Track market-moving stories before they get noisy

 | 

WhatsApp recently began offering usernames, designed to help people connect while keeping their phone numbers private.

Now, the Meta-owned company said it will allow high-profile names to be claimed only by legitimate owners as it tries to prevent impersonation on the messaging platform, Bloomberg News reported Wednesday (July 1).

The username feature was introduced Monday (June 29), when Meta began letting customers reserve a unique handle for launch later in the year.

“Usernames are our latest step to make WhatsApp even more private. There’s no directory to browse and no suggestions—people will need to know your exact username to contact you for the first time,” the company wrote in its announcement.

According to the Bloomberg report, the move is facing scrutiny from India’s government, which is expected to call on WhatApp to explain the implications of the feature. Meta told Bloomberg it has built several layers of protection against scams into WhatsApp’s usernames offering.

“Other users need to know the exact username to message you, we will limit how many new people an account can contact, block repeated attempts to guess someone’s username key, and have systems to detect and remove activity showing common impersonation and abuse patterns,” the company said.

Bloomberg noted that India represents the largest market for WhatsApp with upwards of 600 million users, meaning any serious government pushback can hinder the global rollout of the username feature.

This is happening at a time when scammers are increasingly using social media channels to target their victims. Findings by the Federal Trade Commission (FTC) released in April showed that nearly 30% of people who reported losing money in a scam last year say that the scam began on social media.

“Scammers may hack a user’s account, exploit what a user posts to figure out how to target them, or buy ads and use the same tools used by real businesses to target people by age, interests or shopping habits,” the commission said.

The FTC’s data are in line with PYMNTS Intelligence research which showed that digital communication channels are among the most common ways cybercriminals make their first contact with financial scams victims.

Meta introduced a series of artificial intelligence-powered anti-scam tools for WhatsApp, Facebook and Messenger earlier this year.

In the case of WhatApp, that meant a warning system that alerts users of potentially suspicious device-linking requests, aimed at preventing scams where fraudsters try to dupe WhatsApp users into connecting their account to another device.

Berkshire Hathaway New Q1 BuysBerkshire Hathaway stock may be underperforming major stock market indexes in recent years. Some new stock picks made by Abel in the first quarter could help close the gap.

In the first quarter, Berkshire Hathaway completely exiting more than 15 stock positions was one of the bigger headlines. This included selling some positions that had been owned for years.

Another headline was the new Abel-led company announcing three new stocks bought in the first quarter, which were:

The new purchases surprised some with Buffett often avoiding the airline sector and mostly avoiding technology like Alphabet for years. The conglomerate did own a position in Class A shares (GOOGL) before the first quarter.

With the second quarter over, investors now have one quarter complete since Berkshire’s purchases to track how they are doing. Here’s an updated scorecard.

Greg Abel Stock Buys ScorecardAs of July 1, here are the current profits made from the three stocks that Abel added to Berkshire Hathaway in the first quarter, based on the closing price from March 31, 2026.

Delta Air Lines: $1,074,366,217.44, +40.6% Macy’s: $16,255,199.25, +29.6% Alphabet Class C: $251,466,980.10, +24.5% All three of the new positions are up since the end of the first quarter. In total, the three positions are up around $1.34 billion and have gained 36%.

That’s not a bad return for one quarter for the new stock picks.

Investors will be closely monitoring the conglomerate’s next 13F to see if Abel made more big changes and announces any new stock holdings. Investors will also be watching to see if these new positions are maintained or changed, or if Abel is more okay with taking short-term profits than Buffett was.

Image via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

The Amgen logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

SummaryCompaniesJudge says Amgen likely to face significant, irreparable harmEnbrel price was capped at $31,200 annually, list price tops $100,000Colorado declined to commentJuly 1 (Reuters) - A federal judge on Wednesday blocked Colorado ​from capping the price of Amgen's (AMGN.O), opens new tab blockbuster arthritis drug Enbrel, a first-of-its-kind ‌move by a U.S. state.

In granting a preliminary injunction, Chief Judge Daniel Domenico of the Denver federal court said Amgen would likely face significant and irreparable harm from charging lower prices, adding that it ​could affect the drugmaker's negotiations for future contracts with wholesalers and distributors.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

Domenico said ​that "as a matter of basic economic logic, Amgen is likely to ⁠be significantly harmed by a cap on the price of its product, even if ​the cap applies unevenly" within the supply chain.

He also said that while Colorado had a ​legitimate interest in helping patients afford Enbrel, and could try doing so through subsidies or negotiations to lower prices as the federal government has done, "capping the price of a patented drug" was not an ​option.

In October, the Colorado Prescription Drug Affordability Board capped Enbrel prices at $600 for a ​50-milligram weekly dose, or $31,200 per year, effective on January 1, 2027.

The list price of Enbrel exceeds $100,000 per ‌year. ⁠Amgen had until July 5 to decide whether to continue selling the drug in Colorado.

Genna Morton, a spokeswoman for Colorado's Division of Insurance, said the agency cannot comment on pending litigation. Amgen and its lawyers did not immediately respond to requests for comment.

The U.S. ​pays about three times ​as much as other ⁠high-income countries for branded drugs, and the federal government and states have pursued policies to keep prices down.

Enbrel, whose chemical name is ​etanercept, is used to treat arthritis and plaque psoriasis. It is ​one of ⁠Amgen's biggest drugs, accounting for $2.23 billion of sales in 2025.

The Thousand Oaks, California-based drugmaker said Colorado's cap conflicted with federal patent law, violated its due process rights under the U.S. ⁠Constitution and ​threatened patients' access to needed treatment.

Domenico was appointed ​to the bench by Donald Trump. The U.S. president has nominated Domenico to join the 10th U.S. Circuit Court of ​Appeals, whose jurisdiction includes Colorado.

Reporting by Jonathan Stempel in New York; Editing by Mark Porter

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Key Takeaways BUD's digital platforms, including BEES and Ze Delivery, are expanding customer reach and engagement.BUD's B2B digital platforms contributed about 72% of revenues in Q1 2026, supporting growth.BUD's premium beer portfolio posted 11% revenue rise in Q1, led by Corona, Stella Artois and Michelob Ultra. In a fast-evolving beverage environment, Anheuser-Busch InBev SA/NV (BUD - Free Report) , also known as AB InBev, emerges as a distinctively positioned contender, strengthening its foothold in the global alcoholic beverage market. As a global brewing titan, AB InBev continues to dominate the industry through its expansive sourcing and distribution network, strategic focus on premiumization, accelerating digital transformation and consistent investment in brand equity.

AB InBev continues to enhance its digital capabilities to deepen customer engagement, with a strong emphasis on digitizing and monetizing its ecosystem. The company is expanding its tech-driven platforms, particularly its B2B and e-commerce channels like BEES and Zé Delivery. BEES delivered a strong performance, generating $14.6 billion in gross merchandise value (GMV), up 15% year over year. Digital DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, served 12 million active consumers, generating $139 million in revenues in first-quarter 2026, with third-party sales through DTC marketplace reaching $41 million of GMV.

The company’s digital transformation initiatives have been on track, with B2B digital platforms contributing about 72% to its revenues in first-quarter 2026. In DTC, BUD’s digital platforms enable a one-to-one connection with consumers, hence developing new occasions. Digital momentum is likely to continue and bolster the company’s overall revenues.

Premiumization remains a key lever for AB InBev as consumers trade up within beer and it concentrates investment behind its megabrands. In first-quarter 2026, the above core beer portfolio delivered an 11% revenue increase, driven by Corona, Stella Artois and Michelob Ultra. Corona also increased volumes by double digits in 32 markets in the reported quarter, supporting a sustained premium mix contribution. The company has highlighted that its disciplined revenue management and strong portfolio of higher-priced brands support revenue per hl and margin resiliency over time. As AB InBev continues to activate global platforms such as major sports moments and scale premium brands across more markets, it has an opportunity to protect pricing power through the cycle.

BUD’s Price Performance, Valuation and EstimatesAB InBev shares have gained 27.5% in the past six months compared with the industry’s 14.9% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, BUD trades at a forward price-to-earnings ratio of 17.99X compared with the industry’s average of 15.38X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for BUD’s 2026 and 2027 earnings per share (EPS) indicates year-over-year growth of 16.1% and 11.5%, respectively. The company’s EPS estimates for 2026 have moved upward in the past seven days while that of 2027 have moved downward.

Image Source: Zacks Investment Research

AB InBev currently carries a Zacks Rank #3 (Hold).

Stocks to Consider in the Consumer Staples SpaceThe Chefs' Warehouse, Inc. (CHEF - Free Report) , which is a distributor of specialty food products in the United States, currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Chefs' Warehouse current financial-year sales indicates growth of 8.3% from the prior-year level. CHEF delivered a trailing four-quarter earnings surprise of 28.9%, on average.

Nomad Foods Limited (NOMD - Free Report) , which manufactures and distributes frozen foods, currently carries a Zacks Rank #2 (Buy).

The consensus estimate for Nomad Foods’ current financial-year sales is expected to rise 0.5% from the year-ago reported figure. NOMD delivered a trailing four-quarter earnings surprise of 8.6%, on average.

Medifast, Inc. (MED - Free Report) , which is a leading manufacturer and distributor of clinically-proven healthy living products and programs, currently carries a Zacks Rank of 2. MED delivered an average earnings surprise of 65.5% in the last reported quarter.

The Zacks Consensus Estimate for Medifast’s current financial-year sales indicates a decline of 26% from the year-ago number.

The logo for Robinhood Markets, Inc., is displayed on a screen during the company’s IPO at the Nasdaq Market site in Times Square in New York City, U.S., July 29, 2021. REUTERS/Brendan... Purchase Licensing Rights, opens new tab Read more

CompaniesJuly 1 (Reuters) - Robinhood (HOOD.O), opens new tab said on Wednesday it plans to launch crypto trading in the UK and broadened its perpetual futures ​offering in Europe beyond cryptocurrencies.

Here are some details:

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

Eligible ‌European investors will now be able to trade perpetual futures tied to commodities, ETFs and foreign exchange markets, including gold, silver, crude oil ​and the euro-dollar pair, with leverage of up ​to 10 times and round-the-clock trading, the company said.

Perpetual ⁠futures, commonly known as "perps," are futures contracts with no ​expiration date and have drawn significant attention in the U.S. ​after the CFTC in May permitted their trading on domestic exchanges.

Separately, Robinhood said it plans to roll out crypto trading for the UK as ​it seeks to build an all-in-one investing platform for the ​region.

The company also launched Robinhood Earn, a lending product that allows eligible U.S. ‌users ⁠to lend their dollar-backed stablecoin, USDG, through a self-custody wallet at an estimated 7% annualized return.

Robinhood Earn includes insurance for certain losses stemming from cyberattacks or smart-contract exploits, with ​the coverage arranged ​through Lloyd's ⁠of London and RELM.

The company also announced its entry into Canada following its acquisition of WonderFi ​and said it had received a capital markets ​services ⁠licence in Singapore.

The trading platform, which serves more than 28 million customers across 38 countries, has expanded into more financial services ⁠in ​recent years to reduce its reliance ​on trading activity.

The company posted weaker-than-expected transaction revenue for the first quarter amid crypto-driven ​volatility.

Reporting by Pragyan Kalita in Bengaluru; Editing by Leroy Leo

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Robinhood HOOD shares surged 8% on Wednesday after the online brokerage unveiled a series of new products and international expansion initiatives aimed at broadening its presence in cryptocurrency trading and global financial services.

The announcements, made during a live event in London, included new AI-powered cryptocurrency trading capabilities for US customers, expanded perpetual futures trading in Europe, and progress toward entering new markets including Canada, Singapore, and the United Kingdom.

Johann Kerbrat, general manager of crypto and international at Robinhood, said the initiatives are designed to bring more investment products to customers outside the United States.

"We want to extend this vision to the rest of the world," Kerbrat tells Barron's.

In the United States, Robinhood introduced agentic cryptocurrency trading at no additional cost.

The new feature allows customers to connect their own AI agents to Robinhood so those agents can execute cryptocurrency trades on their behalf.

The launch builds on the company's rollout of agentic trading for stocks and options introduced last month.

