consider. Today's major L2s differentiate partly through their custom stacks, so some may simply decline tighter integration.

Overall, then, the big open question is how much tighter technical coupling will translate into how much economic flowback for Ethereum. For his part, Monnot summed up the optimistic case well:

"The more external domains/sequencers have the ability to compose with L1 state, e.g., leveraging its liquidity, the more value accrues to it, vs 'islands of state' bootstrapping their own economies without Ethereum's added value."So Ethereum may have spent years outsourcing its scaling, yes, but now it's definitively building the machinery to bring its offspring back into the fold, faster and more unified than ever before. Keep these arcs and their potential on your radar accordingly.

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Charles Hoskinson said the last stage of the Voltaire era is full decentralization of node and reference blueprint development. (CoinDesk)Summary

Cardano developer Input Output will begin handing control of key blockchain components, including its Haskell node, Plutus platform and Daedalus wallet, to external specialist teams starting in August as part of a multi-year decentralization push.Independent companies such as Se7en Labs and Teragone will assume responsibility for parts of the core infrastructure, while at least three Cardano implementations in Haskell, Rust and Go will be maintained under community oversight and formal specifications.The shift comes as Cardano grapples with weak network activity and a steep drop in its ADA token price, with founder Charles Hoskinson framing the restructuring and broader ecosystem setbacks as necessary “growing pains” on the path to full decentralization.Cardano developer Input Output is handing control of core blockchain infrastructure to outside teams, reducing the network’s dependence on the company that built it, Input Output announced Friday.

Input Output said the handover is the next phase of Cardano’s decentralization. It covers Cardano’s Haskell node, Plutus smart-contract platform, Daedalus wallet, Hydra scaling technology and developer relations.

Specialist companies include Se7en Labs, a development agency specializing in Solana blockchain infrastructure, and Teragone, a specialist software development and cryptographic research team that leads the development of Mithril, a stake-based signature protocol for the Cardano blockchain. Both will take responsibility for some of the components. The handover will begin in August and continue into 2027.

Cardano has already moved protocol decisions and governance to its community. Input Output said the next step is to spread responsibility for developing and maintaining the software.

“The last stage of the Voltaire era is full decentralization of node and reference blueprint development,” Input Output CEO and Cardano founder Charles Hoskinson said in the statement.

The plan calls for independent teams to maintain at least three Cardano implementations written in Haskell, Rust and Go. Member organizations including Intersect and Pragma will oversee formal specifications, with development subject to community review and voting.

Input Output will focus more of its work on research and new ventures through IO Labs and IO Ventures.

The announcement comes as Cardano faces weak network activity, with just $70 million in TVL compared to rival chains like Tron and Solana that boast more than $4 billion respectively. There has also been a sharp decline in the value of its native token. ADA was trading at about 16 cents Friday, almost 95% below its September 2021 record of $3.10.

Hoskinson recently acknowledged the problems facing the network and said further setbacks would be part of its development. The Cardano founder said he had warned earlier this year that the deteriorating market conditions would see many projects shuttering.

“Even Cardano has to go through growing pains that are very uncomfortable,” he said in a video. “Bones have to be broken. Growth spurts have to happen. Exits and entrances. Failures have to occur to build confidence in the system.”

Hoskinson said Cardano needs more specialized teams to set targets and direct resources. He also acknowledged that the network has stopped expanding.

Moving core development to several companies could reduce Cardano’s reliance on Input Output, the statement on Friday said. It will also test whether independent teams can maintain the software without slowing development or creating coordination problems.

“I’m extremely proud that we have arrived at the final stage with IO Labs spinning out the Haskell node to community curation and control,” Hoskinson said. “Our partners are ready and the ecosystem now has many diverse options.”

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BNB Chain just crossed a threshold that puts it firmly in the conversation alongside Ethereum for real-world asset tokenization. The network’s total RWA value has hit $5.2 billion, according to data from RWA.xyz, marking a new all-time high and a 32.26% jump over the past 30 days alone.

That makes BNB Chain the second-largest blockchain for tokenized real-world assets, trailing only Ethereum at $15.5 billion. Not bad for a network that sat at $3 billion just four months ago.

