NEW YORK--(BUSINESS WIRE)--Morgan Stanley (NYSE: MS) announced that it will increase its quarterly common stock dividend to $1.15 per share from the current $1.00 per share, beginning with the common stock dividend expected to be declared by the Firm’s Board of Directors in the third quarter of 2026.
In addition, the Firm’s Board of Directors reauthorized a multi-year common equity share repurchase program of up to $20 billion, without a set expiration date, beginning in the third quarter of 2026. The share repurchases will be exercised from time to time at prices the Firm deems appropriate, subject to various considerations, including current market conditions, the Firm’s capital position and future economic and earnings outlook.
Ted Pick, Chairman and Chief Executive Officer of Morgan Stanley, said, “We have a globally scaled business that supports the Firm’s durable returns and strong capital position. Our financial strength gives us ongoing flexibility to invest in growth opportunities across the Integrated Firm while increasing the return of capital to shareholders.”
On June 24, 2026, the Board of Governors of the Federal Reserve System released its CCAR 2026 results which do not impact the Firm’s Stress Capital Buffer (SCB) requirement. On February 4, 2026, the Federal Reserve announced that it expects the Firm will continue to be subject to its current SCB requirement of 4.3% until October 1, 2027, at which time a new SCB requirement may apply based on the results of the supervisory stress test conducted in 2027. Together with other features of the regulatory capital framework, this SCB results in an aggregate U.S. Basel III Standardized Approach Common Equity Tier 1 (CET1) ratio of 11.8%. The Firm’s U.S. Basel III Standardized Approach CET1 ratio was 15.1% as of March 31, 2026.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
Forward-Looking Statements
This Release contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs of Morgan Stanley’s future results, regulatory capital levels and future capital actions, including common stock dividends and common equity share repurchases, and which are subject to risks and uncertainties that may cause actual results to differ materially. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements. For a discussion of additional risks and uncertainties that may affect the future results, regulatory capital levels and future capital actions of Morgan Stanley, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A, in Morgan Stanley’s Annual Report on Form 10-K for the year ended December 31, 2025 and other items throughout the Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments thereto.
, /PRNewswire/ -- Today, the U.S. government awarded Lockheed Martin (NYSE: LMT) a seven-year undefinitized contract action (UCA) for up to $35 billion to quadruple production of Terminal High Altitude Area Defense (THAAD) interceptors. The award is one of the first major multiyear procurement contracts executed under the Department of War's Acquisition Transformation Strategy and represents one of the first full-scale transitions from framework agreement to contract execution under the initiative. It demonstrates Lockheed Martin's commitment to building the Arsenal of Freedom.
The $35 billion THAAD seven-year procurement award propels acceleration of critical missile defense interceptor production.
THAAD is a highly effective, combat-proven defense against short, medium and intermediate-range ballistic missile threats. The contract puts into action the THAAD framework agreement signed in January between the Department of War and Lockheed Martin, providing the long-term demand signal needed to accelerate production capacity, strengthen the defense industrial base and deliver critical missile defense capability at speed and scale for the U.S. and its allies.
The award comes weeks after Lockheed Martin broke ground on a new Munitions Production Center in Troy, Alabama, as part of the company's more than $9 billion investment through 2030. This investment is already delivering tangible results to meet heightened munitions demand, including more than 20 new or modernized facilities across the United States. Lockheed Martin also recently opened the Next Generation Interceptor facility in Courtland, Alabama, and the Munitions Acceleration Center in Camden, Arkansas.
WHY IT MATTERS
THAAD is the only U.S. system designed to intercept threats both inside and outside the atmosphere, providing a critical layer of missile defense. Its performance has been demonstrated in operations including Operation Epic Fury, where it continues to defend forces and key infrastructure against evolving threats.
EXPERT PERSPECTIVE
"This award reflects our shared vision with the Department of War to strengthen America's Arsenal of Freedom through a transformational shift to multiyear procurement," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "This new approach propels our efforts to strengthen the defense industrial base, expand production and deliver capabilities to the American warfighter at unprecedented speed and scale."
ADDITIONAL CONTEXT
Acquisition Transformation Leadership: Lockheed Martin was the first in the industry to announce a framework agreement for munitions acceleration under the Department of War's Acquisition Transformation Strategy. Since January, landmark framework agreements have been established to expand production capacity for PAC-3® MSE, the THAAD interceptor and Precision Strike Missile (PrSM). In April, the U.S. government awarded Lockheed Martin a $4.7 billion contract to continue critical accelerated production of PAC-3 MSE this year. American Job Growth: Lockheed Martin continues to expand its workforce, creating tens of thousands of high-quality American jobs across manufacturing, engineering and skilled trades. These investments ensure America and its allies have the proven capabilities needed to protect people, infrastructure and freedom around the globe. Supply Chain Resilience: Lockheed Martin is strengthening resilience of our supply chain, deepening collaboration with suppliers and driving innovation across operations. Lockheed Martin is engaging regularly with suppliers critical to scaling munitions production, focusing on building stronger relationships, emphasizing speed and driving solutions to better prepare for current and future threats. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.
Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the Company's current expectations and assumptions, including statements about the expected value and duration of the THAAD procurement award, the expected acceleration and quadrupling of production capacity and Lockheed Martin's investments through 2030 and expected results from facility and workforce expansion, supplier collaboration and production scaling. Actual results may differ materially due to factors such as: the availability, timing, and amount of U.S. government and allied government funding; changes in government priorities, budgets, acquisition strategies, contract terms, or procurement schedules; the risk that UCAs, multiyear procurement arrangements, or expected follow-on awards may be modified, delayed, reduced, terminated, or not fully funded; supply chain constraints, supplier performance, inflationary pressures and labor availability; challenges associated with increasing output at speed and scale; and delays in facility expansion. For a discussion identifying additional important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see the Company's filings with the U.S. Securities and Exchange Commission ("SEC") including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. The Company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov. Except where required by applicable law, the Company expressly disclaims a duty to provide updates to forward-looking statements after the date of this filing to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this filing are intended to be subject to the safe harbor protection provided by the federal securities laws.
The CEOs of Boeing, Lockheed Martin and Honeywell arrived at the White House on Wednesday for a meeting with President Donald Trump, as the administration presses major defense contractors to ramp up weapons production amid concerns about U.S. missile and munitions stockpiles.
The meeting comes after U.S. military operations in Iran and amid ongoing peace talks with Tehran, giving the White House added urgency to replenish key weapons systems and reassure allies that the U.S. defense industrial base can keep pace with demand.
The White House on Wednesday asked Congress for $87.6 billion in supplemental spending, primarily to pay for the Iran war. On Tuesday, the Senate adopted an Iran war powers resolution directing Trump to end U.S. hostilities with Tehran, a symbolic bipartisan rebuke that highlighted growing congressional scrutiny of the president's military strategy and peace talks.
Trump earlier this month invoked the Defense Production Act to accelerate weapons production, citing systemic constraints in the munitions base, including limited production capacity, fragile supply chains and long lead times.
But scaling weapons production is usually measured in years, not months, complicating the Trump administration's push for faster output.
The White House has also pushed contractors to prioritize existing Pentagon contracts, faster deliveries and American manufacturing capacity over shareholder payouts. And last week a key Senate committee approved a bill that would codify a January Trump executive order to require that defense contractors get Pentagon sign off to buy back shares or issue dividends. Defense contractors have opposed the mandate.
Wednesday's meeting follows a March White House gathering with executives from major defense firms, including Lockheed Martin, RTX, Boeing, Northrop Grumman, BAE Systems, Honeywell Aerospace and L3Harris.
The administration has been seeking to expand production of Patriot and THAAD interceptors, Tomahawk cruise missiles and AMRAAM air-to-air missiles, though industry executives have warned that major investments will require congressional funding.
The setup is almost too neat. South Korea’s Kospi just had what local press called a “Black Tuesday,” dropping nearly 10% as foreign investors dumped semiconductor shares and tripping circuit breakers. American chip names sold off in sympathy. And onto CNBC walked Jay Woods of Freedom Capital Markets with a thesis that has been building for months, which is that the AI trade you thought you were buying and the AI trade that actually worked were two very different things.
Woods, alongside Matt Powers and Tony Zhang, framed the recent action as overdue. “The momentum was starting to lose itself,” Woods said. “The RSI was making lower highs every time the index was going higher. So now what we’re seeing is more of a reversion to the mean.” Powers carried the math further. “The mag-7 they’re being punished for spending, maybe blindly throwing around 650 billion into AI. And we pray it’s not a trap that they can’t get out of.”
The capex is real, the returns are showing up next door Look at where the money is actually landing. Microsoft (NASDAQ:MSFT | MSFT Price Prediction) reported Q3 FY2026 capex of $30.88 billion, up 84.4% year over year, an infrastructure binge that helped push its AI business past a $37 billion annual revenue run rate. The stock has been punished anyway. It sits down 21% year to date through June 22. That is the Powers point in one chart.
Now look at the suppliers. Broadcom (NASDAQ:AVGO) posted Q2 FY2026 AI semiconductor revenue of $10.8 billion, up 143% year over year, and Hock Tan guided Q3 AI revenue to roughly $16.0 billion, more than 200% YoY growth. NVIDIA (NASDAQ:NVDA) put up Data Center revenue of $75.25 billion, up 92% YoY, with Data Center Networking up 199%. Jensen Huang called it “the largest infrastructure expansion in human history.”
Taiwan Semiconductor Manufacturing (NYSE:TSM), the foundry running every important chip in this story, has compounded 54.67% year to date and 125.63% over the past year. AVGO is up 10.7% YTD, NVDA up 5.6% YTD. None of those names are MSFT.
Memory was the silent surprise Powers put a number on it. “Semis up 100% versus down two in mag-7 names. Semis now make up a record almost 20% of the S&P 500.” Inside that move, the loudest chart belongs to Micron Technology (NASDAQ:MU). The stock is up 229% year to date through June 22, the consequence of memory repricing from a commodity to something Sanjay Mehrotra described as a “strategic asset” for hyperscale customers.
The fundamentals are not subtle. Last quarter Micron printed revenue of $23.86 billion, up 196.3% YoY, EPS of $12.20 against a $8.73 consensus, and guided Q3 to roughly $33.5 billion in revenue at an 81% gross margin. The board approved a 30% dividend increase alongside the earnings release.
Woods is still cautious into Wednesday’s earnings release. “People are going to get that blowout quarter. But I don’t expect the stock to continue this rise. It’s fallen six of its last eight reports even though it’s destroyed on earnings.” Options markets are pricing it as a coin flip. Polymarket assigns a 96% probability Micron beats, and the same crowd sets earnings-day direction at 50/50. A blowout that the chart has already discounted is the Woods worry.
What to watch Zhang’s contribution was a reminder that hedging the next leg costs real money now. “We’re trading at close to 100 times revenue in this particular stock,” he said of SpaceX, noting institutions buying 9,000 contracts of the $120 puts and 10,000 contracts of the $135 puts out to December.
If the Woods-Powers reversion thesis is right, the rotation we have already seen, $6.93 billion of net inflows into the VanEck Semiconductor ETF in a single day, was the smart bid moving from spenders to suppliers ahead of the punchline. Micron’s earnings report on Wednesday is the next data point. Watch the guide, not the beat.
Broadcom (AVGO +0.27%) has been on a blistering run in recent years, but those gains have been accompanied by significant volatility. The artificial intelligence (AI) chipmaker has gained 580% since the advent of AI in early 2023, but has fallen 10% or more on at least nine separate occasions and is currently 21% off its peak. Case in point: Broadcom stock crashed 41% in early 2025, so it isn't for the faint-hearted.
Uncertainty about the future of AI adoption has some investors sitting on the sidelines, but the evidence continues to mount that the company has a bright future.
Broadcom and OpenAI have joined forces to create an AI chip that the pair believes will be a game changer. The companies unveiled the custom-built processor, dubbed "Jalapeño," on Wednesday, marking OpenAI's first foray into physical silicon development.
Image source: The Motley Fool.
A spicy new AI processorThe new chip is the first step in OpenAI's long-term strategy to design computer chips and accessories that will underpin its evolving AI models. In a joint news release, Broadcom and OpenAI noted that they went back to the drawing board to design Jalapeño, which was "built from the ground up" and optimized for the unique demands of large language models (LLMs).
Jalapeño was designed specifically to be more efficient when working with ChatGPT and Codex, OpenAI's coding agent. It was also intended to work well with LLMs that the company develops in the future.
On an intriguing note, OpenAI revealed that the chip was designed with the help of its AI models. In an interview with CNBC, OpenAI president Greg Brockman said, "The degree to which our models have been able to accelerate [the chip development process] was very surprising to us."
While the chip's final performance testing isn't yet complete, early results suggest that Jalapeño’s performance per watt will be "substantially better" than current cutting-edge processors.
The breakthrough design focuses on reducing data movement across the chip and balancing the demands on compute, memory, and networking resources. In doing so, the processor achieves performance that is much closer to theoretical peak performance.
For example, one of the biggest drags on processing speed -- or latency -- is the need to move information around the chips. By minimizing data movement and reducing latency, OpenAI believes it will speed the next generation of AI inference -- the tasks for which AI models are designed.
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Brockman also said, "By designing more of the stack ourselves, we can serve more intelligence with greater efficiency and keep pushing advanced AI toward broader access." In essence, making AI more widely available.
Broadcom CEO Hock Tan noted that this was the first step in a "multi-generation roadmap." He went on to say that the collaboration represents a "fundamental commitment to scaling the physical infrastructure required for the next decade of AI.
What this means for Broadcom investorsBroadcom's biggest customers are among the tech elite, including such high-profile names as Alphabet, Meta Platforms, TikTok parent ByteDance, AI start-up Anthropic, and -- of course -- OpenAI. The company continues to expand its relationships with existing customers, which bodes well for the future.
