Cleveland-Cliffs (CLF - Free Report) reported $5.23 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 5.9%. EPS of -$0.20 for the same period compares to -$0.50 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $5.13 billion, representing a surprise of +1.88%. The company delivered an EPS surprise of +4.76%, with the consensus EPS estimate being -$0.21.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cleveland-Cliffs performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
External Sales Volumes - Total steel Products: 4,025.00 KTon versus 4,105.28 KTon estimated by three analysts on average.Average net selling price per net ton of steel products: $1,124.00 versus the three-analyst average estimate of $1,109.49.Steel shipments by product - Coated steel: 1,240.00 KTon compared to the 1,269.08 KTon average estimate based on two analysts.Steel shipments by product - Plate: 172.00 KTon versus the two-analyst average estimate of 203.05 KTon.Revenues- Other Businesses: $174 million versus $170.67 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +6.8% change.Revenues- Steelmaking: $5.05 billion compared to the $4.99 billion average estimate based on three analysts. The reported number represents a change of +5.9% year over year.Revenues- Steelmaking- Stainless and electrical steel: $525 million versus the two-analyst average estimate of $424.94 million. The reported number represents a year-over-year change of +21%.Revenues- Steelmaking- Plate steel: $253 million versus the two-analyst average estimate of $282.19 million. The reported number represents a year-over-year change of -8%.Revenues- Steelmaking- Other: $527 million versus the two-analyst average estimate of $418 million. The reported number represents a year-over-year change of +26.4%.Revenues- Steelmaking- Cold-rolled steel: $660 million versus the two-analyst average estimate of $708.3 million. The reported number represents a year-over-year change of +2.3%.Revenues- Steelmaking- Hot-rolled steel: $1.54 billion versus $1.53 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +15.5% change.Revenues- Steelmaking- Coated steel: $1.53 billion compared to the $1.55 billion average estimate based on two analysts. The reported number represents a change of +10.1% year over year.View all Key Company Metrics for Cleveland-Cliffs here>>>
Shares of Cleveland-Cliffs have returned -10.6% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
The elevated price of oil could also put upward pressure on inflation and increase the expectations of higher interest rates. The higher interest rate environment put pressure on the precious metals. Therefore, the rallies in gold and silver prices are limited.
But the market uncertainty remains higher due to the escalating Middle East tensions. The geopolitical crisis increases the safe haven demand but the higher interest rate environment keeps the US dollar strong. The situation keeps metals under pressure. Oil prices have jumped on the back of growing supply risks, which could keep inflation high and further fortify the Fed’s arguments for tighter policy.
This creates two opposing forces for precious metals. Gold and silver can rally during the geopolitical crisis but a strong Dollar and high interest rate outlook can keep the rallies limited. Therefore, the gold price remains under pressure until the safe haven demand becomes strong enough to offset the Dollar and Fed risks. Silver may be more volatile due to currency factors and demand for industrial uses.
Gold Price Forecast – $4,200 Resistance Keeps Gold Under Pressure Gold prices failed to break above $4,200 and dropped back on Thursday towards the $3,950 area, which is the support of the falling wedge pattern. The price is consolidating between $3,950 and $4,200 in the short term, which indicates price compression at the edge of the falling wedge pattern.
Silver price (XAG/USD) inches higher after registering over 4% losses in the previous day, trading around $57.60 per troy ounce during the Asian hours on Friday. However, higher oil prices tied to Middle East tensions are strengthening bets on Fed rate hikes, threatening to weigh on non-yielding Silver.
According to the CME FedWatch tool, money markets are currently pricing in roughly a 35.8% chance of a Fed rate hike this month, alongside an 82.1% probability of at least a quarter-point hike in September.
Geopolitical tension continues to surge following reports that Yemen’s Iran-backed Houthi militant group attacked two Saudi oil tankers in the Red Sea for allegedly violating a blockade. In response, the US conducted its 13th consecutive night of military strikes on Iran.
Tensions escalated further after US President Donald Trump warned of "major military punishment" for both the Houthis and Iran if attacks continue, stating he is close to deciding on a massive, unprecedented military operation against Iran.
Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Gold recently reversed from the resistance area located at the intersection of the resistance level 4210.00 (top of wave i from the start of July), resistance trendline from February and the 50% Fibonacci correction of the downward impulse from June.
The downward reversal from this resistance zone stopped the previous minor impulse wave iii from the middle of July.
Given the overriding daily downtrend, Gold can be expected to fall further to the next support level 3965.00.
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The short‑term Elliott Wave outlook in Gold (XAUUSD) indicates that the rally to $4204 marked the completion of wave ((B)), after which the metal turned lower in wave ((C)). The internal subdivision of wave ((C)) is unfolding as a five‑wave structure. Within this sequence, wave (1) ended at $3983.2. The subsequent rally in wave (2) developed as an expanded flat formation. From the wave (1) low, wave A advanced to $4103.7, followed by a pullback in wave B that reached $3959.3. The final leg, wave C, extended higher to $4166.07, completing wave (2) at a higher degree.
From this point, the metal resumed its decline in wave (3). Down from wave (2), wave ((i)) ended at $4099.03, while the corrective rally in wave ((ii)) concluded at $4141.05. The expectation is for Gold to extend two additional lows to complete wave ((v)) of 1. Once this sequence finishes, the market should rally in wave 2 to correct the decline from the July 22 high of wave (2). This corrective phase will precede the next bearish leg.
In the near term, the pivot at $4204.6 remains decisive. As long as this level holds, rallies are expected to fail within three or seven swings, reinforcing the downside bias. The structure highlights continued weakness and suggests further bearish potential in the short horizon.
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Sony Is Going All-Digital—But Investors Should Watch This InsteadSonoco Products NYSE: SON said second-quarter 2026 results met company expectations and topped consensus estimates, as productivity gains and cost controls helped offset inflation in freight, chemicals, coatings and raw materials.
President and CEO Howard Coker said the company delivered “solid second quarter results,” with particular strength in its industrial segment. Chief Financial Officer Paul Joachimczyk said the quarter reflected progress on priorities outlined at Sonoco’s Investor Day, including earnings growth, cash generation, margin maintenance and early benefits from the company’s profitability performance plan.
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Microsoft’s Xbox Problem Is Bigger Than a Console WarNet sales were $1.9 billion, down 1% from the prior year. Adjusted EBITDA was $324 million, also down 1%, while adjusted EBITDA margin was 17.2%, in line with the year-ago period. Adjusted earnings per share were $1.51, up from $1.37 a year earlier.
Joachimczyk noted that prior-year results included contributions from the divested ThermoSafe business, which had generated $66 million of revenue, $11 million of EBITDA and $0.08 of EPS in the second quarter of 2025. Excluding ThermoSafe, he said second-quarter 2026 revenue and EBITDA grew 2%, and adjusted EPS rose 17%.
Industrial Segment Benefits From URB Demand, Productivity How the Memory Shortage Is Crushing the Gaming IndustrySonoco’s industrial segment outperformed management’s expectations, with operating profit up 4% from a strong year-earlier quarter and up 29% sequentially from the first quarter, Coker said. Segment sales rose 4% year over year to $643 million, supported by three points of pricing and one point from foreign exchange. Volume and mix were flat.
Coker said industrial results were driven by $16 million in productivity gains, which more than offset price-cost headwinds tied to higher freight, chemicals, old corrugated containers, or OCC, and lumber. North American uncoated recycled paperboard, or URB, mills posted a 6.4% increase in trade tons, lifting mill utilization to 95%, which Coker described as the highest level in years.
Demand was supported by new market development, including saturated URB used in laminates, as well as share gains. Reels volumes rose 10%, helped by demand from wire and cable customers tied to artificial intelligence data center infrastructure, as well as power grid and communications markets.
In response to analyst questions about trade publication commentary suggesting the URB market had loosened, Coker said Sonoco was not seeing weakness in the markets it serves. He said the company’s URB backlogs extend through the third quarter and require imports from mills in Europe and Latin America to support North American demand. Joachimczyk added that North American mills were operating at 95% utilization and European mills at 92%.
Consumer Segment Sees Mixed Demand Consumer segment sales rose 1% year over year to $1.24 billion. Pricing contributed two points of growth, while foreign exchange added one point. Operating profit declined 5% from the year-earlier period but increased 22% sequentially from the first quarter.
Coker said productivity and cost containment helped support consumer results. Paper can volumes rose 9% in EMEA and APAC, including a 29% increase in Asia. Joachimczyk said metal cans saw double-digit unit growth in pet food in EMEA, which now represents 15% of Sonoco’s global food can units.
Overall consumer volume mix declined 1.8%, primarily due to weaker U.S. demand for metal aerosol cans and adhesives and sealants. Coker said the slowdown in adhesives and sealants appeared macro-related, tied to housing and remodeling activity. Joachimczyk said aerosols faced a tough comparison after a large player exited the space in 2024, which shifted volumes in 2025.
Management said it does not expect material improvement in adhesives and sealants in the second half, but early indicators for the pack season were strong. Coker said Sonoco is modeling low- to mid-single-digit year-over-year volume growth in consumer in the second half and low-single-digit growth in industrial.
Inflation Recovery and Pricing Actions in Focus Coker said global inflationary pressures, driven in part by higher energy expenses related to the Middle East situation, reduced operating profit by roughly $10 million in the quarter. Freight was the largest component, while raw materials also rose. OCC increased $40 per ton year to date to $100 per ton.
While Sonoco was behind the price-cost curve in the second quarter, Coker said recovery mechanisms are now in place. These include an April URB and converted product price increase that fully takes effect in the third quarter, a $60-per-ton URB increase implemented July 8, contracted global paper can price increases and diesel-related surcharges.
Joachimczyk said about 70% of industrial paper pricing is tied to an index and is recovered at the start of the following quarter. He also said a $10 movement in the Tan Bending Chip index represents about a $10 million annualized impact, or roughly $2.5 million per quarter.
Cash Flow Strengthens as Cost Program Gains Traction Operating cash flow totaled $301 million, up 56% year over year and more than $100 million above the prior year. Free cash flow was $237 million, up 139%. Gross capital investment was $64 million, consistent with first-quarter spending.
Joachimczyk said Sonoco remains focused on funding the business, supporting the dividend and strengthening the balance sheet. He said the company’s profitability performance plan delivered $10 million of savings in the second quarter and $18 million year to date. Annualized savings now stand at about $38 million, representing 25% of the low end of the three-year target range.
The company maintained its full-year guidance, expecting:
Net sales of $7.25 billion to $7.75 billion Adjusted EBITDA of $1.25 billion to $1.35 billion Adjusted EPS of $5.80 to $6.20 Operating cash flow of $700 million to $800 million Joachimczyk said the third quarter is Sonoco’s most important quarter because it is closely tied to pack season, and management wanted to preserve flexibility in its guidance range until those results are clearer.
Management Highlights Growth Investments Coker said Sonoco is increasing production of saturated URB for high-pressure laminates used in countertops, flooring, composite boards and decorative panels. The company expects to produce roughly 10,000 tons annually by year-end and increase that to 20,000 tons annually by the end of 2027.
Sonoco also completed a $20 million expansion at its Hartselle, Alabama, wire and cable reels production center. Coker said the business has been “essentially sold out” and that new robotic equipment will increase nailed wood reels production by about 15%.
In consumer packaging, Coker pointed to a new paper can plant in Thailand, additional planned paper can production lines in South America and the U.S. in 2027, new metal can lines in Italy for tomato and tuna customers, and a new metal can and ends production line in France to support pet food growth. He also cited product developments including Orbit easy-open closures, Eco-Fill metal food can features, microwaveable-safe metal bowls and the company’s GreenCan packaging innovation.
“While we remain mindful of external macroeconomic conditions, we are confident in our strategy, our portfolio, and ability to execute through economic cycles,” Coker said.
About Sonoco Products (NYSE:SON)Sonoco Products Company NYSE: SON is a global provider of diversified packaging solutions, serving a wide range of consumer, industrial and retail markets. The company offers a broad portfolio that includes rigid paper and plastic containers, flexible packaging, industrial core and tube products, thermoformed plastics, retail point-of-purchase displays, and packaging supply chain services. Through its solutions, Sonoco helps customers in food and beverage, personal care, chemicals, healthcare, home and garden, and electronics industries address their packaging needs, improve product shelf appeal, and optimize logistics efficiency.
With operations in more than 30 countries across North America, South America, Europe, Asia and Africa, Sonoco leverages a global network of manufacturing facilities, recycling centers and distribution channels to meet the demands of multinational and regional customers.
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Is Consumer Discretionary a Dead End? These 3 Stocks Say NoSL Green Realty NYSE: SLG raised its 2026 funds from operations guidance sharply after what management described as a strong first half of the year, citing stronger leasing, improved economic occupancy, expense control and a recurring contribution tied to One Vanderbilt.
On the company’s Q2 2026 earnings call, Chairman and Chief Executive Officer Marc Holliday said leasing gains made over the past several years are now showing up in the company’s financial results. He said economic occupancy rose 300 basis points during the quarter as concessions burned off and vacancy declined.
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Are Dividend-Paying Office REITs Finally Staging A Comeback?“Much of what we predicted at our investor conference in December is now playing out in ways that directly drive earnings and improves cash flow,” Holliday said. He added that the company expects to exceed its leasing goals for the year, though management said it was too early to reforecast the exact magnitude.
