Ethereum, the world’s second-largest cryptocurrency by market capitalization, declined 1.37% over the past 24 hours to $2,320, amid widespread market sell-offs. This downturn followed the US Federal Reserve’s decision to keep interest rates unchanged at its October meeting, prompting investors to reassess macroeconomic risks. Signs of continued short-term pressure on Ethereum’s price remain visible.
Whale selling and exchange inflows draw attentionCrypto analyst Ali has projected that Ethereum’s price could decline further to $2,000, reflecting a potential additional drop of roughly 14% from current levels. Ali bases this forecast both on recent on-chain activity and the ongoing price action.
Ali noted that major investors, often called “whales,” have sold around 160,000 ETH in recent days, while the amount of ETH held on exchanges has risen by 100,000, increasing the likelihood of continued selling pressure.
On October 28, 2026, Ethereum failed to maintain an upward trajectory near $2,400. That day, network transaction volumes surpassed $100 billion. Following the rejection at this level, the price dropped below $2,300, falling as low as $2,290 during the day. Reductions in large wallets totaling 160,000 ETH pointed to approximately $348 million being offloaded by significant holders.
Meanwhile, the ETH balance on exchanges increased by 100,000 units, equivalent to about $240 million. This trend often signals that more tokens are ready for sale, adding near-term price pressure. Several analysts observe that rising exchange balances typically add to downward momentum for digital assets.
MetricChangeApproximate USD ValueWhale ETH sold-160,000$348 millionETH sent to exchanges+100,000$240 millionTechnical structure turns weakerAli considers Ethereum’s break below $2,385 as a critical technical development, signaling a deteriorating short-term outlook. The daily chart, according to the analyst, reveals a clear structure pointing toward a downward resolution. Should selling persist and ETH remain under the $2,385 level, a move toward $2,000 could remain on the table.
Ali explains that, should strong selling continue and exchange balances stay elevated, Ethereum could see another correction toward $2,000.
Glamsterdam upgrade delayedBesides recent price movements, Ethereum’s technical roadmap has also shifted. The Glamsterdam upgrade, previously scheduled for deployment on the Hoodi testnet at 17:42:48 UTC on October 26, 2026, has been postponed. No new activation date has been provided. Hoodi is a test network used by Ethereum developers to trial system changes before mainnet launches.
Core developers decided to delay the upgrade at the ACDE #248 meeting to allow for a more detailed review of EIP 8037’s interactions with mainnet smart contracts. This postponement also removed the planned simultaneous activations for the Amsterdam execution layer and Gloas consensus layer, as well as raising Hoodi’s gas limit to 200 million during the same period. Updated testnet activation schedules are expected to be announced separately at a later date.
Mini dictionary: EIP stands for Ethereum Improvement Proposal, which defines planned technical changes on the network. Testnets are separate networks used to safely trial upgrades before they are deployed to Ethereum’s mainnet.
Ethereum, the second-largest cryptocurrency by market capitalization, has been struggling to regain momentum following another market downturn that pushed ETH toward $2,300. With investors uncertain about the asset’s short-term prospects, attention has shifted to both institutional flows and technical signals for potential clues on Ethereum’s recovery.
ETH faces institutional pressure as ETFs see outflowsETH traded near $2,320 on October 29, representing a decline of about 2% over 24 hours. This latest setback coincided with the Federal Reserve’s decision to keep interest rates unchanged and growing uncertainty in technology stocks, leading investors to adopt a cautious stance across major risk assets.
In contrast to Bitcoin, Ethereum is facing a significant challenge in attracting institutional interest. Data from SoSoValue shows that US spot Ethereum ETFs recorded approximately $21.4 million in net outflows on October 28, further extending a losing streak to three consecutive trading sessions. BlackRock’s Ethereum ETF, trading under the ticker ETHA, led the outflows with $44.8 million in redemptions on Wednesday. While some withdrawals were offset by inflows in competing funds, the overall picture remained negative.
Between October 26 and October 28, cumulative net outflows from Ethereum ETFs reached roughly $170.2 million. By comparison, spot Bitcoin ETFs attracted around $137 million in new investments on Wednesday, highlighting a divergence in institutional sentiment toward the two leading cryptocurrencies.
Combined Ethereum ETF outflows totaled nearly $170 million between October 26 and October 28, while spot Bitcoin ETFs experienced significant inflows of $137 million on the same day. This contrast underscores the differing institutional appetite for each asset during recent market turbulence.
The ongoing selling pressure has contributed to ETH’s underperformance throughout October. Previous rounds of leveraged liquidations further drove prices lower as traders were compelled to close positions to meet margin requirements. With institutional withdrawals continuing, Ethereum needs stronger interest in the spot market to anchor any potential recovery.
AssetETF Flows (Oct 26–28)Latest Daily FlowEthereum-$170.2 million-$21.4 millionBitcoin+Approximately $137 million (Nov 28 daily)+$137 millionTechnical picture: Key resistance and support levelsEthereum’s immediate technical objective is to reclaim the $2,400 level, which has repeatedly acted as resistance over the past month. Recent trading has kept ETH in a narrow band between approximately $2,290 and $2,390, with buyers attempting to defend the lower boundary but struggling to spark substantial upward momentum.
A decisive break above $2,400 may pave the way toward the $2,480–$2,500 range, and further gains toward $2,550–$2,600 could follow if buyer interest strengthens. Coinpaper previously outlined a $2,600 recovery scenario for ETH, though the token lost over 12% during October.
Some analysts hold a more optimistic long-term view. Citigroup has forecasted a 12-month ETH target of $3,028, which is roughly 35% higher than its earlier $2,240 estimate. However, this target remains a mid-term projection and does not guarantee an immediate reversal for Ethereum.
On the downside, the $2,290–$2,300 support zone has recently attracted buyers, but a sustained move below this region could expose ETH to further losses. If selling accelerates, additional downside targets include $2,200, $2,150, and potentially as low as $2,100. Coinpaper has also explored the risk of ETH breaking under $2,000 should market weakness persist.
Network upgrades and long-term outlookBeyond price action, some attention has turned to Ethereum’s network development. The project’s upcoming Glamsterdam upgrade, recommended to boost block production and execution capacity, has been delayed. While this postponement does not directly explain ETH’s recent price weakness, its successful implementation could enhance Ethereum’s long-term prospects in the competitive blockchain industry.
Technological advancements may support future growth, but analysts caution that further adoption and market demand will be crucial for sustained price recovery.
Mini dictionary: Glamsterdam, an upcoming planned Ethereum network upgrade, aims to improve transaction processing efficiency and block production rates. Such enhancements help Ethereum maintain its competitiveness against newer smart contract platforms.
Tom Lee, co-founder of Fundstrat Global Advisors and chairman of BitMine Immersion Technologies, highlighted the growing impact of digital asset treasuries (DATs) on crypto supply dynamics in remarks delivered at Korea Blockchain Week. Lee focused on Hyperliquid and its native token HYPE, stating that accumulations by the project’s dedicated treasury could trigger significant market moves if allocations continue to rise.
Hyperliquid’s DAT accumulation strategyHyperliquid, a Layer 1 blockchain platform centered on perpetual futures trading, uses HYPE as its governance, trading, and staking token. DATs like Hyperliquid Strategies (ticker PURR) are responsible for managing large holdings of project tokens. According to DeFiLlama, Hyperliquid’s treasury currently owns around 14% of the circulating HYPE supply and continues to accumulate more tokens.
Lee explained that if this share approaches majority ownership, there could be sharp effects on HYPE’s market dynamics. He pointed out, “What happens when they get to 50% of supply? I mean, HYPE could go parabolic.”
Lee described HYPE as an example where rapid treasury accumulation could increasingly reduce the token’s float, leading to increased scarcity and potentially rapid price appreciation if supply crosses critical thresholds.
BitMine Immersion Technologies, referenced by Lee as a parallel case, is the largest Ethereum treasury in the market, holding millions of ETH as confirmed by SEC filings. Such treasuries play a similar role by holding significant shares of existing token supplies.
Mini dictionary: Hyperliquid is a blockchain platform that specializes in perpetual futures contracts, where traders can open leveraged positions that do not expire, offering flexibility and continuous trading compared to traditional futures.
How DAT mechanics influence token supply and priceLee detailed two key mechanisms connected to DAT trading. When a DAT trades below its net asset value (NAV), investors get exposure to underlying crypto assets at a discount. He offered an analogy: purchasing $85,000 worth of Bitcoin for $60,000. In these situations, DAT shares represent a discounted entry to crypto markets without custodial risk for investors.
When the DAT trades above NAV, it can issue more equity to raise additional capital to purchase tokens, resulting in decreased circulating supply and supporting upward price movements for the asset. This process resembles the share creation and redemption mechanism in spot ETFs, but DATs often have a more direct effect on token float and pricing.
Institutional and retail investors benefit from listed equity exposure with built-in custody and tax advantages, while exchanges and liquidity providers must adapt to lower available token supply, often leading to higher volatility.
DAT MechanismEffect on MarketTrades below NAVInvestors buy crypto at a discountTrades above NAVTreasury issues shares, buys back tokens, reducing supplyWider implications for Ethereum and future trendsLee connected his thesis around HYPE to ongoing supply squeeze narratives for Ethereum. He reported that DATs now hold approximately 7% of all ETH, and argued that this figure could reach 15% during the current cycle. BitMine currently holds 4.9% of ETH supply, making it the largest single treasury in the market, alongside notable tokenization efforts from major institutions including JPMorgan and BlackRock—all on the Ethereum network.
Lee noted that only 2% of institutional investors tracked by Fundstrat currently own crypto, suggesting potential for increased institutional inflows through DATs if Ethereum outpaces traditional equity benchmarks, as seen in its 65% rally in Q3 versus a flat S&P 500.
For Hyperliquid, Lee emphasized that tracking when PURR—the DAT managing HYPE—reaches 25% or 50% of total supply will be important milestones. The growth of DAT vehicles and their market share are now closely monitored to understand float, dilution, and price pressures in the ecosystem.
He suggested that for Ethereum, a shift to 15% supply owned by DATs would depend on BitMine’s pace of accumulation and the emergence of competing treasuries. Analysts are following regulatory filings, blockchain data platforms, and dilution metrics to assess the ongoing impact of supply absorption versus potential corrections if premium levels subside.
As artificial intelligence technology becomes increasingly integrated into our lives, this situation was recently commented on by Michael Selig, Chairman of the US Commodity Futures Commission (CFTC).
Speaking at the Frontier Forum on Super Intelligence in Washington, Michael Selig stated that artificial intelligence agents could lead to a financial revolution.
Artificial Intelligence Could Generate Revenue from Cryptocurrencies!
Highlighting the impact of artificial intelligence on the crypto sector, the CFTC chairman stated that AI agents could generate revenue from cryptocurrencies and conduct financial transactions on behalf of humans. Selig emphasized that this transformation would also bring new legal responsibility and market oversight issues.
Selig stated that artificial intelligence systems can analyze financial data, identify market opportunities, and manage crypto assets via blockchain without the need for banks or intermediaries.
Selig, giving an example from Ethereum, stated that a refrigerator could generate income by staking ETH or issuing memecoins, use that money for grocery shopping, and that such a future is not science fiction.
The Debate on Accountability in AI Agents!
Selig noted that the increasing role of autonomous systems in financial transactions could challenge the current regulatory framework.
According to him, key questions include whether the person developing an AI agent will be subject to registration obligations, who will be held responsible if the system makes a mistake, and how it will be verified in whose name the transactions were carried out. At this point, Selig added that, similar to customer identification applications, the discussion of whether a new system is needed to verify the identity of AI agents is important, and that a separate system might be required to verify agent identities.
*This is not investment advice.
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Dogecoin traders faced fresh pressure amid the ongoing market drop, with 17,833,333 DOGE in long positions liquidated as selling returned to the market. $342 million was liquidated across the crypto market in the last 24 hours, with Dogecoin having its share.
According to CoinGlass data, Dogecoin saw a total of $2.45 million in liquidations over the last 24 hours, with longs accounting for $1.391 million (about 17,833,333 DOGE) of this total, while shorts saw $1.05 million in liquidations.
Long liquidations occur when traders betting on higher prices are forced to close their positions, typically after losses push their margin balances below required levels. When large numbers of leveraged positions are liquidated in a short period, the resulting selling can intensify downward price pressure.
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Along these lines, Dogecoin was down nearly 3% in the last 24 hours to $0.078 as the market fell while investors digested the Federal Reserve's decision to hold interest rates steady at its October meeting.
Dogecoin rose for three consecutive days earlier in the week to hit $0.08, but profit-taking in the markets caused its price to retreat.
What's next?The Personal Consumption Expenditures Index—the Fed's preferred inflation gauge—was released Thursday, with few cryptocurrencies recouping losses in the wake of the report.
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The personal consumption expenditures price index increased a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 3.6% as the pace of price increases stepped up in September, keeping inflation well above the Federal Reserve's target.
While the Fed held interest rates on Wednesday, as expected, two officials dissented in favor of a quarter-point increase and Chair Kevin Warsh declined to signal what might come in December. However, expectations for a 25 basis point hike at the central bank's next meeting on Dec. 9 remain.
If Dogecoin rebounds, the next key resistance levels for Dogecoin are $0.083 and $0.087, while support is envisaged first at $0.074 and $0.069 in the event of a price drop.
Key Takeaways HHH's MPC earnings rose 32% in Q2 2026, while its $2.1B Vantage deal expands its insurance business.Brookfield raised a record $77B in Q2 2026, with fee-bearing capital up 19% and $210B available to deploy.HHH faces housing and integration risks, while Brookfield contends with market volatility and debt.
Howard Hughes Holdings (HHH - Free Report) and Brookfield Corporation (BN - Free Report) are diversified holding companies focused on generating long-term shareholder value through investments in real assets and operating businesses. HHH’s strong master-planned community performance and its expansion into specialty insurance through Vantage support its growth prospects. Meanwhile, BN gains from a global investment platform, diversified revenue streams, robust fundraising and substantial deployable capital.
However, HHH remains exposed to interest rate fluctuations and housing market sensitivity, which could affect its real estate operations. Meanwhile, BN remains exposed to capital market volatility, substantial debt obligations and risks associated with its real estate and private credit investments.
Let’s dive deep and closely compare the fundamentals of the two stocks to determine which stock is more attractive now.
The Case for Howard HughesHoward Hughes benefits from strong performance across its master-planned communities (MPCs), supported by residential demand and land sales. This strength is evident from the 32% year-over-year growth in MPC earnings before taxes (EBT) in the second quarter of 2026, alongside a 12% rise in net new home sales. These trends underscore HHH's real estate strength and support its long-term growth prospects.
The company's expansion into specialty insurance and reinsurance through the $2.1 billion acquisition of Vantage Group Holdings marks strategic milestone. The transaction transforms HHH into a diversified holding company with two platforms. Vantage provides an additional earnings stream beyond real estate, while its insurance operations offer opportunities to generate investment income and support long-term capital accumulation.
HHH's land portfolio provides visibility into development opportunities. Its communities, including Summerlin, Bridgeland and The Woodlands, offer significant residential and commercial development potential. As of June 2026, the estimated pre-tax, margin-adjusted residual land value of its wholly owned MPCs stood at $5.7 billion. This development pipeline positions the company to capitalize on population growth and demand for well-planned communities.
Further, HHH's financial flexibility reinforce its growth prospects. The company maintained a strong liquidity position, with $2.6 billion in cash and cash equivalents, including cash held at Vantage, alongside substantial undrawn financing commitments. Its disciplined capital allocation and asset monetization initiatives provide additional flexibility to fund development and pursue investment opportunities.
However, elevated development costs, interest rate fluctuations and housing market sensitivity remain concerns, while integrating Vantage introduces execution risks. Nevertheless, HHH's strong MPC performance, expanding insurance platform, substantial development pipeline and healthy liquidity position make it an attractive option for long-term investors seeking diversified growth opportunities.
The Case for BrookfieldBrookfield benefits from its global investment platform, spanning asset management, wealth solutions and operating businesses across infrastructure, renewable energy, real estate and private equity. Its diversified business model provides multiple sources of earnings and growth opportunities. Moreover, its investment expertise and disciplined capital allocation support long-term earnings growth and shareholder value creation.
BN's diversified revenue streams provide stability amid changing market conditions. Its asset management business benefits from increasing fee-bearing capital and demand for alternative investments. In the second quarter of 2026, fee-related earnings grew 20% year over year, while wealth solutions earnings increased 23%. Meanwhile, its operating businesses generate stable cash flows, supported by contracted and inflation-linked revenues.
Robust fundraising and substantial deployable capital reinforce Brookfield's growth prospects. During the second quarter of 2026, the company raised a record $77 billion, bringing first-half fundraising to $98 billion. Fee-bearing capital reached $672 billion, up 19% year over year. It ended June 2026 with $210 billion of deployable capital, providing flexibility to pursue acquisitions, expand businesses and capitalize on investment opportunities.
However, Brookfield remains vulnerable to capital market volatility and changing macroeconomic conditions. Higher interest rates, inflationary pressures and economic uncertainty could affect asset valuations, fundraising and investment realizations. Weaker transaction markets may delay asset monetizations and carried interest recognition, creating fluctuations in distributable earnings. These factors could undermine the company's growth momentum.
Additionally, substantial debt obligations across Brookfield's consolidated businesses remain a concern. Its real estate investments carry risks from changing property valuations, financing costs and occupancy trends. Meanwhile, private credit investments face potential borrower defaults, deteriorating credit quality and liquidity constraints. Such risks could weigh on investment returns and profitability during prolonged economic downturns.
How Do Zacks Estimates Compare for HHH & BN?The Zacks Consensus Estimate for HHH’s 2026 earnings per share (EPS) implies a year-over-year surge of 102.3%. However, 2026 EPS estimates have been trending downward over the past month.
Image Source: Zacks Investment Research
Meanwhile, the consensus estimates for BN’s 2026 EPS indicate a year-over-year rise of 13.4%. However, 2026 EPS estimates have been trending downward over the past month.
Image Source: Zacks Investment Research
Price Performance: HHH vs. BNOver the past three months, shares of HHH have outperformed BN and the S&P 500 composite.
Image Source: Zacks Investment Research
Valuation: HHH vs. BNIn terms of forward 12-month Price/Sales (P/S), HHH stock is trading at 1.54X, below BN, which is currently trading at 6.48X. HHH is trading below its one-year median of 2.28x, while BN is trading below its one-year median of 8.73x.
From a valuation perspective, we note that HHH shares are trading at a discount to BN.
Image Source: Zacks Investment Research
Conclusion: HHH Remains StrongHoward Hughes' strong MPC performance, substantial land portfolio, expanding insurance operations and healthy liquidity position support its long-term growth prospects. However, elevated development costs and integration risks remain concerns.
Brookfield benefits from diversified operations, robust fundraising and substantial deployable capital. However, elevated debt obligations, capital market volatility, real estate exposure and potential investment losses could constrain its growth prospects.
Given its discounted valuation, solid prospects for growth and stronger estimates, HHH appears to be a better investment choice, making the stock worth buying now.
