Two major cross-chain bridges suffered security breaches in July 2026, with attackers stealing over $31 million from AFX Trade and VerusCoin in separate but closely timed incidents. Blockchain security firm Blockaid identified and publicized both exploits as they were in progress, increasing concerns about ongoing vulnerabilities in the bridge infrastructure supporting decentralized finance (DeFi).
AFX Trade bridge hacked for $24 million on ArbitrumBlockaid first detected an attack on the Arbitrum-based AFX Trade protocol at 21:30 UTC on July 22. The hacker managed to compromise five hot-validator signatures on AFX’s custody bridge, bypassing the required quorum and executing an unauthorized transfer of $24.15 million in USDC tokens.
Security teams revealed that the stolen USDC was moved to an Ethereum wallet, then swapped out for 12,467.5 ETH. PeckShieldAlert traced the movement of these funds, which remain in the address 0x6276…ebAC.
Blockaid stated it had identified a targeted exploit affecting a bridge operated by AFX on Arbitrum. The incident enabled an attacker to drain approximately $24.15 million in USDC from the protocol in a single operation.
AFX paused bridge operations as soon as the breach was discovered, clarifying that neither its core trading infrastructure nor the wider Arbitrum network was affected. Steven Goldfeder, representing the Arbitrum Foundation, separately confirmed that Arbitrum’s native bridge had not been compromised, attributing the unauthorized withdrawal to a third-party protocol integration.
AFX disclosed that all stolen funds are still located in the attacker’s wallet. Security firm SlowMist reported the wallet address to the Crypto Defense Alliance, an industry network tracking stolen digital assets, while Zellic, which previously audited the bridge’s code, joined the ongoing investigation.
AFX pledged to provide frequent updates as more facts are verified and as recovery efforts continue.
Mini dictionary: Arbitrum is a layer 2 scaling solution for Ethereum that aims to provide faster and cheaper transactions by processing them off the Ethereum main chain and then settling the results back onto the mainnet.
VerusCoin bridge loses $7.5 million in recurring exploitBlockaid also flagged a breach in the VerusCoin Ethereum Bridge, resulting in a further loss of roughly $7.54 million. The attacker manipulated the bridge’s import mechanism to trigger payouts that lacked the necessary asset reserves, siphoning off multiple cryptocurrencies, including ETH, tBTC, USDC, USDT, EURC, MKR, and scrvUSD. The stolen funds were transferred from the bridge contract to a wallet ending in C142D54.
Analysis revealed similarities between this attack and a previous incident on the same bridge in May 2026. Both leveraged an identical vulnerability, but July’s exploit appeared to originate from a different attacker using a new wallet.
Blockaid noted this latest breach exploited the same contract and entry path as the May attack, and described both incidents as sharing an identical bug class, pointing to persistent flaws in validation logic for bridge transfers.
PeckShieldAlert reported that the attacker soon began laundering the stolen assets through Tornado Cash. At the time of the incident, VerusCoin had not yet released any public statements.
The May incident on the VerusCoin bridge involved a manipulation of its cross-chain export process, enabling the attacker to extract $11.58 million for a relatively low transaction fee.
Mini dictionary: VerusCoin is a blockchain platform focused on privacy and interoperability, allowing users to move assets across different chains through its bridging technology.
BridgeDate of ExploitAmount StolenAssets AffectedAFX Trade (Arbitrum)July 22, 2026$24.15 millionUSDCVerusCoin Ethereum BridgeJuly 23, 2026$7.54 millionETH, tBTC, USDC, USDT, EURC, MKR, scrvUSDVerusCoin Ethereum BridgeMay 2026$11.58 millionMultiple currenciesSecurity sector response and ongoing investigationsThese incidents have brought renewed scrutiny to the recurring vulnerabilities affecting cross-chain bridges, which have previously experienced high-profile breaches including those involving Wormhole and Nomad in 2022.
Blockaid indicated that the root causes in the VerusCoin exploits involved missing checks on incoming transfer values, a class of bugs observed previously in the sector. Security firms, including SlowMist and PeckShieldAlert, are actively monitoring the stolen funds and collaborating with exchanges and other ecosystem partners to track suspicious wallet activity.
Neither AFX nor VerusCoin has provided a date for restoring bridge operations. Both investigations remain open, and recovery or remediation plans have not yet been announced as authorities and security teams work to follow the movements of the stolen assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
AFX Trade, a decentralized exchange running on Arbitrum, just lost $24.15 million in USDC through a bridge attack. And now it’s essentially negotiating with the person who robbed it, offering them roughly $7.2 million to give the rest back.
The white-hat bounty deal, proposed publicly by AFX head of growth Ken C, would let the attacker keep 30% of the stolen funds as a “bounty” in exchange for returning the remaining 70%.
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What actually happened The exploit hit on July 22, 2026, targeting AFX Trade’s custody bridge rather than its smart contracts or Arbitrum’s underlying infrastructure. The attacker compromised off-chain validator signing keys.
Once inside, the attacker drained approximately $24.15 million in USDC from the bridge. They then moved the funds to Ethereum and swapped them for about 12,467 ETH, which was trading at roughly $1,937 per token at the time. AFX suspended its bridge immediately after discovering the breach.
Security firms Blockaid and PeckShield both confirmed the attack and were quick to note that Arbitrum’s native bridge remained completely unaffected.
Part of a much bigger problem AFX wasn’t the only victim that week. The exploit was part of a concentrated wave of attacks on July 22 and 23, which collectively resulted in losses exceeding $35 million across multiple platforms. Zoom out further and July 2026 saw nearly $97 million in total hack-related losses, according to data from Blockaid and PeckShield.
The AFX exploit is particularly instructive because it didn’t involve a smart contract flaw. The contracts worked exactly as designed. The weakness was in the off-chain validator key management. Smart contract audits only cover one layer of security. The operational security of key management, validator selection, and bridge architecture often receives far less scrutiny from users, even though it represents a substantial attack surface.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
New York, New York--(Newsfile Corp. - July 23, 2026) - Kaplan Fox & Kilsheimer LLP announces that a class action lawsuit has been filed against PicS N.V. ("PicS" or the "Company") (NASDAQ: PICS) on behalf of all persons or entities who purchased PicS Class A common stock in and/or traceable to PicS' initial public offering ("IPO") on or around January 30, 2026.
CLICK HERE TO JOIN THE CASE
If you are an investor in PicS and have suffered losses, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
DEADLINE REMINDER: If you are a member of the proposed Class, you may move the court no later than August 4, 2026 to serve as a lead plaintiff for the purported class. If you have losses we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On or around January 30, 2026, PicS concluded its IPO, selling approximately 22.9 million shares of Class A common stock at $19 per share.
On March 19, 2026, less than three months after the IPO, PicS released its fourth quarter and full year 2025 financial results, which ended December 31, 2025 - before the IPO. The Company revealed that in December 2025, as part of the Company's "annual review of expected credit loss parameters," the Company had "implemented a stricter policy to accelerate the classification of renegotiated non-performing exposures from Stage 2 to Stage 3." Consequently, "R$590 million of Stage 2 portfolio balances were reclassified to Stage 3, resulting in an ECL increase of R$88 million in the quarter." Stage 3 is the Company's highest risk category for its credit portfolio, or "credit impaired."
On March 19, 2026, the price of PicS shares fell $3.56 per share, or 22.5%, to close at $12.27 per share.
The complaint alleges, among other things, that in connection with the IPO, Defendants made false and/or misleading statements and/or failed to disclose that "(a) that PicS had conducted an evaluation of its credit evaluation procedures in December 2025 and determined that such procedures were deficient and in need of enhancement; (b) that, as a result of the new procedures the Company had implemented in December 2025, PicS had reclassified approximately R$590 million of exposures previously classified as Stage 2 to Stage 3, leading to an incremental ECL charge of R$88 million in the three months ended December 31, 2025; (c) that PicS had experienced a heightened, but unreported, Stage 3 formation rate of more than 7% in the fourth quarter of 2025 that deviated substantially from the historical results and trends provided in the Offering Documents; (d) that the Offering Documents had materially overstated the quality and ability of the Company's credit models and user data to inform the Company's underwriting practices and to allow PicS to timely and effectively monitor, assess, and identify adverse credit events, credit risks, and credit deterioration across its portfolio; and (e) that PicS suffered from degradations in customer credit quality and heightened risks of default and loan impairment as a result of its entrance into materially riskier business lines leading up to the IPO, resulting in undisclosed adverse financial and operational trends such as heightened incidents of default, which predated the IPO and were internally projected by PicS to continue to worsen following the IPO, materially impairing the Company's business, operations, and financial results."
The complaint alleges that as of June 4, 2026, PicS Class A common stock fell to a low of less than $9 per share, representing a more than 50% decline from the $19 per share IPO price.
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Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
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, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2026.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value."
Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings(1) for the second quarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2 million, or $1.87 per share, for the same period in 2025.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment. While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.
Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.
Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion.
Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30. The passcode for the replay will be 62234#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2026
2025
2026
2025
Revenues
Gaming
$ 683,289
$ 671,455
$ 1,333,790
$ 1,310,148
Food & beverage
77,702
78,167
153,472
152,325
Room
50,413
51,453
96,360
98,841
Online
31,825
39,139
58,073
79,107
Online reimbursements
126,357
133,912
261,804
263,517
Management fee
28,481
23,775
54,702
48,921
Other
36,319
36,097
73,540
72,704
Total revenues
1,034,386
1,033,998
2,031,741
2,025,563
Operating costs and expenses
Gaming
267,630
259,554
522,479
505,677
Food & beverage
66,980
65,633
131,895
128,970
Room
19,801
19,492
38,973
38,489
Online
20,992
16,183
38,662
32,608
Online reimbursements
126,357
133,912
261,804
263,517
Other
12,467
12,149
25,672
24,940
Selling, general and administrative
110,882
110,065
220,867
217,911
Master lease rent expense (a)
28,856
28,442
57,440
56,602
Maintenance and utilities
38,515
37,322
74,258
74,047
Depreciation and amortization
91,101
69,985
186,090
138,208
Corporate expense
33,243
35,365
70,027
65,316
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Total operating costs and expenses
833,688
791,628
1,667,051
1,583,306
Operating income
200,698
242,370
364,690
442,257
Other expense (income)
Interest income
(1,282)
(1,263)
(3,147)
(2,071)
Interest expense, net of amounts capitalized
31,423
50,569
59,874
99,006
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total other expense, net
30,138
49,258
57,122
96,994
Income before income taxes
170,560
193,112
307,568
345,263
Income tax provision
(40,637)
(42,758)
(73,352)
(84,027)
Net income
129,923
150,354
234,216
261,236
Net loss attributable to noncontrolling interest
1,311
1,104
2,560
1,641
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
Basic net income per common share
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Weighted average basic shares outstanding
74,817
82,289
75,787
83,696
Diluted net income per common share
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Weighted average diluted shares outstanding
74,817
82,303
75,791
83,712
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Total Revenues by Segment
Las Vegas Locals
$ 225,898
$ 229,091
$ 443,002
$ 451,890
Downtown Las Vegas
52,112
55,253
107,050
112,540
Midwest & South
556,890
540,077
1,081,983
1,044,664
Online
158,182
173,051
319,877
342,624
Managed & Other
41,304
36,526
79,829
73,845
Total revenues
$ 1,034,386
$ 1,033,998
$ 2,031,741
$ 2,025,563
Adjusted EBITDAR by Segment
Las Vegas Locals
$ 106,416
$ 112,714
$ 206,378
$ 219,261
Downtown Las Vegas
16,905
19,405
35,805
40,328
Midwest & South
208,748
201,401
401,389
384,623
Online
10,590
22,244
18,946
45,550
Managed & Other
30,692
25,963
59,108
53,282
Corporate expense, net of share-based compensation expense (a)
(22,883)
(23,865)
(53,743)
(47,665)
Adjusted EBITDAR
350,468
357,862
667,883
695,379
Master lease rent expense (b)
(28,856)
(28,442)
(57,440)
(56,602)
Adjusted EBITDA
321,612
329,420
610,443
638,777
Other operating costs and expenses
Deferred rent
132
147
264
294
Depreciation and amortization
91,101
69,985
186,090
138,208
Share-based compensation expense
12,817
13,392
20,515
20,997
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Total other operating costs and expenses
120,914
87,050
245,753
196,520
Operating income
200,698
242,370
364,690
442,257
Other expense (income)
Interest income
(1,282)
(1,263)
(3,147)
(2,071)
Interest expense, net of amounts capitalized
31,423
50,569
59,874
99,006
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total other expense, net
30,138
49,258
57,122
96,994
Income before income taxes
170,560
193,112
307,568
345,263
Income tax provision
(40,637)
(42,758)
(73,352)
(84,027)
Net income
129,923
150,354
234,216
261,236
Net loss attributable to noncontrolling interest
1,311
1,104
2,560
1,641
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
(a) Reconciliation of corporate expense:
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Corporate expense as reported on Condensed Consolidated Statements of Operations
$ 33,243
$ 35,365
$ 70,027
$ 65,316
Corporate share-based compensation expense
(10,360)
(11,500)
(16,284)
(17,651)
Corporate expense, net, as reported on the above table
$ 22,883
$ 23,865
$ 53,743
$ 47,665
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2026
2025
2026
2025
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
Pretax adjustments:
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total adjustments
16,861
3,478
39,279
37,080
Income tax effect for above adjustments
(3,663)
(779)
(8,531)
(8,072)
Adjusted earnings
$ 144,432
$ 154,157
$ 267,524
$ 291,885
Net income per share, diluted
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Pretax adjustments:
Project development, preopening and writedowns
0.21
0.03
0.47
0.02
Impairment of assets
—
—
—
0.39
Other operating items, net
0.02
0.01
0.04
0.04
Loss on early extinguishments and modifications of debt
—
—
0.01
—
Other, net
—
—
—
—
Total adjustments
0.23
0.04
0.52
0.45
Income tax effect for above adjustments
(0.05)
(0.01)
(0.11)
(0.10)
Adjusted earnings per share, diluted
$ 1.93
$ 1.87
$ 3.53
$ 3.49
Weighted average diluted shares outstanding
74,817
82,303
75,791
83,712
Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures:
EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures."
The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.
The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.
The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek. Named by Forbes and Time magazines as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.
New York, New York--(Newsfile Corp. - July 23, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Calix, Inc. (NYSE: CALX) between January 28, 2026 and April 21, 2026, inclusive (the "Class Period"), of the important July 27, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Calix securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Calix class action, go to https://rosenlegal.com/cases/calix-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 27, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Calix's first quarter margins had significantly benefited from advanced purchasing of memory components; (2) Calix's advanced supply of memory components was dwindling; (3) as a result, Calix was experiencing negative margin pressure as it was forced to purchase memory components at rising market prices; and (4) as a result of the foregoing, defendants' positive statements about Calix's margins, business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Calix class action, go to https://rosenlegal.com/cases/calix-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306333
Source: The Rosen Law Firm PA
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SAN JOSE, Calif.--(BUSINESS WIRE)---- $CALX #calix--Calix, Inc. (NYSE: CALX) announced today that Conexon Connect, the internet service provider arm of rural fiber broadband leader Conexon, is leveraging Calix Agent Workforce™ Cloud on the AI-native Calix One™ platform to scale their growth across residential, business, and multi-dwelling unit (MDU) markets. Since first partnering with Calix in 2021, Conexon Connect has grown rapidly from the ground up, scaling over five years, with current projects across Colo.
EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mattel, Inc. (Nasdaq: MAT), a leading global play and family entertainment company, and WWE today announced a new multi-year global licensing agreement at their joint San Diego Comic-Con panel that expands Mattel's WWE portfolio to include Lucha Libre AAA Worldwide (AAA), one of Mexico's most iconic and influential lucha libre promotions. This deal reinforces Mattel's position as the home of WWE action figures and toys for fans worldwide. Beginning Fall 2027.
Key Takeaways Revolution Medicines' FDA filing for daraxonrasib in metastatic PDAC was accepted under the CNPV program.RVMD's phase III study met all endpoints, showing improved survival, disease control and quality of life.The company is advancing late-stage studies and combination trials across multiple RAS-driven cancers. Revolution Medicines (RVMD - Free Report) announced that the FDA has accepted its regulatory filing seeking approval for its lead candidate, daraxonrasib, for previously treated patients with metastatic pancreatic ductal adenocarcinoma (PDAC).
The submission is being reviewed under the agency’s Commissioner’s National Priority Voucher (“CNPV”) pilot program — an initiative designed to significantly accelerate the review of therapies targeting serious or life-threatening diseases with high unmet medical needs. The program uses a collaborative review process to compress review timelines well below the standard 10-month review period (or about six months for drugs granted priority review).
The filing is supported by data from the phase III RASolute 302 study, which met all its primary and secondary endpoints. Recently, Revolution Medicines reported full results from this study, which showed that daraxonrasib reduced the risk of death by 60% compared with chemotherapy and nearly doubled median overall survival. The treatment also significantly improved progression-free survival and quality-of-life measures.
Cytotoxic chemotherapy is considered the standard of care for previously treated metastatic PDAC, a setting in which effective therapies remain limited. If approved, daraxonrasib could become a new treatment option for this patient population.
An approval would also mark a major inflection point for Revolution Medicines. Daraxonrasib would become the company's first marketed product, transforming it from a clinical-stage biotech into a commercial-stage company with its first revenue-generating therapy. A successful launch would also validate the company's RAS-targeting platform and establish a commercial foundation for advancing its broader oncology pipeline.
RVMD Stock’s Price PerformanceYear to date, the company’s shares have skyrocketed 130% compared with the industry’s 2% growth.
Image Source: Zacks Investment Research
More on RVMD’s DaraxonrasibDaraxonrasib is designed to target a broad spectrum of RAS-driven cancers, including PDAC, non-small cell lung cancer (NSCLC) and colorectal cancer.
Apart from RASolute 302, Revolution Medicines is evaluating daraxonrasib in several other PDAC settings in late-stage studies. While the RASolute 303 study is assessing the drug for the first-line metastatic setting of the disease, the RASolute 304 study is evaluating its efficacy as an adjuvant therapy for patients with resectable PDAC.
For NSCLC, the company is conducting the phase III RASolve 301 study evaluating daraxonrasib in patients with locally advanced or metastatic RAS-mutated NSCLC. It is on track to start a fifth late-stage study on the drug in the first-line NSCLC setting soon.
To further strengthen its position in RAS-driven cancers, Revolution Medicines has established multiple clinical collaborations to evaluate daraxonrasib and its other RAS inhibitors in combination regimens. These partnerships include collaborations with Bristol Myers (BMY - Free Report) , Summit Therapeutics (SMMT - Free Report) and Tango Therapeutics (TNGX - Free Report) .
RVMD’s Zacks RankRevolution Medicines currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Americký akciový index S&P 500 dnes 23.7. 2026 oslabuje o 1,3 %. Hlavní technologický index USA Nasdaq dnes také oslabuje, a to o 1,7 %.
Německý index DAX oslabuje o 1,6 %. Hlavní měnový pár EUR/USD dnes oslabuje o 0,3 % na úroveň 1,1378. Zlato dnes oslabuje o 1,9 % a obchoduje se na úrovni 4049 USD za unci. Výnosy na desetiletých amerických státních dluhopisech vykazují denní změnu o +0,038 p. b. na úroveň 4,697 %.
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23.07.2026 22:03Konflikt mezi Íránem a USA nadále eskaluje 17:03Budování AI železnic? 15:20ServiceNow ukázala, že na AI už umí vydělávat. Investory potěšil růst i lepší výhled 15:11ECB podle očekávání nechala úroky beze změn, depozitní sazba je na 2,25 procenta 14:59CSG si vzala úvěr až na 74 miliard korun na refinancování svých stávajících úvěrů 13:50Trh čeká tři zvýšení sazeb. Podle Kubíčka je takový scénář přehnaný 12:46Tesla sice prodala více aut, ale poprvé za dva roky spálila víc peněz, než sama vydělala 11:58Na akcie doléhá příliš drahá AI, rostoucí výnosy dluhopisů i výsledky 11:00Alphabet poprvé od svého IPO vykazuje záporný cash flow. Akcie i přes famózní výsledky klesají 10:38UniCredit ve druhém čtvrtletí klesl zisk o 13 procent 9:21Rozbřesk: Jak Detroit prohrál s Japonskem a proč by Evropa měla zbystřit 8:36Výsledky dodaly Alphabet a Tesla, Evropa zahájí spíše negativně 8:26Prodej aut v EU v červnu stoupl o 13,6 procenta, dál posílili čínští výrobci 8:19Muskova automobilka Tesla zvýšila tržby o čtvrtinu, ale zisk jí klesl 22.07.2026 22:39Alphabet překonal odhady. Poptávka po AI je enormní, cloud vykázal více než 80procentní růst 22:01Akcie před výsledky technologických gigantů kolísaly, růst ropy zvýšil obavy z inflace 18:10Stát by mohl dát na burzu až 40 procent akcií pražského letiště v roce 2028, řekl Babiš 18:05A komu tím prospějete? 16:59Šéf Equinoru: EU zřejmě nesplní cíl pro naplnění zásobníků plynu před zimou 16:40Prezident Pavel vetoval spornou novelu rozpočtových zákonů
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Key Takeaways Equinix is expected to post higher Q2 revenues and AFFO per share year over year.Strong AI, cloud adoption and digital transformation demand may drive interconnected data center growth.EQIX's AFFO estimate rose to $11.25, though high interest expenses could pressure quarterly results. Equinix, Inc. (EQIX - Free Report) is scheduled to report second-quarter 2026 results on July 29, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and adjusted funds from operations (AFFO) per share.
In the previous quarter, this Redwood City, CA-based data center real estate investment trust (REIT) reported an AFFO of $10.79 per share, missing the Zacks Consensus Estimate of $10.89 per share. The results reflected higher recurring revenues, led by strong demand for digital infrastructure and services.
Over the preceding four quarters, EQIX’s AFFO per share surpassed the consensus estimate on two occasions and missed in the remaining quarters, with the average beat being 2.83%. This is depicted in the graph below:
Factors at Play for EquinixIn the second quarter of 2026, Equinix is likely to have benefited from the solid demand for interconnected data center infrastructure. Enterprises’ and service providers’ continued efforts to integrate artificial intelligence (AI) into their strategies and offerings and advance their digital transformation agendas are likely to keep demand up in the upcoming years.
Moreover, the demand for Equinix’s interconnected ecosystem is likely to have remained strong, driven by accelerating enterprise cloud adoption and increasing demand from cloud and internet customers for highly interconnected data center space.
The company’s recurring revenue model, which comprises colocation, related interconnection and managed infrastructure services, is expected to have supported stable cash flows in the to-be-reported quarter, boosting the data center REIT’s top line.
Q2 Projections for EQIXThe Zacks Consensus Estimate for colocation revenues is pegged at $1.78 billion, suggesting growth from $1.59 billion in the prior-year period. The consensus mark for interconnection revenues is pinned at $463.6 million, indicating growth from $407 million in the prior-year period.
The consensus mark for managed infrastructure revenues is pegged at $121.7 million, implying an increase from $117 million reported in the prior-year period. The consensus mark for other revenues is pinned at $39.8 million, indicating a rise from $34 million in the prior-year quarter.
For the second quarter of 2026, Equinix projected revenues between $2.571 billion and $2.611 billion, implying around a 9-10% increase over the prior quarter. The Zacks Consensus Estimate for the same is pegged at $2.59 billion, indicating an increase of 14.8% from the year-ago period’s reported figure.
EQIX estimated adjusted EBITDA in the range of $1.349-$1.389 billion for the second quarter.
EQIX’s activities during the to-be-reported period were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for quarterly AFFO per share has been revised 57 cents upward to $11.25 over the past three months. It suggests a 13.5% increase from the prior-year quarter’s reported figure.
However, high interest expenses might have partly impeded the company’s quarterly performance.
What Our Quantitative Model Predicts for EQIXOur proven model doesn’t conclusively predict a surprise in terms of AFFO per share for Equinix this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is not the case here.
Equinix currently has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT industry — Extra Space Storage (EXR - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
EXR, which is scheduled to report quarterly results on July 28, 2026, has an Earnings ESP of +0.39% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties is slated to report quarterly numbers on July 30, 2026. CUZ has an Earnings ESP of +0.45% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Primoris Services Corporation (“Primoris” or the “Company”) (NYSE: PRIM) common stock between August 5, 2025 and June 22, 2026, inclusive (the “Class Period”). Primoris investors have until September 21, 2026 to file a lead plaintiff motion. IF YOU SUFF.
Key Takeaways BridgeBio's filing for encaleret in ADH1 was accepted by the FDA, with a decision due by May 8, 2027.BBIO's filing is backed by phase III data showing restored blood and urine calcium and PTH production.BridgeBio says encaleret could expand its portfolio beyond Attruby alongside BBP-418 and infigratinib. BridgeBio Pharma (BBIO - Free Report) announced that the FDA has accepted its regulatory filing seeking approval for the investigational oral candidate encaleret to treat individuals living with a rare genetic endocrine disorder called autosomal dominant hypocalcemia type 1 (ADH1).
A final decision is expected by May 8, 2027. If approved, encaleret would become the first FDA-approved therapy specifically indicated for ADH1, offering a disease-targeted treatment for a condition that is currently managed with calcium and active vitamin D supplementation rather than therapies that address its underlying cause.
The FDA also notified BridgeBio that it is not currently planning to hold an advisory committee meeting, suggesting that the agency does not presently see the need for external expert review of the application. While this is generally viewed as a positive procedural development, it should not be interpreted as an indication of the FDA's ultimate approval decision.
The filing is supported by results from the phase III CALIBRATE study, which showed that encaleret led to the simultaneous restoration of blood and urine calcium, as well as the restoration of physiologic parathyroid hormone (PTH) production. Per BridgeBio, the findings support the drug’s potential as a disease-modifying therapy by targeting the underlying genetic cause of ADH1.
BBIO Stock’s Price PerformanceYear to date, the company’s shares have gained 8% against the industry’s 5% fall.
Image Source: Zacks Investment Research
BridgeBio Takes a Step Closer to Becoming a Multi-Product CompanyThe FDA's acceptance of encaleret marks another regulatory milestone for BridgeBio as it continues to expand its product portfolio beyond Attruby, which is currently its only marketed product. The drug is approved for the treatment of adults with transthyretin amyloid cardiomyopathy (ATTR-CM).
However, the company has several late-stage candidates that could significantly diversify its revenue base over the next 12 months. Encaleret is one of three near-term commercialization opportunities, alongside BBP-418 and infigratinib.
A filing for BBP-418 is already under FDA review for limb-girdle muscular dystrophy type 2I/R9 (LGMD2I/R9), with a final decision expected by Nov. 27, 2026. On the other hand, BridgeBio is on track to submit a filing to the agency for infigratinib as a potential treatment for achondroplasia in the third quarter of 2026.
Together with encaleret, BBP-418 and infigratinib could significantly diversify BridgeBio's revenue base. If approved, these candidates would transform the company from a single-product business into a diversified rare disease commercial player, reducing its dependence on Attruby as its primary growth driver.
BBIO’s Zacks RankBridgeBio currently carries a Zacks Rank #3 (Hold).
Our Key Picks Among Biotech StocksSome better-ranked stocks from the sector are Liquidia Corporation (LQDA - Free Report) and Harmony Biosciences (HRMY - Free Report) , sporting a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share (EPS) have increased from $2.97 to $3.02. Over the same period, EPS estimates for 2027 have also increased from $4.81 to $4.92. LQDA shares have skyrocketed more than 150% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed once, with the average surprise being 54.40%.
Over the past 60 days, estimates for Harmony Biosciences’ 2026 EPS have increased from $3.20 to $3.30. Over the same period, EPS estimates for 2027 have risen from $3.64 to $3.87. HRMY shares have lost nearly 7% year to date.
Harmony Biosciences’ earnings missed estimates in each of the trailing four quarters, with the average negative surprise being 25.16%.
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Badger Meter, Inc. (NYSE: BMI) between April 18, 2024 and April 16, 2026, inclusive (the “Class Period”), of the important August 3, 2026 lead plaintiff deadline.
NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, reminds investors about a class action lawsuit on behalf of purchasers of common stock of Badger Meter, Inc. (NYSE: BMI) between April 18, 2024 and April 16, 2026, inclusive (the “Class Period”). Badger Meter manufactures and sells water measurement and management products.For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653.The Allegations: Rosen Law Firm is Investigating.
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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Decker Brands’ earnings.
Simply stay on this page, and new updates will appear below automatically. We expect $DECK to release earnings shortly after 4:05 p.m. ET.
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Top 5 Analyst Questions: How much of the ~56.5% FY27 gross margin reflects tariffs versus mix? Is HOKA’s low-double-digit guide conservative after +19.8% Q1 FY26 growth? What inning is the U.S. wholesale reset in? How is China pacing within the +49.7% international comp? Buyback cadence against the $5B authorization? Key Topics Management Might Address: tariff mitigation, DTC traffic trends, Clifton Pro sell-through, and whether FY27 EPS of $7.30-$7.45 has cushion. Buzzwords to Listen For: “full-price selling,” “marketplace management,” “brand heat,” “pull-forward,” “disciplined SG&A.” Red Flags: Withdrawn full-year guidance HOKA units decelerating DTC comps negative SG&A exceeding the ~35% of sales target. Options skew already sits at a 1.89 put/call.
6 minutes ago
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CEO Caroti’s Under-Promise, Over-Deliver Playbook Deckers (NYSE:DECK | DECK Price Prediction) enters tonight riding a 4-for-4 EPS and revenue beat streak. EPS surprise magnitudes ran 36.6%, 15.19%, 20.47%, and 15.61%, averaging roughly 22%. Revenue beats were tighter at 7.12%, 0.86%, 4.74%, and 3.13%.
CEO Stefano Caroti has cemented a conservative-guider reputation. FY26 guidance was raised twice mid-year, culminating in record $5.47 billion revenue and $7.02 EPS. CFO Steven Fasching conceded the framing bluntly: “We have been viewed as conservative guiders.”
Caroti pairs consistently positive brand commentary with explicit tariff caution, reinforced by the $7.30 to $7.45 FY27 EPS range issued in May.
Same-day reactions to prior beats have averaged +4.89%, though momentum typically fades (-4.29% one week later). Tonight’s guide of $0.82 to $0.87 EPS looks beatable if the pattern holds.
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Bull Case Four consecutive beats with EPS surprises ranging 15.19% to 36.6%, and an average same-day gain of +4.89%. HOKA and international engines still firing: +14.5% HOKA and +25.5% international in Q4. Apparel demand is holding up: clothing PCE hit a series-high $595.3B in May 2026. A $5B buyback authorization and a modest 15 P/E cushion downside. Bear Case U.S. revenue was nearly flat at +0.3% in Q4, signaling domestic saturation. Tariff pressure guided FY27 gross margin to ~56.5%, and Q4 operating income fell 9.9% YoY. Sixteen insider transactions skew to selling, and shares slid -4.41% intraday into the print. UGG guided to only mid-single-digit growth, well below its historical low-teens pace. 1 hour ago
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Deckers Outdoor reports fiscal Q1 2027 earnings after the bell, with management targeting its first-ever $1 billion June quarter.