A growth curve that keeps steepening The trajectory here is worth paying attention to. BNB Chain’s RWA value sat at $3 billion in March 2026, climbed to $4 billion by May, and has now vaulted past $5 billion in mid-July.

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The network currently hosts 665 tokenized assets, giving it a 14.91% share of the overall RWA market across blockchains.

The ecosystem powering the growth BNB Chain has assembled a roster of tokenization platforms that includes Avalon Finance, OpenEden, Brickken, Bitbond, Securitize partnered with VanEck, and Ondo Finance. Those projects span treasuries, credit products, real estate, commodities, and equities.

Ondo Finance launched its tokenized equities offering on BNB Chain in late 2025, giving users on-chain exposure to traditional stock market instruments and adding liquidity and DeFi composability to the network, allowing tokenized equities to interact with lending protocols, yield strategies, and other DeFi primitives.

BNB Chain has also been building out stablecoin infrastructure to serve as the settlement and liquidity layer for tokenized assets.

What this means for investors BNB Chain has nearly doubled its RWA value in four months. BNB Chain added roughly $2.2 billion in RWA value over the past four months, while Ethereum’s $15.5 billion in RWA value still leads by a significant margin.

Tokenized RWAs introduce dependencies on off-chain custodians, legal frameworks, and traditional financial infrastructure. A regulatory shift in key jurisdictions could affect how these assets function across any blockchain. Rapid TVL growth can also sometimes be driven by a small number of large depositors. With platforms spanning treasuries, credit, real estate, commodities, and equities, however, BNB Chain’s growth appears distributed across multiple verticals and participants.

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

Andrew McCormick, Chainlink Labs’ Head of Institutional and Market Development, isn’t being subtle about how he sees the CLARITY Act. During a livestream on June 26, he called it “the biggest imaginable unlock for institutions to allocate at scale.”

The Digital Asset Market Clarity Act of 2025, formally known as H.R. 3633, has been slowly grinding through the legislative machinery since it passed the House last year. It hit a notable milestone in May 2026 when the Senate Banking Committee advanced a substitute version with a 15-9 vote.

Why 90-year-old laws are the real problem McCormick identified three primary blockers preventing wider adoption of tokenized assets. First, regulatory clarity, which is exactly what the CLARITY Act aims to provide. Second, trust and confidence, meaning institutions need to believe the infrastructure won’t collapse under them. Third, education, because a surprising number of decision-makers at major financial firms still don’t fully understand how tokenization works or why it matters.

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The CLARITY Act tackles the first blocker head-on by drawing clear jurisdictional lines. Digital commodities would fall primarily under CFTC oversight, while the SEC would retain limited jurisdiction over specific primary-market transactions. Right now, the ambiguity over which agency has authority over what has kept compliance departments at major banks in a permanent state of paralysis.

What this means for tokenized real-world assets McCormick specifically highlighted tokenized equities as a category that could see significant activity once regulatory clarity arrives. Multiple major financial institutions have been running pilot programs and proof-of-concept projects in this space, but actual scaled deployment has been limited precisely because of the legal fog.

Chainlink executives have framed the CLARITY Act as a once-in-a-decade legislative opportunity.

The broader legislative picture The CLARITY Act doesn’t exist in a vacuum. The GENIUS Act, focused on stablecoins, represents another piece of the puzzle. Together, these bills signal that Congress is moving toward a comprehensive approach rather than piecemeal rulemaking.

McCormick was appointed to his role at Chainlink Labs on June 4, 2026, making his public advocacy for the CLARITY Act one of his early priorities in the position.

What investors should be watching If the CLARITY Act becomes law, the immediate beneficiaries would be firms providing the infrastructure that makes institutional onchain finance possible. Oracle networks and cross-chain services, which are Chainlink’s core business, would see increased demand as more traditional financial activity moves onchain.

There’s also a competitive dimension. Jurisdictions like the EU, with its MiCA framework already in effect, Singapore, and the UAE have been actively courting the same institutional capital that the CLARITY Act is designed to attract.