FFO Guidance Raised by $1.20 Per Share Chief Financial Officer Matt DiLiberto said SL Green increased its 2026 FFO guidance by $1.20 per share, or more than 26%, with “the vast majority” of the increase recurring. He attributed $0.20 per share of incremental FFO to the real estate portfolio, including benefits from early renewals, leasing of pre-built space, faster delivery of space to tenants and expense containment. DiLiberto said $0.10 of that amount was recognized in the second quarter.
These 3 Top-Rated Small Caps May Be Undervalued BargainsAnother $0.20 per share is expected from additional fee and other income tied to execution of the company’s 2026 business plan over the remainder of the year.
The largest component of the guidance increase, however, came from One Vanderbilt. DiLiberto said the property’s strong cash flow had caused SL Green’s carrying value in the investment to go negative, reaching the maximum negative basis allowed under GAAP at the end of the first quarter. Beginning in Q2, the company’s FFO contribution from One Vanderbilt includes amortization of the negative carrying value and the difference between cash distributions received and SL Green’s share of GAAP net income.
DiLiberto said those two components add $0.80 per share to 2026 FFO, including $0.35 recorded in the second quarter. He said the contribution is expected to be “as much or more” next year based on current projections.
Leasing Momentum Broad-Based Across Portfolio SL Green executives described leasing strength as broad-based, with particular rent appreciation in Park Avenue and Sixth Avenue assets. Steve Durels, executive vice president and director of leasing and real property, said rents have risen “dramatically” at properties including 1185 Sixth Avenue and 245 Park Avenue.
Asked about leasing mark-to-market trends, Durels said the strength was not isolated to one building or submarket. “Across the portfolio, we’ve been consistently raising asking rents throughout the year,” he said, adding that the company expects similar trends in the next quarter.
Durels said the company’s leasing pipeline stood at 900,000 square feet, about evenly split between new leases and renewals. Of that amount, 400,000 square feet was in active negotiation, with the balance in term sheets expected to convert to leases.
Management also highlighted activity tied to technology and artificial intelligence tenants. Durels said there are 9.5 million square feet of active technology searches in Manhattan, including 2.5 million square feet from AI tenants. He said SL Green has limited AI exposure to roughly 1% to 2% of its portfolio and noted that many current AI prospects are better capitalized than dot-com-era tenants.
New York City Office Market Cited as Key Driver Holliday repeatedly pointed to New York City’s economic strength as a foundation for SL Green’s performance. He cited Wall Street profits, office-using job growth, venture capital funding and broad demand from financial services, technology and healthcare as factors supporting office leasing.
He said the city has seen about 50 million square feet of office space leased over the past four quarters, which he characterized as likely a record. Holliday said the recovery is being driven by four factors: a strong local economy, limited new office supply, tenants moving forward with long-term space plans after years of uncertainty, and office-to-residential conversions reducing available office inventory.
“As long as the economy stays robust as it is, we don’t see this abating anytime soon,” Holliday said.
On concessions, Durels said renewal deals continue to support higher net effective rents. For typical five-year renewals, he said free rent is generally around three to four months, with three months often being the average. For new 10-year transactions, he said free rent could eventually move toward 10 months.
Capital Markets, Dispositions and Development Updates President and Chief Investment Officer Harry Sitomer said investor demand for quality Midtown Manhattan assets remains strong despite higher benchmark rates. He said SL Green has completed or is under contract on four of the 11 transactions in its 2026 plan and expects to announce two more soon, with the remaining five expected to launch later in the year.
Sitomer cited several recent transactions, including SL Green’s partnership with Mori Building at 346 Madison Avenue and its contract to sell 10 East 53rd Street at an approximately 5.7% cap rate. He said the 10 East 53rd Street sale represents roughly a 3.5 times multiple on SL Green’s 2024 acquisition of its partner’s interest.
On debt markets, Sitomer said SL Green remains encouraged by credit availability, pointing to roughly $11 billion of year-to-date CMBS originations, compared with about $8.5 billion during the same period last year. He said the company’s next major refinancing is 245 Park Avenue, which is in advanced stages.
DiLiberto said SL Green continues to hedge interest rate exposure, maintaining a more cautious stance as benchmark rates remain volatile. He said the company’s debt mix is now closer to 90% fixed and 10% floating, compared with a prior 70/30 mix.
At 346 Madison, Holliday said SL Green chose to bring in Mori Building early to fully capitalize and de-risk the development. He said the company may syndicate additional equity later, potentially after leasing begins, upon completion or during recapitalization.
SUMMIT and Other Assets Holliday said SUMMIT One Vanderbilt continues to outperform competing observatory attractions in attendance and average ticket price, even as overall tourism in New York has been weaker this year. He said attendance was softer early in the year but improved beginning in late May and June, with recent daily ticket sales reaching levels typically seen during the year-end holiday period.
SL Green remains on track to open SUMMIT Paris in 2027 and SUMMIT Tokyo in 2030, Holliday said, adding that the company sees “enormous growth potential” for the business.
Regarding 1515 Broadway, Holliday said SL Green has reassessed plans after the casino outcome and now views the property positively. He said Paramount’s acquisition by Skydance and planned Warner Bros. transaction could put the building back in play for longer-term use by the combined company. He also said lower debt at the property after the Paramount lease expires would give SL Green flexibility to consider entertainment-focused conversion options.
DiLiberto said SL Green still expects funds available for distribution to improve through 2026 and 2027, with the company reaching dividend coverage breakeven in 2028.
About SL Green Realty (NYSE:SLG)SL Green Realty Corp. NYSE: SLG is a publicly traded real estate investment trust (REIT) focused primarily on the acquisition, management and development of commercial office properties in Manhattan. As one of New York City's largest office landlords, the company's portfolio includes Class A office buildings and mixed-use projects located in prime Midtown and Downtown submarkets. SL Green generates revenue through leasing office space to a diverse mix of tenants spanning financial services, technology, media and professional services firms.
Founded in 1980 by real estate investor Stephen L.
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Waste Management: Is it a good use of your time?Waste Connections NYSE: WCN raised its full-year 2026 outlook after second-quarter revenue and adjusted EBITDA grew more than 6%, with management citing stronger-than-expected pricing, margin execution, acquisition activity and improving commodity trends.
President and CEO Ron Mittelstaedt said the company was “extremely pleased” with its first-half performance, which he said positioned Waste Connections for an increased outlook despite macroeconomic pressures tied to geopolitical uncertainty, elevated fuel costs and softer construction-related activity in some markets.
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The 10 Top-Rated Stocks by Wall Street Analysts in August 2021Second-quarter revenue rose 6.4% year over year to $2.562 billion, exceeding management’s expectations, according to EVP and CFO Mary Anne Whitney. Adjusted EBITDA was $840.1 million, up 6.8% from the prior-year period. Adjusted EBITDA margin was 32.8%, up 10 basis points year over year, as underlying margin expansion offset headwinds from fuel and lower commodity values.
Pricing Offsets Softer Volumes Solid waste organic growth was driven by total price of 6.7% in the quarter, including core pricing of 5.6% and fuel and material surcharges of 1.1%. Whitney said the company remains on track for full-year core price “at or above 5.5%,” with most 2026 pricing already completed or otherwise known.
Volumes, however, remained pressured. Waste Connections reported solid waste volumes down 1.9%, reflecting ongoing macroeconomic uncertainty and a slowdown in construction-related activity. Mittelstaedt said recent elevated fuel costs appeared to have affected the timing and magnitude of some projects, with certain activity paused during the quarter. He also said customer sensitivity to higher pricing, including fuel-related surcharges, likely contributed to churn in some markets.
Still, management pointed to early signs of improvement. Mittelstaedt said special waste activity in July had been encouraging and may indicate that the second-quarter slowdown was temporary. Construction and demolition tons were up year over year in the second quarter for the first time in 10 quarters, with some projects continuing into the third quarter.
Updated 2026 Outlook Reflects First-Half Strength Waste Connections increased its full-year 2026 outlook based on first-half results, recent values for recycled commodities, RINs and fuel, and acquisitions completed to date. The company now expects:
Revenue of $10.02 billion to $10.05 billion, up $100 million to $120 million from its February outlook. Adjusted EBITDA of $3.33 billion to $3.34 billion, up from the prior range of $3.30 billion to $3.325 billion. Full-year adjusted EBITDA margin of 33.2% to 33.3%. Adjusted free cash flow of $1.4 billion to $1.45 billion, unchanged from the prior outlook. Whitney said second-half adjusted EBITDA margin is expected to average about 33.7%, and could exceed 34% in the third quarter depending on fuel and commodity trends. She cautioned that fourth-quarter comparisons will be tougher because of a more typical seasonal margin step-down than the company experienced in 2025.
The free cash flow outlook includes expected 2026 impacts related to closure at Chiquita Canyon Landfill in the range of $100 million to $150 million, along with capital expenditures of $1.25 billion. Mittelstaedt said the company remains in line with its expectations for managing the elevated temperature landfill event at Chiquita Canyon, describing the reaction as “stable, controlled, and decelerating.”
Commodities, RNG Projects and M&A Provide Potential Upside Management said recycled commodity revenue improved sequentially for the second consecutive quarter, with the overall basket up 10% to 15% from year-end. Landfill gas sales rose 15% sequentially from the first quarter, helped by higher gas generation and higher renewable energy credit values.
Waste Connections also reported progress on renewable natural gas projects. Mittelstaedt said the company has started up and ramped production at several projects, including one owned facility brought online in July. RNG capital outlays are expected to be “essentially complete” by year-end, with all plants expected to be operational by early next year.
On acquisitions, Waste Connections has completed deals representing approximately $100 million in annualized revenue year to date. Mittelstaedt said another $30 million of exclusive market franchise transactions are expected to close soon during the third quarter, and he described the company as on pace for “another above-average M&A year.”
The company has also been active in share repurchases. Mittelstaedt said Waste Connections has deployed about $692 million year to date to buy back more than 1.5% of shares outstanding under its normal course issuer bid. Leverage remained nearly unchanged at 2.76 times debt to EBITDA, which management said preserves flexibility for acquisitions, further buybacks and a potential dividend increase during the company’s annual review in October.
AI Initiatives Expected to Support Future Margin Gains During the question-and-answer portion of the call, management discussed several artificial intelligence initiatives. Mittelstaedt said an AI-linked commercial pricing tool, fully deployed by the fourth quarter of 2025, has generated about $20 million of run-rate EBITDA improvement through 2026.
The company is also piloting a dynamic, real-time AI-driven routing algorithm, which is not expected to be fully deployed until the end of 2027 and is not expected to meaningfully affect profit and loss until 2028. Mittelstaedt said Waste Connections expects roughly $40 million to $50 million of route-related savings from that initiative through 2028 and 2029.
Additional AI work focused on customer service and a mobile application is expected to begin deployment in 2027. Overall, Mittelstaedt said the company is investing about $100 million across seven AI-related programs and expects about $100 million, or roughly 100 basis points, of EBITDA improvement as those efforts mature into 2028 and 2029.
Management said Waste Connections is set up for double-digit adjusted free cash flow per share growth in 2026 and is already looking ahead to similar growth in 2027, supported by declining RNG capital spending, expected contributions from RNG operations and lower cash closure outflows at Chiquita Canyon.
About Waste Connections (NYSE:WCN)Waste Connections NYSE: WCN is a North American integrated waste services company that provides a range of solid waste and environmental services to municipal, commercial, industrial and residential customers. The company offers collection, transportation, transfer, disposal and recycling services, and operates an extensive network of transfer stations and disposal facilities. Waste Connections positions itself as a provider of infrastructure-driven waste solutions across many regions of the United States and Canada.
The company's operating activities include routine curbside and commercial collection, roll-off and container services, operation of landfills and transfer stations, and recycling and resource recovery programs.
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Something odd has happened to Apple (AAPL -1.27%) on Wall Street. The 47 analysts covering the stock still rate it a buy, on average. But their average 12-month price target is now about $319 -- slightly below the roughly $320 the stock trades for as of this writing. In other words, the analysts who recommend buying Apple are, collectively, forecasting that it goes nowhere for a year.
That's an unusual setup for one of the world's most valuable tech companies, and the timing sharpens it. Apple reports fiscal third-quarter results on July 30, one week from today.
So is Wall Street quietly saying the stock is fully valued? Or have the targets simply not caught up with a stock that has moved faster than the models tracking it? A little of both, I'd argue.
Image source: Apple.
What a below-price average actually says The average hides a wide spread. Price targets on Apple run from a low of $215 to a high of $400, and the median target of about $329 sits modestly above the current share price.
The ratings lean the same direction as the average rating suggests. Of the 47 analysts, 29 rate the stock a buy or better, 14 call it a hold, and only four recommend selling.
That combination of bullish ratings and flat targets usually shows up after a stock has made a big move in a short time. Apple qualifies. Shares trade about 59% above their 52-week low of $201.50, and they set a record high of $334.99 within the past week.
Price targets tend to trail a run like that, getting revised upward in steps as analysts refresh their models. Indeed, the revisions are still coming. Morgan Stanley just lifted its target to $364.
But it would be too easy to dismiss the flat average as pure lag. The targets also reflect a valuation that has expanded dramatically. Apple trades at about 40 times earnings, a big premium to where it sat for most of the past few years.