The company enters the report with four consecutive quarterly beats and a P/E ratio of just 15, an attractive valuation for the owner of fast-growing HOKA and UGG.
The pressure point for the business tonight will be profitability. Tariff headwinds and SG&A expenses growing roughly twice as fast as revenue are expected to squeeze margins, while U.S. consumer sentiment of 44.8 could test full-price demand.
A clean beat accompanied by resilient HOKA lifestyle sales and strong reception for the Clifton Pro could revive the growth narrative. A margin miss would deepen concerns that tariffs and rising operating expenses could weigh on results into fiscal 2028.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Deckers Outdoor didn't make the cut. Grab the names FREE today.
Deckers Brands (NYSE:DECK) is expected to report fiscal Q1 2027 results tonight at 4:05 PM ET after the market closes. Shares are down 4.81% to $98.12 during Thursday’s intraday trading, and shares are down 9.12% in the past year.
Momentum Meets a Margin Reset Q4 delivered $0.96 EPS on $1.12 billion in revenue, with HOKA up 14.5% and UGG up 9.2%. International sales jumped 25.5%, but US revenue crept up only 0.3%.
Operating income slipped 9.89% despite the revenue gain, with SG&A at $487.91 million. Management framed FY2027 gross margin at about 56.5%, absorbing tariff pressure from the $120 million or so in IEFA tariffs paid on FY2026 inventory. Shares are down 1.16% year to date, reflecting the reset from record FY2026 profits.
Consensus Estimates Metric Q1 FY2027 Guide YoY Change FY2027 Guide Revenue ~$1.01B +~5% $5.86B-$5.91B Diluted EPS $0.82-$0.87 vs $0.93 $7.30-$7.45 The Q1 EPS estimate range sits below last year’s $0.93. Deceleration reflects tariff wraparound, SG&A growth outpacing sales, and wholesale shipment timing that pulled HOKA volume forward in the prior year’s EMEA 3PL transition.
Tariffs, HOKA Timing, and US Demand Take Center Stage There are a couple of key developments I’ll be watching with Deckers Brands tonight. First, guidance calls for high single-digit growth primarily from DTC, a step down from last year’s 19.8% Q1 numbers. Management flagged delayed APAC distributor shipments and the Clifton Pro launch in July as timing dynamics that mask underlying momentum.
Investors will also focus on gross margin cadence. CFO Steven Fasching noted the FY2027 setup carries “higher freight costs from rising transportation costs and shipping disruption related to the ongoing Middle East conflict and increased input costs related to material upgrades.” Q1 will absorb the bulk of that first-half tariff wraparound.
US domestic performance also matters. Consumer sentiment collapsed to 44.8 in May, the lowest in 12 months. HOKA lifestyle traction through Mafate SP2 and Bondi 7, plus UGG’s Otzo Clog and Minimal sneaker, needs to hold full-price sell-through.
Finally, I’ll look at how management talks about the FY2030 framework after CFO and CEO disposed of 21,944 and 10,532 shares, respectively, on May 20, offset by nine directors buying on June 1.
Earnings History Quarter EPS Surprise 1-Day Move 7-Day Move 30-Day Move Q4 FY2026 +15.61% +3.95% +3.89% -3.82% Q3 FY2026 +20.47% +19.46% -3.26% -8.88% Q2 FY2026 +15.19% -15.21% -6.26% -1.69% Q1 FY2026 +36.6% +11.35% -11.55% -2.70% On average, shares moved -4.29% seven days after earnings over the past year.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Deckers Outdoor didn't make the cut. Grab the names FREE today.
Free wings with qualifying purchase, exclusive Club Wingstop rewards and live music experiences bring fans the ultimate week of flavor
, /PRNewswire/ -- Wingstop is turning up the flavor and elevating Wingstop Wing Day like never before. For the first time, the brand is expanding its takeover of National Wing Day (July 29) into Wingstop Wing Week, a five-day takeover from July 27–31, bringing fans even more ways to score free wings, unlock exclusive Club Wingstop rewards and, for eligible fans, enter for a chance to win live music prizes.
Wingstop is expanding Wing Day into Wing Week, a five-day celebration of rewards and experiences. Club Wingstop brings fans closer to the moments and experiences they love, and Wingstop Wing Week is giving everyone a taste of the exclusive access members can expect. Fans can enter for a chance to win once-in-a-lifetime music experiences and other prizes through Wingstop's broader $1 million giveaway, including trips to concerts and festivals with tickets, airfare, hotel accommodations and spending money. Fans can also score Ticketmaster® gift cards, Tickets for a Year and more, making this the ultimate week for flavor fanatics and music lovers alike.
Daily prize moments include:
Monday (7/27): $500 Ticketmaster gift card + $500 Wingstop gift card Tuesday (7/28): Concert package for two, including concert tickets, airfare, hotel and spending money Wednesday (7/29): Tickets for a Year ($3,000 Ticketmaster gift card) Thursday (7/30): Festival package for two, including VIP festival tickets, airfare, hotel and spending money Friday (7/31): $500 Ticketmaster gift card + $500 Wingstop gift card On Wingstop Wing Day (7/29), Wingstop is bringing back one of its biggest offers of the year: 5 FREE wings with any qualifying $10+ purchase using promo code FREEWINGS. It's also fans' last call to try Wingstop's limited-time Sweet Heat Chamoy flavor, and what greater way to experience the sweet-and-spicy favorite than with five FREE wings? Better yet, Club Wingstop members get extended access to the Wingstop Wing Day offer, with the ability to redeem one 5 FREE wings offer daily from 7/28–7/30 as part of Wingstop Wing Week.
Fans can unlock Wingstop Wing Week food offers and sign up for Club Wingstop to tap into insider perks and exclusive access through the Wingstop app or Wingstop.com.
NO PURCHASE NECESSARY. Legal U.S./D.C.(excluding AK, HI, ME, MT, ND, RI, VT) residents, 18+. Void where prohibited. Begins 12:00 PM PT on 7/27/26 and ends 11:59 PM PT on 7/31/26. To enter or see Official Rules, visit ticketmaster.com/wingstop. Odds of winning depend upon the number of entries received. Sponsor is Wingstop Restaurants, Inc., 2801 N. Central Expressway, Suite 1600, Dallas, TX 75204. Administrator is Live Nation Worldwide, Inc., 9348 Civic Center Drive, Beverly Hills, CA 90210. Ticketmaster is a registered trademark of Live Nation Worldwide, Inc.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 3,000 restaurants worldwide, with approximately 98% of the total restaurant count owned by brand partners. Generating over $5 billion in system-wide sales in fiscal 2025, Wingstop offers made-to-order, always fresh classic and boneless wings, tenders and chicken sandwiches in 12 bold, distinctive flavors, alongside signature sides and iconic housemade ranch and bleu cheese dips. Dedicated to Serving the World Flavor, Wingstop is the Official Chicken Partner of the NBA with a vision to become a Top 10 Global Restaurant Brand. Learn more at wingstop.com or follow @Wingstop on X, Instagram, Facebook and TikTok.
Robinhood CEO’s official Twitter account posts suspicious messages, suspected of being hacked.
Robinhood CEO Vlad Tenev’s X account was reportedly hacked, leading to an abnormal post published in the early morning that announced the launch of Robinhood Chain’s so-called "official" mascot token Vladhood (VLAD), along with the token’s contract address. The token’s contract page was later flagged as "SCAM" in the Robinhood Chain block explorer, alerting users to potential fraud risks. The post has since been removed.
1 hours ago
AMD saw a short-term drop of more than 5%, while Helios has entered full-scale production and is nearing shipment.
According to market data from BIT (bit.com), AMD (AMD.O) shares have fallen to an intraday low, currently down 4.72%, after earlier rising 0.66%. AMD CEO Lisa Su just announced the launch of the Helios AI server full rack, noting that Helios has entered full-scale production and will begin shipping soon; the MI450 AI accelerator will become the industry's highest-performance AI accelerator.
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SpaceX has released the live stream page for its 13th Starship flight, with today’s launch probability currently reported at 64%.
According to PolyBeats' monitoring, SpaceX has just released the official live stream page for its 13th Starship flight test, which lists the live stream start time as 6:14 AM (UTC+8) on the 24th. On prediction market Polymarket, the "yes" probability for the question "Will SpaceX launch Starship today (local time 23rd)?" is currently at 64%, while the probability of a launch this month stands at 91%. Starship Flight 13 previously aborted automatically roughly 1 second before clearing the launch pad on the morning of July 17. The U.S. Federal Aviation Administration (FAA), in its latest operational plan released today, continues to list SpaceX’s 13th Starship flight test as a scheduled task for the day. Flight 13 is now targeted for launch as early as 17:45 local time in Texas, or 06:45 Beijing time on July 24, with a 90-minute launch window extending to 08:15 Beijing time. Real-time data from Next Spaceflight shows all 19 launch preparation conditions—including rocket testing, stacking, airspace notices, and maritime warnings—have been completed, with no new technical faults or delay announcements reported to date. --------------------------------- Be among the first to glimpse the future. Follow @PolyBeats_Bot See tomorrow, today. Follow @PolyBeatsEN
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Citrini’s view: Bullish on AMD, bearish on NVIDIA. Coding AI is eroding NVIDIA’s competitive moat from the software side, marking the end of its CUDA moat.
Citrini analyst Jukan, citing recent core views from DeepSeek founder Liang Wenfeng, pointed out that AI-driven code generation and high-level programming languages like TileLang are rapidly lowering entry barriers to the CUDA ecosystem. While DeepSeek uses NVIDIA GPUs to train its V3 model, it has significantly reduced its reliance on NVIDIA’s software ecosystem via its self-developed compiler and TileLang environment. Earlier, Liang projected that porting TileLang and DeepSeek’s compiler to Huawei chips would largely resolve China’s chip ecosystem issues in about a year, with production capacity being the only remaining bottleneck. Liang quantified the China-U.S. chip gap: hardware efficiency is roughly four times lower, and there is a roughly two-year time lag. He also revealed that DeepSeek is working closely with Huawei, expecting to obtain around 16,000 Huawei AI chips, and the Huawei 950 SuperNode can replace the workloads of NVIDIA’s GB200/GB300. Analyst Jukan characterized this as "the end of CUDA’s moat" and holds a highly bearish outlook on NVIDIA. Jukan added that this line of reasoning is precisely one reason for being bullish on AMD: advances in coding AI will also naturally accelerate the development of the ROCm ecosystem, helping narrow its gap with CUDA. When AMD recently invested in Anthropic, it announced it would actively use Claude Code for chip design and software engineering. Overall, advances in AI programming tools are systematically eroding NVIDIA’s competitive barriers from the software side. China’s chip ecosystem issues will be rapidly resolved thanks to code generation capabilities, while AMD will benefit from ROCm’s accelerated growth. The CUDA moat NVIDIA relies on to retain developer loyalty is facing a two-pronged attack, and catching up in hardware efficiency and production capacity is only a matter of time.
1 hours ago
AMD: AI Accelerator Market to Reach $1.4 Trillion by 2030
AMD CEO Lisa Su stated that the AI accelerator market is projected to reach $1.4 trillion by 2030. AI accelerators are specialized hardware designed for AI computing tasks such as matrix operations in deep learning, capable of processing massive parallel workloads with far higher efficiency and energy efficiency than traditional CPUs. Mainstream types include NVIDIA GPUs and custom ASICs from vendors like Broadcom, which serve as the core computing backbone driving large model training and inference.
1 hours ago
Data: Approximately 75% of BMEX tokens have never been claimed or put into circulation, with only 8% allocated at the time of listing.
On-chain visualization analytics platform Bubblemaps noted that after BitMEX announced it would officially cease operations in September, its platform token BMEX plummeted by roughly 95% today. However, per the token economics model released in 2021, 92% of BMEX tokens are locked in vesting contracts, with only 8% allocated at launch — 5% via airdrop and 3% for product and liquidity purposes. On-chain data shows the only token withdrawal occurred on November 2, 2022, when the product and liquidity address received 63.75 million BMEX. Meanwhile, approximately 75% of tokens originally earmarked for employee incentives, ecosystem growth, and long-term reserves have never been withdrawn and have never entered circulation. Bubblemaps added that this is not necessarily a violation, but per the publicly disclosed allocation plan, these large portions of tokens have indeed never been actually distributed. BlockBeats previously reported that notably, the platform’s current handling of BMEX tokens is very limited, with no additional compensation or special arrangements. The only action explicitly mentioned in BitMEX’s official shutdown announcement today is that the platform has immediately unstaked all staked BMEX tokens and returned them directly to holders’ accounts. Per BitMEX’s earlier announcement, BMEX is a pure platform utility token, not equity, debt, or an asset with promised returns. The official disclaimer states that BMEX is only used for features such as trading fee discounts and staking rewards on the BitMEX platform, does not constitute an investment, and the platform assumes no refund or exchange liability.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
PANews July 23 news, according to an official announcement, Gate US has entered into a strategic partnership with BitGo, a leading digital asset custody and security infrastructure provider, to further enhance its asset security, compliance operations and scalable service capabilities in the U.S. market. As a well-known institutional-grade digital asset infrastructure platform in the industry, BitGo has extensive experience in custody, wallet management, settlement and security risk control, enabling digital asset platforms to deliver higher-standard asset protection and operational support. Through this partnership, Gate US will further improve its secure custody system and build a more robust and trustworthy digital asset service environment for users.
This strategic partnership marks an important step in Gate US’s ongoing commitment to a compliance-first and security-first development path. Leveraging BitGo’s institutional-grade custody and security technology capabilities, Gate US will further strengthen asset management efficiency, risk control capabilities and the resilience of its platform infrastructure, laying a solid foundation for future product expansion and service upgrades. Gate US currently holds Money Transmitter Licenses (MTL) in 36 states and operates in 47 U.S. jurisdictions. In addition, multiple entities under Gate have completed relevant regulatory registrations, license applications, or obtained authorizations and approvals in jurisdictions including Malta, The Bahamas, Japan, Australia and Dubai. Going forward, Gate US will continue to work with high-quality infrastructure partners to drive continuous upgrades in the security, compliance and scalability of digital asset services, delivering more efficient and reassuring fintech experiences to users.
The Strait of Hormuz has closed twice this year, and both times silver fell instead of rallying, because the crisis bid went into the US dollar rather than into metals.
Silver trades near $58.77 an ounce as I write this, with the gold-silver ratio around 69.5. That ratio is simply the number of silver ounces it takes to buy one ounce of gold, and investors watch it to judge whether silver is cheap or expensive against the larger metal. Silver is up roughly 50% from where it stood a year ago, and it still sits about 52% below the record of $121.62 set on January 29.
It would be easy to blame that gap on the war, and it would be wrong. The collapse from January's record was a margin story, not a geopolitical one: exchange margin requirements on silver futures were raised, leveraged positions were forced out, and the price fell hard through early February, weeks before the first shot was fired. Silver had recovered into the $90s by the end of that month. What the war did was something different, and more instructive.
I write the Silver Catalyst newsletter for Golden Meadow®, and the striking thing about the past six months is that the same setup has now produced the same result twice. In late February, US and Israeli strikes on Iran shut the Strait of Hormuz and silver fell. In July, the strikes resumed, the strait closed again, and silver fell again. A single episode is an anomaly. Two is a pattern worth understanding, because it tells you which conditions turn geopolitical fear into higher silver prices, and which conditions do the opposite.