Robinhood also announced Robinhood Earn for eligible US customers, a lending service that enables users to lend the US dollar-pegged stablecoin USDG through a self-custody wallet.

The company said the lending infrastructure is powered by the decentralized lending network Morpho.

The brokerage also expanded its blockchain strategy by launching the main network for Robinhood Chain, which is designed to support real-world assets.

Additionally, Robinhood introduced tokenized stocks that eligible customers can trade around the clock on Robinhood Chain.

The company noted that stock tokens are not available in the United States or to US customers.

Robinhood continued its international expansion with several announcements focused on Europe and Asia.

In the European Union, the company expanded its range of perpetual futures contracts, allowing eligible customers to trade contracts linked to commodities, selected currencies, and exchange-traded funds, including gold, silver, and Invesco's Nasdaq-100 tracking QQQ ETF.

Unlike traditional futures contracts, perpetual futures do not expire, allowing investors to maintain positions for longer periods.

Robinhood also announced that it had received a capital markets services licence in Singapore, bringing it closer to launching brokerage services in the country.

In Canada, the company is expanding its cryptocurrency offering following its acquisition of digital asset platform WonderFi. Robinhood said Canadian customers will receive zero crypto trading fees through Sept. 30.

The company also revealed plans to launch cryptocurrency services in the United Kingdom.

"We're very excited about that because only brokerage products have been available up until today," Kerbrat said.

Analysts remain optimistic on growthRobinhood's latest product launches add to a broader strategy of expanding beyond its traditional brokerage business.

According to a Zacks report, the company was the top-performing finance stock during the second quarter of 2026, supported by stronger retail trading activity and continued growth across equities, options, cryptocurrencies, and prediction markets.

The report also highlighted Robinhood's efforts to diversify its business through AI-powered trading, wealth management, prediction markets, and payment products, creating additional opportunities for revenue growth.

Analyst sentiment remains positive.

According to Zacks, consensus earnings estimates for 2026 and 2027 have increased to $1.81 and $2.45 per share, respectively.

While earnings are expected to decline 11.7% this year, forecasts call for growth of 35.2% in 2027.

TipRanks data also reflects a favorable outlook, with 16 of 19 analysts rating Robinhood shares a Buy, while the remaining three recommend Hold, underscoring continued confidence in the company's long-term expansion strategy.

, /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced the initiation of its Phase 2 clinical study to assess the safety and tolerability of crinecerfont in children aged 3 months to under 4 years with classic congenital adrenal hyperplasia (CAH). Crinecerfont, marketed as CRENESSITY®, is approved in the United States as an adjunctive treatment to glucocorticoid replacement to control androgens in adult and pediatric patients 4 years of age and older with classic CAH.

"Infants and young children with classic CAH face significant health challenges and are often exposed to high doses of glucocorticoids during critical periods of growth and development," said Sanjay Keswani, M.D., Chief Medical Officer, Neurocrine Biosciences. "The initiation of this Phase 2 study reflects our commitment to evaluating crinecerfont as a potential treatment option that could reduce the need for long-term supraphysiologic glucocorticoid use and help mitigate the associated risks in this vulnerable, very young population."

CAH is typically identified at or shortly after birth and can lead to life-threatening adrenal crises due to the underlying adrenal insufficiency, as well as androgen excess and consistent dosing of supraphysiologic glucocorticoids – complications for which there are no approved therapies in children under 4 years of age. Neurocrine is conducting this pediatric study under an FDA Pediatric Written Request.

The Phase 2 open-label, single-arm study consists of a 24-week treatment period with a primary objective of assessing the safety and tolerability of crinecerfont in 20 participants aged 3 months to under 4 years with classic CAH. Secondary objectives include evaluation of the pharmacokinetics and pharmacodynamic effects of crinecerfont on hormone biomarkers. This study is expected to support a planned supplemental New Drug Application to expand the approved U.S. indication to include patients less than 4 years of age. Additional information about the trial, including eligibility criteria, can be found at ClinicalTrials.gov.

Separately, Neurocrine achieved target enrollment for a Phase 2 study in the European Union to evaluate the safety and tolerability of crinecerfont in children from birth to under 2 years of age with classic CAH. For more information, visit ClinicalTrials.gov.

Crinecerfont was approved by the U.S. Food and Drug Administration in 2024, marking the first therapeutic advancement in more than 70 years for patients with classic CAH. It is a potent and selective oral corticotropin-releasing factor type 1 receptor (CRF1) antagonist that reduces elevated adrenocorticotropic hormone (ACTH) secretion at the source and the resulting downstream excess adrenal androgens through a non-GC mechanism.

About Congenital Adrenal Hyperplasia
Congenital adrenal hyperplasia (CAH) is a rare genetic condition that results in an enzyme deficiency that alters the production of adrenal steroid hormones, such as cortisol, aldosterone and adrenal androgens. Severe enzyme deficiency leads to an inability of the adrenal glands to produce enough cortisol and, in approximately 75% of cases, aldosterone. Because individuals with CAH are typically still able to produce androgens, the unused precursors that would normally be used to make cortisol instead result in the production of excess amounts of androgens. If left untreated, CAH can result in adrenal crisis and even death.

Exogenous glucocorticoids (GCs) are necessary to correct the endogenous cortisol deficiency, but historically, doses higher than those needed for cortisol replacement (supraphysiologic) have been used to lower the elevated levels of adrenocorticotropic hormone (ACTH) and adrenal androgens. However, GC treatment at supraphysiologic doses has been associated with serious and significant complications of steroid excess, including metabolic issues such as weight gain and diabetes, cardiovascular disease and osteoporosis. Additionally, long-term treatment with supraphysiologic GCs may have psychological and cognitive impacts, such as changes in mood and memory. Adrenal androgen excess has been associated with abnormal bone growth and development in pediatric patients, female health problems such as excess facial hair growth and menstrual irregularities, in addition to cardiometabolic and fertility issues in both sexes. The symptoms of high ACTH may include testicular adrenal rest tumors (TARTs).

About CRENESSITY® (crinecerfont)
CRENESSITY is a potent and selective oral corticotropin-releasing factor type 1 receptor (CRF1) antagonist that reduces and controls excess adrenocorticotropic hormone (ACTH) and adrenal androgens through a non-glucocorticoid (GC) mechanism for the treatment of classic congenital adrenal hyperplasia (CAH). Antagonism of CRF1 receptors in the pituitary has been shown to decrease ACTH levels, which in turn decreases the production of adrenal androgens and potentially the symptoms associated with CAH. The robust clinical study data demonstrate that lowering adrenal androgen levels with CRENESSITY enables lower, more physiologic dosing of GCs to replace missing cortisol.

CRENESSITY comes in capsules and an oral solution. For adults 18 years of age and older, the recommended dosage is 100 mg twice daily taken orally with a meal. For pediatric patients 4 to 17 years of age weighing less than 55 kg (121 lbs), the recommended dosage is based on body weight and is administered twice daily, taken orally with a meal. For pediatric patients weighing more than 55 kg (121 lbs), the recommended dosage is 100 mg twice daily taken orally with a meal. Healthcare providers can work with patients to determine the appropriate formulation for use depending on patient needs. Patients receiving CRENESSITY should continue GC therapy for cortisol replacement.

Important Information

Approved Uses
CRENESSITY® (crinecerfont) is a prescription medicine used together with glucocorticoids (steroids) to control androgen (testosterone-like hormone) levels in adults and children 4 years of age and older with classic congenital adrenal hyperplasia (CAH).

IMPORTANT SAFETY INFORMATION

Do not take CRENESSITY if you:

Are allergic to crinecerfont, or any of the ingredients in CRENESSITY.

CRENESSITY may cause serious side effects, including:

Allergic reactions. Symptoms of an allergic reaction include tightness of the throat, trouble breathing or swallowing, swelling of the lips, tongue, or face, and rash. If you have an allergic reaction to CRENESSITY, get emergency medical help right away and stop taking CRENESSITY.

Risk of Sudden Adrenal Insufficiency or Adrenal Crisis with Too Little Glucocorticoid (Steroid) Medicine. Sudden adrenal insufficiency or adrenal crisis can happen in people with congenital adrenal hyperplasia who are not taking enough glucocorticoid (steroid) medicine. You should continue taking your glucocorticoid (steroid) medicine during treatment with CRENESSITY. Certain conditions such as infection, severe injury, or shock may increase your risk for sudden adrenal insufficiency or adrenal crisis. Tell your healthcare provider if you get a severe injury, infection, illness, or have planned surgery during treatment. Your healthcare provider may need to change your dose of glucocorticoid (steroid) medicine.

Before taking CRENESSITY, tell your healthcare provider about all of your medical conditions, including if you: are pregnant or plan to become pregnant, or are breastfeeding or plan to breastfeed.

Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins and herbal supplements.

The most common side effects of CRENESSITY in adults include tiredness, headache, dizziness, joint pain, back pain, decreased appetite, and muscle pain.

The most common side effects of CRENESSITY in children include headache, stomach pain, tiredness, nasal congestion, and nosebleeds.

These are not all the possible side effects of CRENESSITY. Call your healthcare provider for medical advice about side effects. You are encouraged to report negative side effects of prescription drugs to the FDA. Visit MedWatch at www.fda.gov/medwatch or call 1-800-FDA-1088.

Dosage Forms and Strengths: CRENESSITY is available in 50 mg and 100 mg capsules, and as an oral solution of 50 mg/mL.

Please see full Prescribing Information.

About Neurocrine Biosciences, Inc. 
Neurocrine Biosciences is a leading biopharmaceutical company with a simple purpose: to relieve suffering for people with great needs. We are dedicated to discovering, developing and commercializing life-changing treatments for patients with under-addressed neurological, psychiatric, endocrine and immunological disorders. The company's diverse portfolio includes FDA-approved treatments for tardive dyskinesia, chorea associated with Huntington's disease, classic congenital adrenal hyperplasia, hyperphagia in patients with Prader-Willi syndrome, endometriosis* and uterine fibroids*, as well as a robust pipeline including multiple compounds in mid- to late-phase clinical development across our core therapeutic areas. For more than three decades, we have applied our unique insight into neuroscience and the interconnections between brain and body systems to treat complex conditions. We relentlessly pursue medicines to ease the burden of debilitating diseases and disorders, because you deserve brave science. For more information, visit neurocrine.com, and follow the company on LinkedIn, X, Facebook and YouTube. (*in collaboration with AbbVie)

NEUROCRINE, the NEUROCRINE BIOSCIENCES Logo, YOU DESERVE BRAVE SCIENCE and CRENESSITY are registered trademarks of Neurocrine Biosciences, Inc.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements regarding our future development plans with respect to crinecerfont; the efficacy and therapeutic potential of crinecerfont in children aged 3 months to under 4 years with classic congenital adrenal hyperplasia (CAH); and the value and benefits CRENESSITY brings to adults and pediatric patients 4 years of age and older with CAH. Factors that could cause actual results to differ materially from those stated or implied in the forward-looking statements include, but are not limited to, the following: risks that clinical development activities may not be initiated or completed on time or at all, or may be delayed for regulatory, manufacturing, or other reasons, may not be successful or replicate previous clinical trial results, may fail to demonstrate that our product candidates are safe and effective, or may not be predictive of real-world results or of results in subsequent clinical trials; risks that regulatory submissions for our product candidates may not occur or be submitted in a timely manner; our future financial and operating performance; risks associated with our dependence on third parties for development, manufacturing, and commercialization activities for our products and product candidates, and our ability to manage these third parties; risks that the FDA or other regulatory authorities may make adverse decisions regarding our products or product candidates; risks that the potential benefits of the agreements with our collaboration partners may never be realized; risks that our products, and/or our product candidates may be precluded from commercialization by the proprietary or regulatory rights of third parties, or have unintended side effects, adverse reactions or incidents of misuse; risks associated with U.S. federal or state legislative or regulatory and/or policy efforts which may result in, among other things, an adverse impact on our revenues or potential revenue; risks associated with potential generic entrants for our products; and other risks described in the Company's periodic reports filed with the Securities and Exchange Commission, including without limitation the Company's quarterly report on Form 10-Q for the quarter ended March 31, 2026. Neurocrine Biosciences disclaims any obligation to update the statements contained in this press release after the date hereof other than required by law.