Currently, HHH sports a Zacks Rank #1 (Strong Buy), while BN has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Tenet Healthcare Corporation (THC) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
William McDowell - Vice President of Investor Relations
Saumya Sutaria - Chairman & CEO
Sun Park - Executive VP & CFO
Conference Call Participants
Jason Cassorla - Guggenheim Securities, LLC, Research Division
Will Spivack - TD Cowen, Research Division
Kevin Fischbeck - BofA Securities, Research Division
Stephen Baxter - Wells Fargo Securities, LLC, Research Division
Benjamin Mayo - Leerink Partners LLC, Research Division
Brian Tanquilut - Jefferies LLC, Research Division
Pito Chickering - Deutsche Bank AG, Research Division
Albert Rice - UBS Investment Bank, Research Division
Justin Lake - Wolfe Research, LLC
Andrew Mok - Barclays Bank PLC, Research Division
Sarah James - Cantor Fitzgerald & Co., Research Division
Ann Hynes - Mizuho Securities USA LLC, Research Division
Craig Hettenbach - Morgan Stanley, Research Division
Benjamin Hendrix - RBC Capital Markets, Research Division
Benjamin Rossi - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good morning. Welcome to Tenet Healthcare's Third Quarter 2026 Earnings Conference Call. [Operator Instructions]
I'll now turn the call over to your host, Mr. Will McDowell, Vice President of Investor Relations. Mr. McDowell, you may begin.
William McDowell
Vice President of Investor Relations
Good morning, everyone and thank you for joining today's call. I am Will McDowell, Vice President of Investor Relations. We're pleased to have you join us for a discussion of Tenet's third quarter 2026 results as well as a discussion of our financial outlook. Tenet's senior management participating in today's call will be Dr. Saum Sutaria, Chairman and Chief Executive Officer; and Sun Park, Executive Vice President and Chief Financial Officer. Our webcast this morning includes a slide presentation, which has been posted to the Investor Relations section of our website, tenethealth.com.
Listeners to this call are advised that certain statements made during our discussion today are forward-looking and represent management's
Key Takeaways EQIX's Q3 AFFO per share rose 18.4% to $11.64, beating estimates by 10.8%, as revenues grew 11%.EQIX achieved record annualized gross bookings of $533M, up 35%, driven by robust demand and firm pricing.EQIX raised its 2026 AFFO per share outlook to $43.71-$44.11 and revenue guidance to $10.325-$10.365B.
Equinix, Inc. (EQIX - Free Report) reported third-quarter 2026 adjusted funds from operations (AFFO) per share of $11.64, up 18.4% year over year and above the Zacks Consensus Estimate of $10.51 by 10.8%.
Revenues increased 11% year over year to $2.57 billion, marginally surpassing the consensus mark of $2.57 billion by 0.1%. Strong underlying demand, improving pricing and record annualized gross bookings of $533 million, up 35% year over year, supported performance. Monthly recurring revenues registered double-digit growth for the fourth consecutive quarter.
EQIX Recurring Revenues Grow Across RegionsRecurring revenues reached $2.44 billion, up 10.2% from the prior-year quarter. Non-recurring revenues increased 27.7% to $129 million from $101 million.
Americas' revenues increased 10.9% year over year to $1.15 billion, with recurring revenues reaching $1.09 billion. EMEA revenues rose 12% to $878 million, while Asia-Pacific revenues increased 9.7% to $545 million.
EQIX Delivers Record Bookings & InterconnectionsCustomer demand remained robust as annualized gross bookings surpassed half a billion dollars for the first time. The company executed more than 25,000 transactions across over 3,200 customers, reflecting broad-based demand across its digital infrastructure ecosystem.
Equinix added 6,900 net interconnections during the third quarter, comprising 5,800 physical cross-connections and 1,100 virtual connections. Billed cabinets increased 5,700 sequentially to 313,300. Monthly recurring revenue per cabinet reached $2,574, supported by higher densities and firm pricing.
EQIX Posts Higher Profitability Despite Sequential DipAdjusted EBITDA increased 15.1% year over year to $1.32 billion. The adjusted EBITDA margin expanded to 51% from 50% in the year-ago quarter but contracted from 53% sequentially. The preceding quarter benefited from non-recurring xScale leasing fees.
Operating income advanced 26.6% year over year to $600 million. The cost of revenues increased 10.1% to $1.26 billion, while cash operating expenses edged up to $420 million from $416 million.
EQIX Accelerates Data Center Capacity ExpansionTotal capital expenditures reached $1.56 billion compared with $1.14 billion in the year-ago quarter. Non-recurring capital expenditures totaled $1.49 billion, including $1.33 billion directed toward IBX data center expansion. Major retail project openings included facilities in Bogota, Dubai, Frankfurt and Miami.
The company had 48 announced retail expansion projects across 32 markets in 20 countries. It expects to deliver a record 13,450 sellable cabinets in the fourth quarter, with planned 2026 cabinet deliveries nearly 40% above initial expectations. More than 90% of retail expansion spending is associated with owned land or owned buildings under long-term ground leases.
EQIX Strengthens Liquidity to Support GrowthEquinix ended September with $2.36 billion in cash and cash equivalents and $1.24 billion in short-term investments. Available liquidity totaled $9.1 billion. The company also refinanced its existing revolving credit facility with a new $5.5-billion facility maturing in July 2031.
Total gross debt stood at approximately $25 billion, with a net leverage ratio of 4.1 times. During the third quarter, Equinix issued $3 billion of U.S.-dollar notes across four maturities. The company maintained a blended after-tax borrowing rate of 3.2%, with a weighted average debt maturity of 6.1 years.
EQIX Raises 2026 Outlook for Third Consecutive QuarterFor the fourth quarter of 2026, management projects revenues between $2.684 billion and $2.724 billion, implying 12-13% year-over-year growth on a normalized and constant-currency basis. Adjusted EBITDA is expected between $1.328 billion and $1.368 billion, reflecting a margin of 49-50%.
For 2026, Equinix raised its revenue guidance to $10.325-$10.365 billion from $10.205-$10.285 billion. Adjusted EBITDA is now projected between $5.290 billion and $5.330 billion, up from the previous guidance of $5.210-$5.270 billion, with a margin of approximately 51%.
AFFO per share is anticipated between $43.71 and $44.11, up from the previous guidance of $42.69-$43.29. The Zacks Consensus Estimate of $43.45 lies below the range.
EQIX’s Zacks RankEquinix carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other REITsBXP, Inc. (BXP - Free Report) reported third-quarter 2026 funds from operations (FFO) of $1.89 per share, beating the Zacks Consensus Estimate of $1.80 by 5%. FFO increased 8.6% from the year-ago quarter. Lease revenues increased 4.5% year over year to $846.2 million, surpassing the consensus mark of $839.9 million by 0.7%. Total revenues rose 4.6% to $911.4 million.
BXP’s results reflected better-than-projected portfolio performance, higher occupancy and growth in same-property net operating income (NOI), which supported the FFO and revenue beat.
Welltower Inc. (WELL - Free Report) reported third-quarter 2026 normalized FFO of $1.67 per share, beating the Zacks Consensus Estimate of $1.64 by 1.8%. The metric increased 24.6% year over year. Total revenues of $3.72 billion surpassed the consensus mark of $3.63 billion by 2.5% and rose 38.4% year over year.
WELL’s results benefited from robust senior housing operating portfolio performance, with same-store NOI growth and improvement in average occupancy.
Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.
Key Takeaways TT's Q3 EPS rose 25.3% y/y to $4.86, while revenues climbed 17.7% to $6.76 billion, beating estimates.Strong commercial HVAC demand drove 20% organic bookings growth, with backlog surging 73% to $12.5 billion.TT raised its 2026 revenue growth outlook to 13.5%, despite inflation and supply-chain pressures on margins.
Trane Technologies plc (TT - Free Report) reported strong third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate.
TT’s earnings of $4.86 per share beat the consensus estimate by 2.5% and rose 25.3% year over year. Revenues of $6.76 billion exceeded the consensus mark by 5% and rose 17.7% from the year-ago quarter.
The results benefited from robust commercial heating, ventilation and air conditioning (HVAC) demand, higher volumes and positive pricing. Organic bookings increased 20%, while backlog reached $12.5 billion, up 73% year over year.
TT Benefits From Strong Commercial HVAC DemandReported bookings increased 21% to $7.25 billion, while the enterprise book-to-bill ratio reached 107%. All operating segments recorded ratios above 100%, indicating that orders exceeded revenues during the quarter.
Global applied organic bookings increased approximately 40%, supported by broad-based demand across commercial markets. Americas Commercial HVAC backlog increased approximately 80%, with strong demand from data centers and other core verticals. Services continued to account for roughly one-third of revenues, supported by a low-teens compound annual growth rate since 2020.
Trane Technologies Delivers Robust Revenue GrowthOrganic revenues increased 16%, reflecting low-twenties growth in equipment and high-single-digit growth in services. Strong volume expansion and positive pricing supported revenues, while acquisitions also contributed to reported growth.
Americas revenues increased 21% to $5.65 billion and advanced 19% organically. Commercial HVAC revenues grew in the low twenties, led by applied solutions, which advanced more than 60%. Residential HVAC revenues increased approximately 20%, while transport revenues grew in the high single digits.
The company raised its 2026 Americas Commercial HVAC revenue growth outlook to 15-16% and its residential HVAC growth expectations to the high single digits.
TT's Operating Profit Rises Despite Margin PressureAdjusted operating income increased 15.4% to $1.36 billion. However, the adjusted operating margin contracted 40 basis points to 20.2%, reflecting elevated inflation, supply chain constraints and continued business investments.
Adjusted EBITDA increased 15.6% to $1.45 billion, while the corresponding margin declined 40 basis points to 21.4%. Volume growth, positive pricing and productivity gains partially offset cost pressures.
GAAP operating income increased 15.3% to $1.34 billion, although the GAAP operating margin contracted 40 basis points to 19.9%. GAAP continuing earnings increased to $4.79 per share from $3.82 in the prior-year quarter.
Trane Technologies Reports Mixed Regional MarginsAmericas adjusted operating income increased 23.6% to $1.26 billion. The adjusted operating margin expanded 50 basis points to 22.3%, supported by volume growth despite inflationary pressures and supply chain constraints.
EMEA revenues increased approximately 1% to $755.8 million and advanced 2% organically. Adjusted operating income decreased 12.4% to $129.6 million, while the margin contracted 250 basis points to 17.2%. The conflict in the Middle East and higher costs to serve customers weighed on profitability.
Asia Pacific revenues increased 8% to $356 million and rose 7% organically. Adjusted operating income declined 10.8% to $66.2 million, with the margin contracting 390 basis points to 18.6%. Challenging conditions in China partly offset strength across the rest of Asia.
TT Generates Strong Free Cash FlowCash from continuing operating activities reached $3.06 billion during the first nine months of 2026 compared with $2.05 billion a year earlier. Free cash flow increased 58.3% to $2.83 billion, supported by improved working capital management.
Trane Technologies ended September with $1.23 billion in cash and $4.22 billion in debt. Through October, the company deployed or committed approximately $3.4 billion, including $930 million for dividends, $1.08 billion for acquisitions and investments, and $1.4 billion for share repurchases.
Management raised its 2026 capital deployment target to more than $3.4 billion from the previous range of $2.8-$3.3 billion.
Trane Technologies Raises Its 2026 Revenue OutlookManagement expects full-year reported revenue growth of approximately 13.5%, up from its previous projection of 11.5%. Organic revenue growth is forecast at roughly 11% compared with the earlier expectation of 9%.
Adjusted continuing earnings guidance was reaffirmed at $15.20-$15.30 per share. The Zacks Consensus Estimate for earnings is pegged at $15.32 per share for the same period. Fourth-quarter adjusted earnings are expected between $3.40 and $3.50 per share, with organic revenue growth projected at approximately 14.5%. The Zacks Consensus Estimate of earnings for the fourth quarter of 2026 is pinned at $3.61 per share.
The improved revenue outlook reflects strong Commercial HVAC momentum, record backlog and improving residential and transport trends. Management expects full-year free cash flow to exceed adjusted net earnings, while continued investments in capacity, innovation and operational excellence are intended to support future growth.
Trane Technologies currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Earnings SnapshotsEquifax (EFX - Free Report) reported better-than-expected third-quarter 2026 results. EFX’s adjusted earnings per share of $2.26 outpaced the Zacks Consensus Estimate by 3.2% and increased 10.8% from the year-ago quarter. EFX’s revenues of $1.69 billion marginally surpassed the consensus estimate and improved 9.6% year over year.
ManpowerGroup (MAN - Free Report) posted mixed third-quarter 2026 results. MAN’s adjusted earnings of $1.01 per share matched the consensus mark and rose 21.7% from the year-ago quarter. MAN’s total revenues of $4.84 billion missed the consensus mark by 1.4% but increased 4.4% year over year.
Encompass Health Corporation (EHC) Q3 2026 Earnings Call October 29, 2026 10:00 AM EDT
Company Participants
Mark Miller - Senior Vice President of Investor Relations & Strategic Planning
Mark Tarr - CEO, President & Director
Douglas Coltharp - Executive VP & CFO
Patrick Tuer - Executive VP & COO
Conference Call Participants
Pito Chickering - Deutsche Bank AG, Research Division
Ann Hynes - Mizuho Securities USA LLC, Research Division
Andrew Mok - Barclays Bank PLC, Research Division
Matthew Gillmor - KeyBanc Capital Markets Inc., Research Division
Morgan McCarthy - Leerink Partners LLC, Research Division
Ryan Langston - TD Cowen, Research Division
Joanna Gajuk - BofA Securities, Research Division
Brian Tanquilut - Jefferies LLC, Research Division
Albert Rice - UBS Investment Bank, Research Division
Jared Haase - William Blair & Company L.L.C., Research Division
Raj Kumar - Stephens Inc., Research Division
Presentation
Operator
Good morning, everyone, and welcome to Encompass Health's Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to Mark Miller, Encompass Health's Chief Investor Relations Officer.
Mark Miller
Senior Vice President of Investor Relations & Strategic Planning
Thank you, operator, and good morning, everyone. Thank you for joining Encompass Health's Third Quarter 2026 Earnings Call. Before we begin, if you do not already have a copy, the third quarter earnings release, supplemental information and related Form 8-K filed with the SEC are available on our website at encompasshealth.com.
On Page 2 of the supplemental information, you will find the safe harbor statements, which are also set forth in greater detail on the last page of the earnings release. During the call, we will make forward-looking statements, such as guidance and growth projections, which are subject to risks and uncertainties, many of which are beyond our control. Certain risks and uncertainties, like those relating to regulatory
Key Takeaways SCI's Q3 EPS rose 11.5% to 97 cents, while revenues grew 4.6% to $1.11 billion, both missing estimates.Funeral revenues grew 5%, while cemetery revenues rose 4.3%, supported by higher preneed revenues and sales.SCI cuts 2026 EPS view to $3.94-$4.04 on softer funeral volumes and cost pressures but keeps cash flow view. Service Corporation International (SCI - Free Report) posted results for the third quarter of 2026, wherein both top and bottom lines missed the Zacks Consensus Estimate, while both increased from the year-ago period’s actuals.
Taking a Closer Look at SCI’s Quarterly ResultsSCI reported adjusted earnings of 97 cents per share, which missed the Zacks Consensus Estimate of 98 cents. However, the metric increased 11.5% from adjusted earnings of 87 cents per share in the year-ago quarter.
Total revenues of $1,107.3 million increased 4.6% from $1,058.1 million in the year-ago quarter. Revenues missed the Zacks Consensus Estimate of $1,111 million.
Gross profit rose 2.5% to $272.3 million from $265.5 million last year. The gross margin contracted approximately 50 basis points to 24.6%.
Corporate general and administrative expenses decreased 20.2% to $30.6 million from $38.3 million in the prior-year period, primarily reflecting lower long-term incentive compensation expenses and a favorable legal settlement.
Operating income increased 11.7% to $252.9 million from $226.4 million in the year-ago quarter.
SCI Provides Insights by SegmentsFuneral: Total funeral revenues reached $602.6 million, up 5% from $574.1 million in the third quarter of 2025. Gross profit increased 5.3% to $104.9 million from $99.6 million, while the gross margin expanded 10 basis points to 17.4%.
SCI performed 86,278 funeral services, higher than 84,636 services in the year-ago quarter. Average revenue per service increased 2.6% to $5,992 from $5,843.
Comparable funeral revenues increased 3.3% year over year to $588.2 million. Comparable core revenues rose 2.3%, supported by a 2.8% increase in core average revenue per service, partially offset by a 0.5% decline in core funeral services performed.
Comparable funeral gross profit increased 3.6% to $103.8 million, while the gross margin remained unchanged at 17.6%. Comparable preneed funeral sales production increased 6.1% to $323.5 million.
Cemetery: Total cemetery revenues were $504.6 million, up 4.3% from $484 million in the third quarter of 2025. Gross profit increased 0.9% to $167.4 million from $165.9 million, while the gross margin contracted 110 basis points to 33.2%.
Comparable cemetery revenues increased 4% to $503.4 million, driven by higher core revenues and other revenues. Core revenues increased 2.7%, supported by a 4% increase in recognized preneed revenues. Other revenues rose 19.7%.
Comparable cemetery gross profit increased 0.7% to $167.1 million, while the gross margin contracted 110 basis points to 33.2%. Comparable preneed cemetery sales production increased 4.8% to $369.2 million.
SCI’s Financial Health SnapshotThe company ended the quarter with cash and cash equivalents of $172.7 million, long-term debt of $4,977.9 million and total equity of $1,575.3 million.
Net cash provided by operating activities increased 17.6% to $296.8 million from $252.3 million in the prior-year quarter.
Total capital expenditure was $99.5 million, including $30.8 million for capital improvements at existing field locations, $42.3 million for cemetery property development, $6.4 million for digital investments and corporate initiatives, and $20 million for growth capital expenditures related to new funeral service locations.
During the first nine months of 2026, SCI returned approximately $464 million to its shareholders through dividends and share repurchases.
What to Expect From SCI in 2026?SCI updated the fourth-quarter earnings outlook and lowered its full-year adjusted earnings guidance, reflecting softer funeral volumes and continued cost pressures.
For the fourth quarter of 2026, the company expects adjusted earnings per share of $1.10-$1.20. The company lowered its full-year adjusted earnings guidance to $3.94-$4.04 per share from the previously projected $4.10-$4.30.
SCI reaffirmed its full-year adjusted operating cash flow guidance of $1,055-$1,115 million. Before cash taxes, adjusted operating cash flow is expected to be $1,175-$1,235 million.
The company maintained its maintenance capital expenditure outlook of approximately $335 million.
This Zacks Rank #3 (Hold) stock has fallen 3.5% in the past three months compared with the industry’s decline of 5.5%.
Image Source: Zacks Investment Research
Stocks to ConsiderLamb Weston Holdings, Inc. (LW - Free Report) engages in the production, distribution and marketing of frozen potato products in the United States, Canada, Mexico and internationally. LW presently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Lamb Weston’s current fiscal-year earnings indicates 7.6% growth from the year-ago numbers. Lamb Weston delivered a trailing four-quarter earnings surprise of 22.1%, on average.
The Chefs' Warehouse, Inc. (CHEF - Free Report) distributes specialty food and center-of-the-plate products in the United States, the Middle East and Canada. At present, CHEF carries a Zacks Rank #2 (Buy). Chefs' Warehouse delivered a trailing four-quarter earnings surprise of 30.4%, on average.
The consensus estimate for Chefs' Warehouse’s current fiscal-year sales and earnings implies growth of 10.8% and 34.2%, respectively, from the year-ago reported figures.
Mama's Creations, Inc. (MAMA - Free Report) manufactures and markets fresh deli-prepared foods in the United States. At present, MAMA holds a Zacks Rank of 2. Mama's Creations delivered a trailing four-quarter earnings surprise of 121.7%, on average.
The consensus estimate for Mama's Creations’ current fiscal-year sales and earnings implies growth of 30.3% and 66.7%, respectively, from the year-ago figures.