Earlier this year, Tan said, "We have line of sight to achieve AI revenue from chips, just chips, in excess of $100 billion in 2027." For context, Broadcom's total revenue was roughly $64 billion in 2025, and its AI semiconductor revenue was just $10.8 billion in Q2, helping to underscore the magnitude of the growth yet to come.
Yet for all that opportunity, the stock is selling for 19 times next year's expected earnings. That's an attractive price for an industry leader driven by strong secular tailwinds.
WESTLAKE, Texas--(BUSINESS WIRE)--The Charles Schwab Corporation (CSC or Schwab) announced today that it has received the results of the Federal Reserve’s 2026 Comprehensive Capital Analysis and Review (CCAR). These results included the Federal Reserve’s estimate of Schwab’s minimum capital ratios under the supervisory severely adverse scenario for the nine-quarter horizon beginning December 31, 2025 and ending March 31, 2028. Earlier this year, the Federal Reserve voted to maintain the current stress capital buffer requirements until 2027. Therefore, Schwab’s stress capital buffer (SCB) remains at the 2.5% minimum.
Schwab’s Common Equity Tier 1 (CET1) ratio of 26.3% as of March 31, 2026 was well in excess of the regulatory minimum of 4.5% combined with the SCB of 2.5% due to the relatively low risk nature of our balance sheet assets.
Schwab ended the first quarter of 2026 with a consolidated Tier 1 Leverage Ratio of 8.9%, down from 9.3% at year-end 2025.
CFO Mike Verdeschi commented, “Our CCAR results highlight the strength of Schwab’s capital position and diversified business model. Our principles-based approach to managing the balance sheet establishes a foundation of safety and soundness from which we support our clients’ evolving needs across different environments and deliver profitable growth through-the-cycle.”
Forward-looking Statements
This press release contains forward-looking statements relating to the company’s diversified business model, business results, growth, capital ratios, and balance sheet management. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences include actual economic and financial conditions, the accuracy of management’s modeling and estimation techniques, and other factors described in the company’s most recent reports on Form 10-K and Form 10-Q, which have been filed with the Securities and Exchange Commission and are available on the company’s website (https://www.aboutschwab.com/financial-reports) and on the Securities and Exchange Commission’s website (https://www.sec.gov). The company makes no commitment to update any forward-looking statements.
About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 39.5 million active brokerage accounts, 5.9 million workplace plan participant accounts, 2.3 million banking accounts, and $13.14 trillion in client assets as of May 31, 2026. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, https://www.sec.gov), and its affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com.
Air Products & Chemicals (NYSE:APD | APD Price Prediction) is a stock worth owning for decades because it sells an essential, contractually locked-in product into every corner of the global industrial economy and has raised its dividend for 44 consecutive years. For a retirement investor who has been whipsawed by thematic trades, this is the kind of position that historically rewards patience.
Pillar 1: A Business Structure That Cannot Be Dislodged Air Products supplies oxygen, nitrogen, hydrogen and helium to refineries, semiconductor fabs, hospitals and food processors. Its production facilities are typically built directly adjacent to customer plants or connected by dedicated pipeline, under multi-decade take-or-pay contracts. A customer cannot switch suppliers without risking factory shutdown, which is why the company’s on-site backlog keeps compounding regardless of who occupies the White House or what the 10-year yield is doing.
That durability is showing up in the numbers. Q2 FY2026 revenue rose 9% to $3.171 billion, adjusted EPS grew 19%, and operating margin expanded over 200 basis points to 23.7%. CEO Eduardo Menezes also announced a Samsung agreement to build, own and operate gas supply for an advanced Korean semiconductor fab, which he called “the largest investment we ever made in the electronics side”, and the company is supplying liquid hydrogen and helium to NASA’s Artemis program.
Pillar 2: Income You Can Set Your Calendar To The Q1 FY26 dividend was raised to $1.81 per quarter, the latest step in a streak that has taken the quarterly payout from roughly $0.17 in 1999 to $1.81 in 2026. The forward yield sits around 2.56% on a share price of $282.45, and operating cash flow has covered the dividend roughly 2x or better every year for a decade. The dividend has grown 134% over ten years while the underlying cash engine kept producing $3 billion to $3.6 billion of operating cash annually. That is the definition of a compounder.
Pillar 3: Built to Survive Cycles Industrial gas demand is non-discretionary. Refineries cannot stop buying hydrogen, hospitals cannot stop buying oxygen, and chip fabs cannot stop buying nitrogen. APD’s contracts include energy cost pass-throughs, its beta is just 0.747, and management is reducing capex to approximately $4 billion in fiscal 2026 from over $7 billion the prior year while still guiding to $13.00 to $13.25 in adjusted EPS. Ten-year total price return: 157.36%, before reinvested dividends.
When This Stock Underperforms APD lags badly in roaring risk-on markets. Over the past 30 days following Q2 earnings, the stock fell 6.92% while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) rose 5.69% and the Invesco QQQ Trust (NYSEARCA:QQQ) rose 11.74%. Helium pricing is a persistent headwind and the strategic reset under Menezes drove roughly $3.7 billion in FY2025 project exit charges. None of that changes the forever thesis, because the pipeline customers are still paying take-or-pay, the dividend is still rising, and the Samsung and NASA wins are still booked.
Air Products fits a long-horizon, income-focused portfolio.
SALT LAKE CITY, June 24, 2026 /PRNewswire/ -- Extra Space Storage Inc. ("Extra Space") (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the "operating partnership"), has priced a public offering of $550 million aggregate principal amount of 4.900% senior notes due 2032 (the "Notes"). The Notes were priced at 99.702% of the principal amount and will mature on February 1, 2032.
BOSTON--(BUSINESS WIRE)--BXP (NYSE: BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced a long-term lease agreement with Boston Dynamics for approximately 320,000 square feet at Reservoir Place, a 530,000 square foot building located at 1601 Trapelo Road in Waltham, Massachusetts. The lease marks one of the largest innovation-driven office transactions in Greater Boston this year and supports Boston Dynamics' plans for a si.
NASHVILLE, Tenn., June 24, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”), a leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences, today addressed recent media reports regarding the Company’s Opry Entertainment Group (“OEG”) business.
Colin Reed, Executive Chairman of Ryman Hospitality Properties said, “We are incredibly proud of our OEG business and of our role as stewards of these historic and iconic brands, which are deeply important to the country music community and the markets we serve. We remain focused on bringing artists and audiences together through iconic live entertainment experiences. We have previously shared our view that enabling OEG to operate outside of our REIT structure over time is important for its long-term growth trajectory, and we believe strategic partnerships can further support its growth.
With the rise in global popularity of country music and the increasing demand for live experiences, we have received inbound interest from a range of organizations seeking to partner with our entertainment business. In that context, we have engaged Morgan Stanley & Co. LLC to assist in evaluating potential opportunities. We expect to play an integral role in the continued growth of OEG irrespective of any strategic partnerships being considered.”
The Company has not entered into any agreements, and there are no assurances that any transaction will occur.
About Ryman Hospitality Properties, Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.
This press release contains statements as to the Company’s beliefs and expectations about future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future growth of the OEG business, future opportunities, and any potential transaction. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the OEG business generally, and the occurrence of any event, change or other circumstance that could limit the Company’s ability to capitalize on any opportunities it identifies. including those described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Investor Relations Contacts:Mark Fioravanti, President and Chief Executive Officer
(615) 316-6588 [email protected]
Jennifer Hutcheson, Chief Financial Officer
(615) 316-6320 [email protected]
Sarah Martin, Vice President, Investor Relations
(615) 316-6011 [email protected]
Media Contact:Shannon Sullivan, Vice President, Corporate and Brand Communications
(615) 316-6725 [email protected]
Few large-cap stocks have performed quite like Coinbase (NASDAQ:COIN | COIN Price Prediction) over the past 12 months. After peaking near $444.64 in the prior bull run, shares have round-tripped on a brutal crypto pullback. Our model sees significant upside from here.
Our 24/7 Wall St. price target for Coinbase is $271.94, implying 64.97% upside from the recent close of $164.84. The recommendation is buy, with a confidence level of 90%. That is a high-conviction call, anchored by forward earnings recovery, a deep subscription revenue base, and analyst consensus well above today’s quote.
24/7 Wall St. Price Target Summary Metric Value Current Price $164.84 24/7 Wall St. Price Target $271.94 Upside 64.97% Recommendation BUY Confidence Level 90% Crypto Winter Has Hit COIN Hard Coinbase shares are down 27.11% year to date and 46.55% over the past year, badly lagging the broader market. Bitcoin is down 27.05% YTD and Ethereum has tumbled 41.86%, squeezing the trading volumes that drive Coinbase’s transaction line.
Q1 2026 results, released May 7, 2026, showed the damage. Revenue of $1.41 billion fell 30.54% year over year, missing consensus by 4.72%. EPS came in at -$1.49 versus a $0.0444 estimate, weighed down by $482.40 million in markdowns on crypto held for investment. Management responded with a 14% headcount cut targeting roughly $500 million in annualized savings.
The Case for $400+ The bull case rests on Coinbase’s evolution beyond a pure trading venue. Subscription and services revenue reached 44% of net revenue in Q1, with stablecoin revenue of $305 million riding a USDC market cap that touched $80 billion in March.
Prediction markets crossed $100 million annualized within two months of launch, retail derivatives are tracking toward a $250 million tier, and DEX trading volume doubled quarter over quarter.
Industry tailwinds are sizeable. The stablecoin market is projected to grow from $300 billion to $3 trillion by 2030, with tokenized real-world assets potentially reaching $16 trillion.
If Coinbase rides those waves, our bull case scenario points to $406.07 over the next 12 months. Analyst consensus sits at $229.74, with 21 buys against just 3 sells.
What Could Go Wrong Coinbase remains tethered to crypto prices. Total crypto market cap and volumes both fell more than 20% quarter over quarter in Q1, and a beta of 3.32 means downside in BTC and ETH translates into amplified equity moves.
Insiders have been net sellers across 90 recent transactions, and the forward P/E of 77 leaves no room for further volume erosion.
The Q1 GAAP loss was largely a non-cash crypto markdown, and adjusted EBITDA was still positive at $303.30 million, the 13th straight positive quarter.
Cash of $10.21 billion and $2.10 billion in remaining buyback authorization give management room to defend the stock. Our bear case scenario still lands at $227.99, above today’s price.
Coinbase Price Prediction 2026-2030 My 24/7 Wall St. price target is $271.94, buy, with 90% confidence. The factor tipping the scale is the durability of subscription revenue, which now cushions trading swings far better than during the 2022 cycle.
The setup looks constructive if BTC stabilizes above $60,000 and Q2 transaction revenue tracks management’s $215 million May 5 pace. Caution is warranted if stablecoin revenue rolls over or another data-security event hits the cost base.
Year 24/7 Wall St. Price Target 2026 $221.08 2027 $271.94 2028 $365.00 2029 $490.00 2030 $645.59 These projections assume Coinbase executes its Everything Exchange strategy and stablecoin and prediction-market revenue compound through the decade. Significant upside or downside could result from crypto cycle timing, regulatory shifts under the GENIUS Act framework, or a major security incident.
S&P Global (SPGI +0.59%), one of the world's largest financial data companies, is often considered an evergreen stock. It provides financial data, credit ratings, and analytics services to 80% of the Fortune 500 companies. It's also raised its dividend annually for 53 consecutive years, making it a Dividend King that has maintained that streak for at least 50 years.
Yet S&P Global isn't completely immune to interest rate swings. Let's see how higher interest rates could create both tailwinds and headwinds for its core businesses.
Image source: Getty Images.
The tailwinds and headwinds Higher interest rates usually throttle economic growth and drive up borrowing costs for corporations. That pressure discourages companies from issuing new debt at higher rates, thereby reducing demand for S&P Global's credit rating services.
However, that market volatility and macroeconomic uncertainty will also fuel more demand for its subscription-based market intelligence and commodity insights services. Its S&P Dow Jones Indices division also generates revenue through asset-linked fees (such as ETFs tracking the S&P 500), and those revenues will generally rise faster in volatile, heavily traded markets.
Higher interest rates could also drive more investors toward private credit and alternative assets. S&P Global has been preparing for that shift by launching new services for pricing and evaluating illiquid private assets, and those newer businesses could thrive in a messier market.
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Will S&P Global weather the storm? S&P Global generates most of its revenue from subscription-based services, but its credit rating services operate at much higher margins. So even though its subscription businesses should thrive regardless of the interest rate swings, its credit rating business -- which drives more of its profit growth -- could suffer a near-term slowdown if interest rates stay elevated.
That pressure, along with concerns about AI-powered competitors challenging its subscription services, caused S&P Global's stock to decline more than 20% year-to-date. However, analysts still expect its EPS to rise 10% in 2026 and 13% in 2027 -- and its stock looks reasonably valued at 20 times forward earnings. Its forward yield of less than 1% won't impress any income investors, but its low payout ratio of 24% gives it plenty of room for future dividend hikes.
Elevated interest rates and AI challenges made S&P Global less appealing this year, but it's still a rock-solid long-term investment. If you plan to hold the stock for at least a few years instead of a few quarters, it's still worth buying today regardless of what the Fed does this year.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends S&P Global. The Motley Fool has a disclosure policy.
S&P Global (NYSE:SPGI | SPGI Price Prediction) screens as a multi-decade compounder candidate because it operates a legally protected toll booth on global capital markets that almost every borrower, asset manager, and index fund is structurally required to pay.
Recent price action is ugly: shares are down 23.08% year to date and trade at $400.16. For an investor in their 50s or 60s who has been chasing the wrong themes for a decade, that drawdown represents an entry point for long-horizon investors.