© 2026 Neurocrine Biosciences, Inc. All Rights Reserved.

SOURCE Neurocrine Biosciences, Inc.

PITTSBURGH--(BUSINESS WIRE)--American Eagle Outfitters, Inc. (NYSE: AEO) today announced that after 25 years of service, Mike Mathias, Executive Vice President - Chief Financial Officer will transition to serve as a full-time non-executive strategic advisor to Jay Schottenstein, Executive Chairman of the Board and Chief Executive Officer, effective August 3, 2026.

Ravi Thanawala will succeed Mathias as Executive Vice President - Chief Financial Officer, also effective August 3, 2026. To ensure a seamless leadership transition, Mathias will collaborate closely with Thanawala through the remainder of AEO’s 2026 fiscal year and continue supporting Schottenstein through July 30, 2027.

“I want to extend my immense appreciation to Mike for his exceptional leadership and dedicated service. Mike’s history with AEO runs incredibly deep. He began his career with the company in 1998, and though his professional journey took him elsewhere for a time, his love for AEO’s brands and people ultimately brought him back in 2017, where his significant impact led to his promotion to CFO in 2020. Throughout his tenure, he has successfully guided our organization through a rapidly evolving retail landscape and a period of significant growth, which is why I’ve asked Mike to step into the role of strategic advisor to me. Mike’s financial expertise and strategic foresight have been instrumental in strengthening the foundation of our business, driving long-term value and positioning AEO for a bright future,” said Jay Schottenstein.

Schottenstein continued, “We are pleased to welcome Ravi Thanawala to the executive team. His extensive retail background, dynamic leadership style and proven track record of delivering operational excellence for consumer-facing brands will position us well for long-term success.”

"I am incredibly proud of the financial and operational milestones we have achieved during my time as CFO,” said Mike Mathias. “I want to thank Jay, the Board of Directors and my colleagues for their partnership and extend my appreciation to our exceptional finance team for their dedication and resilience. I leave the finance function in highly capable hands, backed by the deep bench strength of our talented leaders–and I have full confidence in AEO’s continued momentum in the marketplace as I support a smooth transition.”

Incoming Executive Vice President - Chief Financial Officer, Ravi Thanawala said, “American Eagle Outfitters, Inc. has been a premier specialty retailer for generations with longstanding market leadership, and I am honored to step into the role as CFO. I have long admired AEO's powerful portfolio of beloved lifestyle brands, including American Eagle and Aerie, as well as the disciplined financial foundation and strong operational framework that Jay, Mike and the team have established. My immediate priority is working with Mike to ensure a seamless transition that maintains organizational momentum. Looking ahead, I am excited to partner with Jay and leadership to accelerate long-term strategic initiatives, maintain financial discipline and unlock new avenues for profitable growth that will help to maximize value for our shareholders.”

In addition, AEO today reaffirmed its second quarter and full-year 2026 financial guidance, as previously announced in its earnings release on May 28, 2026.

About Ravi Thanawala

Ravi Thanawala was appointed the Chief Financial Officer and President, North America of Papa John’s International, Inc. in November 2025 after serving as Chief Financial Officer and EVP, International since September 2024. Thanawala also served as Papa John’s Interim Chief Executive Officer from March 2024 to August 2024, after joining the company as Chief Financial Officer in July 2023. He previously held the role of Chief Financial Officer of Nike North America at Nike, Inc. from June 2020 to July 2023. From 2018 to 2020, Thanawala also served as the Global VP and CFO of the Converse brand. In addition, he was the Global VP of Retail Excellence from 2016 to 2018. Prior to Nike, Inc., Thanawala spent eight years at ANN INC. with progressively increasing responsibilities in finance and operations. He served in the finance leadership role for LOFT; led ANN INC’s Asia operations, global logistics and international trade based in Hong Kong; and rose to the position of CFO of the ANN INC. business, a subsidiary of Ascena Retail Group, Inc.

About American Eagle Outfitters, Inc.

American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer with a portfolio of beloved apparel brands including American Eagle, Aerie, OFFL/NE by Aerie, Todd Snyder and Unsubscribed. Rooted in optimism, inclusivity and authenticity, AEO’s brands empower every customer to celebrate their unique personal style by offering casual, comfortable, timeless outfitting and high-quality products that are made to last.

AEO Inc. operates stores in the United States, Canada and Mexico, with merchandise available in more than 30 countries through a global network of license partners. Additionally, the company operates a robust e-commerce business across its brands. For more information, visit aeo-inc.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This release and related statements by management contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which represent management’s expectations or beliefs concerning future events, including, without limitation, expected results for the second quarter and full-year fiscal 2026. Words such as “outlook,” "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," “may,” “potential,” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements made by the company are inherently uncertain because they are based on assumptions and expectations concerning future events and are subject to change based on many important factors, some of which may be beyond the company’s control. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise and even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. The following factors, in addition to the risks disclosed in Item 1A., Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended January 31, 2026 and in any other filings that we may make with the Securities and Exchange Commission, in some cases have affected, and in the future could affect, the company's financial performance and could cause actual results to differ materially from those expressed or implied in any of the forward-looking statements included in this release or otherwise made by management: the risk that the company’s operating, financial and capital plans may not be achieved; our inability to anticipate fluctuations in customer demand and respond to changing consumer preferences and fashion trends and to manage our inventory commensurately; the seasonality of our business; our inability to achieve planned store financial performance and gain market share in the face of declining shopping center traffic or attract customers to our stores; our inability to react to raw material cost, labor and energy cost increases; our inability to respond to changes in e-commerce and leverage omni-channel capabilities; our inability to execute on our key business priorities; our inability to expand internationally; difficulty with our international merchandise sourcing strategies; the impact that foreign trade issues, including import tariffs and other trade restrictions imposed by the U.S., China or other countries have had, and may continue to have, on our product costs, as well as continued uncertainty with respect to tariffs and other trade restrictions, the possibility that product costs may be affected by other foreign trade issues, such as currency exchange rate fluctuations, increasing prices for raw materials, supply chain issues, the potential for a trade war, political instability or other reasons; challenges with information technology systems, including safeguarding against security breaches; changes to U.S. or other countries' trade policies and tariff and import/export regulations, and global economic, public health, social, political and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits, which could have a material adverse effect on our business, results of operations and liquidity.

The use of the “company,” “AEO,” “we,” "us," and “our” in this release refers to American Eagle Outfitters, Inc.

More News From American Eagle Outfitters, Inc.

, /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) announced today that its Board of Directors has declared its quarterly dividend of $0.34 per share. Payment of the July dividend will be made on July 29, 2026, to shareholders of record at the close of business on July 16, 2026.

About Alamo Group
Alamo Group is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment. We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care. Our products are sold to independent equipment dealers and directly to contractors and municipalities. Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) as well as related after-market parts and services. The Company operates two divisions: the Industrial Equipment Division and the Vegetation Management Division. Founded in 1969, the Company has approximately 3,800 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

Forward Looking Statements
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including tariffs, trade wars, and the effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company's SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

SOURCE Alamo Group Inc.

Record date set for July 20, 2026 Distribution expected to occur on August 3, 2026, with common shareholders of record expected to receive one share of ADI common stock for every two shares of Resideo common stock owned ADI expected to begin trading on NYSE on August 4, 2026, under the ticker symbol "ADIG" ADI completes $400 million senior notes offering and enters into a credit agreement with respect to a $600 million term loan facility and a $500 million revolving facility in connection with the planned spin-off , /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI) ("Resideo") today announced that its Board of Directors (the "Board") has formally approved the planned spin-off (the "Spin-Off") of its ADI Global Distribution business. The Board also has set a record date of July 20, 2026 (the "Record Date") and a distribution date of August 3, 2026, in connection with the Spin-Off.

To execute the Spin-Off, Resideo will distribute all of the issued and outstanding shares of ADI Global Distribution Inc. ("ADI") common stock pro rata to Resideo common shareholders of record on the Record Date. The distribution will occur at 5:00 p.m., eastern time, on August 3, 2026 (the "Distribution Date"), on the basis of a distribution ratio of one share of ADI common stock for every two shares of Resideo common stock held as of the close of business on the Record Date.

Following the distribution, ADI common stock is expected to begin trading on the New York Stock Exchange ("NYSE") on August 4, 2026, under the ticker symbol "ADIG." Resideo will continue to trade on the NYSE under the ticker symbol "REZI."

Completion of the Spin-Off is conditioned upon the satisfaction or waiver of certain conditions as set forth in the form of Separation and Distribution Agreement filed with the U.S. Securities and Exchange Commission ("SEC") as part of the registration statement on Form 10.

The Spin-Off is expected to be tax-free to Resideo shareholders for U.S. federal income tax purposes, except for cash that shareholders may receive in lieu of fractional shares.

No vote or action is required by Resideo's common shareholders to receive the special stock dividend of shares of ADI common stock. The ADI common stock issued in the distribution will be in book-entry form. Resideo common shareholders who hold their shares through brokers or other nominees will have their shares of ADI common stock credited to their accounts by their nominees or brokers.

Resideo plans to send an information statement regarding this transaction to common shareholders on or around July 20, 2026. The information statement will include details on the distribution and will be posted under the Investor Relations tab on Resideo's website at: https://investor.resideo.com/overview/default.aspx

When-Issued Trading Market

Resideo anticipates that ADI common stock will begin trading on the NYSE under the ticker symbol "ADIG WI" on a "when-issued" basis on or about July 29, 2026. ADI common stock is expected to begin "regular-way" trading on the NYSE under the ticker symbol "ADIG" on August 4, 2026.

Shares of Resideo common stock are expected to continue to trade "regular-way" on the NYSE under the current ticker symbol "REZI" through the Distribution Date. However, beginning on July 29, 2026 and continuing through August 3, 2026, it is expected that there will be two markets in Resideo common stock on theNYSE: a "regular-way" market under Resideo's current ticker symbol "REZI," in which Resideo shares will trade with the right to receive shares of ADI common stock on the Distribution Date, and an "ex distribution" market under the ticker symbol "REZI WI", in which Resideo shares will trade without the right to receive shares of ADI common stock on the Distribution Date.

Resideo shareholders are encouraged to consult their financial advisors regarding the specific implications of buying, selling or holding shares of Resideo common stock on or before the Distribution Date.

Completion of ADI's $400 Million Senior Notes Offering and Entry Into Senior Secured Credit Facilities

Resideo also announced the successful closing of the offering of $400 million aggregate principal amount of 7.125% Senior Notes due 2034 (the "Notes") issued by ADI Escrow Issuer LLC, a wholly owned subsidiary of ADI (the "Escrow Issuer"), on June 30, 2026. The Notes bear interest at a rate of 7.125% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2027, and will mature on July 15, 2034. In connection with the consummation of the Spin-Off, the Notes will be assumed by ADI Global Distribution Funding LLC ("ADI Funding"), a wholly owned subsidiary of ADI, and guaranteed by ADI and each of ADI's subsidiaries that also guarantees the Senior Secured Credit Facilities.

In addition, on July 1, 2026, ADI Funding entered into a $600 million senior secured term B loan facility (the "Term Facility") and a $500 million senior secured revolving credit facility (the "Revolving Facility" and, together with the Term Facility, the "Senior Secured Credit Facilities"). The Term Facility is expected to be funded on the Distribution Date, subject to customary conditions.

ADI intends to use a portion of the gross proceeds of the Notes, together with borrowings under the Term Facility, to make a distribution to Resideo in connection with the Spin-Off and to pay fees, costs and expenses in connection with the Senior Secured Credit Facilities and the Notes offering. ADI intends to use the remaining proceeds, if any, for general corporate purposes. ADI expects the Revolving Facility to be undrawn upon completion of the Spin-Off.

Resideo and ADI Investor Days

As previously announced, Resideo and ADI will host Investor Days in New York City on July 13, 2026, and July 14, 2026, respectively. Both events will take place at the New York Stock Exchange and will include management presentations, product showcases and Q&A sessions with executive management. During the events, members of the leadership teams will provide details on Resideo's and ADI's standalone businesses, longer-term financial outlooks and respective value creation strategies.