The business is backing it up for now. Revenue rose 17% year over year in the fiscal second quarter, and earnings per share climbed 22%. But a year ago, investors could buy the same company for a much smaller premium. The below-price average is Wall Street's way of saying most of that improvement is now in the price.
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The setup into July 30 That leaves next week's report carrying more weight than usual. Apple has scheduled its fiscal third-quarter results for Thursday, July 30. A 40-times-earnings multiple on a company sitting 4% from its record high leaves little cushion if growth cools.
There are reasons to expect the growth to hold. The company's recent momentum has been broad. iPhone revenue hit $57 billion in the March quarter, a record for the period and up 22% year over year, and the high-margin services business set an all-time revenue record of its own.
And Apple keeps adding potential catalysts. A reported device-leasing program with Klarna is reportedly set to launch on July 28 -- a move that could nudge iPhone revenue toward steadier, subscription-like behavior.
With that said, investors shouldn't count on the report to deliver another leg higher. When the average analyst target sits below the price, good news mostly confirms what's already priced in, while any wobble invites the stock to close the gap with the models. Apple doesn't need to disappoint for the stock to stall. It just needs to be ordinary for a quarter.
As for what I'd do, I wouldn't treat a below-price average target as a sell signal. Analyst targets chase the stock in both directions, and Apple remains one of the highest-quality businesses in the world, with staying power that's difficult to find anywhere else. It's a stock I'd continue holding for the long haul, and I'd still call it a top stock to buy and hold -- in moderation -- even at today's premium.
But the flat consensus is useful as a temperature check. It says the easy stretch of this run is probably over, and that returns from here likely have to be earned by the business quarter after quarter, because the valuation multiple has already done its expanding. Going into July 30, that's worth keeping in mind before expecting fireworks.
Tesla (TSLA -14.38%) investors got both halves of the company's story in one report on Wednesday, and they pulled in opposite directions. Revenue rose 26% year over year to $28.2 billion, powered by record second-quarter deliveries of 480,126 vehicles. The company even crossed $100 billion in trailing-12-month revenue for the first time.
But operating income fell 57% year over year to $398 million, leaving an operating margin of just 1.4%. A year ago, that figure was 4.1%.
The market didn't take it well. Shares of the electric carmaker sank about 14% Thursday as of this writing.
So is the business deteriorating? I don't think that's quite what the numbers show. What they show is a company deliberately converting nearly all of its operating profit into capacity for AI (artificial intelligence) and robotics, at a pace the income statement can no longer hide.
Image source: Tesla.
Tesla's problem wasn't the economics of selling cars. Gross margin slipped only modestly, to 16.8% (versus 17.2% in the year-ago quarter).
The bigger swing came below that line. Operating expenses jumped 47% year over year to $4.4 billion, driven by AI and other research and development projects, stock-based compensation (including expenses tied to CEO Elon Musk's 2025 performance award), and higher selling, general, and administrative costs. The company also absorbed lower regulatory credit revenue, lower average selling prices, and an energy warranty charge tied to a vendor's battery cell issue. Add it up, and the biggest second quarter for deliveries in Tesla's history produced less operating income than any quarter in the past year.
Net income held up better, falling 5% year over year to $1.1 billion.
And then there's the cash. Capital expenditures more than doubled from a year ago to $5.8 billion (a step-up of $3.3 billion from the first quarter alone). That pushed free cash flow to negative $1.1 billion, compared with a positive $146 million in the year-ago period, and Tesla's cash and investments dipped $1.2 billion during the quarter to $43.5 billion.
Of course, the balance sheet can absorb spending like this for now. But the direction has changed. Tesla used to fund its ambitions from profits, and it is now funding them from the vault.
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What the money is buying Tesla's quarterly update lists the projects. Cybercab, the company's purpose-built autonomous vehicle, began production at Gigafactory Texas during the quarter. Tesla decommissioned its Model S and X lines at the Fremont Factory to install the first production lines for Optimus, its humanoid robot. And the company more than doubled its AI training compute in Texas during the first half of 2026, continued work on a semiconductor fab in Austin, and kept ramping battery cell production and lithium refining.
Even more, the spending is set to accelerate. Chief financial officer Vaibhav Taneja has told investors to expect capital expenditures above $25 billion this year -- guidance he laid out back in April -- and he said on Wednesday's call that operating expenses will keep growing in 2026 and beyond.
To the company's credit, some of the payoff is already measurable. Robotaxi service is now live in seven U.S. metros, with unsupervised rides launched in Miami, Orlando, and Tampa in July. Full Self-Driving (Supervised) subscriptions climbed 56% year over year to 1.48 million. More than 55% of new North American deliveries included FSD subscriptions, a record attach rate. And services and other revenue grew 50% year over year, with a record $648 million of gross profit at a 14% margin.
But those returns are still small next to the bill.
Which brings up the stock. Even after Thursday's drop, Tesla commands a market capitalization of about $1.2 trillion, and shares trade at more than 300 times earnings. A valuation like that assumes the robotaxi and Optimus bets eventually produce enormous profits -- and the 1.4% operating margin means shareholders are funding those bets almost entirely out of what used to be the company's earnings.
If the build-out works, this stretch will likely look like the price of admission. If it doesn't, investors will have paid a premium valuation for a company that spent its margin.
Personally, I'll keep watching from the sidelines. What could change my mind is the operating margin turning back up while the spending continues -- evidence the core business can carry the build-out instead of being consumed by it.
David Wagner explains why Alphabet (GOOGL) is emerging as an AI leader through stronger cloud growth, despite recent stock weakness brought by investor fears of ramping CapEx. He also breaks down Tesla's (TSLA) earnings miss and its long-term AI strategy after the company posted negative cash flow.
Amazon is requiring that third-party sellers label any product images or videos that contain "AI-generated people" after New York recently passed a law mandating greater transparency around "synthetic performers" in ads.
The company informed sellers Wednesday of the policy change, according to a copy of the announcement viewed by CNBC. The policy directs sellers to tag images and any "A+ content," which refers to videos or other graphics on listing pages, with specific metadata keywords before they're uploaded.
"Recent legislation requires disclosure when images or videos in advertisements contain photorealistic AI-generated people," Amazon wrote in the announcement.
The New York law, which took effect last month, requires companies to disclose if "synthetic performers" are used in place of human actors in advertising. The legislation applies to "digitally-created media that appear as a real person." Governor Kathy Hochul described it as a "first-in-the-nation" law.
"Without notice that the content the public is viewing is not real, AI-generated synthetic performers and manipulated media can undermine one's ability to accurately distill fact from fiction," Hochul's office said in a release.
Amazon clarified in its announcement that the requirement doesn't apply to content featuring TV, video game and movie characters, or content that includes real people, even if they've been altered using AI.
The company said it will "add an indicator" to listings on its website, informing consumers that images or other content feature AI-generated people, "where applicable." It's unclear what criteria Amazon will apply when deciding when to display the label to shoppers.
Amazon didn't immediately provide a comment.
Amazon has embraced AI internally and it's increasingly infusing the technology across its portfolio. The company has optimized listing titles and details so they're more likely to be spotted by AI systems, invested in a recently rebranded assistant called Alexa for Shopping, and launched a feature that injects AI-generated products into its search bar in real time based on user queries.
More Amazon third-party sellers are using AI to generate text, images and other content for their listings, partly by using the company's tools.
Outside sellers are the engine behind Amazon's core retail business, accounting for more than 60% of goods sold on its marketplace.
There is no federal law requiring companies to disclose when advertising content has been created using AI.
States have taken steps to require greater transparency around AI content. Earlier this year, California began requiring large AI providers to embed watermarks in AI-generated images, video or other content.
Meta, TikTok, Pinterest and Google's YouTube have added AI-generated content labels to videos and images uploaded to their platforms. TikTok and Meta have recently been criticized for not adequately labeling ads that feature AI-generated influencers hawking dubious products, in some cases without a brand's knowledge.
TikTok has said it's taken steps to ban accounts that make misleading health claims, and Meta said it labels AI videos
Microsoft AI released two new in-house models into public preview on Wednesday — MAI-Image-2.5-Pro, its highest-fidelity image generator to date, and MAI-Voice-2-Flash, a speech model built for high-volume enterprise workloads — while publishing production data that amounts to the company's most aggressive argument yet that it can power its own products without leaning on OpenAI's frontier models. The announcement, made by Microsoft AI's Superintelligence team, lands roughly a year after the company committed to building purpose-built models internally, and it arrives with an unusual level of specificity about where those models now run: Bing, PowerPoint, OneDrive, Dynamics 365, Excel, GitHub Copilot, and Azure.
Nokia Oyj (NOK) Q2 2026 Earnings Call July 23, 2026 8:00 AM EDT
Company Participants
David Mulholland - Head of Investor Relations
Justin Hotard - President, CEO & Interim President of Mobile Infrastructure
Marco Wiren - Chief Financial Officer
Conference Call Participants
Terence Tsui - Morgan Stanley, Research Division
Simon Leopold - Raymond James & Associates, Inc., Research Division
Sami Sarkamies - Danske Bank A/S, Research Division
Alexander Duval - Goldman Sachs Group, Inc., Research Division
Ulrich Rathe - Bernstein Institutional Services LLC, Research Division
Jakob Bluestone - BNP Paribas, Research Division
Oliver Wong - BofA Securities, Research Division
Richard Kramer - Arete Research Services LLP
Sandeep Deshpande - JPMorgan Chase & Co, Research Division
Sébastien Sztabowicz - Kepler Cheuvreux, Research Division
Robert Sanders - Deutsche Bank AG, Research Division
Artem Beletski - SEB, Research Division
Felix Henriksson - Nordea Markets, Research Division
Presentation
David Mulholland
Head of Investor Relations
Good morning, ladies and gentlemen. Welcome to Nokia's Second Quarter 2026 Results Call. I'm David Mulholland, Head of Nokia Investor Relations. And today with me is Justin Hotard, our President and CEO; along with Marco Wiren, our CFO.
Before we get started, a quick disclaimer. During this call, we will be making forward-looking statements regarding our future business and financial performance, and these statements are predictions that involve risks and uncertainties. Actual results could, therefore, differ materially from the results we currently expect. Factors that could cause such differences can be both external as well as internal operating factors. We have identified such risks in the Risk Factors section of our annual report on Form 20-F, which is available on our Investor Relations website.
Within today's presentation, references to growth rates will be on a constant currency basis and other financial items will be based on our comparable reporting. Please note that our Q2 report and a presentation that accompanies this call are published on
As artificial intelligence and global data monitoring redefine the modern economy, choosing between NVIDIA (NVDA -1.56%) and Planet Labs PBC (PL -1.06%) requires a clear look at their differing trajectories. Both companies represent high-growth ambitions within the broader technology landscape.
NVIDIA dominates the hardware foundation of the digital world, while Planet Labs provides a unique view of Earth from space. While one is a trillion-dollar leader and the other is a growing up-and-comer, both companies are leveraging advanced computing to capture value in an increasingly data-driven global market.
The case for NVIDIANVIDIA designs the hardware and software used for accelerated computing and graphics. The company recently expanded its predictive capabilities by acquiring Kumo AI for nearly $400 million in June 2026. Note that two direct customers account for roughly 22% and 14% of total revenue, and customer concentration like this adds a layer of risk to the business. The company also clarified it is not in talks to acquire any PC manufacturers despite market rumors.
In its 2026 fiscal year (FY), revenue reached $215.9 billion, representing growth of 65.5% compared to the prior year. Net income for the period was $120.1 billion, resulting in a net margin of 55.6%. This performance reflects a significant upward trend in demand for high-end computing components across various industries.
As of its January 2026 balance sheet, the debt-to-equity ratio is 0.1x, which compares total debt to shareholder equity to show how a company funds its operations. The current ratio, which measures the ability to pay short-term obligations with short-term assets, is 3.9x. Free cash flow, calculated by subtracting capital expenditures from operating cash flow, reached $96.7 billion.
The case for Planet Labs PBCPlanet Labs provides daily Earth-imaging data through a subscription platform, serving sectors like agriculture and mapping. The company is currently expanding its global presence, including a new office in London focused on AI-driven partnerships within the defense stocks and commercial sectors. Much of its revenue comes from multi-year licensing agreements with large commercial enterprises and government entities.
In FY 2026, the company reported revenue of $307.7 million, which marks growth of 25.9% year-over-year. However, it recorded a net loss of $246.9 million for the fiscal year. This resulted in a negative net margin of 80.2% as the company continues to invest in its orbital infrastructure and data analytics software.
Based on the January 2026 balance sheet, the debt-to-equity ratio is 2.5x, indicating that total liabilities exceed shareholder equity. The current ratio is 1.7x, suggesting the company maintains enough liquidity to cover immediate expenses. Note that stock-based compensation (SBC) represented 40.9% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.
Risk profile comparisonNVIDIA faces significant geopolitical hurdles, as stringent U.S. export restrictions on China limit its total addressable market. The company also deals with active litigation regarding historical crypto-mining revenue and intense competitive pressure from Advanced Micro Devices, Intel, and large cloud providers such as Amazon, which are producing their own AI semiconductor chips. Additionally, a heavy reliance on a limited number of international foundries creates vulnerabilities to regional geopolitical instability and sudden demand-supply mismatches.