Pillar 1: Durability Backed by Regulation S&P Global is one of the Big Three credit rating agencies designated as an NRSRO by the SEC, a status required for most debt issuance in U.S. capital markets. Whenever a corporation, municipality, or sovereign government wants to issue debt, they are practically forced to pay S&P Global to rate it. The company also owns the S&P 500 and S&P Dow Jones Indices, collecting asset-linked licensing fees from essentially every major ETF and passive fund that tracks them.
The financial signature of that moat is unmistakable. Q1 2026 revenue grew 10.43% to $4.171 billion, GAAP operating margin expanded 620 basis points to 48.0%, and the Indices segment alone ran a 72% GAAP operating margin. Forward P/E sits at 21.
Pillar 2: Income That Compounds Quietly The Q4 2025 release marked the company’s 53rd consecutive year of dividend increases, putting it in Dividend King territory. The quarterly payout has climbed from $0.245 in 2001 to $0.97 today. Management plans to return 100% or more of adjusted free cash flow through dividends and buybacks in 2026, after returning $6.2 billion (113% of adjusted FCF) in 2025. Diluted shares are shrinking by roughly 3% a year.
Pillar 3: Built to Survive Market Cycles Recurring revenue absorbs the shocks. Subscription revenue grew 6% in Q1 2026, asset-linked index fees rose 18%, and surveillance fees on the trillions of dollars of already-rated debt keep flowing whether or not new issuance is hot. CEO Martina Cheung said the company delivered “strong revenue growth and margin expansion in every division” in “an incredibly volatile and challenging operating environment.”
The Scenario Where It Underperforms The Ratings business is cyclical. When credit markets freeze, transaction revenue drops fast, as it did in Q2 2025 when Ratings transaction revenue fell 4% and the segment grew just 1%. In a sustained issuance drought, SPGI will lag faster-growing software peers for several quarters. That does not break the forever thesis. Debt eventually gets refinanced, the NRSRO designation is not going away, and the S&P 500 brand is not displaceable by a competitor. Subscriptions, surveillance fees, and index licensing carry the company through the trough.
For a retirement-focused investor who is tired of watching screens, S&P Global fits the profile of a long-duration compounder rather than a short-term trade.
Strategy shares are approaching critical lows. What’s behind MSTR weakness? Bitcoin Slides Under $60,000Bitcoin dropped below $60,000 on Wednesday, extending a difficult stretch that has pressured most crypto‑exposed stocks. K33 Research noted that investment products tied to Bitcoin have posted their first negative one-year flow reading since November 2023. The last time this signal appeared was only weeks before Bitcoin reached its cycle low in October 2022.
K33 Head of Research Vetle Lunde tracked rolling one-year notional flows across Bitcoin ETPs, futures ETFs and similar vehicles at negative 1,176 BTC as of June 18. He cautioned that the comparison to 2022 is not perfect because the structure of those earlier outflows was different, but the trend still reflects weakening demand.
Strategy’s Preferred Stock Adds Additional PressureStrategy is also facing pressure from its STRC preferred stock, which has fallen below $90 for the first time since it launched. K33 highlighted that the company’s annual dividend obligations are now around $1.7 billion.
Lunde estimated that Strategy has roughly ten months of dividend coverage following a recent $300 million capital raise. He said the company is still far from being forced to sell Bitcoin, but the preferred stock weakness adds another layer of stress to the equity.
MSTR Stock: Critical Levels To WatchFrom a longer-term perspective, the chart remains firmly under pressure. The stock trades 24.7% below its 20-day simple moving average, 37.8% below its 50-day simple moving average, and 49.6% below its 200-day simple moving average. That kind of distance from the major trend lines signals that every rally attempt has been sold and that the market continues to reprice the stock lower.
Momentum is the main focus right now, and RSI provides the clearest read. RSI sits at 28.27, which indicates deeply oversold conditions and shows that the decline has become stretched. RSI helps identify when selling has accelerated too quickly, which can sometimes lead to short-term rebounds, although it does not confirm a lasting bottom on its own.
The trend structure also reflects significant damage. The 20-day average sits below the 50-day average, and the death cross that formed in October 2025, when the 50-day average fell under the 200-day average, remains in place. RSI first reached overbought territory in April and then slid into oversold territory in June, matching the recent June swing low and reinforcing that sellers have controlled the price action for months.
Key Resistance: $126.11 — This level aligns with the 20-day simple moving average and often acts as overhead supply during downtrends. Key Support: $103.52 — This area sits near the prior 52-week low and is a level traders watch closely for signs of stabilization. MSTR Shares Are SlippingMSTR Price Action: Strategy shares were down 8.48% at $95.03 at the time of publication on Wednesday. The stock is trading at a new 52-week low, according to Benzinga Pro.
Image: T. Schneider/Shutterstock
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Bitcoin-related stocks have remained under pressure this year as the world's largest cryptocurrency has plummeted 30% to around $60,000, down from all-time highs above $125,000 seen this past October.
Amid the decline, the most closely watched names are Coinbase Global (COIN - Free Report) ) and Strategy (MSTR - Free Report) ), two companies whose fortunes are closely tied to Bitcoin in different ways.
While both stocks have historically moved in tandem with Bitcoin prices, investors should understand how each company is exposed to the cryptocurrency market before deciding whether either stock is worth the risk.
Image Source: TradingView
Why Bitcoin has FallenBitcoin's recent weakness has been driven by a combination of factors, including profit-taking after last year's surge to new highs, uncertainty surrounding interest rate policy, and broader risk-off sentiment in financial markets.
When investors become more cautious, speculative assets such as cryptocurrencies often face increased selling pressure. Additionally, concerns about economic growth and shifts in investor appetite for risk can weigh on digital assets. As Bitcoin declines, companies that derive significant value from cryptocurrency activity frequently see their shares fall as well.
It’s also noteworthy that many avid investors, including billionaire Mark Cuban, have been disappointed in Bitcoin for its inability to act as a safe-haven asset similar to gold. Cuban recently disclosed that he sold most of his Bitcoin holdings because it failed to deliver on its promise as a hedge against economic and geopolitical uncertainty.
Cuban, who previously championed Bitcoin as a better alternative to gold for storing value during fiat currency devaluation, pointed to its underperformance during recent crises. He noted that while gold surged to $5,000 amid Iran war tensions, Bitcoin dropped, directly contradicting the expectation that it would rise when fiat currencies weakened.
Coinbase: A Crypto Exchange Sensitive to Trading ActivityOperating one of the largest cryptocurrency exchanges in the world, Coinbase generates a substantial portion of its revenue from transaction fees. The company's business tends to thrive when cryptocurrency prices are rising and trading volumes are elevated.
When Bitcoin falls, investor enthusiasm often cools, leading to lower trading activity across the crypto market. Reduced trading volumes can translate into weaker transaction revenue for Coinbase, creating pressure on the company's financial results and stock price.
As a result, Coinbase shares have often shown a strong correlation with Bitcoin's performance. Investors aren't simply betting on the cryptocurrency itself; they are also wagering on the health of the broader digital asset ecosystem and the level of trading activity it generates.
Strategy: A Leveraged Bitcoin ProxyStrategy's relationship with Bitcoin is even more direct, transforming itself into the largest corporate holder of Bitcoin after accumulating a massive cryptocurrency treasury over the past several years.
Because the value of Strategy's balance sheet is heavily tied to its Bitcoin holdings, the stock frequently behaves like a leveraged Bitcoin investment. When Bitcoin rises, investors often bid up Strategy shares at an even faster pace, and vice versa when the cryptocurrency falls. When Bitcoin declines, concerns about the value of the company's holdings can lead to outsized losses in the stock.
As of now, Strategy holds 847,363 bitcoins in its reserve, valued at just over $50 billion based on the latest market price.
Coinbase vs. Strategy: Which Is Riskier?Both stocks carry significant risk at the moment, but for different reasons.
Coinbase offers exposure to the cryptocurrency industry through its exchange platform, giving investors a business with multiple revenue streams that extend beyond simply holding Bitcoin. However, its earnings remain heavily dependent on crypto market activity.
Strategy, on the other hand, is essentially a high-beta Bitcoin vehicle. The company's valuation is deeply connected to the performance of its Bitcoin treasury, making it particularly vulnerable during cryptocurrency downturns.
For investors seeking Bitcoin exposure through equities, Coinbase may offer a somewhat more diversified approach, while Strategy provides a more direct but potentially more volatile bet on the cryptocurrency's price.
Aforementioned, Coinbase and Strategy shares have largely mirrored Bitcoin's 30% year to date decline, though both stocks are still up substantially over the last three years, with gains of more than 140% and 200%, respectively.
Image Source: Zacks Investment Research
Bottom LineBitcoin's recent decline has weighed on both Coinbase and Strategy, highlighting the strong connection between cryptocurrency prices and the performance of Bitcoin-related stocks. While Coinbase's fortunes are tied largely to trading activity and the overall health of the crypto ecosystem, Strategy's value is linked more directly to the price of Bitcoin itself.
Investors considering either stock should recognize that continued weakness in Bitcoin could create additional volatility. At the moment, Coinbase stock currently lands a Zacks Rank #3 (Hold), while Strategy lands a Zacks Rank #5 (Strong Sell).
BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced its intention to increase its common stock dividend by 10% to $0.92 per share in the third quarter of 2026, subject to approval by its Board of Directors. State Street remains authorized to repurchase common shares under its existing share repurchase program previously approved by its Board of Directors.The Company also announced that it has completed the Federal Reserve's 2026 Supervisory Stress Test. Consistent with t.
Investors in Aon plc (AON - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the July 17, 2026 $290 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Aon shares, but what is the fundamental picture for the company? Currently, Aon is a Zacks Rank #3 (Hold) in the Insurance – Brokerage industry that ranks in the Bottom 16% of our Zacks Industry Rank. Over the last 60 days, three analysts have increased their earnings estimates for the current quarter, while four have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $3.41 per share to $3.40 in that period.
Given the way analysts feel about NVIDIA right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
, /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of National Storage Affiliates Trust (NYSE: NSA) to Public Storage (NYSE: PSA). Under the terms of the proposed transaction, shareholders of National will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit of National that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nsa/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
1100 Poydras St., Suite 960
New Orleans, LA 70163
CrowdStrike (CRWD 1.23%), one of the world's largest cybersecurity companies, will execute a 4-for-1 stock split on July 2. Let's see why it's splitting its stock, which has risen nearly 40% over the past 12 months, and whether it matters to long-term investors.
Why is CrowdStrike's stock soaring? Many traditional cybersecurity companies deploy their services via on-site appliances, which are expensive, take up a lot of space, and require constant maintenance. CrowdStrike eliminates those issues with its cloud-native subscription services, which don't require any appliances.
Image source: Getty Images.
From fiscal 2021 to fiscal 2026 (which ended this January), CrowdStrike's revenue rose more than fivefold from $874 million to $4.81 billion, its adjusted subscription gross margin expanded from 77% to 81%, and its adjusted EPS surged from $0.27 to $3.73.
CrowdStrike's customers start with four basic modules on its Falcon platform and can subscribe to additional modules for specific services. At the end of fiscal 2021, only 24% of its customers had adopted at least six of those modules. But by the end of fiscal 2025, that percentage had more than doubled to 50%. The stickiness of its platform increased, even as inflation, higher interest rates, and other macro headwinds rattled the global economy. CrowdStrike also bounced back from a devastating, brand-tarnishing system outage in 2024.
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From fiscal 2026 to fiscal 2029, analysts expect CrowdStrike's revenue to grow at a 22% CAGR. They also expect it to turn profitable by generally accepted accounting principles (GAAP) in fiscal 2027 and grow its GAAP net income at a 104% CAGR over the following two years.
Will a stock split boost CrowdStrike's stock? CrowdStrike's stock might superficially seem "expensive" at $670 per share, but its trading price doesn't determine if it's undervalued or overvalued. But with a market cap of $173 billion, it certainly looks pricey at 29 times this year's sales and 136 times its forward adjusted EPS.
Its upcoming 4-for-1 stock split won't reduce those valuations, because it's merely splitting a single pizza into four smaller slices. It might look cheaper in the high $160s, but those smaller slices are still trading at the same forward price-to-sales and price-to-earnings ratios.
In the past, stock splits were more meaningful when investors could only buy single shares or round lots of 100 shares. Today, most brokerages offer fractional trading -- which makes it much easier for smaller retail investors to buy shares of high-priced stocks.
Therefore, stock splits matter only for options traders, who pin single contracts to round lots, and for the company, which gets a bit more flexibility in its stock-based compensation plans. Most investors should simply tune out that near-term noise and focus on its long-term strengths.
Holders of CrowdStrike (NASDAQ:CRWD | CRWD Price Prediction) own the household name in cybersecurity, and the stock has rewarded that conviction with a 45.26% year-to-date gain through June 23. The catch is concentration. A single Falcon sensor incident in July 2024 still drags litigation costs across CrowdStrike’s results. The First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR) keeps CrowdStrike as its second-largest position while spreading the rest of the bet across the full cybersecurity stack, capturing the same AI-era demand story without binary single-stock outcomes.
The Case for Holding CRWD If you look at the fundamentals, the ownership case makes a lot of sense. Revenue for the first quarter of fiscal 2027 came in at $1.39 billion, which is up 25.57% year over year, and non-GAAP earnings per share of $1.10 extended the beat streak to eight consecutive quarters. Total annual recurring revenue reached $5.51 billion, while free cash flow margin expanded to 34%. Management also raised revenue guidance for fiscal 2027 to a range of $5.91 billion to $5.96 billion, and a four-for-one stock split is set to take effect on July 2, 2026.
