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COLUMBUS, Ohio--(BUSINESS WIRE)--Installed Building Products, Inc. (the “Company” or “IBP”) (NYSE: IBP), an industry-leading installer of insulation and complementary building products, announced today that it is seeking to increase its outstanding ~$500 million Term Loan B by $250 million (“Add-On”). Net proceeds from the Add-On are expected to be used for general corporate purposes and to pay associated fees.

We expect the Add-On to have the same terms as our existing Term Loan B. The proposed increase is subject to market and other conditions, and there can be no assurance that it will be completed.

The lender presentation will be posted to the investor relations section of our website on October 19, 2026.

About Installed Building Products

Installed Building Products, Inc. is one of the nation's largest new residential insulation installers and is a diversified installer of complementary building products, including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products for residential and commercial builders located in the continental United States. The Company manages all aspects of the installation process for its customers, from direct purchase and receipt of materials from national manufacturers to its timely supply of materials to job sites and quality installation. The Company offers its portfolio of services for new and existing single-family and multi-family residential and commercial building projects in all 48 continental states and the District of Columbia from its national network of over 250 branch locations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to the proposed expansion of the Company's existing Term Loan B facility, the anticipated size, terms, and completion of the transaction, and the intended use of proceeds, the housing market and the commercial market, our operations, industry and economic conditions, our financial and business model, the demand for our services and product offerings, expansion of our national footprint and end markets, diversification of our products, our ability to grow and strengthen our market position, our ability to pursue and integrate value-enhancing acquisitions, our ability to improve sales and profitability, and expectations for demand for our services and our earnings. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intends," "plan," and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those expressed in or suggested by such forward-looking statements as a result of various factors, including, without limitation, the ability to successfully complete the proposed expansion of the Term Loan B facility on anticipated terms or at all; changes in market conditions that could affect the proposed transaction; general economic and industry conditions; increases in mortgage interest rates and rising home prices; inflation and interest rates; the material price and supply environment; increased tariffs; the timing of increases in our selling prices; and the factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date hereof. New risks and uncertainties arise from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws.

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Trump Media stock is sliding hard on a day when nearly everything else is climbing, and the reason has less to do with the broader market than with what sits inside the company's own balance sheet and merger pipeline.

One alternative social media name is slipping while its closest rival rises, a split that marks the selling as company-specific. Trump Media & Technology Group (NASDAQ:DJT) stock has fallen 7% to $6.48 this afternoon.

Meanwhile, Rumble (NASDAQ:RUM) shares are up 3% to $5.87, a move that runs opposite to Trump Media stock. Inside Trump Media sit the Truth Social platform, the Truth+ streaming service and the Truth.Fi financial brand, while Rumble runs a video-sharing site for content creators. Shares of both Trump Media and Rumble trade on Nasdaq, and the pair often get grouped as alternative social media peers.

Trump Media Breaks From Its Benchmarks
A look at large-cap benchmarks shows how isolated the drop in Trump Media stock is. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.6%, a gain that leaves Trump Media stock moving against the large-cap tide.

Sector-level trading shows the same split for Trump Media stock, with the Global X Social Media ETF (NASDAQ:SOCL) up 0.3%. Trump Media stock made up just 0.7% of the fund’s net assets as of July 31, while Rumble shares accounted for 0.3%, so neither stock carries much weight in SOCL’s move.

TAE Merger Approvals Remain Pending
TAE Technologies, a privately held fusion energy developer, and Trump Media filed a registration statement in late September for their planned all-stock merger. The deal still needs shareholder and regulatory approvals, and Trump Media has targeted completion in Q4 2026, subject to standard closing conditions.

Management at Trump Media views the TAE transaction as a strategic extension into energy security infrastructure. In the Q2 2026 earnings release, Chief Executive Kevin McGurn called the merger “the most important driver of long-term shareholder value and a natural extension of our commitment to building durable, un-cancellable infrastructure, this time in energy security.”

Digital Asset Losses Shape the Results
Trump Media’s core operations remain small next to its losses. Q2 revenue came in at $1.7 million, up 92.5% from a year earlier, against a net loss of $238.1 million. Of that total, $190.4 million came from Trump Media’s non-cash unrealized losses on digital assets and equity securities.

On the balance sheet, Trump Media held $1.9 billion in financial holdings, spanning cash, digital assets, equity securities and short-term investments. That mix leaves Trump Media stock sensitive to swings in digital asset prices. Newer products add some balance, with Truth API launching on August 1 and signing more than 10 customer agreements while Truth+ reached full commercial availability.

Legal costs added to the pressure on Trump Media, with Q2 expenses of $25.6 million tied mostly to legacy litigation. Its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) loss widened to $223.5 million from $12.8 million in the prior-year quarter. Management expects legal expenses to decline significantly and plans a more strict framework for managing the company’s digital asset treasury.

Merger Approvals Hold the Key for Trump Media
The open variable for Trump Media is whether the TAE merger clears its shareholder and regulatory approvals. Completion could give Trump Media a position in fusion energy alongside Truth Social, while delays could keep Trump Media stock tied mostly to its digital asset treasury. Investors can watch for whether Trump Media’s balance sheet holds steady as digital asset prices swing.

A drop of this scale against a rising market shows how quickly Trump Media stock can move on its own, even as Rumble shares, SOCL and SPY climb. Trump Media’s next quarterly report could show whether Truth API revenue builds on its early customer agreements. Traders may choose to reduce their DJT stock exposure until the TAE merger approvals resolve.

Contact [email protected] for any questions or corrections.

Key Takeaways EGO's Skouries in northern Greece receives Strategic Project designation from the European Commission.The move supports EU efforts to boost domestic critical raw materials supply and reduce external dependence.Skouries targets 240,000 gold-equivalent ounces annually over its 20-year mine life.
Eldorado Gold Corporation (EGO - Free Report) announced that its Skouries copper-gold asset in northern Greece received a Strategic Project designation from the European Commission under the EU’s Critical Raw Materials Act. This underscores the Skouries project’s strategic significance in strengthening Europe’s long-term supply-chain resilience. The designation also highlights the project’s importance in supporting the EU’s efforts to strengthen domestic supply chains for critical raw materials.

The EU adopted the European Union’s Critical Raw Materials Act to solidify the region’s access to critical raw materials and lower dependence on external sources of supply. The Act selects Strategic Projects post assessing their potential contribution to European supply security, technical feasibility and sustainability standards.

Details on Eldorado Gold’s Skouries MineSkouries is located in the Halkidiki region of northern Greece and is expected to become a significant producer of both copper and gold over its 20-year mine life. The mine is expected to produce an average 240,000 gold-equivalent ounces annually over the life of the mine.

In late September, the company announced that the mine has been successfully energized following necessary approvals. This was essential in advancing Skouries toward ramp-up to steady-state operations. This, along with the recent achievement of first copper-gold concentrate production, reflects strong execution at the mine as the company continues to advance it toward commercial production.

EGO’s Q2 PerformanceEldorado Gold reported adjusted earnings of 54 cents per share for the second quarter of 2026, up from earnings of 44 cents a year ago. The figure beat the Zacks Consensus Estimate of 52 cents by 3.85%. The company reported revenues of $488 million compared with $452 million in the year- ago quarter. It produced 104,616 ounces of gold during the second quarter of 2026.

The company belongs to the Zacks Mining – Gold industry, along with Royal Gold, Inc. (RGLD - Free Report) , Franco-Nevada Corporation (FNV - Free Report) and B2Gold Corp. (BTG - Free Report) . Let us see how BTG’s peers performed in the second quarter of 2026.

Royal Gold reported adjusted earnings of $2.56 per share for the second quarter of 2026, up 41.4% from $1.81 a year ago. The figure missed the Zacks Consensus Estimate of $2.62 by 2.29%. Royal Gold’s revenues surged 114.9% year over year to $450.5 million, aided by higher metal prices, new contributions from Kansanshi and the Sandstorm/Horizon assets, and stronger gold sales at Andacollo and Rainy River. Sales volume rose 56.5% to 100,000 gold-equivalent ounces.

Franco-Nevada reported adjusted earnings of $1.81 per share in the second quarter of 2026, up 46% year over year. However, the bottom line missed the Zacks Consensus Estimate of $1.95. Franco-Nevada’s revenues climbed 57.3% year over year to $581 million, aided by stronger precious metal and oil prices, and higher contributions from several assets. Gold-equivalent ounces sold increased 18.1% to 132,405.

B2Gold reported adjusted earnings of 3 cents per share for the second quarter of 2026, missing the Zacks Consensus Estimate of 7 cents by 57.14%. The bottom line fell 75% from 12 cents in the year-ago quarter. Adjusted earnings included $71 million of realized losses on the company’s gold collars. B2Gold generated revenues of $789 million in the second quarter of 2026, reflecting a year-over-year increase of 14%. The upside was supported by higher realized gold prices, with the average realized gold price rising to $3,767 per ounce from $3,290 in the prior-year quarter, partly offset by a slight decline in gold ounces sold to 209,537 from 210,384.

Apple announced a product launch event on Oct. 28, sending invitations on Monday to media and analysts for an "Apple Experience in Los Angeles".

The email says "Pro and tell," suggesting the launch will focus on high-end "Pro" devices with powerful homegrown chips.

Ben Reitzes, an analyst at Melius Research, wrote in a note on Monday that he expects new Macs to be introduced, "including a touchscreen notebook," this fall. He said that for CEO John Ternus, who succeeded Tim Cook last month, the launch cadence marks a "meaningful shift" from what has been two events a year.