The same setup, twiceThe war began on February 28 with coordinated US and Israeli strikes on Iranian targets. Iran retaliated against shipping, and tanker traffic through the Strait of Hormuz effectively halted. Roughly one-fifth of the world's oil passes through that waterway, so the closure went straight into energy prices. Brent crude climbed above $100 a barrel within about a week, the first time it had done so since 2022.
On paper, this was everything a precious metals investor is told to expect: a shooting war, a threatened oil supply, and a genuine inflation scare. Silver did jump briefly when markets opened. Then it gave the gain back the same day and kept sliding. By mid-March, both gold and silver sat at one-month lows, with silver near $77, falling despite the Iran war rather than because of it. The slide continued into the low $60s by late March.
July ran the same sequence in miniature. A June ceasefire frayed, the United States notified Congress that military action had resumed, Iran struck tankers, and the strait closed once more. Oil surged more than 9%. Silver, which had traded near $69.89 a month earlier, bottomed near $55.58 on July 17, an eight-month low.
Sources: Forbes: Gold and Silver Hit One-Month Lows Despite Iran War | Trading Economics: Silver Slumps as Oil Hits $100 Amid Middle East Conflict | Yahoo Finance: Silver Hits Eight-Month Lows as Airstrikes Continue
Why the crisis bid skipped SilverBoth times, the money looking for safety went into the US dollar rather than into metals. The dollar held near its strongest level in more than a year through the July window, and a stronger dollar mechanically pressures silver, because silver is priced in dollars and a more valuable dollar buys more of everything.
The oil spike did the rest of the damage, through a chain that is worth following slowly. Higher energy prices lift expected inflation. Higher expected inflation pushes up expectations for interest rates, and in this case it did more than that: it turned an expected series of Federal Reserve rate cuts into an argument about rate hikes. That is a direct headwind for silver, which pays no interest to whoever holds it. When investors believe cash and bonds will pay more, an asset yielding nothing looks worse by comparison.
Gold fell in both episodes too. Silver simply fell further, because industrial uses account for about 57% of total silver demand, so a shock that raises the cost of energy and threatens growth hits silver from two directions at once. That is why the gold-silver ratio widened toward 72 at the July low before compressing again on the rebound.
It is worth being precise about what did not happen. Iran produces a negligible amount of silver, so neither episode touched mine supply. The entire effect ran through investment demand.
Then, in July, it reversed quickly. Reports of a possible 10-day truce arrived alongside a softer June inflation reading, the expected-rate path eased, and silver rebounded 4.9% in a single session on July 21 to close the window near $59.17, almost exactly where it began.
Sources: NPR: US-Iran Strikes and the Strait of Hormuz | CNN: US Resumes Strikes, Iran Says It Struck Tankers | Capital.com: Dollar Firms on Iran Safe-Haven Bid | USAGOLD: Silver Slips, Gold-Silver Ratio Near 72 | StreetInsider: Oil Falls as Mediators Propose 10-Day Ceasefire
What this means to Silver investorsThe lesson is not that silver failed as a safe haven. The lesson is that the safe-haven response is conditional, and the conditions are knowable in advance.
Silver tends to benefit from a crisis when two things line up: the money fleeing to safety actually flows into metals, and the crisis pushes interest rate expectations down rather than up. When both hold, silver often outruns gold, because it is a much smaller market and the same inflow moves it further.
The clearest recent example is 2020. When the pandemic panic hit in March of that year, silver was sold hard alongside everything else, and the gold-silver ratio spiked to 127, meaning it took 127 ounces of silver to buy one ounce of gold. That was the liquidation phase, and it looked a great deal like this year. What changed was the policy response. Central banks cut rates to near zero and flooded markets with liquidity, and the safe-haven money that had been hiding in cash moved into metals. From its March low, silver rallied over 140% by early August 2020, and the ratio compressed from 127 to 72. The Silver Institute attributed the move to safe-haven demand, inflation fears, very low interest rates, and central bank liquidity. In July 2020 alone silver gained 34%, its best month since 1979.
Set that against 2026 and the contrast is direct. In 2020 the crisis drove rates to zero and the money went into metals. In 2026 the crisis ran through oil, so it drove rate expectations up and the money went into the dollar. Same asset, opposite configuration, opposite outcome.
Two practical implications follow. First, watch where the safe-haven money is actually going, not merely whether fear is rising. A climbing dollar during a crisis is a warning sign for silver in the short run. Second, energy-driven crises and financial-system crises are not the same trade. A banking scare that pulls rate expectations down is a very different setup for silver than an oil shock that pushes them up.
None of this touched the physical picture underneath. Mine supply was unaffected in both episodes, and the market is still forecast to run a sixth consecutive annual deficit of 46.3 million ounces in 2026, according to Metals Focus and the Silver Institute. Those are separate clocks. The macro channel can dominate for weeks at a time, as it plainly did twice this year, while the supply and demand balance moves on a horizon measured in years.
That distinction is the practical value of watching this closely. If you follow how silver has traded in 2026, you will notice the sharpest moves have come from the macro channel, while the longer-term case for silver has rested on the structural shortfall that keeps drawing down above-ground stocks. Confusing one for the other is how investors talk themselves out of a position during exactly the sort of fortnight we just had, and it is also why the framework in Silver Rising treats the safe-haven response as a conditional catalyst rather than an automatic one.
The honest summary is that silver has now run the unfavorable configuration twice this year, and in July it still finished roughly where it started.
Many central banks are stacking gold. However, there is a notable seller – Russia.
This underscores the fact that governments hold gold for a reason.
According to the latest data compiled by the World Gold Council, Russia has sold around 44 tonnes of gold since the beginning of the year. The Russians are tapping into their gold reserves to fill budget holes as the ongoing war with Ukraine and economic sanctions strain the country’s economy.
The Bank of Russia has sold gold every month this year, decreasing its reserves by nearly 10 tonnes in June alone.
Economists estimate Russia has raised about $5.6 billion through its gold sales.
Russia’s government budget has grown to around ₽7 trillion ($89 billion).
The Moscow Times noted that the drawdown of Russian gold reserves is the largest in decades, including during the pandemic era.
“Even during the pandemic, when authorities sold assets from foreign exchange reserves to support the ruble and the budget, the Central Bank sold six times less gold—7.6 tonnes—between July 2020 and April 2021. As of July 1, 2026, the Central Bank’s gold reserves had fallen to 2,283 tonnes (73.4 million ounces), the lowest level since February 2020.”
The Times said the central bank has been selling gold into the domestic market. The Russian Finance Ministry has been conducting similar gold sales through the National Wealth Fund (NWF).
Freedom Global analyst Vladimir Chernov explained the mechanism behind the Bank of Russia gold sales.
“When oil and gas revenues fall below the level stipulated by the fiscal rule, or when fund assets are allocated for domestic investment, the Bank of Russia carries out offsetting transactions involving liquid reserve assets. In doing so, the Central Bank is executing the technical aspect of the mechanism rather than making a specific decision to cover the budget deficit by selling gold.”
Chernov pointed out that the very nature of gold makes these transactions possible despite aggressive sanctions that have effectively cut Russia off from the global economy.
“Gold is suitable for such operations because it is stored in Russia, remains accessible to the regulator under sanctions, and has appreciated significantly in recent years.”
Russia was prepared for this.
The Bank of Russia launched a gold buying spree beginning in 2014. Over the next six years, the Russian central bank increased its reserves by around 40 million ounces (1,244 tonnes).
During this period, the price of gold ranged from $1,100 to $1,500 an ounce.
When the war began, Russia held about half of its reserves in dollar, euro, and pound sterling assets. The other half was in yuan and gold, which remain accessible.
The Russians also made a shrewd move before the invasion of Ukraine, transferring their National Welfare Fund holdings into yuan (60 percent) and gold (40 percent). A RAND Corporation study notes, “This was an indication that Russia was preparing for increased Western economic pressure. During the war, Russia has been using these funds to support the budget.”
Russia’s recent selling reveals just why central banks hold gold. It serves as a long-term reserve free from counterparty risk. And since its value is recognized around the world, it can serve as an emergency fund – even if you’ve been locked out of the global dollar-dominated financial system.
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In this episode of the Money Metals Midweek Memo, host Mike Maharrey argues that investors should look beyond daily headlines and recognize the long-term patterns reshaping financial markets. Drawing parallels between hockey goalies who rely on pattern recognition rather than reflexes, Maharrey contends that history provides valuable clues about where markets are headed—even if the exact events never repeat themselves.
His central thesis is that the U.S. Treasury market is undergoing a fundamental structural shift. If this trend continues, it could permanently alter interest rates, constrain Federal Reserve policy, weaken the traditional 60/40 investment portfolio, and strengthen the long-term case for owning gold and silver.
Why pattern recognition matters more than headlinesMaharrey opens with an unusual analogy from professional hockey. NHL goalies routinely stop slap shots they physically cannot react to in time because they recognize patterns before the puck even leaves the stick. Investors, he argues, should approach markets the same way.
Instead of reacting to every social media post, Federal Reserve comment, or daily price movement, investors should study historical trends that unfold over years or decades. Technical analysis and long-term historical perspective can reveal recurring cycles that help anticipate future market behavior.
According to Maharrey, today's financial markets suffer from "compressed timeframes," where many participants remember little before the 2008 financial crisis. This has distorted expectations, leading many investors to mistakenly believe that the ultra-low interest rates of the last decade represent normal conditions.
Inflation is making retirement more difficultBefore diving into the bond market, Maharrey highlights a recent Morningstar survey showing that 46% of Americans say they cannot currently afford to save for retirement.
He acknowledges that persistent inflation and declining purchasing power make saving increasingly difficult. However, he argues that failing to save presents an even greater long-term risk.
As one potential solution, Maharrey discusses Money Metals' monthly installment program, which allows investors to accumulate precious metals beginning with contributions as low as $100 per month, gradually building a portfolio designed to preserve purchasing power over time.
A fundamental shift is happening in the bond marketThe heart of the episode focuses on evidence suggesting the U.S. Treasury market has entered a long-term structural transition.
Drawing heavily from research published by Massif Capital and work by analyst Will Thompson, Maharrey explains that for roughly the last two decades, long-term interest rates largely followed expectations surrounding Federal Reserve policy.
Today, however, that relationship appears to be changing.
Instead of central banks dominating Treasury demand, private investors seeking competitive returns increasingly determine bond prices. As these investors become more sensitive to risk and required yields, long-term interest rates are being driven more by fiscal concerns and geopolitical risks than by Federal Reserve policy alone.
This shift, Maharrey argues, fundamentally changes how Treasury markets function.
Jim Grant's long-term bond bear market thesisMaharrey then revisits the work of legendary bond analyst Jim Grant, publisher of Grant's Interest Rate Observer.
Grant has long argued that interest rates move through multi-decade cycles. According to Maharrey, Grant believes the world is entering a generational bear market in bonds, meaning persistently higher interest rates and lower bond prices over many years.
Grant bases this conclusion on recurring historical cycles dating back more than a century. Interest rates fell during portions of the late nineteenth century, rose through the early twentieth century, declined again between 1920 and 1946, climbed from 1946 through 1981, then entered another extended decline that culminated in nearly a decade of zero-percent interest rates following the 2008 financial crisis.
At the peak of that era, nearly $18 trillion of global debt carried zero or even negative yields—something Grant considers one of history's greatest bond market excesses.
Massif capital explains why this cycle is differentWhile Grant identifies the historical pattern, Massif Capital attempts to explain the mechanics behind today's shift.
Maharrey explains that Treasury prices and yields remain governed by supply and demand. As demand falls, bond prices decline, and yields rise.
Recent behavior, however, has defied traditional expectations.
The 10-year Treasury yield climbed from roughly 1.5% in late 2021 to nearly 5% by the fall of 2023. Even after the Federal Reserve began lowering short-term interest rates, long-term yields remained elevated instead of declining.
According to Massif Capital, this represents a genuine "regime change" in Treasury markets.
The firm points to one particularly striking example.
After the Federal Open Market Committee cut rates by 50 basis points at its September 2024 meeting, the 10-year Treasury yield actually increased, rising from approximately 3.65% on September 17, 2024, to roughly 4.79% by January 2025.
By March 2026, despite projections for roughly 225 basis points of additional rate cuts, the 10-year Treasury still traded near 4.45%, suggesting Federal Reserve policy no longer fully controls long-term rates.
Bonds are losing their safe-haven statusPerhaps the most significant change Maharrey identifies is the evolving role of Treasury securities during periods of geopolitical stress.
Historically, investors rushed into U.S. government debt during wars or financial turmoil, pushing bond prices higher and yields lower.
Instead, recent conflicts—including heightened tensions involving Iran—have coincided with Treasury selling rather than buying.
According to Maharrey, this indicates investors increasingly view long-term government debt as a risk asset rather than a safe haven.
He notes that the New York Fed's Adrian, Crump, and Moench model placed the 10-year term premium near 0.6% in late May 2026, after spending much of the previous decade near zero or negative territory. On January 13, 2025, the term premium exceeded 0.8%, its highest level since 2011.
These higher premiums indicate investors now demand greater compensation for holding long-term U.S. debt.
Why global demand for treasuries is fallingMaharrey argues that two primary forces are reducing international demand for U.S. government debt.
The first is America's deteriorating fiscal position.
With the national debt approaching $40 trillion, continued deficit spending has raised concerns among global investors about the long-term sustainability of U.S. finances.
The second is the weaponization of the U.S. dollar.
Following Western sanctions and the freezing of Russian dollar-denominated assets after Russia's invasion of Ukraine, many governments began reassessing the risks associated with holding large quantities of U.S. financial assets.
According to Maharrey, these developments accelerated global de-dollarization efforts.
One notable example is China, whose Treasury holdings have fallen to approximately $652.3 billion, the lowest level since September 2008.
He also notes that earlier this year, gold surpassed U.S. Treasuries as the world's leading reserve asset, underscoring how many central banks are increasingly substituting gold for government bonds.
Rising borrowing costs leave the Fed in a difficult positionMaharrey argues that higher bond yields create serious problems for Washington.
As interest rates increase, the federal government's borrowing costs rise accordingly.
He notes that during fiscal year 2026, the U.S. Treasury has already spent approximately $1.5 trillion on interest expenses, representing a 14.2% increase over the comparable period in fiscal 2025.
Interest costs totaled approximately $1.22 trillion during fiscal 2025, up 7.3% from the previous year.
Interest on the national debt has now become the federal government's second-largest spending category, exceeding defense and Medicare expenditures, with only Social Security costing more.
Maharrey contends that if foreign governments continue reducing Treasury purchases while private investors demand higher yields, the Federal Reserve may have little choice but to resume large-scale bond buying through quantitative easing.
The Federal Reserve's Catch-22According to Maharrey, this creates a dilemma the Federal Reserve cannot escape.
If policymakers continue fighting inflation through tighter monetary policy, they risk bursting the debt bubble and severely damaging the economy.
If they instead resume aggressive monetary easing and quantitative easing, they risk reigniting inflation through additional money creation.
Maharrey believes history suggests the Federal Reserve will ultimately choose inflation over recession, arguing that preserving economic stability has consistently taken priority over maintaining purchasing power.
He suggests that the changing bond market may increasingly limit the Fed's ability to control long-term interest rates, forcing policymakers into decisions they would rather avoid.
Why Gold could replace bonds in traditional portfoliosMaharrey concludes by examining what these structural changes could mean for investors.
For decades, the standard investment allocation consisted of a 60/40 portfolio—roughly 60% equities and 40% bonds.
That strategy depended on bonds rising when stocks declined.
Today, however, bonds and equities increasingly move together.