Where the Concentration Bites The stock trades at 137x forward earnings with a price-to-sales ratio of 34. CrowdStrike still books $317.6 million in quarterly stock-based compensation and continues to absorb litigation costs from the 2024 outage. Reddit sentiment turned bearish across the stock market and stocks subreddits after the most recent beat, with users flagging operating expense growth even as results topped consensus. A single disappointment at premium multiples hits the full position.
What CIBR Owns and What It Costs CIBR runs at a 0.58% expense ratio and holds 51 positions. As of June 21, 2026, CrowdStrike is the second-largest holding at 10.23%, behind Palo Alto Networks (NASDAQ:PANW) at 10.71% and ahead of Fortinet (NASDAQ:FTNT) at 8.41%. Cloudflare holds 3.71%, and Zscaler sits in the top ten at 3.65%.
The basket is up 18.06% year-to-date and 15.2% over one year. Peer results validate the sector tailwind: Palo Alto posted Q3 FY26 revenue of $3.00 billion (+31.1% YoY), and Fortinet delivered Q1 FY26 product revenue growth of 41%. Year-to-date, PANW is up 57.93%, and FTNT is up 86.37%, both outpacing CrowdStrike. Owning CIBR captures that peer leverage across the cybersecurity stack.
The Tradeoffs Worth Naming This particular ETF is concentrated rather than broadly diversified across the space. The top five holdings, which include names like Cisco and Broadcom, account for roughly 45% of total assets, and there is meaningful infrastructure exposure beyond just pure-play cybersecurity names.
One holding, Zscaler, really illustrates the defensive value of the basket: that stock dropped 43.9% year to date despite beating earnings every single quarter, but holders of the ETF absorbed that collapse at a small weight rather than taking full exposure. The 0.58% fee does add up on top of zero-cost direct ownership, and the fund trails another well-known name in the space by roughly 27 percentage points so far this year. In the end, you are trading away upside potential in exchange for some reduction in downside risk.
How to Approach the Switch In a taxable account, selling CrowdStrike at current prices would trigger capital gains on a position that has appreciated substantially for most holders, while a tax-advantaged account would carry no such friction. Partial-rotation scenarios let holders retain CRWD exposure while reducing single-name concentration.
A partial trim of 25%-50% into CIBR captures diversification while preserving direct upside in CRWD. Investors who specifically believe CrowdStrike will continue beating the cybersecurity basket have a reason to hold; investors uncomfortable owning the full position through a second Falcon-style event have a specific, low-cost vehicle that retains CrowdStrike as a top holding while spreading exposure across the rest of the stack.
Reading the Setup From Here CrowdStrike’s fundamentals continue to compound, and CIBR does not outperform it in the current window. The argument for the basket rests on the risk shape. Holders who would lose sleep over a repeat operational event have a concrete alternative at 0.58% annually that still rides the AI-cybersecurity demand wave through every major name in the sector.
The question dominating CNBC’s Squawk on the Street on June 24, 2026: is the plumbing of leveraged single-stock ETFs now driving price action, rather than fundamentals? Host Carl Quintanilla led a discussion with David Faber, Leslie Picker, and Cantor Fitzgerald’s CJ Muse that put market structure at the center of this week’s tech sell-off, ahead of the AI demand story.
The Structural Thesis: A Thin-Float IPO Meets a Wall of Leverage The case study is SpaceX (NASDAQ:SPCX). Faber argued that leveraged ETFs are a structural phenomenon that can limit liquidity, and when they rebalance toward the close they create outsized moves in both directions. He noted roughly 11 leveraged or derivative ETFs launched right after SpaceX went public with only a 4% float, layering forced daily rebalancing on top of already-limited tradable supply.
SpaceX-linked products include the GraniteShares 2x Long SpaceX Daily ETF (CBOE:SPAL), along with additional 2x short, ProShares Ultra, Defiance Daily Target 2x Long SPCX ETF (SPCU), and Kurv Enhanced Income variants. SPAL carries a 1.5% gross and net expense ratio per its June 12, 2026 prospectus (see the SEC filing).
The price action backs up the mechanics. SPCX fell 22.64% over the week ending June 23, from $201.80 to $156.11, after clearing $200 days earlier. SPAL, the 2x long product, dropped 42.51% over the same stretch, from $37.78 to $21.72. That gap between a 2x daily ETF and its underlying is the daily-reset compounding decay Faber described.
Why It Spills Into Mega-Cap Tech Picker observed that volatility is now happening “at scale.” Unlike the meme-stock era, which was largely small caps, semiconductor shares now sit at a record roughly 19% of the S&P 500, about double the level from 2000. Daily swings in a handful of names move the index.
That concentration shows up directly in the SPDR S&P 500 ETF (NYSEARCA:SPY), where NVIDIA alone carries a 7.58% weight as of the March 17, 2026 fact sheet. SPY fell 2.23% over the week ending June 23, with a 1.62% one-month decline. NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) slid 6.99% over the past month to $200.04. The VIX closed at 19.49 on June 23, up 18.8% week-over-week from 16.41, ranking in the 77.1 percentile of its 12-month range. Stress is broad-based across the market.
The Counterweight: Demand Still Looks Tight Muse pushed back on a fundamentals-broken read. He argued a rising tide for compute demand will lift all boats so long as capacity stays tight, with memory supply tightening further into 2027 and TSMC wafer allocation prioritizing NVIDIA, AMD, and Broadcom. His Micron bull case targets roughly $200 of earnings for next calendar year, implying about a 5x multiple, framed explicitly as his projection.
The recent prints support the demand backdrop. Shares of Micron (NASDAQ:MU) have rallied 268.68% year-to-date to $1,051.77 as of June 23. Micron’s Q2 FY2026 revenue hit $23.86B, up 196.3% YoY, with non-GAAP EPS of $12.20 beating $8.73. NVIDIA’s Q1 FY2027 delivered $81.61B in revenue, up 85.2%, with Data Center up 92% YoY.
Micron reports tonight. Its earnings have quickly become what NVIDIA’s used to be in 2024, the “bellweather” report that shapes whether the market as a whole rises or falls in the weeks to come.
What to Watch Next Leveraged single-stock ETFs anchored to a 4% float can amplify swings into the close, and with semis at a record S&P 500 weighting, that amplification leaks into NVIDIA, Micron, and the index itself.
Whether this is the root cause or one accelerant alongside positioning resets, the feedback loop persists until either the float expands or rebalancing mechanics change. Underlying compute demand, as Muse framed it, is a separate question, and so far the earnings line still points up. The next big test will come tonight when Micron reports. It will be a balancing act to satisfy sky-high investor demands, but with the stock up more than 700% across the past year, short-term volatility may win out even as the longer-term picture continues to look optimistic.
COLUMBUS, Ohio, June 24, 2026 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), the leading technology company in car insurance, today announced its plans to host a conference call on Wednesday, August 5, 2026 at 5:00 p.m. Eastern Time to discuss financial results for the second quarter 2026 and provide an update on company operations. The company plans to release its second quarter results in the Investor Relations section of its website at ir.joinroot.com following the close of the financial markets on Wednesday, August 5, 2026.
Webcast and Conference Call Details:
A replay of the webcast will be available for on-demand viewing shortly after the call on the Investor Relations page of the company’s website at ir.joinroot.com.
About Root, Inc.
Root Insurance is a technology company revolutionizing car insurance through data science and automation. The Root app has reached more than 17 million downloads and has analyzed more than 36 billion miles of driving data to deliver personalized and fair pricing. Root, Inc. (NASDAQ: ROOT) is the parent company of Root Insurance Company.
For further information on Root, please visit root.com.
[url="]Corning Incorporated's[/url] (NYSE: GLW) Board of Directors today declared a quarterly dividend of $0.28 per share. The dividend will be payable on Sept
NEW YORK, June 24, 2026 (GLOBE NEWSWIRE) -- Prospect Floating Rate and Alternative Income Fund, Inc. (“Prospect Floating Rate and Alternative Income Fund” or the “Fund”), announced today that the Fund’s Board of Directors has declared the monthly “base” cash common shareholder distribution and its quarterly cash “bonus” common shareholder distribution for June 2026.
The annualized total “base” cash distribution is $0.3810 per share (10.00% annualized percentage rate based on the net asset value as of March 31, 2026), for distribution with a record date of June 26, 2026 and a payment date of July 2, 2026.
Monthly Base Cash
Shareholder
DistributionRecord DatePayment DateTotal Amount
($ per share)June 2026June 26, 2026July 2, 2026$0.02924
The Fund’s Board of Directors has also declared a quarterly cash “bonus” distribution, as follows:
Quarterly Bonus
Cash Shareholder
DistributionRecord DatePayment DateTotal Amount
($ per share)June 2026June 26, 2026July 2, 2026$0.04723
The total annualized cash distribution is $0.56992 (14.96% annualized percentage rate based on the net asset value as of March 31, 2026 of $3.81), for a distribution with a record date of June 26, 2026.
Distributions shall first be treated as a distribution of taxable investment company income undistributed from the prior year and then treated as a distribution of taxable investment company income for the current year. This treatment will not affect tax reporting to shareholders.
About Prospect Floating Rate and Alternative Income Fund
Prospect Floating Rate and Alternative Income Fund is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company. The Fund invests primarily in the floating rate loans of privately-owned U.S. middle market companies. These investments are generally sourced by Prospect Capital Management L.P, our investment adviser. For more information, visit pfloat.com.
About Prospect Capital Management L.P.
Prospect Capital Management L.P. (“Prospect”), headquartered in New York City, is an SEC-registered investment adviser that, along with its predecessors and affiliates, has more than 30-years of investing in and managing high-yielding debt and equity investments using both private partnerships and publicly traded closed-end structures. Prospect and its affiliates employ a team of over 100 professionals who focus on credit-oriented investments yielding attractive current income. Prospect, together with its affiliates, has $6.9 billion of assets under management as of March 31, 2026. Prospect is the investment adviser to Prospect Capital Corporation (NASDAQ: PSEC). For more information, call (212) 448-0702 or visit https://www.prospectcap.com.
Additional Information
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Past performance is not indicative of future performance. Our distributions may exceed our earnings, and therefore, portions of the distributions that we make may be a return of the money that you originally invested and represent a return of capital to you for tax purposes. The Fund will ordinarily pay distributions from its net investment income, if any, on a monthly basis. Distributions are not guaranteed. Based on current estimates, June 2026 distributions reflect a return of income, and the Fund does not expect any portion of the distributions to be a return of capital. Such a return of capital is not immediately taxable, but reduces your tax basis in our shares, which may result in higher taxes for you even if your shares are sold at a price below your original investment.
Forward-Looking Statements
This press release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future performance of Prospect Floating Rate and Alternative Income Fund Words such as "believes," "expects," "projects," and "future" or similar expressions are intended to identify forward-looking statements. Any such statements, other than statements of historical fact, are highly likely to be affected by unknowable future events and conditions, including elements of the future that are or are not under the control of Priority Income Fund, Inc. and that Prospect Floating Rate and Alternative Income Fund may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and Prospect Floating Rate and Alternative Income Fund undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
New York, New York--(Newsfile Corp. - June 24, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Zoetis Inc. (NYSE: ZTS) between January 14, 2025 and May 6, 2026, inclusive (the "Class Period"), of the important July 27, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Zoetis securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Zoetis class action, go to https://rosenlegal.com/cases/zoetis-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 27, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and touted growing market share, strong veterinarian adoption, and accelerating sales growth across Zoetis' flagship Companion Animal products and/or failed to disclose that: (1) veterinarian prescription growth and adoption of Zoetis' Librela, a canine pain treatment, were sharply weakening as clinicians became more cautious following FDA safety warnings concerning serious neurological complications in dogs; (2) Zoetis' Simparica Trio was losing significant market share to a lower priced competing canine parasiticide with broader indicated use in a slowing overall market; and (3) Zoetis' dermatology products, Apoquel and Cytopoint, were losing substantial market share to a newly launched competing canine treatment. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Zoetis class action, go to https://rosenlegal.com/cases/zoetis-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302767
Source: The Rosen Law Firm PA
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INDIANAPOLIS--(BUSINESS WIRE)--Thomas Carr Howe Middle School today celebrated the unveiling of a newly transformed fitness and strength training space made possible through a partnership with Elevance Health and the Impact Fitness Foundation (IFF).
“Strong communities are built when young people have the support and opportunity they need to thrive,” Gail K. Boudreaux, President and Chief Executive Officer of Elevance Health
Share The project marks the fifth consecutive year that Elevance Health and IFF have invested in Indianapolis schools through community fitness initiatives connected to the Elevance Health Women’s Fort Myers Tipoff, a premier collegiate basketball tournament that celebrates the impact of women in sports.
More than 40 Elevance Health volunteers worked alongside representatives from the Impact Fitness Foundation to renovate the school’s fitness and athletic training areas, creating a modern, welcoming environment designed specifically for middle school students. The project included installation of new flooring, fitness equipment, storage systems, and organizational improvements that will support year-round student wellness and athletic development.
But school leaders say the true impact will be measured not by the equipment installed, but by the opportunities it creates.
The renovated facility will serve as the home for expanded strength and conditioning programming, open gym opportunities, and student-athlete development activities throughout the summer and school year. “This space opens the door to opportunities our students simply didn’t have before,” said William Clay, Athletic Director at Thomas Carr Howe Middle School. “We're excited to provide structured strength and conditioning opportunities, create new experiences for our female student-athletes, and help students build habits that support their health, confidence, and success both on and off the field of play.”
The initiative reflects Elevance Health’s commitment to improving whole health by investing in the places where young people live, learn, and play.