It will be Apple's third launch in Ternus' brief tenure, following an event at company headquarters for new iPhones, including the foldable Duo, and a gathering in New York centered around smart home hubs and a new speaker with a screen called HomeView.

Apple updated its Mac Mini and Mac Studio desktops with new chips in August, and refreshed its MacBook Pro in the spring, along with a new low-cost MacBook Neo. But Apple's iMac desktop hasn't been updated since October 2024.

In the most recent quarter, Apple's Mac sales accounted for about 10% of overall revenue, as the company remains heavily reliant on iPhones.

Still, Macs have become one of the strongest parts of Apple's artificial intelligence story, thanks to its chips that can access more memory at higher speeds than other consumer processors. Apple shares are up 26% so far this year, outperforming the S&P 500.

Last week, Apple and Meta teamed up to bring a large open-weight model, developed by Meta, to multiple high-end Mac Studios.

Apple has historically been dismissive of touchscreen laptops, with software chief Craig Federighi explaining in 2018 that the ergonomics would fatigue users.

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Amazon is funding development of a proposed 960-megawatt nuclear plant in Indiana and would be the first customer to buy its power, the companies announced Monday. Utility company American Electric Power (AEP) would operate the plant. X-energy, which designs small modular nuclear reactors and went public in April, would supply the reactors.

The new power plant would consist of 12 Xe-100 small modular reactors and be located on the site of a demolished coal power plant just south of Terre Haute. The deal is the second commercial agreement between Amazon and X-energy, and it’s three times larger than the first, which was announced two years ago.

Amazon has invested heavily in X-energy, leading a $700 million Series C-1 round in October 2024. The two companies have said they ultimately plan to build 5 gigawatts of new nuclear generating capacity in the U.S. by 2039. 

Unlike many newly announced power plants, these reactors would be connected to the public electric grid, though Amazon says the power would also serve its data centers.

The companies’ aggressive timeline still depends on X-energy successfully delivering its first power plant at a Dow Chemical plant southeast of Houston, Texas. The site, called Seadrift, has recently been at the center of a lawsuit filed by the state of Texas, which accuses the plant of “habitual non-compliance” with water and solid-waste regulations and permits.

X-energy has yet to break ground at Seadrift, which will host four Xe-100 reactors to provide the chemical plant with heat and electricity. The company said its construction permit is in the final phases of the U.S. Nuclear Regulatory Commission’s review process.

Startups and large cloud computing companies are betting that small modular reactors (SMRs), like the kind being developed by X-energy, will help pull the nuclear industry out of its slump. The most recent nuclear power plants built in the U.S. suffered from egregious budget overruns and slipped timelines.

By shrinking the reactor, companies like X-energy hope that mass manufacturing will costs and schedules in line. Even then, it could be a tall order. Experts say mass manufacturing often doesn’t start producing benefits for about a decade.

X-energy debuted on the Nasdaq in April in an IPO priced at $23 per share. Investor excitement drove the price up 27% in the first day of trading, but shares of the newly public company have dropped by nearly two-thirds since then.

News of the Amazon deal sent X-energy’s shares up about 10% in pre-market trading, though they were down by less than 2% at the time of publication.

When you purchase through links in our articles, we may earn a small commission. This doesn’t affect our editorial independence.

Tim De Chant is a senior climate reporter at TechCrunch. He has written for a wide range of publications, including Wired magazine, the Chicago Tribune, Ars Technica, The Wire China, and NOVA Next, where he was founding editor.

De Chant is also a lecturer in MIT’s Graduate Program in Science Writing, and he was awarded a Knight Science Journalism Fellowship at MIT in 2018, during which time he studied climate technologies and explored new business models for journalism. He received his PhD in environmental science, policy, and management from the University of California, Berkeley, and his BA degree in environmental studies, English, and biology from St. Olaf College.

You can contact or verify outreach from Tim by emailing [email protected].

Advanced Micro Devices (AMD +2.72%) stock jumped 3.6% through 12:30 p.m. ET Monday.

You can thank the friendly analysts at TD Cowen for that. AMD stock may have lost 16% of its value over the past two weeks as semiconductor stocks sold off, but Cowen still thinks AMD stock is a buy.

Image source: The Motley Fool.

Why Cowen loves AMD stockTD Cowen analyst Joshua Buchalter reiterated his buy rating and $675 price target on AMD this morning, citing "growing adoption of agentic AI and production inference workloads." Whereas AI training requires GPUs, you see, AMD's CPUs are better suited for "coordination of multi-step workflows, tool calls, API management, and sequential decision-making" in agentic AI.

AMD seems to agree. The company recently doubled the estimated size of its total addressable market to $220 billion and predicted its sales of CPUs for AI data centers will rise 70% in 2027.

AMD Advanced Micro Devices$543.15+$14.40 (+2.72%)

NASDAQ · As of 1:19 PM ET 10/19/26

What's next for AMD stockIs that enough to make AMD stock a buy?

At first glance, the stock still looks richly priced at more than 156 times trailing earnings. But here's the thing: That P/E ratio is based on AMD's $6.4 billion in reported net income. When valued on free cash flow, though, AMD is actually generating more than $8.4 billion in real cash profit.

And that's enough to drop the company's price-to-free cash flow ratio down to just 102x.

Mind you, a P/FCF ratio of 102x still is not obviously "cheap," but with a long-term forecast growth rate of 60%, the stock's price-to-FCF-to-growth ratio is only about 1.7 -- a lot cheap-er than its PEG ratio of 2.6.

While not an obvious bargain, AMD stock is at least a bit cheaper than it looks. While I hesitate to buy it myself, I see why Cowen might think it's a buy.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices. The Motley Fool has a disclosure policy.

Jensen Huang says compute is now revenue, and NVIDIA's latest numbers back him up. But whether Wall Street's already-aggressive targets actually undershoot where this stock is headed depends on a few catalysts that could change the math entirely.

NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) chief executive Jensen Huang sums up the moment in one line: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.”

The latest quarter at NVIDIA supports him. Second-quarter fiscal 2027 revenue reached $96.22 billion, up 105.8% year over year, and Data Center sales rose 117% to $89.02 billion.

Shares are up 20.15% year to date at $223.55 and have gained 932.51% over five years. Earnings are growing faster than the stock price, though, which leaves room for a revaluation. Here’s how NVIDIA could hit $400 in 2027.

Wall Street Already Sees 47% Upside The average analyst price target is $328.72, which means about 47% upside. Coverage has 10 Strong Buy and 49 Buy ratings against just one Sell.

Estimates keep rising. Consensus EPS for fiscal 2028 stands at $15.9146, compared with $12.7102 90 days ago. Over the past 30 days, analysts made 46 upward revisions and zero downward.

That works out to about 71% growth from the $9.3124 expected this fiscal year. NVIDIA has also exceeded EPS estimates for 6 consecutive quarters, most recently posting $2.22 against $2.0887 expected. A run like that suggests actual results could come in above forecasts.

Here’s the Math Behind $400 Per Share At today’s price, NVIDIA trades at 14x fiscal 2028 estimates. The S&P 500 trades at roughly 21-23x forward earnings, so NVIDIA is cheaper than the average stock despite growing much faster.

At $400, shares would trade at about 25x forward earnings. That is a modest premium for a business expected to grow EPS by roughly 71%.

What Could Push NVIDIA to $400? Vera Rubin: Purchase orders have arrived from “every major hyperscaler, AI cloud, and system OEM,” and management expects it to be “the fastest product ramp in NVIDIA’s history.” Each gigawatt of Vera Rubin represents a $40 billion revenue opportunity, compared with $25 billion for Blackwell. Demand above supply: Management guides to roughly 70% revenue growth in fiscal 2028 and says “customers’ forecasts point to our growth doubling next year.” Hyperscaler spending: Capital spending by the top five hyperscalers is expected to rise from nearly $800 billion in 2026 to $1.3 trillion in 2027. Key deals: AWS is deploying an additional 2 million GPUs, and OpenAI’s commitments total about 12 gigawatts of NVIDIA computing power. Buybacks: NVIDIA returned $26 billion to shareholders last quarter and has about $99 billion left under its buyback authorization. There are hurdles. Memory costs could push gross margin down to a 71% to 72% low, the outlook includes no China data center revenue, and supply stays tight through fiscal 2028.

NVIDIA Has Topped 79% in 10 Years Since 2000 Hitting $400 requires a gain of about 79%. Since 2000, NVIDIA has gained more than that in 10 calendar years.

Shares rose 239% in 2023, 171% in 2024, 227% in 2016 and 125% in 2021. At a market cap of about $5.395 trillion, repeating those gains is harder, but the record shows the stock can move this much.

$400 Is a Stretch, but Here’s Why It’s Possible A move to $400 would take a 79% gain in 2027. Analysts already expect 47% upside, estimates are rising quickly, and the stock trades below the market multiple.

If Vera Rubin ramps as planned, hyperscaler spending holds up and the beat run continues, a 25x multiple is a reasonable outcome. Such returns are rare, yet this is how NVIDIA could deliver outsized returns in 2027.

Contact [email protected] for any questions or corrections.

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Dan Lin, with Ava DuVernay, is Netflix's latest exec cut.

Kate Green/Getty Images for Netflix

Film head Dan Lin is out at Netflix, the latest exec to be ousted in the wake of the streamer's biggest layoff since 2022.

