BIRMINGHAM, Ala., July 20, 2026 (GLOBE NEWSWIRE) -- ServisFirst Bancshares, Inc., (NYSE: SFBS) (“ServisFirst”), the holding company for ServisFirst Bank, today announced that its Board of Directors declared a two-for-one common stock split in the form of a stock dividend. The stock dividend will be payable August 20, 2026 to stockholders of record as of August 5, 2026. Holders of ServisFirst's common stock as of the record date will receive one additional share for every share held on the record date of August 5, 2026.
As a result of the stock split, the total number of shares of common stock outstanding will increase from approximately 54.7 million to approximately 109.3 million. The additional shares of common stock are expected to be distributed on or about August 20, 2026 by ServisFirst's transfer agent, Computershare, and begin trading on a post-split basis on or about August 21, 2026.
About ServisFirst Bancshares, Inc.
ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, Texas and Virginia. Through the Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions. ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbank.com.
More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbank.com or by calling (205) 949-0302.
Raymond James (RJF 0.02%) ended the first quarter of 2026 with 9,076 financial advisors. That is up from 8,372 financial advisors five years earlier, representing a roughly 2% annual compound growth rate in the advisor count. On the surface, that doesn't sound like such an impressive statistic, but you need to think about what each new advisor brings to the table. When you do that, you start to see just how powerful a model Raymond James has created.
Raymond James is not leveraging a one-to-one relationship In the first quarter of 2021, Raymond James had roughly $970 billion in assets under administration. That's basically all the cash the company's customers have. Five years later, that figure was nearly $1.6 trillion, a 10% compound annual growth rate. By the end of May, that number had increased to $1.9 trillion, with around 60% of that in fee-based accounts. Those accounts generate recurring fees that are annuity-like.
Image source: Getty Images.
The 2% annualized growth rate in the number of advisors that Raymond James works with is a powerful growth engine. That's because each advisor works with more than one client. In the first quarter of 2026, Raymont James had the "second highest quarterly result in our history in terms of both recruited production and assets." The respective figures were 12-month production of $141 million and nearly $21 billion of client assets. These are not kids just out of college; they are seasoned professionals with established relationships.
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Raymond James' third-quarter results are likely to be good reading Given strong recruitment of seasoned professionals, ongoing monthly growth in assets (and specifically fee-generating assets), and the strength of the overall market, Raymond James is likely to report solid third-quarter earnings on July 22. However, it is important to keep in mind that this isn't a new strategy for the company. This is the same playbook it has used for a very long time.
The one wild card management can't control is market performance. Over the short-term that has a big impact on assets under advisement and the fee-based income the company generates. With the stock market near all-time highs, value investors will probably want to wait for a market downturn here. Notably, the stock's price-to-earnings ratio is slightly above its five-year average.
However, don't simply forget about Raymond James. If you like the strategic approach but not the price, put the stock on your wish list so you remember to reconsider it when fearful short-term investors are scared of anything tied to the market. Long-term investors will probably find that a more compelling entry point, if you don't mind going against the grain a little bit.
Franchise Equity Partners Logo Investment Advances Planet Fitness' Commitment to Providing Accessible and Affordable Fitness Internationally and Targets Over 135 Planet Fitness Clubs Throughout Australia
, /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, and Franchise Equity Partners (FEP), a private investment firm on a mission to create long-term partnerships with quality franchisees and franchisors, today announced that FEP has acquired Bravo Fit, the Planet Fitness franchisee in Australia, from existing shareholders including Planet Fitness, which has exited its minority ownership position as a result of the transaction. As part of the agreement, Bravo Fit's management team will continue to lead the business and oversee its future growth in the region.
Bravo Fit, which has been central to bringing the brand's Judgement Free® model to members across the country, currently operates 32 Planet Fitness clubs and holds exclusive area development rights for up to approximately 100 clubs across Victoria, New South Wales, South Australia, Queensland, and the Australian Capital Territory. The transaction provides Bravo Fit with flexible, strategic capital to accelerate club expansion and continue investing in the member experience, while preserving the premier operating culture the team has built.
The acquisition marks FEP's first investment in an Australian-headquartered business and follows FEP's January 2026 acquisition of IMO Car Wash, a UK-headquartered business with operations in Australia.
"We are thrilled by the performance of the Planet Fitness brand in Australia since first entering the market seven years ago," said Colleen Keating, Chief Executive Officer at Planet Fitness. "We partnered with Bravo Fit initially to bring our brand promise of high-value, low-price fitness to the region, and our model has resonated well in the country. The success we've seen to date demonstrates one of the ways we can successfully deploy capital in a disciplined and focused manner to drive Planet Fitness' expansion in international markets. The sale of our ownership stake in Bravo Fit to FEP validates our approach, and we are confident that FEP and Bravo Fit will continue to further scale Planet Fitness' presence and growth in Australia."
"Bravo Fit is exactly the kind of partner FEP is built to support: a proven operator with a clear runway in a high-quality, globally recognized franchise system," said David O'Donnell, Managing Director, Head of Investments at FEP. "We have established experience with Planet Fitness as a minority partner in a U.S.-based franchise group, and we are excited by the opportunity to become a full-scale franchise owner in one of the world's most attractive fitness markets. Our flexible capital and experience scaling franchise businesses are designed to help the management team accelerate that buildout while preserving the operating discipline and member focus that have made Bravo Fit successful."
For Bravo Fit's founding team, the partnership with FEP marks the next chapter in a business built around long-term conviction in the Planet Fitness franchise model and the Australian market.
"This partnership with FEP is an important milestone for our entire team," said Danielle Monroy, Chief Executive Officer of Bravo Fit. "Over the past several years we have built a business defined by operational discipline and a genuine commitment to our members and our people. We look forward to benefitting from FEP's expertise in scaling franchises as we work to open clubs faster, invest in our team and continue bringing the Planet Fitness brand and experience to more communities across Australia — without compromising the standards that have gotten us here."
In connection with the transaction, Rob Coombe will serve as Chairman of Bravo Fit. Mr. Coombe is a senior Australian executive with more than 40 years of experience across financial services and consumer businesses, including as former Chief Executive Officer of BT Financial Group and as former Chief Executive Officer and Chairman of Craveable Brands, one of Australia's largest franchised quick-service restaurant operators.
FEP partners with leading franchisees and franchisors across multi-unit consumer-related sectors, providing flexible capital to support growth, ownership simplification, succession, and estate planning. With the addition of Bravo Fit, FEP further diversifies its portfolio internationally in a manner consistent with its core strategy.
Terms of the transaction were not disclosed. FEP was advised by Mallesons, PwC, and Davis Wright Tremaine LLP. The Bravo Fit shareholders were advised by Hall & Wilcox and Intrepid Investment Bankers.
For more information about Franchise Equity Partners, please visit https://www.fep-us.com/.
About Planet Fitness: Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the world by number of members and locations. As of March 31, 2026, Planet Fitness had approximately 21.5 million members and 2,909 clubs in all 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, Australia and Spain. The Company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. Approximately 90% of Planet Fitness clubs are owned and operated by independent business owners.
About Franchise Equity Partners: Franchise Equity Partners is a private investment firm specializing in providing capital to franchise businesses and their owners. Its differentiated approach combines extensive corporate finance and operating experience with approximately $1.5 billion in assets under management to facilitate investment in growth, ownership simplification, succession and estate planning, and other strategic business opportunities. To learn more about Franchise Equity Partners, please visit www.fep-us.com or follow the firm on LinkedIn.
About Bravo Fit: Bravo Fit is the Planet Fitness franchisee in Australia, operating clubs across Victoria, New South Wales, South Australia, Queensland and the Australian Capital Territory under exclusive area development rights. Founded by a team of experienced multi-unit operators, Bravo Fit is dedicated to delivering an accessible, high-quality and welcoming fitness experience to members across the country.
Why: Rosen Law Firm, a global investor rights law firm, announces a class action lawsuit on behalf of purchasers of common stock of Planet Fitness, Inc. (NYSE: PLNT) between November 6, 2025 and May 6, 2026, inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 14, 2026.
So What: If you purchased Planet Fitness common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
What to do next: To join the Planet Fitness class action, go to https://rosenlegal.com/cases/planet-fitness-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 14, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Details of the case: According to the lawsuit, throughout the Class Period, defendants made materially false and misleading statements and/or concealed material adverse facts concerning the true state of Planet Fitness' customer acquisition and marketing metrics. Notably, Planet Fitness' updated marketing messaging was failing to resonate with, and was actively intimidating, its core target demographic of fitness beginners and casual gym-goers. As a result, Planet Fitness was experiencing a significant headwind in net member joins during its peak first-quarter sign-up period that rendered its previously issued fiscal 2026 guidance and long term financial targets unachievable. Instead, Planet Fitness would be required to restructure its marketing strategy, losing the gains they praised from continuing the same marketing campaign, and entirely halt the planned Black Card price increase which sale projections were premised upon. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Planet Fitness class action, go to https://rosenlegal.com/cases/planet-fitness-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
CLEVELAND, July 20, 2026 (GLOBE NEWSWIRE) -- CBIZ, Inc. (NYSE: CBZ) (the “Company”), a leading professional services advisor to the middle market, will announce its financial results for the second quarter and first half ended June 30, 2026, after markets close on Wednesday, July 29, 2026.
CBIZ President and Chief Executive Officer Jerry Grisko and Chief Financial Officer Brad Lakhia will host a conference call at 5:00 p.m. ET on Wednesday, July 29, 2026, to discuss the Company’s financial results. The conference call will be webcast live and archived on the investor relations page of the CBIZ website at https://cbiz.gcs-web.com/investor-overview.
Investors can register at https://dpregister.com/sreg/10210297/10463b768f5 to receive the dial-in number and a unique personal identification number. Registration will be open throughout the live call, although participants are encouraged to join approximately 10 minutes before the start time to avoid delays.
About CBIZ
CBIZ, Inc. (NYSE: CBZ) is a leading professional services advisor to middle-market businesses nationwide. With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers actionable insights to help clients anticipate what is next and discover new ways to accelerate growth. CBIZ has more than 9,500 team members across 23 major markets coast to coast. For more information, visit www.cbiz.com.
Contact:
Investor Relations: Chris Sikora, VP, Investor Relations & Corporate Finance, [email protected]
Media: Amy McGahan, Director of Corporate & Strategic Communications, [email protected]
CBIZ, Inc., Cleveland, Ohio, (216) 447-9000
TriLink's Complete Portfolio of CleanCap® Analogs are Patented in Major Jurisdictions Globally; TriLink is the Sole Authorized Manufacturer of CleanCap® Capping Analogs
SAN DIEGO--(BUSINESS WIRE)--TriLink BioTechnologies, LLC (TriLink®), a Maravai LifeSciences company (NASDAQ: MRVI) and global provider of life science reagents and services, has been granted a new patent from the China National Intellectual Property Administration (CNIPA), Patent number ZL 2025 1 1246578.X, covering methods of synthesizing RNA molecules. The new patent covers TriLink's full suite of CleanCap® capping analogs, including its latest M6 analog. CleanCap technology is a critical component of the production of synthetic mRNA as drug developers and researchers strive to maximize the impact of mRNA-based therapeutics and vaccines.
The allowed claims are directed to co-transcriptional RNA synthesis methods utilizing either trimer or tetramer capping structures.
This new patent reinforces the global strength of TriLink's intellectual property portfolio in one of the world's most strategically important markets. CleanCap® technology is patented across major world markets in addition to China, including the United States, the European Union, Australia, Japan, Korea, Hong Kong, and Canada.
"We are committed to defending our intellectual property rights, and this new patent represents an important tool in support of those efforts," said Bernd Brust, Chief Executive Officer of Maravai LifeSciences. "Maintaining strong intellectual property coverage in every major jurisdiction is central to our strategy. We look forward to deepening our presence in this important market and bringing the gold standard in mRNA capping technology to the researchers and drug developers who are advancing the next generation of RNA-based medicines."
"CleanCap® offers significant advantages for mRNA programs," said Chanfeng Zhao, Chief Scientific Officer of TriLink BioTechnologies. "This patent reflects the depth of innovation our team has brought to mRNA manufacturing."
The technology covered by the patent enables the co-transcriptional production of mRNAs containing the major natural cap structures found in humans, a significant improvement over legacy capping methods such as enzymatic capping and ARCA. CleanCap® technology has been used in commercially approved COVID-19 mRNA and saRNA vaccines and underpins drug development programs across mRNA therapeutics, oncology, infectious diseases, rare diseases, and cell and gene therapies.
To learn more about TriLink's products and services, visit trilinkbiotech.com.
About TriLink BioTechnologies
TriLink BioTechnologies, part of Maravai LifeSciences, is a global leader in nucleic acid technologies and manufacturing solutions for RNA therapeutics, vaccines, gene editing, and diagnostics. The company's portfolio includes modified nucleotides, mRNA products, proprietary technologies such as CleanCap® capping analogs and ModTail™ technology, and a growing portfolio of high-performance enzymes marketed under the Alphazyme brand. Supported by robust GMP manufacturing capabilities, TriLink enables customers from early-stage research through commercial production.
For more information, visit trilinkbiotech.com.
About Maravai LifeSciences
Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines. Maravai's companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.
For more information about Maravai LifeSciences, visit www.maravai.com.
Forward-looking statements
This press release contains, and Maravai's officers and representatives may from time-to-time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding the expected benefits associated with using CleanCap® technology, the expected impact of mRNA vaccines and therapeutics; Maravai's future business capabilities; growth opportunities, including inorganic growth; and future innovations, constitute forward-looking statements and are identified by words like "promise," "believe," "expect," "see," "project," "may," "will," "should," "seek," "anticipate," or "could" and similar expressions.
OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) announced today that it will host a teleconference and webcast to discuss its second quarter 2026 financial and operating results beginning at 10:00 a.m. ET (9:00 a.m. CT) on Tuesday, August 4, 2026. Gulfport plans to announce second quarter 2026 results on Monday, August 3, 2026, after market close.
The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from August 4, 2026 to August 18, 2026, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13761877.
About Gulfport
Gulfport is an independent, natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in eastern Ohio targeting the Utica and Marcellus formations and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.
, /PRNewswire/ -- Allison Transmission Holdings Inc. (NYSE: ALSN), a global leader in high-performance mobility and work solutions built for the needs of the modern industrial world, today announced that it will hold its second quarter 2026 financial results conference call at 5:00 p.m. EDT on Monday, August 3, 2026. Allison executives will review the company's financial performance for the period. The news release announcing the financial results will be issued post market on Monday, August 3.
The dial-in phone number for the conference call is +1-877-425-9470 and the international dial-in number is +1-201-389-0878. A live webcast of the conference call will be available online at ir.allisontransmission.com in addition to the second quarter results press release on the 'News Releases' page. For those unable to participate in the conference call, a replay will be available from 9:00 p.m. EDT on August 3 until 11:59 p.m. EDT on August 17. The replay dial-in phone number is +1-844-512-2921 and the international replay dial-in number is +1-412-317-6671. The replay passcode is 13761420.
About Allison
Allison (NYSE: ALSN) is a global leader in high-performance mobility and work solutions built for the needs of the modern industrial world. Allison operates through two business units: Allison Transmission and Allison Off-Highway Drive & Motion Systems. Headquartered in Indianapolis, Indiana, USA, the Company manufactures solutions which offer industry-leading value propositions across vital sectors such as infrastructure, mining, energy, agriculture, construction, transportation and national security. For over 110 years, Allison has been recognized as a reliable partner of choice, keeping essential industries moving anytime, in over 150 countries around the world. For more information, visit allisontransmission.com.
CORAL GABLES, Fla.--(BUSINESS WIRE)--MasTec, Inc. (NYSE: MTZ) today announced that it has closed its previously announced acquisition of Electrical Specialists, Inc., d/b/a The Superior Group (“Superior”), a premier full-service electrical contractor focused on critical infrastructure, in a cash and stock transaction valued at approximately $1.65 billion, subject to customary purchase price adjustments and a potential cash earnout payment based on Superior’s post-closing performance (the “Transaction”). The cash portion of the purchase price was funded with cash on hand, drawings under MasTec’s existing credit facility and drawings under two previously disclosed delayed draw term loan facilities entered into in connection with the Transaction.
Jose Mas, MasTec's Chief Executive Officer, commented, “We are pleased to officially welcome Bryan Stewart and the approximately 3,000 Superior team members to the MasTec family. We believe that the addition of Superior and its experienced leadership team, coupled with MasTec's existing operations, positions MasTec to serve the compelling and ongoing buildout of data center, power and mission-critical infrastructure, both outside and inside the fence.”
Mr. Mas continued, “This acquisition further advances MasTec’s strategy of building a scaled infrastructure capacity platform that is positioned to serve accelerating demand for data center, power and other mission-critical infrastructure through a transaction that demonstrates our commitment to disciplined capital allocation.”
About MasTec
MasTec, Inc. is a leading North American infrastructure engineering and construction company focused primarily on engineering, building, installation, maintenance and upgrade of communications, energy and utility and other infrastructure. MasTec primarily operates under four business segments including Communications, serving both wireless and wireline/fiber infrastructure; Power Delivery, serving primarily utility customers in transmission and distribution markets; Pipeline Infrastructure serving energy and other customers with installation and maintenance services primarily for natural gas pipeline and distribution infrastructure; and Clean Energy and Infrastructure, providing renewable energy engineering and construction services, as well as for heavy civil and other industrial infrastructure markets. Learn more at www.mastec.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include, but are not limited to, statements relating to expectations regarding the future financial and operational performance of MasTec or Superior; expectations regarding the projected impact and benefits of Superior on MasTec's operating or financial results; expectations regarding MasTec's or Superior’s business or financial outlook; expectations regarding MasTec's plans, strategies and opportunities; expectations regarding opportunities, technological developments, competitive positioning, future economic conditions and other trends in particular markets or industries; the potential strategic benefits and synergies expected from the acquisition of Superior; MasTec's ability to successfully integrate the operations of Superior; the impact of inflation on MasTec's costs and the ability to recover increased costs, as well as other statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. These statements are based on currently available operating, financial, economic and other information, and are subject to a number of significant risks and uncertainties. A variety of factors in addition to those mentioned above, many of which are beyond our control, could cause actual future results to differ materially from those projected in the forward-looking statements. Other factors that might cause such a difference include, but are not limited to: our ability to manage projects effectively and in accordance with our estimates, as well as our ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects and estimates of the recoverability of change orders; market conditions, including rising or elevated levels of inflation or interest rates, regulatory or policy changes, including permitting processes, tax incentives and government funding programs that affect us or our customers' industries, access to capital, material and labor costs, supply chain issues and technological developments, all of which may affect demand for our services; changes to governmental programs and spending policies, changes to the amounts provided for under the Infrastructure Investment and Jobs Act and/or Inflation Reduction Act, including the potential for reduced support for renewable energy projects, such as a result of the One Big Beautiful Bill Act, or changes in U.S. or foreign tax laws, statutes, rules, regulations or ordinances; tariff and trade actions, including retaliatory trade actions, by the United States (U.S.) and/or other countries on U.S. exports or bans by foreign countries on certain of their exports; project delays due to permitting processes, compliance with environmental and other regulatory requirements and challenges to the granting of project permits, which could cause increased costs and delayed or reduced revenue; the effect on demand for our services of changes in the amount of capital expenditures by our customers due to, among other things, economic conditions, including potential economic downturns, inflationary issues, tariff effects, the availability and cost of financing, supply chain disruptions, climate-related matters, customer consolidation in the industries we serve and/or the effects of public health matters; activity in the industries we serve and the impact on the expenditure levels of our customers of, among other items, fluctuations in commodity prices, including for fuel and energy sources, fluctuations in the cost of materials, labor, supplies or equipment, and/or supply-related issues that affect availability or cause delays for such items; the outcome of our plans for future operations, growth and services, including business development efforts, backlog, acquisitions and dispositions; risks related to completed or potential acquisitions, including our ability to integrate acquired businesses within expected timeframes, including their business operations, internal controls and/or systems, which may be found to have material weaknesses, and our ability to achieve the revenue, cost savings and earnings levels from such acquisitions at or above the levels projected, as well as the risk of potential asset impairment charges and write-downs of goodwill; our ability to attract and retain qualified personnel, key management and skilled employees, including from acquired businesses, our ability to enforce any noncompetition agreements, and our ability to maintain a workforce based upon current and anticipated workloads; any material changes in estimates for legal costs or case settlements or adverse determinations on any claim, lawsuit or proceeding; the adequacy of our insurance, legal and other reserves; adverse climate and weather events, such as the risk of wildfires, that increase operational and legal risks in certain locations where we perform services, could increase the potential liability and related costs associated with such operations; the highly competitive nature of our industry and the ability of our customers, including our largest customers, to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice under our contracts, and/or customer disputes related to our performance of services and the resolution of unapproved change orders; the effect of regulatory initiatives, including risks related to and the costs of compliance with existing and potential future sustainability requirements, including with respect to climate-related matters; the timing and extent of fluctuations in operational, geographic and weather factors, including from climate-related events, that affect our customers, projects and the industries in which we operate; requirements of and restrictions imposed by our credit facility, term loans, senior notes and any future loans or securities; systems and information technology interruptions and/or data security breaches that could adversely affect our ability to operate, our operating results, our data security or our reputation, or other cybersecurity-related matters; our dependence on a limited number of customers and our ability to replace non-recurring projects with new projects; risks associated with potential environmental issues and other hazards from our operations; disputes with, or failures of, our subcontractors to deliver agreed-upon supplies or services in a timely fashion, and the risk of being required to pay our subcontractors even if our customers do not pay us; risks related to our strategic arrangements, including our equity investments; risks associated with volatility of our stock price or any dilution or stock price volatility that shareholders may experience, including as a result of shares we may issue as purchase consideration in connection with acquisitions, or as a result of other stock issuances; our ability to obtain performance and surety bonds; risks associated with operating in or expanding into additional international markets, including risks from increased tariffs, fluctuations in foreign currencies, foreign labor and general business conditions and risks from failure to comply with laws applicable to our foreign activities and/or governmental policy uncertainty; risks related to our operations that employ a unionized workforce, including labor availability, productivity and relations, as well as risks associated with multiemployer union pension plans, including underfunding and withdrawal liabilities; risks associated with our internal controls over financial reporting; risks related to a small number of our existing shareholders having the ability to influence major corporate decisions, as well as other risks detailed in our filings with the Securities and Exchange Commission. We believe these forward-looking statements are reasonable; however, you should not place undue reliance on any forward-looking statements, which are based on current expectations. Furthermore, forward-looking statements speak only as of the date they are made. If any of these risks or uncertainties materialize, or if any of our underlying assumptions are incorrect, our actual results may differ significantly from the results that we express in, or imply by, any of our forward-looking statements. These and other risks are detailed in our filings with the Securities and Exchange Commission. We do not undertake any obligation to publicly update or revise these forward-looking statements after the date of this press release to reflect future events or circumstances, except as required by applicable law. We qualify any and all of our forward-looking statements by these cautionary factors.
TUSTIN, Calif.--(BUSINESS WIRE)---- $SBRA #2Q26--Sabra Health Care REIT, Inc. (Nasdaq: SBRA) announced today that it will issue its 2026 second quarter earnings release on August 3, 2026, after the close of trading.A conference call with a simultaneous webcast to discuss the 2026 second quarter results will be held on Tuesday, August 4th at 10:00 a.m. Pacific Time. The dial-in number for U.S. participants is 888-880-4448. For participants outside the U.S., the dial-in number is 646-960-0572. The conference ID n.
Archer Aviation (ACHR +19.59%), an eVTOL aircraft developer and urban air mobility operator, closed at $5.31, up 19.59%. Shares jumped after Archer and Anduril unveiled Thunder, a Group 5 autonomous attack rotorcraft. Investors are watching commercial partner announcements and defense demand next. Trading volume reached 95.7M shares, coming in about 125% above its three-month average of 42.6M shares. Archer Aviation IPO'd in 2020 and has fallen 47% since going public.
How the markets moved todayS&P 500 (^GSPC 0.19%) slipped 0.17% to 7,445, while the Nasdaq Composite (^IXIC 0.05%) edged down 0.05% to 25,508. Among aerospace and defense peers focused on electric vertical takeoff and landing aircraft development and manufacturing, Joby Aviation closed at $7.47, up 3.32%, and Vertical Aerospace ended at $1.61, up 8.78%.
What this means for investorsArcher and promising private defense unicorn Anduril paired to develop a hybrid-electric VTOL platform that the companies believe will usher in the next generation of vertical lift capabilities for both commercial and defense customers. Shane Arnott, the SVP of Maneuver Dominance at Anduril, explained, “The clean-sheet, dual-use platform that we’ve built with Archer truly represents a step change in capability.”
The companies are planning for Thunder’s first flight in 2027, and Archer plans to announce its first commercial customers for the new platform later this week.
Despite today’s pop, Archer is still down 55% over the last year, and its $4 billion market cap could prove far too small if eVTOLs become commonplace over the coming decades. That said, it is going to be a highly volatile ride, and profitability is likely years away at best, so if you like the stock’s prospects, I’d advise making small bets over time, rather than going “all-in” in one purchase.
Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
So What: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
What is this about: On January 29, 2026, PennyMac filed a Current Report with the Securities Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
July 20, 2026 17:59 ET | Source: AMR Resources Acquisition Corp
George Town, Cayman Islands, July 20, 2026 (GLOBE NEWSWIRE) -- AMR Resources Acquisition Corp (Nasdaq: AMACU) (the “Company”) today announced that it closed its initial public offering (the “IPO”) of 26,000,000 units at $10.00 per unit, including the issuance of 1,000,000 units as result of the underwriter’s partial exercise of its over-allotment option. The gross proceeds from the offering were $260 million before deducting underwriting discounts and estimated offering expenses. The units began trading on the Global Market tier of The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “AMACU” on July 17, 2026.
Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase one Class A ordinary share of the Company at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “AMAC” and “AMACW”, respectively.
The Company intends to use the net proceeds from the offering, and the simultaneous private placements of units, to consummate the Company’s initial business combination.
BTIG, LLC acted as the sole book-running manager in the offering.
A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on July 16, 2026. The offering was made only by means of a prospectus, copies of which may be obtained from BTIG, LLC, Attn: Capital Markets, 65 East 55th Street, New York, New York 10022, or by email at [email protected], or from the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About AMR Resources Acquisition Corp
The Company is a blank check company incorporated as an exempted company under the laws of the Cayman Islands, which will seek to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus on industries that complement the management team’s and board of director’s background and network, and to capitalize on the ability of its management team and board of directors to identify and acquire a business, focusing on the mineral resources sector. AMR Resources Sponsors LLC is the company sponsor.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties, including with respect to the anticipated use of the net proceeds thereof and the Company’s search for an initial business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related prospectus filed in connection with the IPO with the SEC. Copies are available on the SEC’s website, www.sec.gov.