The Zacks Hotels and Motels industry faces challenges from rising labor, utility and maintenance costs, economic uncertainty and cautious consumer spending, which could weigh on hotel occupancy, room rates and profit margins. Intense competition and substantial capital requirements for property upgrades and renovations are also putting pressure on profitability. However, the industry continues to benefit from steady travel demand, higher guest spending and the gradual recovery of business and group travel. Major events, including the FIFA World Cup held earlier this year and ongoing celebrations marking America's 250th anniversary, have created opportunities to drive hotel demand in key markets. Additionally, investments in loyalty programs, digital platforms and enhanced guest services are helping operators strengthen customer retention and improve the guest experience. Industry players, such as Marriott International, Inc. (MAR - Free Report) , Wyndham Hotels & Resorts, Inc. (WH - Free Report) and Choice Hotels International, Inc. (CHH - Free Report) , are positioned to benefit from these favorable industry trends.
Industry Description
The Zacks Hotels and Motels industry comprises companies that own, lease, manage, develop and franchise hotels. Some vacation ownership and exchange firms are also part of the industry. Several participants own, construct and operate resorts. Some companies develop lodges and mobile accommodations, including modular, skid-mounted ones and central amenities that provide long-term and temporary workforce accommodations. Some industry players develop, market, sell and manage vacation ownership and associated products. A few hoteliers also offer studios, one-bedroom suites and accommodations to mid-market business and personal travelers.
4 Trends Shaping the Future of the Hotels & Motels Industry
Rising Operating Costs and Margin Pressure: Hotel operators continue to face elevated expenses related to labor, utilities, maintenance, insurance and property upkeep. Wage inflation and the need to retain skilled employees can increase payroll costs, while higher utility and maintenance expenses add to the cost of running properties. These pressures can limit the industry's ability to expand profit margins, particularly when operators cannot fully pass on higher costs to guests through room-rate increases.
Economic Uncertainty and Intense Competition: Persistent inflation, economic uncertainty and pressure on household budgets could make travelers more selective about their accommodation spending. Leisure guests may opt for shorter trips, lower-priced properties or alternative lodging options, while corporate clients may exercise greater discipline over travel budgets. At the same time, competition from hotels across different price categories and alternative accommodation providers can limit pricing flexibility. Operators must balance room rates with occupancy levels to remain competitive, potentially constraining revenue growth and profitability.
Recovery in Business and Group Travel: The continued recovery in corporate travel, meetings, conventions and group bookings is creating opportunities for hotel operators to improve occupancy and room-rate performance. Business and group travelers can generate demand beyond leisure travel periods, helping properties maintain more consistent room utilization. Major events, including the FIFA World Cup held earlier in 2026, have also provided opportunities to attract visitors in host cities and surrounding markets. Meanwhile, celebrations marking America's 250th anniversary have supported event-related tourism, although the impact varies by location. These demand drivers can help hotels strengthen revenues and improve operating leverage.
Loyalty Programs, Technology and Enhanced Guest Services: Hotel companies are increasingly investing in loyalty programs, digital booking platforms, personalized guest experiences and operational technology to strengthen their competitive positions. Loyalty memberships can encourage repeat stays, improve direct bookings and help reduce reliance on third-party booking channels and their associated commissions. Technology investments can also streamline reservations, improve service delivery and support more efficient revenue management. In addition, upgraded amenities and personalized services can help hotels differentiate their offerings, attract new customers and build long-term guest relationships. These initiatives can support customer retention, revenue generation and operating efficiency over time.
Zacks Industry Rank Indicates Dull Prospects
The Zacks Hotels and Motels industry is grouped within the broader sector.
The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates dull near-term prospects. The Zacks Hotels and Motels industry currently carries a Zacks Industry Rank #166, which places it in the bottom 33% of the 247 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry's position in the bottom 50% of the Zacks-ranked industries results from a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, analysts are gradually losing confidence in this group's earnings growth potential.
Before we present a few stocks that you may want to keep an eye on, let us look at the industry's recent stock-market performance and valuation picture.
Industry Outperforms the S&P 500
In the past year, the Zacks Hotels and Motels industry has outperformed the S&P 500. Moreover, over this period, the industry has gained 33.4% against the sector's decrease of 14.4%. Meanwhile, the Zacks S&P 500 composite has rallied 12.2%.
Hotels & Motels Industry's Valuation
Based on the trailing 12-month EV/EBITDA, which is a commonly used multiple for valuing Hotels and Motels stocks, the industry is currently trading at 16.02X compared with the S&P 500's 17.88X. The sector's trailing 12-month EV/EBITDA ratio stands at 10.55X.
Over the past five years, the industry has traded as high as 40.11X and as low as 13.38X, the median being 15.88X, as the chart shows.
3 Hotels & Motels Stocks to Watch
Marriott: The company continues to benefit from broad travel demand, pricing power, steady room additions and a strong pipeline led by conversions. Growth in Marriott Bonvoy, new U.S. co-branded card agreements and technology investments are supporting fee growth and customer engagement.
MAR currently holds a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for Marriott’s 2026 bottom line indicates a surge of 17.2% from the year-ago period’s actual. MAR’s shares have risen 50.4% in the past year.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price & Consensus: MAR
Wyndham Hotels & Resorts: The company is benefiting from its asset-light business model, extensive global franchise network and strong presence in the economy and midscale segments. New hotel openings, demand for affordable accommodation, and investments in loyalty programs and digital booking platforms are supporting franchise growth and fee-based revenues.
WH presently carries a Zacks Rank #2. The Zacks Consensus Estimate for Wyndham Hotels & Resorts’ 2026 EPS implies growth of 6.6% from the year-ago period’s actual. WH’s shares have gained 1.7% in the past year.
Price & Consensus: WH
Choice Hotels International: The company is benefiting from higher franchise-agreement activity, improving hotel retention, conversion-led development and international expansion. Growth in extended-stay brands and increasing engagement through Choice Privileges and Business Direct bode well.
CHH currently carries a Zacks Rank #3 (Hold). The company’s 2026 bottom line is likely to witness a year-over-year improvement of 0.6%. CHH’s shares have gained 18.8% in the past year.
Key Takeaways Vulcan Materials earned $2.83 per share, beating estimates, while revenues fell 4.7% to $2.18 billion.Aggregates pricing rose 5%, but shipments fell 3% and higher diesel costs pressured profitability.Vulcan lowered its 2026 EBITDA outlook to $2.4 billion but expects earnings growth in 2027.
Vulcan Materials Company (VMC - Free Report) posted mixed third-quarter 2026 results, with adjusted earnings beating the Zacks Consensus Estimate but declining year over year. Total revenues missed the consensus mark and decreased from the prior-year quarter.
The quarter’s results reflected disciplined pricing, operational efficiencies and cost management. However, lower aggregates shipments and continued energy-related inflation partly offset these benefits. Aggregates cash gross profit per ton increased to $11.95 from $11.84 in the year-ago quarter.
VMC stock declined 1.9% during today’s pre-market trading hours following its earnings release, likely reflecting weaker-than-expected revenues, lower aggregates shipments and the reduced 2026 adjusted EBITDA outlook, despite the earnings beat and continued pricing gains.
VMC's Q3 Earnings & RevenuesVMC reported adjusted earnings of $2.83 per share in the third quarter, beating the Zacks Consensus Estimate of $2.79 by 1.4%. However, the figure declined 0.4% from the year-ago quarter’s adjusted earnings of $2.84 per share.
Quarterly revenues were $2.18 billion, down 4.7% year over year and 1.9% below the consensus mark of $2.23 billion. Aggregates shipments declined 3% to 62.7 million tons, reflecting a difficult comparison with the prior-year quarter, which benefited from favorable weather conditions.
Vulcan's Profitability Pressured by Higher CostsProfitability faced pressure from elevated energy costs and lower shipments. Gross profit declined to $665.6 million from $697.2 million a year ago. Operating earnings decreased 3.4% year over year to $524.6 million. Net earnings attributable to Vulcan declined to $362.3 million from $374.9 million in the prior-year quarter.
Adjusted EBITDA decreased 3.9% to $706.7 million, although the adjusted EBITDA margin improved to 32.3% from 32.1%. Higher diesel costs and inflationary pressures on certain parts and supplies weighed on earnings, partly offsetting benefits from pricing and operational efficiencies.
VMC Cuts SAG Expenses Amid Cost DisciplineBelow-the-line discipline continued to support results. Selling, administrative and general (“SAG”) expenses were $137 million, down from $145.3 million in the prior-year quarter. SAG, as a percentage of revenues, remained unchanged year over year at 6.3%.
On a trailing-12-month basis, SAG expenses accounted for 6.9% of revenues, improving 30 basis points year over year. The company recorded a $0.2 million gain on the sale of property, plant and equipment and businesses compared with a $0.6 million gain a year ago. Other operating expenses, net, declined to $4.2 million from $9.3 million.
Vulcan's Aggregates Pricing Offsets Shipment WeaknessThe Aggregates segment continued to benefit from pricing strength. Segment sales increased 1.7% year over year to $1.82 billion, while segment gross profit declined to $593.4 million from $612.1 million. Cash gross profit decreased to $749.5 million from $765.7 million.
Freight-adjusted sales price improved to $22.84 per ton from $22.01 year over year. On a mix-adjusted basis, pricing increased 5%, reflecting widespread pricing gains across the company's footprint. Gross profit per ton remained unchanged at $9.46.
Freight-adjusted revenues advanced to approximately $1.43 billion from $1.42 billion, highlighting continued pricing strength. At the same time, freight-adjusted cash cost of sales per ton increased 7% to $10.89 from $10.17, primarily due to higher diesel fuel costs. Excluding diesel inflation, unit cash costs increased 3%, supported by disciplined cost management and operational execution.
VMC's Asphalt and Concrete Reflect Portfolio ChangesPerformance in the downstream businesses reflected lower shipments and recent portfolio actions. Asphalt segment revenues declined to $381.2 million from $416.1 million, while gross profit decreased to $64.2 million from $71 million. Nevertheless, the asphalt gross profit margin remained strong at 17% despite higher liquid asphalt costs.
Operationally, asphalt mix shipments declined to 3.9 million tons from 4.3 million tons, while the average selling price improved to $85.49 per ton from $82.70. The prior-year quarter included the Houston asphalt and construction business, which was divested during the fourth quarter of 2025.
Concrete segment revenues declined to $92.4 million from $237.5 million, while gross profit decreased to $8 million from $14.1 million a year ago. Ready-mixed concrete shipments decreased to 0.5 million cubic yards from 1.2 million cubic yards, while the average selling price increased to $192.21 from $190.90. The concrete gross profit margin expanded to 9%. Results reflected the divestiture of the California concrete assets during the second quarter of 2026.
Vulcan's Liquidity & Capital Return HighlightsLiquidity remained supported by the company's balance sheet, with cash and cash equivalents of $106.6 million at quarter-end. The company carried $400 million of current maturities of long-term debt, $315 million of short-term debt and $3.97 billion of long-term debt. Total debt to trailing-12-month adjusted EBITDA stood at 2x, within management's targeted range of 2x to 2.5x.
VMC invested $174 million in maintenance and growth projects during the quarter. The company also returned $417 million to its shareholders through $350 million of share repurchases and $67 million of dividends.
During the quarter, Vulcan completed two bolt-on acquisitions, strengthening the aggregates position in Tennessee and expanding its footprint into southern Ohio, further supporting the aggregates-led growth strategy.
VMC Lowers 2026 Outlook, Targets 2027 GrowthManagement now expects approximately $2.4 billion in adjusted EBITDA for full-year 2026, compared with its previous guided range of $2.4-$2.6 billion. The revised outlook places expectations at the lower end of the earlier range amid continued energy-related inflation.
The company has taken proactive pricing and cost actions to mitigate elevated energy inflation extending into the fourth quarter. Looking ahead to 2027, Vulcan expects another year of earnings growth, supported by a continuation of the current demand environment, mid-to-high-single-digit aggregates pricing gains and further expansion in aggregates cash gross profit per ton through commercial discipline and operating efficiencies.
VMC’s Zacks Rank & Recent Construction ReleasesVulcan currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Otis Worldwide Corporation (OTIS - Free Report) reported third-quarter 2026 results, wherein adjusted earnings beat the Zacks Consensus Estimate but remained flat year over year. Net sales also surpassed the consensus mark and increased from the year-ago quarter.
OTIS reaffirmed its full-year net sales outlook of $15.1-$15.3 billion, implying approximately 4.6-6% year-over-year growth and expects organic sales growth in the low to mid-single digits. Otis continues to project adjusted operating profit of approximately $2.4 billion and adjusted earnings of $4.01-$4.05 per share.
Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.
Comfort Systems also paid dividends of 90 cents per share during the quarter, compared with 50 cents a year ago. Share repurchases totaled $340.9 million, reflecting continued shareholder returns alongside investments in business expansion.
United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. URI’s adjusted earnings of $15.55 per share topped the Zacks Consensus Estimate of $13.83 by 12.4% and grew 32.9% year over year from $11.70. URI’s total revenues rose 15.7% year over year to $4.89 billion and surpassed the consensus estimate of $4.69 billion by 4.3%.
United Rentals management raised its revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected to be $8.3-$8.4 billion compared with $7.98-$8.13 billion previously.
, /PRNewswire/ -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Duolingo, Inc. (NASDAQ: DUOL) Class A common stock between May 2, 2025 and February 26, 2026, inclusive (the "Class Period"), have until December 7, 2026 to seek appointment as lead plaintiff of the Duolingo class action lawsuit. Captioned City of Dearborn Heights Act 345 Police & Fire Retirement System v. Duolingo, Inc., No. 26-cv-02199 (W.D. Pa.), the Duolingo class action lawsuit charges Duolingo as well as certain of Duolingo's current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Duolingo class action lawsuit, please provide your information here:
You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/851-7783 or via e-mail at [email protected].
CASE ALLEGATIONS: Duolingo is a leading, U.S.-based mobile learning platform that primarily focuses on language learning.
The Duolingo class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (i) Daily Active User ("DAU") growth rates were being leveraged against deliberately added user friction in the form of significant increases in ad volume, subscription tier upsells, and worsened product quality, and defendants understood that any amount of user friction would cause users to leave the app and, ultimately, negatively impact DAU growth rates; (ii) Duolingo's rigorous A/B testing demonstrated to defendants that increased friction in the free user experience was having negative impacts on DAU growth rates; (iii) Duolingo's quickly generated AI content was worsening the quality of Duolingo's product offerings, negatively impacting the user experience and user trends, and threatening the sustainability of Duolingo's financial performance; and (iv) far from driving sustained growth and strong user momentum through content and "product improvements" that "get improved retention," Duolingo's constant A/B testing informed Duolingo that its monetization push and lower-quality, rapidly generated AI content were degrading the Duolingo product experience and the value proposition of its subscription tiers.
On November 5, 2025, Duolingo reported its third quarter financial results, revealing another sequential decline in DAU growth to 36%, a substantial drop from 49% in first quarter 2025 and 40% during second quarter 2025. Defendants also revealed a reversal of Duolingo's monetization push and stated that going forward, Duolingo would prioritize user growth over monetization and that Duolingo needed to invest more in "teaching better across all our subjects." On this news, the price of Duolingo stock fell 25%.
Then, on January 12, 2026, Duolingo announced that its Chief Financial Officer, defendant Matthew Skaruppa, had resigned. Duolingo also provided limited, preliminary fourth quarter 2025 operating metrics, revealing DAU growth of only 30% – nearly six points of additional deceleration from third quarter 2025. In response, Duolingo stock fell another 8.5%.
Finally, on February 26, 2026, Duolingo announced its fourth quarter 2025 financial results, confirmed the slowdown in DAU growth, and revealed the financial consequences of its strategy shift were neither "small" nor "little"; rather, they would result in material negative impacts on 2026 bookings, DAU growth rates, revenue, and adjusted EBITDA. On this news, the price of Duolingo stock fell an additional 14%.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Duolingo Class A common stock during the Class Period to seek appointment as lead plaintiff in the Duolingo class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Duolingo class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Duolingo class action lawsuit. An investor's ability to share in any potential future recovery of the Duolingo class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Lawsuit alleges Papa John's International, Inc. made misleading statements to investors from August 7, 2025 to August 5, 2026; lead plaintiff motions are due November 2, 2026
, /PRNewswire/ -- The Law Offices of Frank R. Cruz today announced a class action lawsuit against Papa John's International, Inc. ("Papa John's" or the "Company") (NASDAQ: PZZA) on behalf of investors who acquired the Company's securities from August 7, 2025 to August 5, 2026. Filed on September 2, 2026, the case is Hale v. Papa John's International, Inc., et al., U.S. District Court for the Western District of Kentucky, Case No. 3:26-cv-00685.
If you lost money on Papa John's International, Inc. securities, submit your Papa John's International, Inc. loss information by November 2, 2026 to learn about participating in the lawsuit.
Papa John's International, Inc. class action timeline
Class period begins: August 7, 2025Class period ends: August 5, 2026Complaint filed: September 2, 2026Lead plaintiff motion deadline: November 2, 2026What happened?
On August 6, 2026, Papa Johns issued its second quarter 2026 financial results, reporting an 8.3% decline in North American comparable sales. The Company also reduced its fiscal 2026 outlook, expecting "global system-wide sales to decline between 2% and 4% compared to last year and adjusted EBITDA between $180 million to $190 million," and suspended its quarterly dividend. During the related conference call, CEO Todd Allan Penegor stated that "it's clear that our transformation is taking longer than expected" and "we must execute better and move faster."
On this news, Papa Johns' stock price fell $5.11 or 17.18%, to close at $24.64 per share on August 6, 2026, thereby injuring investors.
What is the Papa John's International, Inc. lawsuit about?
The Papa John's International, Inc. securities lawsuit alleges that, between August 7, 2025 and August 5, 2026, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Papa John's International, Inc.'s business, operations, and prospects. Specifically, the complaint alleges defendants failed to disclose that: (1) Defendants created the false impression that they possessed reliable information pertaining to the effectiveness and ongoing impact of the Company's strategic transformation as well as their resulting projected growth outlook for the North American region; (2) Defendants also minimized the risk of cautious consumer sentiment, competition woes, promotional seasonality, and more general macroeconomic fluctuation; (3) In truth, Papa Johns' strategic transformation was taking considerably longer than the projections had suggested and the Company was simply ill equipped to "meet the consumer where they're at;"; and (4) as a result, defendants' positive statements about Papa John's International, Inc.'s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
"According to the complaint filed against Papa John's International, Inc., the Company, among other things, did not disclose that Defendants created the false impression that they possessed reliable information pertaining to the effectiveness and ongoing impact of the Company's strategic transformation as well as their resulting projected growth outlook for the North American region. The November 2, 2026 deadline is a key date for Papa John's International, Inc. investors who want a voice in how this case moves forward," said Frank R. Cruz of The Law Offices of Frank R. Cruz.
What should Papa John's International, Inc. investors do now?
The Law Offices of Frank R. Cruz can help Papa John's International, Inc. investors evaluate potential claims to recover their losses.
Investors who want to serve as lead plaintiff in the Papa John's International, Inc. class action must file a motion with the Court by November 2, 2026. For more information, visit the Papa John's International, Inc. case page, email [email protected], or call 310-914-5007.
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
Investors may retain counsel of their choice. Papa John's International, Inc. investors who bought during the class period may also take no action and remain absent class members. No class has been certified yet in the Papa John's International, Inc. case.