Massif Capital's research found that the rolling correlation between stocks and bonds, which remained moderately negative from 2003 through 2021, surged to approximately +0.5 during 2022 and has since averaged near +0.6.
As a result, bonds no longer provide the diversification many investors expect.
Maharrey points to Morgan Stanley Chief Investment Officer Michael Wilson, who recently suggested a 60/20 strategy, replacing half of the traditional bond allocation with gold as a more resilient inflation hedge.
Central banks continue choosing GoldSupporting this view, Maharrey notes that central banks themselves increasingly favor gold over government bonds.
According to the figures cited in the episode, central banks have purchased more than 1,000 metric tons of gold annually for four consecutive years.e annual central bank gold purchases between 2010 and 2021 totaled only 473 metric tons.
For Maharrey, this trend reinforces the idea that gold has increasingly become the world's preferred safe-haven asset as confidence in long-term government debt continues to erode.
Looking beyond today's headlinesMaharrey closes by returning to the episode's central message: investors should focus less on daily market noise and more on long-term historical patterns.
Whether examining Treasury markets, Federal Reserve policy, inflation, or precious metals, he believes today's developments point toward a prolonged period of structurally higher interest rates, persistent currency debasement, and increased demand for tangible assets.
While short-term volatility is inevitable, Maharrey argues that the long-term trends increasingly favor gold and silver as tools for preserving purchasing power in an evolving financial landscape.
Several large Chinese banks have announced plans to halt retail paper gold trading. Could this be a coordinated push by China to exert more influence and break the Western grip on gold pricing?
Last month, the Industrial and Commercial Bank of China (ICBC) announced it would stop offering individual trading in precious metals linked to the Shanghai Gold Exchange effective July 24. ICBC ranks as the world’s largest bank by assets.
Postal Savings Bank of China, Ping An Bank, and China Guangfa Bank have also announced plans to end paper gold trading.
Paper trading involves “futures.” These are exchange-traded contracts between two parties who agree to buy/sell a set amount of gold at a predetermined price on a specific future date. At the end of the contract, the buyer can either roll the contract over into a new one or take delivery of the physical metal.
Futures are used for hedging against price fluctuations and for speculating on market movements.
Since most futures traders never take delivery of physical gold, there is far more paper than metal. If every investor holding a buy contract demanded delivery, there wouldn’t be enough gold to go around. This opens the door to price manipulation through the movement of paper contracts.
True price discoveryThere is some speculation that the sudden exodus of Chinese banks from futures trading, coupled with the new Hong Kong-based gold clearing and settlement system, is a concerted effort by China to have a stronger hand in global gold pricing.
This would represent a seismic shift in the gold market, moving the balance of pricing power away from the paper-dominated West to the physical metal-oriented East.
London, New York, and Switzerland have served as the center of the gold trade for nearly two centuries. The spot price is driven by the London Bullion Market Association (LBMA) morning and evening gold fixes.
Meanwhile, the Shanghai Gold Exchange (SGE) is the world’s largest physical spot gold exchange. Its activity centers on the physical delivery of bullion, unlike the COMEX, which is primarily a hub for moving paper. However, despite its size, the SGE has far less influence on global pricing.
The World Gold Council picked up on an interesting trend in its H1 gold market analysis.
"Interestingly, intraday analysis suggests that the bulk of gold’s movements have been linked to activity during Asian and U.S. trading hours. Many of the pullbacks occurred during U.S. hours and, conversely, gold’s rebounds generally occurred during Asian hours."
During Asian trading hours, gold was up 12.9 percent through the first six months of the year. During North American trading hours, the yellow metal was down 15 percent. European sessions split the difference, with gold falling modestly by 1.3 percent.
This isn’t just a recent trend. We find that the gold price in Asian markets has typically outperformed the Western gold price for decades.
Analyst Ed Steer argues that this reflects Western price manipulation through the paper markets.
“This simple difference in investment strategy is all the proof needed that the world's banks and large commercial traders are actively managing the price between the a.m. and p.m. gold fixes in London -- and have been doing so since the paper market in gold first opened on 02 January 1975.”
It’s not a leap to think that the Chinese would prefer to set the gold price and strip power away from the paper traders in the West.
Risk managementOfficials say Chinese banks are exiting paper futures trading to manage risk and prevent “speculative excesses.”
“Chinese banks are tightening retail precious metals trading as a risk-control response to heightened price volatility,” State Street Investment Management gold strategist Robin Tsui told the South China Morning Post.
Joshua Rotbart operates a precious metals firm with offices in Hong Kong and Singapore. He agreed, telling the Investing News Network that we shouldn’t take the move as a sign that China is “cooling on gold.”
“What is being switched off is the speculative paper layer. This move reflects a distinction between leveraged paper trading and physical ownership.”
Paper trading increases volatility because it can be moved so easily. Rotbart said Chinese banks have become increasingly concerned about leveraged retail products given the recent price swings.
“When gold prices move sharply, leveraged paper products expose both the investor and the institution to greater risk. Discontinuing these products reduces operational and reputational risk while supporting broader financial stability.”
It also shifts the pricing emphasis away from speculative paper toward the physical market. This would arguably mean a price better reflecting the market fundamentals as opposed to speculative soothsaying.
Rotbart hinted that a more Asian-centric gold pricing regime could orient the market more toward physical gold.
“Over time, this development may encourage greater emphasis on physical ownership rather than short-term leveraged speculation. It channels demand toward the metal itself rather than reducing it.”
VRIC Media CEO Jay Martin said he doesn’t buy the official explanation.
“I think that July 24th is the day that China starts finding out what gold is actually worth.”
He pointed out that the paper market creates the illusion that there is far more gold than there really is, making it easy for paper traders to depress prices.
“If there are 10 paper claims for every real ounce of gold, the market sees 10 times more gold than actually exists.”
By removing this dynamic from the market, Martin argues we will find out “the real price of gold.”
And he thinks it’s much higher than the LBMA fix indicates.
Von Greyerz's partner Matthew Piepenburg agrees.
“I've written ad nauseam for years about the COMEX and the LBMA markets, and how they legalize price manipulation and fraud legally, and China isn't stupid. They've been watching this since 1973 ... They know that we use massive amounts of leverage to force the boot to the neck of gold and silver, so we don't have natural price discovery. Fast forward to 2026, China is saying for us to have more credibility, more trust, and more natural price discovery, we are now going to try and make the paper trade, which is an open secret that it's a lie; we're going to call the bluff on that. We're going to go focus more on physical supply and demand.”
Piepenburg called it “another move in the direction toward true price discovery.”
“What Shanghai and Hong Kong and China in the East are doing is anchoring the trade in something more valuable, actual supply and demand, less nonsense, less dishonesty, and that gives them more credibility.”
It's impossible to know the true motives of Chinese players in the gold market. However, it doesn't really matter.
Whether the Chinese government is intentionally trying to wrest control of pricing from the West or simply protecting its investors from volatility and market excess, the practical implications are the same. China is positioning itself to become a more influential player in gold pricing. The Chinese market is much more oriented toward physical bullion.
Ergo, Asian pricing will likely more strongly reflect the value of physical metal as opposed to speculation about gold on paper.
Key Takeaways ACGL's Q2 premiums are likely to reflect underwriting discipline despite softer property reinsurance pricing. Higher investment income and share buybacks are expected to support second-quarter earnings.Elevated catastrophe losses and higher expenses may pressure underwriting profitability.
Arch Capital Group Ltd. (ACGL - Free Report) is expected to register a decrease in both top and bottom lines when it reports second-quarter 2026 results on July 28, after the closing bell.
The Zacks Consensus Estimate for ACGL’s second-quarter revenues is pegged at $4.59 billion, indicating a 3.5% decline from the year-ago quarter’s reported figure.
The consensus estimate for earnings is pegged at $2.46 per share. The Zacks Consensus Estimate for ACGL’s second-quarter earnings has moved north 1 cent in the last seven days. The estimate suggests a year-over-year decrease of 4.6%.
What the Zacks Model Unveils for ACGLOur proven model does not predict an earnings beat for Arch Capital this time around. A stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). This is not the case, as you can see below:
Earnings ESP: Arch Capital has an Earnings ESP of -1.56% at present. This is because the Most Accurate Estimate of $2.43 per share is pegged lower than the Zacks Consensus Estimate of $2.46. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Arch Capital currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape ACGL’s Q2 ResultsRate increases, new business opportunities, growth in existing accounts, strong underwriting performance, portfolio optimization and continued contributions from the Allianz MidCorp acquisition are expected to have supported net premiums earned. However, softer property catastrophe reinsurance pricing and lower premiums resulting from the non-renewal of underperforming business are likely to have limited premium growth. The Zacks Consensus Estimate for net premiums earned is pegged at $4.14 billion. We expect net premiums earned to have decreased 3.6% to $4.18 billion.
The Mortgage segment is expected to have faced pressure from lower gross premiums written and Bellemeade Re tender offer expenses, although strong credit performance, low delinquencies and growth in non-GSE transactions are likely to have provided support.
Net investment income is likely to have benefited from a larger invested asset base, driven by solid operating cash flows and elevated reinvestment yields. We expect the metric to be $420.9 million. The Zacks Consensus Estimate is pegged at $423.2 million.
Expenses are expected to have increased in the to-be-reported quarter due to higher losses and loss adjustment expenses, acquisition costs, other operating expenses, amortization of intangible assets, corporate expenses and interest expenses. We expect total expenses to decrease 4.2% to $3.6 billion.
Prudent pricing in casualty and specialty lines, disciplined underwriting and favorable prior-year reserve development are expected to have supported underwriting profitability and the combined ratio. However, elevated catastrophe losses from severe weather events are likely to have partially offset these benefits. The Zacks Consensus Estimate for the combined ratio is pegged at 84, and our estimate is pinned at 84.8.
Share buybacks are likely to have added upside to the bottom line.
Stocks to ConsiderHere are three other P&C insurance stocks that you may want to consider, as our model shows that have the right combination of elements to post an earnings beat:
Cincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +8.84% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $1.77 per share, indicating a year-over-year decrease of 7.6%.
CINF’s earnings beat estimates in each of the last four reported quarters.
The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +23.32% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $4.92 per share, indicating a year-over-year decrease of 17.1%.
ALL’s earnings beat estimates in each of the last four reported quarters.
Axis Capital Holding Limited (AXS - Free Report) has an Earnings ESP of +3.82% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $3.23 per share, indicating a year-over-year decrease of 1.8%.
AXS’s earnings beat estimates in each of the last four reported quarters.
REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts ApproachEquity Lifestyle Properties NYSE: ELS raised its full-year outlook after reporting stronger-than-expected second-quarter 2026 results, with management citing continued strength in manufactured housing, annual RV and marina revenues, and expense controls across the portfolio.
Vice Chairman and CEO Marguerite Nader said the company’s net operating income increased 6.5% from a year earlier in the quarter, while normalized funds from operations per share rose 7.7%. Executive Vice President and CFO Paul Seavey said second-quarter normalized FFO was $0.74 per share.
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3 Stocks Wall Street Could Be Watching on Fannie Mae’s Rally“The strength of our portfolio allows us to raise our full year guidance for normalized FFO per share,” Nader said on the call. She said the company continues to benefit from long-term demographic trends, including an aging population and the fact that approximately 70% of its manufactured housing communities are oriented toward senior lifestyles.
Manufactured Housing Occupancy Improves Manufactured housing remains the company’s largest business line, representing about 60% of total revenue. Nader said the manufactured housing core portfolio had occupancy of 94%, and that occupancy had increased for two consecutive quarters.
3 Stocks to Watch as New Home Listings Climb AgainPresident and COO Patrick Waite said year-to-date manufactured housing occupancy growth came from both home sales and rentals. He said demand remained supported by the company’s 55-and-older customer base, particularly in Florida markets such as West Palm Beach, Fort Lauderdale, Tampa, St. Pete and Ocala-Daytona, where residents see value compared with alternative housing options.
Waite also said the company continues to see steady demand in California and Arizona, while northern U.S. markets were in the middle of the summer home-selling season. He noted that roughly 40% of new home sales in the quarter came from the Midwest, Northeast and Mid-Atlantic markets.
In response to an analyst question about returning occupancy toward 95%, Waite said the company added about 70 units over the last two quarters and expects continued growth in coming quarters. He said prior storm impacts required recovery work and the placement of inventory into affected communities, but added that management feels good about demand in the back half of the year.
Nader added that more than 50% of the company’s properties are 98% occupied and have been for several years, which she attributed to customers’ long-term commitments and homeownership. She said 97% of manufactured housing residents own their homes.
RV and Marina Annual Revenue Grows, While Transient Stays Remain Uneven Nader said annual RV and marina revenue increased 4.8% year to date, driven by retention across RV sites, park models, resort cottages and other RV accommodations. She said the company saw lower customer attrition than last year and engagement from new customers.
Seavey said core RV and marina annual base rental income, which represents more than 70% of total RV and marina-based rental income, rose 5.4% in the second quarter and 4.8% year to date. However, he said seasonal and transient rent came in 170 basis points below guidance, mainly due to lower-than-expected transient rent in June.
Management lowered its expectations for RV and marina-based rental income growth while raising its outlook for annual RV and marina rent growth by 10 basis points. Seavey said the change reflected current transient reservation pacing for the third quarter and an assumption that fourth-quarter transient rent will be flat year over year.
Waite said transient demand continues to show volatility, with weather affecting results during the summer. He also said smoke from Canadian wildfires had an impact around the Fourth of July period. Asked about holiday performance, Waite said Juneteenth and July Fourth weekends were down slightly from last year, and that the company did not see a meaningful contribution from the World Cup.
Thousand Trails Membership Platform Continues to Add Revenue The Thousand Trails portfolio also contributed to the quarter’s performance. Nader said the membership platform added approximately 800 members during the quarter, while subscription revenue increased 11%.
Waite said the company completed the launch of new Thousand Trails subscription memberships a little more than a year ago. Since then, more than 9,000 memberships have been sold, including almost 7,000 over the last 12 months.
Seavey said the net contribution from the total membership business was $17.1 million in the second quarter and $34.4 million year to date. Year-to-date growth of 9.6% was mainly attributable to rate growth in subscription revenue. Approximately 2,600 upgrade subscriptions were originated by new and existing members year to date.
In response to a question about membership count versus pricing, Nader said the company made a deliberate trade-off emphasizing higher rates rather than volume. She said per dues-paying member revenue increased from about $580 to almost $700, reflecting demand for upgraded benefits such as longer stays, earlier booking windows and cabin rental discounts.
Guidance Raised on Core NOI and Expense Control Seavey said full-year 2026 normalized FFO is now expected to be $3.18 per share at the midpoint of a $3.13 to $3.23 range. The company projects core portfolio property operating income growth of 6% at the midpoint of its 5.5% to 6.5% range.
For the full year, the company expects:
Core revenue growth of 3.9% to 4.9%; Core expense growth of 1.6% to 2.6%; Core NOI growth of 5.5% to 6.5%; Core manufactured housing rent growth of 5.2% to 6.2%; Combined RV and marina rent growth of 1.1% to 2.1%. Seavey said second-quarter core property operating revenues increased 4.9%, while core property operating expenses rose 2.9%, resulting in 6.5% core NOI growth before property management. Year-to-date core NOI before property management increased 5.7%.
Expense growth was 120 basis points below guidance in the second quarter, mainly due to savings in utility and real estate tax expenses following the resolution of appeals at properties in Texas. Seavey said utility income recovery improved to 50.4% year to date, about 220 basis points higher than the same period in 2025.
For the third quarter, the company expects normalized FFO per share of $0.76 to $0.82, with core property operating income growth projected at 6.3% to 6.9%.