Lin was hired as film chair in 2024 with a mandate to bring greater cost discipline and variety to Netflix's films, which had focused on big-budget output under his predecessor, Scott Stuber. Lin cut big upfront paychecks to actors, reduced staff, and reorganized his department. He oversaw a slate that included Oscar-winning "KPop Demon Hunters," "Happy Gilmore 2," and "Frankenstein."

Lin's exit is the latest big shocker at Netflix. Also out in recent days was chief content officer Bela Bajaria, who was replaced by Hollywood veteran Peter Rice, a former exec at Disney and Fox.

Rice will oversee film until a new head is announced, Netflix said in a statement confirming Lin's departure.

Last week, Netflix laid off 1,000 employees, or about 6% of global head count. That was the streamer's largest cull since 2022, when the company lost subscribers for the first time in more than a decade.

The streaming giant has been hampered by slowing engagement growth and a stock price that has declined more than 40% over the past year. The streamer is contending with the rise of free, ad-supported streaming led by YouTube and the popularity of social video. In recent months, Netflix has turned to podcasters and creators to bulk up its library.

Netflix is set to report third-quarter earnings after the bell on Tuesday.

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Lucia Moses covers the media and entertainment business, with a focus on how creators build businesses, how media companies intersect with creators, and how marketers adopt entertainment tools. She's broken stories about MrBeast's ambitions, Google's movie initiative, and Netflix's push into podcasts.She previously reported on media and managed teams at Digiday and Adweek.

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PepsiCo (PEP +0.87%) has been having a difficult year, with sluggish sales of soft drinks and snack foods as well as decreasing margins. And now, it just got some more bad news.

On Oct. 15, fried chicken chain KFC announced it will switch from serving Pepsi products to serving Coke products in its 4,000 U.S. locations. That's a big win for Coca-Cola (KO -0.36%). Though the loss in overall sales from the switch is fairly modest relative to PepsiCo's overall beverage sales, it's more significant symbolically.

In terms of revenue, the KFC-Coca-Cola deal is expected to cost PepsiCo some $50 million. The company's North American Beverages unit had sales of $7.7 billion in the third quarter.

Image source: Getty Images.

Keep in mind, however, that PepsiCo once owned KFC, as well as Pizza Hut and Taco Bell, but spun the three off in 1997 to create a company that later became Yum! Brands. So the company had a long and special relationship with the chicken chain known for its founder and brand ambassador, Colonel Sanders. The KFC decision ends a 40-year friendship that began when PepsiCo acquired the chain back in 1986.

It's the third big loss for PepsiCo to Coke this year It's not PepsiCo's first loss to Coca-Cola this year. In July, Marriott International announced a deal with Coca-Cola to switch from Pepsi products, and Costco Wholesale recently did the same.

Interestingly -- and perhaps tellingly -- KFC made the switch in an attempt to help its own flagging fortunes. The chain is trying to win back customers it lost in recent years to rivals Popeyes and Chick-fil-A, and it believes switching to Coke products will help that effort.

PepsiCo reported third-quarter earnings earlier this month, and they were slightly better than expected. Revenue of $25.3 billion was 5.6% higher than a year ago, and earnings per share were $2.34, compared to $2.29 a year ago. Both were slightly higher than Wall Street forecasts. Management, however, lowered its full-year 2026 guidance for both organic revenue and earnings growth.

PEP PepsiCo$132.63+$1.14 (+0.87%)

NASDAQ · As of 1:12 PM ET 10/19/26

PepsiCo's major snack brands are also highly exposed to people cutting back on processed snacks due to changing consumer habits and the rapid adoption of appetite-suppressing GLP-1 drugs. Lay's, a major brand of the company, is considered one of the products most exposed to the shift in calorie intake due to GLP-1s.

Coca-Cola has held up better against these trends. While studies show that people using GLP-1 drugs consume less full-sugar soda, some 68% of the company's portfolio consists of low- or no-calorie options. Perhaps that's why PepsiCo's stock is down 8.7% this year, while Coca-Cola shares have climbed 34%.

It seems PepsiCo still has a lot of work to do to turn things around.

Key Takeaways Pfizer's non-oncology results will highlight performance across Primary Care and Specialty Care in Q3.Eliquis demand may boost sales, while lower COVID-19 demand will weigh on revenues.Vyndaqel sales may rise on international strength, while Xeljanz and Enbrel sales likely continue to decline. Pfizer (PFE - Free Report) will announce its third-quarter 2026 earnings on Nov. 3, and investors will be watching the performance of its oncology business closely, as the segment generates nearly 27% of the company's total revenues. Its key cancer medicines include Ibrance, Xtandi, Lorbrena, Braftovi/Mektovi and Padcev.

Apart from oncology, Pfizer has a broad portfolio spanning primary care, vaccines, inflammation and immunology, rare diseases and other specialty therapies. These businesses are organized under the company's Primary Care and Specialty Care segments.

Here’s a closer look at the expected third-quarter performance of Pfizer’s therapies across these two non-oncology business segments.

In Primary Care, alliance revenues and direct sales from Bristol-Myers (BMY - Free Report) for the blood thinner Eliquis are likely to have risen, driven by higher demand trends globally, partially offset by price and generic erosion in some ex-U.S. markets. As regards sales of key vaccine Prevnar, higher sales in ex-U.S. markets are likely to have been offset by the impact of lower demand in the United States.

Pfizer records direct sales and alliance revenues from its partner, BioNTech (BNTX - Free Report) , for the COVID-19 vaccine, Comirnaty. Revenues from Pfizer/BioNTech’s Comirnaty are likely to have declined in the third quarter due to lower U.S. utilization following narrower vaccination recommendations. Sales of the antiviral pill for COVID, Paxlovid, should also have declined due to lower infection rates, which hurt demand trends and lower international government purchases.

Sales of respiratory syncytial virus (RSV) vaccine, Abrysvo, are likely to have gained from launch uptake in some international markets, although vaccination recommendations and competition may constrain growth in United States. Favorable timing of deliveries in some international markets and favorable buying patterns in the United States benefitted sales in the second quarter, which may have reversed in the third quarter. Sales of migraine drug, Nurtec ODT/Vydura, are likely to have benefited from strong demand and prescription growth in the United States.

In the Specialty Care unit, sales of Vyndaqel are expected to have risen, as higher sales in international markets may offset lower revenues in the United States due to the impact of price erosion as a result of new payer contracts in the United States.

Sales of Xeljanz and Enbrel may have declined due to competitive and pricing pressures. In contrast, newer medicines such as Cibinqo could benefit from continued market uptake.

Pfizer’s Key Competitors

In inflammation & immunology, Pfizer’s key competitors include AbbVie, Johnson & Johnson, Amgen and Novartis. In areas such as diabetes, cardiovascular disease, obesity, and other chronic conditions, Pfizer faces competition from Eli Lilly, Novo Nordisk, Merck (MRK - Free Report) , AstraZeneca and Sanofi. In vaccines, it competes primarily with Merck, GSK, Sanofi and Moderna.

Palantir just struck a federal cloud deal that sent its stock surging past every defense peer and market benchmark, but with shares trading at a 263x earnings multiple, the real question is whether this partnership signals a breakout or sets…

A new federal cloud alliance is putting Palantir Technologies (NASDAQ:PLTR | PLTR Price Prediction) well ahead of the government contractors it competes with for agency software work. Palantir stock is up 5% to $195.36 in early trade, a rebound fueled by a new partnership with Knox Systems.

Meanwhile, Leidos (NYSE:LDOS) stock is up 1% to $126.38, a gain that trails the advance in Palantir shares by a wide margin. Booz Allen Hamilton (NYSE:BAH) shares are down 1% to $73.41, moving in the opposite direction from Palantir stock.

Two funds help show how specific the rally in Palantir shares is. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.8%, so the broad market is stronger as well. However, the iShares U.S. Aerospace & Defense ETF (CBOE:ITA) is down 0.3%, leaving Palantir stock ahead of both funds and of Leidos and Booz Allen Hamilton shares, a gap that ties the move to the Knox partnership.

Knox Partnership Opens a Faster Federal Cloud Path Palantir and privately held Knox Systems announced the deal, aiming it at customers working in Federal Risk and Authorization Management Program (FedRAMP) and high-security Department of War cloud environments. Knox runs a large managed federal cloud and offers an accelerated path to FedRAMP authorization. On the other side of the deal, Palantir has helped software companies deploy to the federal government on its own accredited infrastructure.

Kevin Kawasaki, Palantir’s global head of business development, stated, “The mission can’t wait for technology to catch up.” Combining Knox’s authorization path with Palantir’s accredited infrastructure is designed to shorten the road for commercial software makers trying to reach defense customers.

Federal Revenue Momentum Gives the Deal Weight In Q2 2026, Palantir’s U.S. Government revenue rose 90% year over year to $809 million, while total revenue grew 92.8% to $1.94 billion. Chief Executive Alex Karp tied that growth to sovereign AI, declaring in the Q2 earnings release, “Demand for AI sovereignty has now been unleashed.”

Gotham for federal work, Foundry for business clients and the Artificial Intelligence Platform (AIP) ground the data and AI software Palantir sells to government and commercial customers. Leidos and Booz Allen Hamilton run a different model, earning most of their revenue from government services and IT contracts.