“Strong communities are built when young people have the support and opportunity they need to thrive,” said Gail K. Boudreaux, President and Chief Executive Officer of Elevance Health. “Over the past five years, our partnership with the Impact Fitness Foundation and the Elevance Health Women’s Fort Myers Tipoff has helped schools create spaces that promote movement, well-being, and connection. We are proud of the impact we’ve made together and look forward to continuing to empower the next generation to lead healthier, brighter lives.”
The connection to the Women’s Fort Myers Tipoff is especially meaningful this year as Elevance Health and the Impact Fitness Foundation celebrate their fifth year of a partnership dedicated to helping young people thrive through sports and fitness, while advancing the tournament’s commitment to supporting and empowering young women both on and off the court.
“Research consistently shows that girls are more likely to leave sports and organized fitness programs during adolescence,” said Chris Welsh, Founder and President of the Impact Fitness Foundation. “Creating welcoming spaces and intentional programming can make a tremendous difference. We’re excited to see Howe use this facility not only to support athletics, but also to help young people—especially young women—discover confidence, leadership, and a lifelong connection to health and wellness.”
Following the ribbon-cutting ceremony, coaches, staff members, and student-athletes participated in an instructional clinic led by Impact Fitness Foundation trainers to learn proper equipment use, strength-training fundamentals, and best practices for maintaining the new facility.
About Elevance Health
Elevance Health is a lifetime, trusted health partner whose purpose is to improve the health of humanity. The company supports consumers, families, and communities across the entire healthcare journey – connecting them to the care, support, and resources they need to lead better lives. Elevance Health’s companies serve approximately 105 million consumers through a diverse portfolio of industry-leading medical, pharmacy, behavioral, clinical, home health, and complex care solutions. For more information, please visit www.elevancehealth.com or follow us @ElevanceHealth on X and Elevance Health on LinkedIn.
About Impact Fitness Foundation
The Impact Fitness Foundation is a national nonprofit organization dedicated to creating fitness and movement opportunities in underserved communities. Through facility transformations, programming, education, and training, IFF helps individuals of all ages build healthier futures through movement and wellness.
RAPID CITY, S.D., June 24, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced the release of its 2025 Corporate Sustainability Report, highlighting continued progress toward emissions reduction goals, strategic infrastructure investments and innovative solutions to deliver safe, reliable and cost-effective energy across the communities it serves.
“For more than 140 years, we’ve delivered energy as a trusted partner to our customers and communities,” said Linn Evans, president and CEO of Black Hills Corp. “This year’s report reflects strong, measurable progress and our continued commitment to a balanced, forward-looking sustainability strategy.”
In 2025, the company achieved a 43% reduction in electric utility emissions intensity compared to 2005, driven by the addition of renewable and natural gas resources and the retirement of aging power plants. It also reduced natural gas utility emissions by 25% since 2022, including a 53% reduction from transfer stations, reflecting strong progress toward its net-zero by 2035 goal through expanded leak detection and repair efforts.
Additional highlights include:
Strengthening infrastructure: Completed the 260-mile Ready Wyoming transmission expansion project and invested approximately $900 million in system improvements and maintenanceDriving economic impact: Delivered an estimated $1.65 billion in direct economic impact across the communities servedAdvancing innovation: Continued progress on carbon capture and hydrogen initiatives at the Neil Simpson ComplexEnhancing system resilience: Launched a Public Safety Power Shutoff (PSPS) program and expanded advanced weather monitoring capabilitiesEmpowering customers: Energy efficiency programs helped conserve more than 13 million kilowatt-hours of electricity and 295,000 dekatherms of natural gas
Looking ahead
“We’re at an exciting moment in the energy industry,” said Evans. “As demand grows and expectations evolve, we’re focused on making thoughtful investments, advancing practical innovation and continuing to deliver value for our customers and communities.”
Black Hills Corp. remains committed to building a safer, more resilient, reliable and sustainable energy future while staying grounded in its mission of improving life with energy. To learn more about the company’s progress and sustainability commitments, visit blackhillsenergy.com/sustainability to view the full 2025 Corporate Sustainability Report.
About Black Hills Corp.
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.
Docusign for Perplexity Computer helps in-house legal teams draft, review, sign, and manage contracts across the entire business
, /PRNewswire/ -- Docusign (NASDAQ: DOCU) today announced that its Intelligent Agreement Management (IAM) platform is now available for Perplexity Computer and Computer for Counsel, enabling legal teams and businesses to automate contract workflows with AI. The Docusign integration helps in-house legal teams spend less time on manual contract tasks and more time on strategic work by making it easier to collaborate with sales, procurement, HR, and other teams on contracting work.
Docusign for Perplexity "Contracts are at the heart of how every company operates, and legal teams sit right in the middle of this work," said Allan Thygesen, CEO of Docusign. "Too often, critical contract information gets stuck in disconnected systems, forcing legal teams to juggle multiple tools. We want to bring Docusign's agreement intelligence and workflows directly into the AI tools legal teams already use — so they can spend less time managing documents and more time helping the business move faster."
"As Perplexity's General Counsel, I've felt the pain of contract work scattered across tools firsthand — and I've also seen what Perplexity Computer can do when it's pointed at a real workflow," said Nathan Barksdale, General Counsel at Perplexity. "Connecting Docusign to Computer means legal teams don't just get faster contract execution — they can automate agreement workflows from end-to-end and spend more time on strategic legal work."
Using Docusign in Perplexity for AI-Powered Contracting Work
Powered by the Docusign Model Context Protocol (MCP) server, legal teams can set an objective using plain language in Perplexity and Docusign can automate contract work from start to finish. Examples include:
Streamlined Vendor & Compliance Reviews: Legal and procurement teams can identify clauses that don't align with company playbooks and review suggested edits – no manual comparisons required. Faster Deal Negotiations: During negotiations, legal and sales teams can quickly find historical contract language, draft updated terms based on this information, route approvals, and send the agreement for signature without switching tools. HR & Employment Agreements: Legal can operationalize agreements for HR teams across the entire hire-to-retire journey, from routing employment agreements for review and signature to identifying missing employee documents and flagging compliance issues – without having to open a spreadsheet. The Docusign for Perplexity integration is available today in English globally.
About Docusign
Docusign brings agreements to life. Nearly 1.9 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business-critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using the Docusign AI-native IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com.
Media Contact:
Docusign Corporate Communications
[email protected]
MU stock is climbing after earnings. Watch the price action here. Investors are reading Micron’s numbers as confirmation that the upcycle in memory, NAND and broader storage demand remains intact, driving a bid into the entire group.
Micron Q3 DetailsRevenue surged to $41.46 billion, far ahead of analyst expectations near $35.6 billion, while adjusted EPS jumped to $25.11, topping forecasts of roughly $20.60 per share, according to Benzinga Pro.
Year-over-year revenue growth of about 346% highlights how rapidly demand for high-bandwidth memory and advanced DRAM is hitting the balance sheet.
Robust operating cash flow of $25.39 billion and adjusted free cash flow of $18.3 billion give Micron considerable firepower to keep investing aggressively in capacity and technology.
The OutlookThe forward guidance is what really ignited enthusiasm across memory peers.
Micron projected fourth-quarter revenue of $50 billion, plus or minus $1 billion, versus consensus estimates near $42.95 billion.
It also guided for adjusted EPS of $31 per share, plus or minus $1, compared with expectations around $25.50.
Wall Street often treats Micron as a bellwether for the broader memory and storage complex, so its strong print and outlook naturally spilled over into SanDisk, Western Digital and Seagate.
These companies supply NAND flash and HDD solutions that sit alongside DRAM and HBM in data centers and edge infrastructure, so improving pricing and volume trends in Micron’s core markets typically foreshadow better fundamentals for them too.
Price ActionsSanDisk shares were up 11.58% at $2,136.05 and Seagate Technology shares were up 8.91% at $1,081.71 during after-hours trading on Wednesday, according to Benzinga Pro.
Western Digital shares were up 10.98% at $714 and Micron shares were up 14.92% at $1.208.95 during after-hours trading on Wednesday.
Photo: Mentor57 / Shutterstock
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WILMINGTON, Del., June 24, 2026 /PRNewswire/ -- DuPont (NYSE: DD) today announced that its Board of Directors has declared a quarterly dividend of sixty cents ($0.60) per share on the outstanding Common Stock of the Company (par value $0.01 per share) payable on September 15, 2026, to holders of record of said stock at the close of business on August 31, 2026.
About DuPont
DuPont (NYSE: DD) is a global innovation leader, providing advanced solutions that help transform industries and improve everyday life across our key markets of healthcare, water, construction, and industrial. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.
DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, SM or ® are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.
Paramount Skydance (PSKY, Financials) may be close to clearing one of the last big hurdles in its $111 billion takeover of Warner Bros. Discovery.The Financial
On Feb. 27, oil markets closed with West Texas Intermediate (WTI) crude oil at about $67 a barrel, and a share of ConocoPhillips (COP 2.77%) could be bought for less than $113.
As of June 22, WTI costs just a little more than $74 a barrel -- 10% more expensive -- while Conoco stock has fallen below $110, 2.5% cheaper than four months ago.
And I ask you: Does this make sense?
Image source: Getty Images.
How risky does the world feel to you? Consider the situation in the Persian Gulf right now. Six weeks of fighting ended (sort of) with a ceasefire announced on April 8, followed by a "memorandum of understanding" officially ending the conflict on June 17. As of today, the U.S. naval blockade of Iran has ended, and the Strait of Hormuz is open (except when it isn't).
Does all of this feel only 10% more dangerous to you than how things stood on Feb. 27?
Because the world feels about twice as dangerous, and oil prices about twice as uncertain -- and I'm about as confident in the prospects for lasting peace in the Mideast as I've ever been.
Which is to say, not confident at all.
How likely is it that oil prices stay low? Oil today costing only 10% more than it did four months ago makes little sense given:
The continued perilous situation in the Gulf The depleted state of oil reserves around the world after being denied resupply from the Gulf for the past four months And the tens of billions of dollars of damage done to oil production facilities in the Gulf nations, which will have to be repaired (and those repairs paid for), and which will slow oil production Going forward, I expect the wartime trend of countries cutting back on oil use to conserve supplies will reverse now that oil is flowing (somewhat) again, thereby increasing demand. Turbocharging this trend will be countries that drained their reserves during the war, attempting to restock supplies now that the war is subsided This added demand is likely to drive oil prices even higher.
Today's Change
(
-2.77
%) $
-3.05
Current Price
$
106.92
What this means for ConocoPhillips stock All of this is good news for ConocoPhillips stock.
Priced at $133.6 billion in market capitalization today, Conoco stock trades for about 18.3 times trailing earnings. Even with a 3.1% dividend yield, this seems expensive if Conoco's earnings over the next five years grow only at the 10% rate that Wall Street analysts forecast (according to data from S&P Global Market Intelligence). These analysts expect Conoco's earnings to fall next year, however -- which is the opposite of what I think will happen. If oil prices instead rise as I expect, Conoco's earnings could outperform estimates.
And Conoco stock could be even cheaper than it looks.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends ConocoPhillips. The Motley Fool has a disclosure policy.
Quarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues, as well as Quarterly Record Equities Net Revenues
NEW YORK--(BUSINESS WIRE)--Jefferies Financial Group Inc. (NYSE: JEF)
Q2 Financial Highlights
$ in thousands, except per share amounts
Quarter End
Year-to-Date
2Q26
2Q25
2026
2025
Net earnings attributable to common shareholders
$
226,234
$
88,017
$
382,161
$
215,955
Diluted earnings per voting common share
$
1.02
$
0.40
$
1.70
$
0.97
Return on adjusted tangible shareholders' equity1
12.8
%
5.5
%
12.2
%
6.9
%
Total net revenues
$
2,206,451
$
1,634,447
$
4,223,581
$
3,227,466
Investment banking net revenues
$
1,206,820
$
766,307
$
2,224,113
$
1,466,999
Capital markets net revenues
$
799,292
$
704,155
$
1,578,048
$
1,402,439
Asset management net revenues
$
187,718
$
154,621
$
407,980
$
346,336
Pre-tax earnings
$
315,549
$
134,901
$
527,765
$
285,966
Book value per common share
$
51.95
$
49.96
$
51.95
$
49.96
Adjusted tangible book value per fully diluted share3
$
34.55
$
32.84
$
34.55
$
32.84
Quarterly Cash Dividend and Stock Buyback Activity
The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 28, 2026 to record holders of Jefferies common shares on August 18, 2026.
During the quarter, we repurchased 4.0 million shares of common stock for $197 million, or an average price of $49.83 per share. Our Board of Directors has increased our share buyback authorization back to a total of $250 million.
Management Comments
"Our strong second quarter net revenues of $2.21 billion, net earnings attributable to common shareholders of $226 million, diluted earnings per voting common share of $1.02 and return on adjusted tangible shareholders' equity of 12.8% reflect the momentum and market position we have been building at Jefferies.
"The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods.
“Investment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings.
"Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses.
"Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results."