Live webcasts of the events, along with related presentation materials, will be available on Resideo's Investor Relations website. Replays of the webcasts will be available following the presentations.

About Resideo

Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually.

About ADI

ADI is a global specialty distributor of professionally installed low-voltage products serving commercial and residential markets through an omnichannel go-to-market platform. Within North America, ADI is the market-leading distributor in the professionally installed security, fire/life safety and audio-visual product categories. We offer over 500,000 products from more than 1,000 suppliers across key specialty low-voltage categories with strong proximity to our customers with a large network of store locations.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, those regarding the Spin-Off and the expected timing of the Spin-Off, the release of net proceeds from the Notes offering and borrowing of the Term Facility and other future events or developments. Forward-looking statements are typically identified by such words as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the Spin-Off may not be obtained or satisfied within the expected timeframe or at all; that the Spin-Off may not be completed on the anticipated terms or timing or may not occur at all; that the Spin-Off may not achieve the intended strategic, operational, or financial benefits for Resideo, ADI, their respective businesses, or shareholders; that Resideo or ADI may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company's ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to the risks described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in Resideo's Annual Report on Form 10-K for the year ended December 31, 2025, and other periodic reports, as well as risks described under the heading "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in the Form 10 filed by ADI Global Distribution Inc. with the SEC.

All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of Resideo or ADI to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.

Contacts:

Investors:
Christopher T. Lee
Global Head of Strategic Finance
[email protected] 

Media:
Garrett Terry
Corporate Communications Manager
[email protected] 

or

Dan Moore, Tali Epstein
Collected Strategies
[email protected]

SOURCE Resideo Technologies, Inc.

, /PRNewswire/ -- Primoris Services Corporation (NYSE: PRIM) shares cratered again during intraday trading on June 23, 2026  (-$43.34, -40%), on the company's disclosure of additional challenges to- and cost overruns within- its renewables business projects and the abrupt departure of its Chief Operating Officer.

The news follows Primoris' May 5, 2026 disclosure that it suffered huge year-over-year and sequential declines in revenues and gross profits for its Energy segment and identified ongoing, expanded issues with its renewables business, news which sent the price of company shares tumbling $101.69 (-50%).

Hagens Berman is actively investigating whether Primoris' pre-May 5 statements about trends in- and operational performance of- its renewables business misled investors and, if so, whether the company violated the federal securities laws.

The firm encourages Primoris investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.

Visit: www.hbsslaw.com/investor-fraud/prim
Contact the Firm Now: [email protected]
                                        844-916-0895

Primoris Services Corporation (PRIM) Investigation:

Primoris' renewable business is part of the company's core Energy segment and historically has contributed roughly 40% of Primoris' entire annual revenue.

After the markets closed on June 22, 2026, Primoris shocked investors when it announced that "[a]dditional challenges and cost overruns were identified as a result of continued progress on projects in the Company's Renewables business." Importantly, as a result of ongoing problems in six projects and additional challenges, Primoris said its 2026 renewables business revenues would decline 30% ($900 million) from the $3 billion revenues reported for 2025.

This news follows two previous disclosures about Primoris' renewables business problems, one downplaying and the next partially indicating problems in the business.

First, in February 2026, Primoris management attributed lower gross margins to "unexpectedly higher costs" at certain renewables projects, citing difficult soil and rock conditions that required additional labor and equipment. While management later downplayed the issue as being isolated to a single project—expressing confidence in their remedial measures—they simultaneously touted the company's ability to "accelerate project timelines" for 2026.

Second, on May 5, 2026, the market's confidence in Primoris's remedial measures was shattered when the company released its Q1 2026 financial results and revealed a staggering decline in the core Energy segment, with year-over-year revenues falling by $152.9 million (13.8%) and gross profits plunging by nearly 40%.

CEO Koti Vadlamudi admitted the next day during the May 6 earnings call that Primoris's financial results were battered by cost pressures across multiple solar projects. Moving beyond the "rock and soil" reason used just months prior, Vadlamudi cited a litany of execution-related factors as the cause of the margin collapse:

Project Redesigns: Costly changes to existing plans. Labor Issues: Inability to manage specific workforce demands. Sequencing Errors: Failures in project management and timing. Weather Disruptions: Further complicating already delayed timelines Together, the May 5 and June 22, 2026 disclosures wiped out over $7.8 billion of Primoris' market capitalization.

"We're focused on when Primoris' management learned of the full scope of the company's renewables problems, including the apparent inadequacy of remediation measures," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.

If you invested in Primoris and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »

If you'd like more information and answers to other frequently asked questions about the firm's Primoris investigation, read more »

Whistleblowers: Persons with non-public information regarding Primoris should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Attorney Advertising. Prior results do not guarantee a similar outcome in any future case.

SOURCE Hagens Berman Sobol Shapiro LLP

Hims & Hers Health shares HIMS surged 9% on Wednesday after Canaccord Genuity raised its price target on the telehealth company, citing improving sales trends, momentum in its weight-loss business, and growing optimism around its peptide opportunity.

Canaccord analyst Maria Ripps maintained a Buy rating on the stock while increasing her price target to $40 from $32, implying additional upside from current levels.

The upgrade comes after a strong second quarter for Hims & Hers, with the stock gaining approximately 67% during the period.

Ripps said Hims & Hers continues to benefit from stronger credit card spending data and the rollout of branded weight-loss medications.

The analyst noted that Hims has become one of Novo Nordisk's largest telehealth partners for weight-loss drugs.

The company also expanded its international presence by launching generic semaglutide in Canada in late May and completed its acquisition of Eucalyptus in early June.

According to Canaccord, credit card spending data showed adjusted year-over-year sales growth improving throughout the quarter, rising from the mid-to-high single digits in April to the high teens by June.

The company generated $2.37 billion in revenue over the last 12 months while posting 33% revenue growth and a 73% gross profit margin.

Canaccord also said improving sentiment around Hims' peptide strategy has become another positive catalyst for investors.

Investor attention is now turning to the US Food and Drug Administration's Pharmacy Compounding Advisory Committee meeting scheduled for July 23-24.

The committee is expected to review seven peptides after FDA staff recommended against allowing compounding pharmacies to manufacture them, citing limited evidence supporting their use and unresolved safety concerns.

The peptides under review include BPC-157, Emideltide, Epitalon, KPV, MOTS-c, Semax and TB-500.

FDA scientists said available evidence was insufficient to support compounding and noted that potential safety risks could not be ruled out.

Former advisory committee member Dr. Anita Gupta said earlier reviews identified concerns over immune responses.

"At the time, the FDA presented a lot of adverse event data that showed there was a risk of immunogenicity — immune reactions — and that raised some red flags for the committee."

She also warned about product quality issues, saying some peptide products have shown "heavy metals," "microbial contamination" or mislabeling.

Despite the FDA staff recommendation, Ripps remains optimistic about the longer-term opportunity, noting that the advisory committee's current membership appears more supportive of peptides.

Hims has already positioned itself for a potential expansion into peptide therapies.

Earlier this year, the company acquired a California-based peptide manufacturing facility to strengthen its domestic supply chain and support future work in preventive health, metabolic optimization, cognitive performance and recovery science.

Several analysts believe the peptide market could represent a multibillion-dollar revenue opportunity if regulations become more favorable.

Needham analyst Ryan MacDonald described the FDA staff recommendation as unexpected but said it does not represent the final outcome.

"This is not the end of the conversation," he told the Hims House investor community on X, adding that approval odds may be "slightly less," but he is "still operating under the assumption that they will get approved."

MacDonald noted that the advisory committee must still review scientific evidence, hear stakeholder feedback, and make its recommendation before the FDA issues a final decision.

He also said FDA leadership ultimately determines the outcome, while the Department of Health and Human Services oversees the agency, with Health Secretary Robert F. Kennedy Jr. having publicly expressed support for peptide deregulation.

The stock of GE Vernova (GEV 2.93%) is up almost 60% in 2026 as of this writing. The capital investment boom in artificial intelligence (AI) data centers has proved stronger than the market expected going into the year, and the benefits are immediately visible in the company's guidance and backlog growth. Still, can the good run continue in 2026?

The GE Vernova investment analysis Ultimately, the answer comes down to ongoing market conditions for investment in AI data centers (GE Vernova makes gas turbines that power them and electrification equipment essential to their operation), growth in its equipment backlog, and something called slot reservation agreements (SRAs). These events are key to the investment case for the stock and help differentiate the company from many other AI-related stocks.

Today's Change

(

-2.93

%) $

-34.44

Current Price

$

1140.42

First, despite being known as an equipment company, GE Vernova generates the bulk of its profit from services. The company sells gas turbines (and wind turbines) that come with long-term service agreements attached, which generally run for 5 to 25 years and "generally include maintenance associated with major outage events," according to the company's Securities and Exchange Commission filings. So the company locks in long-term services revenue as equipment deliveries grow.

Moreover, it generates service revenue from its electrification segment, as grid solutions, power conversion, and software will need upgrades and replacements over time. The good news is that across all three segments (power, electrification, and wind), its services margin is much higher than its equipment margin.

2025

Sales

Cost

Gross Profit

Gross Profit Margin

Equipment

$20.93 million

$18.76 million

$2.17 million

10.4%

Services

$17.13 million

$11.77 million

$5.36 million

31.3%

Data source: GE Vernova presentations. Table by the author.

All together, when GE Vernova increases its equipment backlog, as it did in the first quarter by reporting a $76 billion backlog, compared to a $64 billion backlog at the end of 2025, then investors need to start penciling in increased long-term earnings and cash flow from servicing gas power turbines (particularly heavy-duty gas power turbines used for data centers), and wind turbines.

Slot reservation agreements SRAs are contracts under which customers pay up-front to secure future manufacturing slots for equipment. Their growth is a key marker of surging demand, and they increased to 56 gigawatts (GW) in the first quarter from 43 GW at the end of 2025. That increase implies more up-front cash flow for GE Vernova, and given that its billing agreements "are generally based on achieving specified milestones," it's likely to result in more near-term cash flow for the company as those milestones are hit.

Image source: Getty Images.

A stock worth buying? As long as GE Vernova's equipment orders and backlog keep growing, the stock is likely to do well as investors price in more near-term SRAs and long-term recurring, higher-margin services revenue -- something to watch in the coming earnings reports.

© forplayday / iStock via Getty Images

SpaceX is dominating financial headlines with a record-breaking IPO, a rumored $2 trillion valuation, and a Starlink/Starship hype loop that has retirement-focused investors scrambling for pre-IPO access. The more compelling opportunity sits in plain sight on the public market.

The SpaceX trade fails the retirement portfolio test on arithmetic alone. Retail buyers cannot touch the shares directly, secondary-market vehicles charge punitive premiums, and the offering is priced at a dangerous, highly speculative revenue multiple that leaves retail buyers with zero margin of safety ahead of its August lock-up expiration. Insiders exit, retail holds the bag. That movie has run before.

The better ticker is already public, already profitable, and already selling the data a launch business cannot monetize. Planet Labs (NYSE:PL) runs the picks-and-shovels layer of the space economy: an Earth-observation satellite fleet plus an AI-enabled geospatial data subscription business.

1. A high-margin subscription model that funds itself Planet Labs is a software business wrapped inside a satellite operator. In Q1 FY2027, revenue hit a record $94.15 million, up 42% YoY, with GAAP gross margin at 54% and non-GAAP gross margin at 56%. About 99% of annual contract value is recurring. Non-GAAP EPS came in at -$0.03, with the reported GAAP loss distorted by a $106.47 million non-cash warrant revaluation that is now behind the company.

2. A backlog that reads like a defense contractor Forward visibility is the number retirement investors should care about. Planet exited the quarter with backlog above $906 million, up 72% YoY, and remaining performance obligations of $816.01 million, up 81% YoY. The customer roster includes a €240 million German government deal, Sweden’s first sovereign reconnaissance satellite, NATO expansions, NGA, NRO, and the U.S. Navy. Signed contracts backed by government budgets carry different risk than IPO speculation.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Planet Labs didn't make the cut. Grab the names FREE today.