Palantir’s U.S. Commercial revenue grew 149% year over year to $764 million in Q2. Palantir’s total contract value reached $3.37 billion.

AI Valuation Debate Hangs Over the Rebound The advance in Palantir shares comes after the stock fell sharply in the prior session during a broad technology selloff. Shares of Palantir trade at a P/E ratio of 263x, a premium multiple that magnifies reactions to federal contract news (we also pulled together seven companies driving the AI expansion beyond the chipmakers in a free report here).

Risk factors in Palantir’s Q2 materials include long and unpredictable sales cycles and customer contracts subject to termination-for-convenience provisions. Its reliance on stock-based compensation, which reached $265 million in Q2, adds another point of contention for Palantir shareholders. The company also flags revenue concentration in the U.S. market, which ties its fortunes closely to domestic federal and commercial spending.

Knox Adoption Becomes Palantir’s Next Proof Point Now investors can watch for whether Knox brings more software makers onto Palantir’s federal infrastructure. Federal growth backs bulls and the premium valuation backs bears, so caution fits: investors may keep their positions modestly sized.

Palantir’s management expects Q3 2026 revenue of $2.16 billion to $2.164 billion. Palantir’s next quarterly report could show whether federal momentum holds after the Knox announcement.

Contact [email protected] for any questions or corrections.

Key Takeaways BB introduces QNX Launchpad to help startups develop commercial products for mission-critical applications.Eligible businesses with up to $10M in annual revenue gain access to QNX software at startup-friendly costs.The initiative supports BlackBerry's expansion into robotics and medical devices beyond automotive. BlackBerry Limited (BB - Free Report) has introduced QNX Launchpad, a new initiative aimed at helping startups and small and medium-sized businesses (SMBs) develop commercial products for mission-critical applications. The program provides eligible companies with access to production-ready QNX software at startup-friendly costs, allowing them to allocate more resources toward product development, talent acquisition and business expansion.

The initiative comes as physical AI and software-defined systems gain traction across industries. Technologies such as autonomous mobile robots, robotic arms and surgical robots are increasingly moving beyond research environments into commercial applications. For emerging businesses developing these products, selecting a reliable software foundation early can be crucial to ensuring safety, scalability, performance and faster time to market.

QNX Launchpad addresses the financial challenges associated with adopting commercial-grade software during the initial stages of product development. Through the program, qualifying businesses can access the QNX Software Development Platform (SDP) 8.0, enabling them to build products on a dependable software architecture without making substantial upfront investments.

The program includes access to QNX development seats, QNX OS, QNX OS for Safety, QNX Hypervisor, QNX Hypervisor for Safety, QNX Sound and other commercial software offerings. Participants can also benefit from technical assistance, embedded engineering expertise and a broader ecosystem of compatible hardware, software and development tools.

Eligibility extends to startups and SMBs generating annual revenues of up to $10 million and developing products for commercial sale. Businesses associated with recognized incubators or accelerator programs may qualify for additional benefits.

QNX Launchpad complements the existing QNX Everywhere initiative, which offers free software access for non-commercial learning, evaluation and prototyping. Together, these programs aim to encourage early adoption of QNX technology and support companies as they transition toward commercial deployment.
The launch also aligns with BlackBerry's strategy to expand QNX beyond automotive into general embedded markets, including robotics, industrial automation and medical devices. In second-quarter fiscal 2027, management highlighted these markets as important long-term growth opportunities.

BlackBerry operates in competitive and rapidly evolving markets where product capabilities, pricing, reliability and compatibility influence customer decisions. QNX faces ongoing requirements to invest in software development, safety certification and ecosystem integration as automotive and embedded systems become more complex.

Taking a Look at BB’s CompetitorsBlackBerry faces stiff competition from NVIDIA Corporation (NVDA - Free Report) , Qualcomm Incorporated (QCOM - Free Report) , CrowdStrike Holdings (CRWD - Free Report) and others.

NVIDIA continues to benefit from broad demand for accelerated computing as customers build AI factories across hyperscalers, AI clouds, enterprises and sovereign buyers. NVIDIA recently announced the expansion of its open-source CUDA-Q platform with CUDA-Q Logical, an orchestration layer designed to accelerate the development and testing of fault-tolerant quantum computing applications.

Quantum is benefiting from rising demand for cost-efficient data storage, supported by adoption of ActiveScale object storage and Scalar tape systems. For the second quarter of fiscal 2027, Quantum expects revenues of $82 million, plus or minus $2 million.

CrowdStrike benefits from durable cybersecurity demand, broader Falcon adoption, expanding AI security capabilities and rising use of Falcon Flex. CrowdStrike recurring subscription model, healthy liquidity and free cash flow generation also support continued investment and customer expansion.

Key Takeaways Stryker enters soft-tissue robotics with a $400 million investment and exclusive U.S. Versius sales rights.The deal gives Stryker an exclusive option to acquire CMR Surgical and expand its robotic surgery portfolio.Versius' modular design offers operating room flexibility, while the investment supports global expansion. Stryker (SYK - Free Report) recently announced a strategic alliance with CMR Surgical, a global robotics company, to advance robotic-assisted surgery through an approximately $400 million (£300 million) preferred equity investment. The agreement grants Stryker an exclusive option to acquire the remaining equity of CMR Surgical in the future and makes it the exclusive U.S. sales agent for CMR Surgical’s Versius robotic surgery portfolio.

The move represents a strategic expansion into soft-tissue robotic-assisted surgery, combining CMR Surgical's established technology and clinical experience with Stryker's commercial reach and relationships with healthcare providers.

SYK Is Expanding Into Soft-Tissue Robotic SurgeryThe alliance provides Stryker with an opportunity to enter a growing segment of surgical robotics through an established platform. CMR Surgical’s second-generation Versius robotic platform has clinical experience globally and supports a broad range of soft-tissue surgical applications.

Designed for real-world operating environments, the Versius robot features a modular architecture intended to provide flexibility across surgical specialties, operating rooms and sites of care. Its configuration allows hospitals and ambulatory surgery centers (ASCs) to integrate robotic-assisted surgery into existing operating room workflows while maintaining operational flexibility.

According to Andy Pierce, group president of MedSurg and Neurotechnology at Stryker, soft-tissue robotics represents a natural extension of the company’s strengths in endoscopy, visualization and enabling technologies. The collaboration is expected to support broader adoption of robotic-assisted surgery across hospitals and ASCs.

Investment Supports Innovation and Global ExpansionStryker's approximately $400 million preferred equity investment is intended to support further product innovation and the global commercialization of Versius. Under the agreement, CMR Surgical will continue to lead product development and commercialization outside the United States, while Stryker will focus on U.S. sales. This arrangement allows both companies to contribute their respective strengths while pursuing broader international adoption.

The exclusive acquisition option is another important component of the agreement. It gives Stryker the opportunity to acquire 100% of CMR Surgical's outstanding equity in the future, subject to the agreement's terms. If exercised, the option could provide Stryker with greater control over the Versius platform and its long-term development.

Strategic ImplicationsThe alliance strengthens Stryker's position in surgical robotics, a market in which established medical technology companies are competing to provide more comprehensive solutions for surgeons and healthcare systems. While its Mako robotic platform has established a strong presence in orthopedic surgery, the addition of the Versius portfolio offers an opportunity to diversify into the growing soft-tissue robotics market.

For CMR Surgical, Stryker's investment and U.S. commercial support could improve its ability to compete against larger, established robotics companies. Versius' modular design may appeal to providers seeking flexibility in operating room configuration and a practical pathway to expanding robotic surgery. Commercial success will depend on clinical adoption, procedure volumes, hospital purchasing decisions, and the ability to demonstrate operational and economic benefits.

Peers in the Surgical Robotics SpaceMedtech leaders and specialized robotics companies like Intuitive Surgical (ISRG - Free Report) , Medtronic (MDT - Free Report) and Johnson & Johnson (JNJ - Free Report) are expanding their robotic platforms to improve surgical precision, workflow efficiency and access to minimally invasive procedures.

Intuitive Surgical maintains a strong position in robotic-assisted surgery through its da Vinci surgical systems. Its latest generation, the da Vinci 5 platform, incorporates more than 150 design innovations, including Force Feedback technology, enhanced 3D visualization, improved ergonomics and advanced data analytics. The platform is designed to improve surgeon control, streamline operating room workflows and support personalized surgical training. Its established installed base and recurring revenues from instruments, accessories and services provide a strong competitive advantage. Intuitive Surgical also offers the da Vinci SP system for single-port surgical procedures, expanding its minimally invasive surgery portfolio.

Medtronic is another major competitor through its Hugo robotic-assisted surgery system, which targets soft-tissue procedures. The modular platform combines wristed instruments, 3D visualization and digital capabilities supported by the Touch Surgery ecosystem. In December 2025, Medtronic received FDA clearance for Hugo in urologic procedures in the United States. The company pursued expanded indications in general and gynecologic surgery. Its September 2026 FDA clearance for the LigaSure RAS Maryland instrument further strengthens the platform’s surgical capabilities.

Johnson & Johnson is advancing its surgical robotics strategy through its Ottava robotic surgical system, alongside its broader Ethicon surgical instruments and technologies business. In July 2026, the company received FDA De Novo authorization for multiple upper-abdominal general surgery procedures. OTTAVA features a table-integrated robotic architecture designed to optimize operating room space, facilitate surgical team access and improve procedural workflows. Johnson & Johnson is seeking to combine robotic capabilities with its surgical portfolio and global relationships with healthcare providers to support greater adoption of robotic-assisted procedures across healthcare settings.