Balance Sheet and Expansion Plans Seavey said the company’s balance sheet is insulated from refinance and rate risk, with floating-rate exposure limited to balances on its line of credit. Debt to EBITDAre stood at 4.4 times, and interest coverage was 5.6 times. He said the company has access to approximately $1.2 billion of capital through its combined line of credit and ATM programs.
Management also discussed expansion opportunities in manufactured housing. Waite said property expansions are a key part of the company’s occupancy growth strategy, citing four recent Florida development projects with nearly 500 sites and an age-qualified expansion project in the Phoenix market where the company added more than 20 units of occupancy.
Waite also highlighted the 21st Century ROAD to Housing bill, which he said became law earlier in the month. He said the legislation includes provisions affecting manufactured housing, including an exemption from an institutional investor provision, greater flexibility in HUD-code home design and zoning best-practice guidance encouraging more accommodation of manufactured homes.
Nader said the company will continue looking for opportunities to buy land adjacent to existing properties and pursue manufactured housing developments within its portfolio.
About Equity Lifestyle Properties (NYSE:ELS)Equity Lifestyle Properties, Inc NYSE: ELS is a publicly traded real estate investment trust specializing in the acquisition, development, ownership and operation of manufactured home communities and recreational vehicle resorts. The company's portfolio includes more than 450 properties across the United States and Canada, serving over 200,000 residents and visitors. ELS organizes its operations into two primary segments: manufactured housing communities, which provide long-term housing solutions, and upscale RV and seasonal resorts designed for leisure travelers and seasonal patrons.
In its manufactured home division, ELS offers home-site leases combined with community amenities such as landscaped common areas, clubhouses, swimming pools and organized resident events.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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SummaryThe Ariel Small/Mid Cap Value Composite rose +15.08% gross of fees (+14.95% net of fees) in the quarter, falling short of both the Russell 2500 Value Index's +18.50% return and the +20.26% gain posted by the Russell 2500 Index.Live entertainment, media, and technology company, Sphere Entertainment Co. was the top contributor during the quarter on solid earnings and improving operating fundamentals.Shares of Prestige Consumer Healthcare moved lower following disappointing earnings, driven primarily by ongoing supply constraints in its eye care segment and extended lead times in the Middle East.We exited specialty cutting tool insert maker, Kennametal, Inc. on valuation as well as Paramount Skydance Corporation as the name approached our estimate of private market value. Khanchit Khirisutchalual/iStock via Getty Images
The following segment was excerpted from Ariel Small/Mid Cap Value Q2 2026 Commentary.
Live entertainment, media, and technology company, Sphere Entertainment Co. (SPHR) was the top contributor during the quarter on solid earnings and
New York, New York--(Newsfile Corp. - July 23, 2026) - Kaplan Fox & Kilsheimer LLP is investigating potential securities violations against GoDaddy Inc. ("GoDaddy" or the "Company") (NYSE: GDDY).
CLICK HERE TO RECEIVE MORE INFORMATION ABOUT THIS INVESTIGATION
If you are a GoDaddy investor and have suffered losses, or if you have information that could assist in the GoDaddy investigation, you may CLICK HERE to contact us. You may also contact Kaplan Fox by emailing [email protected] or by calling (646) 315-9003.
On February 24, 2026, after markets closed, GoDaddy reported fourth quarter and full year 2025 financial results. During the Company earnings call to discuss the results, GoDaddy disclosed the "introduc[tion] [of] a promotional price for dotcom domains with a one year term" in the fourth quarter. Further, GoDaddy's Chief Financial Officer stated "the demand for this offer was greater than [the Company] expected and the shift in term mix combined with the promotional price reduced upfront bookings and near-term revenue." The Company "also anticipate[s] a modest impact on reported revenue growth rates for the year in both Core Platform and A&C segments as the promotional price is allocated to all products included in the initial purchase."
The first trading day following this news, the price of GoDaddy stock fell $13.18 per share, over 14%, to close at $79.12 per share on February 25, 2026.
WHY CONTACT KAPLAN FOX?
Kaplan Fox & Kilsheimer LLP is a nationally recognized law firm focused on complex litigation, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey. Founded in 1956, the firm has spent more than 50 years prosecuting securities, antitrust, and consumer protection actions in federal and state courts nationwide, recovering more than $10 billion for clients and the classes it has represented.
Kaplan Fox is widely regarded as one of the nation's premier plaintiffs' securities litigation firms and has received recognition from Chambers and Partners, Benchmark Litigation, Super Lawyers, and Lawdragon. Serving as lead or co-lead counsel in many landmark cases, the firm has secured some of the largest recoveries in the history of securities litigation, including a $2.425 billion recovery on behalf of Bank of America shareholders in In re Bank of America—the largest recovery ever obtained for claims under Section 14(a) of the Securities Exchange Act—$800 million recovered for the Arkansas Teacher Retirement System and other pension funds in ATRS v. Allianz Global Investors, and a $475 million settlement in In re Merrill Lynch.
For decades, Kaplan Fox has represented public pension funds, institutional investors, businesses, and individuals in high-stakes litigation. Through its successful advocacy and precedent-setting victories, the firm has helped shape important areas of securities and corporate law while advancing accountability and protecting investor interests.
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Onchain settlement turns EV charger revenue into something operators can prove and investors can readily finance, creating a flywheel for EV growth
Main TakeawaysGorae will bring 50,000+ chargers onchain in South Korea starting this year, turning verified charging activity into a more investable asset class, with expansion planned across APAC, Europe, and North America.Charging data today is siloed and self-reported so no party can independently verify what a charger earns, which slows cross-network settlement and creates barriers to investment.Gorae’s use of Sui and Walrus allows an EV charging session to execute as a simultaneous payment and verifiable record, with no hardware upgrades needed.Trust unlocks capital, and capital unlocks scale. That's the bet behind Gorae, the onchain layer for EV charging, as it brings 50,000+ EV chargers onchain in South Korea this year. Working with one of the country's largest charge point operators, Gorae uses Sui to settle payments and Walrus to turn each charging session into a verifiable record, in a single transaction.
The problem: unverifiable, not missing, dataCharging data today is split across private silos. The driver's app handles the payment. The station operator has its data. Utility companies have the energy data. Each party sees one portion of the data and keeps its own books, with no way for an outside party to verify it.
That gap has costs. Roaming settlement between operators is slow to reconcile. Investors, evaluating whether to finance a charger, have no independent way to verify the economics of the system.
Why Sui and WalrusGorae sits on top of charging operators’ existing management systems as a verification and settlement layer, reading completed sessions and writing a verifiable record onchain.
A better database alone wouldn’t solve this. Any private system would still require outside parties to trust the operator's account of what happened, with no means to verify it themselves.
Going onchain via Sui and Walrus introduces:
One shared record that drivers, operators, utilities, and asset owners can verify without a middleman Multi-party settlement that pays everyone in a single atomic transactionVerified records that capital markets can actually underwrite"EV charging happens millions of times around the world every day, yet much of that value has never been recorded in a transparent, interoperable, and independently verifiable way," said Sejin Park, CEO of Gorae. "Building with Sui and Walrus is the first step toward changing that. We are turning tens of thousands of everyday, active chargers into digital assets. This brings new value for operators, provides verified and auditable assets for capital markets, and delivers a more transparent charging experience for drivers. Together, we are setting a new standard for EV charging infrastructure becoming a digital asset."
Trust unlocks capitalDemand for EV charging is outpacing the capital needed to build it. Operating costs are high, payback periods are long, and financing due diligence on charger assets routinely takes months.
Once every session is independently verifiable, each charger becomes more investable. Cheaper, faster capital for operators, which funds more chargers, can help grow the network.
"Gorae is making a network of EV chargers more efficient and more investable by bringing it onto the blockchain and making every session verifiable," said Kostas Chalkias, Co-Founder and Chief Cryptographer at Mysten Labs, original contributor to Sui and Walrus. “This is a demonstration of the value that Sui and Walrus can create for real-world infrastructure at scale, all without requiring new hardware investment.”
Gorae will begin phasing its South Korean network onchain in the second half of 2026, followed by expansion across the wider Asia-Pacific region, Europe, and North America.
Learn more about Gorae, and explore how Sui and Walrus are powering the future of high-performance payments, finance and AI applications.
FAQWhy did Gorae choose Sui and Walrus over other blockchains and data platforms? Gorae needed three things at once: fast, atomic settlement across multiple parties in a single transaction, frictionless driver onboarding, and a place to store detailed session records that anyone can verify without prohibitive onchain storage costs. Sui delivers the first two through its object model, Programmable Transaction Blocks, and zkLogin. Walrus delivers the third: decentralized, verifiable storage with the sub-second retrieval and provability that DePIN operational data demands. Under the hood, Walrus delivers roughly 800ms retrieval on sub-1MB blobs and 2/3 fault tolerance, purpose-built for high-volume, high-value operational data.
How does Gorae connect 50,000+ chargers without hardware swaps? Through its C2C (Charger-to-Chain) node technology, Gorae acts as a retrofit bridge that connects chargers to Sui and Walrus through the standard operating systems they already run on. There are no hardware upgrades and no capital expenditure required for CPOs to onboard, which is why the network can scale to 50,000 chargers quickly.
Gorae Protocol is planning to onboard more than 50,000 electric vehicle chargers onto the Sui blockchain, creating what it describes as verifiable on-chain revenue records for physical infrastructure. The idea is straightforward: take the money flowing through EV chargers, record it on a public ledger, and let investors see exactly what those assets are earning.
Real-world assets meet real-world charging stations The project chose Sui as its blockchain layer, which makes sense given the network’s emphasis on high throughput and low transaction costs. If you’re recording revenue events from tens of thousands of chargers, you need a chain that won’t choke on volume or make each transaction prohibitively expensive.
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Gorae Protocol is focused on real-world asset tokenization and data verification, rather than traditional token issuance. By putting revenue data onchain, the project could theoretically let a much wider pool of investors participate in the economics of EV charging without going through conventional intermediaries.
Why onchain revenue records matter Recording revenue onchain means every charging session, every payment, every kilowatt-hour sold could be logged on Sui’s public ledger. Investors wouldn’t need to wait for a quarterly earnings call to know whether a portfolio of chargers is performing. If a charger network claims it generated a certain amount of revenue last month, anyone with a block explorer could verify that claim.
What investors should watch carefully Gorae Protocol is a nascent project by any measure. There is no publicly available whitepaper, no confirmed launch date, and no announced partnerships with charger operators or hardware manufacturers. The project’s announcement came via Sui’s official blog, but independent verification from major crypto media outlets such as CoinDesk, The Block, or Decrypt has not materialized, and no significant developments have surfaced in the last 30 days.
For a project claiming to onboard 50,000 chargers, someone has to own or operate those chargers, install the software or hardware that reports revenue data to the blockchain, and build the oracle infrastructure that bridges real-world payment data to onchain records. None of those technical details, including oracle usage, smart contract addresses, or integration partners, are publicly available at this stage.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Coinbase will add exposure to the tokenized private-markets offering, which launched with about $75M in onchain value, KAIO said.
KAIO, a tokenization infrastructure firm, said it launched tokenized access to one of Mubadala Capital's evergreen private market strategies on Wednesday, live across Base, Solana and Sui with approximately $75 million in onchain value from traditional and digital-asset investors, according to KAIO's post on X.
Mubadala Capital is the asset-management arm associated with Abu Dhabi's sovereign wealth apparatus. KAIO described the offering as tokenized access to "one of Mubadala Capital's evergreen private market strategies," and called it "a milestone for how Sovereign Wealth Fund-backed private markets strategies can be made accessible through regulated digital infrastructure."
KAIO said Coinbase "will be adding exposure to the tokenised offering," which it framed as reflecting "growing appetite among publicly listed digital asset companies for regulated RWAs." KAIO did not detail the size of that exposure in the post.
The size of the launch was stated two ways across official channels. KAIO put the figure at "approximately US$75M in onchain TVL." Solana's official account described the same launch as "$75M in commitments from traditional and digital investors" and said KAIO "brings the @Mubadala Capital Alternative Solutions Fund to Solana," framing it around a single network rather than the three KAIO named.
Sui's official account added further figures not stated in KAIO's own post, citing a "$385B sovereign wealth fund," "$3.7B NAV" and "650+ underlying companies," and said KAIO "tokenizes @Mubadala Capital Alternative Solutions Fund's private market strategy onchain for the first time." Those NAV and portfolio-company figures, and the "first" characterization, appear only in the Sui post and are not independently confirmed here. Relayed figures elsewhere for the sovereign fund's assets under management ranged from about $400 billion to $430 billion, a further reason to treat the scale numbers as unverified.
Mubadala Capital has not been reached on its own channel in this dossier, so its participation and endorsement of the tokenization rest on KAIO's account and the co-branded Solana graphic. Onchain contract addresses for the tokens were not published in the posts reviewed.
The launch adds a sovereign-linked private-markets product to a growing set of tokenized fund offerings on Solana and other networks, and puts a listed U.S. exchange, Coinbase, in the position of taking exposure to a tokenized illiquid asset rather than only providing infrastructure.
One of the world’s largest sovereign wealth-linked managers just put $75 million worth of private market exposure on a blockchain.
Mubadala Capital, the investment arm of Abu Dhabi’s Mubadala Investment Company, went live on July 23, 2026 with a tokenized version of its Alternative Solutions Fund, officially named MCAS-TA. The fund runs across three blockchain networks: Coinbase’s Base, Solana, and Sui. It pulled in roughly $75 million in on-chain commitments at launch, drawing participation from both traditional asset managers and digital asset investors.
The infrastructure behind the product comes from KAIO, a UAE-based tokenization platform that announced its partnership with Mubadala Capital back in December 2025. KAIO handles the compliance architecture and distribution rails.
Why this matters beyond the press release Mubadala Capital manages approximately $430 billion in assets.
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Private market funds have historically been among the least accessible asset classes for most investors. Minimum commitments run high, liquidity is near-zero, and the onboarding process involves significant friction. Tokenization compresses those barriers by putting compliance, ownership records, and transfer mechanics on-chain: instead of a fund administrator managing cap tables in spreadsheets, the blockchain handles it. Investor eligibility checks happen through smart contract logic. Secondary transfers become possible where they previously weren’t.
For Coinbase specifically, this launch marks the first time it has integrated regulated tokenized assets into an institutional treasury management context, according to the research.
KAIO’s growing footprint in regulated tokenization KAIO has previously powered tokenized offerings from BlackRock and Hamilton Lane, with cumulative TVL across those products landing somewhere between $150 million and $200 million. Adding the Mubadala Capital fund pushes that number meaningfully higher.
The firm also closed a funding round in April 2026, which included backing from Tether.
The multi-chain deployment across Base, Solana, and Sui is itself a deliberate choice. Each network brings a different investor base and different technical properties. Solana offers high throughput and a growing institutional presence. Base plugs directly into Coinbase’s compliance and custody ecosystem. Sui is newer but has attracted attention for its object-based data model, which handles complex financial instruments differently than account-based chains.
What this signals for institutional tokenization broadly Tokenized treasuries and money market funds moved first because the underlying assets are simple and liquid. Private market funds are a harder problem: the assets are illiquid, the investor base is accredited, and the regulatory requirements vary by jurisdiction. The fact that Mubadala Capital is doing this with private market exposure rather than a simple bond wrapper is what makes the MCAS-TA launch notable.