Questions and answers about the Papa John's International, Inc. lawsuit
Who is eligible? Investors who bought Papa John's International, Inc. securities between August 7, 2025 and August 5, 2026 and lost money may be class members, and may seek lead plaintiff appointment by November 2, 2026.
What does a lead plaintiff do? The lead plaintiff is appointed by the court to represent all class members and direct the Papa John's International, Inc. class action.
Must I be lead plaintiff to share in a recovery? No, Papa John's International, Inc. investors can take no action and remain absent class members.
How are attorneys' fees handled? The Law Offices of Frank R. Cruz works on contingency, so Papa John's International, Inc. investors pay no attorneys' fees up front. Any attorneys' fees and litigation expenses come only from a recovery, if there is one, and require court approval.
About The Law Offices of Frank R. Cruz
The Law Offices of Frank R. Cruz investigates and prosecutes securities fraud and corporate malfeasance class actions. With nearly 20 years of litigation experience, the firm focuses on complex securities class actions and gives each client personal, one-on-one attention throughout the legal process.
Prior results do not guarantee a similar outcome.
Related links
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Charles Hoskinson, the founder of Cardano, has welcomed Ethereum to the Midnight Network following a partnership between Sig Network and the Midnight Foundation.
In a brief post on X, Hoskinson welcomed Ethereum while reacting to the partnership announcement. According to the announcement, Sig Network will enable Ethereum applications to access Midnight’s privacy infrastructure while keeping their assets on Ethereum. Its signing network allows a Midnight smart contract to control an Ethereum account and authorize transactions through a threshold of independent signers.
Consequently, applications can use Midnight to shield users’ balances, identities, and transaction histories while continuing to interact with Ethereum-based services such as Uniswap and Aave. It is important to note that the underlying assets remain on Ethereum, eliminating the need to bridge or wrap them for the integration.
Furthermore, the partnership incorporates notable features, especially selective disclosure and compliance controls. These features allow applications to reveal only information that is relevant without exposing users’ entire financial activities publicly.
Sig Network, which also powers Nightmode, says its solution enables developers to introduce privacy features without rebuilding their applications on another blockchain.
Notably, Sig Network is already live on Midnight’s stagenet. So far, it is supporting deposits, Uniswap swaps, Aave lending and withdrawals.
“What we’re doing here is we’re letting you take the best of Midnight and mix it with the best of Ethereum,” David Millar-Durrant, the CEO of Sig Network recently remarked.
Midnight Extends Its Cross-Chain Privacy Strategy Meanwhile, Hoskinson’s welcome to Ethereum follows a similar response to plans to bring Midnight’s privacy feature to TRON, where private payments are targeted for December 2026.
The TRON initiative also involves Sig Network’s Nightmode solution, which aims to introduce privacy features to existing blockchain ecosystems while preserving their established functionality. The integration seeks to protect payment details and wallet information while retaining compliance controls.
Midnight Builds on Its Multichain Launch Notably, Midnight’s cross-chain ambitions date back to its token launch. Last year, the project distributed its NIGHT tokens through an airdrop initiative covering users across eight blockchains, including Bitcoin, Ethereum and Solana.
While eligible users on these networks received NIGHT tokens through the distribution, Sig Network is now working to extend Midnight’s privacy capabilities to applications operating within their respective ecosystems.
Ethereum and TRON are among the networks targeted by these efforts. Additionally, Sig Network has encouraged developers building on other networks, including Bitcoin, to reach out if they want to integrate Midnight’s privacy features.
Midnight Network has surpassed 1 million mainnet transactions within seven months of launch, as on-chain activity surged by 26,508% over the past month.
At press time, the Midnight network had recorded 1,094,866 (1.094 million) transactions and deployed 1,434 smart contracts, according to data from Midnight Explorer. Meanwhile, its latest recorded block had reached 3,222,903 (3.22 million), highlighting the network’s growing activity.
Midnight Transaction Stats
Midnight Transactions Surge in October
Midnight recorded relatively low transaction volumes during its early days, with daily counts in the hundreds. For instance, the network processed just 100 transactions on September 28 before the figure rose to 530 on October 1.
However, activity accelerated sharply throughout October, with daily transaction counts climbing into the tens of thousands. On October 25, Midnight recorded 49,229 transactions in a single day, marking a significant increase from its earlier levels.
Since then, daily activity has declined to 26,608 transactions in the hours leading up to press time. Nevertheless, the network’s daily transaction count remains up 26,508% over the past month, underscoring the scale of its recent growth.
Midnight Network Transaction History
Possible Factors Behind the Growth
Midnight’s transaction surge coincided with the introduction of permissionless smart contract deployment on its mainnet. The update removed previous developer requirements, including mandatory pre-production reviews and team audits, allowing developers to deploy contracts directly to the network without those additional approval barriers.
Consequently, the change lowered entry barriers for developers and projects seeking to build on Midnight. This expanded access may have contributed to the sharp increase in transaction activity throughout October.
However, the rise in transaction volume does not necessarily indicate sustained demand for Midnight-based applications.
NIGHT Price Climbs Alongside Network Activity
Midnight’s rising on-chain activity has coincided with an increase in the price of its native token, NIGHT.
At press time, NIGHT had climbed more than 35% over the past month to $0.03933. The token’s market cap stood at $653 million, placing it at No. 76 among cryptocurrencies globally.
Although the simultaneous increases in network activity and NIGHT’s price suggest improving momentum, they do not establish a direct causal relationship between transaction growth and market performance.
Cardano Foundation has joined Switzerland’s Capital Markets and Technology Association (CMTA), bringing its recently launched programmable token standard into an industry group working on standards for regulated securities.
Summary
Cardano Foundation has joined Switzerland’s Capital Markets and Technology Association (CMTA).
CMTA recognized Cardano’s CIP-0113 token standard as technically equivalent to CMTAT for tokenized shares.
The October 6 recognition covers equity securities but excludes tokenized debt and Cardano’s underlying blockchain infrastructure.
Cardano has already used CIP-0113 to tokenize shares in Veridian, a company spun out from the Foundation.
Individual issuers must still meet Swiss legal and certification requirements before receiving CMTA certification.
The Foundation will work with CMTA to advance standards for tokenized capital markets, according to an October 29 announcement. The association confirmed the membership in a separate statement, following its decision this month to recognize Cardano’s CIP-0113 token standard as technically equivalent to its CMTAT framework for tokenized shares.
The Cardano Foundation is now a member of CMTA.
Following the launch of CIP-0113, CMTA recognized it as equivalent to the CMTAT, meaning issuers can use it to tokenize certifiable shares.
Together, we will work to advance standards for tokenized capital markets. https://t.co/tsFBLQhgQh pic.twitter.com/SQ00NCFXiq
— Cardano Foundation (@Cardano_CF) October 29, 2026
Meanwhile, the recognition allows companies to use Cardano’s approved smart contract implementation when issuing shares that may qualify for CMTA certification under Swiss law. However, the decision concerns the technical standard and does not automatically certify individual issuers or their securities.
Cardano Foundation gains access to Swiss tokenization standards group
CMTA welcomed the Foundation as its newest member on October 29, following several weeks of technical cooperation between the organizations. The Swiss association works with financial, legal and technology companies to develop standards for issuing and managing securities on blockchain networks.
The latest membership announcement follows a joint decision published on October 7. CMTA’s Expert Committee had approved Cardano’s implementation the previous day, determining that its smart contract contained the functions required under the CMTAT framework for equity securities.
The committee’s decision included specific conditions. Issuers must record their tokenization terms on-chain, represent shares in whole units without fractions, provide the token’s name and ticker, and identify the version of Cardano infrastructure used.
Recognition remains limited to tokenized shares. CMTA explicitly excluded tokenized debt securities and the underlying Cardano blockchain infrastructure from the decision.
CIP-0113 allows Cardano issuers to control token transfers
Cardano launched CIP-0113 on its mainnet on October 7, introducing programmable controls for digital assets issued on the network. The standard supports identity checks, restrictions on transfers, account freezes and other functions that issuers may need when handling regulated financial instruments.
As crypto.news previously reported on the rollout, the framework allows issuers to apply compliance rules to particular tokens without changing how ordinary ADA holdings operate.
Under the CMTA-recognized implementation, approved administrators can maintain lists of eligible holders, block prohibited transactions, suspend transfers and carry out forced transfers when permitted by the applicable rules.
The framework supports supply limits and different administrative roles for managing securities. These controls operate through smart contracts that check transactions before transfers, token issuance or token destruction can proceed.
CMTA’s certification process still requires legal and technical reviews of individual share issuances. Under its published requirements, experts must verify compliance with Swiss corporate law, the effective delivery of tokens to shareholders and the correct deployment of the approved smart contract.
Cardano has already tokenized shares through Veridian
Cardano’s tokenization work has moved beyond the launch of its technical standard. On October 8, the Foundation announced that Veridian, its newly independent digital identity company, had issued shares as ledger-based securities using CIP-0113.
The company became the first publicly identified issuer using the new standard, according to the Foundation’s announcement. Its shares were tokenized under Switzerland’s distributed ledger legislation as part of the company’s separation from the nonprofit organization.
The Foundation’s Veridian spinout announcement identified Thomas A. Mayfield as chief executive and Frederik Gregaard, the Foundation’s CEO, as chair. Veridian plans to seek strategic partners and investors in 2027.
However, neither the October 29 membership announcement nor CMTA’s certification materials establish that Veridian has obtained the association’s Tokenized Shares certification.
The published announcements have not named another company committed to issuing CMTA-certified shares through Cardano’s recognized implementation.
Ethereum and Stellar already have tokenized securities projects
Cardano enters an established market for tokenizing financial instruments. In Switzerland, private bank Cité Gestion received CMTA certification in January 2023 after tokenizing its own shares through Taurus infrastructure using the CMTAT smart contract on Ethereum.
CMTA said the bank’s shares would not be offered publicly, while the tokenized structure provided an electronic record of shareholder ownership and transfers.
Competition extends to Stellar, where Securitize announced plans to integrate its tokenization infrastructure on October 28. The agreement is intended to let institutional clients issue and manage financial assets on Stellar, although no specific asset launch or completion date has been confirmed.
Cardano’s separate development work continued on October 29, when the network announced a developer session featuring Blaster, an automated formal verification tool presented by Romain Soulat and Jean-Frédéric Etienne.
The session focuses on checking whether Cardano smart contracts follow specified rules and identifying code locations where violations occur.
Following Midnight’s impressive rally earlier this month, proponents of the Cardano sidechain have been weighing the possibility of the token eventually reaching the $1 mark.
NIGHT recorded a significant price increase this month, climbing from around $0.028 in late September to $0.05247 on October 3, representing an 87.39% surge. However, the token has since retraced some of its gains and trades at $0.03904 at press time.
Despite the pullback, NIGHT remains up 37.3% over the past month, although it has declined 7.2% over the past week. Nevertheless, the recent rally has renewed speculation about the token’s potential to reach $1.
NIGHTMIUSD 2026 10 29 09 58 33
NIGHT Has Never Reached $1
Notably, CoinMarketCap has displayed historical data suggesting that NIGHT reached $1.81 during its early days. However, the token has never traded near that level, a claim Cardano founder Charles Hoskinson has vehemently disputed.
Instead, NIGHT recorded an all-time high of $0.1185 a few days after its launch. Consequently, a rally to $1 would establish a new all-time high for the token.
However, reaching this milestone would require a substantial price increase. At its current price of $0.03904, NIGHT would need to climb 2,461.5% to reach $1.
Such a rally would also push its market cap to $16.6 billion, assuming its circulating supply remains at 16.6 billion tokens. This valuation would place NIGHT among the top 20 crypto assets, provided competing cryptocurrencies do not experience comparable growth.
Potential Timeline for NIGHT to Reach $1
Interestingly, prediction platform Telegaon suggests that NIGHT could eventually reach the $1 milestone by 2040, approximately 14 years from now. Its projection further suggests that the token could climb to around $1.25 during that period.
NIGHT to $1 Forecast at Telegaon
Meanwhile, ChatGPT has outlined a scenario-based forecast identifying 2027–2028 as a speculative window to monitor for NIGHT’s potential rise to $1, although a rally could occur as early as late 2026 under favorable conditions.
Such an outcome would likely depend on several factors, including a bullish broader crypto market, increased staking participation, greater developer adoption, successful cross-chain integrations, and sustained demand for NIGHT.
Furthermore, the 2028–2030 period could give Midnight more time to attract institutional and commercial users, potentially strengthening its ecosystem and supporting long-term demand for the token.
However, this timeline represents a long-term forecast rather than a guaranteed outcome. NIGHT’s ability to sustain demand and expand its ecosystem over the coming years will likely influence its long-term price trajectory.
ChatGPT $1 Price Forecast for NIGHT
Midnight Records Major Ecosystem Milestones
Meanwhile, the Midnight ecosystem continues to record notable developments that could support its long-term growth. These include integrations involving major blockchain ecosystems such as Ethereum and TRON, alongside the Midnight mainnet surpassing the one-million-transaction milestone.
These developments indicate growing activity and expanding interoperability ambitions. However, network milestones alone do not guarantee sustained token appreciation.
공지사항혜택·이벤트업비트소식거래 이용 안내수수료 안내입출금 이용 안내입출금 현황시장경보 현황Open API 안내정책 및 거래지원 문의1:1 문의하기문의내역이용자 가이드카카오톡 문의(24시간)증명서 발급공시 안내일일대사 결과 공시공지사항
입출금
NEW
NEO N3 네트워크 계열 디지털 자산 입출금 일시 중단 안내
안녕하세요. 가장 신뢰받는 디지털 자산 거래소 업비트입니다.
NEO N3 네트워크 계열 블록 생성 지연으로, 입출금을 일시 중단합니다.(가상자산이용자보호법 시행령 제17조 제1호 가목)
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대상 디지털 자산
네오(NEO), 가스(GAS) - NEO N3 네트워크
중단 범위 : 대상 디지털 자산 입출금
중단 사유 : 블록 생성 지연
중단 기간 : 공지사항 등록 시점 ~ 입출금 안정성 확인 후 본 공지사항을 통해 지원 재개 안내 예정
*해당 디지털 자산의 거래는 중단 없이 지원됩니다.
유의사항
입출금 중단 기간 동안 아래 내용을 유의해주시기 바랍니다.
입금 반환 및 출금주소 등록 절차는 일시 중단되며, 입출금 재개 이후 순차적으로 처리될 예정입니다.
해당 디지털 자산 입금 시, 업비트 계정에 입금이 반영되지 않을 수 있으며, 이 경우 복구가 불가능할 수 있습니다.
입출금 중단 중에는 네트워크 혼잡 등의 사유로 입금 처리에 지연이 발생할 수 있으며, 블록체인 네트워크상 트랜잭션의 컨펌 완료 시점과 입금 반영 시점에 차이가 있을 수 있습니다.
입출금 중단 시점 전후 또는 예정되지 않은 점검 발생 시, 일부 블록체인 네트워크에서 입출금이 발생할 수 있으나, 점검 기간 중에는 당사 월렛 시스템상 정상 처리가 불가하여, 종료된 이후 확인 과정을 거쳐 순차적으로 처리될 예정입니다. 이에 회원님 계정에 반영처리가 지연될 수 있음을 양해 부탁드립니다.
업비트는 회원님의 자산을 안전하게 보호하기 위해 프로젝트팀과 긴밀히 협력할 예정이며, 관련하여 추가 또는 변경 사항이 발생할 경우 본 공지사항을 통해 안내드리겠습니다.
Key Takeaways ARES' Q3 realized income per share of $1.26 beat estimates by 0.8%, rising y/y from $1.19.Total AUM rose to $690.6B from $595.7B, while quarterly net inflows reached $28.6B.Management fees rose to $1.06B, but lower carried interest and incentive fees weighed on revenues.
Ares Management Corporation’s (ARES - Free Report) third-quarter 2026 after-tax realized income per share of $1.26 surpassed the Zacks Consensus Estimate by 0.8%. The bottom line increased from $1.19 in the prior-year quarter.
Results reflected growth from higher management fees and fee-related earnings. A higher assets under management (AUM) balance was another positive. However, the upside was partly offset by lower incentive fees.
Net income attributable to the company was $85.3 million, down from $288.9 million in the year-ago quarter.
ARES’ Revenues & ExpensesThe company's reported revenues of $1.19 billion missed the Zacks Consensus Estimate by 6.2%. This compares to year-ago revenues of $1.16 billion.
Management fees rose to $1.06 billion from $971.8 million in the prior-year quarter. Carried interest allocation declined to $161.7 million from $464.7 million, while incentive fees decreased to $82.3 million from $100.7 million. Administrative, transaction and other fees rose to $112.4 million from $102.6 million.
Principal investment income increased to $19.9 million from $18 million.
Total expenses declined 12.2% year over year to $1.15 billion from $1.31 billion. Lower performance-related compensation more than offset higher compensation and benefits, and general, administrative and other expenses. The fee-related earnings margin rose to 42.5% from 41.4%.
Ares Management’s AUM BalanceAs of Sept. 30, 2026, total AUM was $690.6 billion, up from $595.7 billion a year earlier. Fee-paying AUM increased to $416.4 billion from $367.6 billion in the prior-year period.
During the quarter, the company raised $31 billion in capital, generated $28.6 billion in net inflows and deployed $34.8 billion. Credit Group AUM rose to $446.2 billion, Real Assets Group to $161.6 billion and Secondaries Group to $46.3 billion. Private Equity Group AUM was $24.5 billion.
Ares Management’s Capital Distribution UpdateThe company announced a quarterly cash dividend of $1.35 per share of its Class A and non-voting common stock, payable Dec. 31, 2026, to shareholders of record as of Dec. 17, 2026.
Our Viewpoint on Ares ManagementARES continues to benefit from strong AUM growth across fee-paying and perpetual capital platforms, supported by steady capital inflows and strategic acquisitions such as BlueCove and GCP International. However, softer revenue relative to expectations and higher operating expenses are likely to remain near-term headwinds.
Currently, the company carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of ARES PeersBlackRock’s (BLK - Free Report) third-quarter 2026 adjusted earnings of $15.93 per share surpassed the Zacks Consensus Estimate of $13.97. The figure reflects a 38% rise from the year-ago quarter.
BLK’s results benefited from higher revenues, robust asset inflows and improved operating performance. However, higher expenses weighed on BlackRock’s results to an extent.
Blackstone’s (BX - Free Report) third-quarter 2026 distributable earnings of $1.32 per share outpaced the Zacks Consensus Estimate of $1.26. However, the bottom line declined 13% from the prior-year quarter.
BX’s results benefited from a rise in the AUM balance to record levels and higher fee-related earnings. However, a decline in segment revenues was the undermining factor.
Key Takeaways Avery Dennison's Q3 adjusted EPS rose 2.1% y/y to $2.42, beating estimates of $2.30.Sales grew 5.2% to $2.33B, driven by pricing, high-value categories and productivity initiatives.Avery Dennison expects 2026 adjusted EPS of $10.10-$10.24 and incremental restructuring savings above $65M.
Avery Dennison Corporation (AVY - Free Report) has reported adjusted earnings of $2.42 per share for the third quarter of 2026, up 2.1% from $2.37 in the year-ago quarter. The figure surpassed the Zacks Consensus Estimate of $2.30.
Including one-time items, earnings were $2.24 per share compared with $2.13 a year ago.
Sales increased 5.2% year over year to $2.33 billion, beating the consensus estimate of $2.30 billion. Organic sales improved 3.7%, supported by pricing gains, growth in high-value categories and productivity initiatives despite customer inventory destocking.
AVY's Q3 Margins ContractThe cost of sales increased 6.1% year over year to $1.68 billion. Gross profit rose 3.1% to $655 million. However, the gross margin contracted to 28.1% from 28.7% in the prior-year quarter.