Planet Labs carries risks related to its history of operating losses and the ongoing need for substantial capital to maintain its satellite constellation. The business is also vulnerable to technical failures in orbit, launch delays, or ground station outages that could interrupt services for its thousands of users. Furthermore, the company must navigate strict regulatory oversight from agencies like the FCC while competing against government-subsidized imagery programs such as Landsat, which may exert downward pressure on pricing.
Valuation comparisonNVIDIA appears more attractive on a Forward P/E basis, although both companies carry high P/S ratio figures relative to their current sales and future earnings estimates.
MetricNVIDIAPlanet Labs PBCForward P/E23.0x202.2xP/S ratio23.3x25.0xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Both NVIDIA and Planet Labs operate in hot sectors. The former is the industry leader in AI semiconductor chips, while the latter is involved in the emerging space economy.
The potential of investing in Planet Labs was illustrated this year when the stock soared to an eye-popping 52-week high of $51.76 in May. The increase was due to investor excitement over the emerging space economy, exemplified by the historic initial public offering (IPO) of Space Exploration Technologies Corporation, better known as SpaceX, in June.
However, Planet Labs stock has returned to earth since the SpaceX IPO. While it delivered record revenue of $94 million, representing an impressive 42% year-over-year increase, in its fiscal first quarter ended April 30, the company also posted an operating loss of $34.9 million, a substantial increase from the prior year’s loss of $22.8 million.
NVIDIA stock is unlikely to see the kind of explosive share price increase Planet Labs experienced this year, because Wall Street now holds sky-high expectations of the AI chip leader. Even so, NVIDIA is a well-run business under visionary CEO Jensen Huang, who correctly predicted the company’s chips could galvanize the AI sector.
In NVIDIA’s first quarter ended April 26, 2026, the company reported revenue of $81.6 billion, up an outstanding 85% from a year ago, demonstrating its dominance in the AI chip market. Its industry leadership, strong financials, and superior share price valuation make NVIDIA the better stock to own over Planet Labs.
John Pitzer - Corporate Vice President of Corporate Planning & Investor Relations
Lip-Bu Tan - CEO & Director
David Zinsner - Executive VP, CFO and Principal Financial & Accounting Officer
Conference Call Participants
Benjamin Reitzes - Melius Research LLC
Joseph Moore - Morgan Stanley, Research Division
Stacy Rasgon - Bernstein Institutional Services LLC, Research Division
Timothy Arcuri - UBS Investment Bank, Research Division
Vivek Arya - BofA Securities, Research Division
Christopher Muse - Cantor Fitzgerald & Co., Research Division
Aaron Rakers - Wells Fargo Securities, LLC, Research Division
Presentation
Operator
Thank you for standing by, and welcome to Intel Corporation's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, today's program is being recorded.
And now I'd like to introduce your host for today's program, Mr. John Pitzer, Vice President, Investor Relations. Please go ahead, sir.
John Pitzer
Corporate Vice President of Corporate Planning & Investor Relations
Thank you, Jonathan, and good afternoon to everyone joining us today. By now, you should have received a copy of the Q2 earnings release and presentation. Both are available on our Investor Relations website, intc.com. For those joining us online today, this presentation is also available on our webcast window.
I am joined today by our CEO, Lip-Bu Tan; and our CFO, David Zinsner. Lip-Bu will open up with comments on second quarter results and update the progress we're making on strategic priorities. Dave will then discuss our overall financial results, including third quarter guidance before we transition to answer your questions.
Before we begin, please note that today's presentation does contain forward-looking statements based on the environment as we currently see it. As such, they are subject to various risks and uncertainties. It also contains reference to non-GAAP financial measures that we believe provide useful
Key Takeaways Intel's release highlighted favorable demand trends for AI compute. YoY sales growth of 25% reflected the highest read in more than a decade. Intel is significantly increasing its investments in equipment to support future growth. The 2026 Q2 earnings season really picked up pace this week, with a few Magnificent Seven members, namely Alphabet and Tesla, headlining the docket.
While the reactions to those releases were less than desirable, the reaction to Intel’s (INTC - Free Report) results has been relatively more constructive. The stock’s action over July has been disappointing, but the favorable release could help turn sentiment around.
Intel Benefits From AI-Driven Compute DemandIntel reported revenues of $16.1 billion, growing by a rock-solid 25% YoY and reflecting the highest growth rate we’ve seen from the company in more than a decade. The growth rate alone reflects a huge highlight, with the stock’s comeback over the past year simply incredible, gaining more than 400% since last July.
Importantly, its Data Center and AI business unit saw revenue surge nearly 60% YoY to $6.3 billion, with Intel Foundry also seeing 31% YoY revenue growth to $5.8 billion. These results overall reflect that Intel is successfully capturing the AI boom both as a designer of AI processors and as a factory building them.
Image Source: Zacks Investment Research
Lip-Bu Tan, Intel CEO, said –
‘AI is driving unprecedented demand for compute, and as we continue to execute, Intel is well-positioned to capture sustainable growth across our CPU franchise, ASICs, advanced packaging and vast wafer foundry network.’
Intel (INTC - Free Report) is also significantly increasing its investments in equipment, clean room space, and substrates. Simply put, Intel is expecting strong, long-term AI demand. The stock currently sports the highly-coveted Zacks Rank #1 (Strong Buy), but keep an eye on the revisions in the coming days/weeks following the release. Further upward revisions would ignite near-term momentum.
Cooling inflation and resilient consumer spending have eased economic concerns, shifting Wall Street’s focus squarely to earnings Big Tech results, beginning today (July 22) after the bell, offer fresh insight into AI spending trends and corporate profitability Rising oil prices and Middle East tensions remain key risks that could challenge the disinflation narrative It’s difficult to call any stretch a calm, quiet summer week, but this one would seemingly fit the bill. Earnings from Alphabet (GOOGL), Tesla (TSLA), and IBM (IBM) are the standouts, along with a slew of cyclicals reporting Q2 results.
Beyond that, the Fed is in its blackout window ahead of the FOMC’s July 29 interest rate decision, and we won’t get major economic data until the end of the month.
Inflation Delivers Good News Last week offered a treasure trove of consumer clues, though. First, the June CPI report (released on Tuesday morning, July 14) came in much better than expected. According to Econoday, the 0.4% drop in the headline figure was the largest monthly decline since April 2020. The energy component fell 5.7%, while gasoline prices plunged 9.7%.
On a year-over-year basis, CPI inflation cooled to 3.5%, while the core rate ticked down by two basis points, rounding to 2.6%.
June CPI Fell Sharply It was the first in what turned out to be a somewhat Goldilocks set of June reports. The CPI on its own flipped the Fed rate hike odds to the likelihood of a hold. The following morning, PPI data confirmed a sanguine inflation trend. Wholesale prices dipped 0.3%, aided by a 6.4% energy price retreat, helping to push goods costs lower as the first half drew to a close.
Services inflation was still apparent, however, and year-over-year PPI remained elevated at 5.5%.
June PPI Fell Too Then came Retail Sales from the U.S. Census Bureau on Thursday, July 16. This macro reading was not far from consensus, with headline spending edging up 0.2% in June, along with a stronger revised 1.0% increase in May.
On a one-year basis, retail outlays were up 6.7%, well above the prevailing inflation rate, suggesting that consumers kept shopping online, spending on travel, and gearing up around the New York Knicks’ NBA Finals victory and the 2026 FIFA World Cup.
June Retail Sales In-Line With Estimates, Solid Spending Trends Into the Summer AI Spending Faces a Reality Check What does it all mean for investors? Well, the economy keeps chugging along, in part because of the AI buildout. But a “spend at all costs” mindset has shifted to expense control on the part of major corporations, with Uber (UBER) among the notable firms to tap the brakes on model usage. Indeed, so-called “token-maxing” has given way to a more throttled mindset, just as the Q2 earnings season kicks into high gear. We’ll know more when the major AI hyperscalers and other mega-cap tech companies report quarterly results later this month.
In the rearview, IBM’s preliminary earnings report last week stunned the Street, sending shares spiraling lower for their worst day since Big Blue’s modern-era IPO in 1962. It wasn’t exactly the kind of start to the reporting period that investors hoped for. As normally scheduled revenue and profit numbers hit the tape, FactSet notes that companies missing on actual earnings have seen their stock prices get clobbered. John Butters confirmed that firms with negative surprises have seen an average stock price decline of 9% (covering the period from two days before the release through two days after). It’s a historically large percentage, while beats are barely being rewarded.
As for the key dates, following GOOGL and TSLA this week, SK Hynix, Samsung, Meta, Microsoft, Apple, and Amazonput out quarterly earnings next week. Also be on the lookout for mega-cap tech volatility in early August during the Black Hat 2026 conference (August 1-6) and the Future of Memory and Storage Conference (August 4-6). SpaceX reports Tuesday, August 4 AMC. Later in the month, the Hot Chip 2026 Conference (August 23-25) has a slew of AI leaders on the speaking docket, right before NVIDIA’s Q2 earnings hit on Wednesday, August 26 AMC.
The AI Volatility Catalyst Calendar: Earnings & Conferences Ahead The Fed Goes Quiet So, investors got what they were hoping for in terms of the key June macro data. Yes, the payrolls report was soft, but weekly jobless claims are very low for this time of year, and other high-frequency indicators point to a healthy and stable labor market. Fed Chair Kevin Warsh said as much during his semiannual testimony before Congress as CPI and PPI rolled in last week.
Pressed for his views on what the FOMC may do regarding interest rate policy and the Fed’s balance sheet, Warsh was indirect. Barely two months into his tenure, wishy-washy Warsh may be apropos. That’s not an indictment, either, as Powell’s successor seeks to tone down Fed speak, restoring a more Greenspan-era communication policy.
Yes, it’s comforting to look back on the 1990s with rose-tinted glasses, but the truth is that today’s monetary policy construct is simply different. Modern Fed members feel motivated to voice opinions, and if Warsh remains quiet, other voting members will fill the void. It’s possible that, assuming the Fed holds at next week’s meeting, some hawks on the Committee will use their respective bully pulpits to tee up a September rate hike.
That could force Warsh’s hand, either squashing or confirming a quarter-point tightening at the September Fed gathering. Keep in mind that the 2026 Jackson Hole Economic Symposium, hosted by the Kansas City Fed, is slated for August 27-29. Thus, Friday, August 29, could be a crucial morning for the bond market and global investors.
Oil Is the Wild Card In the here and now, the focus will be on earnings, along with developments in the Middle East. Brent crude oil hovers around $90 per barrel amid continued U.S. strikes on Iran, while crack spreads (the price difference between crude oil and refined products, like gasoline) are at a record level, confirming extremely tight distillate (the end products) supply-demand balances.
Traders can see this in equity price action: two of the largest U.S. refiner stocks, Marathon Petroleum (MPC) and Valero (VLO), are up 96% and 95%, respectively, so far in 2026. Commuters feel the heat, too, with the AAA average gas price topping $4 once again this week. The upshot? Higher energy prices might upend the disinflation narrative if geopolitical tensions persist.
The Bottom Line There’s a lot for investors to weigh. Encouraging inflation and consumer spending data last week paired well with a stellar start to the Q2 earnings season. Still, “SaaSpocalypse” fears linger as the AI road twists and turns. We’ll know more as the summer plays out, with conference season ratcheting back up, back-to-school shopping numbers registering, and perhaps clues on the Fed’s next direction.
Keep up with all the macro and corporate event-level data as our team sifts through the noise to spot the signal in today’s fast-changing market.
Twitter: @ChristineLShort
The author may hold positions in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
Gold and Silver Recovery—3 Precious Metals Stocks for H2 2026Newmont NYSE: NEM said it remains on track to meet its full-year 2026 guidance after reporting a stronger-than-expected second quarter, supported by stable operations, higher realized gold prices and disciplined cost control across its global mining portfolio.
President and CEO Natascha Viljoen said the company produced 1.3 million ounces of gold, 17,000 tons of copper and 7 million ounces of silver during the quarter. Newmont generated $2.9 billion in cash flow from operations after working capital and a second-quarter record $2.2 billion in free cash flow.
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Gold’s 2026 Rally Has Cracked—Is It Time to Buy the Pullback?“Newmont delivered a strong second quarter and remains on track to achieve full-year 2026 guidance, supported by disciplined execution across the portfolio and continued momentum as we head into the second half of the year,” Viljoen said.
Executive Vice President and CFO Brian Tabolt said Newmont generated $3.8 billion of adjusted EBITDA and adjusted net income of $2.10 per share. The company realized an average gold price of $4,414 per ounce during the quarter.
Production Pulls Forward From Second Half Golden Ceasefires: Forget Fear, It's About the Global Reset Viljoen said second-quarter operational performance was modestly ahead of expectations, largely because some ounces initially expected in the third quarter were produced earlier than planned. The key contributors were Yanacocha and Lihir, which together delivered roughly 50,000 ounces that had been expected in the second half.
Lihir benefited from ongoing asset reliability work, while Newmont also cited stable performance from its Nevada Gold Mines joint venture. The company now expects about 49% of full-year production to have been delivered in the first half and 51% in the second half.
Newmont expects third-quarter production across the portfolio to be broadly in line with the second quarter before increasing in the fourth quarter, which Viljoen said is still expected to be the company’s strongest quarter of the year. The fourth-quarter increase is expected as Lihir completes planned maintenance in the third quarter and Ahafo North reaches its full run rate.