3. AI optionality built into the data layer CEO Will Marshall summarized the strategy in the most recent quarter: “By investing in AI, we are positioning Planet at the forefront of the industry and pioneering ways to make planetary-scale insights available and actionable to more users than ever before.” The company has an R&D partnership with Google on Project Suncatcher data centers in space, a natural-language query beta, SuperRes AI upscaling, and Pelican satellites moving toward 30cm-class imagery. Every rocket the launch industry puts in orbit ultimately feeds a data layer this business already owns.

The profitability inflection closes the case. FY2026 delivered $52.87 million in free cash flow and $15.49 million of adjusted EBITDA profit, the first full year of both. FY2027 guidance calls for $425 million to $441 million in revenue and up to $10 million of adjusted EBITDA profit.

The obvious pushback is BlackSky Technology (NYSE:BKSY), the smaller pure-play competitor. BlackSky’s Q1 2026 revenue was $20.77 million, down 29.7% YoY, missing expectations by 23.8%, with EPS of -$0.82 against a consensus of -$0.40. Roughly one-tenth Planet Labs’ $10.64 billion market cap, negative operating cash flow at -$2.36 million, and revenue moving the wrong direction.

For investors weighing the SpaceX pre-IPO scramble, Planet Labs belongs on the research short list.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Planet Labs didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

Key Takeaways Apple is using AI across Creator Studio, services and hardware to support revenue growth.Apple's Services revenues rose 14% to $30.98B in fiscal Q2, making up 27.9% of sales.AAPL shares are up 6.4% YTD, trailing the sector's 15.7%, while trading at a premium valuation. Apple (AAPL - Free Report) is increasingly leveraging AI as a core driver of revenue growth across its services and hardware businesses. Management is positioning Apple Intelligence as deeply integrated into the company’s ecosystem rather than as a standalone AI product. The company recently introduced major updates to Apple Creator Studio, expanding AI-powered capabilities across its creative applications for Mac, iPad and iPhone. The enhancements strengthen integration between apps, allowing users to seamlessly edit images across Keynote, Pages, Numbers, Final Cut Pro and Pixelmator Pro, while Logic Pro gains new music creation tools.

Final Cut Pro now features AI-powered Generate Captions, Edit Detection and Auto Mask, enabling automatic subtitle creation, clip reconstruction and precise subject selection for faster video editing. Additional improvements include enhanced Match Color, Advanced Trimming and new Creator Themes. Motion, Compressor and Final Cut Camera also receive updates that improve animation workflows, immersive video support and professional video capture.

Pixelmator Pro now integrates more deeply with Apple’s productivity apps, enabling direct image editing, AI-powered image generation, vector shape creation and access to a curated Content Hub. Keynote, Pages, Numbers and Freeform also gain new productivity features. Meanwhile, Logic Pro introduces a more accurate Chord ID, a new Producer Project, enhanced Alchemy synthesis capabilities and expanded Beat Breaker tools, offering musicians more powerful and intelligent music production workflows.

Last month, Apple launched new features for services users, including improved Flyover views and Local Lists in Apple Maps, flexible sharing options in Find My, the ability to use Visual Intelligence to split bills with Apple Cash, video podcast support across Mac and tvOS, revamped Shared Albums in iCloud, and a new program for Apple Fitness+. These, along with major updates to Apple Creator Studio, are expected to drive the Services business. In the second quarter of fiscal 2026, Services revenues grew 14% year over year to $30.98 billion and accounted for 27.9% of sales. For the third quarter of fiscal 2026, Apple expects revenues to grow 14% to 17% year over year, with Services expected to rise at a similar pace after adjusting for foreign exchange.

Apple Faces Stiff CompetitionAAPL is facing stiff competition from the likes of Alphabet (GOOGL - Free Report) and Microsoft (MSFT - Free Report) in AI. Alphabet and Microsoft are demonstrating significantly stronger near-term AI monetization and infrastructure execution than Apple. This has spooked investors as concerns continue to grow that Apple risks falling behind in the generative AI race despite its large ecosystem and hardware advantages.

Both Alphabet and Microsoft are already translating AI adoption into accelerating revenue growth across core businesses. In the third quarter of fiscal 2026, Microsoft reported that its AI business surpassed a $37 billion annual revenue run rate, growing 123% year over year. AI is driving Alphabet’s Search & Other revenues, which grew 19% year over year in the first quarter of 2026. Gemini Enterprise’s paid monthly active users grew 40% sequentially, while revenues from products built on Google’s generative AI models increased nearly 800% year over year. Alphabet’s total paid subscriptions reached 350 million, driven in part by Gemini app adoption and premium AI plans.

AAPL’s Share Price Performance, Valuation & EstimatesApple shares have returned 6.4% year to date, underperforming the broader Zacks Computer and Technology sector’s return of 15.7%.

Apple Stock’s Performance
Image Source: Zacks Investment Research

The AAPL stock is trading at a premium, with a forward 12-month price/earnings of 30.9X compared with the broader sector’s 23.65X. AAPL has a Value Score of D.

AAPL Valuation
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2026 earnings is pegged at $8.74 per share, unchanged over the past 30 days, suggesting 17.2% year-over-year growth.
 

Apple currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Alphabet (NASDAQ:GOOGL | GOOGL Price Prediction) and Amazon (NASDAQ:AMZN) both dropped Q1 2026 results in late April. Google leaned on a high-margin ad engine and a suddenly explosive Cloud unit. Amazon leaned on faster AWS growth, a bigger chip business, and a retail machine that still eats capital for breakfast.

Search Ads Generate Cash. Retail Logistics Burns It. Google delivered $109.90B in revenue, up 21.8% YoY, with operating margin at 36.1%. Search & Other advertising alone hit $60.4 billion, up 19%, and Google Services ran at a 45.3% operating margin.

Amazon posted $181.52B in revenue but converted it into a 13.1% operating margin. AWS grew 28%, its fastest pace in 15 quarters, on a $150 billion run rate. Retail dragged the blended margin lower, the structural tax Alphabet avoids.

Driver Alphabet Amazon Main engine Search ads + Cloud AWS + Stores Op margin 36.1% 13.1% Cloud growth 63% 28% Two AI Bets, Two Very Different Bills Sundar Pichai framed the quarter around vertical integration. Cloud backlog nearly doubled sequentially to “the fact that we own frontier models and own the silicon really helps us stay ahead of the curve.”, and Cloud margin jumped to 32.9% from 17.8% a year earlier.

Andy Jassy is playing heavier. Amazon’s custom chip business runs at $20 billion with Trainium commitments over $225 billion and Anthropic locking in another $100 billion. Capex hit $44.20B in the quarter and free cash flow collapsed 95% on a trailing basis. Alphabet’s FCF fell too, down 46.6%, but from a cleaner starting point.

The Next Test Is Whether Capex Pays Back Prediction markets price Amazon 2026 capex above $200B at 0.77 probability. Alphabet raised full-year capex guidance to $180-190 billion, yet Pichai says core AI response costs already dropped more than 30% after the Gemini 3 upgrade. Efficiency compounds on one side. Fulfillment costs grow on the other.

Watch whether Google Cloud expands margin while shipping the next Gemini Pro, which Polymarket traders give an 85.9% probability of arriving by July 31. For Amazon, monitor Q2 operating income guidance of $20-24B and whether AWS holds its 28% pace.

Why Alphabet Screens Cleaner on This Quarter On this quarter’s numbers, Alphabet screens cleaner. A P/E of 16 against Amazon’s 33.01, a 45% Services margin, and a Cloud backlog that dwarfs peers is a rare combination. Amazon’s case rests on a longer runway: satellite ambitions, robotics, and a chip franchise that could rival NVIDIA. The near-term contrast is an ad machine already printing cash to fund its own AI buildout versus a retail-plus-AWS model still absorbing heavy capex.

Contact [email protected] for any questions or corrections.

Key Takeaways Nokia's AI & Cloud revenues rose 49% in Q1 2026, with 1 billion euro in orders highlighting strong demand.NOK is expanding AI networking through Google Cloud, AWS and U.S. manufacturing investments.Nokia faces telecom weakness, higher AI spending, intense competition and geopolitical risks. Nokia Corporation (NOK - Free Report) shares have gained 105.2% year to date compared with the industry’s growth of 27.8%. The stock has outperformed the Zacks Computer & Technology sector and the S&P 500 during the same time frame.

Image Source: Zacks Investment Research

The company has outperformed its peers like Arista Networks, Inc. (ANET - Free Report) and Ericsson (ERIC - Free Report) . Shares of Ericsson have jumped 15.5%, and shares of Arista have gained 29.6%.

NOK Rides on Strength in Multiple DomainsThe AI and Cloud networking business is becoming a major growth engine for Nokia. AI data centers require massive optical interconnects, IP routing and cloud networking infrastructure. The market is expected to grow at a substantial rate in the upcoming quarters. Recognizing this trend, Nokia is positioning itself as a major player in the AI data center domain and moving beyond merely a telecom equipment vendor.

During the first quarter of 2026, AI & Cloud revenue surged 49% year over year. The company secured €1 billion of AI & Cloud orders during the quarter, highlighting robust customer demand. The company expects the addressable AI & Cloud market to grow at a 27% CAGR between 2025 and 2028, up from its previous estimate of 16%.

Optical Networks remains Nokia's fastest-growing infrastructure segment. Growing AI cluster buildout by hyperscalers is driving demand for high-capacity optical transport networks. Nokia won several AI-related design wins for optical pluggables and line systems. A book-to-bill ratio well above one indicates strong order intake.

The company recently expanded its partnership with Google Cloud by embedding Gemini-powered AI agents into the Nokia Assurance Center. The AI agents automate network troubleshooting, anomaly detection, root cause analysis and network optimization. Such features significantly reduce network operators' maintenance costs and downtime and improve efficiency. It has also expanded its partnership with AWS. This brings capabilities such as AI-powered orchestration, digital twin simulations, intent-based networking and agentic AI operations. Unlike hardware, network automation software generates higher margins and recurring revenue. Expansion of the software mix can improve profitability over time.

Nokia is expanding its U.S. semiconductor advanced test and packaging operations. AI infrastructure demand is outpacing supply. The expansion initiative is a part of a broader $4 billion U.S. investment in AI-ready networking. This will allow NOK to meet increasing customer demand and boost its competitive edge against other major AI networking rivals such as Arista and HPE.

Major Challenges for NOKDespite growth in its AI and cloud business, Nokia still derives the majority of its revenues from the legacy telecom business. High debt levels and slow subscriber additions are making telecom operators cautious regarding their spending decisions. NOK’s North America business continued to experience weakness due to the loss of a major contract in late 2023.

To capture AI demand, Nokia is increasing capital spending. These investments increase near-term costs. Moreover, Nokia faces strong competition from other major players, such as ANET and HPE, in this vertical. It is to be seen how Nokia can navigate this growing competition in the AI networking space and generate sustained returns on investments. In its traditional mobile infrastructure business, it faces competition from Ericsson.

Nokia remains exposed to the cyclical nature of telecommunications infrastructure spending. Periods of elevated network investment are frequently followed by slower spending environments, creating variability in revenue growth. It generates substantial revenues across international markets and remains exposed to economic slowdowns, political uncertainty, regulatory changes and geopolitical disruptions. These factors can affect customer spending decisions, supply chains and project timing.

Estimate Revision TrendEarnings estimates for the company for 2026 have remained unchanged, while for 2027, they have improved over the past 60 days.

Image Source: Zacks Investment Research

Key Valuation Metric of NOKFrom a valuation standpoint, NOK is currently trading at a discount compared to the industry. Going by the price/earnings ratio, the company’s shares currently trade at 29.85 forward earnings, lower than 32.19 for the industry but above its mean of 16.85.

Image Source: Zacks Investment Research

End NoteNokia is benefiting from strong traction in the optical networking vertical. Collaboration with industry leaders such as Google and AWS will propel innovation. Manufacturing capacity expansion to support growing customer demand in the AI networking space is a positive factor. However, the company faces stiff competition in the mobile infrastructure and AI networking markets. Growing geopolitical volatility and macro headwinds remain a concern. With a Zacks Rank #3 (Hold), Nokia appears to be treading in the middle of the road, and new investors could be better off if they trade with caution. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A version of this article first appeared in CNBC's Healthy Returns newsletter, which brings the latest health-care news straight to your inbox. Subscribe here to receive future editions.