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

OKX Europe has launched a one-way conversion feature allowing customers to deposit USDT and convert it into USDC, offering a regulated migration path as the European Union’s Markets in Crypto-Assets (MiCA) rules limit support for the world’s largest stablecoin.

According to a company announcement shared with Cointelegraph, the feature lets customers deposit Tether’s USDt (USDT) into their OKX Europe account and convert the tokens into USDC (USDC), one of the largest stablecoins available under the European Union’s MiCA framework.

Tether has not obtained authorization to issue USDT under MiCA, prompting many European platforms to restrict deposits, delist trading pairs or convert customer balances into compliant alternatives as the European Union completed the framework’s rollout on July 1.

OKX Europe said the feature is designed for customers whose existing platforms no longer accept USDT or plan to migrate their balances automatically. The exchange said conversions can be completed at the customer’s discretion rather than through a platform-imposed deadline.

The move comes even as USDT remains the dominant stablecoin globally. According to DefiLlama, Tether accounts for about 59% of the nearly $310 billion stablecoin market, with a market capitalization of roughly $184 billion, compared with about $73 billion for Circle’s USDC.

OKX Europe serves customers across 30 EU and European Economic Area countries under its MiCA license.

Source: DefiLlama

Why did Tether reject MiCA?Tether has defended its decision not to seek MiCA authorization for USDT, even as the move prompted many European crypto platforms to delist or restrict the stablecoin. Since the EU’s regulatory framework began taking effect in late 2024, exchanges across the region have been shifting users toward MiCA-compliant alternatives.

Tether CEO Paolo Ardoino has repeatedly criticized MiCA, arguing its reserve requirements create unnecessary risks for stablecoin issuers by requiring a portion of reserves to be held with European credit institutions. 

In a May 2025 interview with Cointelegraph, Ardoino described the framework as “very dangerous when it comes to stablecoins,” saying Tether chose not to pursue authorization despite the likelihood that USDT would lose support on European exchanges.

The company has shown little sign of changing course. In a July 2025 post on X, Ardoino said Tether would reconsider seeking MiCA authorization only “when MiCA becomes safer for consumers and stablecoin issuers.”

Source: Paolo Ardoino

Recently, digital banking platform Revolut said it will stop supporting USDT for customers in the European Economic Area and Switzerland, giving users until Aug. 31 to sell or withdraw their holdings before automatically converting any remaining balances into their base currency.

Magazine: The British Virgin Islands are a top crypto hub no one ever talks about: Here’s why

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Super Heavy v3 Booster 20 hangs from the chop sticks at Pad 2 as it prepares to roll back to the SpaceX launch production facility in Starbase, Texas, U.S., July 17, 2026. REUTERS/Steve Nesius Purchase Licensing Rights, opens new tab

SummaryCompaniesSpaceX plans to replace two booster Raptor engines before the next launch attempt, Musk saidFour of the booster's 33 engines did not ignite during Thursday's aborted test flightStarship could carry 20 Starlink satellites on its 13th flight test, the company saidWASHINGTON, July 17 (Reuters) - SpaceX (SPCX.O), opens new tab is targeting Monday for another attempt to ​launch its Starship rocket after a last-second abort during engine ignition on Thursday, a brief setback that nevertheless wiped roughly $100 billion from the newly public ‌company's market value.

The company's Starship rocket ignited its engines for a 13th test flight from Texas, but stopped short of lifting off when an automated abort command shut the engines down early. Four of the Starship booster's 33 engines did not ignite, according to a live SpaceX depiction of the booster's engines.

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A launch delay for the $15 billion rocket development program better known for ​dramatic engineering feats and explosive testing failures is not uncommon. Still, SpaceX shares have dropped by roughly 6% to $124.30 since the abort, erasing roughly $100 ​billion in equity value.

Musk wrote on X that the abort was triggered because "some of the engines didn't start." SpaceX on Friday ⁠hoisted the Starship upper stage off its Super Heavy booster and plans to replace two of the booster's Raptor engines "to be confident of a good flight," Musk ​said, without explaining why some engines didn't start.

"Most probable launch timing is early next week," he added. SpaceX's website said Starship could launch "as early as Monday, July ​20."