During the Q&A session, Viljoen said Ahafo North’s long-term operating level is expected to be 350,000 ounces per year.
Costs Remain Within Guidance Despite Oil Pressure Newmont said cost pressures increased during the second quarter, largely as expected, due in part to higher oil prices. Tabolt said gold all-in sustaining costs were $1,621 per ounce on a byproduct basis, below the company’s full-year guidance of $1,680 per ounce.
Tabolt said unit costs rose sequentially from the first quarter because of lower gold and silver production and sales volumes, lower byproduct contribution, higher Ghana royalties and higher diesel prices. He said Newmont continues to monitor oil-related pressures and their potential effects on explosives, cyanide, grinding media, labor, contractor spending and freight.
“For every $10 per barrel change in the price of oil, you’ll see on a full-year basis about a $60 million impact,” Tabolt said.
Viljoen highlighted several productivity initiatives aimed at offsetting external cost pressures, including parking nearly 50 mining production units across the portfolio without affecting production. She also cited increased underground productive time at Cerro Negro, milling efficiency improvements at Ahafo North, better wet-weather preparedness at Merian and reduced contract utilization where possible.
In response to analyst questions, Viljoen said open-pit operations with large fleets, including Boddington, Peñasquito, Lihir and Merian, are among the assets most exposed to energy costs. She said productivity improvements at those sites have reduced consumption.
Capital Spending Weighted to Second Half Newmont expects sustaining capital spending to be about 58% weighted toward the second half of 2026, driven by the timing of work at Boddington and Cadia, ventilation work at Tanami and seasonal construction at Brucejack and Red Chris. Development capital is expected to be 63% weighted toward the second half, reflecting work at major projects and feasibility activity at Red Chris.
Tabolt said Newmont remains on track for full-year sustaining capital guidance of $1.95 billion and development capital guidance of $1.4 billion. He said sustaining capital is expected to increase by roughly $150 million from the second quarter to the third quarter, with a similar increase in development capital.
At Cadia, Viljoen said production from the operating caves resumed in mid-June following an April 14 seismic event. Development work has returned to normal levels at PC1-2, but cave establishment at PC1-2 and PC2-3 remains halted pending regulatory approvals and additional safety work.
Viljoen said the existing operating caves have returned to background seismicity, while cave establishment work naturally involves higher seismic activity and requires additional controls. Newmont continues to expect no impact on full-year production guidance from the Cadia event.
Red Chris Advances Toward Investment Decision Newmont said the Red Chris block caving project received key regulatory approvals from the province of British Columbia, including an amended environmental assessment certificate through a consent-based process with the Tahltan Nation.
Viljoen said the company is now focused on completing the feasibility study and advancing the project toward board approval and a final investment decision. During the Q&A session, she said the project is undergoing internal technical and financial review to ensure it meets Newmont’s standards and hurdle rates.
She said expected capital costs are higher than the original numbers under Newcrest, primarily because of inflationary pressures across the project development sector. However, she said Newmont has used the feasibility process to improve design, reduce risk and improve economics, including lessons learned from a fall-of-ground incident last September.
Viljoen said Newmont expects to complete the review toward the end of the year for board consideration, but added that the company would delay “a month or three” if needed to ensure it can meet any capital and timing commitments.
Asked about a $500 million investment from the Canadian government, Viljoen said Newmont is still working on a memorandum of understanding with Canada’s major projects office to determine the terms and conditions of the grant.
Shareholder Returns and Portfolio Outlook Newmont returned approximately $1.8 billion to shareholders during the quarter through dividends and share repurchases, and about $1.9 billion since its prior earnings call, including July repurchases. Tabolt said the company has returned more than 80% of free cash flow for two consecutive quarters.
The company declared a quarterly dividend of $0.26 per share. Tabolt said Newmont repurchased $1.7 billion of shares under the $6 billion authorization approved in April, including more than $600 million in July to date, leaving about $4.3 billion available. Since launching its repurchase program more than two years ago, Newmont has reduced its share count by more than 100 million shares, or approximately 9%.
Newmont ended the quarter with $3.4 billion of net cash, modestly above the upper end of its target range of $1 billion plus or minus $2 billion. Tabolt said the position may fluctuate as the company funds capital programs, pays dividends and returns excess cash through buybacks.
Viljoen also addressed Newmont’s discussions with Barrick over Nevada Gold Mines, saying the company has been engaged for several months to address legal, technical and commercial differences related to joint venture management, past performance, a proposed IPO and excluded property contribution processes. She said several key issues remain unresolved but that Newmont remains committed to protecting shareholder rights and enforcing its legal rights if required.
Looking ahead, Viljoen said Newmont’s 12 managed operations remain part of the portfolio as long as they compete for capital and fit the company’s definition of world-class assets. She pointed to brownfield opportunities at Lihir, Cerro Negro, Ahafo South, Ahafo North, Brucejack and Merian, while describing Wafi-Golpu as further out in the development pipeline.
Newmont said it plans to review how it provides guidance in February 2027, including the potential reestablishment of multi-year guidance.
About Newmont (NYSE:NEM)Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.
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For the quarter ended June 2026, Newmont Corporation (NEM - Free Report) reported revenue of $6.12 billion, up 15.1% over the same period last year. EPS came in at $2.10, compared to $1.43 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $6.35 billion, representing a surprise of -3.69%. The company delivered an EPS surprise of +2.44%, with the consensus EPS estimate being $2.05.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Newmont performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Realized Price - Lead: 0.88 $/lb versus 0.88 $/lb estimated by three analysts on average.Average Realized Price - Silver: $53.5 per ounce compared to the $70.5 per ounce average estimate based on three analysts.Attributable Production - Total Gold: 1,293.00 Koz compared to the 1,230.98 Koz average estimate based on three analysts.Average Realized Price - Gold: $4414 per ounce versus the three-analyst average estimate of $4773.7 per ounce.Average Realized Price - Copper: 6.82 $/lb versus the three-analyst average estimate of 5.73 $/lb.Average Realized Price - Zinc: 1.64 $/lb versus the three-analyst average estimate of 1.46 $/lb.AISC Consolidated - Nevada Gold Mines: $1805 per ounce compared to the $1745.7 per ounce average estimate based on two analysts.Attributable Production - Nevada Gold Mines: 240.00 Koz compared to the 224.22 Koz average estimate based on two analysts.Attributable Production - Cerro Negro: 49.00 Koz versus the two-analyst average estimate of 44.87 Koz.Attributable Production - Penasquito: 37.00 Koz compared to the 44.42 Koz average estimate based on two analysts.AISC Consolidated - Merian: $1780 per ounce compared to the $1944.4 per ounce average estimate based on two analysts.AISC Consolidated - Cerro Negro: $2338 per ounce compared to the $2403.6 per ounce average estimate based on two analysts.View all Key Company Metrics for Newmont here>>>
Shares of Newmont have returned +1.8% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
Neil Backhouse - Group Head of Treasury & Investor Relations
Natascha Viljoen - CEO, President & Director
Brian Tabolt - Executive VP & CFO
Conference Call Participants
Fahad Tariq - Jefferies LLC, Research Division
Hugo Nicolaci - Goldman Sachs Group, Inc., Research Division
Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division
Richard Garchitorena - Barclays Bank PLC, Research Division
Anita Soni - CIBC Capital Markets, Research Division
Lawson Winder - BofA Securities, Research Division
Joshua Wolfson - RBC Capital Markets, Research Division
Daniel Major - UBS Investment Bank, Research Division
Tanya Jakusconek - Scotiabank Global Banking and Markets, Research Division
Presentation
Operator
Hello, and welcome to Newmont's Second Quarter 2026 Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.
Neil Backhouse
Group Head of Treasury & Investor Relations
Thank you, Holly. Hello, everyone, and thank you for joining Newmont's Second Quarter 2026 Results Conference Call. Joining me today are Natascha Viljoen, our President and Chief Executive Officer; Brian Tabolt, our newly appointed Executive Vice President and Chief Financial Officer; as well as other members of our management team who will be available to answer questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website.
With that, I'll turn the call over to Natascha.
Natascha Viljoen
CEO, President & Director
Thank you, Neil, and hello, everyone. To begin today's call, I'd like to start by acknowledging the executive leadership appointments we announced last month, reflecting the depth and talent we have within Newmont and reinforcing our commitment to
SAP Bets $1B on AI Acquisitions to Lock In Enterprise DataSAP NYSE: SAP reported a strong second quarter for 2026, with management highlighting accelerating current cloud backlog growth, continued cloud revenue gains and rising customer interest in the company’s artificial intelligence offerings.
Chief Executive Officer Christian Klein called the quarter “outstanding,” pointing to SAP’s Sapphire customer conference, where the company launched its “autonomous enterprise” strategy. Klein said the event produced record attendance, added to SAP’s sales pipeline and generated positive feedback from customers on the company’s AI roadmap.
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Giants Costco, Sanofi, and SAP Raise Dividends by Over 10%Current cloud backlog rose 26% at constant currencies to nearly EUR 23 billion, an acceleration from the first quarter. Klein said AI and SAP Business Data Cloud were included as key elements in more than 90% of SAP’s 50 largest deals during the quarter, which he said gave the company confidence heading into the second half of the year.
Cloud revenue increased 24% to EUR 6.3 billion, supported by continued migrations from on-premise ERP systems to cloud ERP. Total revenue rose 11% to EUR 9.9 billion. SAP reported non-IFRS operating profit of EUR 2.7 billion, up 9% year over year at constant currencies.
Cloud ERP and Backlog Remain Central to Growth 3 Undervalued European Tech Stocks to Buy After the CeasefireChief Financial Officer Dominik Asam said SAP’s cloud ERP suite revenue increased 27% in the quarter and now represents 88% of total cloud revenue. Software license revenue declined 32%, reflecting the company’s continued shift away from traditional on-premise licensing.
Asam said cloud revenue performance was particularly strong in Asia-Pacific and Japan and in Europe, the Middle East and Africa, while the Americas delivered solid results. He cited Brazil, France, Germany, Italy, India, South Korea and Spain as having outstanding performance, with Australia, Singapore and the U.S. described as particularly strong.
Management said SAP’s indirect channel continued to grow faster than direct cloud revenue, reflecting changes in its go-to-market strategy over the past two years.
AI Strategy Focuses on Agents, Data and Governance Klein used much of the call to outline SAP’s AI strategy, which centers on the company’s Business AI Platform, Joule Studio, SAP Business Data Cloud and a new user experience called Joule Work. He said the platform is designed to help customers build, govern and operate AI agents across business processes while maintaining data privacy, compliance and sovereignty requirements.
Klein said SAP is integrating multiple large language models into Joule Studio, including models from Anthropic, Cohere, Google, Mistral AI and OpenAI, as well as open-weight models. He said SAP’s approach is intended to avoid customer lock-in to a single AI model and allow customers to select models based on cost and performance.
The company also discussed several recent acquisitions intended to strengthen its AI and data architecture. Klein said Dremio’s Apache Iceberg-native technology will help SAP bring SAP and non-SAP data together in an enterprise lakehouse, while Reltio will support master data governance. Prior Labs, he said, will help SAP agents generate tabular predictions using SAP and non-SAP data.
Klein said SAP plans to release close to 50 assistants by the end of the third quarter and more than 400 autonomous suite agents by the end of the year. The company also plans to launch three additional ERP migration assistants with 10 underlying agents later this quarter.
Customer Examples Highlight AI Adoption SAP executives cited several customer examples to illustrate early AI adoption. Klein said SAP and Amadeus developed an AI agent that autonomously reconciles unstructured payment data and has already cleared about 40,000 incorrect transactions. He also said Northcote moved from a legacy BW system to SAP Business Data Cloud, cutting BI solution build time by about 75% and report creation time by 50%.
In another example, Klein said Lemvigh-Müller, working with NTT Data, deployed custom AI agents to verify purchase orders, achieving more than 90% touchless processing and 98% matching accuracy.
Klein said customers including Shell, Morgan Stanley, Samsonite Group, Vonovia, Eli Lilly, Shoprite Group and Electrolux signed RISE with SAP deals in the quarter. He also cited momentum for GROW with SAP among companies including Aloha, Gooroo Crédito, Modular Data Centers and Tecumseh Energy Services.
Profit Outlook Adjusted for Acquisitions SAP maintained its outlook for top-line metrics and free cash flow, but Asam said the company is lowering its operating profit outlook by EUR 0.1 billion to reflect the dilutive impact of the Dremio and Prior Labs acquisitions. He said SAP still expects to offset the effect of the Reltio acquisition on non-IFRS operating income.
Asam said Reltio contributed less than one percentage point to constant-currency current cloud backlog growth in the quarter. He said Dremio and Prior Labs will have a negligible impact on revenue and current cloud backlog, but will weigh on second-half 2026 operating profit by a “very low triple-digit million euro amount.”
Free cash flow in the quarter was EUR 3 billion. IFRS operating profit rose 8% to EUR 2.6 billion, while IFRS earnings per share increased 30% to EUR 1.89. Non-IFRS earnings per share increased 6% to EUR 1.59.
Management Addresses Costs and Macro Uncertainty During the question-and-answer portion of the call, analysts pressed management on slower operating profit growth in the quarter and the cost of AI investments. Asam said the second quarter should not be viewed in isolation, noting that first-half operating leverage remained within SAP’s framework. He cited higher research and development investments, marketing spending tied to the autonomous enterprise launch, stock-based compensation effects and acquisition dilution as factors in the quarter.