Seventy-five million dollars in on-chain commitments at launch is the demand signal other sovereign-linked managers and large alternative asset firms will be watching as they evaluate the operational lift required to follow.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Earnings And Revenue Top EstimatesAdjusted earnings rose to $3.12 per share, beating the analyst consensus estimate of $2.83. Revenue increased 10.2% year over year to $3.043 billion, ahead of the $2.973 billion consensus estimate. Consolidated organic revenue grew 10%.
Adjusted operating income climbed 7.8% to $502 million.
Quest Diagnostics’ second-quarter results showed growth across every major customer channel, with strong demand from physicians, hospitals and consumers driving a 10% increase in organic revenue.
Management also highlighted robust momentum in preventive healthcare, saying its consumer wellness business continued to expand as more people sought health screening and diagnostic tests, reinforcing the company’s long-term growth strategy.
Quest Diagnostics Sees Broad-Based Volume GrowthTotal requisition volume increased 13.1% from a year earlier, while organic volume rose 13%, driven by broad clinical demand from physicians, hospitals and consumers, as well as higher testing volumes from collaborations with Corewell Health and Fresenius Medical Care.
The Corewell Health and Fresenius relationships contributed about 9% of total volume during the quarter. Excluding those partnerships, requisition volume increased 4.1%.
Revenue per requisition declined 2.8% year over year, reflecting the business mix from the two partnerships. Excluding that impact, revenue per requisition increased 2.9%, primarily due to a higher number of tests per requisition. Unit price reimbursement was flat from a year earlier, in line with company expectations.
Quest Diagnostics Raises Full-Year Outlook“With strong growth and sustained demand for our diagnostic insights, we are again raising our full-year guidance,” Chairman, President and CEO Jim Davis said.
Quest Diagnostics raised its fiscal 2026 adjusted earnings guidance to $11.05 to $11.25 per share, up from its previous forecast of $10.63 to $10.83, and above the Wall Street consensus estimate of $10.76.
The company also increased its full-year revenue outlook to $11.95 billion to $12.05 billion, from a prior range of $11.78 billion to $11.90 billion. The updated forecast exceeds the analyst consensus estimate of $11.851 billion.
DGX Price Action: Quest Diagnostics shares were up 6.14% at $222.71 at the time of publication on Thursday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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Myriad Genetics Sees Stock Surge with Hereditary Cancer TestsQuest Diagnostics NYSE: DGX reported double-digit revenue growth and raised its full-year 2026 outlook after what executives described as strong demand across its physician, hospital and consumer channels, as well as increased volume from major collaborations with Corewell Health and Fresenius Medical Care.
On the company’s second-quarter earnings call, Chairman, Chief Executive Officer and President Jim Davis said Quest grew revenue by more than 10% in the quarter, driven by “broad clinical demand from physicians, hospitals, and consumers” and higher volume tied to the Corewell and Fresenius relationships. Chief Financial Officer Sam Samad said consolidated revenue was $3.04 billion, up 10.2% from the prior year, while consolidated organic revenue rose 10%.
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LifeMD Shares Come Back to Life on GLP-1 Business Growth Total volume, measured by requisitions, increased 13.1% compared with the second quarter of 2025, including 13% organic volume growth. Samad said the Corewell Health and Fresenius Medical Care relationships contributed 9% to volume in the quarter. Excluding those two relationships, volumes rose 4.1%.
Reported operating income was $459 million, or 15.1% of revenue, compared with $438 million, or 15.9% of revenue, a year earlier. Adjusted operating income was $502 million, or 16.5% of revenue, compared with $466 million, or 16.9% of revenue, last year. Samad said the increase in adjusted operating income reflected organic revenue growth, partially offset by wage increases.
Exact Sciences Serves Investors Exactly What They Wished For Reported diluted earnings per share were $2.84, compared with $2.47 a year earlier. Adjusted diluted EPS was $3.12, up from $2.62 in the prior-year period. Samad said the EPS improvement was driven by organic operating performance and the favorable resolution of various tax contingencies, which contributed $0.10 per share in the quarter. Excluding that one-time tax benefit, adjusted EPS grew 15.3%.
Company Raises 2026 Guidance Quest raised its full-year 2026 revenue and earnings outlook, citing first-half performance and ongoing demand. The company now expects:
Revenue of $11.95 billion to $12.05 billion, representing growth of 8.3% to 9.2%. Reported EPS of $9.97 to $10.17. Adjusted EPS of $11.05 to $11.25. Cash from operations of approximately $1.8 billion. Capital expenditures of approximately $550 million. Samad said the guidance excludes any contribution from prospective mergers and acquisitions. He also noted that Project Nova expenses are unchanged for the full year, but the company now expects increased spending in the second half compared with prior expectations. Higher fuel costs in the second half are also included in the outlook.
Despite those pressures, Samad said Quest still expects operating margin to expand versus the prior year. He said the company expects to lap the Corewell and Fresenius impacts in the fourth quarter, reducing their dilutive effect on total operating margins in the second half.
Physician, Hospital and Consumer Channels Drive Growth Davis said the physician channel delivered high single-digit revenue growth during the quarter, supported by demand for clinical innovations, new customer wins and expanded business with existing customers. He cited growth in geographies where Quest has expanded access through health plans and acquisitions, as well as enterprise accounts focused on prevention and wellness.
In hospitals, Davis said revenue grew at a double-digit rate, primarily from co-lab solutions with Corewell Health in Michigan. Reference testing revenue also increased versus both the first quarter and the prior year. During the question-and-answer portion of the call, Davis said the company’s core hospital reference business generated mid-single-digit revenue growth, with slightly higher volume growth. He said same-store sales in co-lab arrangements excluding Corewell also grew at a mid-single-digit rate.
Davis said Quest formed a new co-lab agreement during the quarter with a nonprofit regional health system in California. He added that the company has a “strong pipeline” of potential hospital collaborations, hospital outreach acquisitions and independent lab opportunities.
In consumer health, Davis said questhealth.com continued to generate “robust revenue growth,” with strong demand for existing wellness panels and new services including thyroid testing. He said the broader consumer business, which includes direct and indirect offerings, was previously sized at about $250 million and is currently growing toward the high end of the company’s 20% to 30% expectation for 2027.
Advanced Diagnostics and Automation Highlighted Davis said Quest posted double-digit revenue growth across several advanced diagnostic areas, including cardiometabolic testing such as ApoB and Lp(a), liver fibrosis testing and autoimmune testing through the company’s analyzer solution. In brain health, he said the company continued to drive “robust double-digit growth” across its AD-Detect blood tests, including amyloid beta and p-tau biomarkers.
In oncology, Davis highlighted New York State approval of the Haystack MRD test, which he said allows Quest to extend commercial efforts to all 50 states. He also said Quest became the largest reference lab to extend access to cancer tests such as Haystack MRD through Flatiron Health’s OncoEMR molecular profiling integration platform. A pilot with American Oncology Network has begun, with plans to roll out to Flatiron’s 4,700 clinicians and other providers nationwide later this year.
Davis also discussed operational initiatives, saying Quest remains on track to deliver 3% in annual cost savings and productivity improvements through its Invigorate program. He pointed to expanded use of automation and artificial intelligence, including Hologic’s Genius Digital Diagnostics System for Pap test slide review, front-end specimen processing automation, a web-based collection tool called IntelliDraw and an AI tool intended to reduce the time needed to track and order supplies at patient service centers.
Executives Address Reimbursement, Bad Debt and PAMA Asked about Affordable Care Act exchange-related impacts, Davis said Quest continues to assume a 30-basis-point revenue impact from the expiration of ACA exchange subsidies. He said enrollment declines have not translated into a major business impact, noting that requisition volume in that book is down about 8%, but tests per requisition are up 6%, leaving test volume down about 2% and revenue “relatively flat.”
Executives also said they are not seeing deterioration in bad debt trends. Samad said hospital collections remain in line with expectations and that patient concessions, which he said typically hover around 5% of revenue, have not worsened and were slightly improved versus the prior-year quarter.
On PAMA, Davis outlined three possible outcomes: new CMS rates following the current data collection process, passage of the RESULTS Act, or another delay. He said Quest supports the RESULTS Act, which he described as a better method for collecting market data through a third-party approach. Davis said the bill has more than 115 co-sponsors and broad support from patient and consumer organizations. If the RESULTS Act passes, he said rates would stay flat for 2027 and 2028, with new rates taking effect in 2029 and annual cuts capped at no more than 5%.
Davis closed the call by saying Quest entered the second half with growth momentum and continued demand for lab insights, while remaining focused on its strategy of connecting patients and providers to testing and actionable health information.
About Quest Diagnostics (NYSE:DGX)Quest Diagnostics NYSE: DGX is a leading provider of diagnostic information services that supports clinical decision-making for patients, physicians and healthcare organizations. The company operates a network of clinical laboratories and patient service centers that perform a broad range of laboratory tests and diagnostic assays used in routine care, disease diagnosis, monitoring and screening.
Its services span core clinical laboratory testing, anatomic pathology, molecular and genomic diagnostics, infectious disease testing and toxicology.
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The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Michael Burry is warning about a market collision: rising oil prices, an artificial intelligence debt binge and mounting pressure in long-duration Treasuries.
"Watch the long bonds," Burry wrote on X Thursday. He cited AI’s "debt explosion," rising inflation volatility, a shaky Treasury basis trade and oil returning near $100. He concluded: "Not sure how much longer PE and PC can hold their breath," apparently referring to private equity and private credit markets.
Private equity and private credit, sectors that flourished when borrowing costs were low, could be particularly vulnerable to a sharp increase in inflation and interest rates. Higher bond-market yields could expose weak underwriting and debt structured for cheaper money.
Stubbornly High Yields Echo 2007The chart shared by Burry shows the 30-year Treasury yield has traded above 5% for 27 days in 2026. That compares with six days in 2025 and seven in 2023. The last comparable stretch came in 2007, in the run-up to the global financial crisis, when the yield spent 50 days above that threshold.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) offers a liquid proxy for long-duration government bonds and generally falls when long-term yields rise.
AI spending adds another strain. Technology companies are tapping debt markets to finance data centers, chips, power and cooling. That issuance competes with heavy Treasury supply.
Oracle Corp. (NYSE:ORCL), a cloud and data-center spender, offers an equity-market gauge of the debt-funded AI buildout. Its financing shows the AI race is spilling into credit markets.
Bloomberg columnist Simon White argued that debt-fueled AI investment has driven long-term borrowing costs toward levels unseen since the financial crisis. A 5% risk-free rate could challenge projects dependent on distant, uncertain cash flows.
The Dangers of $100 OilBurry also flagged the Treasury basis trade, a leveraged strategy exploiting small pricing gaps between cash Treasuries and futures. Sudden volatility or tighter financing can force rapid deleveraging, amplifying moves in the Treasury market.
His message is less a precise crash call than a map of interconnected stress. Elevated oil and rising long yields could squeeze private-market borrowers as AI financing absorbs more capital.
For investors, the 30-year yield may rival the next AI earnings beat. Burry suggests bonds could determine how long the rally lasts.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Progyny, Inc. (Nasdaq: PGNY), a global leader in women’s health and family building solutions, will report its financial results for the quarterly period ended June 30, 2026 after the close of the market on Thursday, August 6, 2026.
The company will host a conference call at 4:45 p.m. Eastern Time (1:45 p.m. Pacific Time) and issue a press release regarding its financial results prior to the start of the call.
Interested participants in the United States may access the conference call by dialing 1.866.825.7331 and using the passcode 265484. International participants may access the call by dialing 1.973.413.6106 and using the same passcode.
An audio replay of the call will be available through Thursday, August 13, 2026 and may be accessed by dialing 1.800.332.6854 (U.S. participants) or 1.973.528.0005 (international participants) with the passcode 265484.
A live webcast and archive of the call will be available from the Events and Presentations section of the Company’s website at http://investors.progyny.com.
About Progyny
Progyny (Nasdaq: PGNY) is a global leader in women's health and family building solutions, trusted by the nation's leading employers, health plans and benefit purchasers. We envision a world where everyone can realize their dreams of family and ideal health. Our outcomes prove that comprehensive, inclusive and intentionally designed solutions simultaneously benefit employers, patients, and physicians.
Our benefits solution empowers patients with concierge support, coaching, education, and digital tools; provides access to a premier network of fertility and women's health specialists who use the latest science and technologies; drives optimal clinical outcomes; and reduces healthcare costs.
Headquartered in New York City, Progyny has been recognized for its leadership and growth as a TIME100 Most Influential Company, CNBC Disruptor 50, Modern Healthcare’s Best Places to Work in Healthcare, Forbes' Best Employers, Financial Times Fastest Growing Companies, INC. 5000, INC. Power Partners and Crain’s Fast 50 for NYC. For more information, visit www.progyny.com.
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Investors:
James Hart [email protected]
SummaryKKR is rated a cautious Buy at ~$95.53, with a fair value estimate of ~$107, reflecting discounted expectations for realized earnings.Valuation already prices in delayed realizations and private-credit concerns but does not fully account for robust recurring earnings growth from management fees, insurance, and infrastructure.Q2's critical test is sustained growth in recurring earnings—management fees, FRE, insurance, and Strategic Holdings—rather than volatile quarterly adjusted net income from investment realizations.Risks include persistent realization delays, slowing recurring growth, and sector-specific headwinds; continued share repurchases near current levels signal management’s confidence. Guido Mieth/DigitalVision via Getty Images
KKR & Co. Inc. (KKR) will report its second-quarter results before the market opens on July 30. Shares are currently down nearly 40% from their 52-week highs. The decline came from concerns around private-credit markets, wealthy
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Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesCleveland-Cliffs NYSE: CLF said it returned to positive free cash flow in the second quarter of 2026 and expects a substantially stronger second half of the year, driven by higher steel prices, improved automotive demand, lower costs and higher shipment volumes.
Chairman and CEO Lourenco Goncalves told analysts that the company’s second-quarter results showed “tangible evidence” of the earnings recovery management has been forecasting. Cleveland-Cliffs reported adjusted EBITDA of $286 million in the quarter, which President and CFO Celso Goncalves said was the company’s best quarterly result in two years. The figure was roughly triple the company’s first-quarter adjusted EBITDA, according to management.
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Cleveland-Cliffs Sinks After Earnings—Is the Selloff Overdone?“During the second quarter, we returned to positive free cash flow and tripled our adjusted EBITDA from the first quarter,” Lourenco Goncalves said. “While the second quarter represents meaningful progress, it still understates where this company is headed over the coming quarters.”
Company Guides for Sharp EBITDA Improvement in Third Quarter Cleveland-Cliffs issued third-quarter adjusted EBITDA guidance of approximately $575 million, which Celso Goncalves said would represent the company’s strongest quarter in three years. Management said the expected improvement reflects a convergence of higher prices, lower costs and increased shipping volumes.
Cleveland-Cliffs Breaks to New Highs on Earnings, More Upside?Second-quarter steel shipments were just over 4 million tons, down sequentially because of maintenance outages and stronger automotive demand, which management said carries longer lead times. Cleveland-Cliffs expects third-quarter shipments to exceed 4.3 million tons, citing a strong order book and extended backlogs.
Pricing also improved during the second quarter. Celso Goncalves said the company’s average selling price increased by $76 per ton from the prior quarter, helped by pricing lags beginning to flow through and a richer product mix tied to automotive demand. He said Cleveland-Cliffs expects its average selling price to rise by another $55 per ton in the third quarter.
On costs, management said maintenance outages and inventory lag lifted unit costs in the second quarter, but those headwinds are expected to ease. Celso Goncalves said unit costs are expected to decline by $10 per ton in the third quarter, while Lourenco Goncalves said further cost improvements are expected in the fourth quarter as production levels rise and mill schedules become more stable.