The share price drop offers an early glimpse into how the newly public company's investors might judge the progress of a high-tech rocket program on which SpaceX's most lofty ambitions rely.

The stock had already been sliding from a post-IPO high of $225.64 and fell below SpaceX's $135 IPO price on Wednesday. The abort accelerated the decline.

"If this is how the market reacts to a precautionary ​abort, I can't wait to see how it responds to a successful flight," Chad Anderson, CEO of Space Capital and a SpaceX investor since 2017, said via ​text message.

"Zoom out and none of this changes the thesis: we're in the early innings of a multi-decade infrastructure cycle, and Starship is the centerpiece," he added. "Day-to-day price action is ‌noise against ⁠the backdrop. This is a long-term opportunity."

Some SpaceX employees on X, which is owned by SpaceX, sought to explain the abort and delay to next week.

Director of Starship engineering Shana Diez said on X that the Thursday launch scrub was the first time a fully stacked Starship rocket lit its engines and then aborted.

"While similar to a wet dress rehearsal," she said, referring to a practice run of a rocket launch, "there is a lot going on and any first time operation comes with ​additional risk."

"This is how we learn safely ​and implement mitigations for all scenarios," ⁠said Jessie Anderson, a Starship production engineer who sometimes hosts the company's launch live streams.

PRESSURE RISINGSpaceX has launched 12 Starship test flights since 2023, some ending in explosive failures and other hard testing setbacks that have become hallmarks of SpaceX's test-to-failure development ethos, ​a risky and capital-intensive approach that has been key to the company's quick growth.

But the pressure is rising for Starship ​to begin operational flights ⁠after nearly a decade in development and over $15 billion spent so far.

Two pillars of SpaceX's future growth hinge on Starship: expanding the Starlink network to beam service directly to mobile devices and eventually launching thousands to potentially a million AI-processing satellites into space.

SpaceX aims to launch the first Starlink satellites to orbit on Starship by year's end, followed ⁠by routine ​launches, the company said in its prospectus.

Starship will carry 20 Starlink satellites on its 13th flight ​test to demonstrate its satellite-dispensing system and the Starlink network's laser communication links, but those satellites will follow the ship's suborbital trajectory and burn up in Earth's atmosphere soon after deployment.

The rocket will launch ​out of Florida for the first time "potentially" by year's end, SpaceX engineer Kate Tice said Thursday on the Starship live stream.

Reporting by Joey Roulette; Editing by Sanjeev Miglani

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Joey Roulette is a space reporter for Reuters covering the business and politics of the global space industry, often focusing on space power competition and how commercial interests intersect with international relations. He was part of a team that won the 2024 Pulitzer Prize in national reporting for Reuters' coverage of Elon Musk's business empire. On the space beat for roughly a decade, Joey previously worked for the New York Times, the Verge, and various publications in Florida.

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Apple filed a trade secrets lawsuit against OpenAI last Friday, and it’s not messing around. The complaint alleges a pattern of misconduct reaching all the way up to OpenAI’s chief hardware officer and claims more than 400 former Apple employees now work at the company. OpenAI’s response so far has been carefully hedged, and the timing couldn’t be worse with the company reportedly eyeing an IPO as early as later this year. 

On this episode of TechCrunch’s Equity podcast, hosts Kirsten Korosec, Anthony Ha, and Sean O’Kane dig into what the lawsuit could mean for OpenAI’s own hardware ambitions and IPO timeline, plus a bigger theme running through the week’s news: how much should anyone trust AI companies with their data? 

Subscribe to Equity on YouTube, Apple Podcasts, Overcast, Spotify and all the casts. You also can follow Equity on X and Threads, at @EquityPod. 

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Theresa Loconsolo is an audio producer at TechCrunch focusing on Equity, the network’s flagship podcast. Before joining TechCrunch in 2022, she was one of 2 producers at a four-station conglomerate where she wrote, recorded, voiced and edited content, and engineered live performances and interviews from guests like lovelytheband. Theresa is based in New Jersey and holds a bachelors degree in Communication from Monmouth University.

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