Contact:
AMR Resources Acquisition Corp
71 Fort Street, PO Box 500
Grand Cayman, Cayman Islands, KY1-1106
Telephone: (302) 202-1553
E-mail: [email protected]
Alan S. McKim, executive chairman and chief technology officer of Clean Harbors, Inc. (CLH 0.12%), disposed of 1,265 shares of common stock on July 17, 2026. This non-discretionary transaction was executed to satisfy tax withholding obligations associated with the vesting of equity awards, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$392,884Shares sold1,265Post-transaction shares (total)2,262,615Post-transaction shares (directly held)30,154Post-transaction shares (indirectly held)2,232,461Post-transaction value$702.7 millionTransaction value based on SEC Form 4 weighted average sale price ($310.58); post-transaction value based on July 17, 2026 market close ($310.58).
Key questionsWhat was the nature of this share disposition?
The activity was an automatic tax withholding event triggered by the vesting of restricted stock, a common procedure where a portion of a vested award is surrendered to cover mandated tax liabilities.How is the executive's remaining equity structured?
The vast majority of the executive's exposure is held indirectly through multiple entities, including 2,065,368 shares in the McKim 2007 Trust and additional positions in the McKim 2026 and 2025 Annuity Trusts.How does the current market valuation relate to this transaction?
The shares were valued at $310.58 per share at the time of the transaction, and the company has delivered a 36% return over the one-year period ending July 17, 2026.Does this move impact the executive's overall equity control?
The disposition affected only 4% of the executive's direct holdings, leaving his total beneficial interest in the company largely unchanged.Company OverviewMetricValueShare Price (as of market close 2026-07-17)$310.58Market Capitalization$16.4 billionRevenue (TTM)$6.1 billionNet Income (TTM)$395.5 millionCompany SnapshotClean Harbors delivers comprehensive environmental and industrial services across North America through two primary divisions: Environmental Services, which manages hazardous and non-hazardous waste collection, transportation, treatment, and disposal, and Safety-Kleen Sustainability Solutions, which provides complementary environmental solutions.The company generates revenue through a diversified service-based model that includes waste management operations, resource reclamation, environmental remediation, and industrial cleaning services, serving as a critical infrastructure provider for industrial and commercial customers requiring regulatory compliance and waste management solutions.Clean Harbors serves a broad customer base across industrial, commercial, and municipal sectors throughout North America, with particular strength in serving manufacturing, petrochemical, energy, and transportation industries that require specialized hazardous waste handling and environmental compliance services.Clean Harbors is a leading North American environmental and industrial services provider with a market capitalization of $16.4 billion and TTM revenue of $6.1 billion. The company maintains a competitive advantage through its integrated service offerings, extensive collection and treatment infrastructure, and deep expertise in regulatory compliance and hazardous waste management. With TTM net income of $395.5 million, Clean Harbors demonstrates strong operational performance and profitability within the essential waste management and environmental services sector.
What this transaction means for investorsMcKim is Clean Harbors' founder; he started the business in 1980 and still controls a stake worth north of $600 million through his trusts. Such a small number of shares being disposed to cover a tax bill on vested stock is a bookkeeping consequence of how he's compensated, and the price tells you as much: It landed exactly at the day's close, which is how withholding is calculated rather than how a real order fills.
The business, however, is worth more of your attention. First-quarter revenue set a record at $1.46 billion, adjusted EBITDA rose 6% to $247.9 million, and margin widened to 17%. Co-CEO Eric Gerstenberg said the company "began 2026 with better-than-expected first-quarter results," buoyed by both key segments: The hazardous waste side extended a long margin-improvement streak, while the Safety-Kleen unit caught a late-quarter jump in base oil prices. For long-term investors, that Safety-Kleen swing might be the thing to track. Oil pricing is volatile, as we’ve seen time and time again these past few months, and it's the reason management felt confident enough to raise guidance.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:
S&P SmallCap 600 constituent Krystal Biotech Inc. (NASD: KRYS) will replace Taylor Morrison Home Corp. (NYSE: TMHC) in the S&P MidCap 400, and Tutor Perini Corp. (NYSE: TPC) will replace Krystal Biotech in the S&P SmallCap 600 effective prior to the opening of trading on Friday, July 24. S&P 500 & 100 constituent Berkshire Hathaway Inc. (NYSE: BRK.A/BRK.B) is acquiring Taylor Morrison Home in a deal expected to close on or about that date, pending final closing conditions.
V2X Inc. (NYSE: VVX) will replace Avanos Medical Inc. (NYSE: AVNS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, July 27. American Industrial Partners is acquiring Avanos Medical in a deal expected to close soon, pending final closing conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date:
Effective Date
Index Name
Action
Company Name
Ticker
GICS Sector
July 24, 2026
S&P MidCap 400
Addition
Krystal Biotech
KRYS
Health Care
July 24, 2026
S&P MidCap 400
Deletion
Taylor Morrison Home
TMHC
Consumer Discretionary
July 24, 2026
S&P SmallCap 600
Addition
Tutor Perini Corp
TPC
Industrials
July 24, 2026
S&P SmallCap 600
Deletion
Krystal Biotech
KRYS
Health Care
July 27, 2026
S&P SmallCap 600
Addition
V2X
VVX
Industrials
July 27, 2026
S&P SmallCap 600
Deletion
Avanos Medical
AVNS
Health Care
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July 20, 2026 16:30 ET | Source: J & J Snack Foods Corp.
MOUNT LAUREL, N.J., July 20, 2026 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (Nasdaq: JJSF) today announced that it will release financial results for its fiscal third quarter ended June 27, 2026, before the stock market opens on Wednesday, August 5, 2026. The Company will hold a conference call and webcast to discuss the results at 10:00 a.m. Eastern Time that same day.
Investors interested in participating in the live call can pre-register by clicking on this Registration Link to receive the dial-in number and a personal PIN, which are required to access the conference call. The live audio webcast will be accessible on the Company’s investor relations website at https://www.jjsnack.com/investors/ or directly at here.
About J & J Snack Foods Corp.
J & J Snack Foods Corp. is a leader and innovator in the snack food industry, providing innovative, niche, and affordable branded snack foods and beverages to foodservice and retail supermarket outlets. Manufactured and distributed nationwide, our principal products include SUPERPRETZEL, the #1 soft pretzel brand in the world, as well as internationally known ICEE and SLUSH PUPPIE frozen beverages, DIPPIN’ DOTS ice cream, LUIGI’S Real Italian Ice, MINUTE MAID* frozen ices, WHOLE FRUIT sorbet and frozen fruit bars, HOLA! CHURROS, and THE FUNNEL CAKE FACTORY funnel cakes and several bakery brands within DADDY RAY’S, COUNTRY HOME BAKERS and HILL & VALLEY. For more information, please visit http://www.jjsnack.com.
*MINUTE MAID is a registered trademark of The Coca-Cola Company.
SummaryRubrik offers compelling value at 31x next year's free cash flow, driven by robust growth and a strong balance sheet.RBRK is positioned for 28% y/y revenue growth, benefiting from easing comparables and expanding beyond cyber recovery into AI governance.Management guides to $303M free cash flow this year, with a path to $515M by fiscal 2028 as margins improve.I remain bullish but will exit if revenue growth slips below 25% or free cash flow falls under $300M in fiscal 2027.Looking for a helping hand in the market? Members of Deep Value Returns get exclusive ideas and guidance to navigate any climate. Learn More » J Studios/DigitalVision via Getty Images
Investment Thesis Rubrik (RBRK) is a business I'm bullish on, and I'll explain why I'm bullish on RBRK as well as why paying 31x next year's free cash flow makes this investment compelling.
On top of that, I believe the main
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of RBRK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Net income of $24.7 million, up $1.7 million or 7.3% compared to the second quarter of 2025; resulting in basic earnings per common share of $36.77 and diluted earnings per common share of $36.39, up 10.47% compared to the second quarter of 2025;Achieved an annualized return on average assets of 1.71% and return on average equity of 14.84%;Basic earnings per common share of $141.71 over the trailing twelve months, up 11.57% from $127.01 over the trailing period a year ago and up 20.37% versus $117.73 for the same period two years ago;Diluted earnings per common share of $139.94 over the trailing twelve months, up 10.30% from $126.87 over the same trailing period a year ago and up 18.9% versus $117.73 for the same period two years ago;Tangible book value per common share increased 15.38% to $963.82 compared to $835.33 as of June 30, 2025;Net interest income of $57.4 million, up $3.5 million, or 6.46%, compared to the second quarter of 2025; net interest margin (tax equivalent basis) of 4.20%, up from 4.07% in the second quarter of 2025;Total loans and leases grew $80.2 million, or 2.2%, to $3.70 billion, and deposits grew $332.6 million, or 7.0%, to $5.09 billion as of June 30, 2026 compared to June 30, 2025;Capital position strengthened with a total risk-based capital ratio of 16.04%, common equity tier 1 ratio of 14.56%, tier 1 leverage ratio of 11.68% and a tangible common equity ratio of 11.45%;Credit quality remained resilient during the quarter with an allowance for credit losses on gross loans and leases of 2.08%; net charge offs for the quarter of $165,000, a provision for credit losses of $500,000 and non-accrual loans of $2.7 million at quarter-end.
LODI, Calif., July 20, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record second quarter net income of $24.7 million, or $36.39 per diluted common share, up 10.47% when compared with $23.1 million, or $32.94 per diluted common share, for the second quarter of 2025. The annualized return on average assets was 1.71% and the return on average equity was 14.84% for the second quarter of 2026. Tangible book value per common share increased to $963.82 at June 30, 2026, up 15.38% compared with $835.33 as of June 30, 2025.
Net income for the first six months of 2026 was $48.8 million up $2.7 million or 5.95% compared to $46.1 million in the same period a year ago. The annualized return on average assets was 1.70% and the return on average equity was 14.75% for the first half of 2026.
Net income over the trailing twelve months was $96.3 million compared with $90.0 million for the same trailing period a year earlier. Diluted earnings per common share over the trailing twelve months totaled $139.94, up 10.30% compared with $126.87 for the same trailing period a year ago and up 18.9% compared with $117.73 for the same period two years ago. Basic earnings per common share over the trailing twelve months totaled $141.71, up 11.57% compared with $127.01 for the same trailing period a year ago and up 20.37% compared with $117.73 for the same period two years ago.
CEO Commentary
Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the second quarter of 2026 highlighted by another record quarter with net income of $24.7 million and a return on average assets of 1.71% and return on average equity of 14.84%. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter-end with $278.6 million in cash, $1.6 billion in investment securities of which $932.8 million are available-for-sale, no borrowings and access to $2.1 billion in borrowing capacity. Capital levels continued to strengthen and were significantly above the regulatory thresholds for “well-capitalized” banks at quarter-end. Deposits increased $332.6 million or 7.0% compared to June 30, 2025 as we continued our focus on growing deposits with both our longstanding established client relationships while developing new client relationships. We also experienced solid loan growth of $87.0 million or 2.4% for the quarter. Overall credit quality remained resilient during the second quarter of 2026. Our Company remains in excellent financial condition at quarter-end and should be well positioned to navigate the challenges ahead as we have for the past 110 years.”
Earnings
Net interest income for the quarter ended June 30, 2026 was $57.4 million compared with $53.9 million in the same quarter in 2025 and $56.9 million in the first quarter of 2026. Net interest income for the six months ended June 30, 2026 was $114.3 million, an increase of $7.2 million, or 6.8%, when compared with $107.0 million for the same period in 2025. The Company’s net interest margin (tax equivalent basis) increased to 4.22% for the six months ended June 30, 2026 compared with 4.13% for the same period in 2025. Loan yields increased 3 basis points to 6.10% and the cost of average total deposits decreased 6 basis points to 1.19% for the six months ended June 30, 2026 compared to the same period in 2025. The primary driver for the increase in the net interest margin was related to the 46 basis point increase in yield on the investment securities portfolio to 3.71% during the six months ended June 30, 2026 compared to 3.25% for the same period in 2025. In addition, the average balances of the investment security portfolio increased $349.3 million for the six months ended June 30, 2026 compared to the six months ended 2025. Non-interest income was $5.0 million for the second quarter of 2026, down slightly from $5.5 million for the second quarter of 2025. Non-interest expense was $28.1 million for the quarter ended June 30, 2026, up $1.5 million from $26.7 million compared to the quarter ended June 30, 2025, primarily due to an increase of $0.9 million in non-recurring professional fees. As a result, the efficiency ratio for the second quarter of 2026 was 45.1%, up slightly from 44.9% in the second quarter of 2025. Despite the increase in operating expenses, primarily due to non-recurring professional fees during the quarter, net income increased $1.7 million or 7.3% to $24.7 million for the second quarter of 2026 compared to the second quarter of 2025.
Balance Sheet
Total assets at quarter-end were $5.8 billion, up 6.5% from $5.5 billion as of June 30, 2025. Total cash and cash equivalents were $278.6 million, down slightly from $291.8 million as of June 30, 2025. Total loans and leases outstanding were $3.7 billion, an increase of $80.2 million, or 2.2%, from June 30, 2025. As of June 30, 2026, the Company’s total investment securities portfolio was $1.6 billion, an increase of $307.4 million from June 30, 2025. The portfolio is comprised of $932.8 million in available-for-sale securities and $696.5 million in held-to-maturity securities. Total deposits increased $332.6 million, or 7.0%, to $5.1 billion at June 30, 2026 compared to June 30, 2025. The Company’s loan to deposit ratio was 73.1% as of June 30, 2026, down from 76.4% as of June 30, 2025, as deposit growth outpaced loan growth.