Richard Handler, CEO, and Brian Friedman, President
Financial Summary (Unaudited)
$ in thousands
Three Months Ended
Six Months Ended
May 31,
2026
February 28,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Net revenues by source:
Advisory
$
674,118
$
527,128
$
457,860
$
1,201,246
$
855,640
Equity underwriting
370,691
305,969
122,366
676,660
250,886
Debt underwriting
160,186
181,858
205,363
342,044
404,725
Other investment banking
1,825
2,338
(19,282
)
4,163
(44,252
)
Total Investment Banking
1,206,820
1,017,293
766,307
2,224,113
1,466,999
Equities
600,751
558,488
526,244
1,159,239
935,302
Fixed income
198,541
220,268
177,911
418,809
467,137
Total Capital Markets
799,292
778,756
704,155
1,578,048
1,402,439
Total Investment Banking and Capital Markets Net revenues5
2,006,112
1,796,049
1,470,462
3,802,161
2,869,438
Asset management fees and revenues6
15,169
69,910
20,766
85,079
109,396
Investment return
31,037
88,992
50,404
120,029
44,770
Allocated net interest4
(22,935
)
(22,238
)
(19,144
)
(45,173
)
(36,365
)
Other investments, inclusive of net interest
164,447
83,598
102,595
248,045
228,535
Total Asset Management Net revenues
187,718
220,262
154,621
407,980
346,336
Other
12,621
819
9,364
13,440
11,692
Total Net revenues by source
$
2,206,451
$
2,017,130
$
1,634,447
$
4,223,581
$
3,227,466
Non-interest expenses:
Compensation and benefits
$
1,188,245
$
1,085,890
$
854,839
$
2,274,135
$
1,695,966
Compensation ratio13
53.9
%
53.8
%
52.3
%
53.8
%
52.5
%
Non-compensation expenses
$
702,657
$
719,024
$
644,707
$
1,421,681
$
1,245,534
Non-compensation ratio13
31.8
%
35.6
%
39.4
%
33.7
%
38.6
%
Total Non-interest expenses
$
1,890,902
$
1,804,914
$
1,499,546
$
3,695,816
$
2,941,500
Net earnings before income taxes
$
315,549
$
212,216
$
134,901
$
527,765
$
285,966
Income tax expense
$
65,571
$
52,870
$
43,506
$
118,441
$
57,722
Income tax rate
20.8
%
24.9
%
32.3
%
22.4
%
20.2
%
Net earnings
$
249,978
$
159,346
$
91,395
$
409,324
$
228,244
Net losses attributable to noncontrolling interests
(5,440
)
(15,858
)
(7,668
)
(21,298
)
(14,651
)
Preferred stock dividends
29,184
19,504
11,046
48,461
26,940
Net earnings attributable to common shareholders
$
226,234
$
155,700
$
88,017
$
382,161
$
215,955
Results Discussion
* * * *
Amounts herein pertaining to May 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the three and six months ended May 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about July 9, 2026.
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).
Consolidated Statements of Earnings (Unaudited)
$ in thousands, except per share amounts
Three Months Ended May 31,
Six Months Ended May 31,
2026
2025
2026
2025
Revenues
Investment banking
$
1,209,625
$
789,269
$
2,227,909
$
1,518,779
Principal transactions
488,666
338,507
976,164
745,737
Commissions and other fees
400,614
353,233
768,218
641,533
Asset management fees and revenues
9,788
20,076
77,150
105,484
Interest
853,962
878,025
1,667,081
1,723,196
Other
155,542
115,205
272,940
232,450
Total revenues
3,118,197
2,494,315
5,989,462
4,967,179
Interest expense
911,746
859,868
1,765,881
1,739,713
Net revenues
2,206,451
1,634,447
4,223,581
3,227,466
Non-interest expenses
Compensation and benefits
1,188,245
854,839
2,274,135
1,695,966
Brokerage and clearing fees
147,446
129,745
280,578
239,181
Underwriting costs
26,858
14,525
58,241
32,371
Technology and communications
162,860
146,198
322,718
285,673
Occupancy and equipment rental
34,499
30,711
68,359
60,910
Business development
89,108
80,070
164,530
152,361
Professional services
98,707
77,768
175,651
150,234
Depreciation and amortization
47,328
52,253
104,193
83,241
Cost of sales
31,253
42,961
61,173
84,529
Other expenses
64,598
70,476
186,238
157,034
Total non-interest expenses
1,890,902
1,499,546
3,695,816
2,941,500
Earnings before income taxes
315,549
134,901
527,765
285,966
Income tax expense
65,571
43,506
118,441
57,722
Net earnings
249,978
91,395
409,324
228,244
Net losses attributable to noncontrolling interests
(5,440
)
(7,668
)
(21,298
)
(14,651
)
Preferred stock dividends
29,184
11,046
48,461
26,940
Net earnings attributable to common shareholders
$
226,234
$
88,017
$
382,161
$
215,955
Financial Data and Metrics (Unaudited)
Three Months Ended
Six Months Ended
May 31,
2026
February 28,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Other Data:
Number of trading days
63
61
63
124
124
Number of trading loss days7
0
1
13
1
17
Average VaR (in millions)8
$
10.31
$
9.78
$
11.89
$
10.05
$
12.50
In millions, except other data
May 31,
2026
February 28,
2026
May 31,
2025
Financial position:
Total assets
$
79,540
$
74,380
$
67,285
Cash and cash equivalents
14,315
11,963
11,260
Financial instruments owned
28,038
28,079
25,570
Level 3 financial instruments owned9
839
849
763
Goodwill and intangible assets, net14
1,974
1,979
2,060
Total equity
10,607
10,662
10,382
Total shareholders' equity
10,567
10,611
10,305
Tangible shareholders' equity10
8,593
8,632
8,245
Other data and financial ratios:
Leverage ratio11
7.5
7.0
6.5
Tangible gross leverage ratio12
9.0
8.4
7.9
Number of employees at period end
7,371
7,596
7,671
Number of employees excluding Tessellis and Stratos at period end
6,236
6,221
5,949
Non-GAAP Reconciliations
The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.
Return on Adjusted Tangible Equity Reconciliation
$ in thousands
Three Months Ended
May 31,
Six Months Ended
May 31,
2026
2025
2026
2025
Net earnings attributable to common shareholders (GAAP)
$
226,234
$
88,017
$
382,161
$
215,955
Intangible amortization and impairment expense, net of tax15
1,682
5,824
48,170
13,093
Adjusted net earnings to common shareholders (non-GAAP)
227,916
93,841
430,331
229,048
Preferred stock dividends
29,184
11,046
48,461
26,940
Adjusted net earnings to total shareholders (non-GAAP)
$
257,100
$
104,887
$
478,792
$
255,988
Adjusted net earnings to total shareholders (non-GAAP)1
$
1,028,400
$
419,548
$
957,584
$
511,976
February 28,
November 30,
2026
2025
2025
2024
Shareholders' equity (GAAP)
$
10,610,845
$
10,204,228
$
10,574,696
$
10,156,772
Less: Goodwill and intangible assets, net
(1,978,652
)
(2,037,906
)
(2,040,147
)
(2,054,310
)
Less: Deferred tax asset, net
(493,427
)
(507,452
)
(459,052
)
(497,590
)
Less: Weighted average impact of dividends and share repurchases
(112,340
)
(67,343
)
(244,489
)
(157,540
)
Adjusted tangible shareholders' equity (non-GAAP)
$
8,026,426
$
7,591,527
$
7,831,008
$
7,447,332
Return on adjusted tangible shareholders' equity (non-GAAP)1
12.8
%
5.5
%
12.2
%
6.9
%
Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation
Reconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:
Adjusted tangible book value per fully diluted share outstanding (non-GAAP)
$
34.55
$
32.84
(1)
Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025.
(2)
Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026.
(3)
Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options and the impact of convertible preferred shares if-converted to common shares.
Notes
Return on adjusted tangible shareholders' equity represents a non-GAAP financial measure and is based on full year or annualized amounts. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts. Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Adjusted tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to present direct Asset Management revenues. We believe that aggregating Allocated net interest would obscure the revenue results by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. Asset management fees and revenues include management and performance fees from funds and accounts managed by us, revenue from strategic affiliated asset managers where we are entitled to portions their operating revenues and income based on our ownership interests in the affiliates. Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments, excluding certain Other investments. VaR estimates the potential loss in value of trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2025. Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned. Tangible shareholders' equity (a non-GAAP financial measure) is defined as shareholders' equity less Intangible assets and goodwill. We believe that tangible shareholders' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible shareholders' equity, making these ratios meaningful for investors. Leverage ratio equals total assets divided by total equity. Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and intangible assets divided by tangible shareholders' equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues. Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. Includes a $35.5 million after-tax write-down of goodwill associated with Tessellis for the six months ended May 31, 2026. More News From Jefferies Financial Group Inc.
Director Sells GNTX 5,939 Shares Worth $136,500Gentex, a leader in automotive vision and safety tech, reported a notable insider sale amid steady one-year stock performance.
Director Brian C. Walker disclosed the sale of 5,939 shares of Gentex Corporation (GNTX +1.17%) in an open-market transaction on May 15, 2026, as reported in the SEC Form 4 filing.
Transaction summaryMetricValueShares sold (direct)5,939Transaction value$136,500Post-transaction shares (direct)24,205Post-transaction value (direct ownership)$554,000Transaction value based on SEC Form 4 reported price ($22.98); post-transaction value based on May 15, 2026 market close ($22.98).
Key questionsHow large was this sale relative to Walker's total direct holdings?
The transaction reduced Walker's direct position by 19.70%, leaving him with 24,205 directly held shares after the sale.Were any indirect or derivative holdings involved in this sale?
No indirect or derivative securities were transacted; all shares sold were held directly by Walker, with no evidence of trust or entity involvement.Does this trade represent an ongoing selling pattern?
This is the only open-market sale by Walker in the past two years, in contrast to two previous administrative filings that did not involve the sale of shares.How does the sale's timing relate to Gentex's recent stock performance?
The sale was executed at $22.98 per share on May 15, 2026, with Gentex up 0.44% on a one-year total return basis as of the transaction date.Company overviewMetricValueRevenue (TTM)$2.63 billionNet income (TTM)$388.42 millionDividend yield2.09%Price (as of market close 5/15/26)$22.98* 1-year performance metrics are calculated using May 15th, 2026 as the reference date.
Company snapshotGentex Corporation's core products include electrochromic automatic-dimming rearview mirrors, automotive electronics, dimmable glass, and fire protection devices, with automotive products representing the primary revenue stream.The company generates revenue by designing, manufacturing, and supplying advanced vision and safety solutions to original equipment manufacturers (OEMs), automotive suppliers, and commercial building operators.Key customers are global automotive OEMs, aftermarket accessory buyers, and commercial clients in the fire protection and aerospace sectors.Gentex Corporation is a leading supplier of digital vision and safety technologies for the automotive and building industries, operating at scale with over 6,100 employees and annual revenues exceeding $2.6 billion. The company leverages proprietary electrochromic and sensor technologies to address the safety, convenience, and connectivity needs of OEM and commercial customers. Its diversified product portfolio and established relationships with major automotive manufacturers underpin its competitive position in the auto-parts sector.
What this transaction means for investorsThe shares sold recently by Gentex director Brian Walker were part of a pre-planned distribution. It’s common for a company to distribute shares of its stock as compensation to its independent board members, and directors often sell these shares periodically for a variety of reasons. The transaction does not appear to reflect the director’s sentiment about the company, as he still owns a substantial stake.
Gentex seems to have a lot working in its favor right now. It produces a variety of technologies used in automotive production, and the inclusion of these products is growing. Its Full Display Mirror technology continues to gain adoption in both OEM and aftermarket installations. The company’s margins have been stable, and it has upgraded its revenue outlook for the year. Also, the company has a history of solid cash flow and share repurchases.
Note, however, that Gentex’s success is tied to the production volume of the automotive industry, which is cyclical. It depends on economic conditions, interest rates, and supply chain disruptions, among other factors.
Investors shouldn’t read too much into this transaction. The company’s long-term outlook depends upon its ability to grow the integration of its technology. Gentex’s exposure to the cyclical automotive industry creates risks for investors, but long-term investors with a well-diversified portfolio may still find the stock attractive.
Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
MCLEAN, Va.--(BUSINESS WIRE)--Capital One Financial Corporation (NYSE: COF) posted a summary of its company-run stress test results on its website (www.capitalone.com). This summary shows the results of Capital One’s modeling of the severely adverse scenario published by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). From the home page, select “About” choose “Investors” to access the Investor Center, select "Financials," and then choose “Stress Test Results” to view the current summary.
As announced by the Federal Reserve in February 2026, the Federal Reserve is maintaining the stress capital buffer requirements (“SCB”) for all participating firms at their current levels until September 30, 2027. Consequently, absent further action from the Federal Reserve, the Company’s SCB will remain at 4.5% until September 30, 2027. As a reminder, the 4.5% SCB was calculated prior to the close of the Discover acquisition and therefore is based on stand-alone Capital One.
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "think," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook" or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this press release, see the risk factors set forth under "Part I—Item 1A. Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the "SEC") and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.
About Capital One
Capital One Financial Corporation (NYSE: COF) is a leading technology-based financial services company with $489.1 billion in deposits and $682.9 billion in total assets as of March 31, 2026. Headquartered in McLean, Virginia, the company operates as a premier global payments provider and diversified financial institution, delivering a broad suite of products and consumer lifestyle and shopping experiences through its Credit Card, Consumer Banking including its Global Payment Network, and Commercial Banking lines of business. As the only major U.S. bank to migrate entirely to the public cloud, Capital One leverages proprietary data and advanced analytics to democratize financial tools across its primary markets in the United States, Canada, and the United Kingdom.
NEW YORK--(BUSINESS WIRE)---- $VICI--VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today announced the completion of the previously announced transaction to acquire the real estate assets of Deerfoot Inn & Casino, Great Northern Casino and two limited-service hotels that are adjacent to the Great Northern Casino (collectively, the “Portfolio”) located in Alberta, Canada, for CAD$200.6 million / USD$144.4 million (the “Real Estate.
HOUSTON & MIDLAND, Texas--(BUSINESS WIRE)--Kinetik Holdings Inc. (NYSE: KNTK) (“Kinetik” or the “Company”) today announced the appointment of Craig Harris to the Kinetik Board of Directors, effective June 23, 2026.