Klein said SAP is seeing productivity gains from AI, including average productivity improvements of up to 30% in development. He said the company is adjusting hiring plans as AI usage increases and is working to shift development priorities from traditional SaaS feature requests toward agentic AI development.
Management also addressed macroeconomic uncertainty, particularly the ongoing conflict in the Middle East. Asam said the situation continues to weigh on customer sentiment and decision-making, especially in affected industries and supply chains. However, Klein said SAP did not see broad-based deal delays in the second quarter, though some Middle East deals were delayed.
Asam said SAP still expects a slight deceleration in current cloud backlog growth over the course of the year, while noting that the second half typically accounts for the largest share of annual bookings. He said the company’s priorities for the remainder of the year are to sustain cloud momentum, deliver on operating leverage commitments and close the year strongly.
About SAP (NYSE:SAP)SAP SE is a global enterprise software company headquartered in Walldorf, Germany. Founded in 1972 by five former IBM engineers, the company's name is an acronym for Systeme, Anwendungen und Produkte in der Datenverarbeitung (Systems, Applications & Products in Data Processing). SAP develops and sells software and services that help organizations manage business processes across finance, human resources, procurement, manufacturing, supply chain and customer relationships.
SAP's product portfolio spans on‑premises and cloud offerings, anchored by its enterprise resource planning (ERP) solutions such as SAP S/4HANA and the SAP HANA in‑memory database and platform.
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Digital Realty Trust, Inc. (DLR) Q2 2026 Earnings Call July 23, 2026 5:00 PM EDT
Company Participants
Jordan Sadler - Senior VP of Public & Private Investor Relations
Andrew Power - President, CEO & Director
Matt Mercier - Chief Financial Officer
Colin McLean - Chief Revenue Officer
Gregory Wright - Chief Investment Officer
Chris Sharp - Chief Technology Officer
Conference Call Participants
Eric Luebchow - Wells Fargo Securities, LLC, Research Division
Nicholas Del Deo - MoffettNathanson LLC
Michael Rollins - Citigroup Inc., Research Division
Madison Rezaei - Bernstein Institutional Services LLC, Research Division
Jonathan Atkin - RBC Capital Markets, Research Division
Jonathan Petersen - Jefferies LLC, Research Division
Michael Ng - Goldman Sachs Group, Inc., Research Division
Richard Choe - JPMorgan Chase & Co, Research Division
Joseph Osha - Guggenheim Securities, LLC, Research Division
Presentation
Operator
Good afternoon, and welcome to the Digital Realty Second Quarter 2026 Earnings Call. Please note, this event is being recorded. [Operator Instructions]
I would now like to turn the call over to Jordan Sadler, Digital Realty's Senior Vice President of Public and Private Investor Relations. Jordan, please go ahead.
Jordan Sadler
Senior VP of Public & Private Investor Relations
Thank you, operator, and welcome, everyone, to Digital Realty's Second quarter 2026 Earnings Conference Call. Joining me on today's call are President and CEO, Andy Power; and CFO, Matt Mercier; Chief Investment Officer, Greg Wright; and Chief Technology Officer, Chris Sharp; and Chief Revenue Officer, Colin McLean, are also on the call and will be available for Q&A.
Management will be making forward-looking statements, including guidance and underlying assumptions on today's call. Forward-looking statements are based on expectations that involve risks and uncertainties that could cause actual results to differ materially. For a further discussion of risks related to our business, see our 10-K and subsequent filings with the SEC. This call will contain certain non-GAAP financial information. Reconciliations to the most
Sunset clouds glow over pump jacks at the Airankol oil field operated by Caspiy Neft in the Atyrau region, Kazakhstan, April 21, 2026. REUTERS/Pavel Mikheyev Purchase Licensing Rights, opens new tab
BEIJING, July 24 (Reuters) - Oil headed for weekly gains on Friday, as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint, while Kazakhstan temporarily cut output after its main export route was forced to shut.
Brent futures eased 72 cents, or 0.72%, to $99.97 a barrel as of 0126 GMT, but remained on course for a 13.5% advance this week. West Texas Intermediate (WTI) futures fell 70 cents, or 0.76%, to $91.49 a barrel, on track for a 10.9% weekly rise.
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Brent had settled up 7% and WTI up 6.2% on Thursday, the first time since May that Brent settled above $100 after Iran-aligned Houthis said they had struck two Saudi oil tankers in the Red Sea.
Prices were driven up by fears that the attacks would lead to the closure of the Bab el-Mandeb shipping route, which controls access from the Red Sea to the Indian Ocean and is the second most important oil channel after the Strait of Hormuz.
U.S. President Donald Trump vowed to "hold Iran responsible" for any further attacks.
The Iran-aligned Houthis had declared on Monday that they were imposing a naval blockade on Saudi Arabia, which had been diverting its oil via pipeline to get around Iran's closure of the Strait of Hormuz.
Iran had been pressing the Houthis to close the Bab el-Mandeb gateway to the Red Sea if the U.S. continued to attack Iranian power infrastructure, after an interim truce between the two countries collapsed two weeks ago.
"The noose around global energy supply routes is pulling tighter again," IG market analyst Tony Sycamore said in a note.
Also on Thursday, Kazakhstan's energy ministry said oil companies temporarily cut back production after suspected Ukrainian drone attacks forced the country's main Black Sea export terminal to close.
The Caspian Pipeline Consortium stopped receiving oil from Kazakhstan after suspending loadings because of attacks on tankers at the terminal, industry sources had said on Tuesday. The route handles about 2% of global daily crude supply.
Kazakhstan's energy ministry did not specify the scale of the production reductions, but one source said the country's biggest field had cut output by more than half.
Reporting by Colleen Howe; Editing by Kevin Buckland
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Eli Lilly & Co.'s next-generation weight-loss shot retatrutide didn't increase overall heart risk in a new study, helping dispel concerns over its potential. The company plans to file for US Food and Drug Administration approval early next year, later than investors hoped, due to the complexity of the approval pathway.
EUR/USD gains ground after posting modest losses in the previous day, trading around 1.1380 during the Asian hours on Friday. However, the potential upside for the pair could be limited as the US Dollar (USD) may regain strength, largely driven by escalating conflicts in the Middle East that threaten to push crude oil prices higher. An oil-driven inflation spike has fueled expectations that the US Federal Reserve (Fed) might resume raising interest rates.
According to the CME FedWatch tool, money markets are currently pricing in roughly a 35.8% chance of a Fed rate hike this month, alongside an 82.1% probability of at least a quarter-point hike in September.
Geopolitical tension continues to surge following reports that Yemen’s Iran-backed Houthi militant group attacked two Saudi oil tankers in the Red Sea for allegedly violating a blockade. In response, the US conducted its 13th consecutive night of military strikes on Iran. Tensions escalated further after US President Donald Trump warned of "major military punishment" for both the Houthis and Iran if attacks continue, stating he is close to deciding on a massive, unprecedented military operation against Iran.
Simultaneously, trade concerns are mounting after Bloomberg reported that the United States plans to impose new tariffs ranging between 10% and 12.5% on imports from major trading partners. This marks a major effort to rebuild the Trump administration's trade barrier following a recent Supreme Court ruling. Under this plan, imports from the European Union will face tariffs of at least 10%, structured to remain compliant with existing US-EU trade agreements.
Market participants process the European Central Bank’s (ECB) latest monetary policy decisions. While the ECB Governing Council reaffirmed its commitment to bringing inflation down to its 2% medium-term target, it cautioned that high uncertainty persists and the full inflationary impact of the energy shock has yet to materialize. Following a 25-basis-point rate hike in June, the ECB opted to hold its key interest rates steady, keeping the deposit facility, main refinancing, and marginal lending rates at 2.25%, 2.40%, and 2.65%, respectively.
Euro FAQs The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).
The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.
Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money.
Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy.
Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
3 Waste Stocks Turning AI Investments Into GrowthReliance NYSE: RS reported what executives described as another strong quarter, with record tons sold, sharply higher year-over-year sales and stronger profitability supported by favorable pricing, improving demand across several end markets and initial contributions from a U.S. Department of Homeland Security border wall contract.
On the company’s second-quarter 2026 earnings call, President and Chief Executive Officer Karla Lewis said Reliance achieved its “second highest quarterly revenue” and “record quarterly tons sold,” while continuing to outperform broader industry shipment trends. Lewis attributed the performance to the company’s scale, product and end-market diversification, value-added service offerings and relationships with domestic mills.
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Trash to Treasure: 3 Waste Removal Stocks to Minimize Volatility“Market conditions remained favorable, supported by improving customer activity, extended mill lead times, and strong pricing across our broad product portfolio,” Lewis said.
Shipments and Pricing Exceed Expectations Executive Vice President and Chief Operating Officer Steve Koch said tons sold increased 7% from the first quarter and 10.8% from the second quarter of 2025, exceeding the company’s prior expectations for sequential growth of 1% to 3% and year-over-year growth of 4.5% to 6.5%.
Can RSG Stock Turn Guidance Into Gains in 2026?Koch said the sequential increase included a 5.1 percentage point contribution from the U.S. border wall contract. Carbon steel products led shipment growth, while aluminum and stainless-steel products also contributed at higher per-ton profitability levels.
Reliance’s average selling price rose 7.8% from the first quarter, also exceeding the company’s forecast for a 1.5% to 3.5% increase. Koch said pricing for carbon steel and aluminum products continued to move higher amid constrained supply, extended lead times and strengthening demand.
Chief Financial Officer Arthur Ajemyan said sales increased 27% year over year. Gross profit was $1.3 billion, up 11% from the first quarter and 20% from the prior-year period. Non-GAAP pre-tax income rose 40% year over year to $429 million, and non-GAAP earnings per diluted share increased 42% to $6.27.
Border Wall Contract Adds to Earnings The DHS border wall contract was a notable contributor to the quarter. Ajemyan said the project added $0.41 per share to second-quarter earnings. While the project created a roughly 40 basis point headwind to gross profit margin, he said lower-than-average operating costs per ton more than offset that impact and added about 30 basis points to pre-tax income margin.
Lewis said shipments under the contract began in April and ramped faster than expected. During the question-and-answer portion of the call, she said third-quarter shipments are expected to be higher and close to a full run rate, which she said could be sustained through following quarters, subject to metal supply and customer inventory pulls.
Lewis also said the first phase of the project is expected to generate about $1.4 billion in sales through mid-2027. A potential second phase of roughly $800 million to $900 million is subject to the customer opting in and is not guaranteed, though Lewis said Reliance believes the customer will “probably execute that extension.”
End-Market Demand Broadens Reliance said non-residential construction and general manufacturing each represented about one-third of second-quarter sales. Koch said non-residential construction demand remained strong, driven by data center and related energy infrastructure projects, heavy civil work and public infrastructure. The border wall project also increased the company’s presence in the market.
In general manufacturing, Koch cited strong year-over-year shipment growth tied to industrial machinery, including data center equipment, along with shipbuilding, military, consumer products and construction machinery.
Aerospace products accounted for about 9% of second-quarter sales. Koch said commercial aerospace showed early improvement as OEM build rates increased, though elevated inventories persisted. Defense and space-related aerospace activity remained strong. Automotive represented about 4% of sales, and Koch said demand improved as the company’s toll processing operations adapted to variable market conditions.
Lewis said customer optimism is building across infrastructure, semiconductor, general manufacturing and aerospace markets. She also pointed to momentum from data centers, power infrastructure, military spending and reshoring.
LIFO Expense Rises on Higher Metal Costs Higher carbon and aluminum product costs led Reliance to raise its full-year LIFO expense outlook to $300 million from $150 million. The company recorded second-quarter LIFO expense of $112.5 million, above its prior estimate of $37.5 million, and expects to record $75 million of LIFO expense in the third quarter.
Ajemyan said aluminum was a notable driver of the increase, with roughly $100 million of the updated $300 million annual LIFO estimate tied to aluminum. He said aluminum pricing has nearly doubled from pre-tariff levels and has created “some distortion” in percentage margins, though gross profit per unit and overall gross profit dollars have increased.
At the end of the quarter, Reliance’s LIFO reserve was approximately $700 million. Ajemyan said that reserve remains available to support future operating results and help mitigate the impact of future metal price declines.
Balance Sheet and Third-Quarter Outlook Reliance generated about $162 million in operating cash flow during the second quarter despite higher working capital needs from increased shipments and metal pricing. The company funded $93 million of capital expenditures and paid $64 million in dividends. It did not repurchase shares during the quarter and had approximately $529 million remaining under its current buyback authorization.
Total debt was $1.7 billion at quarter-end, and net debt to EBITDA was 0.9. Lewis said the company’s balance sheet and liquidity remain competitive advantages, supporting growth investments, stockholder returns and disciplined capital deployment. Reliance maintained its full-year 2026 capital expenditure outlook of about $300 million, with roughly half allocated to strategic growth investments.
For the third quarter of 2026, Reliance expects non-GAAP earnings per diluted share of $6.40 to $6.60, including an estimated $75 million of LIFO expense, or about $1.10 per share. Ajemyan said the company expects demand and pricing to remain healthy, while noting risks tied to trade policy, the U.S.-Iran conflict and normal seasonality.