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Semicap equipment basket — buy the relative strength

Buy the semicap equipment peer that holds up best versus LRCX (e.g., ASML or Applied Materials, depending on current relative strength). The thesis is that LRCX’s Wyckoff breakdown is company-specific, while the broader capex/AI cycle still supports the group; you want exposure to the theme without the specific distribution risk.

Key Risk: The whole equipment complex breaks together (capex cuts or AI demand disappointment), dragging the peer down with LRCX.

Lam Research (LRCX) — sell

Sell LRCX. Despite strong fundamentals, the article flags a Wyckoff shift from markup into markdown/distribution, with the stock already down ~40% from its high. That pattern often keeps pressure on until a clear bottom forms, so you fade the “earnings will be great” narrative into the next leg down (possible retest toward ~$200).

Key Risk: Earnings/guidance and AI demand re-accelerate enough to flip the chart back into accumulation, triggering a fast short-covering rally.

Lam Research stock has been in a strong freefall this month. It dropped to $263, its lowest level since July 29, and 40% below its highest point this year. This sell-off may continue this week as jitters surrounding the artificial intelligence continues and as it publishes its financial results. 

Lam Research is a top company in the semiconductor industry that manufactures equipment used in the chip-making industry. It focuses on areas like etching, deposition, cleaning and stripping, and advanced packaging. 

Its technology is widely used in the making of DRAM, NAND, high-bandwidth memory and logic chips. As a result, it counts companies like Samsung Electronics, SK Hynix, Micron Technologies, and TSMC as its biggest customers. 

As such, since these companies are seeing strong revenue growth, chances are that its revenue growth continued soaring in the third quarter. The most recent results showed that its revenue soared to $6.7 billion from $5.8 billion in the March quarter. Its gross margin continued rising, reaching 51.7%. 

Most of its revenue was from Taiwan, followed by China, South Korea, and Japan. While it is an American company, the US revenue accounted for just 9% of its total sales, a notable thing since the US has a small market share in chip manufacturing.

Wall Street analysts are highly optimistic about the company’s growth. The average estimate is that its third-quarter revenue rose to $8.13 billion, up by 52% from the same period last year. 

This growth will be followed by another 59% jump in Q4 to $8.52 billion. If this is correct, its annual growth rate will be 50% to $34.2 billion. Chances are high that Lam Research’s revenue will be higher than expected. Indeed, Morgan Stanley analysts predicted that the company’s guidance for the fourth quarter will be $9 billion. 

Analysts are bullish on Lam Research, pointing to its strong revenue and profitability growth and its market share in the industry. Morgan Stanley recently hiked its target from $367 to $385, while Fundamental Research and B. Riley boosted it to $390. Berenberg analysts predict that the stock will hit $420, while UBS has a target of $425.

The general view is that its revenue and profits will justify its valuation, which has moderated a bit recently. Its forward price-to-earnings ratio stands at 27, slightly higher than the five-year average of 25.

LRCX stock chart | Source: TradingView

The daily chart shows that the LRCX stock remained in a narrow range for several years. This consolidation was part of the accumulation phase of the Wyckoff Theory. It then moved to the markup phase starting from early this year. This phase is usually characterized by higher demand from investors and speculators. 

Now, there are signs that the stock has moved to the markdown and distribution phases. Therefore, there is a risk that Lam Research will continue falling, potentially to the psychological level of $200, down by 24% from the current level. 

Key Takeaways CME Group's Q3 earnings are expected to rise 11.2%, with revenues projected to grow 11.4% year over year.CME Group's Q3 average daily volume rose 16% to 29.4 million contracts, driven by robust trading activity.CME's clearing fees are projected to rise 11%, while market data revenues are expected to increase 16.7%.
CME Group Inc. (CME - Free Report) is expected to register an improvement in both top and bottom lines when it reports third-quarter 2026 results on Oct. 21, before the opening bell.

The Zacks Consensus Estimate for CME’s third-quarter revenues is pegged at $1.71 billion, indicating an 11.4% increase from the year-ago reported figure.

The consensus estimate for earnings is pegged at $2.98 per share. The Zacks Consensus Estimate for CME’s third-quarter earnings has moved 2 cents north in the past seven days. The estimate suggests a year-over-year increase of 11.2%.

What the Zacks Model SaysOur proven model predicts an earnings beat for CME Group this time around. This is because the stock has the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), which increases the chances of an earnings beat.

Earnings ESP: CME Group has an Earnings ESP of +0.73%. This is because the Most Accurate Estimate of $3.00 is pegged higher than the Zacks Consensus Estimate of $2.98. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Factors Likely to Shape Q3 ResultsCME Group’s third-quarter results are likely to benefit from solid trading activity across its major asset classes, driven by interest-rate uncertainty, fluctuations in equity markets, commodity price volatility and growing demand for risk-management products.

Revenue growth is likely to have been aided by gains in market data and information services, as well as higher clearing, transaction and other fee-based income.

Increased volatility across asset classes appears to have boosted trading volumes, which, in turn, supported clearing and transaction fees. The Zacks Consensus Estimate for clearing and transaction fees stands at $1.4 billion, indicating an 11% increase from the same period last year.

CME Group reported a quarterly average daily volume (ADV) of 29.4 million contracts in the third quarter, which increased 16% year over year. Trading activity increased across asset classes. Agricultural ADV of 2 million contracts in the third quarter of 2026 increased 18% from the prior-year period. Equity Index ADV of 87.7 million contracts increased 23% year over year.

Market data and information services revenues are likely to have benefited from pricing adjustments on certain products as well as increased demand and usage. The Zacks Consensus Estimate for this segment is pegged at $236.3 million, suggesting a 16.7% year-over-year increase.

On the cost side, expenses are expected to have risen during the quarter, primarily due to higher spending on employee compensation and benefits, along with increased investment in technology.

Other Stocks to ConsiderHere are three finance stocks you may want to consider, as our model shows that these also have the right combination of elements to post an earnings beat.

Cboe Global Markets, Inc. (CBOE - Free Report) has an Earnings ESP of +0.94% and carries a Zacks Rank #3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $3.41, indicating a year-over-year increase of 27.7%. CBOE’s earnings beat estimates in each of the last four reported quarters.

Nasdaq (NDAQ - Free Report) has an Earnings ESP of +0.98% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $1.02, indicating a year-over-year increase of 15.9%. NDAQ’s earnings beat estimates in each of the last four reported quarters.

The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +3.38% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for third-quarter 2026 earnings is pegged at $6.91, indicating a year-over-year decrease of 38.1%. ALL’s earnings beat estimates in each of the last four reported quarters.

While many fuel cell investors are still waiting for their investments to flourish, Bloom Energy (BE +3.51%) shareholders have enjoyed an impressive performance of late. Since the start of 2026, Bloom Energy shares have soared more than 166%.

But it's foolish to assume that simply because Bloom Energy shares have rocketed higher, the stock is a screaming buy. Let's take a closer look at both the good and the bad ahead of the company's reporting of its third-quarter 2026 financial results on Oct. 22.

Image source: Getty Images.

Generating steady free cash flow distinguishes Bloom from fuel cell peers
When evaluating the fundamentals of companies, investors can sometimes struggle to find any semblance of financial well-being. But that's hardly the case with Bloom Energy.

BE Revenue (Annual) data by YCharts.

From growing both revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) to maintaining a strong balance sheet (Bloom's net debt-to-EBITDA ratio was a conservative 0.35 at the end of Q2 2026), there are numerous indications of the company's impressive financial health. It's what's found on the cash-flow statement, however, that stands out as a bright, green flag.

Generating $175 million in free cash flow for Q2 2026, Bloom Energy has repeatedly produced free cash flow on a trailing-12-month basis for more than a year, proving that its ability to generate organic cash is more than a flash in the pan.

BE Free Cash Flow data by YCharts.

Plus, Bloom Energy's consistent free-cash-flow generation is uncommon among hydrogen-focused companies like Plug Power and FuelCell Energy, which have resorted to raising capital through substantial equity and debt issuances to keep the lights on.

Bloom stock's price tag may have some seeing red
In stellar financial health and with a significant market opportunity (Fortune Business Insights projects the fuel cell industry will grow from $16.8 billion in 2026 to $139 billion in 2034), Bloom Energy is certainly an alluring growth stock. The strong fundamentals, however, come at a cost.

Bloom Energy shares are currently changing hands at 347 times trailing earnings. As if its price-to-earnings (P/E) ratio wasn't steep enough, consider the steep cash-flow multiple: Bloom shares are priced at 109 times operating cash flow.

Because Bloom hasn't consistently generated earnings and positive operating cash flow for several years, it's impossible to compare the stock's current valuation to historical earnings-and cash-flow-based valuations. With respect to sales, though, investors can gain some insight. Trading at a notable premium to its five-year average sales multiple of 3.3, Bloom Energy's stock is changing hands today at 24.3 times trailing sales.

While the stock's valuation will surely deter value investors, those who don't typically prioritize bargain-bin stocks may also find the fuel cell stock's price tag prohibitive.

Should investors power their portfolios with Bloom Energy?
Since its initial public offering (IPO) in 2018, Bloom Energy has ascended into rarified air for hydrogen stocks, demonstrating both robust revenue and earnings growth, though the company's free-cash-flow production that is one of the most alluring qualities right now.