Craig Harris has more than 30 years of experience in the energy industry, with a background spanning engineering, operations, business development, and corporate strategy. From October 2022 to March 2026, Mr. Harris was a Senior Managing Director within Blackstone’s credit business. Prior to that, he held senior leadership roles at 3Bear Energy, Enable Midstream Partners, Columbia Midstream Group, and El Paso Corporation. Mr. Harris holds a Bachelor of Science degree in Mechanical Engineering from Tennessee Technological University and a Master of Science degree in Mechanical Engineering from Vanderbilt University.
“We are pleased to welcome Craig to our Board of Directors,” said Jamie Welch, President & CEO of Kinetik. “His extensive experience in the midstream industry, combined with his proven leadership and strategic perspective, will strengthen our Board. We look forward to benefiting from his insights as we continue to advance Kinetik’s growth and value creation objectives.”
“I am honored to join Kinetik’s Board of Directors. I have a strong appreciation for Kinetik’s integrated platform and strategic positioning, and I look forward to contributing to the Company’s continued execution and long-term value creation,” commented Craig Harris.
About Kinetik Holdings Inc.
Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.
Global study finds AI is delivering ROI, but trust hinges on transparency, choice and seamless human handoffs
LAS VEGAS--(BUSINESS WIRE)--Five9 (Nasdaq: FIVN), provider of the Intelligent CX Platform, today released its 2026 Business Leaders Customer Experience Report, uncovering how organizations are moving from AI experimentation to execution in customer experience. The global study found that 92% of organizations have already implemented or piloted AI use cases in customer service. Yet despite rapid adoption and measurable business results, consumer trust remains the defining challenge. While 80% of consumers are willing to use AI-powered customer service, two-thirds still prefer speaking with a human.
Based on a survey of 3,000 consumers and 600 customer experience and contact center decision-makers across the U.S., U.K., and Germany, the report explores the important difference that separates successful AI adoption from just effective AI execution. The findings show that organizations are realizing strong returns from AI investments, but long-term success depends on how well AI is integrated into customer journeys, employee workflows, governance frameworks, and human support experiences. The next phase of CX will be defined not by how much AI organizations deploy, but by how effectively they use it to build trust and improve outcomes.
“AI has clearly crossed the threshold from promise to production in customer experience, but the next challenge is much harder than deployment,” said Amit Mathradas, CEO of Five9. “Winning with AI in customer experience will come down to more than automating interactions at scale. It requires making every experience more relevant, more trusted and more human – giving customers choice, equipping agents for higher-value work, preserving context across every handoff and building AI strategies that can scale responsibly across the business.”
The findings also reveal that consumers are placing new expectations on AI-powered customer service. While many are willing to engage with AI for routine interactions, they expect transparency, choice, and seamless transitions when human assistance is needed. Phone remains the most preferred customer service channel overall, and that preference increases steadily with age, rising from 23% of Gen Z consumers to 33% of Gen X consumers, 47% of Baby Boomers, and 66% of consumers in the Silent Generation. The report also found that 71% of consumers consider it very or extremely important to know when they are interacting with an AI agent, highlighting the growing role of transparency in building trust.
Among the key insights:
The AI-to-human handoff is make-or-break: Nearly all decision-makers say their organization preserves context during AI-to-human handoffs, yet 83% of consumers say they still have to repeat themselves at least sometimes after being transferred —raising questions about whether organizations are accurately measuring handoff success.CX infrastructure is still catching up to AI ambition: 84% of organizations are still transitioning from on-premises infrastructure to cloud-based, underscoring that AI execution depends on the systems, data and workflows underneath it.There is no one-size-fits-all AI playbook: Decision makers are split between end-to-end platforms, hybrid approaches and best-of-breed tools, reinforcing the need for flexible AI strategies that align models, workflows, governance and human oversight to each use case.Download the full Five9 2026 Business Leaders Customer Experience Report to learn where AI is delivering value, where consumer trust is still lagging and how CX leaders can build the next generation of AI-powered customer experiences.
Methodology
Five9 partnered with Hanover Research to survey 3,000 consumers and 600 business decision-makers across the U.S., U.K. and Germany in April 2026. Consumers were required to be 18 years of age or older and have interacted with customer service in at least one covered industry, including healthcare, financial services, retail, travel and hospitality, higher education, sales and telemarketing, customer service or outsourcing. Business decision-makers were required to be full-time employees at the manager level or above who make decisions for a contact center or otherwise oversee customer experience.
About Five9
Five9 is the proven, open cloud platform for customer experience. Cloud-native since 2001 and built by voice experts for the agentic era, Five9 powers contact centers for more than 3,500 enterprises across 140+ countries, including leading health systems, financial institutions, and organizations across every major industry. The Five9 platform, powered by Genius AI, serves every channel and workflow, together with the governance, control, and ecosystem flexibility that even the most regulated enterprises demand. Practical AI that learns from every interaction, driving real outcomes for customers and the businesses that serve them. For more information, visit www.five9.com.
Engage with us @Five9, LinkedIn, Facebook, and the Five9 Blog.
RADNOR, Pa., June 24, 2026 (GLOBE NEWSWIRE) -- Kessler Topaz Meltzer & Check, LLP (www.ktmc.com), a nationally recognized securities litigation law firm, is investigating potential violations of the federal securities laws by The Ensign Group, Inc. (NASDAQ: ENSG) on behalf of investors who purchased or acquired The Ensign Group, Inc. securities and experienced significant financial losses.
ENSG Accused of Nursing Home Deficiencies
On June 8, 2026, Hunterbrook Media published a report entitled “Ensign: The Nursing Home Empire Built On Fatal Neglect.” Specifically, the report alleged that The Ensign Group, Inc.’s growth and profitability were driven by chronic understaffing at its nursing facilities, resulting in inadequate patient care, violations of staffing requirements, misleading quality metrics, and substantial related-party payments. The report further alleged that former employees described document falsification, improper billing practices, and efforts to manipulate performance data while The Ensign Group, Inc. touted industry-leading clinical outcomes and quality ratings.
ENSG’s Stock Drops Over 8%
Following the publication of the Hunterbrook Media report, The Ensign Group, Inc.’s stock price fell over 8%.
Investors who purchased The Ensign Group, Inc. (NASDAQ: ENSG) securities and experienced losses may have legal rights under the federal securities laws.
CONTACT KTMC TO DISCUSS YOUR LEGAL RIGHTS
If you are an investor in The Ensign Group, Inc. (NASDAQ: ENSG), you are encouraged to contact KTMC at: https://www.ktmc.com/ensg-the-ensign-group-inc-investigation?utm_source=Globe&utm_medium=pressrelease&utm_campaign=ensg&mktm=PR
You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected]. There is no cost or obligation to speak with an attorney.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP (KTMC):
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent. For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
CONTACT:
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453 [email protected]
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
The company has received awards demonstrating outstanding commitment to providing high-quality drinking water
, /PRNewswire/ -- Two Illinois American Water drinking water treatment plants have been recognized for achieving water quality excellence by the Partnership for Safe Water. Illinois American Water's Illinois River water treatment plant in Peoria and Granite City water treatment plant both received the 25-year Directors Award.
The national awards, which honor efforts to continuously optimize water treatment plant and distribution system operation and performance, were recently announced by the American Water Works Association (AWWA).
"Receiving these awards is a testament to our commitment to providing safe, clean and reliable water that our customers can depend on," said Brian Eisenloeffel, Vice President of Operations at Illinois American Water, who attended the national awards event on June 22. "Illinois American Water holds itself to the highest drinking water standards, and our longstanding membership in the Partnership for Safe Water demonstrates and recognizes the expectations we set as a company."
"Recognition of our Illinois River and Granite City water treatment plants is a reflection of the care, expertise and dedication our employees bring to work every day," added Sarah Boyd, Director of Water Quality and Environmental Compliance at Illinois American Water. "The next time customers turn on their tap, we hope they feel confident knowing there is a dedicated local team, including water quality professionals, treatment plant operators and engineers, who work behind the scenes to help deliver high-quality water to their homes and businesses."
As part of the AWWA annual conference, Melissa Litteken, Principal Water Quality Program Manager at American Water, presented an abstract titled, "Navigating LCRR & LCRI: Lead Monitoring in an Evolving Compliance Landscape." The presentation provided an overview of Illinois Environmental Protection Agency's Lead Regulations and Illinois American Water's commitment to replacing aging service lines to comply with applicable state and federal drinking water regulations and improve water quality. Since 2020, more than 5,200 lead or qualifying galvanized steel service lines have been replaced across Illinois, by Illinois American Water.
"These improvements strengthen the water systems our communities rely on with a focus on meeting critical, evolving regulatory requirements," said Litteken. "Long-term investments in water quality help ensure sustainability and support our ability to provide safe, clean and reliable service for generations to come."
Nationally, just over 400 surface water treatment plants are part of the Partnership for Safe Water, a voluntary effort that is designed to increase protection against microbial contamination through treatment optimization.
About American Water
American Water (NYSE: AWK) is the largest regulated water and wastewater utility company in the United States. With a history dating back to 1886 and celebrating 140 years in 2026, We Keep Life Flowing® by providing safe, clean, reliable and affordable drinking water and wastewater services to approximately 14 million people with regulated operations in 14 states and on 18 military installations. American Water's approximately 7,000 talented professionals leverage their significant expertise and the company's national size and scale to achieve excellent outcomes for the benefit of customers, employees, investors and other stakeholders.
For more information, visit amwater.com and join American Water on LinkedIn, Facebook, X and Instagram.
About Illinois American Water
Illinois American Water, a subsidiary of American Water, is the largest regulated water utility in the state with approximately 600 dedicated employees working to provide safe, clean, reliable and affordable water and wastewater services to approximately 1.3 million people. American Water also operates a quality control and research laboratory in Belleville.
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Commvault Systems, Inc. (NASDAQ: CVLT) between April 29, 2025 and January 26, 2026, inclusive (the “Class Period”), of the important July 17, 2026 lead plaintiff deadline.
SO WHAT: If you purchased Commvault securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Commvault class action, go to https://rosenlegal.com/cases/commvault-systems-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 17, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, defendants provided overwhelmingly positive statements while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Commvault's ARR growth environment; pertinently, Commvault knew or recklessly disregarded that its ARR growth guidance failed to properly factor in crucial variables, such as the type of sale. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Commvault class action, go to https://rosenlegal.com/cases/commvault-systems-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
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The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
Investors face a choice between the high-energy fashion world and the steady demand for home maintenance. Deciding between American Eagle Outfitters (AEO +4.34%) and Pool (POOL +5.40%) involves weighing apparel trends against outdoor leisure cycles.
American Eagle Outfitters is a specialty apparel giant focused on youth brands, while Pool serves as a vital wholesale link in the global swimming pool market. Both companies cater to discretionary spending, but their business models and growth drivers differ significantly. This comparison evaluates their financials and risks to see which stock is a better fit for 2026.
American Eagle Outfitters operates as a specialty retailer offering apparel, accessories, and personal care products through its American Eagle and Aerie brands. The company manages over 1,100 stores across North America and Asia while reaching dozens of other countries through licensing and digital channels. Among retail stocks, its recent move to close the Quiet Platforms business signifies a strategic shift back to its core brand strengths.
In fiscal 2025 (which ends in January), the company generated revenue exceeding $5.5 billion, up about 4% over the previous year. It’s turning a profit, with net income of $185 million, though the net margin decreased to roughly 3.5% from 6.2% in the prior year. This trend suggests that while sales are expanding, higher costs or pricing pressures may be impacting the bottom line.
According to its January 2026 balance sheet, the debt-to-equity ratio is approximately 0.8x. This metric compares a company's total debt to its shareholder equity to help investors understand its financial leverage. The company maintained a current ratio of roughly 1.5x, which measures its ability to cover short-term liabilities, and generated free cash flow of nearly $195 million during the year.
The case for PoolPool is the world’s largest wholesale distributor of swimming pool supplies and outdoor living products. With approximately 455 locations globally, the company serves a professional customer base, including pool builders, remodelers, and independent retail specialty stores. This business model relies on both the initial construction of new pools and the recurring maintenance needs of existing pool owners.
For 2025, the company reported revenue of nearly $5.3 billion, a slight decrease of roughly 0.4% from the prior fiscal year. Net income was $406 million, resulting in a net margin of close to 7.7%. While revenue growth was flat, the company has maintained a higher net margin compared to many other distributors in the consumer space.
As of the December 2025 balance sheet, the debt-to-equity ratio is roughly 1.2x. The current ratio is approximately 2.2x, indicating a strong capacity to pay off short-term debts with its current assets. Free cash flow was $309 million, providing the company with capital to continue its acquisition and dividend payment strategies.
Risk profile comparisonAmerican Eagle Outfitters faces significant macroeconomic risks, as inflation and interest rate volatility can quickly dampen discretionary consumer spending. The company is also vulnerable to supply chain disruptions and trade policy changes, particularly following the February 2026 court rulings on tariffs. Furthermore, it must compete with e-commerce players and numerous apparel brands, which places constant pressure on pricing and digital innovation.
Pools are highly dependent on the housing market and the general state of the economy, as new pool construction is a major ticket expense for homeowners. While maintenance provides a recurring revenue stream, prolonged recessions can lead consumers to defer luxury upgrades or repairs. The company also faces competition from regional distributors and specialty retailers, which can affect its market share and pricing power in key geographic regions.
Valuation comparisonAmerican Eagle Outfitters shares are less expensive based on earnings and sales than those of its industry peers. Yet Pool is also trading at a discounted forward earnings multiple relative to its competitors. Both stocks could be undervalued right now.
MetricAmerican Eagle OutfittersPoolSector BenchmarkForward P/E10.1x18.0x28.6xP/S ratio0.5x1.4xn/aSector benchmark uses the SPDR XLY sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?It hasn’t been a strong macroeconomic environment for either business. Despite a weak sales backdrop, American Eagle has posted sales growth for three consecutive years, a testament to a well-managed apparel business. On the other side, Pool has experienced inconsistent top-line performance.