Marketing, general and administrative expenses increased to $373 million from $354 million a year ago. Adjusted operating income inched up 0.4% to $282.1 million. The adjusted operating margin declined 60 basis points to 12.1%.
Adjusted EBITDA increased 0.7% to $367.7 million. The corresponding margin contracted 70 basis points to 15.8%. Higher employee-related costs and unfavorable volume/mix dynamics weighed on profitability, partially offsetting productivity gains.
Avery Dennison’s Q3 Segments PerformanceRevenues in the Materials Group segment increased 8.5% year over year to $1.64 billion in the reported quarter. Our estimate was $1.61 billion. On an organic basis, sales improved 4.9%, driven by low-single-digit volume and mix growth, and a mid-single-digit increase in pricing.
The segment’s adjusted operating profit increased 0.4% year over year to $231.1 million. Our estimate was $235.5 million. The adjusted operating margin contracted to 14.1% from 15.2% in the prior-year quarter.
Revenues in the Solutions Group declined 1.8% year over year to $687 million. Our estimate was $692 million. On an organic basis, sales improved 0.8%, with overall apparel categories registering mid-single-digit growth.
AVY's Cash Flow & Balance Sheet PositionThe company returned $481 million in cash to shareholders through share repurchases and dividend payments in the first nine months of 2026. AVY repurchased 1.5 million shares, with payments totaling $257 million.
Avery Dennison ended the third quarter of 2026 with cash and cash equivalents of $271 million compared with $536 million at the end of the year-ago period.
The company’s long-term debt and finance leases were $3.17 billion at the end of the third quarter, down from $3.20 billion in the year-ago period. Its net-debt-to-adjusted-EBITDA ratio was 2.2X.
AVY realized approximately $54 million in pre-tax savings from restructuring actions in the first nine months of 2026. The company also incurred around $43 million in pre-tax restructuring charges.
Avery Dennison's 2026 Outlook Reflects DestockingAVY expects adjusted earnings between $10.10 and $10.24 per share for 2026 compared with the previous guidance of $10-$10.30.
The outlook assumes reported sales growth of 5.5% and organic growth of 3.5%. The company expects most remaining customer inventory destocking from the first half to occur in the fourth quarter, alongside an estimated 1.5% sales headwind from calendar adjustments.
AVY expects more than $65 million in incremental restructuring savings, up from its previous projection of more than $60 million. It is targeting adjusted free cash flow conversion of at least 100%, with fixed and information technology capital spending of approximately $240 million, down from the earlier estimate of $260 million.
AVY Stock’s Price PerformanceThe company’s shares have gained 2.5% in the past year compared with the industry’s growth of 10.7%.
Image Source: Zacks Investment Research
Avery Dennison’s Zacks RankPerformances of Other Packaging StocksPackaging Corporation of America (PKG - Free Report) reported third-quarter 2026 adjusted earnings of $3.04 per share, up 11.4% year over year and beating the Zacks Consensus Estimate of $2.95 by 3.05%. The bottom line also exceeded the company's guidance of $2.91, driven by favorable price and mix in the Packaging segment and contributions from the acquired operations.
Packaging Corp’s net sales increased 12.5% year over year to $2.60 billion and beat the consensus estimate of $2.56 billion.
Sonoco Products Company (SON - Free Report) reported adjusted earnings of $1.67 per share in the third quarter of 2026, missing the Zacks Consensus Estimate of $1.76. The figure dipped 13% from $1.92 in the year-ago quarter.
Sonoco’s net sales of $2.04 billion declined 4.2% year over year and missed the consensus mark of $2.09 billion.
Packaging Stocks Awaiting ResultsBall Corporation (BALL - Free Report) is scheduled to release third-quarter 2026 results on Nov. 3. The Zacks Consensus Estimate for BALL’s third-quarter 2026 earnings is pegged at $1.06 per share, suggesting year-over-year growth of 3.9%.
The Zacks Consensus Estimate for Ball Corp’s top line is pegged at $3.74 billion, indicating growth of 10.6% from the prior-year reported figure.
Avery Dennison Corporation (AVY) Q3 2026 Earnings Call October 29, 2026 11:00 AM EDT
Company Participants
William Gilchrist - Vice President of Investor Relations
Deon Stander - President, CEO & Director
Gregory Lovins - CFO, Senior VP & Principal Financial Officer
Conference Call Participants
George Staphos - BofA Securities, Research Division
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
John McNulty - BMO Capital Markets Equity Research
Joshua Spector - UBS Investment Bank, Research Division
Jeffrey Zekauskas - JPMorgan Chase & Co, Research Division
John Dunigan - Jefferies LLC, Research Division
Michael Roxland - Truist Securities, Inc., Research Division
Matthew Roberts - Raymond James & Associates, Inc., Research Division
Anthony Pettinari - Citigroup Inc., Research Division
Hillary Cacanando - Deutsche Bank AG, Research Division
Presentation
Operator
Ladies and gentlemen, welcome to Avery Dennison's Earnings Conference Call for the Third Quarter ended on September 30, 2026. [Operator Instructions] As a reminder, this webcast is being recorded and will be available for replay on the Avery Dennison Investor Relations website.
I'd now like to turn the call over to William Gilchrist, Avery Dennison's Vice President of Investor Relations. Please go ahead, sir.
William Gilchrist
Vice President of Investor Relations
Thank you, Chase, and welcome to Avery Dennison's Third Quarter 2026 Earnings Conference Call. Please note that throughout today's discussion, we'll be making references to non-GAAP financial measures. The non-GAAP measures that we use are defined, qualified and reconciled from GAAP on schedules A-4 to A-8 of the financial statements accompanying today's earnings release. We remind you that we'll make certain predictive statements that reflect our current views and estimates about our future performance and financial results. These forward-looking statements are made subject to the safe harbor statement included in today's earnings release.
On the call today are Deon Stander, President and Chief Executive Officer; and Greg Lovins, Senior Vice President and
Key Takeaways TER sees sustained AI demand driving 2027 growth, with AI-related revenues exceeding 60% of total sales.Record memory test revenues of $301 million and hyperscaler compute ramps underpin TER's 2027 growth outlook.TER guides Q4 revenues to $1.25B???$1.35B, while supply costs and capacity expansion pose margin challenges. Teradyne, Inc. (TER - Free Report) emphasized sustained artificial intelligence (AI) demand and expanding semiconductor test opportunities during its third-quarter 2026 earnings call. Management expects further growth in 2027, supported by memory demand, compute programs and capacity expansion.
Executives also addressed customer ramp schedules, supply-chain constraints and the timing of emerging opportunities in advanced networking and robotics.
Third-quarter non-GAAP earnings of $2.29 per share exceeded the Zacks Consensus Estimate of $2.04. Revenues of $1.31 billion surpassed the consensus estimate of $1.27 billion. Turner also expects sequential revenue growth entering 2027, while acknowledging potential shipment-timing variability.
TER Sees AI Expanding Its Addressable MarketPresident and CEO Gregory Smith said that AI-related revenues exceeded 60% of total sales, reflecting demand across semiconductor testing, electronics infrastructure and robotics.
Smith highlighted expanding semiconductor capital spending and increasing test requirements. Test equipment's share of semiconductor capital expenditures rose from 6.4% in 2025 to 8.1% during the first eight months of 2026.
Management expects continued expansion in automated test equipment demand as semiconductor manufacturers increase capacity. However, customer adoption schedules remain important to Teradyne's growth trajectory.
Teradyne Expects Compute Programs to AccelerateSmith emphasized progress with hyperscaler customers adopting dual-vendor testing strategies. One hyperscaler has reached mature deployment, with another significant ramp expected around mid-2027.
A second hyperscaler has completed qualification and could begin capacity purchases during the second half of 2027. Teradyne also has a third hyperscaler undergoing initial qualification.
During questions from UBS, Smith acknowledged that custom-chip programs would be weighted toward the second half of 2027. He added that UltraFLEXplus manufacturing capacity has quadrupled over approximately 18 months, with another expansion being planned.
TER Projects Continued Strength in Memory TestingMemory testing remained a central growth driver, with quarterly revenue reaching a record $301 million. Strong demand for high-bandwidth memory (HBM), DRAM and recovering NAND supported performance.
Responding to Cantor Fitzgerald, Smith identified HBM as the largest expected contributor to memory market growth in 2027, alongside expansion across other memory categories.
Smith also explained that customers shifting toward lower HBM stack heights could increase demand for performance testing. More individual stacks produced from the same wafer capacity would require additional testing, benefiting an area where Teradyne holds relatively higher market share.
Teradyne Broadens Its AI Infrastructure ExposureProduct Test revenues reached $138 million, increasing 56% year over year. CFO Michelle Turner highlighted a 1.4-times book-to-bill ratio, supported by demand for high-speed interconnect testing.
Robotics generated $96 million in revenues, increasing 28% year over year, and achieved quarterly profitability. Smith identified electronics and semiconductor manufacturing as the segment's largest industry vertical.
In response to Susquehanna, Smith cautioned that broader physical AI adoption requires development and deployment time. He expects increased laboratory activity during 2027, while more substantial end-market adoption could emerge in 2028.
TER Details Fourth-Quarter Guidance and Margin PressuresTeradyne expects fourth-quarter revenues between $1.25 billion and $1.35 billion, with non-GAAP earnings of $1.95 to $2.25 per share. The revenue midpoint implies approximately 20% year-over-year growth.
Turner forecast gross margins of 57.5% to 58.5%, reflecting product mix and new product introductions. During Q&A, she identified supply-cost inflation and potential capacity expansion as considerations for 2027 profitability.
Teradyne Maintains Its Investment PrioritiesManagement's overall message emphasized investment in production capacity, product development and partnerships to address expanding AI infrastructure requirements.
Smith remained confident about medium-term opportunities while recognizing that compute customer ramps, optical networking adoption and physical AI deployment will progress at different rates.
Turner highlighted stronger backlog visibility and said management plans to update its longer-term earnings model during the next quarterly earnings call.
What TER's Zacks Rank and Style Scores IndicateTeradyne currently carries a Zacks Rank #2 (Buy), alongside a Momentum Score of A, Growth Score of B, Value Score of D and VGM Score of B. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The favorable Momentum and Growth Scores indicate stronger characteristics in those investment styles, while the weaker Value Score reflects less attractive valuation characteristics. The VGM Score combines value, growth and momentum factors, complementing the favorable Zacks Rank. However, the Zacks Rank can change as analysts revise earnings estimates following the latest results.
Key Takeaways Raymond James' Q4 adjusted earnings rose 15% year over year to $3.59, topping estimates of $3.28.Quarterly revenues grew 15% to $4.27B, led by strong Private Client Group and Asset Management.Client assets under administration hit $1.94T, up 12% year over year, while non-interest expenses rose 14%.
Raymond James (RJF - Free Report) reported fourth-quarter fiscal 2026 (ended Sept. 30) adjusted earnings of $3.59 per share, which beat the Zacks Consensus Estimate of $3.28. The bottom line also increased 15% from the prior-year quarter.
The reported quarter’s results benefited from record revenues, driven by strong growth in the Private Client Group and Asset Management segment. Higher revenues in the Capital Markets and Bank segments also supported performance. However, higher non-interest expenses, primarily due to increased compensation, commissions and benefits, partially offset these gains.
Net income available to common shareholders (GAAP basis) was $666 million, or $3.40 per share, compared with $603 million, or $2.95 per share, in the prior-year quarter.
For fiscal 2026, adjusted earnings were $12.41 per share, which beat the Zacks Consensus Estimate of $11.78 The bottom line increased 16% from the previous year. Net income available to common shareholders (GAAP basis) was $2.37 billion, or $11.91 per share, up from $2.13 billion, or $10.30 per share, in fiscal 2025.
RJF’s Revenues Improve, Expenses RiseQuarterly net revenues were a record $4.27 billion, up 15% year over year. The top line beat the Zacks Consensus Estimate of $4.19 billion.
Fiscal 2026 net revenues were a record $15.79 billion, up 12% year over year. The top line beat the Zacks Consensus Estimate of $15.53 billion.
Segment-wise, in the reported quarter, the Private Client Group recorded 15% year-over-year growth in net revenues. Asset Management’s net revenues rose 30%, while Capital Markets’ top line increased 7%. The Bank segment registered a 5% rise in net revenues from the prior-year quarter.
Non-interest expenses increased 14% from the prior-year quarter to $3.41 billion, primarily due to higher compensation, commissions and benefits, which rose 16% to $2.77 billion. Total non-compensation expenses increased 5% to $633 million. The bank loan provision for credit losses was a benefit of $8 million, compared with a provision of $6 million in the prior-year quarter.
As of Sept. 30, 2026, client assets under administration were a record $1.94 trillion, up 12% from the prior-year period. Financial assets under management were $342.9 billion, up 25% year over year.
RJF’s Balance Sheet & Capital Ratios StrongAs of Sept. 30, 2026, Raymond James had total assets of $94.4 billion, up 7% from the prior-year quarter-end. Total common equity attributable to Raymond James Financial was $13.1 billion, up 6% year over year.
Book value per share was $68.38, up from $62.72 as of Sept. 30, 2025.
As of Sept. 30, 2026, the total capital ratio was 24.2%, compared with 24.1% as of Sept. 30, 2025. The Tier 1 capital ratio was 23.2%, compared with 23% a year ago. The Tier 1 leverage ratio was 12.1%, down from 13.1% as of Sept. 30, 2025.
Annualized return on common equity was 20.6% at the end of the reported quarter, compared with 19.6% a year ago. For fiscal 2026, return on common equity was 18.7%, up from 17.7% in fiscal 2025.
Update on Raymond James’ Share RepurchasesIn the reported quarter, RJF repurchased common stock worth $50 million.
For fiscal 2026, the company repurchased $1.25 billion of common stock at an average price of $156 per share. As of Sept. 30, 2026, $1.05 billion remained available under the board-approved share repurchase authorization.
During fiscal 2026, Raymond James returned approximately $1.7 billion of capital to shareholders through common share repurchases and dividends.
Our View on Raymond JamesRaymond James’ record revenues, strong growth in the Private Client Group and Asset Management segment, and rising client assets continue to support its financial performance. Further, solid capital ratios and ample liquidity are positives for the company. However, rising non-interest expenses remain a concern.
Currently, Raymond James carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of RJF’s PeersMorgan Stanley (MS - Free Report) reported third-quarter 2026 earnings of $3.03 per share, which surpassed the Zacks Consensus Estimate of $2.83. The bottom line also increased 8.2% from the prior-year quarter.
Morgan Stanley’s results benefited from strong equity trading performance and growth in wealth management. Equity trading revenues surged 40.9% year over year to $5.8 billion, while Wealth Management revenues increased 10.1% to a record $9.07 billion. Higher advisory revenues, reflecting increased completed merger and acquisition activity in the Americas, also supported results.
Charles Schwab (SCHW - Free Report) reported third-quarter 2026 adjusted earnings of $1.69 per share, surpassing the Zacks Consensus Estimate of $1.66. The bottom line increased 29% year over year.
Schwab’s results benefited from higher net interest revenues, supported by growth in average interest-earning assets and an improved net interest margin. Strong asset management fees, increased trading revenues and record core net new assets also contributed to performance. However, revenues fell short of expectations, while higher expenses remained a headwind.
Key Takeaways Landstar's Q3 earnings beat estimates by 16.7%, while revenues rose 25.4% to $1.51 billion.LSTR's truck transportation revenues rose 29.1%, driven by higher freight volumes and a 25.2% pricing gain.Higher insurance costs pressured Landstar's margins, but October truck pricing and volumes remained strong. Landstar System, Inc. (LSTR - Free Report) reported mixed third-quarter 2026 results, wherein earnings surpassed the Zacks Consensus Estimate and revenues exceeded expectations. Strong truck pricing and higher freight volumes supported the top line, although elevated insurance and claims expenses pressured profitability.
Quarterly earnings of $1.89 per share beat the Zacks Consensus Estimate of $1.62 by 16.7%. Reported GAAP earnings were $1.42 per share, surged 153.6% from 56 cents a year earlier. Revenues of $1.51 billion surpassed the consensus mark of $1.49 billion by 1.6% and increased 25.4% year over year. Truck revenue per load climbed 25.2%.
LSTR's Truck Business Drives Revenue GrowthTruck transportation revenues increased 29.1% year over year to $1.41 billion and represented 93% of total revenues. The number of truckloads rose 3.1% year over year to 500,650, while revenue per truckload increased to $2,811 from $2,245.
Van-equipment revenues grew 30.3% year over year to $759.95 million, supported by a 6.1% increase in loads and a 22.8% rise in revenue per load. Unsided and platform revenues jumped 34.3% to $518.58 million as loadings increased 4.2% and revenue per load rose 29%.
Consumer durables remained the largest market served, accounting for 29.2% of transportation logistics revenues. Revenues from that market increased 34% year over year, while energy revenues surged 79%. Machinery revenues increased 26%, building products revenues advanced 27% and automotive revenues rose 12%.
Landstar's Other Services Deliver Mixed ResultsRail intermodal revenues increased 17.5% year over year to $27.81 million. Rail loads rose 6.3% to 8,490, while revenue per load increased 10.6% to $3,275, reflecting improvements in both pricing and volume.
Ocean and air-cargo revenues declined 23.4% year over year to $55.33 million. Loadings decreased 10.8%, while revenue per load fell 14.2%. Other truck transportation revenues increased 8% to $103.71 million.
Less-than-truckload revenues increased 1.9% to $24.93 million. A 23.2% decline in loadings was offset by a 32.7% improvement in revenue per load.
LSTR's Profitability Faces Insurance Cost PressureGross profit increased 13.9% year over year to $126.55 million, while gross margin contracted 80 basis points to 8.4%. Variable contribution, which excludes purchased transportation and agent commissions, rose 24.6% to $212.07 million. The related margin declined 10 basis points to 14%.
Selling, general and administrative expenses increased 9.4% to $62.38 million, primarily reflecting higher incentive compensation and stock-based compensation. Operating income surged 149% to $65.54 million, partly reflecting the absence of $30.1 million in impairment charges recorded a year earlier.
Landstar's Capacity Expansion Supports OperationsThe company added a net 165 trucks provided by business capacity owners (BCOs) during the reported quarter, its greatest quarterly improvement since the third quarter of 2021. BCO trucks totaled 8,709 at quarter-end, up from 8,544 at the preceding quarter-end.
BCO-hauled loads increased 6.9% year over year to 212,660, while revenues generated through BCO capacity rose 29.2% to $590.99 million. Improved utilization and stronger pricing supported performance.
The trailing 12-month BCO truck turnover rate declined to 26.6% from 31.4% at the end of 2025. Meanwhile, approved truck brokerage carriers increased to 67,915 from 64,607 sequentially.
LSTR's Balance Sheet Remains StrongLandstar ended the third quarter with cash and cash equivalents of $297.32 million compared with $396.69 million at the end of 2025, while long-term debt, excluding current maturities, stood at $56.90 million.
Cash flow from operations totaled $98.7 million during the first 39 weeks of 2026, while capital expenditures were $11.6 million. Free cash flow amounted to $87.1 million, down from $144.5 million in the corresponding 2025 period.
During the first 39 weeks, Landstar returned approximately $175 million to shareholders through dividends and share repurchases. The company also declared a quarterly dividend of 44 cents per share, payable Dec. 8, 2026, to shareholders of record as of Nov. 17.