Medicare has officially started covering obesity drugs for the first time through a temporary government program – and companies like Walmart and CVS Health are playing an important role for patients. 

The huge shift in Medicare policy is going to open up access to millions of older Americans who previously couldn't afford blockbuster GLP-1s from Novo Nordisk and Eli Lilly to treat obesity. But many seniors may not know about this new coverage or how to navigate its complexities, such as eligibility requirements and how it differs from traditional Medicare insurance for drugs, CNBC previously reported. 

A staggering 82% of all older Americans said they were unaware that Medicare was about to begin covering obesity drugs, according to a survey released in early June by the Obesity Care Advocacy Network.

Healthcare providers are always a reliable resource for patients, but many Medicare beneficiaries face long waits for appointments with doctors. So, Walmart and CVS Health are trying to step in to fill the gap.

Walmart and Sam's Club last week launched a nationwide effort to help Medicare patients better understand the new coverage, by offering more educational materials, more pharmacy support at almost 5,000 locations and assistance in navigating healthcare resources. 

Walmart's website will curate several resources directed at Medicare beneficiaries, including a learning page that will help seniors interested in gaining coverage along with options for weight management support. The company will also provide other digital tools: For example, seniors who are regular Walmart shoppers can join what's called Everyday Health Signals, which can help review their grocery purchases and recommend healthier alternatives. 

Those resources are still going to be broadly available for the patients that don't qualify for coverage under the government program, called Bridge, Kevin Host, senior vice president of Walmart Health & Wellness, said in an interview. Walmart is training its pharmacists and technicians, who will be providing one-on-one consultations to help patients understand what their next steps are and can help them manage side effects once they start therapy, Host said. 

Pharmacists are "easily the most accessible healthcare professionals," he added. Walmart has 15,000 pharmacists, roughly half of whom have been with the company for more than a decade, Host said. 

"You think about the relationships that they're able to establish – we got a pretty significant presence in rural spots, and many are medically underserved communities," he said. 

CVS is also ramping up its GLP-1 support across 9,000 pharmacy locations and MinuteClinic, a division that provides retail clinic services, as the new coverage rolls out. The effort includes expanded pharmacy support designed to help patients access the treatments and manage common side effects so they can stay on them, according to a CVS release. 

It also includes a new $49 MinuteClinic virtual visit that connects eligible patients with licensed clinicians who can evaluate and prescribe a GLP-1 treatment if appropriate. 

"From helping patients manage side effects to identifying ways to lower costs, our pharmacists are there every step of the way," said Sid Tenneti, CVS's interim president of pharmacy and consumer wellness, in the release. 

Walmart's Host said amid huge coverage changes, patients are looking for simplicity and experiences that are easier to navigate. 

"We think we have the unique ability to help, and we're looking to help with accessibility and affordability," he said. "We're leveraging our trusted healthcare professionals, those pharmacists and pharmacy technicians, and just bringing in everyday convenience at a national scale that very few organizations can match."

Feel free to send any tips, suggestions, story ideas and data to Annika at a new email: [email protected].

ExxonMobil (XOM 0.11%) has raised its dividend for 43 consecutive years. That puts it on track to join the elite club of Dividend Kings, which have raised their payouts annually for at least half a century. It currently pays a forward yield of 3%.

ExxonMobil maintained that streak even as the U.S. endured four major recessions over the past four decades. Including reinvested dividends, its stock has generated a total return of 4,450% over the past 40 years. Let's see why it's so resilient, and why I'd still buy it today.

Image source: Getty Images.

Why is ExxonMobil a resilient company? ExxonMobil's upstream business extracts oil and natural gas, its midstream business owns more than 16,000 miles of pipelines across North America, and its downstream business produces petroleum products. That diversification insulates it from volatile oil prices.

Higher oil prices usually generate tailwinds for its upstream business, as its revenue growth outpaces its expenses, but they can hurt its downstream business with higher input costs. But when oil prices decline, its downstream business can grow faster than its upstream business. Its midstream business, which simply charges "tolls" for pipeline use, flourishes in both markets.

Today's Change

(

-0.11

%) $

-0.15

Current Price

$

136.57

ExxonMobil has a presence in over 56 countries, but it gets more of its oil and gas from the United States. It still gets about a fifth of its resources from the volatile Middle East, but it usually offsets that pressure with its stable production in other markets.

To further reduce its dependence on the Middle East, it's expanding its largest oil fields in the Permian Basin, building more offshore oil rigs in the Gulf of Mexico, importing oil sands from Canada, and ramping up production in Guyana (one of the world's fastest-growing oil regions) and other high-growth markets across Latin America, Asia, and Africa. It's also exporting more liquefied natural gas (LNG) and expanding its carbon capture and storage business.

How sustainable is ExxonMobil's dividend? ExxonMobil's EPS growth has been volatile over the past five years. Its profits surged in 2022 after Russia's invasion of Ukraine sent oil prices soaring, but normalized over the following three years. However, its fluctuating EPS still easily covered its annual dividend hikes.

Metric

2021

2022

2023

2024

2025

Diluted EPS

$5.39

$13.26

$8.89

$7.84

$6.70

Dividend per Share

$3.49

$3.55

$3.68

$3.84

$4.00

Payout Ratio

64.7%

26.8%

41.4%

49%

59.7%

Data source: ExxonMobil.

This year, the price of WTI crude oil surged again after the outbreak of the Iran war in late February, hitting a four-year high of $112.25 per barrel in mid-May. It's since pulled back to under $70 per barrel, but analysts still expect that spike to boost ExxonMobil's EPS by 75% to $11.71 this year and comfortably cover its forward dividend rate of $4.12 per share.

Over the past 12 months, ExxonMobil spent 92% of its free cash flow (FCF) on its dividends. That cash dividend payout ratio should also decline this year as its profits soar.

Why is ExxonMobil a safe investment right now? ExxonMobil's upstream business benefited from soaring oil prices, and it should keep thriving as long as the price of WTI crude oil stays far above its breakeven level of about $30 per barrel. Even if crude oil prices finally pull back, its midstream and downstream businesses can pick up the slack and generate plenty of cash to cover its dividends.

At $136 per share, ExxonMobil still looks like a bargain at 12 times this year's earnings. It's not as tightly tethered to oil prices as companies like Occidental Petroleum, which generates most of its revenue from its upstream business, but it's still a rock-solid investment.

Key Takeaways FedEx is cutting flight frequencies, parking aircraft and reducing its workforce to counter weak demand. FedEx has reported better-than-expected results in Q4 driven by cost-cut initiatives.FedEx is reshaping costs through DRIVE, which delivered $4B in recurring savings across fiscal 2024-2025. FedEx (FDX - Free Report) is reshaping its cost structure through the company-wide DRIVE initiative to better align operations with post-pandemic market conditions. The program delivered $1.8 billion in recurring savings in fiscal 2024 and another $2.2 billion in fiscal 2025.

In addition, FedEx is improving efficiency through network transformation initiatives such as Network 2.0, Tricolor and its European optimization efforts. These initiatives have enabled the company to surpass its fiscal 2026 transformation-related savings target of $1 billion. At the same time, investments in data and technology are helping FedEx enhance customer experience, secure new business and unlock additional value.

However, geopolitical tensions and persistent inflation continue to pressure consumer sentiment and economic growth, resulting in softer shipping demand. To counter these headwinds, FedEx has stepped up cost-reduction efforts by cutting flight frequencies, parking aircraft and reducing its workforce. These initiatives contributed to better-than-expected earnings and revenues in the fourth quarter of fiscal 2026.

Rival United Parcel Service (UPS - Free Report) is also pursuing aggressive cost-cutting measures to navigate the weak demand environment. The company has eliminated multiple operational positions and closed several facilities as it restructures the network and focuses on higher-margin business opportunities.

A key part of UPS' strategy is reducing its dependence on Amazon (AMZN - Free Report) . In 2025, UPS reached an agreement in principle with Amazon to reduce shipment volumes by more than 50% by June 2026. CEO Carol Tomé noted that Amazon was not UPS' most profitable customer and the planned volume reduction is allowing it to right-size the network while prioritizing more profitable business.

FDX’s Price Performance, Valuation & Earnings Surprise HistoryShares of FDX have gained in single digits (% wise) in the past six months, outperforming its industry.

6-Month Price PerformanceImage Source: Zacks Investment Research

From a valuation standpoint, FDX trades at a 12-month forward price-to-sales ratio of 0.77X, making it cheap compared with industrial levels. 

Image Source: Zacks Investment Research

The company has an impressive earnings surprise history, as shown below.

Image Source: Zacks Investment Research

FDX’s Zacks RankFDX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways PLTR's U.S. commercial revenues surged 133% as AI platform adoption accelerated across enterprises.Palantir expanded its adjusted operating margin to 60% and lifted its Rule of 40 score to 145%.PLTR surpassed 1,000 customers while larger contracts strengthened future revenue visibility. Palantir Technologies (PLTR - Free Report) shares have declined 14% over the past year compared with the industry’s 22% fall. While the stock has faced valuation concerns and broader volatility across the artificial intelligence sector, the company's operating performance continues to strengthen. From accelerating commercial adoption to expanding profitability and industry-leading software metrics, Palantir is demonstrating that its Artificial Intelligence Platform (AIP) is becoming a powerful long-term growth engine.

                                                              Image Source: Zacks Investment Research

AIP Continues Driving Commercial ExpansionPalantir's AIP is delivering exceptional momentum across its U.S. commercial business. The clearest evidence is reflected in revenue growth, with U.S. commercial revenues surging 133% year over year and 18% sequentially. The performance suggests that enterprises are moving beyond AI experimentation and increasingly deploying Palantir's AI-powered software in mission-critical production environments.

Customer expansion remains equally encouraging. U.S. commercial customer count increased 42% year over year and 8% sequentially, highlighting the company's ability to win new clients while deepening relationships with existing customers. A growing installed base not only expands recurring revenue opportunities but also creates favorable conditions for higher-value platform adoption over time.

Compared with many enterprise software providers, including ServiceNow (NOW - Free Report) and C3.ai (AI - Free Report) , Palantir appears to be translating AI demand into measurable commercial execution, supported by growing customer adoption and larger enterprise deployments.

Larger Deals Reinforce Future Revenue VisibilityDemand strength is also evident in Palantir's expanding deal pipeline. The number of U.S. commercial contracts valued at $1 million or more increased 1.6 times from the prior year. Deals worth at least $5 million also grew at the same pace, indicating that customers are committing to increasingly larger AI deployments as confidence in the platform continues to rise.

Meanwhile, remaining deal value climbed 112% year over year, while total contract value reached $1.18 billion, representing a 45% increase from the prior-year period. These metrics provide stronger visibility into future revenue opportunities and reinforce the durability of Palantir's commercial momentum.

While ServiceNow continues benefiting from enterprise workflow automation demand and C3.ai remains focused on enterprise AI applications, Palantir's growing contract values highlight its ability to secure large-scale, long-duration AI engagements across multiple industries.

Profitability Continues Reaching New HeightsPalantir's first-quarter 2026 results also showcased remarkable operational discipline. Adjusted operating income climbed to $984 million, representing an impressive 60% operating margin. Over the past year, adjusted operating income has increased dramatically from $391 million in the first quarter of 2025 to nearly $1 billion. Operating margins have expanded consistently, improving from 44% in the first quarter of 2025 to 46% in the second quarter, 51% in the third quarter, 57% in the fourth quarter, and ultimately 60% in the first quarter of 2026.

These results demonstrate meaningful operating leverage, with revenue growth increasingly flowing through to profits instead of being offset by higher operating expenses. Unlike many AI software companies that sacrifice profitability to sustain growth, Palantir continues to strengthen both simultaneously.

Rule of 40 Highlights Elite Software QualityOne metric particularly underscores Palantir's execution: the Rule of 40, widely regarded as one of the software industry's most important measures of business quality. While a score above 40% is generally considered strong, PLTR has moved into an entirely different league.