About Reliance (NYSE:RS)Reliance Steel & Aluminum Co NYSE: RS is a leading metals service center company that distributes and processes a broad array of metal products. The company offers cut-to-length, shearing, blanking, sawing, bending, machining and value-added services for carbon and alloy steel, stainless steel, aluminum, brass, titanium and specialty metal alloys. Its products serve diverse end markets, including energy, infrastructure, general manufacturing, transportation, aerospace and defense.
Founded in 1939 in Los Angeles, Reliance Steel & Aluminum has grown through a combination of organic expansion and strategic acquisitions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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On July 23, 2026, Skyworks Solutions Inc (SWKS) shares fell 4.3% to a current price of $60.47. This decline comes amid a 52-week range of $51.93 to $90.90. The
, /PRNewswire/ -- National shareholder rights firm Hagens Berman alerts investors in Roblox Corporation (NYSE: RBLX) that the alleged class period in the ongoing securities class action litigation has been expanded. A new lawsuit now covers investors who purchased or otherwise acquired Roblox common stock between October 31, 2024 through April 30, 2026, inclusive.
National shareholder rights firm Hagens Berman is investigating the legal claims that Roblox and its co-defendants violated the federal securities laws. The firm encourages Roblox investors who suffered substantial losses to submit your losses now.
Class Period: Oct. 31, 2024 – Apr. 30, 2026
Lead Plaintiff Deadline: Aug. 7, 2026
Visit: www.hbsslaw.com/investor-fraud/rblx
Contact the Firm Now: [email protected]
844-916-0895
Roblox Corporation (RBLX) Securities Class Action:
The primary focus of the litigation is on the propriety of Roblox's disclosures about its commitment toward protecting the safety of young users of its platform and the recent the impact on its business and prospects of the age-check verification rollout aimed at increasing safety within certain social features on its platform. The rollout began in November 2025.
During the Class Period, Roblox and its senior management have assured investors that "safety would be paramount[,]" "building safety into our products has been a huge effort[,]" and "[o]ur approach to safety includes multiple proactive measures as well as parental controls[.]" They have also emphasized that "b]ecause our Platform includes children aged 5 and over, our safety and civility policies are purpose-built to be strict."
Investors slowly learned the truth through a series of disclosures beginning on October 30, 2025. That day, the Company revealed that it would be instituting enhanced age verification technology globally beginning in January 2026. On this news, the price of the Company's common stock declined 16% from $133.74 per share to $113.00 per share, wiping out $13 billion in market value.
Then, on April 30, 2026, Roblox revealed a steep deceleration in year-over-year and sequential DAU growth, slashed its 2026 revenue guidance (reflecting ongoing shrinkage in DAU growth), and severely cut its 2026 bookings growth midpoint from 24% to just 10%, investors glimpsed what was really going on.
Roblox said just 51% of its global DAUs age checked and also said that "as a result of age check […] we have seen a reduction in app store ratings, and we believe this may be contributing to a reduction in organic sign-ups that typically flow from app stores." Roblox also said its lowered prospects are the result of "continued friction" resulting from the age-check rollout.
"We're focused on when Roblox and its management knew of the adverse consequences of the age-check rollout and whether they intentionally misled investors it," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.
If you invested in Roblox and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now.
If you'd like more information and answers to other frequently asked questions about the Roblox case and the firm's investigation, read more.
Whistleblowers: Persons with non-public information regarding Roblox should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.
BURLINGAME, Calif.--(BUSINESS WIRE)--Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced that the Office of the Comptroller of the Currency (OCC) has granted conditional approval for the company to establish Upstart Bank, N.A. The charter would allow Upstart to reduce operational, regulatory, and financial complexity for itself as well as for its third-party capital partners. The conditional approval follows Upstart's application,.
NEW YORK--(BUSINESS WIRE)--Chimera Investment Corporation (NYSE: CIM) announced today that it will release financial results for the second quarter ended June 30, 2026, before the market opens on Wednesday, August 5, 2026. The company will host a conference call and live webcast to discuss the results at 8:30 A.M. ET the same day. Conference Call Details U.S. Toll Free: (866) 604-1613 International: (201) 689-7810 Webcast: https://www.chimerareit.com/news-events/ir-calendar Replay Information U.
Ovintiv (OVV - Free Report) came out with quarterly earnings of $1.74 per share, missing the Zacks Consensus Estimate of $1.91 per share. This compares to earnings of $1.02 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -8.90%. A quarter ago, it was expected that this energy company would post earnings of $1.85 per share when it actually produced earnings of $2, delivering a surprise of +8.11%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Ovintiv, which belongs to the Zacks Oil and Gas - Exploration and Production - Canadian industry, posted revenues of $3.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 28.21%. This compares to year-ago revenues of $2.32 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ovintiv shares have added about 54.4% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Ovintiv?While Ovintiv has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ovintiv was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.36 on $2.09 billion in revenues for the coming quarter and $7.08 on $9.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - Canadian is currently in the bottom 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Canadian Natural Resources (CNQ - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This oil and natural gas company is expected to post quarterly earnings of $1.43 per share in its upcoming report, which represents a year-over-year change of +180.4%. The consensus EPS estimate for the quarter has been revised 32% lower over the last 30 days to the current level.
Canadian Natural Resources' revenues are expected to be $9.25 billion, up 47.2% from the year-ago quarter.
Ovintiv (OVV - Free Report) reported $3.01 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 30%. EPS of $1.74 for the same period compares to $1.02 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $2.35 billion, representing a surprise of +28.21%. The company delivered an EPS surprise of -8.9%, with the consensus EPS estimate being $1.91.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Ovintiv performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Production Volumes - Total - Total: 614.6 millions of barrels of oil equivalent compared to the 614.81 millions of barrels of oil equivalent average estimate based on six analysts.Production Volumes - Natural Gas - Total: 1959 millions of cubic feet versus the six-analyst average estimate of 2000.9 millions of cubic feet.Production Volumes - Oil & Plant Condensate - Total: 205.8 millions of barrels of oil versus 203.33 millions of barrels of oil estimated by five analysts on average.Production Volumes - NGLs-Other - Total: 82.4 millions of barrels of oil compared to the 78.37 millions of barrels of oil average estimate based on five analysts.Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management - Oil Price - Total Operations: $100.69 versus $93.70 estimated by four analysts on average.Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management - Natural Gas Price - Total Operations: $1.71 versus the four-analyst average estimate of $1.85.Per-Unit Prices, Excluding the Impact of Realized Gains (Losses) on Risk Management - NGLs-Other Price - Total Operations: $21.67 versus the four-analyst average estimate of $24.50.Production Volumes - Total - USA Operations: 240.2 millions of barrels of oil equivalent versus the three-analyst average estimate of 254.6 millions of barrels of oil equivalent.Production Volumes - Oil & NGLs - Canadian Operations: 102.8 millions of barrels of oil compared to the 97.35 millions of barrels of oil average estimate based on three analysts.Revenues- Canadian Operations: $1.13 billion compared to the $990.98 million average estimate based on three analysts. The reported number represents a change of +56.2% year over year.Revenues- Corporate & other: $209 million versus $46.46 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +194.4% change.Revenues- USA Operations: $1.67 billion versus the three-analyst average estimate of $1.28 billion. The reported number represents a year-over-year change of +9.9%.View all Key Company Metrics for Ovintiv here>>>
Shares of Ovintiv have returned +14.7% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Rocket Lab (RKLB +0.43%) is on a roll -- not that you could tell from the stock price.
Shares of the tiny, U.S.- and New Zealand-based Space Exploration Technologies lookalike are down 32% so far this month. Last month, however, Rocket Lab got some great news from the folks down at NASA: two new contracts to launch sun- and Earth-science missions for the space agency.
Plus, future contracts could help generate up to $300 million for Rocket Lab.
Image source: Rocket Lab.
Two wins for Rocket Lab The missions in question, announced June 25, are called PolSIR (Polarized Submillimeter Ice-cloud Radiometer) and TSIS-2, and both are due to launch next year (meaning revenue generated from the missions will fall within a single year).
Rocket Lab will launch PolSIR on two separate Electron small rockets, each carrying an identical CubeSat. Its mission: to study ice clouds at high altitudes in the tropics and subtropics. The data they generate will help NASA make more accurate predictions of global weather patterns.
TSIS-2 (Total and Spectral Solar Irradiance Sensor-2) has a different mission. Here, a single Electron rocket will carry a single satellite to "the top of Earth's atmosphere," where it will study both the sun's brightness and how solar energy is distributed across ultraviolet, visible, and infrared wavelengths. NASA hopes this data will help it measure the health of Earth's ozone layer and predict ground-level air quality.
What the missions mean for Rocket Lab in dollars and cents Specific price tags weren't provided for either mission, so they're probably small -- but here's the upper limit: NASA noted that both missions run under the aegis of its Venture-Class Acquisition of Dedicated and Rideshare (VADR) launch services contract, which permits NASA to buy launch services valued up to $300 million total over a 10-year ordering period.
If I were to venture a guess, I suspect Rocket Lab's actual take from these two missions will approximate its usual Electron rocket launch cost. We've seen those recently priced as high as $9.5 million, so times three launches for the three satellites involved in the two missions equals $28.5 million, give or take.
It's not a large fortune -- but, when combined in a single year, it's enough to raise Rocket Lab's annual revenue by about 4%.
More importantly, winning the NASA VADR contracts demonstrates momentum at Rocket Lab, setting the stage for Rocket Lab to bring in even more business. Announcing PolSIR and TSIS-2, Rocket Lab was quick to point out that it also has "an astrophysics mission to study the formation and evolution of galaxies" in the works (Aspera) mission, as well as a demonstration of in-space refueling technologies (LOXSAT) later this year, that will use an Rocket Lab Photon spacecraft as its carrier -- yielding revenue both for the launch and for the satellite being launched.
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Rocket Lab's stock price may be down, but its prospects keep going up.
Crocs (CROX - Free Report) ended the recent trading session at $132.47, demonstrating a -2.74% change from the preceding day's closing price. This change lagged the S&P 500's daily loss of 1.21%. On the other hand, the Dow registered a loss of 0.97%, and the technology-centric Nasdaq decreased by 2.15%.
The stock of footwear company has risen by 12.19% in the past month, leading the Consumer Discretionary sector's loss of 0.92% and the S&P 500's gain of 0.42%.
The upcoming earnings release of Crocs will be of great interest to investors. The company's earnings report is expected on July 30, 2026. The company is forecasted to report an EPS of $4.32, showcasing a 2.13% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.15 billion, down 0.16% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $13.66 per share and revenue of $4.08 billion. These totals would mark changes of +9.19% and +0.87%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Crocs. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.06% lower. Crocs is holding a Zacks Rank of #4 (Sell) right now.
In the context of valuation, Crocs is at present trading with a Forward P/E ratio of 9.97. For comparison, its industry has an average Forward P/E of 16.35, which means Crocs is trading at a discount to the group.
It's also important to note that CROX currently trades at a PEG ratio of 1.41. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Textile - Apparel industry currently had an average PEG ratio of 2.26 as of yesterday's close.
The Textile - Apparel industry is part of the Consumer Discretionary sector. Currently, this industry holds a Zacks Industry Rank of 182, positioning it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
On July 23, 2026, Kratos Defense and Security Solutions Inc (KTOS) shares rose 3.2% to a current price of $49.44. The stock has seen significant volatility over t
On July 23, 2026, Molina Healthcare Inc (MOH) shares fell 9.7%, closing at $200.29. This decline comes amid a broader context of price fluctuations, with the st
Kinsale Capital Group, Inc. (KNSL - Free Report) came out with quarterly earnings of $5.54 per share, beating the Zacks Consensus Estimate of $5.1 per share. This compares to earnings of $4.78 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.63%. A quarter ago, it was expected that this company would post earnings of $4.7 per share when it actually produced earnings of $5.11, delivering a surprise of +8.72%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Kinsale Capital Group, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $548.52 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 12.31%. This compares to year-ago revenues of $469.81 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Kinsale Capital Group shares have lost about 16.7% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Kinsale Capital Group?While Kinsale Capital Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Kinsale Capital Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.88 on $485.65 million in revenues for the coming quarter and $20.72 on $1.93 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
American Integrity Insurance (AII - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -56%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
American Integrity Insurance's revenues are expected to be $93.5 million, up 26.3% from the year-ago quarter.
Warren Buffett officially retired as CEO of Berkshire Hathaway (BRKB +0.30%)(BRKA +0.53%) at the end of 2025 and is now just the chair of the board. At 95 years young, many investors assumed that Buffett would not be making any more investment decisions, delegating his previous capital allocator role to new CEO Greg Abel and the range of leaders at the business.
This is not the case. In an interview with CNBC, Buffett said he personally initiated Berkshire's latest investment in Alphabet (GOOG -6.88%)(GOOGL -7.12%), the parent company of Google, YouTube, and Google Cloud, which is now one of the largest stock positions in the Berkshire Hathaway portfolio.
Here's exactly what Buffett said, and what it means for the future of Berkshire Hathaway.
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Depending on the day, Berkshire Hathaway's investment in Alphabet is worth around $30 billion. This includes its direct stock purchases, as well as a $10 billion private placement in June 2026 as part of Alphabet's capital raise.