The company also said it expects fourth-quarter adjusted EBITDA to exceed third-quarter levels, assuming the current hot-rolled coil futures curve. Management said this expectation already factors in normal holiday-related seasonal slowdowns.
Automotive Demand Helps Lift Shipments and Product Mix Management highlighted improving automotive steel demand as a major contributor to the company’s outlook. Lourenco Goncalves said Cleveland-Cliffs’ shipments to automotive customers during the second quarter were the highest in two years. He also said finishing lines that had been running at suboptimal utilization levels over the last several years are now operating at healthier levels, with a favorable impact on costs.
Cleveland-Cliffs said it has received top supplier awards this year from both Toyota and General Motors. Lourenco Goncalves said the company remains “the supplier of choice for the automotive sector in the United States.”
During the question-and-answer session, Lourenco Goncalves said about half of the expected 300,000-ton shipment increase in the third quarter would come from the improved automotive market, with the other half coming from non-automotive flat-rolled steel.
Asked about the potential restart of the Dearborn blast furnace, Goncalves said the company has the capacity and technology to supply more automotive steel, but would need stronger conviction from automakers that production will remain in the United States. He said the Dearborn furnace represents “more than 2 million tons” of potential capacity.
Contract Resets Seen as 2027 EBITDA Opportunity Cleveland-Cliffs said upcoming fixed-price contract resets could provide a significant lift in 2027. Celso Goncalves said the company expects a $500 million year-over-year EBITDA improvement from resetting a large portion of its fixed-price contracts at higher levels.
Lourenco Goncalves said negotiations for non-automotive contracts begin in earnest in the second half of the year and typically conclude by late November or early December. He said last year’s contracts were negotiated against a much lower pricing backdrop, with prevailing prices around $800 per ton or less, compared with recent levels around $1,150 per ton or more.
“The expectation that these contracts will reset for much higher prices are just a foregone conclusion,” he said.
On automotive contracts, Goncalves said Cleveland-Cliffs plans to be more selective and seek higher prices, citing its position with U.S. automakers and tighter trade enforcement.
Debt Reduction Remains Capital Allocation Priority Celso Goncalves said Cleveland-Cliffs generated positive free cash flow in the second quarter after two years of negative free cash flow and expects the trend to continue. He said second-quarter working capital was a release of about $55 million, driven by reduced inventory and a slight build in accounts payable, partially offset by accounts receivable.
The company said it is now under contract on all major property sales, with earnest money in hand in each case. Cleveland-Cliffs expects the bulk of the $400 million in proceeds from those sales to arrive in the second half of 2026.
Management said debt paydown is the company’s top capital allocation priority. Celso Goncalves said free cash flow and asset-sale proceeds will be used to reduce debt, with the goal of reaching leverage below 2.5 times by this time next year if current market conditions hold.
“Until we get to our leverage target, we’re not going to prioritize any other type of capital allocation,” he said.
Trade Policy, Stelco and Strategic Discussions Lourenco Goncalves repeatedly emphasized the importance of U.S. trade policy, particularly Section 232, which he called “the single most effective industrial policy implemented in our country in a generation.” He credited trade enforcement with supporting domestic steel utilization, manufacturing investment and automotive reshoring.
The company also discussed Canada and Stelco, which Cleveland-Cliffs acquired. Lourenco Goncalves said Stelco’s results have improved and are contributing to the company’s second-half guidance. He said Canadian hot-rolled steel pricing has improved as the pricing gap with the U.S. has narrowed, but galvanized steel in Canada remains under pressure. He warned that the competitiveness of Stelco’s galvanizing lines in Hamilton could be at risk without further trade protections.
On strategic initiatives, Celso Goncalves said offers received for assets such as HBI and FPT have fallen short of Cleveland-Cliffs’ value threshold. He said discussions with POSCO remain friendly and ongoing, but Cleveland-Cliffs does not have a deadline and is not under pressure to complete a transaction.
The company also noted that it has begun negotiations with the United Steelworkers union to renew its collective bargaining agreement. Lourenco Goncalves said the process is off to “a constructive and productive start.”
Cleveland-Cliffs also announced that Celso Goncalves has been appointed to the company’s board of directors as president and CFO. Lourenco Goncalves said the move reflects the role Celso has already been playing and marks “the early stages of a transition in leadership,” while adding that he plans to continue leading the company for several more years.
About Cleveland-Cliffs (NYSE:CLF)Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.
The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.
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The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
Amnon Shashua is stepping down as CEO of Mobileye, after 27 years leading the autonomous driving pioneer. The news comes as the company released its second quarter earnings earlier today, beating analyst estimates with reported revenue of $508 million.
Gold Talking Points: Gold prices love lower real yields. While higher rates present opportunity cost lower rates or even stagnant rates with higher levels of inflation signify currency debasement and the safer harbors of gold make sense in that backdrop. This is something that can have correlation with Fed policy but perhaps more important is long-term US Treasury rates, where market participants have a viable alternative for storing capital.
When I looked at gold in the Tuesday webinar I shared what bulls were going to need to do to take back control of the market. There were two hurdles that needed to be jumped, with each at psychological levels sitting overhead. The first, at $4100, was the price that held the highs last week, even with a below-target CPI and PPI print. The second, was the swing high from early July that was the last lower-high before prices pushed down into a stall.
This is important from a price action perspective – because the failure from sellers to push down to a fresh low, holding above the June 30 low at 3942 illustrated the possibility of bearish exhaustion. Given that this was around the $4k level, that story makes even more sense, considering that tests below $4k have been continually met with buyers – and if bulls were starting to show more optimism, more anticipation, and disallowing for price to even re-test those prior lows, we may be nearing a spot where they’re more willing to take greater control.
Gold Daily Chart Chart prepared by James Stanley; data derived from Tradingview Earlier this week and even into yesterday, that theme looked good, as bulls had pushed up to a fresh short-term higher-high. But since finding resistance yesterday that theme has been snapping back aggressively, with gold prices down by more than $100/oz as prices push into support at the $4044 level.
Gold Four-Hour Price Chart Chart prepared by James Stanley; data derived from Tradingview This accompanies a rally in the US Dollar as the USD has broken out of a bull flag formation, and this happens as longer-term Treasury yields threaten a breakout to fresh highs, with the 30-year bond on the verge of jumping to levels last seen in 2007 before the Financial Collapse.
US Treasury 30-Year Bond Monthly Chart Chart prepared by James Stanley; data derived from Tradingview Gold Strategy Near-Term As we go into the weekly close the big question is whether bullish defense will show above the $4k level, and for that, we have two spots of interest. One is already in-play at $4044, the other is a swing of prior support-turned-resistance at $4021, and below that, even $4k can be argued as a point of support for bullish near-term setups.
But if buyers fail to hold the move – particularly if we get a weekly close below that vaulted $4k level, matters can begin to shift as the earlier week flare will take on the look of a failed bullish breakout.
Gold Two-Hour Price Chart Chart prepared by James Stanley; data derived from Tradingview --- written by James Stanley, Senior Market Analyst, Global Macro
Martin Shkreli is taking aim at Hims & Hers Health (NYSE:HIMS), saying he is short the stock and blasting the company’s peptide products as illegitimate medicine
Shkreli, known as Pharma Bro, posted on X that he is "shorted $HIMS" and calling its peptides "fake medicine," adding that "we have come far in the last 70 years of medicine, let’s not go backwards."
FDA’s Stance on PeptidesStock Movement and Advisory VoteTechnical Analysis
Hims & Hers Health trades at $32.79, with a market cap of $7.33 billion. The stock is currently trading +8.43% above its 50-day simple moving average of $30.24 and +5.13% above its 200-day SMA of $31.19.
The stock’s largest one-day move was a 40.79% increase on March 9, 2026, and it has experienced a death cross since Dec. 8, 2025, when the 50-day SMA fell below the 200-day SMA.
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Silver price dives over 3.80% on Thursday as the precious metals segment tumbles amid overall US Dollar strength and heightened risk aversion amid heightened tensions in the Middle East. The XAG/USD trades at $57.62 after hitting a weekly high of $60.94.
XAG/USD Price Forecast: Technical outlookThe white metal remains downward biased, despite recovering some ground after bouncing off yearly lows of $54.77. The market structure of lower highs and lower lows remains intact, an indication that the downtrend might extend in the near.term
Momentum-wise, remains bearish as the Relative Strength Index (RSI) reversed its course towards the 50-neutral level, aiming lower in bearish territory.
For a bearish continuation, sellers need to drive the price below the July 17 low at $54.77. Once hurdled, the next stop is the $50 milestone. On further weakness, the next area of interest would be the November 21, 2025, swing low of $48.64
On the other hand, if buyers move in and drag Silver above the July 22 day’s high at $60.94, it opens the path towards challenging the July 6 high at $63.38. Above the next key resistance is the psychological $64.00, ahead of the 50-day SMA at $65.79.
XAG/USD Price Chart – Daily
Silver daily chart Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
TLDR: Strategy leads nine firms pledging $15 million to fund Bitcoin developers over three years. Consortium members direct funding independently without controlling Bitcoin’s protocol decisions. CryptoQuant estimates 6.9 million bitcoin could face risk from future quantum computing advances. Galaxy separately committed $5 million toward quantum-resistant wallet tools and security audits. Bitcoin Security Consortium has officially launched under Strategy’s leadership, joined by BlackRock, Coinbase, and seven other major firms.
The group pledged an aggregate $15 million over three years to fund Bitcoin developers and security researchers. Strategy positioned the initiative as a response to long-term threats facing Bitcoin’s cryptographic foundation, including quantum computing risks.
Strategy Leads Coalition of Major Bitcoin Holders Strategy brought together eight additional firms to form this new funding coalition. Founding members include BlackRock, Coinbase, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy.
Each company represents a distinct segment of the institutional Bitcoin ecosystem. Together they span custody, exchange services, infrastructure, and asset management functions.
Strategy CEO Phong Le framed the launch around shared incentives among long-term Bitcoin holders. “As long-term holders, we have every incentive to see Bitcoin remain secure for generations,” he said.
He added that funding the people doing this work is a natural way to contribute. His comments tied the consortium’s mission to protecting long-term institutional investment.
Michael Saylor amplified the announcement through a public social media post shortly after launch. “Bitcoin’s security is a shared responsibility,” he wrote.
Bitcoin’s security is a shared responsibility.
Today we are launching the Bitcoin Security Consortium, backed by $15 million in commitments to support the developers and researchers strengthening Bitcoin for the decades ahead. https://t.co/J2VbkgJRZm
— Michael Saylor (@saylor) July 23, 2026
He said the consortium is backed by $15 million in commitments supporting developers and researchers. Saylor’s post reinforced Strategy’s central role in organizing the effort.
Mike Schmidt, executive director of Brink, will coordinate the consortium’s daily operations. He serves in this role on a volunteer basis alongside his nonprofit work.
Brink already funds Bitcoin’s open-source developer community through independent grants. His involvement links the new consortium to existing developer funding infrastructure.
Nine Members Commit Funding Without Pooling Resources The $15 million pledge will not be held in a single pooled account. Instead, each member directs its own contribution independently to chosen recipients.
Companies select which developers, researchers, or organizations receive their individual funding. The consortium itself holds no role in fund allocation or distribution decisions.
Individual contribution amounts from each of the nine firms remain undisclosed. The announcement also did not specify which recipients would receive initial funding.
It remains unclear how much of the total represents newly committed money. Some contributions may reflect funding commitments made before the launch.
BlackRock’s Robert Mitchnick praised the developer community behind Bitcoin’s core software. “Bitcoin Core developers do incredibly important work,” he said.
He added that BlackRock and other members would now provide additional funding for long-term security needs. Both executives emphasized funding without attempting to direct technical outcomes.
Galaxy separately launched its own $5 million initiative for quantum-resistant tools this week. That program targets wallet migration support, signature research, and independent audits.
The consortium did not clarify whether this funding counts toward its broader total. This raises questions about how member commitments overlap across separate initiatives.
Quantum Computing Named as Consortium’s First Priority The consortium’s initial focus centers on preparing Bitcoin for future quantum computing threats. Machines capable of breaking Bitcoin’s current cryptography do not exist today.
Credible estimates place that capability years away from practical development. Developers have nonetheless begun researching potential defensive measures against this risk.
CryptoQuant research estimates roughly 6.9 million bitcoin could face exposure eventually. Addressing that vulnerability would require coordinated technical changes across the entire network.
Wallets, exchanges, miners, and individual users would all need to participate. Reaching consensus across Bitcoin’s decentralized structure could take considerable time to complete.
Proposed technical responses include BIP 360, introducing a new output type. This proposal aims to limit public key exposure during transactions.
Other approaches under discussion involve post-quantum signature schemes for future security. Developers are also examining methods to protect coins in older, exposed addresses.
Strategy and its partners stressed the consortium will not direct Bitcoin’s protocol development. It takes no position on specific proposed changes currently under community debate.
Members plan to publish ongoing material tracking security progress for public reference. This transparency effort aims to serve investors, media, and the broader public.
If you've been tracking NuScale Power (SMR +1.32%), you witnessed a red-hot narrative crashing into a wall of reality over the last few months. Shares of the nuclear energy start-up crashed in the last quarter of 2025 and continued their downward slide into 2026, losing 29.2% value in the first half of the year, according to data provided by S&P Global Market Intelligence.
President Donald Trump aims to quadruple U.S. nuclear energy capacity to 400 gigawatts by 2050. Because building a traditional nuclear reactor takes years even as power demand has hit unprecedented levels amid the artificial intelligence (AI) data center boom, the government is also supporting small modular reactors (SMRs).
NuScale's SMR design is already approved by the U.S. Nuclear Regulatory Commission, and the company has begun manufacturing its first patented 77-megawatt carbon-free modules.
The problem? NuScale hasn't built a reactor yet. As that reality set in, investors ran for the exit. Here is how the fallout unfolded.
Image source: Getty Images.
Whu NuScale Power stock derailed In early 2026, TD Cowen analyst Marc Bianchi raised alarm bells, warning that NuScale's flagship project in Romania could be delayed until 2034.
NuScale's fourth-quarter earnings report delivered another blow: a massive $507.4 million milestone payment to ENTRA1 Energy, its exclusive commercialization partner. Under the agreement, NuScale owes ENTRA1 fees for its nuclear product developments without guaranteed revenues.
With the company's operating loss surging nearly fivefold to $690 million during the quarter, analysts slashed their price targets on NuScale stock while some disgruntled investors filed class action lawsuits, alleging misrepresentation of ENTRA1 Energy's capabilities and arrangement.
To make matters worse, NuScale's largest shareholder, Fluor, aggressively offloaded its position and exited NuScale completely by April 2026, pocketing $2.4 billion in proceeds. Watching an anchor insider walk away shattered whatever little remained of retail confidence.
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NuScale's first quarter offered no relief. Revenue plummeted from $13.4 million in the prior-year period to a paltry $0.5 million as one-time licensing revenue dried up, while net losses nearly tripled to $44 million.
Is NuScalePower stock a buy before Aug. 5? NuScale did finish Q1 with $890 million in cash and short-term investments and zero long-term debt. But cash reserves can only buy so much time when losses are mounting, and cash burn rates remain high.
Commercial deployment is still years away, with NuScale projecting first module delivery no earlier than 2031. Moreover, although ENTRA1 has been in the headlines for a big agreement with the Tennessee Valley Authority (TVA) to deploy up to 6 GW of nuclear power with NuScale's SMR equipment, the project still lacks a long-term power purchase agreement or a finalized timeline.
NuScale will release its second-quarter numbers on Aug. 5. Expectations are muted. Until the company can transition from regulatory approvals and partnership agreements to a firm revenue-generating model, its stock will remain speculative and volatile.