Its Rule of 40 improved from 64% in the second quarter of 2024 to an extraordinary 145% by the first quarter of 2026. During the same period, revenue growth accelerated from 27% to 85%, while adjusted operating margins expanded from 37% to 60%.

This rare combination of accelerating growth and expanding profitability distinguishes Palantir from many software peers. Even as C3.ai continues investing aggressively to expand its AI offerings and ServiceNow scales its enterprise software platform, Palantir's balanced execution demonstrates exceptional operational efficiency.

Customer Growth Supports Long-Term OpportunityPalantir continues expanding its customer ecosystem at an impressive pace. Total customers have now surpassed the 1,000-customer milestone, while commercial customer growth remains strong across both U.S. and international markets.

Importantly, customer expansion often serves as an early indicator of long-term revenue durability, as larger installed bases create additional opportunities for upselling, platform expansion and increased customer spending. The continued rise in commercial customers also reflects growing enterprise confidence in deploying AI-powered operational systems across mission-critical business functions.

Although valuation concerns and broader AI-sector volatility remain risks, Palantir's expanding customer ecosystem, accelerating commercial momentum, rising profitability and exceptional Rule of 40 performance reinforce the company's long-term investment narrative. As enterprises continue to accelerate AI adoption, Palantir appears well-positioned to capitalize on expanding demand, larger contracts, and durable recurring revenue growth.

Analyst Sentiment Remains Highly FavorableConsensus estimates continue to support Palantir’s growth trajectory. Earnings are projected to increase 84.5% in 2026 and 40% in 2027, while revenue growth expectations remain robust at 72% in 2026 and 42% in 2027, as commercial AI adoption accelerates.

                                                                     Image Source: Zacks Investment Research

Analyst sentiment has also improved considerably. Over the past 60 days, analysts issued 11 upward earnings estimate revisions for 2026, with no downward revisions. Forecasts for 2027 also moved higher with 10 upward revisions against none downward, reflecting growing confidence in Palantir’s execution capabilities and expanding AI opportunity.

                                                              Image Source: Zacks Investment Research

PLTR Stock Looks Like a Compelling BuyPalantir continues to distinguish itself through rapid commercial adoption, expanding customer relationships, improving profitability and disciplined execution. The company's Artificial Intelligence Platform is gaining traction across enterprises, while larger contracts and a growing customer base provide visibility into sustained long-term growth. At the same time, exceptional operating efficiency demonstrates that Palantir is scaling its business without compromising profitability. With analyst sentiment becoming increasingly optimistic and enterprise AI adoption still in its early stages, the recent share-price weakness appears to present a compelling opportunity for long-term investors. Despite near-term valuation concerns, Palantir's strengthening fundamentals support a Buy recommendation for investors seeking exposure to one of the software industry's leading AI growth stories.

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

Honda this week began production of batteries destined for energy storage systems, according to a report from Nikkei Asia. The milestone makes Honda the latest car company to dive into the red-hot energy market.

The automaker’s shift toward energy storage comes three months after Honda canceled its EV programs in the U.S. Batteries for the EVs were slated to be made at a factory in Ohio, which Honda operates under a joint venture with LG Energy Solution. Now, those cells are headed to data centers instead of driveways. 

Honda’s pivot comes as demand for EVs in the U.S. remains soft following the GOP’s cancellation of tax credits, which were intended to spur EV and battery production in the U.S. Sales of new EVs remain down year-over-year, in part because consumers pulled forward their purchases to take advantage of the tax credits, which disappeared last September.

That uncertainty led Honda to dramatically shift gears, canceling three EVs that were destined for the U.S. market. The automaker wrote down $15.7 billion last fiscal year, in part to restructure its EV strategy. Its weakening China business, where EVs have soared, also contributed to the write-down.

But despite the restructuring, Honda didn’t dissolve its joint venture with LG Energy. And like seemingly every other automaker, including Tesla, Ford, and GM, Honda decided that batteries are a big business on their own.

The market for stationary storage has been booming, growing 32% year-over-year, according to a report from SEIA and Benchmark Minerals. In the first quarter of this year, 9.7 gigawatt-hours of energy storage systems were installed. That’s enough batteries to build roughly 120,000 EVs. 

The breakneck growth is expected to continue. By the end of the decade, the report estimates that 110 gigawatt-hours of energy storage will be installed every year, nearly tripling the size of the market. 

It’s been a profitable market, too. Tesla, which has claimed the majority of sales so far, rakes in 30% gross profits on its Megapacks and Powerwalls, about twice its margin on vehicles. 

Many stationary batteries have been installed at data centers, but a large chunk of them end up connected to the grid. As battery prices have fallen, they’ve carved out a sizable niche stabilizing the grid while also augmenting wind and solar installations, making them more predictable generating sources. 

Honda may not be sure how to approach the EV market in the U.S., but it’s clear it wants in on the energy transition in one form or another.

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

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

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

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

-

Enforcing continuous in-session protection across any browser on managed and unmanaged devices establishes Falcon Secure Access as the new standard for browser security

AUSTIN, Texas--(BUSINESS WIRE)--CrowdStrike (NASDAQ: CRWD) today announced it has been named Frost & Sullivan’s 2026 Global Enabling Technology Leader in Zero Trust Browser Security.

The browser has become the operating environment for modern work, where employees access email, SaaS applications, collaboration tools, customer data, and AI services. All this activity makes the browser a high-value target for attackers – sitting between users, identities, applications, and sensitive enterprise data. Existing security models either force users into ‘walled garden’ enterprise browsers or rely on high-latency network routing.

Powered by technology from CrowdStrike's acquisition of Seraphic, Falcon Secure Access defines a new model for secure access, enforcing protection directly within any browser runtime. This allows users to work in their browser of choice while eliminating the latency of network routing – turning any browser into a secure enterprise browser without forcing change or slowing productivity.

“This disruptive model redefines browser security, and positions CrowdStrike as a catalyst for change in the global Zero Trust Browser Security market,” the report stated.

"Forcing users into a dedicated browser or routing traffic through a proxy is not a security strategy; it's a tax on productivity," said Elia Zaitsev, chief technology officer, CrowdStrike. "By enforcing protection directly within any browser runtime, Falcon Secure Access delivers the flexibility the workforce demands and the security the business requires. This is browser security built for the modern enterprise."

Combined with technology from CrowdStrike's acquisition of SGNL, Falcon Secure Access advances CrowdStrike's Next-Gen Identity Security strategy, creating a seamless security fabric that protects every interaction from the endpoint, through the browser session, and into the cloud.

Key report findings include:

Making Any Browser a Secure Enterprise Browser

“CrowdStrike delivers unparalleled visibility and control across all browser types, including Chrome, Edge, Safari, Firefox, and emerging AI browsers.”

A New Model for Security and Productivity

“The cybersecurity industry has long grappled with the challenge of securing browser-based activity without degrading performance or user experience. Falcon Secure Access addresses this challenge through a groundbreaking innovation: a JavaScript runtime security module injected at the engine level, rather than relying on traditional browser extensions.”

Securing Enterprise AI

CrowdStrike secures how GenAI applications and agents are accessed through the browser, preventing shadow AI from scraping or exfiltrating sensitive data. Frost noted how the “ability to secure AI browsers and Electron apps (e.g., VS Code GPT integration) at the engine level addresses blind spots in traditional SASE/CASB models.”

Security Wherever the Workforce Works

CrowdStrike provides protection for contractors and third parties, and everywhere employees work: “Falcon Secure Access secures both managed and unmanaged devices, and supports mobile and desktop environments.”

Unified Architecture

CrowdStrike closes the gaps fragmented security stacks create: “Falcon Secure Access and the Falcon platform deliver on the company’s vision of stopping breaches by integrating with its Zero Trust Score, malware scanning, SaaS Security (SSPM), identity security, and SIEM telemetry.”

To learn more about CrowdStrike’s recognition as Frost & Sullivan’s 2026 Global Enabling Technology Leader in Zero Trust Browser Security, visit here.

About CrowdStrike

CrowdStrike (NASDAQ: CRWD), a global cybersecurity leader, has redefined modern security with the world’s most advanced cloud-native platform for protecting critical areas of enterprise risk – endpoints and cloud workloads, identity and data.

Powered by the CrowdStrike Security Cloud and world-class AI, the CrowdStrike Falcon® platform leverages real-time indicators of attack, threat intelligence, evolving adversary tradecraft, and enriched telemetry from across the enterprise to deliver hyper-accurate detections, automated protection and remediation, elite threat hunting, and prioritized observability of vulnerabilities.

Purpose-built in the cloud with a single lightweight-agent architecture, the Falcon platform delivers rapid and scalable deployment, superior protection and performance, reduced complexity, and immediate time-to-value.

CrowdStrike: We stop breaches.

Learn more: https://www.crowdstrike.com/

Follow us: Blog | X | LinkedIn | Instagram

Start a free trial today: https://www.crowdstrike.com/trial

© 2026 CrowdStrike, Inc. All rights reserved. CrowdStrike and CrowdStrike Falcon are marks owned by CrowdStrike, Inc. and are registered in the United States and other countries. CrowdStrike owns other trademarks and service marks and may use the brands of third parties to identify their products and services.

More News From CrowdStrike

Back to Newsroom

Cloudflare has just issued the AI industry a new deadline to separate the web crawlers used for traditional search purposes, like Google Search, from those used for AI agents and training. Starting on September 15, 2026, Cloudflare’s default settings will block “mixed-use” crawlers from any pages that host ads, the company announced on Wednesday.

That means that the crawlers that blend search, agent use, and training will be blocked from crawling these sites by default, unless the site owner adjusts the settings otherwise. These changes to the defaults will apply to new Cloudflare customers, new sites set up by existing customers, and all existing free customers, the company says.

The move could impact how AI model providers are able to access web content for training purposes and to help power their agentic services.

Cloudflare points out that most website owners want their content to be discoverable via search and often through AI services as well, but they want protections against having their intellectual property given away for free.

Cloudflare specifically calls out the “world’s largest search engine” (clearly a Google reference!) as having access to about “2x more information” than other AI companies because the search giant makes it difficult for customers to remain discoverable without being used for AI.

Google has pushed back against this generalization in the past, noting that it provides a bot called Google Extended that lets site owners opt out of having their content used for training and AI products and services like Gemini Apps and Vertex API. Its use doesn’t impact a site’s inclusion in Google Search. However, the tech giant’s flagship Googlebot crawls for Search, including AI features like AI Overviews and AI Mode.

“Now that the majority of traffic on the Internet is non-human, we must go further and act faster so that a sustainable ecosystem can emerge,” said Cloudflare co-founder and CEO Matthew Prince in his announcement of the news, referring to the recent milestone where bots surpassed human traffic online for the first time. That shift was not expected to occur until next year.

“Cloudflare’s new tools and partnerships give website owners increased visibility and commercial opportunities and benefit AI companies that have bots with clear and transparent intent. We hope that our proposed default changes encourage mixed-use crawlers to separate out search from agent use and training,” Prince said.

While Cloudflare offers a number of products to help users launch their own AI systems, the company has also released a range of tools to give publishers more control over their content in the AI era. In recent years, Cloudflare launched tools to combat AI bots, including a marketplace that lets websites charge AI bots for scraping, dubbed Pay Per Crawl.

The latter is now also evolving into “Pay Per Use,” the company said, which will allow publishers to charge AI companies when their content creates value, not just when it’s fetched.

The change could also help conserve publishers’ bandwidth and compute resources for AI model providers, as Cloudflare’s data suggested that over 50% of crawl traffic from AI crawlers is spent re-fetching unchanged pages.

To put this into action, Cloudflare is initially working with two partners, Ceramic.ai and You.com. When a publisher opts in, they’re paid when their content appears in Ceramic’s AI search results or when You.com accesses a piece of their premium content.

Other AI companies can customize this model for how they work, Cloudflare says.

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

Sarah has worked as a reporter for TechCrunch since August 2011. She joined the company after having previously spent over three years at ReadWriteWeb. Prior to her work as a reporter, Sarah worked in I.T. across a number of industries, including banking, retail and software.