Many assumed that Greg Abel made the capital allocation decision for these Alphabet investments. While he still has the final say as the CEO, Buffett was the one who initiated the idea for Berkshire, according to his latest interview with CNBC. He made it clear that he and Abel are on the same page, but Buffett is not sitting on the sidelines entirely when it comes to capital allocation for the conglomerate he spent decades building.
Even though Alphabet is now a Berkshire position worth tens of billions, Buffett said there are still four or five other stocks Berkshire owns that he likes as better businesses. These are likely the conglomerate's largest positions, such as Apple, Coca-Cola, and American Express.
Image source: Getty Images.
Alphabet's AI infrastructure opportunity Berkshire's investment in Alphabet is not necessarily because it is a winning artificial intelligence (AI) stock. Buffett said it was to make up for the mistake of not investing in the owner of Google Search earlier in its life as a publicly traded company, especially when some of Berkshire Hathaway's subsidiaries, like Geico, were heavy users of its advertising services.
Now, Alphabet has the opportunity to deploy hundreds of billions of dollars in capital over the coming years to retain its position as a leading internet platform and, increasingly, an AI player. The company is still seeing strong revenue growth from Google Search while benefiting from spending on its Google Cloud infrastructure services and the Gemini chatbot.
Overall revenue grew 22% year over year last quarter, an astounding rate of growth for a business of Alphabet's size. Similar levels of growth are expected in the upcoming quarterly earnings, which will be released on July 22 after the stock market closes.
GOOG Total Return Level data by YCharts
Is Alphabet stock a buy? Alphabet has extended its growth runway by investing heavily in AI. For example, Google Cloud is now growing revenue at a 60% year-over-year rate, hitting $20 billion in sales just last quarter. This has supercharged Alphabet's share price, which is up 81% in the last 12 months alone. In the last 10 years, Alphabet has produced a cumulative total return of 846%.
Even though it now trades at a market cap of $4 trillion (or higher, depending on the day), the stock still trades at a reasonable multiple of earnings. Alphabet has a price-to-earnings ratio (P/E) of 26, which is below many of the other large technology players, and is actually below the current S&P 500 average of 29.
The company needs to continue growing to justify this valuation, but you might not find a better big-tech stock to buy than Alphabet right now.
On Friday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead at 6.7939 compared to the previous day's fix of 6.7906 and 6.7795 Reuters estimate.
PBOC FAQs The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
On July 23, 2026, Flowserve Corp (FLS) shares rose 4.5% today, currently trading at $71.66. This performance comes against the backdrop of a 52-week range of $4
WSFS Financial (WSFS - Free Report) reported $282.47 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 5.6%. EPS of $1.66 for the same period compares to $1.27 a year ago.
The reported revenue represents a surprise of +0.9% over the Zacks Consensus Estimate of $279.96 million. With the consensus EPS estimate being $1.51, the EPS surprise was +9.93%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how WSFS performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Interest Margin: 3.9% versus the two-analyst average estimate of 3.8%.Efficiency Ratio: 58.8% versus the two-analyst average estimate of 58%.Net Interest Income: $192.5 million versus $188.13 million estimated by two analysts on average.Total Non-Interest Income: $89.97 million compared to the $91.83 million average estimate based on two analysts.Mortgage banking activities, net: $1.32 million versus $2.82 million estimated by two analysts on average.View all Key Company Metrics for WSFS here>>>
Shares of WSFS have returned +2.9% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
WSFS Financial (WSFS - Free Report) came out with quarterly earnings of $1.66 per share, beating the Zacks Consensus Estimate of $1.51 per share. This compares to earnings of $1.27 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.93%. A quarter ago, it was expected that this bank holding company would post earnings of $1.48 per share when it actually produced earnings of $1.45, delivering a surprise of -2.03%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
WSFS, which belongs to the Zacks Financial - Savings and Loan industry, posted revenues of $282.47 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.90%. This compares to year-ago revenues of $267.5 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
WSFS shares have added about 42.8% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for WSFS?While WSFS has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for WSFS was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.55 on $285.02 million in revenues for the coming quarter and $6.32 on $1.13 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Savings and Loan is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Northwest Bancshares (NWBI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 27.
This holding company for Northwest Savings Bank is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Northwest Bancshares' revenues are expected to be $178.55 million, up 18.7% from the year-ago quarter.
Ameris Bancorp (ABCB - Free Report) came out with quarterly earnings of $1.6 per share, missing the Zacks Consensus Estimate of $1.66 per share. This compares to earnings of $1.59 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3.61%. A quarter ago, it was expected that this bank would post earnings of $1.54 per share when it actually produced earnings of $1.63, delivering a surprise of +5.84%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Ameris Bancorp, which belongs to the Zacks Banks - Southeast industry, posted revenues of $334.36 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.79%. This compares to year-ago revenues of $301.65 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ameris Bancorp shares have added about 21% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Ameris Bancorp?While Ameris Bancorp has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ameris Bancorp was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.70 on $329.5 million in revenues for the coming quarter and $6.68 on $1.29 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southeast is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the broader Zacks Finance sector, Navient (NAVI - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This student loan servicing company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -9.5%. The consensus EPS estimate for the quarter has been revised 18.2% lower over the last 30 days to the current level.
Navient's revenues are expected to be $129.07 million, down 1.5% from the year-ago quarter.
Ameris Bancorp (ABCB - Free Report) reported $334.36 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 10.8%. EPS of $1.60 for the same period compares to $1.59 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $322.17 million, representing a surprise of +3.79%. The company delivered an EPS surprise of -3.61%, with the consensus EPS estimate being $1.66.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Ameris Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net interest margin (TE): 3.9% compared to the 3.8% average estimate based on three analysts.Efficiency ratio: 74.5% versus the three-analyst average estimate of 49.3%.Book value per share (period end): $60.96 versus the two-analyst average estimate of $62.03.Average Balances - Total Earning Assets: $26.21 billion versus the two-analyst average estimate of $26.11 billion.Net charge-offs as a percent of average loans (annualized): 0.2% versus the two-analyst average estimate of 0.2%.Net Interest Income (TE): $253.44 million versus the three-analyst average estimate of $248.83 million.Total Non-Interest Income: $73.53 million versus the three-analyst average estimate of $73.67 million.Net Interest Income: $252.48 million versus the two-analyst average estimate of $249.35 million.View all Key Company Metrics for Ameris Bancorp here>>>
Shares of Ameris Bancorp have returned +0.6% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
New York, New York--(Newsfile Corp. - July 23, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of purchasers of securities of Hub Group, Inc. (NASDAQ: HUBG) between April 28, 2023 and May 11, 2026, inclusive (the "Class Period"), of the important August 28, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Hub Group securities 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 Hub Group class action, go to https://rosenlegal.com/cases/hub-group-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 August 28, 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. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. 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 false and/or misleading statements and/or failed to disclose that Hub Group's financial statements prepared for the periods from Q1 2023 to Q4 2024, including annual reports for 2023 and 2024, contained material misstatements-caused by the premature and incorrect recognition of certain transactions-concerning, inter alia, Hub Group's operating revenue, operating income, revenue recognition, effectiveness of internal controls and procedures, and drivers of financial results and growth. In addition, Hub Group's financial statements prepared for the periods from Q1 2025 to Q3 2025 contained material misstatements-caused by the understatement of purchased transportation costs and accounts payable -concerning, inter alia, Hub Group's operating expenses, purchased transportation and warehousing expenses, operating income, effectiveness of internal disclosure controls and procedures, and drivers of financial results and growth. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Hub Group class action, go to https://rosenlegal.com/cases/hub-group-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.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306346
Source: The Rosen Law Firm PA
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SLM NASDAQ: SLM, known as Sallie Mae, reported second-quarter 2026 GAAP diluted earnings of $0.29 per share and said early indicators from the first peak season following Federal PLUS reform are tracking at the high end of expectations or better.
Chief Executive Officer Jonathan Witter said the company has spent the past year preparing for changes in the higher education financing market after Federal PLUS reform “created the potential for a $4.5 billion-$5 billion increase in annual originations for Sallie Mae over the next several years.” He said Sallie Mae has completed planned product and capability updates ahead of peak season, including enhancements to its medical, dental, law and MBA products and the launch of a new parent loan.
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“While peak season is just beginning and it is too early for definitive conclusions, the application and volume trends for these new products ... are at the higher end of our expectations or better,” Witter said. He added that the trends, if sustained, support the company’s 2026 origination estimates and its longer-term view of the opportunity from PLUS program changes.
Originations Rise as Credit Quality Holds Steady Sallie Mae reported second-quarter loan originations of $716 million, up nearly 4.5% from the prior-year quarter. Witter said origination credit quality improved modestly year over year, with average FICO scores rising to 755 from 754, while cosigner rates remained strong at 84%.
The company also emphasized its position with school partners. Witter said Sallie Mae remains a preferred lender for more than 2,100 schools and has focused on supporting those relationships as the financing landscape changes.
Net Interest Income Falls, but Fee Revenue Grows Co-President and Chief Financial Officer Peter Graham said Sallie Mae generated $333 million of net interest income and $45 million of other income in the quarter. Net interest income declined by $44 million from the year-ago period, while other income increased by $16 million, driven by recurring program management fees from the company’s strategic partnership and growth in servicing fee revenue.
Net interest margin was 4.75% for the quarter. Graham said the moderation was expected and primarily reflected higher liquidity levels following a loan sale completed in late March. He said the company expects margin expansion to resume in the second half as excess liquidity is deployed into peak-season originations.
“As a result, we believe the second quarter will likely represent the low point for margin this year,” Graham said. In response to an analyst question, he said the company expects to normalize closer to its long-term target range of around 5%, though not necessarily far above that level in 2026.
Debt Resolution Activity Weighs on Recoveries Credit remained a major focus of the call. Witter said Sallie Mae has identified activity affecting a small borrower segment that the company believes has both the willingness and capacity to repay but is moving directly through delinquency to default. He said many of those borrowers appear to be engaging with debt resolution providers whose services are marketed as consolidation or refinancing solutions.
Witter said Sallie Mae does not believe many of those practices are in customers’ best interests and has taken steps to increase control over post-default recoveries. The company previously estimated a potential roughly $25 million impact to 2026 recoveries from the change in recovery practices, but Witter described the issue as “largely a timing dynamic.”
Net charge-offs were $113 million in the quarter, up from $94 million in the prior-year quarter. Witter said about $16 million of the year-over-year increase was attributable to the misaligned third-party debt resolution practices and related changes in recovery strategy. He said the company does not view the increase as a broad-based weakening in credit.
Private education loans delinquent 30 days or more were 3.7% of loans in repayment, up from 3.5% a year earlier but down from 4% at the end of the first quarter. The provision for credit losses was $126 million, down from $149 million in the year-ago quarter, and the reserve rate was 5.89%, down six basis points from the prior-year period.
Witter also pointed to continued performance from loan modification programs. He said borrowers in active modification cohorts have payment success rates above 80% over six- and 12-month periods, while more than 75% of borrowers exiting the programs are consistently making payments after three and six months.
Expenses Rise as Company Invests for Growth Non-interest expenses were $195 million, up $28 million from the prior-year quarter. Graham said most of the increase reflected one-time investments in product enhancements and strategic initiatives tied to expected growth from federal lending reforms. The efficiency ratio was 48.6%, up seven percentage points year over year.
Graham said revenue growth from servicing and recurring program management fees offset a significant portion of those investments. In the Q&A session, he said the company still expects the rate of expense growth in 2027 to be roughly half the rate from 2025 to 2026, while noting that management would like to do better.
Guidance Updated, Buybacks Continue Sallie Mae narrowed its 2026 net charge-off guidance range, maintaining the high end at $385 million and raising the low end to $365 million. The company affirmed all other guidance metrics. Graham said the expected $25 million potential impact from recovery changes has been partially offset by slightly better-than-expected performance in the broader portfolio.
The company also continued to return capital to shareholders. Graham said Sallie Mae completed a $200 million accelerated share repurchase program during the second quarter, repurchasing 9.3 million shares. Year to date, the company has repurchased about 13 million shares, or 6.5% of shares outstanding at the end of 2025, at an average price of $21.95 per share.
Since 2020, Graham said Sallie Mae has reduced shares outstanding by approximately 59% at an average price of $17.19 per share. The company ended the quarter with $242 million remaining under its repurchase authorization, which it expects to substantially deploy during the remainder of 2026.
Sallie Mae ended the quarter with liquidity equal to 18.6% of total assets. Total risk-based capital was 13.1%, and Common Equity Tier 1 capital was 11.8%.
During the Q&A session, Graham said discussions with a potential second loan sale partner are progressing and could close in the third quarter or early fourth quarter. He said the existing partnership with KKR is performing according to plan and that both KKR and the potential second partner have expressed interest in building capabilities for graduate loan products.
About SLM (NASDAQ:SLM)SLM Corporation, operating as Sallie Mae Bank, is a leading U.S.-based consumer banking company specializing in education financing and related banking products. The company provides a range of private student loans for undergraduate and graduate studies, Parent PLUS loans, and specialized financing for career and certificate programs. In addition to its core lending services, Sallie Mae offers deposit products including savings accounts, checking accounts, money market accounts, certificates of deposit, and credit cards tailored to students and young adults.
Founded in 1972 as the Student Loan Marketing Association—a government-sponsored enterprise—Sallie Mae was privatized in 2004 and has since focused on expanding its private education loan offerings and digital banking solutions.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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