Credit Quality
The Company’s credit quality remained solid during the second quarter of 2026 with a negligible delinquency ratio of only 0.1% of gross loans and leases. Total special mention loans and substandard loans were $17.6 million and $3.1 million as of June 30, 2026 compared to $29.1 million and $1.4 million as of June 30, 2025, respectively. Net charge-offs were $165,000 or 0.005% of average loans and leases in the second quarter of 2026 compared to net charge-offs of $544,000 or 0.015% for the second quarter of 2025. The total allowance for credit losses on total loans and leases and unfunded commitments was $80.6 million as of June 30, 2026, compared to $79.7 million as of December 31, 2025. The allowance for credit losses on gross loans and leases increased by $0.9 million to $77.3 million, or 2.08%, as of June 30, 2026 compared with $76.4 million, or 2.08%, as of December 31, 2025. A provision for credit losses of $500,000 was recorded during the second quarter of 2026 compared to a $1.4 million provision during the second quarter of 2025. Provision for credit losses totaled $1.0 million for the first six months of 2026 compared to $1.7 million in the first six months of 2025.
Capital
The Company’s regulatory capital ratios continued to strengthen during the second quarter of 2026. At June 30, 2026, the Company’s preliminary total risk-based capital ratio was 16.04%, the common equity tier 1 capital ratio was 14.56% and the tier 1 leverage capital ratio was 11.68%, an increase from 15.29%, 13.81% and 11.00% as of December 31, 2025, respectively. At June 30, 2026, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At June 30, 2026, the tangible common equity ratio was 11.45%, up from 11.08% as of June 30, 2025.
About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.8 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 36 consecutive years, longer than any other commercial bank in the State of California.
Farmers & Merchants Bancorp has paid dividends for 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 58 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.
In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of "America’s Best Banks" for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" for 2023.
In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.
In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.
In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to their clients.
F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of March 31, 2026, by American Bankers Association. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.
F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation.
Forward-Looking Statements
This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding the Company’s financial condition, competitive positioning, and expectations regarding future performance and results. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.
For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.
Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485
FINANCIAL HIGHLIGHTS
Three-Months Ended Six-Months Ended(dollars in thousands, except per share amounts) June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025Earnings and Profitability: Interest income $72,478 $71,710 $70,061 $144,188 $137,199 Interest expense 15,128 14,807 16,193 29,935 30,190 Net interest income 57,350 56,903 53,868 114,253 107,009 Provision for credit losses 500 500 1,400 1,000 1,700 Non-interest income 5,036 5,159 5,519 10,195 10,540 Non-interest expense 28,140 29,178 26,651 57,318 52,160 Income before taxes 33,746 32,384 31,336 66,130 63,689 Income tax expense 9,014 8,313 8,281 17,327 17,625 Net income $24,732 $24,071 $23,055 $48,803 $46,064 Basic earnings per common share $36.77 $35.91 $33.06 $72.68 $65.94 Diluted earnings per common share $36.39 $35.34 $32.94 $71.46 $65.80 Weighted Average Shares Outstanding - Basic 672,666 670,265 697,332 671,472 698,527 Weighted Average Shares Outstanding - Diluted 679,560 681,179 699,852 682,912 700,102 Common shares outstanding 691,944 693,043 725,367 691,944 725,367 Return on average assets 1.71% 1.68% 1.65% 1.70% 1.67% Return on average equity 14.84% 14.69% 15.09% 14.75% 15.37% Loan yield 6.11% 6.08% 6.08% 6.10% 6.07% Investment securities yield 3.72% 3.70% 3.31% 3.71% 3.25% Cost of average total deposits 1.19% 1.18% 1.31% 1.19% 1.25% Net interest margin - tax equivalent 4.20% 4.25% 4.07% 4.22% 4.13% Effective tax rate 26.71% 25.67% 26.43% 26.20% 27.67% Efficiency ratio 45.11% 47.01% 44.88% 46.06% 44.37% Book value per common share(1) $981.32 $946.63 $852.72 $981.32 $852.72 Tangible book value per common share(2)(b) $963.82 $928.99 $835.33 $963.82 $835.33 Balance Sheet: Total assets $5,835,459 $5,836,664 $5,478,773 $5,835,459 $5,478,773 Cash and cash equivalents 278,641 384,224 291,752 278,641 291,752 of which held at Fed 186,009 318,125 178,999 186,009 178,999 Total investment securities 1,629,242 1,610,188 1,321,812 1,629,242 1,321,812 of which available-for-sale 932,778 901,915 572,951 932,778 572,951 of which held-to-maturity 696,464 708,273 748,861 696,464 748,861 Gross loans and leases 3,721,425 3,634,556 3,635,831 3,721,425 3,635,831 Loans and leases held for investment, net of unearned income 3,703,857 3,616,871 3,623,636 3,703,857 3,623,636 Allowance for credit losses - loans and leases 77,253 76,918 76,169 77,253 76,169 Total deposits 5,092,963 5,116,273 4,760,364 5,092,963 4,760,364 Subordinated debentures 10,310 10,310 10,310 10,310 10,310 Total shareholders' equity $679,017 $656,055 $618,532 $679,017 $618,532 Loan-to-deposit ratio 73.07% 71.04% 76.38% 73.07% 76.38% Percentage of checking deposits to total deposits 48.89% 46.93% 49.23% 48.89% 49.23% Capital ratios (Bancorp)(a) Common equity tier 1 capital to risk-weighted assets 14.56% 14.23% 13.88% 14.56% 13.88% Tier 1 capital to risk-weighted assets 14.78% 14.45% 14.10% 14.78% 14.10% Risk-based capital to risk-weighted assets 16.04% 15.71% 15.36% 16.04% 15.36% Tier 1 leverage capital ratio 11.68% 11.35% 11.18% 11.68% 11.18% Tangible common equity ratio(3)(b) 11.45% 11.05% 11.08% 11.45% 11.08% (a) Capital information is preliminary for June 30, 2026
(b) Non-GAAP measurement
Non-GAAP measurement reconciliation: (Dollars in thousands) June 30, 2026 March 31, 2026 June 30, 2025 Shareholders' equity $679,017 $656,055 $618,532 Less: Intangible assets 12,105 12,227 12,609 Tangible common equity $666,912 $643,828 $605,923 Total assets $5,835,459 $5,836,664 $5,478,773 Less: Intangible assets 12,105 12,227 12,609 Tangible assets $5,823,354 $5,824,437 $5,466,164 Tangible common equity ratio(3) 11.45% 11.05% 11.08% (1) Total common equity divided by common shares outstanding
(2) Tangible common equity divided by common shares outstanding
(3) Tangible common equity divided by tangible assets
LOS ANGELES--(BUSINESS WIRE)---- $ai #AI--Arcadia Capital announced today the appointment of Jon Wesner as a Managing Director. Jon joins the firm's senior advisory team, expanding Arcadia Capital's coverage of tech and tech services companies and investors, driving global M&A and growth capital dealmaking globally. Based in Los Angeles, Jon will lead the firm's efforts across digital media, entertainment tech and related ecosystems. Jon joins Arcadia Capital with more than 15 years of experience in st.
CoreWeave (NASDAQ:CRWV) heads into its 2Q26 earnings report in early August with investors watching execution more than demand.
Demand for GPU capacity is still strong and customer commitments keep growing, but the real story now is whether the company can build out and activate power fast enough to keep up, according to analysts at Bank of America.
Data center execution is the number to watch. CoreWeave currently has about 1GW of active power and is targeting 1.7GW by year end, which means a big chunk of new capacity needs to come online over the next couple of quarters.
Bank of America analysts expect more of that buildout to land in the second half of the year rather than the first, and that's driving some steep revenue growth forecasts: 108% year over year in 2Q26, climbing to 150% in 3Q26 and 186% in 4Q26.
Capital spending is climbing too. The FY26 capex estimate has been raised to $34 billion, up from $29 billion, reflecting how fast the market is moving and the cost of key hardware components.
Operating margin is expected to come in around 2.4% in 2Q26, just below the Street's 2.8% estimate, but the outlook calls for steady improvement each quarter after that.
By the end of 4Q26, Bank of America expects operating margin could reach 14.6%, a big jump from just 1% in 1Q26.
Analysts believe competition, particularly from SpaceX and Meta, has weighed on the stock lately. But the view from Bank of America is that the compute market is not structurally competitive. Demand for AI compute is still outpacing supply by a wide margin, so the bigger constraint for customers is simply getting access to capacity, not choosing between providers.
Bank of America reiterated its Buy rating and $140 price objective on the stock.
VANCOUVER, British Columbia, July 20, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) (“Eldorado” or the “Company”) is pleased to provide an update on progress at its Skouries copper-gold project in Northern Greece. Skouries is in the final stages of construction and has entered the commissioning phase, with first ore now processed through the crushing circuit. The Company continues to target first production of copper-gold concentrate in the third quarter of 2026 and commercial production targeted for the fourth quarter of 2026, subject to completion of final site energization, integrated commissioning and ramp-up activities.
Highlights
First ore crushed. First ore has been fed through the commissioned crushing circuit, an important demonstration that front-end processing is operating as expected.Commissioning continues across the site. Wet and dry commissioning activities are progressing across the crushing, grinding, flotation, concentrate handling, and tailings circuits, with systems being handed over from construction to the combined commissioning and operations team on a staged basis.
Final site energization remains subject to Greek power authority completion of testing. The final transmission tower has been installed following a coordinated and successful eight-hour power outage on the transmission line. Full site energization remains contingent on final inspection by the relevant Greek authority and receipt of final sign-off. To support commissioning readiness and ongoing process plant activities while final site energization progresses, the Company has proactively added additional gensets to provide interim power as required.Ore stockpile of approximately 3.9 million tonnes. Open pit mining continues to run ahead of schedule, building a run-of-mine stockpile of approximately 3.4 million tonnes to support a steady ramp-up of the plant. Including ore from the underground, total stockpiles have reached approximately 3.9 million tonnes. This stockpile is expected to provide the ore feed required through 2026 and supports a lower-risk commissioning and first year of production. “Crushing first ore is an important milestone for Skouries and reflects the steady, safe progress being made by our team as the project moves through the final stages of construction and staged commissioning,” said George Burns, Chief Executive Officer. “While final site energization remains subject to final inspection and sign-off by the Greek power authority, we are taking proactive steps to maintain momentum, including adding the supplemental generators to support commissioning readiness and activities within the process plant. Full integrated operation of the process plant will require final site energization, and our focus remains on completing the remaining steps safely and methodically as we work toward first concentrate in the third quarter.”
First Ore Through the Crushing Circuit
First ore has been fed through the commissioned crushing circuit, with ore now being processed as part of staged commissioning. Full handover of the crushing circuit from the commissioning team to the operations team is currently underway. The Company expects to introduce ore to the grinding and flotation circuits as those systems are progressively commissioned, building toward first copper-gold concentrate production in the third quarter of 2026.
A video showing ore being processed through the primary crusher conveyed to the coarse ore stockpile can be found here: Skouries - Crushed Ore.
Crushed ore conveyed from the primary crusher to the coarse ore stockpile
Power and Energization
Power infrastructure construction at Skouries has continued to advance and construction of all 12 towers and conductors is now complete. A coordinated, successful eight-hour power outage on the transmission line enabled installation of the final transmission tower. Initial tests of the sub-station have been completed by a third-party testing group. Final site energization remains contingent on inspection, final testing and installation of metering equipment by the relevant Greek authority and receipt of final sign-off.
In the interim, Eldorado has proactively added additional gensets to support commissioning activities and maintain progress where practical, including readiness and commissioning activities within the process plant. Full operation of major process plant systems, crushing, grinding, flotation, concentrate handling and tailings disposal, requires final site energization by the power authority.
Final transmission tower
Main substation
Commissioning
Commissioning is progressing on a staged basis across multiple areas at Skouries. Dry, wet and hot commissioning activities are advancing where practical through the crushing, grinding, flotation, concentrate handling and filtered tailings circuits. Individual systems are being tested, verified against design parameters and handed over from the construction team to the operations team in a sequenced manner.
The Company will continue to advance commissioning of remaining circuits as it works toward integrated plant operation and first concentrate production.
Mining and Ore Stockpiling
Open pit mining at Skouries continues to perform ahead of schedule. The Company has established an ore stockpile of approximately 3.9 million tonnes, with approximately 3.4 million tonnes from the open-pit, providing ample feed to support a controlled and steady ramp-up of the processing plant through commissioning and into commercial production. Underground development also continues to advance in parallel. This stockpile is expected to provide the ore feed required through 2026 and supports a lower-risk commissioning and first year of production.
Qualified Person
Simon Hille, FAusIMM, Executive Vice President, Chief Operating Officer, is the Qualified Person under National Instrument 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this news release and for verifying the technical data disclosed in this document relating to Skouries.
About Eldorado Gold
Eldorado is a gold, copper and base metals producer with mining, development and exploration operations in Canada, Greece and Türkiye. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Media
Chad Pederson, Director, Communications and Public Affairs
236 885 6251 or 1 888 353 8166 [email protected]
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this news release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “budget”, “continue”, “commitment”, “confident”, “deliver”, “estimate”, “expect”, “focus", “forecast”, “foresee”, “future”, “generate”, “goal”, “guidance”, “intend”, “opportunity”, “outlook”, “plan”, “potential”, “project”, “prospective”, “schedule”, “strive”, “target”, “underway”, "working" or the negatives thereof or variations of such words and phrases or similar words or statements that certain actions, events or results “can”, “could”, "likely", "may", “might”, “will” or "would" be taken, occur or be achieved.
Forward-looking statements or information contained in this news release include, but is not limited to, statements or information with respect to: expected progress of the Skouries Project; our expectations of first concentrate production and commercial production, and expected timing thereof; our belief that front-end processing is operating as expected, including our expectations to introduce ore to the grinding and flotation circuits; progress of wet and dry commissioning activities, including our expectations toward integrated plant operation; our continued addition of supplemental power to maintain commissioning momentum; expectations of final inspections and approvals; progress of open pit mining and underground development, including our expectations that our ore stockpile provides ample feed to support ramp-up of the processing plant; and generally our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential, plans and priorities and related timelines and schedules.