You can contact or verify outreach from Sarah by emailing [email protected] or via encrypted message at sarahperez.01 on Signal.

vav63/iStock via Getty Images

Weyerhaeuser (WY) is priced at an extreme discount at roughly 66% of net asset value (NAV). This is likely due to the market correctly seeing the challenging conditions in both timber and lumber. However, the market could be underestimating natural market forces that restore equilibrium. As the vertical adjusts, WY’s position as the market share and margin leader should result in substantial EBITDA growth which will make WY’s free cash flow oversized relative to the market price. As earnings improve, I think WY will trade up toward NAV for about 50% upside.

Specifically, this article will examine:

Factors making timber and lumber businesses challenging. Mechanisms of equilibrium restoration – curtailments, utilization, consolidation. Margin and market share gains Incremental sources of EBITDA Valuation by assets and earnings Fair value Challenged industry conditions

The margin difficulties of the lumber vertical are not immediately apparent looking at lumber prices.

tradingeconomics

$631 is low compared to the extreme lumber prices of 2021 and 2022, but still reasonably fine compared to pre-pandemic levels. Adjusting for inflation, lumber prices are fairly normal presently.

So why are mills struggling right now?

The low profitability of the wood products vertical in recent years has come from a mismatch of supply and demand. Supply had ramped up to meet the demand spike of 2021- 2022.

Building of single family homes was the largest driver as these are primarily wooden structures, but there was also outsized building of apartments and all kinds of CRE. Thus, the image below of the decline in housing starts only captures a portion of the demand drop off.

FRED

As of 1Q26, housing starts are low by historical standards, but not that low. Perhaps somewhere around the 40th percentile. The bigger damage, in my opinion, is in other CRE.

Office construction is nearly zero. Most large offices are big boxes of metal and glass so they are not often considered drivers of lumber, but the interiors use a variety of wood products.

Apartment construction dropped off substantially since 2024. Apartments use more wood than office, but less than single family homes.

Repair and remodel demand for wood products is stimulated by housing turnover. Owners will fix up their homes before selling in an attempt to get a better price. Sales of existing homes have been sluggish since 2023.

tradingeconomics

So while lumber pricing is decent, sales volume is weakened by low CRE construction, low existing home sales and the somewhat low homebuilding activity.

This shows up in the receipts.

FRED

Adjusted for inflation, net sales receipts of wood products are dismal.

In addition to weak quantity demanded, the supply situation has not been helpful. Production capacity ramped up to try to meet the demand of 2021-2022 and it has taken a while to come back down.

Equilibrium restoring mechanisms.

Milling capacity operates with a lag. It takes as much as a few years to open new mills or shut down existing mills. Note how capacity continued to climb in 2023 and 2024.

University of Georgia

This is clearly lagged capacity intending to capitalize on the extreme demand of 2022. The demand did not last as long as industry participants expected, so this extra capacity came online at a time when profitability was already low and supply was already too high.

There are essentially 2 levers through which overall capacity changes:

Utilization of existing mills Construction and curtailment of mills Marginal cost curves suggest there is a sweet spot for utilization. If utilization goes too high, marginal cost of production rises because crews have to work overnight shifts or overtime pay. At too low utilization, marginal cost per unit is high because the overhead of the capital expense of the mill is divided over too few units.

It was worth it for mills to pay overtime in 2022 because lumber prices were so high. Thus a certain portion of the extra supply was related to high mill utilization. Since then, mill utilization has dropped.

According to a University of Georgia field report,

“U.S. softwood lumber mill utilization rates declined from 81% in Q2 2021 to 78% in Q2 2025”

I was unable to locate utilization data for 2026, but all indications are that it has continued to drop. Utilization has dropped to a point where it becomes very inefficient to lower it further. Marginal costs have already increased due to low utilization and it gets worse if they produce less.

Utilization declines have moved to or near their limit. It was not enough, so lower profitability mills have been forced to close.

In a 2025 Weyerhaeuser article we compiled a list of mill closures/curtailments

2MC

More closures have followed. Forisk tabulates the 2026 closures below.

Forisk

Notably, many of these are in Canada. Canada’s lumber production is far too large for domestic use with these producers largely relying on exports, especially to the U.S.

Thus, the combination of duties and tariffs is materially hurting profit margins of Canadian mills resulting in substantial curtailments.

With less lumber imported into the U.S., our sawmills get to service a higher portion of demand. However, that is a longer term tailwind while low demand in the immediate term has forced many lower margin mills to shut down or reduce production.

As more and more mills close, supply and demand equilibrium will be restored. Closure will continue until such a point that sawmills can generate a normal economic profit. Therefore, one of the following must happen:

Demand will pick back up Mills will continue to close That is just how economic equilibrium works and with the substantial curtailments already in place, I believe we are in the 8th inning of equilibrium restoration.

In the bouncing around of supply and demand 3 significant changes have occurred:

Consolidation within the vertical Market share is shifting to larger producers Market share is shifting to lower cost producers To see the consolidation, one can simply look at the public markets. Today’s Rayonier (RYN) is a consolidation of 4 public companies:

Potlatch Deltic Catchmark Rayonier (the persisting name and ticker) Weyerhaeuser previously bought Plum Creek.

What were 6 good-sized companies have become 2 enormous companies.

Attrition of the weak

2023 through 2026 has been an extended period of minimal and sometimes negative margins for wood products companies. The weak have died off while the strong captured market share.

Weyerhaeuser, in my opinion, is the biggest beneficiary. WY has the highest operating margin in the space.

WY

For reference the companies they are comparing themselves to are Canfor, Interfor, Louisiana Pacific, Boise Cascade and West Fraser.

The higher margins come from a few sources:

Vertical integration with their timberlands feeding their sawmills A continuous focus on operating efficiency Scale Market access – WY is a major supplier of logs to Japan from their Pacific northwest timberland and mills, and one of few to ship out of the Gulf due to proximity to key ports. As equilibrium returns WY will have a healthy profit margin on a substantially higher market share.

Timing of full equilibrium restoration

If demand picks back up in some combination of housing starts, repair and remodel, and CRE construction, higher margins could happen very quickly.

If the restoration is more through supply curtailments it will take a bit longer. Either way, the forward trajectory is positive. While waiting for the industry headwinds to cycle into tailwinds, WY is not sitting idly. At REITweek, WY announced a plan to increase annual EBITDA by $1B even at flat lumber and wood products pricing.

1B incremental EBITDA plan

The slide below breaks down the intended components of EBITDA growth.

WY

To put this into perspective, $1B is $1.38 per share which is quite a bit of growth for a stock trading at $24.79.

Lets examine some of these buckets to get a sense for how likely this growth is to manifest.

Strategic land solutions Owning millions of acres of land comes with benefits in that certain subsets of that land become valuable, often in unanticipated ways. I am not referring to the regular HBU land sales that have been a part of the timber REIT business for decades. Rather there are some bulkier opportunities.

WY is actively exploring sale of land to data centers, or power companies that would use the land to build power infrastructure for data centers. Such sales would be at lucrative premiums to the value of the land as timberland.

Additionally, WY’s 100 million dollar CCS contract with Occidental is getting closer to completion.

I think it is likely we will see growth in this bucket by 2030, but the magnitude will vary.

Timberland and wood products One of the struggles of timberland lately has been that the demand for pulp seems to be permanently impaired due to digital replacing a large portion of paper use. Indeed the demand for pulp has declined markedly in recent years.

University of Georgia

A potential substitute demand for pulp is biocarbon. Traditional wood pellets have been around for a while but their limitation is that they primarily work in facilities designed to buy biocarbon. WY is working with Aymium on a denser wood pellet that can substitute for metallurgical coal. This would expand the use to coal plants and manufacturing facilities.

My hunch is that coal is cheaper than this proprietary wood product where coal is legal, but in areas such as Europe where carbon is heavily taxed/regulated the carbon neutral wood pellet could serve as a great replacement to keep the factories running where they would otherwise have to close. At REITweek WY’s CEO, Devin Stockfish guided to 7 million tons:

“It's part of our 2030 growth program to build out up to 7 million tons of production or 7 million tons of fiber usage, which would convert into 1.5 million tons of biocarbon to sell to steel, silicon manufacturers. There's a lot going on globally, particularly in Europe and Japan, where they're putting new taxes on carbon-intensive industries.”

Such alternative uses are great strategically as pulp would otherwise be very low value due to dwindling pulp prices down almost 50% from 10 years ago.

TimberMart-South

Arguably the largest single source of incremental EBITDA will be TimberStrand which is a high quality wood product made from lower quality sawlogs. The economics on it look strong with an anticipated 20% EBITDA yield.

Devin Stockfish discussed the TimberStrand manufacturing facility economics at REITweek:

“It's a $500 million investment. When that mill comes online, we expect that to generate over $100 million annually of EBITDA.”

Overall, I think the $1B EBITDA growth plan is ambitious, but possible. Some of the buckets are more certain than others. I think $500 million is easily achievable with the rest requiring certain things to play out the right way.

The Value Proposition

I think WY is demonstrably undervalued from both an earnings perspective and an asset value perspective.

WY has averaged $2.15B annual EBITDA over the past 7 years. It was lumpy due to the cyclicality described earlier.

S&P Global Market Intelligence

With an Enterprise value of $23B, WY is trading at about 10.69X cycle adjusted EBITDA.

That is a cheap multiple.

I think the market is not using a cycle adjusted multiple and instead assuming the challenging timber/lumber macro environment is a permanent condition. Thus, the market might be looking at 2026 EBITDA estimates of $1.14B. That would mean they are trading at 20X EBITDA.

If WY can achieve its $1B incremental EBITDA growth that brings the base EBITDA north of $2B, even if the difficult environment remains. $2B base EBITDA with upside from either lumber price increase or volume increase would make WY far too cheap at $23B enterprise value.

A 10X-12 EBITDA multiple might be normal for some business categories, but it is wildly cheap for an asset class like timberland where a substantial portion of return comes from land value appreciation.

As land appreciates, that gain does not show up in the earnings or EBITDA. It is a real gain of value, but often remains unrealized. As a result, appreciation based asset classes usually trade at far higher EBITDA multiples.

The anomaly at the moment is that timberland currently trades at far higher multiples. Private timberland values have been rising steadily with average value per acre up to $2,300 at the end of 2025.

Forisk

These are actual transactions.

You can even observe it in WY’s asset sales.

S&P Global Market Intelligence

3 dispositions total $598 million for 222,000 acres. That equates to $2,693 per acre.

This was not HBU or some special event. These were sold to private timberland investors. Further, this was among WY’s lower quality land.

Devin Stockfish at REITweek:

“It's not just about the number of acres, it's about the quality of those acres, and we've really been focused over the last several years on selling off the lower-performing assets and redeploying that capital into higher-performing assets.”

His comments check out in the numbers. These acres were lower productivity and margin.

WY has 9.740 million owned acres in the U.S.

If we multiply that by the sale price per acre of their non-core land that would be timberland value of $26.229 billion.

That already is more than WY’s EV of $23.129B.

The land alone justifies the entirety of WY’s EV, but they also have billions of dollars of other assets:

Sawmills 0.649 million controlled acres (not included in owned acres) EWP, OSB, TimberStrand, and other manufacturing facilities These things are hard to value, but the cost basis is enormous. The single TimberStrand facility cost $500 million. Sawmills can be around that range too.

Adding up all the assets, net asset value is clearly much higher than EV.

The current Wall Street consensus estimate for NAV is$37.22 implying that WY trades at 66% of NAV.

S&P Global Market Intelligence

Either the private equity buying timberland is consistently wrong to be buying it well north of $2k per acre or WY is deeply undervalued.

The valuation dislocation will eventually close. It is just a matter of direction. The private timberland investors might suffer if the doomsayers are right that the lumber industry is permanently impaired. However, if you are like me and believe that free market economics has a tendency to return to equilibrium, then WY is deeply undervalued.

It is not often that a long tenured, well managed, investment grade, large cap company trades at 66% of asset value. The market is extrapolating the downside of a cyclical business while I think a business that has always been cyclical will continue to be cyclical.

We are long WY and buying more while it trades at such an extreme discount.