However, investors shouldn’t be persuaded by recent results. Pool has better long-term growth prospects once the housing market recovers. American Eagle faces intense competition from numerous apparel brands, but Pool has a more durable moat due to its scale and highly efficient distribution network.
As the leader in outdoor products, Pool is a solid business. New home construction provides the company with a steadily expanding addressable market. However, Pool is not only reliant on selling new pool units. It can also generate revenues through maintenance and remodeling projects.
When the housing market recovers, Pool stock could rebound sharply, as it is trading at 66% below its previous highs. The combination of industry leadership and expansion potential from housing market growth makes Pool a better long-term growth stock to hold.
ExlService Holdings, Inc. (EXLS) M&A Call June 24, 2026 12:00 PM EDT
Company Participants
Andrew Thut - Head of Investor Relations & Capital Markets
Rohit Kapoor - Co-Founder, Chairman & CEO
Radha Basu - Founder, CEO & Director
Maurizio Nicolelli - Executive VP & CFO
Conference Call Participants
Bryan Bergin - TD Cowen, Research Division
Puneet Jain - JPMorgan Chase & Co, Research Division
Matt Dezort - William Blair & Company L.L.C., Research Division
Surinder Thind - Jefferies LLC, Research Division
Jacob Haggarty - Robert W. Baird & Co. Incorporated, Research Division
Presentation
Operator
Good day, everyone. My name is Abigail, and I will be your conference operator today. At this time, I would like to welcome you to the ExlService Holdings, Inc. June announcement conference call. We ask that you please hold all questions until the completion of the formal remarks at which time you will be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
I will now turn the call over to Andrew Thut, Head of Investor Relations and Capital Markets.
Andrew Thut
Head of Investor Relations & Capital Markets
Thanks, Abigail. Hello, and thank you for joining us to discuss this morning's announcement of EXL's proposed acquisition of iMerit. On the call with me today are Rohit Kapoor, Chairman and Chief Executive Officer of EXL; Radha Basu, Chief Executive Officer of iMerit; and Maurizio Nicolelli, Chief Financial Officer of EXL. We hope you've had a chance to review the press release we issued this morning. It is also posted to our company website.
As a reminder, some of the matters we'll discuss this afternoon are forward looking. Please keep in mind that these forward-looking statements are subject to known and unknown risks and uncertainties that could
SummaryEuronet Worldwide, Inc. is rated a buy, driven by strong capital growth potential, robust EPS metrics, and favorable ROE, despite elevated debt levels.Euronet Worldwide's diversified platform, combining digital and physical payment solutions, positions it competitively among global peers and supports ongoing top-line growth.Recent acquisitions, such as PaynoPain, and initiatives like stablecoin payouts, reinforce Euronet Worldwide's expansion in omnichannel payments and merchant services.While Euronet Worldwide remains undervalued with compelling fundamentals, risks from high debt/equity and volatile cash flow temper the rating to a modest buy. Images By Tang Ming Tung/DigitalVision via Getty Images
Overview: An Undervalued Name In The Global Payments Industry It's been several months since I wrote about attending the fintech conference called Money Motion 2026 in Croatia, so to put the spotlight
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ROSEMEAD, Calif.--(BUSINESS WIRE)--The board of directors of Edison International (NYSE: EIX) today declared a quarterly common stock dividend of $0.8775 per share, payable on July 31, 2026, to shareholders of record on July 7, 2026. About Edison International Edison International (NYSE: EIX) is one of the nation's largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, Californi.
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Results of PNC's company-run stress test, including PNC's estimates of pre-provision net revenue, other revenue, loan and other losses, net income before taxes, risk-weighted assets, and regulatory capital ratios for PNC, as well as additional information on the methodologies used in conducting the stress test, may be found at http://www.pnc.com/regulatorydisclosures.
The Federal Reserve released its results of the 2026 supervisory stress test at 4:00 p.m., June 24, 2026. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the regulatory minimum of 2.5% until PNC receives a new stress capital buffer requirement based on the results of a supervisory stress test conducted in 2027, which would be effective Oct. 1, 2027.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
AI and chip shares recovered modestly on Wednesday as investors looked ahead to Micron Technology (MU) after Tuesday's selloff in memory names. Micron was still
As enterprise AI agents take on increasingly complex, long-horizon tasks, their performance is often restricted by their harness, the software scaffolding that connects the backbone LLM to its environment. Currently, harnesses are largely static and hand-crafted.
Fiscal 2026 Net Income Expected Between $15 Million and $18 Million
Adjusted EBITDA Expected between $75 Million and $77 Million, an increase of 26% to 30%
First Day Program Revenues Estimated to Increase 27% to 28%
Board of Directors Declares Quarterly Dividend of $0.08 per Common Share
FLORHAM PARK, N.J., June 24, 2026 (GLOBE NEWSWIRE) -- Barnes & Noble Education, Inc. (NYSE: BNED), (“Barnes & Noble Education,” “BNED,” “the Company,” “we,” “us,” “our”), a leading solutions provider for the education industry, is providing preliminary, unaudited financial results for the fiscal year ended May 2, 2026. BNED’s fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. Fiscal 2026 includes 52 weeks vs. 53 weeks for fiscal 2025.
“Our preliminary fiscal 2026 results reflect strong execution across the business and the continued success of our BNC First Day® offerings,” said Jonathan Shar, Chief Executive Officer. “We expect to deliver significant year-over-year growth in Adjusted EBITDA and post solid net income profitability. Our balance sheet is also expected to show continued improvement through further meaningful debt reduction. These results are driven by continued growth in First Day, improved comparable store performance, disciplined expense management, and strong sales contributions from new store partnerships secured through recent business wins.”
FY2026 Preliminary Financial Results (unaudited)
Full-year preliminary revenue in fiscal 2026 is expected to be in the range of $1.710 to $1.720 billion, an increase of $100.0 to $110.0 million, or 6.2% to 6.8%, over the prior year.
Revenues from BNC First Day® programs are expected to increase by $160.3 to $166.3 million, or 27.0% to 28.0%, year-over-year, as First Day® Complete continues to see strong growth in institutional adoption.
Full-year fiscal 2026 net income is expected to be in the range of $15.0 to $18.0 million, compared to a net loss of $(65.8) million in the prior year. The improvement reflects strong operating performance and growth in BNC First Day® programs, as well as the absence of the $55.2 million loss on the extinguishment of debt recorded in fiscal 2025.
Adjusted EBITDA for fiscal 2026 is expected to be in the range of $75.0 to $77.0 million, compared to $59.4 million for fiscal 2025, representing an increase of approximately 26% to 30%.
Total debt at year-end is expected to be $71.0 million compared to $103.1 million on May 3, 2025. After subtracting $8.4 million of cash on hand, total net debt is expected to be $62.6 million, representing a $31.4 million, or approximately 33% year-over-year decrease.
The tables below reflect the reconciliation of Adjusted EBITDA to the most comparable GAAP financial metric, Net income (loss):
52 weeks ended 53 weeks ended($ in thousands)May 2, 2026 May 3, 2025 (unaudited) (unaudited)Net income (loss)$15,000 - $18,000 $(65,825)Add: Depreciation and amortization expense32,000 - 33,500 37,939 Impairment expense11,000 - 13,000 1,713 Interest expense, net15,500 - 16,000 22,260 Income tax expense3,500 - 4,500 4,256 Loss on extinguishment of debt— 55,233 Other income(7,500) - (14,500) (1,572)Stock-based compensation expense (non-cash)5,500 - 6,500 5,386 Adjusted EBITDA$75,000 - $77,000 $59,390 Cash interest$12,500 - $13,000 __________
Outlook
Looking ahead to fiscal 2027, Barnes & Noble Education expects continued growth in revenues and is focused on driving operating leverage with disciplined expense management. The Company is targeting Adjusted EBITDA in the range of $85 to $92 million and further significant improvements in net income profitability. The Company also sees opportunities to drive better capital efficiency, which should contribute to additional reductions in debt and interest expense. The Company anticipates approximately $20 million in capital expenditures and should be a normal cash taxpayer.
Investor Day
The Company will host its Investor Day on June 25, 2026. The live webcast will begin at 10:00 a.m. Eastern Time and is expected to conclude at approximately 12:00 p.m. Eastern Time. Investors may register to participate in the webcast here: https://bnedinvestor.netlify.app/
Dividend Program
Today the Company commenced its previously announced quarterly dividend program, with the Board declaring a first quarter cash dividend of $0.08 per common share payable to shareholders of record as of July 16, 2026. The dividend will be payable July 30, 2026.
Use of Non-GAAP Financial Information—Adjusted EBITDA
To supplement the Company’s condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses the financial measure of Adjusted EBITDA, which is a non-GAAP financial measure under Securities and Exchange Commission (the “SEC”) regulations. We define Adjusted EBITDA as net income (loss) plus (1) depreciation and amortization; (2) interest expense, net (3) income taxes, and (4) as adjusted for additional items that are subtracted from or added to net income (loss).
Adjusted EBITDA has been reconciled to the most comparable financial measures presented in accordance with GAAP, consolidated net income (loss). All of the items included in the reconciliation are either (i) non-cash items or (ii) items that management does not consider in assessing our on-going operating performance.
Adjusted EBITDA is not intended as a substitute for and should not be considered superior to measures of financial performance prepared in accordance with GAAP. In addition, the Company’s use of Adjusted EBITDA may be different from similarly named measures used by other companies, limiting its usefulness for comparison purposes.
We review Adjusted EBITDA as an internal measure to evaluate our performance at a consolidated level to manage our operations. We believe that this measure is a useful performance measure which is used by us to facilitate a comparison of our on-going operating performance on a consistent basis from period-to-period. We believe that Adjusted EBITDA provides for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone, as it excludes certain items that management believes do not reflect the ordinary performance of our operations in a particular period. Our Board of Directors and management also use Adjusted EBITDA at a consolidated level as one of the primary methods for planning and forecasting expected performance, for evaluating on a quarterly and annual basis actual results against such expectations, and as a measure for performance incentive plans. We believe that the inclusion of Adjusted EBITDA results provides investors useful and important information regarding our operating results, in a manner that is consistent with management’s evaluation of business performance.
The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Form 10-K for the fiscal year-ended May 2, 2026, when filed with the SEC. We do not provide a reconciliation of forward-looking non-GAAP financial metrics, because reconciling information is not available without an unreasonable effort, such as attempting to make assumptions that cannot reasonably be made on a forward-looking basis to determine the corresponding GAAP metric.
ABOUT BARNES & NOBLE EDUCATION, INC.
Barnes & Noble Education, Inc. (NYSE: BNED) is a leading solutions provider for the education industry, driving affordability, access and achievement at hundreds of academic institutions nationwide and ensuring millions of students are equipped for success in the classroom and beyond. Through its family of brands, BNED offers campus retail services and academic solutions, wholesale capabilities and more. BNED is a company serving all who work to elevate their lives through education, supporting students, faculty and institutions as they make tomorrow a better and smarter world. For more information, visit www.bned.com.
Media & Investor Contact:
Rob Fink
FNK IR [email protected]
646-809-4048
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us and our business that are based on the beliefs of our management as well as assumptions made by and information currently available to our management. When used in this communication, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “forecasts,” “projections,” “continue to,” “committed to,” and similar expressions, as they relate to us or our management, identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements, and such statements include but are not limited to those related to the expected financial results that we expect to report upon completion of our audit procedures, the implementation of our dividend program, our capital structure, positioning, strategic and operational objectives, broader market trends, anticipated growth in our BNC First Day® program, expected trends in financial results, including those related to seasonality, as well as forward-looking continued top line growth, anticipated gross profit dollar increases, continued expense discipline, Adjusted EBITDA, interest costs, capital expenditures and long-term projected growth in Adjusted EBITDA. We caution you not to place undue reliance on these forward-looking statements. Such statements reflect our current views with respect to future events, the outcome of which is subject to certain risks, including, but not limited to: the impact of the completion of our financial close process and related audits by our independent registered public accounting firm; the amount of our indebtedness and ability to comply with covenants contained in our credit agreement; our ability to maintain adequate liquidity levels to support ongoing inventory purchases and related vendor payments in a timely manner; slower than anticipated pace of adoption of our BNC First Day® equitable and inclusive access course material models; our dependency on strategic service provider relationships and the potential for adverse operational and financial changes to these strategic service provider relationships; non-renewal of our managed bookstore, physical and/or online store contracts; general competitive conditions; a decline in college enrollment or decreased funding available for students; technological changes, including the adoption of artificial intelligence technologies for educational content; disruptions to our information technology systems, infrastructure, data, supplier systems, and customer ordering and payment systems due to computer malware, viruses, hacking and phishing attacks; disruption of or interference with third party service providers and our own proprietary technology; and changes in applicable domestic and international laws, rules or regulations or changes in enforcement practices, including, without limitation, U.S. tax reform, changes in tax rates, tariffs, import and export control laws and regulations, changes to consumer data privacy rights legislation, as well as related guidance. Moreover, we operate in a very competitive and rapidly changing environment and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In addition, the declaration of any future dividends will be subject to further review and approval by the Board in accordance with applicable law. The Board reserves the right to adjust or withdraw any quarterly dividend in future periods as it reviews our capital allocation strategy from time-to-time and ensures compliance with any applicable restrictions, including those set forth in our credit agreement with our lenders.
For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in the Company’s Annual Report on Form 10-K for the year ended May 3, 2025, as filed with the SEC on December 23, 2025 and the Company’s Annual Report on Form 10-K for the year ended May 2, 2026, when filed. Any forward-looking statements made by us in this press release speak only as of the date of this press release, and we do not intend to update these forward-looking statements after the date of this press release, except as required by law.