Forward-looking statements and forward-looking information by their nature are based on a number of assumptions that management considers reasonable. However, if such assumptions prove to be inaccurate, then actual results, activities, performance, or achievements may be materially different from those described in the forward-looking statements or information. These include assumptions concerning, among other things: timing, costs and results of our construction and development activities, improvements and exploration, including at the Skouries project, the McIlvenna Bay project and our other operating mines and development projects; the current or future price of gold, copper and other commodities; the availability of financing for our exploration, development and operating activities and our ability to access existing project funding and remain in compliance with all covenants and contractual commitments related thereto; the geopolitical, economic, permitting and legal climate that we operate in, including recent disruptions to shipping operations in the Strait of Hormuz and Red Sea and any related shipping delays, shipping price increases, or impacts on the global energy market; availability of labour resources, including for construction, development and improvements activities; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom; general business and economic conditions, including interest rates, inflation, commodity and power prices, credit and financial market conditions and the impact of foreign exchange rates and tax rates and related frameworks; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; Mineral Reserves and Mineral Resources; our ability to develop, finalize and execute on our updated five-year strategic plan through 2030; acts of governments and the outcome of any legal or regulatory proceedings or other disputes that we may be involved in; our ability to continue to make purchases under our normal course issuer bid and to pay dividends; the impact of acquisitions, dispositions, suspensions or delays on our business; our ability to manage and mitigate the risks associated with our use of technology and artificial intelligence; the expected vesting and redemption outcomes under our compensation securities; our ability to address the negative impacts of climate change and adverse weather; consistency of agglomeration and our ability to optimize it in the future; the cost of, and extent to which we use, essential consumables; the impact and effectiveness of productivity initiatives; the time and cost necessary for anticipated overhauls of equipment; expected by-product grades; the effectiveness of our hedging programs; and our ongoing relations with regulators, communities, and our partners.
More specifically, with respect to the Skouries Project and updates, we have made additional assumptions regarding: our ability and our contractors’ ability to recruit and retain labour resources within the required timeline; labour productivity, rates, and expected hours; inflation rates; the expected scope of project management frameworks; our ability to continue executing our plans relating to the Skouries Project on the estimated existing project timeline and consistent with the current planned project scope; the timeliness of shipping for important or critical items; our ability to continue accessing our project funding and remain in compliance with all covenants and contractual commitments related thereto; our ability to obtain and maintain all required approvals and permits, both overall and in a timely manner; our ability to obtain the requisite inspections and approvals for energization of the power supply from the power authority in a timely manner; the absence of further previously unidentified archaeological discoveries which would delay construction of various portions of the project; the future price of gold, copper, and other commodities; and the broader community engagement and social climate in respect of the Skouries Project.
In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this news release. Even though we believe that the assumptions and expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.
Forward-looking statements or information contained in this news release are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements or information, including, but not limited to: commodity price risk; construction and development risks at the Skouries project, the McIlvenna Bay project and our other construction and development projects; changing political, economic and social conditions, including changes in governments or political systems, ongoing market uncertainty and global or regional geopolitical events, conflicts or disruptions; risks relating to our operations in foreign jurisdictions; risks related to production and processing; risks related to our improvement projects; our ability to integrate the assets of Foran Mining Corporation, advance its exploration and development assets and to realize anticipated synergies and benefits therefrom on the timelines expected or at all; delays and risks relating to surface construction, commissioning activities, ramp-up, and commercial production at McIlvenna Bay; our ability to obtain reliable supplies of power and water at a reasonable cost; prices of commodities and consumables; our reliance on significant amounts of critical equipment; our reliance on infrastructure, commodities and consumables, including risks from volatility and inflationary pressures as a result from the ongoing international conflict in Iran; inflation risk; risks related to fluctuations in the currency markets, including the Euro, Turkish lira, Canadian dollar and United States dollar; community relations and social license; environmental matters; geotechnical and hydrogeological structures, conditions or failures, including our ability to completely understand such structures and to mitigate such conditions or failures at a reasonable cost or at all; regulatory requirements as they relate to mine plan approvals; compliance with the Extractive Sector Transparency Measures Act (Canada); waste disposal; mineral tenure; permits, licenses and other authorizations; non-governmental organizations; reputational issues; climate change, including risks related to forest fires and water management; water collection, treatment and disposal operations at our mines, including the ability to manage unexpectedly large quantities of water; risk of spills or failure from our tailings operations (including circumstances beyond our control such as extreme weather, seismic events, prolonged droughts or heavy rainfall); environmental risks from our heap leaching operations, including hazardous materials management of our use of cyanide; change of control; actions of activist shareholders; estimation of Mineral Reserves and Mineral Resources; risks related to replacement of Mineral Reserves; regulatory reviews and different standards used to prepare and report Mineral Reserves and Mineral Resources; risks relating to any pandemic, epidemic, endemic or similar public health threats; regulated substances; acquisitions, including integration risks; dispositions; co-ownership of our properties; investment portfolio; volatility, volume fluctuations, and dilution risk in respect of our shares; competition; reliance on a limited number of smelters and off-takers; information and operational technology systems; liquidity and financing risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and changes in credit ratings; total cash costs per ounce and all in sustaining costs, including in relation to the market price of gold and the Company’s profitability; interest rate risk; credit risk; tax matters; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; the global economic environment; labour risks (availability of labour resources, including for construction, development and improvements activities, and their productivity; and risks relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors, reclamation and long-term obligations); turnover and attrition rates of labour, and related impacts thereto; the unavailability of insurance; Sarbanes-Oxley Act, applicable securities laws, and stock exchange rules; risks related to title and surface rights; risks relating to environmental, sustainability, health and safety, and governance matters; technology and cybersecurity risks; corruption, bribery, and sanctions; litigation and contracts; conflicts of interest; compliance with applicable laws, legislation and regulations; dividends; tariffs and other trade barriers; and those risk factors discussed in the section titled “Managing Risk” above, as well as those risk factors discussed in the section titled “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F. The reader is directed to carefully review our most recent Annual Information Form, Form 40-F and other regulatory filings filed on SEDAR+ and EDGAR under our Company name for a fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
With respect to the Skouries Project, these risks, uncertainties and other factors may cause further delays in the completion of the construction and commissioning at the Skouries Project which in turn may cause delays in the commencement of production, and further increase to the costs of the Skouries Project. The specific risks, uncertainties and other factors include, among others: our ability, and the ability of our construction contractors to recruit the required number of personnel (both skilled and unskilled) with required skills within the required timelines, and to manage changes to workforce numbers through the construction of the Skouries Project; our ability to recruit personnel having the requisite skills, experience, and ability to work on site; our ability to efficiently manage the transitions from construction to commission to operations; our ability to increase productivity by, among other things, adding or modifying labour shifts; rising labour costs or costs of key inputs such as materials, power and fuel; risks related to any unanticipated critical equipment defects or failures during the commissioning and ramp-up of operations; risks related to third-party contractors, including reduced control over aspects of the Company's operations, and/or the ability of contractors to perform at required levels and according to baseline schedules and any commercial disputes that may arise from a contractor’s failure to meet these requirements; the ability of key suppliers to meet key contractual commitments in terms of schedules, amount of product delivered, cost, or quality; impacts to overhead costs related to the schedule; our ability to construct key infrastructure within the required timelines, including the process plant, filter plant, substation, waste management facilities, embankments, tailings conveyors, water management infrastructure, and control centre; the timely receipt of necessary permits and authorizations; differences between projected and actual degree of pre-strip required in the open pit; variability in metallurgical recoveries and concentrate quality due to factors such as extent and intensity of oxidation or presence of transition minerals; presence of additional structural features impacting hydrological and geotechnical considerations; variability in minerals or presence of substances that may have an impact on filtered tails performance and resulting bulk density of stockpiles or filtered tails; distribution of sulfides that may dilute concentrate and change the characteristics of tailings; unexpected disruptions to operations due to protests, non-routine regulatory inspections, road conditions, or labour unrest; unexpected inclement weather and climate events, including wildfires, short and long duration rainfall and floods and other extreme weather events; our ability to meet pre-commercial producing mining or underground development targets; unexpected results from underground stopes; new archaeological discoveries requiring the completion of a regulatory process; changes in support from local communities; and our ability to meet the expectations of communities, governments, and stakeholders related to the Skouries Project. Our project capital and accelerated operational capital costs at Skouries are incurred primarily in Euros but are reported in US dollars and are therefore sensitive to fluctuations in the EUR/USD exchange rate.
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the United States. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c01298d4-7437-4409-8ed2-714bed5d0e22
https://www.globenewswire.com/NewsRoom/AttachmentNg/9d56a687-d3d1-47ec-9c26-f13337315f2f
https://www.globenewswire.com/NewsRoom/AttachmentNg/165e475b-3a87-402e-83c4-3420dd38d688
Being a Micron Technology (MU +1.93%) or Sandisk (SNDK +2.52%) shareholder was fantastic from Jan. 1 to June 30 this year. During that span, Micron's stock rose 304%, while Sandisk's rose 858%.
Many investors wait decades for returns like that, yet these two delivered those results in just six months. However, as soon as the calendar flipped to July, it has been all downhill from there.
Since then, Micro's stock has plummeted 26%, while Sandisk is down 40%. That's a rough change in sentiment for both groups of investors, but the question is: Is that sell-off warranted, or is the market just taking some gains?
Let's take a look at these two and see if now is the right time to buy the dip.
Image source: Getty Images.
The constraint in the memory chip market is benefiting these two Both Micron and Sandisk produce memory chips. Micron produces DRAM and NAND memory, while Sandisk only produces NAND, which retain data even after the power is shut off and are therefore great for long-term data storage.
In data centers, their most common use is in solid-state drives (SSDs), which are used in large quantities to store information. DRAM is high-speed memory and is used alongside computing units for quick access to data.
Today's Change
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Both of these types of memory are incredibly important in modern computing infrastructure. With unprecedented data center demand, nobody in the industry was prepared for how strong it would be. Right now, memory chips are essentially the biggest bottleneck in the AI building boom, which has caused their prices to skyrocket.
Sandisk and Micron are unbothered by this fact, as soaring chip prices mean increased revenue and profit for them. This trend is the reason these two skyrocketed during the past few months.
Now, with growing fears that AI computing capacity is being overbuilt, they have crashed. However, that fear is unfounded and refuted by comments from both companies.
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During Micron's most recent earnings announcement, management said that the "tightness" in the memory chip market will persist beyond 2027. That's a great sign for the long-term viability of the AI building boom and suggests that these two stocks aren't just smart short-term investments; they also have value over the long term, especially as the AI build-out ramps up.
I think this could be a great opportunity, with their current share prices making them excellent candidates to buy on the dip.
How high can they go? Because the memory chip market is cyclical, Wall Street is always hesitant to fully value stocks in this sector. However, if it becomes clearer that memory demand will persist for several years, the market may be more inclined to give Micron and Sandisk their full valuation.
The S&P 500 trades at 21.5 times forward earnings, so I'll use that as the bar to gauge where these two could be valued. They are trading far below that threshold and have major upside if they can rise to that level.
SNDK PE Ratio (Forward) data by YCharts; PE = price to earnings.
With forward earnings multiples of 11.6 (Micron) and 6.4 (Sandisk), these two stocks are cheap despite enjoying a generational opportunity. I think they have plenty of upside left, although investors may need to endure some sell-off pain during the next few months as the market looks for a bottom for them. The companies are growing into an unprecedented market, and that could result in more incredible gains during the next year and a half.
However, Micron Technology and Sandisk are not set-it-and-forget-it stocks. Investors must continue to monitor the memory chip market to ensure prices stay elevated. If they start to crash, these two will be right in the crosshairs of that trend.
Warner Bros. Discovery (WBD 3.76%), a global film, TV, cable, and streaming entertainment conglomerate, closed at $25.86, down 3.76%. Shares fell after a California federal judge paused Paramount Skydance’s (PSKY 2.06%) $110 billion acquisition. Investors are watching what antitrust developments come next. Trading volume reached 44.2M shares, coming in about 115% above its three-month average of 20.6M shares. Warner Bros. Discovery IPO'd in 2005 and has grown 224% since going public.
How the markets moved todayS&P 500 (^GSPC 0.19%) closed at 7,445, down 0.17%, while the Nasdaq Composite (^IXIC 0.05%) finished at 25,508, down 0.05%. Among global media and entertainment sector rivals, Netflix closed at $67.60, down 1.96%, and Walt Disney ended at $96.44, down 1.26%, as merger headlines kept Warner Bros. Discovery and its peers in focus.
What this means for investorsThe Warner Bros. Discovery and Paramount Skydance deal continued to run into new hurdles today, this time as a federal judge placed a 14-day pause on the acquisition via a temporary restraining order. The TV and streaming juggernauts had previously hoped to close the deal by July 22nd, but will now have an August 3rd hearing to see if the pause should be extended.
California Attorney General Rob Bonta stated, "This is a critical first win in our case to ensure this megamerger never sees the light of day." Today’s news comes one week after the Writers’ Guild of America also filed a lawsuit to stop the merger, as they deem that it would “threaten the economic and creative health of the American entertainment industry."
WBD stock currently trades 20% below PSKY’s original $31-per-share cash offer, as the market remains uncertain of the deal’s completion. Meanwhile, Paramount is on the hook to pay a quarterly $0.25-per-share “ticking fee” if the deal is not closed by September 30th.