Although Bloom stock is pricey, it's not so pricey that those with multi-year investing horizons should look elsewhere to scratch their itch for quality growth stocks.

Key Takeaways IONQ will acquire Elisity in a deal valued at up to $1.3 billion to expand its cybersecurity platform.IONQ's acquisition combines its PQC and QKD capabilities with Elisity's enterprise Zero Trust technology.IONQ gains access to Elisity's 100 global customer deployments and the $10B microsegmentation market.
IonQ (IONQ - Free Report) recently announced a definitive agreement to acquire Elisity, Inc., a Zero Trust security company, in an all-stock transaction valued at up to $1.3 billion. The deal will combine IonQ's post-quantum cryptography (PQC) and quantum key distribution (QKD) capabilities with Elisity's enterprise Zero Trust technology to expand its cybersecurity platform and help uncover and protect against current LLM and emerging quantum threats. It will also add Elisity's high-growth enterprise security business and a team of industry leaders to IonQ.

Elisity has a strong track record of doubling its revenues and customer base year over year with zero churn among deployed customers. IonQ will gain expanded channels to market its PQC, QKD and quantum computing offerings to enterprise and government networks through Elisity’s more than 100 global customer deployments and strong relationships across the CISO and security communities. The acquisition provides IonQ with an entry into the microsegmentation market, a more than $10 billion opportunity with a double-digit CAGR.

According to IonQ’s chairman and CEO, the acquisition will enhance the company’s ability to secure critical infrastructure and enterprise networks throughout the transition to the quantum era, as Q-Day may arrive sooner than expected.

IonQ has deployed quantum-safe communications networks in several countries and offers security solutions spanning QKD and PQC. Its multiproduct revenues grew 40% year over year in the second quarter of 2026, reflecting increased adoption of multiple offerings. The Elisity acquisition is expected to create cross-selling opportunities and help IonQ expand its enterprise and government customer base.

The agreement price includes up to $150 million in earnout opportunity subject to performance of the Elisity business. The number of shares IonQ will issue will be based on its volume-weighted average stock price over the 20 trading days preceding the third business day before closing. The price used to calculate the share count will be capped at $49.61 per share, with a floor of $33.07.

Updates From IONQ PeersThis month, D-Wave Quantum Inc. (QBTS - Free Report) and the Supply Chain Management Research Center in the Sam M. Walton College of Business at the University of Arkansas (“SCMRC”) announced a collaboration to explore quantum computing’s impact on complex supply-chain problems. The partnership establishes the Quantum Supply Chain Initiative Support Fund with the SCMRC, meant to advance thought leadership, education and independent research focused on the application of quantum computing to supply-chain management across retail, transportation and national defense.  D-Wave has also joined the SCMRC partnership program, which presently has more than 25 industry partners.

Quantum Computing Inc. (QUBT - Free Report) , or QCi, announced Dirac-3S, the next-generation of its Dirac-3 quantum optimization machine. Dirac-3S advances the platform across three areas — Speed, Scale and Solutions — with faster performance, improved solution quality, increased computing capacity and a modular architecture designed to support customers as their requirements grow. The development marks a significant step toward commercial deployment of QCi’s quantum optimization technology, with the first customer shipment of Dirac-3S expected in November 2026.

The market expects Bank of Hawaii (BOH - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on October 26, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $1.52 per share in its upcoming report, which represents a year-over-year change of +26.7%.

Revenues are expected to be $203.16 million, up 11.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.79% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Bank of Hawaii?For Bank of Hawaii, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.17%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Bank of Hawaii will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Bank of Hawaii would post earnings of $1.46 per share when it actually produced earnings of $1.47, delivering a surprise of +0.68%.

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

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Bank of Hawaii doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAmong the stocks in the Zacks Banks - West industry, First Hawaiian (FHB - Free Report) , is soon expected to post earnings of $0.6 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +1.7%. This quarter's revenue is expected to be $229.71 million, up 1.5% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for First Hawaiian has been revised 7.5% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that First Hawaiian will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Okta (OKTA - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this cloud identity management company have returned +2.7% over the past month versus the Zacks S&P 500 composite's +1.5% change. The Zacks Security industry, to which Okta belongs, has lost 5.4% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Okta is expected to post earnings of $0.93 per share for the current quarter, representing a year-over-year change of +13.4%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

The consensus earnings estimate of $3.93 for the current fiscal year indicates a year-over-year change of +12.3%. This estimate has remained unchanged over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $4.44 indicates a change of +13% from what Okta is expected to report a year ago. Over the past month, the estimate has remained unchanged.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Okta.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Okta, the consensus sales estimate of $815.52 million for the current quarter points to a year-over-year change of +9.9%. The $3.22 billion and $3.55 billion estimates for the current and next fiscal years indicate changes of +10.4% and +10.1%, respectively.

Last Reported Results and Surprise HistoryOkta reported revenues of $805 million in the last reported quarter, representing a year-over-year change of +10.6%. EPS of $1.05 for the same period compares with $0.91 a year ago.

Compared to the Zacks Consensus Estimate of $792.14 million, the reported revenues represent a surprise of +1.62%. The EPS surprise was +9.38%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Okta is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Okta. However, its Zacks Rank #2 does suggest that it may outperform the broader market in the near term.

Marvell Technology shed 17% in a single week after one of the strongest runs in the AI trade, and that gap between the selloff and the business fundamentals is exactly what makes the timing interesting right now.

AI investors have reason to track Marvell Technology (NASDAQ:MRVL | MRVL Price Prediction), and last week brought a sharp decline. Shares fell 17.24% in the week ended October 16 to $227.83, after a 168.54% year-to-date run. The next earnings report will show how fast the business is moving.

Why Marvell Sits at the Center of AI Networking
Marvell builds parts that let AI chips talk. These include optical DSPs, Ethernet switches, and custom silicon designed alongside hyperscalers. Clusters keep getting bigger, and every bigger cluster needs more bandwidth. Management addressed bandwidth needs for these multi-site networks.

The needs are projected to be more than 10 times greater than current front-end networks. Marvell sells that connectivity. It is one of several suppliers we profiled in a free report on the companies powering the AI buildout outside the chipmakers.

Three Data Points Driving Marvell’s Growth Case
First, growth is speeding up. Data Center revenue grew 21% in Q4 FY2026, then 27%, then 46% last quarter. Management guided Q3 Data Center growth to roughly 75% year-over-year on total revenue of $3.150 billion. Fiscal 2027 revenue should reach roughly $12 billion.

Second, the deal with Alphabet (NASDAQ:GOOGL) unit Google changes how big the custom business can get. Marvell granted a warrant letting Google acquire up to 7% of its shares, tied to revenue targets. Custom revenue should more than double year over year in fiscal 2028. When an analyst cited a $120 billion cumulative revenue opportunity over six years, management replied, “your math is not wrong.”

Third, margins are expanding. Non-GAAP operating margin rose to 36.6% from 34.8%, and management expects to enter its 38% to 40% target range in Q4. Q3 non-GAAP EPS guidance of $1.10 compares with $0.94 last quarter.

How Marvell Stacks Up Against NVIDIA and AMD
While NVIDIA (NASDAQ:NVDA) dominates AI, its financing exposure keeps growing. Supply commitments reached $279 billion, guarantees for AI cloud partners are limited at $108.5 billion, and days sales outstanding rose to 60 days from 45 days on extended payment terms. If credit tightens for AI builders, Marvell’s biggest partner is Google, a company that designs and pays for its own chips.

Advanced Micro Devices (NASDAQ:AMD) trades at a P/E of about 199, and its non-GAAP operating margin of 27% trails Marvell’s. Data Center makes up only 58% of AMD’s revenue, so AMD offers less focused exposure to the AI expansion.

Risks That Could Derail Marvell’s Run
Concentration concerns me. Data Center now makes up 79% of revenue, a few customers drive much of it, and any hyperscaler could bring more chip design in-house. Chinese trade restrictions and $4.963B of debt due in future years add risk. The stock also swings hard: it fell 10.28% on the day it reported a beat in August.

A strong balance sheet protects against those risks. Net debt runs just 0.27 times EBITDA. The Google warrant gives Marvell’s largest partner a stake in keeping the relationship going. Over the last seven quarters, Marvell reported six beats and no misses.

What to Watch as Marvell’s AI Business Scales
The quarterly dividend is only $0.06, so Marvell offers little for income-focused investors and stands primarily as a growth story. Buybacks of $2.0401B in fiscal 2026 returned capital to shareholders. With Data Center growth expected to top 60% in fiscal 2028, investors will watch whether bookings and margins keep pace with that outlook.

Contact [email protected] for any questions or corrections.

Provides financial protection for penalties and interest* when resolution efforts do not obtain reliefHelps businesses protect cash flow, save time, and reduce the stress associated with payroll tax issuesAI-driven innovation combined with Paychex expertise expands payroll tax notice support by managing eligible issues regardless of cause and working directly with tax agencies on customers’ behalf ROCHESTER, N.Y., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Paychex (Nasdaq: PAYX), a leading provider of expert-enabled HR, payroll, and benefits, today introduced Paychex Tax Penalty Protection Service, powered by WISE (Workforce Intelligence Strengthened by Expertise), a first-of-its-kind offering designed to help businesses resolve eligible payroll tax issues more easily and with less financial risk. Paychex’s unique combination of AI-driven innovation and industry expertise has enabled the company to transition the management of eligible issues from the business to its team of experienced advocates at scale. The new service relieves businesses of the burden of navigating complex tax matters on their own and saves them valuable time, protects cash flow, and reduces compliance-related stress.