Landstar's Freight Pricing Momentum Extends Into Q4Management highlighted continued strength in freight pricing entering the fourth quarter. During October 2026, truckload volumes were approximately 7% higher year over year, while truck revenues per load increased approximately 29%.
Currently, LSTR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performance of Other Transportation CompaniesAlaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2026 adjusted earnings of 36 cents per share, excluding certain tax impacts, beating the Zacks Consensus Estimate of 35 cents by 2.9%. The company had reported adjusted earnings of $1.05 per share a year earlier. Higher fuel expenses weighed on profitability despite strong revenue momentum.
Operating revenues increased 14.4% year over year to $4.30 billion but missed the consensus mark of $4.31 billion marginally by 0.1%.
Wabtec Corporation (WAB - Free Report) reported mixed third-quarter 2026 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
Quarterly earnings (excluding 41 cents from non-recurring items) of $2.83 per share beat the Zacks Consensus Estimate of $2.72 by 4.04% and increased 22% year over year. Revenues climbed 8.1% year over year to $3.12 billion but missed the consensus mark of $3.18 billion by 2%. The 12-month backlog increased 8.8% to $8.99 billion.
BorgWarner Inc. (BWA) Q3 2026 Earnings Call October 29, 2026 9:30 AM EDT
Company Participants
Patrick Nolan - Vice President of Investor Relations
Joseph Fadool - President, CEO & Director
Craig Aaron - Executive VP & CFO
Conference Call Participants
Chris McNally - Evercore ISI Institutional Equities, Research Division
Dan Levy - Barclays Bank PLC, Research Division
Joseph Spak - UBS Investment Bank, Research Division
Emmanuel Rosner - Wolfe Research, LLC
Gautam Narayan - RBC Capital Markets, Research Division
James Picariello - BNP Paribas, Research Division
Mark Delaney - Goldman Sachs Group, Inc., Research Division
Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Rajat Gupta - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good morning. My name is Nick, and I will be your conference specialist. At this time, I would like to welcome everyone to the BorgWarner 2026 Third Quarter Results Conference Call. [Operator Instructions]
I would now like to turn the conference over to Patrick Nolan, Vice President of Investor Relations. Mr. Nolan, you may begin your conference.
Patrick Nolan
Vice President of Investor Relations
Thank you, Nick. Good morning, everyone, and thank you for joining us today. We issued our earnings release earlier this morning. It's posted on our website, borgwarner.com, both on our home page and our Investor Relations home page.
With regard to our Investor Relations calendar, we will be attending multiple investor conferences between now and our next earnings release. Please see the Events section of our Investor Relations homepage for a full list.
Before we begin, I need to inform you that during this call, we may make forward-looking statements, which involve risks and uncertainties as detailed in our 10-K. Our actual results may differ significantly from the matters discussed today.
During today's presentation, we will highlight certain non-GAAP measures in order to provide a clearer
Darling Ingredients Inc. (DAR) Q3 2026 Earnings Call October 29, 2026 9:00 AM EDT
Company Participants
Suann Guthrie - Senior Vice President of Investor Relations & Global Affairs
Randall Stuewe - Chairman & CEO
Robert Day - Executive VP & CFO
Conference Call Participants
Derrick Whitfield - Texas Capital Securities, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Thomas Palmer - JPMorgan Chase & Co, Research Division
Conor Fitzpatrick - BofA Securities, Research Division
Heather Jones - Heather Jones Research LLC
Pooran Sharma - Stephens Inc., Research Division
Andrew Strelzik - BMO Capital Markets Equity Research
Matthew Blair - TPH Research
Jason Gabelman - TD Cowen, Research Division
Presentation
Operator
Good morning, and welcome to the Darling Ingredients conference call to discuss the Third Quarter 2026 Financial Results. [Operator Instructions] Today's call is being recorded. I would now like to turn the call over to Ms. Suann Guthrie, Senior Vice President of Investor Relations. Please go ahead.
Suann Guthrie
Senior Vice President of Investor Relations & Global Affairs
Thank you for joining the Darling Ingredients Third Quarter 2026 Earnings Call. Here with me today are Mr. Randall C. Stuewe, Chairman and Chief Executive Officer; and Mr. Bob Day, Chief Financial Officer. Our third quarter 2026 earnings news release and slide presentation are available on the Investor page of our corporate website, and it will be joined by a transcript of this call once it is available. You can also find reconciliations and disclosures with respect to non-GAAP financial measures in our earnings news release and slide presentation.
During this call, we will be making forward-looking statements, which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could materially differ because of factors discussed in today's press release and the comments made during this
SoFi Technologies (SOFI +1.82%) saw its stock price surge 15% on Tuesday, Oct. 27, following blowout third-quarter results.
The jump provides some relief for investors, as the share price had been down about 43% year-to-date as of last week, trading at $14.61 per share at the market close on Oct. 23. With Tuesday's rally, SoFi stock was at $16.40 per share, still down 35% year-to-date.
Was the post-earnings bounce a one-time thing, or does it set SoFi stock back on an upward trajectory?
Image source: Getty Images.
Blowout earnings, guidance raise
SoFi's record Q3 saw the digital bank and financial services company increase revenue 44% year over year to a record $1.4 billion. Fee revenue increased 44% to $571 million, while net interest income climbed 59% to $929 million. Adjusted EBITDA rose 70% to a record $470 million, while adjusted net income surged 74% to $243 million, or $0.18 per share. Both revenue and earnings exceeded analysts' estimates by a significant margin.
The huge gains were fueled by a 35% year-over-year increase in member growth to a record 17.1 million. Product growth, which comprises the various services members use, rose 44% to a record 26.7 million.
SOFI SoFi Technologies$17.45+$0.31 (+1.82%)
NASDAQ · As of 2:34 PM ET 10/29/26
It allowed SoFi to raise its full-year guidance. Revenue guidance was bumped up to $5.04 billion from a range of $4.75 billion to $4.85 billion the previous quarter. That suggests a 40% year-over-year increase. Total members are projected to rise at least 30% over the year.
Management also raised adjusted EBITDA guidance to $1.66 billion, representing an EBITDA margin of 33%. That's up from $1.6 billion last quarter. It increased its adjusted net income guidance to $840 million, representing a 17% margin. Previously, net income guidance was $825 million. Also, adjusted EPS for the year was boosted to $0.61, up from $0.60.
Management also made estimates for 2027, calling for revenue of $6.4 billion, or 27% over projected 2026 revenue. Adjusted EBITDA is targeted at $2.24 billion, representing a margin of 35%, while adjusted net income is estimated at $1.28 billion, representing a margin of 20%. That would be about 52% higher than 2026.
Finally, adjusted EPS in fiscal 2027 is expected to be $0.90, which would be 48% above 2026 projections. That was well above consensus projections of $0.82 EPS.
A strong Q3 report and a promising outlook give SoFi investors much to get excited about.
This strong report shows why SoFi could continue to outperform in a perhaps more difficult economic environment. Because of its low overhead as a digital provider, it can offer more competitive rates than most traditional banks. And if rates do start ticking lower in the years ahead, that should benefit SoFi by spurring more lending.
Even after the post-earnings rally, SoFi stock is still pretty cheap on a forward earnings basis with a forward P/E of 17. Based on its outlook through 2027, SoFi still looks like a solid buy.
Key Takeaways KVUE likely benefited from stronger brand investments, e-commerce expansion and favorable pricing.KVUE's Self Care growth likely gained support from Zyrtec, Pepcid, Tylenol and Nicorette demand.KVUE's cost-saving initiatives likely supported efficiency, but inflation likely weighed on margins. As Kenvue Inc. (KVUE - Free Report) prepares to unveil its third-quarter fiscal 2026 results on Oct. 30, before market open, investors are eager to see whether the company can beat market expectations.
The Zacks Consensus Estimate for revenues is pegged at $3.9 billion, implying 3.3% growth from the prior year. Meanwhile, the consensus mark for earnings has remained unchanged at 28 cents per share in the past seven days and implies flat year-over-year. KVUE has an average trailing four-quarter earnings surprise of 10.5%.
Key Factors to Observe for KVUE's Q3 EarningsKenvue's performance is likely to have benefited from improving organic sales trends, brand-building initiatives and product innovation in the third quarter of 2026. The company has been witnessing encouraging momentum across its consumer health portfolio, supported by stronger commercial execution and expanding e-commerce capabilities. Continued investments in core brands, improved market penetration and favorable pricing across select categories are likely to have supported quarterly performance.
Kenvue's Self Care segment is likely to have gained from improving demand for allergy, digestive health and pain relief products. Strong execution behind Zyrtec and Pepcid, along with improving consumption trends for Tylenol, might have supported sales. The company's smoking cessation portfolio, particularly Nicorette, has also been witnessing healthy momentum across international markets. However, softer category demand and uneven consumer purchasing patterns might have limited volume growth.
On the profitability front, Kenvue's ongoing supply-chain optimization and cost-saving initiatives under Our Vue Forward and its 2026 restructuring program are likely to have supported operating efficiencies. Improved productivity and disciplined cost management might have provided some relief.
Nevertheless, inflationary pressures, tariffs, unfavorable transactional currency movements and increased brand-support spending are likely to have weighed on margins. Heightened competition and cautious consumer spending might also have affected the quarter's overall performance.
What the Zacks Model Says About KVUEOur proven model does not conclusively predict an earnings beat for KVUE this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here.
KVUE has an Earnings ESP of 0.00% and a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With Favorable CombinationHere are three companies you may also want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season:
BJ’s Wholesale Club Holdings, Inc. (BJ - Free Report) has an Earnings ESP of +2.54% and currently carries a Zacks Rank of 2. The Zacks Consensus Estimate for third-quarter fiscal 2026 earnings per share is pegged at 1.22 cents, implying 5.2% year-over-year growth. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for quarterly revenues is pegged at $5.6 billion, which indicates an increase of 6.2% from the figure reported in the prior-year quarter. BJ has a trailing four-quarter earnings surprise of 11.1%, on average.
Colgate-Palmolive Company (CL - Free Report) has an Earnings ESP of +0.01% and currently carries a Zacks Rank of 3. The Zacks Consensus Estimate for third-quarter fiscal 2025 earnings per share is pegged at 92 cents, implying 1.1% year-over-year growth.
The Zacks Consensus Estimate for quarterly revenues is pegged at $5.3 billion, which indicates an increase of 3.9% from the figure reported in the prior-year quarter. CL has a trailing four-quarter earnings surprise of 3.2%, on average.
Church & Dwight Co., Inc. (CHD - Free Report) currently has an Earnings ESP of +0.06% and a Zacks Rank of 3. The Zacks Consensus Estimate for third-quarter fiscal 2027 earnings per share is pegged at 90 cents, implying an 11% year-over-year increase.
The Zacks Consensus Estimate for quarterly revenues is pegged at $1.6 billion, which indicates a decline of 0.2% from the figure reported in the prior-year quarter. CHD has a trailing four-quarter earnings surprise of 1%, on average.
Key Takeaways Sterling's Q3 adjusted EPS hit $7.58, beating estimates by 24.88%, while revenues soared 127% to $1.56B.E-Infrastructure revenues surged 212% to $1.30B, accounting for 83% of Sterling's quarterly sales.Sterling raised 2026 revenue guidance to $4.63B-$4.73B as its combined backlog climbed 78% to $6.14B.
Sterling Infrastructure, Inc. (STRL - Free Report) delivered a strong third quarter of 2026, with adjusted earnings and revenues topping the Zacks Consensus Estimate and increasing sharply year over year.
Results were driven by outsized growth in E-Infrastructure Solutions, supported by robust organic growth, strong execution and contributions from acquired operations. Transportation Solutions revenues declined as Sterling continued reallocating resources toward higher-margin E-Infrastructure opportunities. Meanwhile, Building Solutions remained pressured by lower homebuilder activity and ongoing housing affordability challenges.
Inside Sterling’s Q3 HeadlinesAdjusted earnings were $7.58 per share, compared with $3.48 in the year-ago quarter. The figure beat the Zacks Consensus Estimate of $6.07 by 24.9%.
Revenues surged 127% to $1.56 billion, topping the consensus mark of $1.17 billion by 33.8%. The company generated adjusted net income of $235.4 million, up from $107.7 million a year earlier, while reported net income advanced to $214.9 million from $92.1 million.
Combined backlog, which includes signed work and unsigned awards, reached $6.14 billion at September-end, an increase of 78% from a year earlier. The third-quarter book-to-burn ratios stood at 0.9 times for signed backlog and 1.4 times for combined backlog, reflecting a broader volume of awarded work than executed contracts alone.
Including approximately $1.7 billion of next phases in design, total scoped work approached $8 billion, up roughly 90% year over year and 11% sequentially. Within E-Infrastructure, mission-critical projects represented approximately 95% of the segment's opportunity pool, with additional development potential on customer-owned land.
STRL Posts Higher Profit as Operating Margin ExpandsGross profit increased to $377.3 million from $170.2 million a year earlier. Gross margin, however, narrowed to approximately 24.1% from 24.7%, as costs grew slightly faster than revenues.
Operating income more than doubled to $306.8 million from $125.3 million. Operating margin improved to 19.6% from 18.2%, an expansion of 140 basis points, reflecting stronger operating leverage.
Adjusted EBITDA climbed to $337.8 million from $155.8 million. Adjusted EBITDA margin eased to 21.6% from 22.6%, reflecting a higher contribution from CEC, which was owned for only one month of the prior-year third quarter.
Q3 Segmental Discussion of SterlingE-Infrastructure Solutions revenues soared 212% to $1.30 billion from $417.1 million, accounting for 83% of quarterly sales. Strength across site development and electrical services supported the increase. CEC revenues quadrupled on a pro forma year-over-year basis, with management now seeing the potential for more than $1 billion in CEC revenues during 2026.
Segment adjusted operating income advanced 171% to $302.4 million from $111.7 million. The adjusted operating margin was 23.2%, compared with 26.8% a year earlier. Site development margins remained in line with first-half levels, while CEC operating margins improved both year over year and sequentially.
Transportation Solutions revenues fell 3.1% to $165.2 million from $170.5 million as resources shifted toward higher-margin E-Infrastructure projects. Nevertheless, adjusted operating income grew 22.2% to $32.6 million. The segment's adjusted operating margin widened 410 basis points to 19.7%, supported by disciplined project selection and execution.
Building Solutions revenues declined 5.4% to $96 million from $101.4 million amid slower homebuilder activity. Adjusted operating income dropped 38.7% to $7.7 million, while the adjusted operating margin contracted to 8% from 12.4%. Management expects housing affordability pressures to weigh on demand through the remainder of the year.
STRL's Cash Flow Supports Financial FlexibilityNet income attributable to Sterling increased 130.4% year over year to $466.7 million from $202.6 million, reflecting significantly stronger earnings generation. Cash and cash equivalents were $216.9 million at September-end compared with $390.7 million at 2025-end. Total debt declined to approximately $95 million from $291 million during the same period, leaving Sterling with a net cash position of about $122 million.
The company repurchased $107.3 million of shares during the nine-month period. It had $267 million available under its $400 million repurchase authorization at quarter-end. Sterling also expanded its revolving credit facility to $1.5 billion in July and extended its maturity to July 2031.
Sterling Raises 2026 OutlookSterling raised its 2026 revenue guidance to $4.63-$4.73 billion from the prior range of $4-$4.15 billion, reflecting strong execution, expanding project opportunities and sustained demand for E-Infrastructure services. The company now expects net income of $596-$604 million and adjusted net income of $675-$683 million.
Diluted earnings are projected at $19.16-$19.42 per share, up from the previous forecast of $17.25-$17.85. Adjusted earnings are expected to be $21.70-$21.96 per share compared with the prior outlook of $19.70-$20.30.
The company also lifted EBITDA guidance to $905-$916 million from $829-$854 million and adjusted EBITDA guidance to $970-$981 million from the earlier range of $891-$916 million.
STRL’s Zacks Rank & Recent Construction ReleasesSterling currently has a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Masco Corporation (MAS - Free Report) reported third-quarter 2026 adjusted earnings of $1.19 per share, surpassing the Zacks Consensus Estimate of $1.01 by 17.8%. The bottom line increased 22.7% from 97 cents a year ago. Net sales rose 2.6% year over year to $1.97 billion, beating the consensus mark of $1.93 billion by 1.8%.
Masco’s results benefited from pricing actions, cost-saving initiatives and lower year-over-year tariff costs, partially offset by higher commodity and employee-related expenses. Masco raised its 2026 adjusted earnings guidance to $4.65-$4.75 per share from the previous range of $4.40-$4.60, citing strong operational performance year to date. Reported earnings are projected to be between $4.51 and $4.61 per share.
Comfort Systems USA, Inc. (FIX - Free Report) delivered impressive third-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate and increasing sharply year over year. The quarterly performance reflected robust demand across technology-related projects, strong execution and continued expansion in construction activity. Backlog reached $17.81 billion, reinforcing management's confidence in sustained growth and profitability.
Comfort Systems' management maintained a positive outlook, supported by strong customer demand, an expanding project pipeline and consistent operating execution. During the third quarter, Comfort Systems acquired Boys Electrical Contractors in Florida and a Texas-based modular construction business, strengthening its presence across electrical services and customized building components. FIX expects to sustain organic growth, high profitability and solid cash generation through the remainder of 2026 and into 2027.
United Rentals, Inc. (URI - Free Report) reported third-quarter 2026 results, with adjusted earnings per share and total revenues beating the Zacks Consensus Estimate and increasing year over year. Strong rental demand and operating efficiencies supported the results. Fleet productivity, which combines rental rates, time utilization and mix, improved 6.5% year over year.
United Rentals raised its 2026 revenue outlook to $18-$18.2 billion from $17.5-$17.8 billion. Adjusted EBITDA is now projected at $8.3-$8.4 billion compared with $7.98-$8.13 billion previously. Operating cash flow is expected at $6.25-$6.85 billion, up from $5.85-$6.65 billion. Management cited customer confidence, backlogs and large-project momentum as support for the raised outlook.
Sterling Infrastructure's (STRL -2.28%) third-quarter revenue rose 127% to $1.56 billion, including 70% organic growth, and it raised 2026 guidance. Shares opened about 8% lower in regular trading Thursday, then recovered to about 1% higher. The data center growth is real, but Sterling used up signed contracts faster than it replaced them, so pipeline growth now rests on awards it hasn't signed.
Key Numbers
Revenue: $1.56 billion, up 127% year over year.GAAP diluted EPS: $6.92, up 133%; adjusted EPS was $7.58.E-Infrastructure Solutions revenue: $1.30 billion, up 212%.Signed backlog: $4.14 billion, up 61% year over year.What It Means
The backlog needs a closer look. Signed-backlog book-to-burn was 0.9x, so Sterling worked off more signed work than it added. Growth came from unsigned awards, jobs won but not yet under contract. Data center owners often build campuses in phases and sign one piece at a time, so these usually convert. They're still softer than signed work.
Margins are diluting by design. E-Infrastructure operating margin fell about three percentage points as CEC, the electrical contractor Sterling bought last year, became a bigger share of the segment. Electrical work is labor-heavy and earns thinner margins than earthmoving. Site development margins held and CEC's improved, so this is mix, not slipping execution.
Cash is trailing profit. Receivables more than doubled since December as billings on bigger projects outran collections, so year-to-date operating cash flow lags net income. That's normal for a contractor growing this fast, and advance billings to customers rose too.
What to Watch Next
Watch whether signed-backlog book-to-burn climbs back above 1x as unsigned awards convert. Also check fourth-quarter revenue against the roughly $1.1 billion that guidance implies, well below the third quarter.