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Warner Bros. Discovery. The Motley Fool has a disclosure policy.
New York, New York and New Orleans, Louisiana--(Newsfile Corp. - July 20, 2026) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until August 25, 2026 to file lead plaintiff applications in a securities class action lawsuit against Futu Holdings Limited ("Futu" or the "Company") (NASDAQ: FUTU), if they purchased or otherwise acquired the Company's securities between May 24, 2023 and May 27, 2026, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
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What You May Do
If you purchased securities of Futu as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-833-538-3653 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgm-futu/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by August 25, 2026.
>>>CLICK HERE for more information
About the Lawsuit
Futu and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company was not in compliance with the requirements of the China Securities Regulatory Commission, including because it continued to conduct securities business, public fund sales business and futures business in mainland China without obtaining the requisite licenses or approval; (ii) as a result, the Company was reasonably likely to face regulatory penalties, including the disgorgement of ill-gotten gains and other penalties; (iii) as a result of the foregoing, the Company's financial results were overstated; and (iv) as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The case is Tang v. Futu Holdings Limited, et al, 26-cv-05453.
>>>To Learn More, Click HERE
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
>>>For More Information about the case, Click HERE
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Futu To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Futu between May 24, 2023 and May 27, 2026 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York--(Newsfile Corp. - July 20, 2026) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Futu Holdings Limited ("Futu" or the "Company") (NASDAQ: FUTU) and reminds investors of the August 25, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Futu was not in compliance with the requirements of the CSRC, including because the Company continued to conduct securities business, public fund sales business and futures business in mainland China without obtaining the requisite licenses or approval; (2) as a result, Futu was reasonably likely to face regulatory penalties, including the disgorgement of ill-gotten gains and other penalties; (3) as a result of the foregoing, Futu's financial results were overstated; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On May 22, 2026, pre-market, Futu issued a press release allegedly disclosing that it had received a notification letter from the CSRC stating that "certain Futu entities in mainland China and Hong Kong . . . without obtaining the requisite licenses or approval, conducted securities business, public fund sales business and futures business in mainland China" and that the CSRC "proposes to order the Related Companies to rectify or cease such activities, confiscate illegal gains, and impose fines, with the total proposed penalty amounting to approximately RMB1.85 billion (approximately USD271 million)." The Futu class action lawsuit further alleges that the regulatory authority "proposes to impose a personal fine of RMB1.25 million (approximately USD 183,575) on Mr. LI Hua, the founder and CEO of the Company." On this news, the price of Futu stock fell more than 27%, according to the complaint.
Then, on May 28, 2026, before the market opened, Futu issued a press release reporting financial results for the first quarter of 2026, allegedly including the proposed penalties comprised of "(i) confiscation of illegal gains of approximately RMB470 million [approximately $69.21 million USD] and (ii) imposition of fines of approximately RMB1.38 billion in an aggregate amount of approximately RMB1.85 billion." On this news, the price of Futu stock declined nearly 5%, according to the complaint.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Futu's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Futu Holdings Limited class action, go to www.faruqilaw.com/FUTU or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Frequently Asked Questions (FAQ) for Investors Regarding the Futu Holdings Limited Securities Class Action Lawsuit:
What is the Futu Holdings Limited securities fraud lawsuit about?
The lawsuit alleges that Futu misled investors by failing to disclose it was conducting certain securities, public fund sales, and futures businesses in mainland China without required CSRC licenses or approvals. According to the complaint, this exposed the Company to significant regulatory penalties, overstated its financial results, and made its public statements about its business and prospects materially misleading.
Who may be eligible to participate in the lawsuit?
Investors who purchased or otherwise acquired Futu Holdings Limited (NASDAQ: FUTU) securities between May 24, 2023 and May 27, 2026, inclusive (the "Class Period"), and suffered losses may be eligible to participate in the securities class action. Eligibility depends on the specific facts of each investor's transactions and losses.
What is a lead plaintiff, and how can I seek appointment?
A lead plaintiff is the investor appointed by the court to represent the interests of all class members during the litigation. Generally, the investor with the largest financial interest who meets the legal requirements may be selected. Investors seeking appointment must file a motion with the court by the August 25, 2026 deadline through counsel of their choice.
What should investors do if they purchased Futu Holdings Limited stock during the Class Period?
Investors who purchased Futu securities during the Class Period should review their investment records, preserve relevant documents, and consider contacting counsel to understand their legal rights. Those interested in serving as lead plaintiff must act before the August 25, 2026 deadline, while investors who do not seek that role may still remain eligible to share in any potential recovery.
Why should investors contact Faruqi & Faruqi, LLP?
Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased Futu Holdings Limited securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/305825
Source: Faruqi & Faruqi LLP
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July 20, 2026 16:15 ET | Source: Powell Industries, Inc.
HOUSTON, July 20, 2026 (GLOBE NEWSWIRE) -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that it will release results for the fiscal third quarter ended June 30, 2026 on Monday, August 3, 2026 after the market closes. In conjunction with the release, Powell Industries has scheduled a conference call, which will be broadcast live within the Investor Relations section of the Company’s website, on Tuesday, August 4, 2026 at 11:00 a.m. eastern time.
What: Powell Industries Fiscal 2026 Q3 Earnings Conference CallWhen:Tuesday, August 4, 2026 – 11:00 a.m. eastern / 10:00 a.m. centralHow:Live via phone by dialing 1-833-953-2431 (domestic) or 1-412-317-5760 (international) and asking for the Powell Industries call at least 10 minutes prior to the start time, or live over the Internet by logging on to the web at the address belowWhere:powellind.com A telephonic replay of the conference call will be available through August 11, 2026 and may be accessed by calling 1-855-669-9658 (domestic) or 1-412-317-0088 (international) and using passcode 3105582#. A webcast archive will also be available at powellind.com shortly after the call and will be accessible for approximately 90 days. For more information, please contact Robert Winters at Alpha IR Group at 312-445-2870 or email [email protected].
Powell Industries, Inc., headquartered in Houston, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com.
Contacts:Michael W. Metcalf, CFO Powell Industries, Inc. 713-947-4422 Robert Winters Alpha IR Group [email protected] 312-445-2870
Cory Johnson, chief market strategist at Epistrophy Capital Research, analyzes SpaceX's business model and revenue streams, examines the company's AI capabilities compared to its competition and previews the upcoming OpenAI and Anthropic IPOs. Cory also takes a closer look at the impact Elon Musk has on his companies and what that means for the stock price.
Apple Inc (NASDAQ:AAPL, XETRA:APC) is expected to beat consensus estimates for its fiscal third quarter, according to Bank of America, even as the bank takes a more conservative view of iPhone seasonality tied to a staggered launch schedule.
BofA said investor focus will center on component cost inflation, the durability of gross margins, and the transition following the end of Tim Cook's tenure as CEO.
The bank forecasts fiscal third-quarter revenue of $109 billion and earnings per share of $1.89, above Street estimates of $108 billion and $1.87, implying revenue growth of 16% year over year, compared with Apple's guidance range of 14% to 17%.
BofA said iPhone build plans, including for Pro models, remain robust. However, the analysts have factored in a more conservative outlook given the staggered rollout this cycle: Pro, Pro Max and a foldable model launching in September, with the base model and Air arriving in March.
Higher prices are also part of that calculus. The bank noted the Street may not be fully reflecting this launch timing in its estimates.
On margins, BofA models product gross margin declining 190 basis points sequentially in the June quarter to 36.8%, with a further 280-basis-point drop in the September quarter to 34.1%. The bank views this as transitory, projecting a recovery to 38.5% in the December quarter as new iPhones, including the foldable, launch at higher prices, with a potential added boost from roughly $3 billion in tariff recovery.
Overall company gross margin is modeled at 48.2% for the June quarter, within Apple's guided range of 47.5% to 48.5%.
For fiscal fourth quarter, BofA is well below Street on revenue and earnings, forecasting $106 billion and $1.88 per share against consensus of $114 billion and $2.01, a gap the bank attributes largely to more conservative iPhone unit assumptions tied to the staggered launch.
On services, BofA expects fiscal third-quarter revenue growth of 14% year over year, in line with guidance. App Store growth has slowed, with SensorTower data cited showing 3.2% year-over-year growth in the quarter, down sharply from 9.8% in the prior quarter. BofA expects that softness to be offset by strength in iCloud and licensing.
BofA reiterated its Buy rating on Apple with a price objective of $380, based on 37 times its calendar 2027 estimated EPS of $10.29. The bank also nudged up its fiscal 2027 and 2028 EPS estimates to $9.91 and $10.89, respectively.
Apple reports fiscal third-quarter results after market close on July 30.
Apple (AAPL 2.11%) stock fell 2.3% through 2:45 p.m. ET Monday afternoon -- but not for lack of trying.
In a note intended to boost the stock, Bank of America analyst Wamsi Mohan reiterated his "buy" rating and $380 price target. With Apple stock trading below $327, that should have sounded encouraging -- but investors sold it instead of buying.
Why?
Image source: The Motley Fool.
Accentuate the negative, eliminate the positive Consider what Mohan had to say about Apple. Long-term, he likes Apple stock just fine and predicts that, by December 2026, new iPhone launches at higher prices will start boosting profit margins and improving company profits. Unfortunately for Apple, investors are more focused on the short term today -- and Mohan had some cautionary words on that front.
Heading into the Q3 2026 report due out July 30, the analyst warns that rising component costs will subtract 190 basis points from quarterly gross margin, which will average 36.8%. Next quarter's numbers could look even worse, with Q4 gross margins falling further to 34.1%.
Granted, Mohan reassures that these declines are "transitory" and predicts margins will rebound above 38% in fiscal Q1 2027. Granted, he also expects Apple to beat analyst forecasts in each of Q3 and Q4 despite weak margins.
It doesn't matter. Investors heard only the part about declining gross margins for two straight quarters -- and sold Apple stock today.
Today's Change
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-2.11
%) $
-7.05
Current Price
$
326.69
What's next for Apple stock? But can you blame them? Priced at 40 times earnings but pegged for only a 13% long-term growth rate, Apple stock doesn't look especially cheap today. Weakening margins could make it look even more expensive as profits suffer, too. On top of all that, longtime CEO Tim Cook is headed for the exits.
Maybe selling Apple ahead of earnings isn't the worst idea after all.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
Apple Inc (NASDAQ:AAPL, XETRA:APC) is expected to beat consensus estimates for its fiscal third quarter, according to Bank of America, even as the bank takes a more conservative view of iPhone seasonality tied to a staggered launch schedule.
BofA said investor focus will center on component cost inflation, the durability of gross margins, and the transition following the end of Tim Cook's tenure as CEO.
The bank forecasts fiscal third-quarter revenue of $109 billion and earnings per share of $1.89, above Street estimates of $108 billion and $1.87, implying revenue growth of 16% year over year, compared with Apple's guidance range of 14% to 17%.
BofA said iPhone build plans, including for Pro models, remain robust. However, the analysts have factored in a more conservative outlook given the staggered rollout this cycle: Pro, Pro Max and a foldable model launching in September, with the base model and Air arriving in March.
Higher prices are also part of that calculus. The bank noted the Street may not be fully reflecting this launch timing in its estimates.
On margins, BofA models product gross margin declining 190 basis points sequentially in the June quarter to 36.8%, with a further 280-basis-point drop in the September quarter to 34.1%. The bank views this as transitory, projecting a recovery to 38.5% in the December quarter as new iPhones, including the foldable, launch at higher prices, with a potential added boost from roughly $3 billion in tariff recovery.
Overall company gross margin is modeled at 48.2% for the June quarter, within Apple's guided range of 47.5% to 48.5%.
For fiscal fourth quarter, BofA is well below Street on revenue and earnings, forecasting $106 billion and $1.88 per share against consensus of $114 billion and $2.01, a gap the bank attributes largely to more conservative iPhone unit assumptions tied to the staggered launch.
On services, BofA expects fiscal third-quarter revenue growth of 14% year over year, in line with guidance. App Store growth has slowed, with SensorTower data cited showing 3.2% year-over-year growth in the quarter, down sharply from 9.8% in the prior quarter. BofA expects that softness to be offset by strength in iCloud and licensing.
BofA reiterated its Buy rating on Apple with a price objective of $380, based on 37 times its calendar 2027 estimated EPS of $10.29. The bank also nudged up its fiscal 2027 and 2028 EPS estimates to $9.91 and $10.89, respectively.
Apple reports fiscal third-quarter results after market close on July 30.
Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) is expected to deliver second quarter results above Wall Street expectations when it reports earnings on July 29, according to Bank of America analysts, who believe that healthy advertising demand and AI-driven improvements should support revenue and earnings despite foreign exchange headwinds.
Bank of America revised its estimates and now expects Meta to report Q2 revenue of $60.6 billion and earnings per share of $7.50, above the consensus estimates of $60.2 billion and $7.18, respectively. The firm wrote that stronger advertising trends were partially offset by the recent depreciation of the US dollar.
The analysts wrote that their channel checks indicate healthy ad growth during the quarter and expect upside to earnings following Meta's workforce reductions in May. They also estimate that investors will focus on AI-related initiatives during the earnings call, including content retrieval and advertising improvements from AI model integration, opportunities for Muse Spark, and the potential for external compute sales.
Looking ahead, Bank of America expects Meta to guide Q3 revenue to between $60.5 billion and $63.5 billion, representing growth of roughly 18% to 24% year over year. The firm estimates Q3 revenue of $63.5 billion and earnings per share of $7.22, compared with consensus expectations of $63 billion and $7.03.
On spending, the analysts estimate Meta could lower the upper end of its expense guidance by $1 billion to $2 billion following recent layoffs. However, they also see the potential for the company to raise its capital expenditure outlook to between $135 billion and $150 billion from the current range of $125 billion to $145 billion, citing higher memory costs.