“Payroll tax issues can divert valuable time and resources from running a business,” said Frank Fiorille, Paychex managing vice president of risk and compliance. "Paychex has always worked to help customers address payroll tax issues, and AI innovation in our back office has evolved what we can offer our customers at scale. We now provide a real, outcome-based solution and stand behind it financially. Our advocates take on eligible payroll tax issues regardless of cause, and if penalties and interest remain after our resolution efforts, we cover them. Business owners get their time back, their cash flow protected, and real peace of mind."

Payroll Tax Issues Can Be Costly and Time-consuming for Businesses
Tax notices can result from federal and state agency processing errors, account discrepancies, or other administrative complexities. In 2025, the IRS assessed more than 4.4 million employment tax penalty notices.

New Service Expands Paychex Support for Payroll Tax Issues
Paychex has long supported customers with payroll tax notice research and resolution. Paychex Tax Penalty Protection Service, powered by WISE, expands that support by covering the cost of eligible payroll tax issues, including customer and tax agency errors. As part of the service, Paychex researches the issue and works directly with tax agencies to pursue a correction, abatement, or appeal on the customer's behalf. The company has built AI into its back-office payroll and tax operations, supported by decades of experience and one of the industry's largest payroll tax datasets. As a result, Paychex can identify, prevent, and resolve payroll tax issues with speed and accuracy at scale that was not possible before. That confidence has enabled Paychex to move from helping with tax notices to standing behind the outcome.

The service is currently available to Paychex Flex® customers. Visit paychex.com to learn more about the Paychex Tax Penalty Protection Service, powered by WISE.

* Financial protection for penalties and interest, subject to applicable terms, conditions, and limits.

About Paychex
Paychex, Inc. (Nasdaq: PAYX) provides a comprehensive suite of expert-enabled technology and advisory solutions that help businesses manage HR, payroll, and benefits. Serving approximately 840,000 customers and paying 1 in 11 U.S. private sector workers, Paychex combines scale, trusted expertise, and innovation to help businesses succeed. Built on more than 50 years of workforce experience and one of the industry’s largest proprietary HR datasets, Paychex’s WISE agentic AI engine embeds intelligence directly into workflows to improve productivity, enhance decision-making, and deliver better outcomes. Learn more at paychex.com.

Media Contact
Tracy Volkmann
Paychex, Inc.
Manager, Public Relations
(585) 387-6705
[email protected]

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Google Cloud Logo Initiative establishes new Gemini Frontier Capability Group, dedicating more than 18,000 engineers to help drive AI adoption for global enterprises. More than 55,000 associates completed Build with Gemini, the largest Gemini partner workshop held to date, part of a shared commitment to scale client execution through Cognizant's Frontier Certified Engineers. , /PRNewswire/ -- Cognizant (Nasdaq: CTSH) and Google Cloud today announced a significant expansion of their partnership to accelerate the adoption of agentic AI, including a new Gemini Frontier Capability Group. The group brings together a dedicated global workforce that pairs Google's full-stack, enterprise-ready AI platform with Cognizant's domain, industry and engineering expertise as an AI Builder.

Backed by more than 18,000 dedicated Cognizant associates, the new group represents a substantial joint investment and builds on the momentum created by Cognizant's dedicated Gemini practice launched in April 2026. The new group is designed to bridge the path from pilot to production, equipping enterprises with the ability to safely deploy resilient, enterprise-grade agents that can help drive measurable business value.

"Establishing our dedicated Gemini Frontier Capability Group lets our best frontier engineering talent focus entirely on getting frontier AI into production for clients," said Ravi Kumar S, CEO of Cognizant. "Our Build with Gemini workshop gave over 55,000 associates that experience directly, earning them tangible skills on one of the world's most advanced AI platforms, and this new group is where that experience goes to work every day."

"Deploying AI agents at scale requires trusted partners with deep architectural and integration expertise," said Thomas Kurian, chief executive officer, Google Cloud. "Cognizant's dedicated Frontier Capability Group and their skilling initiative for tens of thousands of engineers on Gemini will help our joint customers accelerate the adoption of autonomous agents throughout the enterprise."

Introducing the Gemini Frontier Capability Group

Designed to meet surging enterprise demand for scaled AI execution, the group aims to deliver production-grade, AI solutions designed to drive business outcomes for global enterprises by leveraging Gemini, Google Cloud's AI platform for building, governing, and deploying agents. The group will initially concentrate its engineering capabilities across legacy modernization, developer experience, autonomous business process agentification and frontier cyber defense.

To operationalize these capabilities, the group plans to deploy standardized, security-first agentic architecture built on the Model Context Protocol (MCP) and fortified by Google Cloud's Model Armor. These trusted frameworks are expected to power a new suite of collaborative, production-ready enterprise solutions, including Cognizant's Catalog Support Agent (CSA) for retail, the Neuro® San-orchestrated Healthcare Agentic Marketplace, and multi-agent Order-to-Cash (O2C) workflows for manufacturing.

Scaling outcomes with Frontier Certified Engineers

Underpinning the group is a shared commitment by Google Cloud and Cognizant to scale client execution through Frontier Certified Engineers. One early proof point shows what this looks like in practice: by integrating Gemini AI models across its software development lifecycle, Cognizant helped a leading retailer achieve a 40% increase in developer productivity, reduce time-to-market by 30%, and realize a 35% cost savings, underscoring the transformative potential of AI-driven software engineering.

As part of Cognizant's frontier certification skills drive, the company recently concluded the Build with Gemini workshop with Google Cloud, where Cognizant associates built AI agents and applications while earning Gemini skills credentials. Completed by more than 55,000 Cognizant associates, it is the largest single Gemini partner workshop held to date, representing a meaningful step in building Cognizant's frontier-certified workforce.

Cognizant is also applying Gemini internally at scale. As announced in July, the company is deploying Gemini to 100,000 associates this year, with plans to scale up to 200,000, and continues to increase its certification commitment for professionals on the platform.

About Cognizant
Cognizant (Nasdaq: CTSH) is an AI Builder and technology services provider, bridging the gap between AI investment and enterprise value by building full-stack AI solutions for our clients. Our deep industry, process and engineering expertise enables us to build an organization's unique context into technology systems that amplify human potential, drive tangible outcomes and keep global enterprises ahead in a fast-changing world. See how at www.cognizant.ai or @cognizant. 

About Google Cloud
Google Cloud offers a powerful, optimized AI stack — including AI infrastructure, leading models like Gemini, data management capabilities, multicloud security solutions, developer tools and platform, as well as agents and applications — that enables organizations to transform their business for the Agentic Era. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

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Google Cloud media contact:

SOURCE Cognizant Technology Solutions

Wall Street analysts expect Huntington Bancshares (HBAN - Free Report) to post quarterly earnings of $0.38 per share in its upcoming report, which indicates a year-over-year decline of 5%. Revenues are expected to be $2.82 billion, up 31.2% from the year-ago quarter.

Over the last 30 days, there has been a downward revision of 6.2% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.

Given this perspective, it's time to examine the average forecasts of specific Huntington Bancshares metrics that are routinely monitored and predicted by Wall Street analysts.

Analysts expect 'Net Interest Margin (FTE)' to come in at 3.2%. Compared to the current estimate, the company reported 3.1% in the same quarter of the previous year.

The collective assessment of analysts points to an estimated 'Efficiency Ratio' of 58.7%. Compared to the current estimate, the company reported 57.4% in the same quarter of the previous year.

It is projected by analysts that the 'Average Balance - Total earning assets' will reach $258.05 billion. The estimate compares to the year-ago value of $192.73 billion.

According to the collective judgment of analysts, 'Regulatory Tier 1 risk-based capital ratio' should come in at 11.5%. The estimate is in contrast to the year-ago figure of 12.4%.

Analysts forecast 'Tier 1 Leverage Ratio' to reach 8.9%. Compared to the present estimate, the company reported 9.0% in the same quarter last year.

The combined assessment of analysts suggests that 'Regulatory Total risk-based capital ratio' will likely reach 13.7%. The estimate compares to the year-ago value of 14.7%.

Based on the collective assessment of analysts, 'Wealth and asset management revenue' should arrive at $135.85 million. The estimate compares to the year-ago value of $104.00 million.

Analysts predict that the 'Customer deposit and loan fees' will reach $129.87 million. The estimate is in contrast to the year-ago figure of $102.00 million.

The consensus estimate for 'Payments and cash management revenue' stands at $206.66 million. The estimate compares to the year-ago value of $174.00 million.

The consensus among analysts is that 'Capital markets and advisory fees' will reach $129.55 million. The estimate compares to the year-ago value of $94.00 million.

Analysts' assessment points toward 'Mortgage banking income' reaching $41.01 million. The estimate compares to the year-ago value of $43.00 million.

The average prediction of analysts places 'Net interest income - FTE' at $2.09 billion. The estimate is in contrast to the year-ago figure of $1.52 billion.