David Kretzmann has positions in Sterling Infrastructure. The Motley Fool has positions in and recommends Sterling Infrastructure. The Motley Fool has a disclosure policy.
Key Takeaways GRAIL's Q3 revenues are projected to rise 19% to $43.1 million, with an estimated loss of $2.78 per share.Galleri adoption may gain from rising physician prescriptions and clinical evidence of improved detection.
Partnerships, electronic ordering integrations and global expansion may support GRAL's growth.
GRAIL, Inc. (GRAL - Free Report) is scheduled to release third-quarter 2026 results on Nov. 4, after the closing bell.
In the last reported quarter, the company posted adjusted loss per share of $2.56, which surpassed the Zacks Consensus Estimate by 12.03%. GRAIL’s earnings beat estimates in each of the trailing four quarters, the average surprise being 22.52%.
Q3 Estimates for GRALThe Zacks Consensus Estimate for revenues is pegged at $43.1 million, which suggests an increase of 19% from the year-ago reported figure.
The Zacks Consensus Estimate for loss per share is pinned at $2.78, indicating a year-over-year improvement of 13%. The estimate has moved north 6 cents in the past 60 days.
Here’s a quick overview of the company’s performance prior to the announcement.
Key Factors Likely to Have Driven GRAL’s Q3 PerformanceIn the third quarter, GRAIL is likely to have benefited from strong growth in Galleri test volumes, supported by increasing physician adoption, expanding digital health partnerships and growing clinical evidence.
Growing physician adoption for Galleri and higher prescribing activity, along with the addition of approximately 1,000 new ordering providers during the previous quarter, are likely to have boosted growth in the to-be-reported quarter.
Results from the PATHFINDER 2 and NHS-Galleri studies demonstrated the potential of Galleri to improve cancer detection when added to standard-of-care screening. The addition of Galleri increased cancer detection rates by approximately 4-6.5x across the two studies. Evidence of improved early-stage cancer detection and the potential to facilitate curative-intent treatment likely further encouraged physician adoption and prescribing activity.
GRAIL's digital health business must have further contributed to third-quarter growth through the expansion of new and existing partnerships. Electronic ordering integrations with Quest and Athena helped expand the prescriber base and encourage more frequent prescribing among existing physicians.
Strategic partnerships are likely to have supported Galleri adoption and international expansion during the third quarter. GRAIL’s collaboration with Priority Health enabled employer groups under certain plans to add Galleri to their existing screening coverage. Additionally, the $110 million strategic financing from Samsung, completed in June, enabled GRAIL to begin working with Samsung C&T Corporation on plans to commercialize Galleri in South Korea, with potential expansion into Japan and Singapore.
During the previous quarter, non-GAAP adjusted gross profit was up 34% year over year, primarily driven by improved fixed cost leverage from higher volumes and a decrease in sample reprocessing costs. We expect this trend to have persisted in the to-be-reported quarter.
What Our Model Suggests for GRALPer our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold), along with a positive Earnings ESP, has a higher chance of beating estimates. This is not the case here, as you can see below:
Earnings ESP: GRAIL has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks Rank #1 stocks here.
Key MedTech PicksHere are some medical stocks worth considering, as these have the right combination of elements to post an earnings beat this time around:
TG Therapeutics (TGTX - Free Report) has an Earnings ESP of +71.43% and a Zacks Rank #1 at present. The company is expected to release third-quarter 2026 results soon.
TGTX’s earnings beat estimates in one of the trailing four quarters and missed in the other three, the average surprise being 184.65%. The Zacks Consensus Estimate for third-quarter EPS implies a decrease of 84.8% from the year-ago quarter’s figure.
Revvity (RVTY - Free Report) has an Earnings ESP of +1.03% and a Zacks Rank #3 at present. The company is slated to release third-quarter 2026 results on Nov. 3.
RVTY’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.59%. The Zacks Consensus Estimate for third-quarter EPS indicates an increase of 9.3% from the year-ago quarter’s figure.
Acadia Healthcare (ACHC - Free Report) has an Earnings ESP of +4.84% and a Zacks Rank #3 at present. The company is slated to release third-quarter results on Nov. 4.
ACHC’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 47.02%. The Zacks Consensus Estimate for third-quarter EPS calls for a decrease of 36.1% from the year-ago quarter’s figure.
Archer Aviation (ACHR +2.07%) has never been ambiguous about what it wants: a fully certified air taxi. What's less certain, however, is when it will get there, how it will get there, and how much money it will spend to cross that finish line.
Every quarterly report, therefore, comes with the underlying question of when. And with its third-quarter earnings report slated for Nov. 9, investors will likely be looking for positive signs that the company is getting closer to that milestone.
In the meantime, is Archer stock worth buying before its next earnings report is released? Let's take a look.
What to watch for in Archer's Q3 results Arguably, the biggest development in Archer Aviation this quarter has been its planned acquisition of three Boeing subsidiaries: Wisk Aero, Insitu, and SkyGrid. The deal, if it closes, gives Archer access to autonomous aircraft technology (Wisk Aero), airspace management software (SkyGrid), and an established defense business (Insitu).
Image source: Archer Aviation.
That last one is especially important. Insitu alone is expected to add more than $200 million in annual revenue to Archer's business. Considering that Archer generated just $5 million in revenue last quarter, the acquisition could literally transform Archer's financial picture overnight.
The cost of that acquisition, however, could also be significant: Boeing walks away from the deal with approximately 19.75% of Archer's pre-closing share count, subject to adjustments. That spells dilution for existing shareholders.
Of course, since the Boeing deal hasn't closed, Insitu's more than $200 million in annual revenue likely won't show up in Archer's third-quarter results. But it's worth considering now when evaluating Archer's future, especially since the eVTOL (electric vertical takeoff and landing) maker is likely to report substantial losses.
In the second quarter, Archer reported a net loss of $263 million, and for Q3, management expects adjusted EBITDA loss between $170 million and $200 million. Fortunately, Archer finished June with about $1.6 billion in cash and short-term investments, so it has some breathing room.
$4.43+$0.09 (+2.07%)
NYSE · As of 2:31 PM ET 10/29/26
Should you buy Archer before it reports earnings? At around $4 a share, Archer currently carries a roughly $3 billion market value. That's less than its rival Joby Aviation, which is valued at about $4.6 billion and has arguably made more progress toward FAA certification than Archer has.
For my part, I'm intrigued by Archer's defense opportunities, but I'm not expecting this quarterly report to be a spectacular show. I wouldn't, therefore, rush to buy Archer ahead of earnings. With its certification timeline still unknown, most investors will probably want to wait for more material progress before jumping in.
Archer Aviation Inc. (NYSE:ACHR) shares are rising Thursday. The company signed a partnership with ITA Airways, a Lufthansa Group airline, to build a network of electric air taxis in Italy. Here’s what you should know.
Archer Aviation stock is charging ahead with explosive momentum. Why are ACHR shares rallying? Archer Aviation Rises On ITA Airways Air Taxi PartnershipArcher and ITA Airways signed a deal Thursday to launch electric air taxi service in Italian cities. ITA is Italy’s national airline and sits inside Europe’s largest airline group, Lufthansa. Its flights reach more than 70 destinations, and it belongs to the Star Alliance.
Archer would supply its Midnight aircraft. The company says Midnight runs without emissions and is built for quick, back-to-back flights. Archer pitches it as a way to swap a drive of 60 to 90 minutes for a quiet flight of 10 to 20. Getting from Fiumicino Airport into central Rome takes about an hour on the ground today. A Midnight flight could cut that to under 10 minutes.
What the ITA Airways Partnership IncludesITA’s role is to link the air taxis to its own network and shape the passenger experience. Specialist partners would operate the aircraft. ITA frames the agreement as a way to test whether air taxis can add to its existing network and shorten links between airports and downtowns. It is still exploring options.
The release gives no financial terms, aircraft order or launch date. It does say Archer’s list of airline partners now includes its first European carrier, with a commercial push already begun in the U.S. and the United Arab Emirates.
Archer founder and CEO Adam Goldstein credited Italy’s “regulatory leadership” and its infrastructure and said the country now has an airline partner too. Rome Fiumicino, Goldstein added, handled over 50 million travelers last year.
ACHR Shares Are ClimbingACHR Price Action: Archer shares were up 3.00% at $4.46 at the time of publication on Thursday, according to Benzinga Pro.
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OMAHA, Neb.--(BUSINESS WIRE)--Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, is proud to celebrate the election of its Chairman and Chief Executive Officer, Derek J. Leathers, as Chairman of the Board of the American Trucking Associations (ATA). Leathers was elected during the ATA Management Conference & Exhibition and will serve a one-year term spanning October 2026 through October 2027. Werner has long set industry standards for fleet safety tech.
Television Stations Across Texas to Provide Broadcast and Streaming Access to 12 State Championship Games Over Four Days
IRVING, Texas--(BUSINESS WIRE)--Nexstar Media Group, Inc. (NASDAQ: NXST), and Mission Broadcasting, Inc., today announced that their television stations and streaming platforms across Texas will provide extensive live coverage of the University Interscholastic League (UIL) State Football Championships, giving high school football fans across the state free access to 12 championship games. AT&T Stadium in Arlington, Texas, will host the championships from December 16 – 19, 2026.
“The UIL State Football Championships are an important tradition for high schools and communities throughout Texas. We are excited to work with Nexstar Media and Mission Broadcasting to expand access to these championship games." - Dr. Jamey Harrison
Share The television stations and local streaming platforms of Nexstar Media and Mission Broadcasting will make it easier than ever for fans to follow the teams, student-athletes, and communities competing for a state championship. Each championship game will be available on local broadcast television, streaming platforms, or both, depending on the market. For the first time, fans beyond Texas will be able to watch the games regardless of their location through the digital streaming platforms of any of the participating stations.
Participating local stations and digital platforms include: KDAF and CW33+ (Dallas), KIAH and CW39+ (Houston), KBVO, KXAN and KXAN+ (Austin), KTSM 9.2 Estrella TV and KTSM+ (El Paso), KCIT, KAMR, and KAMR+ (Amarillo), KRBC and KTAB+ (Abilene/Sweetwater), KSAN and KLST+ (San Angelo), KYLE and FOX44+ (Waco/Temple/Bryan), KJBO and KFDX+ (Wichita Falls), KTPN and KETK+ (Tyler/Longview), KAMC and eL+ (Lubbock), KMID and Big2+ (Midland/Odessa), and KGBT and Valley Central+ (Harlingen/Brownsville).
“High school football is part of the fabric of Texas, and few events bring communities together like the UIL State Football Championships,” said Andrew Alford, President of Nexstar’s broadcasting division. “Nexstar and Mission have a strong local presence across Texas, and we are excited to use the combined reach of our television stations and digital platforms to give fans more ways to watch these student-athletes compete for a state championship. This is exactly the kind of local sports programming our stations are uniquely positioned to deliver.”
The four-day championship event will feature 12 games across six classifications, culminating a season that brings together student-athletes, families, schools and communities from across Texas. UIL competition crowns Division I and Division II state champions across its football classifications.
“The UIL State Football Championships are an important tradition for high schools and communities throughout Texas,” said Dr. Jamey Harrison, Executive Director of the University Interscholastic League. “We are excited to work with Nexstar Media and Mission Broadcasting to expand access to these championship games and we are pleased that fans will be able to watch them through streaming and local television broadcasts across Texas.”
Viewers should check local program listings to find the games being broadcast and/or streamed in their individual market.
2026 Texas State Championship Schedule
Date
Time
Championship
Wed., Dec. 16
11:00 AM
1A Division II
2:00 PM
1A Division I
7:00 PM
2A Division II
Thu., Dec. 17
11:00 AM
3A Division II
3:00 PM
2A Division I
7:00 PM
3A Division I
Fri., Dec. 18
11:00 AM
5A Division II
3:00 PM
4A Division II
7:00 PM
6A Division II
Sat., Dec. 19
11:00 AM
5A Division I
3:00 PM
4A Division I
7:00 PM
6A Division I
About Nexstar Media Group, Inc.
Nexstar Media Group, Inc. (NASDAQ: NXST) is a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms. For more information, visit Nexstar.tv.
Mission Broadcasting, Inc., a television broadcasting company founded in 1996, acquires, develops, and operates television stations and interactive community Websites in medium-sized markets in the United States.
HTX, the crypto exchange controlled by Justin Sun, has left Britain under a High Court deal with the Financial Conduct Authority (FCA). UK customers can no longer deposit funds, and new users cannot sign up.
The deal ends a year-long lawsuit over illegal adverts. However, existing UK account holders still face a bigger problem, getting their money out of an exchange the government already treats as sanctioned.
How UK Users Get Money Out of HTXThe FCA says HTX, formerly Huobi, points remaining UK customers to its website to withdraw leftover assets.
That route runs into sanctions. Britain designated Huobi Global S.A., the Panama company behind HTX, on May 26 over alleged financial links to Russia.
The Treasury’s sanctions unit then said the exchange itself is covered. Its guidance says nothing about customer withdrawals.
In August, BeInCrypto reported a UK user who said their account was frozen pending sanctions permission. The same report found HTX nearing an FCA settlement, which has now landed.
Why the FCA Took an Overseas Exchange to CourtThe lawsuit, filed in October 2025, was the FCA’s first High Court case against a foreign crypto firm over UK marketing. The filing counted 4.6 million UK visits to HTX in 2023.
Under an October 27 court order, HTX promised not to knowingly promote crypto to UK consumers.
“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” Steve Smart, FCA executive director of enforcement and market oversight, said.
The terms stay confidential, and the FCA says the deal is no admission of wrongdoing. HTX says it already acted to comply.
“We take local compliance requirements seriously and have proactively implemented measures to align with the UK’s financial promotion regulations,” HTX said in a statement.
What the UK Licence Deadline Means for Offshore ExchangesBritain’s crypto licensing regime starts in October 2027. Until then, the FCA says crypto stays largely unregulated beyond money-laundering and advertising rules.
Binance, which holds no UK authorisation, plans a UK return with licence before applications close in February 2027. HTX is heading the other way, and its UK customers still have no published sanctions guidance on withdrawals.
PANews, October 29: According to official information, Huobi HTX announced that the UK Financial Conduct Authority (FCA) previously initiated legal proceedings against the exchange in the UK, and that the matter has now been properly resolved after a period of constructive communication between the two sides.
Huobi HTX has consistently cooperated with the FCA in good faith, actively collaborated with the FCA, and actively responded to its concerns regarding the UK market. During this period, based on its commitment to continuously following compliance standards, Huobi HTX gradually strengthened the restrictions related to the UK market and its exit arrangements, and introduced supporting operational measures.
These measures were already implemented well before this settlement was reached. This settlement further consolidates the aforementioned measures and does not constitute an admission by Huobi HTX of any legal liability, wrongdoing or violation.
The settlement eliminates the relevant legal uncertainty and is consistent with the exchange's commitment to continuously improving its compliance standards. It helps Huobi HTX focus on what matters most, namely providing high-value services to users and achieving long-term sustainable growth.
Huobi HTX thanks all parties for their professional cooperation in properly concluding this matter, and will continue to focus on serving users responsibly. Looking ahead, Huobi HTX is willing to cooperate constructively with all parties in the industry, including working hand in hand with regulators where appropriate, to jointly safeguard user interests and promote the healthy development of the digital asset ecosystem.
Huobi HTX announced that the UK Financial Conduct Authority (FCA) had initiated legal proceedings against the exchange in the UK. Following a period of constructive communication between both parties, the matter has now been resolved. Huobi HTX has always sincerely cooperated with the FCA, actively collaborated with the regulator, and responded proactively to its concerns over the UK market. During this period, in line with its commitment to upholding compliance standards, Huobi HTX gradually strengthened restrictions related to the UK market and exit arrangements, and rolled out corresponding operational measures. These measures were already implemented before the settlement was reached. The settlement further reinforces the aforementioned measures, and does not constitute an admission by Huobi HTX of any legal liability, wrongdoing, or violation. The settlement eliminates relevant legal uncertainty, aligning with the exchange’s ongoing commitment to enhancing its compliance standards. This allows Huobi HTX to focus on its core priority: delivering high-value services to users and achieving long-term sustainable growth. Huobi HTX thanks all parties for their professional cooperation in resolving this matter, and will continue to focus on serving users responsibly. Looking ahead, Huobi HTX is willing to engage in constructive cooperation with all industry stakeholders, including partnering with regulators where appropriate, to jointly safeguard user interests and promote the healthy development of the digital asset ecosystem.
Relevant content
Canton plans to launch tokenized US stock trading as early as November 2, and is expected to become the first such case under the SEC's new rules.
Nasdaq-listed Canton Strategic Holdings (CNTN) announced an agreement with TSV, a permissioned tokenized securities trading platform on the Canton Network, to offer its common stock for trading in issuer-initiated tokenized form. The target launch date is as early as November 2, and the company expects this to become the first compliant tokenized onshore U.S. equities case under the U.S. Securities and Exchange Commission (SEC)’s Innovation Exemption Framework. The tokenized shares are issued by Fairmint, an SEC-registered on-chain transfer agent that maintains ownership records, with holders entitled to the same rights as Nasdaq stockholders. The trading will run via the Tradecraft protocol as an automated market maker (AMM), enabling nearly 24/7 trading and atomic settlement. Participants must complete identity verification and sanctions screening. The issuer-initiated model avoids the objection and notification processes typical of third-party tokenization schemes.
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On October 29, 2026, the UK’s Financial Conduct Authority announced a settlement with Huobi Global S.A. over HTX’s crypto promotions, confirming that the exchange has exited the UK. Deposits and new UK registrations have stopped. Existing users with residual assets must contact support to request a conditional, one-time 48-hour withdrawal window.
HTX sets that window under its own withdrawal arrangements. The FCA announcement does not start a universal deadline for users to remove their funds. The exchange’s notice says eligible individuals must request access and pass its checks before personally withdrawing their remaining assets.
The FCA commenced proceedings on October 21, 2025 and publicly announced them on February 10, 2026. According to the regulator, HTX repeatedly failed to engage before the case began, then took steps to leave the UK after proceedings started. Under the settlement, the FCA says HTX will not target, solicit or actively seek to engage UK consumers.
Residual assets require a support request
HTX’s October 16 service notice says it does not provide services to UK residents. Users cannot complete account registration or identity verification from a UK IP address. Existing accounts identified as UK accounts remain restricted. HTX has disabled deposits, trading and transactions across its products and services for those accounts.
The notice directs eligible individual users with residual balances to customer support. Approval depends on the applicable Personal Remittances General Licence’s conditions and limits. Users must also pass HTX’s identity, ownership, sanctions, anti-money-laundering, fraud and account-security controls. An account with assets still on the exchange must meet those requirements to qualify for the withdrawal window.
An approved user must personally withdraw all remaining assets during the 48-hour period. HTX allows the transactions needed to withdraw different asset types, but each remains subject to destination-wallet, blockchain and security controls. The exchange explicitly says it will not transfer assets on the user’s behalf. Approval permits withdrawal under those conditions; trading remains disabled.
HTX closes the account after full withdrawal. Affected users must email [email protected] from the address registered to their account and provide a personal-use confirmation. The notice also places responsibility for any applicable reporting obligations on users and recommends independent legal advice where appropriate. It gives no common calendar cutoff for all remaining UK balances.
The remittances licence has separate conditions
The withdrawal notice refers to a sanctions licence with terms separate from HTX’s own controls. The Treasury’s Personal Remittances General Licence permits specified personal-use payments involving designated credit or financial institutions, subject to its terms. HTX makes its withdrawal arrangement conditional on that licence. Its support notice gives no blanket authorization covering every account or transfer.