Bank of America also raised its longer-term forecasts, adding $5 billion in estimated 2027 revenue to reflect potential AI capacity benefits following reports of a possible compute agreement with Anthropic. The firm now estimates 2027 revenue of $316 billion and earnings per share of $35.00, while also increasing its 2028 revenue forecast.
The bank reiterated its ‘Buy’ rating and maintained its $835 price objective, above current levels of about $650.
It wrote that Meta's valuation does not fully reflect the potential benefits of expanding AI capacity and identified growing visibility into new revenue streams, advertising gains from large language model integration, continued AI model improvements and chip advances as potential drivers of future sentiment.
It also highlighted risks including the possibility of higher 2027 capital spending, capital raises and an upcoming social media addiction trial expected to begin in August.
ReconAfrica CEO Brian Reinsborough joined Steve Darling from Proactive to discuss preliminary production testing results from the Kavango West 1X discovery well, where the company has successfully produced hydrocarbons to surface during testing of the Elandshoek formation.
Production testing began on June 8, 2026, with the company completing tests on the three lowest zones in the Elandshoek formation. The uppermost of those zones flowed natural gas to surface during three separate flow tests, with gas samples collected for laboratory analysis while the remaining hydrocarbons were safely flared. Results from U.S. laboratory testing are expected in the coming weeks.
The well's 1,657-metre Otavi section, including both the Huttenberg and Elandshoek formations, has been cased and cemented, allowing ReconAfrica to individually evaluate six optimized reservoir zones identified through well log analysis. Management noted that while the production casing is necessary for testing, it may limit access to naturally fractured reservoir rock.
Testing equipment is now being moved to the three shallower Huttenberg zones, which will evaluate 182 metres of reservoir, including 76 net metres of hydrocarbon pay identified from well logs. The company expects each zone to require up to 10 days of testing, with the next operational update anticipated in late August.
Reinsborough said the results mark a significant milestone, as the production test represents the first hydrocarbons ever produced to surface onshore Namibia. The company added that confirming naturally fractured carbonate reservoirs in the Elandshoek formation can support production further strengthens the potential of the Kavango Basin.
Meta Platforms, Inc.'s Q2 earnings will focus on CapEx guidance (already revised for 2026); market sentiment hinges on Meta's ability to monetize AI infrastructure investments. Meta's recent pivot toward becoming a neocloud provider and compute lessor, including a potential $10B Anthropic deal, could reduce its persistent valuation discount by providing a path to such monetization. Integration of AI models within Meta's social ecosystem and the scaling of Meta Glasses are key forward catalysts, though risks remain around CapEx returns and hyperscaler competition.
SpaceX Stock OvervaluedSpaceX stock was priced at $135 for its record-breaking IPO. Shares listed at around $150 and quickly traded higher for weeks with strong demand. Last week, the stock came back to earth, and new lows continue to be hit on Monday.
Last week amid the selloff, Tilson told investors they should continue to stay away.
"Don’t even think about bottom-fishing this one, as it still trades at 92 times trailing revenues," Tilson wrote in a daily newsletter. "That means it’s still nearly 10 times overvalued, given that I think a generous multiple for the stock would be 10 times revenues."
Tilson said he predicted many times previously that the stock was overvalued, calling SpaceX "the most overvalued large-cap stock of all time."
Tilson Critical of Analyst Price TargetsWhile Tilson is critical of the valuation of SpaceX stock, he says he doesn’t recommend that anyone short stocks.
In a recent email, Tilson shared the list of analyst ratings on SpaceX and their price targets. Tilson warns that investors should take the price targets with a grain of salt, given the large number of analysts who split a $500 million fee pool on the IPO and will profit from interest in shares.
Tilson said analysts from big banks and asset management companies could also benefit down the road.
"It will no doubt be seeking to use its stock to make lots of acquisitions – which means more banking and advisory fees," Tilson said.
Tilson said that with the company having quarterly losses, it could issue more debt and equity, which means more fees for bankers.
SpaceX Stock Price ActionSpaceX stock is down 1.2% to $122.52 on Monday versus a $120.10 to $225.64 trading range since going public. The new low was set earlier Monday morning.
Photo Courtesy: JOCA_PH on Shutterstock.com
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Shares of Tesla (NASDAQ:TSLA | TSLA Price Prediction) are down 17% year to date (YTD) in 2026, and the electric vehicle maker has one clear chance this week to change the story. Tesla reports its Q2 2026 results after the U.S. market close on Wednesday, July 22, marking the automaker’s most important earnings event of the summer.
The setup is unusual because delivery volumes have already been reported. Wednesday’s numbers will hinge on automotive margins, capital spending, and management’s tone on autonomy and full-year 2026 guidance rather than headline unit counts.
The options markets are pricing in a post-earnings move of 8% in either direction, consistent with Tesla’s history of sharp reactions to earnings. Last quarter, Tesla posted adjusted EPS of $0.41 on revenue of $22.4 billion, a beat that still failed to lift the shares.
What Wall Street Expects on Wednesday Consensus estimates place Tesla’s Q2 2026 adjusted EPS between $0.50 and $0.54, on revenue of $25.7 billion to $25.8 billion. That implies 25% EPS growth and 15% revenue growth year over year (YoY). Meanwhile, the full-year 2026 consensus on Tesla calls for revenue of $103.3 billion and EPS of $2.15.
Polymarket contracts assign a 75.5% probability that Tesla beats consensus EPS Wednesday, though volumes on that specific market are light. Volumes on that specific market are light, so the signal should be treated as directional rather than definitive.
Deliveries Are Strong, But Are They Durable? Tesla’s Q2 deliveries were pre-announced at 480,126 vehicles, up 25% YoY and up 34% sequentially. That makes it Tesla’s strongest EV quarter since Q3 2025 and removes a major overhang that plagued the shares earlier in the year.
Analysts note that the strength was aided by elevated gasoline prices tied to Middle East tensions and a China rebound in May, while U.S. demand looked soft. That raises the question of whether the number reflects genuine reacceleration or a pull-forward.
Margins, Capex, and Guidance in Focus The bigger question Wednesday is whether Tesla’s Q1 2026 margin recovery has held up. Tesla’s automotive gross margin expanded to 21% from 16% a year earlier, aided by lower material costs, higher average selling prices, and one-time warranty and tariff benefits.
Tesla raised its 2026 capital expenditure outlook to $25 billion from $20 billion and warned free cash flow could turn negative. Investors can watch for commentary on cash burn, production ramps, and how quickly AI and robotics spending translates into revenue.
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Energy storage remains a growing secondary engine. Tesla deployed a record 13.5 GWh in the quarter, up 40% YoY, giving the company a second high-margin business alongside vehicles.
Autonomy Is the Real Valuation Driver Some bull-case models rely almost entirely on autonomy monetization to justify Tesla’s valuation. Tesla’s Robotaxi service runs in Austin, Dallas, Houston, and Miami, yet remains behind Alphabet‘s (NASDAQ:GOOGL) Waymo. Waymo surpassed 500,000 fully autonomous rides per week as of Q1 2026, a scale gap that Tesla has yet to close.
Tesla CEO Elon Musk has pushed back the robotaxi timeline, and Optimus production has been described as slow. Any concrete update on Cybercab volumes, FSD monetization, or Optimus milestones could set the tone into year end because Tesla stock trades at a P/E ratio of 339.5x on autonomy strength.
A Diversified Way to Play the Theme Traders wanting exposure to the EV and autonomy trade without single-stock risk can look at the Global X Autonomous & Electric Vehicles ETF (NYSEARCA:DRIV). The fund holds Tesla as a major weight alongside global automakers, tech-hardware makers such as Intel (NASDAQ:INTC) and Qualcomm (NASDAQ:QCOM), and battery suppliers.
The ETF is a narrow, volatile thematic product with concentration risk. Its shares still move meaningfully on Tesla headlines, just with a modest cushion from diversified holdings.
What to Watch This Week Tesla shares enter Wednesday’s report with retail sentiment on Reddit described as neutral to mixed, while the Wall Street analyst consensus price target sits at $425. That gap reflects both the 2026 reset and the wide range of outcomes still on the table.
Tesla stock has priced in known softness, so the reaction Wednesday will hinge on tone. Market watchers can watch for updates on automotive margins, capital expenditure trajectory, energy storage momentum, and concrete milestones on Cybercab and Optimus production.
The conference call will follow the release after the close. That call, along with the headline EPS figure, could determine whether Tesla stock can start clawing back its 17% year-to-date loss in the second half of 2026.
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Alphabet GOOGL shares climbed about 3% on Monday after a report said Google is developing a new AI server chip designed specifically to run its Gemini models more efficiently.
According to The Information, the chip, internally codenamed "Frozen v2," would permanently embed parts of Gemini's architecture into the silicon.
The design is intended to reduce the amount of computation and data movement required to process AI queries, potentially improving efficiency while lowering power consumption.
Alphabet responded to the report by emphasizing its ongoing investment in AI hardware innovation.
Its teams are “constantly researching and experimenting with new innovations to deliver maximum performance and efficiency for our users and customers” and “while not every project moves into production, this rigorous exploration is central to our full stack approach.”
“By co-designing our hardware and software from the ground up, we ensure our systems are integrated and highly optimized for real-world workloads,” continued the statement.
The stock was trading 1.3% higher at the time of writing.
Unlike Google's Tensor Processing Units (TPUs), which are designed to support a broad range of artificial intelligence models, Frozen v2 is reportedly being built exclusively for Gemini.
According to The Information, Google engineers believe the chip could deliver between six and ten times more tokens per unit of power than the company's latest TPUs.
Rather than replacing Google's general-purpose AI processors, Frozen v2 is expected to become a specialized addition to the company's custom-chip portfolio.
The report said Google is targeting deployment around 2028, with the project intended to help address internal compute shortages that have reportedly limited the company's cloud capacity.
Last month, Google reportedly agreed to pay SpaceX nearly $1 billion per month to help meet enterprise computing commitments.
The trade-off, according to the report, is flexibility.
Frozen v2 would remain effective only if future Gemini models continue using the same underlying architecture.
Google reportedly views the project as partly a trial run and does not expect to manufacture the chips at the same scale as its TPUs.
Google's hardware ambitions come as its AI business faces growing competitive pressure.
Recently, a Bloomberg report said the next Gemini Pro release has been delayed.
Google has also lost several senior researchers to competitors.
Chinese AI developers have also gained traction, with their models now accounting for 45% of token usage among US companies.
Recent releases from Moonshot AI and Alibaba have further narrowed the performance gap with leading US AI models.
Meanwhile, Google DeepMind Chief Executive Demis Hassabis is on Capitol Hill this week advocating for a federally overseen, industry-funded AI watchdog modeled after FINRA to evaluate advanced AI systems for national security risks before deployment.
Wall Street remains constructive on AlphabetGoogle continues expanding its in-house AI hardware efforts as it seeks to reduce dependence on Nvidia while lowering the cost of running Gemini.
Earlier this year, the company introduced its eighth-generation TPU and has increasingly marketed its chips to external cloud customers, including a multibillion-dollar agreement to supply TPUs to Meta Platforms.
Google has also approached other cloud providers that have traditionally relied on Nvidia GPUs.
Separately, BMO Capital raised its price target on Alphabet to $455 from $435 while maintaining an Outperform rating.
The firm increased its Google Cloud estimates for the fourth quarter and fiscal 2027, citing stronger cloud demand, expanding capacity and a substantial backlog.
However, BMO also noted that questions remain regarding Gemini model performance following reports that Gemini Pro 3.5 has been delayed as it falls short on certain benchmarks.
Alphabet Inc. aka Google stock has consistently outperformed its peers and broader markets this year, despite intensifying market scrutiny on AI investment returns. Yet GOOG's streak of earnings outperformance over the past year, and elevated capex outlook is raising the bar of expectations ahead of the upcoming Q2 update. In addition to fundamental outperformance, investors will likely heighten scrutiny on Google's AI ROI trajectory, and parse for catalysts that continue to support monetization and operating leverage despite surging capex.
Alphabet (GOOGL - Free Report) ) will officially kick off the Q2 earnings season for the Magnificent Seven when it reports its quarterly results after Wednesday's closing bell on July 22.
As the first mega-cap technology company to report, Alphabet could set the tone not only for the tech sector, but also for the broader market heading into reports from Microsoft (MSFT - Free Report) ), Meta Platforms (META - Free Report) ), Amazon (AMZN - Free Report) ), Apple (AAPL - Free Report) ), and Nvidia (NVDA - Free Report) ) over the coming weeks.
With AI remaining Wall Street's dominant investment theme, investors will be looking beyond another likely quarter of double-digit revenue growth to determine whether Alphabet's massive infrastructure investments will generate attractive returns.
Image Source: Zacks Investment Research
Alphabet’s Q2 Expectations Remain HighWall Street expects Alphabet to post another impressive quarter, with consensus estimates calling for earnings of approximately $2.90 per share on revenue of $101.22 billion when including Traffic Acquisition Costs (TAC), which are the payments Google makes to partners for directing traffic to its search and advertising services.
The top-and bottom-line figures would represent roughly 24% year-over-year growth, respectively.
Several key business segments and underlying metrics will likely determine whether Alphabet can exceed expectations:
Google Search advertisingYouTube advertising revenueGoogle Cloud growthOperating marginsAI-related capital expenditures (CapEx)Cloud continues to be one of Alphabet's fastest-growing businesses, with demand for AI infrastructure and enterprise cloud services expected to remain robust. Based on Zacks estimates, Google Cloud revenue is expected to soar 67% to $22.79 billion from $13.62 billion a year ago.