View all Key Company Metrics for Huntington Bancshares here>>>

Over the past month, shares of Huntington Bancshares have returned -3.8% versus the Zacks S&P 500 composite's +1.5% change. Currently, HBAN carries a Zacks Rank #5 (Strong Sell), suggesting that it may underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

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Key Takeaways Quanta's Q2 revenues reached $9.6 billion, supported by infrastructure demand and strong operating momentum.Record $53B backlog supports growth, with acquisitions expected to add $1.2-$1.4B in 2026 revenues.PWR faces inflation, labor shortages and permitting delays that could pressure margins and cash flow.
Quanta Services, Inc. (PWR - Free Report) is benefiting from robust infrastructure demand, driven by power grid modernization, electrification and expanding data-center capacity. However, macroeconomic uncertainty, inflationary pressures, supply-chain constraints and project execution challenges could test the company's ability to sustain growth despite its record project pipeline.

PWR’s second-quarter 2026 performance reflected strong operating momentum, with revenues reaching $9.6 billion and adjusted EBITDA and adjusted earnings per share posting strong double-digit growth. A record backlog of approximately $53 billion provides significant visibility into future activity. Management expects larger programs across utility generation and technology load centers to build over the coming years, supported by rising electricity demand and investments in critical infrastructure. Quanta's acquisitions of Phalcon, Enerfab, Percheron and PSD are also expected to contribute $1.2-$1.4 billion in 2026 revenues and $120-$140 million in adjusted EBITDA, while broadening its capabilities and market reach.

Nevertheless, backlog conversion remains crucial. Adverse weather, permitting delays, regulatory requirements, labor availability, supply-chain disruptions and inflation could affect project schedules, costs and profitability. Higher interest rates and weaker economic conditions could also influence customer spending decisions and the timing of infrastructure investments. Integrating acquisitions while maintaining execution discipline adds another challenge.

Quanta's strong demand pipeline and raised outlook provide a solid foundation for growth, but sustained performance will depend on managing costs, executing complex projects efficiently and converting backlog into cash flow. Investors should monitor margins, free cash flow and project delivery to assess whether the company can overcome macroeconomic headwinds and maintain its growth trajectory.

Quanta vs. AECOM & Dycom: Competitive LandscapeQuanta is well positioned to benefit from rising investments in North American infrastructure, even as it shares the market with renowned names like Dycom Industries, Inc. (DY - Free Report) and AECOM (ACM - Free Report) .

AECOM complements this growing public spending trend through its asset-light engineering, design, consulting and program management expertise, benefiting from growing public infrastructure, transportation, water and environmental projects supported by long-term government funding. Meanwhile, Dycom continues to ride the communications infrastructure cycle as broadband expansion, fiber deployments and network upgrades by major telecom operators sustain demand for its specialty contracting services.

While AECOM provides the planning and engineering capabilities, Dycom strengthens digital connectivity, and Quanta executes complex, large-scale utility and energy infrastructure projects, positioning all three to benefit from secular infrastructure modernization trends despite ongoing macroeconomic and regulatory uncertainties.

Published in construction

Key Takeaways VLY's proposed Bluevine and Providence buyouts aid deposits, expand reach and diversify revenues.Bluevine and Providence target over 8% and 2% EPS accretion, respectively, by 2028. Integration costs, TBV dilution and deposit attrition could limit earnings gains at Valley National. Valley National Bancorp (VLY - Free Report) is pursuing inorganic growth through its proposed acquisitions of Bluevine Inc. and Providence Financial Corporation. Bluevine is expected to add a nationwide digital customer-acquisition platform, while Providence will likely expand its presence in the Chicago market. Both stock-cum-cash transactions are expected to close in early 2027, subject to the applicable closing conditions and regulatory and shareholder approvals.

Additionally, the transactions are expected to strengthen VLY’s deposit franchise and support growth in commercial lending and fee income. However, integration expenses, tangible book value (TBV) dilution and execution challenges could put pressure on near-term profitability.

How Will the Acquisitions Strengthen VLY’s Financials?The impending Bluevine and Providence acquisitions will likely strengthen Valley National’s funding profile by adding lower-cost deposits to its existing deposit base. Bluevine will bring approximately $2.1 billion in digitally sourced core deposits, with a deposit cost of 1.44% as of the second quarter of 2026. Providence is expected to add almost $1.35 billion in deposits at 1.49%, with 26% of its deposits in non-interest-bearing accounts and no brokered deposits. Meanwhile, at the end of the second quarter, Valley National’s deposit cost was 2.28%.

Cost of Total Deposits

Image Source: Valley National Bancorp

Nearly 99% of Bluevine’s deposits come from non-borrowing customers, offering opportunities to develop lending relationships and cross-sell additional products. Providence complements this digital funding base with a relationship-driven deposit franchise and a loans-to-deposits ratio of approximately 81%, providing capacity to support commercial lending.

Together, the acquisitions are expected to improve Valley National’s funding mix, reduce reliance on higher-cost brokered funding and support a more diversified deposit franchise. The Bluevine transaction alone is projected to reduce the pro forma deposit cost to 2.23% and improve the loans-to-deposits ratio to 93%, above management’s 90% target.

Pro Forma Deposit Franchise

Image Source: Valley National Bancorp

Beyond funding benefits, the acquisitions are expected to expand Valley National’s customer base and revenue opportunities. Bluevine brings approximately 175,000 active small-business customers and an integrated platform offering business banking, payments, lending and financial-management solutions. The deal also adds approximately 180 research and development professionals and engineers, strengthening Valley National’s technology, data science and artificial intelligence capabilities.

Providence complements these capabilities with 14 full-service retail branches, approximately $1.09 billion in loans and an established presence in the Chicago market. Providence’s local relationships could help Valley National deepen retail and small-business ties, expand commercial lending and increase recurring fee income.

Chicago Loans and Deposits Before and After the Acquisition

Image Source: Valley National Bancorp

Providence also brings approximately $800 million in wealth-management assets under management (AUM), creating opportunities to broaden Valley National’s wealth-management business. Meanwhile, Bluevine’s digital platform could extend VLY’s reach beyond its traditional branch footprint.

The transactions also offer opportunities to improve operating efficiency and earnings. The Bluevine acquisition is expected to generate more than 8% accretion to 2028 earnings per share (EPS), supported by approximately $50 million in annual run-rate pre-tax cost savings. However, approximately $20 million in annual pre-tax Durbin-related dis-synergies is expected to offset part of these benefits. Providence is projected to generate approximately 2% accretion to 2028 EPS and approximately $10 million in annual run-rate pre-tax cost savings, with 75% of the savings expected to be phased in during 2027.

Together, the acquisitions will likely improve funding flexibility, expand commercial banking operations, strengthen technology capabilities and diversify revenue streams. Realizing these benefits will depend on successful deposit migration, customer retention and delivery of the planned cost savings.

Integration Costs and Capital Implications Pose Risks for VLYDespite the strategic benefits, integrating two acquisitions with different operating models presents execution challenges. Aligning technology, customer service, risk management and operations while retaining customers will be critical to realizing the expected benefits.

The acquisitions also carry different capital implications. Bluevine is expected to result in approximately 5% TBV dilution at closing, with an estimated three-year earn-back period. Providence is projected to cause less than 1% TBV dilution, with a payback period of less than three years. Integration expenses or delayed synergies could extend these recovery periods and temper the expected earnings benefits.

Valley National expects its common equity Tier 1 (CET1) capital ratio to remain above 10.3% at Bluevine’s closing, inclusive of the proposed Providence acquisition. Maintaining adequate capital while funding integration costs and pursuing growth will remain important as the bank works to realize the benefits of both deals.

Other risks include customer attrition during Bluevine’s deposit migration, technology integration challenges, employee retention and slower-than-expected commercial lending growth. Higher operating expenses or Durbin-related dis-synergies could also offset some anticipated cost savings.

Our Take on Valley National’s Inorganic Growth StrategyValley National’s proposed acquisitions of Bluevine and Providence offer complementary opportunities to strengthen its competitive position and improve its long-term growth prospects. The projected earnings accretion and cost savings are encouraging, but the benefits are not guaranteed. Bluevine’s higher TBV dilution and integration requirements could weigh on near-term returns, while both transactions depend on effective execution.

Successful integration, disciplined capital management and the realization of projected synergies will likely strengthen Valley National’s funding profile and support sustainable profitability. Conversely, deposit attrition, integration delays or higher-than-expected costs could temper the expected financial benefits.

Others Also Pursue Strategic Acquisitions to Drive GrowthStoneX Group Inc. (SNEX - Free Report) is expanding its physical commodities business through strategic acquisitions to strengthen its supply-chain capabilities and broaden its geographic reach. The planned acquisition of Integra Trading S.A.S. will enhance its Colombian coffee origination, processing and export capabilities, while the acquisition of Advanced Marketing Group (AMG) will expand its feed-ingredients platform across North America.

These initiatives will likely strengthen StoneX’s physical commodities operations, deepen producer relationships and support long-term growth. The company’s focus on combining physical operations with its global client network and risk-management capabilities could further diversify revenue streams and enhance its competitive position.

Commerce Bancshares (CBSH - Free Report) is expanding its fee-based businesses through strategic acquisitions to deepen client relationships and diversify revenue streams. The acquisition of Nolan & Associates adds investment banking capabilities in M&A, capital raising and ownership-transition advisory, complementing its middle-market banking franchise. This could strengthen the company’s non-interest income by generating transaction fees and connecting middle-market clients with lending, treasury and wealth management services. 

The FineMark Holdings buyout (in February 2026) expanded its private banking and wealth management footprint. These initiatives will likely broaden Commerce Bancshares’ service offerings, create cross-selling opportunities and support long-term growth.