The licence sets a £55,000 cumulative limit for permitted payments in respect of an individual over the period from its issue to expiry. The limit applies across that period, with no fresh allowance for each withdrawal transaction or asset type. Payments relating to goods or services for commercial purposes are excluded. HTX also requires users to confirm that their withdrawal is for personal use.
The Treasury’s publication notice records the increase from £50,000 to £55,000 and the extension of expiry to February 23, 2028. It also clarifies that the specified UK or non-UK bank-account destination requirement applies to permissions involving an entity. These provisions give no unconditional assurance that HTX can process a particular wallet withdrawal under its arrangements.
An amendment dated May 26, 2026 added a reporting requirement for anyone using cryptoassets to make or receive payments under the licence. They must report to HM Treasury within 14 days of the end of the calendar month in which those payments were made or received. That reporting timetable runs separately from HTX’s 48-hour withdrawal window.
The report must include amounts paid or received, the payment route with account or wallet details, and the transaction dates, with supporting evidence. The individual must also confirm personal use in accordance with the licence. HTX’s notice says users are responsible for determining and complying with obligations that apply to them. That reporting duty remains with the user after support approves a withdrawal.
What the court undertaking binds
The Tomlin order dated October 27, 2026, made by Deputy Master Holden in claim FS-2025-000015, records a confidential settlement agreement dated October 16. Huobi Global, the Panama-incorporated first defendant, gives undertakings to the court until October 21, 2031.
The undertaking prohibits Huobi Global from knowingly communicating, or causing the communication of, financial promotions that contravene section 21 of the Financial Services and Markets Act 2000. It covers direct and indirect conduct, including through officers, servants or agents. Both the knowledge qualifier and the reference to unlawful promotions form part of the published restriction.
The specified channels extend beyond the existing HTX website to similar websites promulgated by the exchange operator, software applications and social platforms. The order names X, Facebook, Instagram, Telegram, TikTok, YouTube, Discord, Medium and LinkedIn among those channels. A promotion moved from the website to an app or social account remains within the undertaking’s stated scope.
The order stays further proceedings on the settlement terms except for enforcement. The FCA and Huobi Global can apply to the court to enforce the agreement without bringing a new claim. The order makes no order as to costs. The FCA says the settlement constitutes no admission of liability or wrongdoing by Huobi Global or any other person or entity.
The settlement agreement itself remains confidential. HTX’s public notice gives no processing time for support requests and does not explain the treatment of residual assets when a user cannot meet the licence conditions or complete the approved withdrawal window.
HTX has settled a UK legal case over its crypto promotions, with court commitments running until October 2031. The Financial Conduct Authority announced the agreement on October 29, following proceedings against the exchange that was formerly known as Huobi.
The FCA says users can no longer deposit funds, new customers cannot register, and HTX has stopped actively seeking business in the country.
What changes for UK customers? The FCA said HTX is no longer active in the UK and will stop targeting or soliciting UK consumers. It said existing customers with assets with the exchange should get in touch with the exchange’s support notice for withdrawal information.
But HTX said its UK exit arrangements and strengthened restrictions had started before the settlement that was announced.
Documents observed showed that the FCA started proceedings on October 21, 2025, and it was publicly announced in February 2026.
The regulator said HTX began to leave the UK market after proceedings started.
Court commitments extend to 2031 An October 27 High Court order records the settlement with Huobi Global S.A., the company named as the first defendant.
With the order, it can’t knowingly communicate or cause others to communicate, and there are no financial promotions that breach UK law through websites, apps, and social media.
What this means is that unlawful messages encouraging people to use crypto services or invest can’t be sent.
The settlement remains confidential, and there was no admission of liability or wrongdoing.
HTX gives its account of the agreement In its October 29 response, HTX described the resolution as following constructive engagement. It said it had worked collaboratively to address the regulator’s concerns.
In its original court filing, the body gave an example of the access the exchange had that it didn’t want it to have. The filing showed that an FCA employee used a UK internet address and driving license to verify an account, purchase crypto, and trade futures.
Those allegations were part of the case that has now been settled.
Customers with balances have been directed to the exchange’s withdrawal guidance.
Final Summary HTX settled the FCA’s crypto promotions case, with court commitments lasting until October 2031.
The FCA says UK deposits and new registrations are blocked. Users are encouraged to look at the withdrawal guidance.
The FCA secured a high-court ruling to push HTX out of the U.K. after years of warnings and legal actions against the crypto exchange. (FCA/Press)Summary
HTX, the cryptocurrency exchange formerly known as Huobi, has withdrawn from Britain after settling with the Financial Conduct Authority over alleged violations of financial advertising rules, without admitting wrongdoing.British customers can no longer make deposits, new users cannot register, and existing customers should consult HTX’s website for instructions on withdrawing their assets.The settlement bars HTX from targeting British consumers through its website, apps and social media as Britain prepares to expand cryptocurrency regulation in October 2027.Cryptocurrency exchange HTX, formerly known as Huobi, withdrew from the U.K. after settling with the Financial Conduct Authority (FCA) over alleged breaches of the country’s financial advertising rules.
The FCA secured High Court rulings to prevent HTX from knowingly promoting crypto services illegally to U.K. consumers, according to an announcement on Thursday.
“HTX is no longer active in the U.K.,” the FCA said. “Consumers can no longer make deposits, and new U.K. users cannot sign up to the platform. HTX will not target, solicit or actively seek to engage U.K. consumers.” The regulator told users to read information published on HTX’s website, including how to withdraw their assets.
HTX continued advertising its crypto services to consumers in the U.K. despite an FCA warning in October 2023. The FCA sued the exchange for continuing to illegally promote itself in the U.K. in October 2025. The regulator said the Singapore-based exchange, which Justin Sun acquired in May 2023, also failed to answer its inquiries.
“Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law,” said Steve Smart, the FCA's executive director of enforcement and market oversight. “Our action means HTX is leaving the UK and can no longer target UK consumers.”
The agreement covers promotions through HTX's website, mobile applications and social media. The FCA has directed existing UK customers to the exchange's website for instructions on withdrawing any remaining assets.
The settlement terms are confidential and do not constitute an admission of wrongdoing by HTX or Huobi Global S.A., the FCA said.
The case comes as Britain prepares to bring more crypto activities under financial regulation in October 2027. For now, the FCA's oversight of the sector focuses largely on anti-money laundering and financial promotions.
Crypto exchange HTX will leave the United Kingdom following a settlement with the Financial Conduct Authority (FCA), closing the regulator’s first legal action against a crypto firm over unlawful financial promotions. The settlement, announced on October 29, 2026, requires the company to halt all deposit activity and new registrations from UK residents and gives existing UK account holders just 48 hours to withdraw their assets before their accounts are closed.
FCA secures undertakings from HTXThe FCA confirmed it has received legally binding commitments in the High Court, ensuring that HTX, previously known as Huobi, will no longer market crypto services unlawfully to consumers in the United Kingdom. Huobi Global S.A., the Panama-registered company operating HTX, committed not to communicate UK law-breaching promotions via its digital channels.
The legally binding pledge, according to Cointelegraph’s reporting, will remain in force until October 2031. Terms of the settlement have not been made public, and the FCA emphasized that it does not constitute an admission of wrongdoing by HTX or Huobi Global. No information has been disclosed regarding a potential financial penalty.
Crypto firms should be under no illusion: being based overseas does not put them beyond the reach of UK law. Our action means HTX is leaving the UK and can no longer target UK consumers. The message to other firms is clear: follow the rules or face the consequences.
HTX, for its part, stated to the Financial Times that it had proactively taken steps to comply with the UK’s regulations on financial promotions. The FCA previously stated that the company had not meaningfully engaged during earlier stages of the process.
Timeline and regulatory contextThe FCA initiated the High Court lawsuit in October 2025, naming Huobi Global S.A. and individuals controlling HTX’s accounts across major social and messaging platforms. This marked the first enforcement case since the UK’s financial promotion rules for crypto marketing came into effect in October 2023.
When the case became public in February 2026, the FCA also requested that social media companies restrict HTX’s accounts for UK users and called on Apple and Google to remove HTX’s apps from their UK stores. Negotiations over the settlement began in March 2026 and continued through June as detailed in various court orders.
Sanctions and industry responseHTX faces further regulatory challenges. The United Kingdom sanctioned Huobi Global in May over its alleged links with Russia’s financial sector, and the European Union included the company in its 21st Russia sanctions package in July, citing actions that frustrated their restrictions. The EU banned transactions with Huobi Global but stopped short of freezing assets entirely. HTX maintains that Huobi Global S.A. operates separately from the online HTX platform.
Several exchanges adjusted their operations in response to these sanctions. In August, Binance ceased processing transactions related to HTX and ten other companies, referencing the regulatory environment. That same month, Kraken temporarily blocked access for some clients after a series of small transfers were reported from a wallet linked to HTX. Kraken later restored access but retained the relevant funds.
With UK access now closed, British users are urged to withdraw their funds within the stipulated 48-hour period, as new sign-ups and deposits remain blocked.
For crypto participants who need to react quickly when exchanges change access rules or regulatory actions target platforms, fast information is vital. CryptoAppsy’s live news monitoring and real-time asset alerts allow users to track critical exchange changes across the market, giving them an advantage when withdrawal windows or compliance shifts put assets at risk.
Market responseCurrently, there is no HTX-specific token to track for price movement. Most large-cap cryptocurrencies saw modest gains over the past 24 hours as of 15:13 UTC on October 29, 2026, according to CoinGecko, while XRP fell during the same period. The Crypto Fear & Greed Index displayed a neutral reading of 51. At the time of the announcement, Bitcoin stood at $81,352, representing a 35% decline from its record high of $126,080 set in October 2025.
AssetPrice (USD)24h change30d changeBitcoin (BTC)$81,352+0.97%-3.75%Ethereum (ETH)$2,357.46+1.05%-14.15%BNB$750.80+0.27%-2.32%XRP$1.31-0.33%-15.89%Solana (SOL)$102.34+1.39%-16.01%HTX says UK customers now have 48 hours to withdraw assets before their accounts are closed, with deposits and new registrations from the UK disabled.
Crypto asset prices remain volatile, and recent performance does not predict future movements.
OutlookThe immediate concern for UK customers is to complete withdrawals within the 48-hour window. Users should remain vigilant against common risks such as network delays, incorrect withdrawal addresses, and fraudulent schemes impersonating exchange support. For the wider industry, the FCA’s approach provides a likely template for future enforcement, demonstrating the ability of UK regulators to take action against non-domestic crypto companies using court orders, platform restrictions, and app store removals.
Existing sanctions by the UK and EU continue to limit Huobi Global’s ability to operate in Europe, and additional compliance actions from other market participants may follow as firms reassess their dealings with entities linked to HTX.
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TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps), welcomes the launch of TRX options on Blockchain.com, a global leader in crypto services for retail and institutional users. Available through the Blockchain.com Trading Account in eligible jurisdictions, the launch provides simplified access to TRX, the native utility token of the TRON network.
Blockchain.com is bringing access to TRX options into its consumer app, simplifying the user experience around a product category that has traditionally involved more complex workflows. The product is available to eligible users in supported jurisdictions, subject to applicable law and regulatory requirements.
“The launch of TRX options on Blockchain.com expands access to the TRON ecosystem through one of the industry’s most established global platforms,” said Justin Sun, Founder of TRON. “Blockchain.com has played a longstanding role in bringing digital assets to a broad user base, and this launch gives users another way to gain exposure to the wider TRON ecosystem through a familiar platform.”
TRON is one of the world’s most active blockchain networks with more than 411 million total user accounts, 15 billion transactions and a cumulative transfer volume exceeding $30 trillion. More than $94 billion in circulating USDT is issued on the network, demonstrating TRON’s leading role in global stablecoin settlement activity.
“We’re making digital asset products easier to access and navigate within the familiar, intuitive user experience of the Blockchain.com app,” said Taro Ugen, VP of Consumer at Blockchain.com. “TRX was a natural addition for our new options offering lineup given the scale of the TRON network, its global user base and its established role in fueling the TRON blockchain.”
The launch follows a series of milestones expanding institutional access to the TRON ecosystem this year, including the debut of the Canary Staked TRX ETF (TRXS), the first U.S. staked TRX ETF; native TRX staking and TRC-20 asset custody through Anchorage Digital; the launch of Hamilton Lane’s tokenized Senior Credit Opportunities Fund (HLSCOPE) on TRON through Securitize; and the inclusion of TRX in the S&P Pantera Digital Asset Index. Together, these developments have expanded the range of institutional infrastructure and products providing access to the broader TRON ecosystem.
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. Today, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin, which currently exceeds $94 billion. As of October 2026, the TRON blockchain has recorded over 411 million in total user accounts, more than 15 billion in total transactions, and over $27 billion in total value locked (TVL), based on TRONSCAN. Recognized as the global settlement layer for stablecoin transactions and everyday purchases with proven success, TRON is “Moving Trillions, Empowering Billions.”
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Polygon Labs announced it has integrated Solana into its Open Money Stack payment platform, allowing enterprises to complete bank acceptance, cross-chain fund transfers, and payee disbursements via a single integration. The first clients include payment service provider Kira, whose CEO said the firm has already been using Solana to transfer stablecoins, and the Polygon integration will let it convert funds to U.S. dollars and deposit them into clients’ bank accounts for supplier payments. The stack connects Polygon, Ethereum, and TRON, which was integrated earlier this month. The integration comes as Solana completed its Alpenglow consensus upgrade last week, cutting transaction finalization time from around 12.8 seconds to 150 milliseconds. A product lead at the Solana Foundation said the network has processed over $5.5 trillion in stablecoin transaction volume in 2026. Earlier this month, Polygon also completed its acquisition of Coinme, securing money transmission licenses and exemptions covering 48 U.S. states.
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Utexo is preparing to bring Tether’s dollar-backed stablecoin back to Bitcoin after a three-year hiatus.
The Dubai-based blockchain startup says it will achieve the integration through RGB, a protocol that keeps asset transaction data off-chain.
The public launch is scheduled for Nov. 28, with Lightning Network support planned for Q1 2027, promising private transfers and fast payments via Bitcoin’s payment network.
But with $300 billion of stablecoin supply already circulating on networks like Ethereum and Tron, why would users want to transact on a slower network that doesn’t offer smart contracts or DeFi? Can it compete with the stablecoin incumbents?
$300 billion of stablecoin supply. Source: DeFiLlama
Why bring USDT back to Bitcoin?This isn’t the first time we’ve seen USDT on Bitcoin. It actually began life as a stablecoin on Bitcoin in 2014 through the Omni protocol, but Tether eventually halted issuance in August 2023, citing declining usage.
Tether then announced plans to launch USDT on RGB in August 2025. That didn’t happen, however, Tether subsequently led Utexo’s $7.5 million seed round in March, and the new firm will launch the Bitcoin version of the stablecoin using Tether’s USDT0 protocol.
But if usage of USDT on Bitcoin had declined to the point it was no longer viable the first time around, why would it be more popular now? What has changed since 2023?
Viktor Ihnatiuk, co-founder and chief executive of Utexo, tells Magazine the answer is two-fold: Speed and privacy. Using Bitcoin for the settlement layer, and RGB to keep transaction details off the public blockchain, makes private and fast transactions a reality.
“You can actually achieve any speed you want to achieve,” he says. “Bitcoin is the best blockchain. Lightning is the best technology to scale payments.”
RGB Protocol Documentation. Source: RGB
Utexo grew out of an effort to bring dollar-denominated payments to Bitcoin, and Ihnatiuk says the idea took shape after a conversation with Tether at Bitcoin Prague in 2023.
The company also builds on RGB and Lightning infrastructure developed by ThunderStack, founded by fellow Utexo co-founder Renat Skitsan.
What is RGB, and how does it work?RGB has been in development since 2016 and was designed to let users issue and transfer digital assets through contracts tied to Bitcoin, without recording every transaction detail on its public blockchain.
Rather than making Bitcoin behave like Ethereum, on RGB, the parties validate asset transactions themselves, while cryptographic commitments anchored to Bitcoin help secure the system. That means RGB is a Bitcoin-native protocol rather than a sidechain or rollup.
RGB also works with the Lightning Network, enabling USDT to move through its payment channels without each transfer requiring a base-layer transaction.
“Lightning allows you to do transactions with a dynamic of 100 milliseconds,” Ihnatiuk says. “It’s faster than Solana, it’s faster than Monad, it’s faster than Sui or Aptos. The limitation is only in the brain of people who don’t understand how to scale Bitcoin.”
Bitcoin’s transparency has hampered business adoption, as many firms like to keep their purchases and transaction counterparts confidential.
Ihnatiuk says that rather than compete with networks like Tron on retail transaction volume or Ethereum on decentralized finance, the company believes the combination of secure Bitcoin-based settlement and greater transaction confidentiality will be enough to persuade businesses to make the switch.
Utexo can also selectively disclose relevant transaction information for compliance purposes, Ihnatiuk says, and has procedures for responding to law enforcement requests.
2026 institutional investor survey. Source: Coinbase and EY-Parthenon
Bridge over troubled watersUtexo opened early access to its USDT Mint product on Oct. 22, allowing verified professional operators, like exchanges, wallets and market makers, to test minting, confidential transfers and redemption on Bitcoin’s Signet test network.
The sandbox gives operators time to test transaction flows and prepare integrations ahead of the public launch at the end of November, after which time Ihnatiuk predicts “everything will become so big.”
But getting existing USDT onto Bitcoin through Utexo Mint involves an additional step. The service locks USDT0 on Arbitrum before minting an equivalent amount of USDT on Bitcoin. Users can redeem their tokens by burning the RGB asset and triggering the release of the corresponding funds on the source network.
That means Mint’s security also depends on the mechanisms connecting the networks, not on Bitcoin and RGB alone.
Users need to trust that the USDT0 locked on Arbitrum remains available and can be released when they redeem their Bitcoin-based USDT. Bridges have historically acted like honeypots to hackers, so this architecture introduces additional risk, even if the design attempts to mitigate them.
Utexo says Mint has been audited by Oxorio, although the full audit report is not publicly available.
What would success look like?Utexo has named UniSat as a launch partner, with plans to support USDT transfers and swaps through its wallet, and Ihnatiuk says Utexo is working with 12 over-the-counter network partners and has another 40 in its pipeline.
Ihnatiuk sees opportunities in Bitcoin-native trading and lending, but he says Bitcoin won’t replicate Ethereum’s DeFi ecosystem; its strengths lie in payments and simpler financial arrangements like escrow-based exchanges.
“People who think that it’s possible to replicate Ethereum DeFi on Bitcoin make a huge mistake,” he says. “Bitcoin was never built for DeFi. Bitcoin was always built for payments.”
Another potential use case is helping keep miners on Bitcoin as they could swap BTC for USDT directly on Bitcoin rather than having to move funds to centralized exchanges. That would reduce their exposure to custodial risk and make it easier to automate hedging strategies. “So, for miners, it’s quite beneficial,” he says.
Ihnatiuk is setting an ambitious target for the first year.
“I would love to achieve our minimum milestone of $1 billion USDT on the Bitcoin network in the next 12 months,” he says. “My initial goal is $10 billion. My median goal is $5 billion.”
There is also a question about the benefits for Bitcoin itself. Ihnatiuk says greater USDT adoption will increase miner fee revenue.
“Once USDT comes back to Bitcoin,” he says, “you will get meaningful adoption; all the transactions will come to Bitcoin. So, yeah, miners will be able to make much more.”
So can Bitcoin compete with Ethereum, Tron and other networks as a new home for USDT? Possibly; it just needs to prove there’s a market this time around.