Meanwhile, investors will be watching to see whether Gemini AI strengthens Search and improves monetization across Alphabet's product ecosystem.
The Zacks ESPThe most intriguing reason for optimism is that the Zacks ESP (Expected Surprise Prediction) indicates Alphabet could once again surpass earnings expectations.
To that point, the Most Accurate and recent estimate among Wall Street analysts has Q2 EPS slated at $2.93 and nearly 2% above the underlying Zacks Consensus of $2.87 as shown below (Current Qtr).
Image Source: Zacks Investment Research
Alphabet has exceeded earnings expectations for 13 consecutive quarters with a very impressive average EPS surprise of 34.43% in its last four quarterly reports.
Image Source: Zacks Investment Research
Frozen v2 MomentumProviding a near-term catalyst, Alphabet shares are moving higher in Monday's trading session after reports that Google is developing a next-generation AI server chip, informally dubbed "Frozen v2," that would run its Gemini models more efficiently by embedding portions of the model's architecture directly into the silicon.
Key Features of Frozen v2
Model hardwiring: Unlike general-purpose AI chips that load models into memory, Frozen v2 would “freeze” certain aspects of Gemini’s neural-network design into the hardware, reducing the need for repeated data movement and calculations.Efficiency gains: Reports suggest Frozen v2 could serve 6-10 times more AI tokens per unit of power than Google’s latest custom Tensor Processing Units (TPUs).Specialized design: Frozen v2 will be a new line of homegrown chips, separate from TPUs, not intended to replace them.Deployment target: As early as 2028, although design details and how much model data will be hardwired are still being finalized. Why It Matters
Addressing AI capacity crunch: Alphabet is facing severe internal compute shortages, which have reportedly led to Google Cloud turning away some external customers.Cost and speed: By reducing overhead, Frozen v2 could lower energy costs and latency, making real-time AI services like voice assistants more feasible. Strategic self-reliance: This move deepens Google’s control over AI infrastructure, reducing reliance on competitors like Nvidia.Basically, Frozen v2 is a bold step toward model-specific AI hardware, aiming to make Gemini-based AI services faster, cheaper, and more scalable — but it comes with trade-offs in flexibility and model compatibility.
AI Spending Remains the Biggest QuestionPerhaps the most important aspect of Alphabet's report won't be the quarterly numbers themselves but management's outlook for AI spending.
Alphabet has dramatically increased its CapEx over the past year as it races alongside Microsoft, Amazon, and Meta to expand AI infrastructure. Investors generally remain comfortable with elevated spending as long as revenue and earnings continue growing at a healthy pace, but any indication that returns on those investments are slowing could pressure the stock.
Conversely, stronger-than-expected Cloud growth or encouraging commentary surrounding Gemini adoption could reinforce the bullish AI narrative that has driven tech stocks throughout 2026.
During Q1, Alphabet’s CapEx spiked 107% YoY to $35.7 billion, with the majority directed toward AI technical infrastructure.
Alphabet's current guidance is for approximately $175 billion-$185 billion in CapEx during FY26. The spending is primarily earmarked for expanding data centers, AI infrastructure, servers, networking equipment, and custom TPUs to support growing demand for Google Cloud and Gemini AI.
Aforementioned, investors will be looking for any updates to that outlook, as well as commentary on whether those investments are generating stronger Google Cloud growth and improving AI monetization.
Image Source: Zacks Investment Research
Alphabet’s Valuation Still Looks ReasonableDespite Alphabet's strong rally over the last year, its valuation remains relatively attractive compared to many other mega-cap tech stocks.
Alphabet stock currently trades at 24X forward earnings, which is near the benchmark S&P 500’s average while offering one of the strongest combinations of earnings growth, free cash flow generation, and balance-sheet strength among the Mag 7.
That reasonable valuation gives Alphabet less room for multiple contraction should earnings merely meet expectations or slightly miss them, while stronger guidance could justify additional upside if analysts continue raising profit estimates.
Image Source: Zacks Investment Research
Bottom LineBecause Alphabet reports before every other Mag 7 company this earnings season outside of Tesla ((TSLA - Free Report) ), its conference call may prove just as influential as its financial results.
Strong Q2 results and positive commentary would likely strengthen confidence ahead of reports from Microsoft, Meta, Amazon, and Nvidia, while disappointing guidance could weigh on sentiment across the entire technology sector.
Expectations are running high for Alphabet's Q2 results, but so is the company's earnings momentum. Optimistically, Alphabet stock currently sports a Zacks Rank #1 (Strong Buy) thanks to favorable earnings estimate revisions and a positive Earnings ESP, suggesting the company may be well positioned to deliver another quarterly beat.
Microsoft Corp (NASDAQ:MSFT)'s fiscal fourth quarter results will be a key test of the company's AI execution, with Azure growth, AI infrastructure spending and Microsoft 365 Copilot adoption expected to be the main focus when the software giant reports, according to Bank of America analysts.
The analysts wrote that "AI execution remains the central debate" heading into the results, adding that fiscal 2027 commentary on Azure growth, data center buildout and AI backlog conversion will also be closely watched.
The analysts highlighted that Azure remains the key metric for investors, with Microsoft previously guiding for 39% to 40% year-over-year growth in constant currency. They wrote that demand continues to outpace capacity, while the company's first Fairwater data center facility in Wisconsin is now fully operational, supporting the conversion of commercial remaining performance obligations (RPO) into revenue.
The analysts highlighted Microsoft's $627 billion commercial RPO balance reported last quarter and noted that management expects about 25% of that amount to be recognized over the next 12 months, which they said could help validate Microsoft's AI investment strategy.
Bank of America estimates Q4 capital expenditures, including finance leases, will total about $42 billion, up 32% from the prior quarter and 74% from a year earlier, as Microsoft continues expanding AI compute capacity. The analysts expect the higher spending to pressure free cash flow in the near term and wrote that Azure growth at or above the company's 39% to 40% outlook is likely needed to support the stock, while a weaker result could raise concerns about returns on AI investments.
The analysts also identified Microsoft 365 Copilot adoption and broader AI monetization as important proof points. Copilot reached 20 million paid seats in the third quarter after adding 5 million sequentially, while AI annual recurring revenue exceeded $37 billion, up 123% year over year. They expect both metrics to continue growing as AI capacity expands.
For the quarter, the Bank of America analysts forecast revenue of $87.4 billion, up 14.4% from a year earlier, driven by Intelligent Cloud revenue of $38.1 billion and Productivity and Business Processes revenue of $37.3 billion. They expect More Personal Computing revenue to decline 10.5% year over year to $12 billion, reflecting ongoing gaming headwinds.
The analysts reiterated a ‘Buy’ rating and a $500 price target on Microsoft shares, implying upside from current levels of about $400.
Microsoft Corp (NASDAQ:MSFT)'s fiscal fourth quarter results will be a key test of the company's AI execution, with Azure growth, AI infrastructure spending and Microsoft 365 Copilot adoption expected to be the main focus when the software giant reports, according to Bank of America analysts.
The analysts wrote that "AI execution remains the central debate" heading into the results, adding that fiscal 2027 commentary on Azure growth, data center buildout and AI backlog conversion will also be closely watched.
The analysts highlighted that Azure remains the key metric for investors, with Microsoft previously guiding for 39% to 40% year-over-year growth in constant currency. They wrote that demand continues to outpace capacity, while the company's first Fairwater data center facility in Wisconsin is now fully operational, supporting the conversion of commercial remaining performance obligations (RPO) into revenue.
The analysts highlighted Microsoft's $627 billion commercial RPO balance reported last quarter and noted that management expects about 25% of that amount to be recognized over the next 12 months, which they said could help validate Microsoft's AI investment strategy.
Bank of America estimates Q4 capital expenditures, including finance leases, will total about $42 billion, up 32% from the prior quarter and 74% from a year earlier, as Microsoft continues expanding AI compute capacity. The analysts expect the higher spending to pressure free cash flow in the near term and wrote that Azure growth at or above the company's 39% to 40% outlook is likely needed to support the stock, while a weaker result could raise concerns about returns on AI investments.
The analysts also identified Microsoft 365 Copilot adoption and broader AI monetization as important proof points. Copilot reached 20 million paid seats in the third quarter after adding 5 million sequentially, while AI annual recurring revenue exceeded $37 billion, up 123% year over year. They expect both metrics to continue growing as AI capacity expands.
For the quarter, the Bank of America analysts forecast revenue of $87.4 billion, up 14.4% from a year earlier, driven by Intelligent Cloud revenue of $38.1 billion and Productivity and Business Processes revenue of $37.3 billion. They expect More Personal Computing revenue to decline 10.5% year over year to $12 billion, reflecting ongoing gaming headwinds.
The analysts reiterated a ‘Buy’ rating and a $500 price target on Microsoft shares, implying upside from current levels of about $400.
Microsoft (MSFT) faces mounting concerns over Azure's lagging acceleration versus AWS and Google Cloud, despite continued 30%+ growth rates. MSFT's software business, while high-margin, risks losing its distribution advantage as Copilot adoption and AI capabilities trail leading frontier labs. Legacy segments like Windows and Xbox are dragging on MSFT's growth; divestiture could be a strategic solution but remains unaddressed.
Advanced Micro Devices, Inc. is now perceived as Nvidia's main AI competitor, but current valuations price in near-perfect execution. Market expectations assume sustained AI demand, rapid AI accelerator share gains, and continued server growth—all simultaneously, which is unlikely. Valuation model estimates AMD's intrinsic value at $220.36 per share, about 55% below the current market price.
Key Takeaways AMD is a leading fabless semiconductor firm.AMD is riding the AMD demand wave with numerous partnerships from big tech companies.The company boasts a 29-quarter streak of beating consensus estimates. AMD Company OverviewZacks Rank #3 (Hold) stock Advanced Micro Devices ((AMD - Free Report) ) is a leading fabless semiconductor company. The term “fabless” means that AMD designs the blueprints for its hardware and outsources the physical production to manufacturing factories like Taiwan Semiconductor ((TSM - Free Report) ). AMD has three major product segments, including:
· Central Processing Units (CPUs): AMD’s Ryzen chips power computers to run everyday tasks, operating systems, and applications in laptops and desktops.
· Graphics Processing Units (GPUs): Hardware optimized for handling complex mathematical visual data.
· Data Center Chips: High-performance hardware that powers massive cloud computing networks, enterprise servers, and artificial intelligence models.
Essentially, AMD designs the computational brains that power modern electronics.
AMD Benefits from the Data Center Boom Although semiconductor leader NVIDIA ((NVDA - Free Report) ) owns the lion’s share of the AI accelerator market, AMD is a critical secondary supplier. With NVIDIA’s GPUs often sold out, AMD’s GPU lineup allows it to capture spillover demand. Additionally, the AI and data center markets are experiencing blistering growth that is unlikely to slow any time soon. In other words, AMD benefits from a structural tailwind and a massive total addressable market (TAM) expansion.
Image Source: Carson Investment research
AMD Hyperscaler Deals Provide Revenue VisibilityAMD has landed several multi-year, large-scale deployment commitments from major hyperscalers like Meta Platforms ((META - Free Report) ) and OpenAI for its Helios infrastructure systems. These long-term deals provide AMD with long-term revenue visibility. Zacks Consensus Analyst Estimates suggest that AMD will grow its top-and-bottom-line financial results at a healthy mid double-digit clip through 2027.
Image Source: Zacks Investment Research
AMD & Microsoft Expand PartnershipMonday, AMD and Microsoft ((MSFT - Free Report) ) announced an expanded strategic partnership spanning AMD GPUs, CPUs, and software on MSFT Azure. According to the press release, “Microsoft will ramp AMD Helios at scale on Azure to power frontier model inference,” and the two companies will integrate AMD silicon with Azure to “scale networking performance across the fleet.”
AMD’s EPS Impressive Surprise HistoryAMD has proven itself to be an expectation breaker. The company has beaten Zacks Consensus Analyst EPS Estimates for a staggering 29 consecutive quarters.
Image Source: Zacks Investment Research
AMD Offers Pullback Buy ZoneAMD shares are retreating to the 10-week moving average for the first time since breaking out in early 2026. Typically, the first pullback to the 10-week moving average after a massive breakout offers investors an attractive reward-to-risk buy zone.
Image Source: TradingView
Bottom Line
Advanced Micro Devices stands out as a highly resilient powerhouse in the semiconductor landscape. The company’s numerous long-term deployment deals with tech giants mean that its double-digit revenue growth will continue well into the future.
Characteristics and Risks of Standardized Options: https://bit.ly/2v9tH6D. Alibaba (BABA) says its new Qwen 3.8 AI model is one of the most powerful in the world.
Steven Dickens doesn't see Alibaba's (BABA) new LLM or any other Chinese innovation in the space as a headwind for the U.S. While the models are cheaper than counterparts, he doesn't expect commercial businesses to face strong competitive pressures. Additionally, Steven sees the hyperscalers still prevailing as the ultimate winners of the AI race due to their role as "toll booths" in the trade.
Airplane miniature is placed on displayed AerCap logo in this illustration March 8, 2023. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
FARNBOROUGH, England, July 20 (Reuters) - Leasing giant AerCap (AER.N), opens new tab is set to place an order for 15 Boeing (BA.N), opens new tab 787 jets, two industry sources said on Monday.
Dublin-based AerCap, which is the world's largest owner of Boeing's newest long-haul plane in service, is expected to announce the order during the Farnborough Airshow, they said.
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Boeing referred queries to AerCap, which did not immediately respond to a request for comment. Bloomberg reported on Sunday that AerCap could order as many as 15 of the jets.
Reporting by Tim Hepher
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