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GAAP Net Income of $0.79 per Unit

Adjusted Net Income of $0.88 per Unit

Cash Distribution of $0.88 per Unit

, /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today reported financial and operating results for the quarter ended September 30, 2026.

"AllianceBernstein generated $6.6 billion of firmwide net inflows in 3Q26, our strongest quarterly flow result in 4 years, representing an annualized organic growth rate of approximately 3%," said Seth Bernstein, Chief Executive Officer of AllianceBernstein. "Activity was led by strong institutional demand across both liquid and illiquid credit. Alternatives/MAS generated $15 billion of net inflows, including the onboarding of roughly $12 billion of commercial mortgage loans we highlighted last quarter, marking our seventh consecutive quarter of organic growth for the asset class. While institutional appetite for private assets remained the primary growth driver, our alternatives/MAS franchise grew organically across all three channels, even excluding the CML mandate. Private markets AUM reached $105 billion, up 33% year-over-year and surpassing the upper end of our 2027 target range. Fixed income demand remained robust despite significant rates volatility, but varied by client profile. Continued market share gains in tax-exempt drove $1.6 billion of net inflows amid a turbulent municipal market, while taxable fixed income was modestly positive at $0.3 billion, as strong institutional inflows more than offset retail redemptions. In equities, demand favored passive strategies, which attracted $2.5 billion of net inflows from institutional and private wealth clients, while active equity outflows of roughly $13 billion continued to weigh on flows. Compared to prior year, adjusted net revenues grew 2.2%, adjusted operating income was stable, and adjusted earnings per Unit and distributions to Unitholders rose 2.3% to $0.88."

(US $ Thousands except per Unit amounts)

3Q 2026

3Q 2025

% Change

2Q 2026

% Change

U.S. GAAP Financial Measures

Net revenues

$  1,225,565

$  1,137,147

7.8 %

$  1,171,004

4.7 %

Operating income

$     249,546

$     283,477

(12.0) %

$     289,152

(13.7 %)

Operating margin

21.9 %

24.3 %

(240) bps

23.2 %

(130) bps

AB Holding EPU

$           0.79

$           0.79

— %

$           0.77

2.6 %

Adjusted Financial Measures (1)

Net revenues

$     904,254

$     884,672

2.2 %

$     887,547

1.9 %

Operating income

$     302,676

$     302,367

0.1 %

$     292,980

3.3 %

Operating margin

33.5 %

34.2 %

(70) bps

33.0 %

50 bps

AB Holding EPU

$           0.88

$           0.86

2.3 %

$           0.82

7.3 %

AB Holding cash distribution per Unit

$           0.88

$           0.86

2.3 %

$           0.82

7.3 %

(US $ Billions)

Assets Under Management ("AUM")

Ending AUM

$        900.4

$         860.1

4.7 %

$         905.5

(0.6 %)

Average AUM

$        908.3

$         840.8

8.0 %

$         881.2

3.1 %

(1) The adjusted financial measures represent non-GAAP financial measures. See page 11 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 12-14 for notes describing the adjustments.

Bernstein further elaborated, "Our institutional channel generated nearly $16 billion of net inflows, reflecting substantial market share gains in private markets and net inflows from taxable fixed income and passive equity. We ended the quarter with approximately $13 billion of institutional pipeline AUM. This reflects an accelerated pace of deployments, as greater operating efficiency continues to shorten the time from commitment to funding. Importantly, the pipeline does not include any of the $100 billion from CRBG. Retail recorded over $8 billion of net outflows. Continued pressure in active equities and rate-sensitive redemptions from taxable fixed income more than offset positive net flows into alternatives/multi-asset and tax-exempt, where demand for tax-efficient income remains durable despite elevated dislocation in the municipal market. Within Bernstein Private Wealth, active equity redemptions drove modest net channel outflows, partially offset by continued demand for passive equities and alternatives/multi-asset solutions. Despite these outflows, the channel continued to grow net-new-assets at a 2% annualized rate, supported by reinvested dividends and distributions."

In conclusion, Bernstein remarked, "Our results this quarter demonstrate the breadth of AB's platform as we continued to execute across our key growth vectors: insurance, private markets, SMAs and ETFs. We expanded our private markets platform through the onboarding of EQH's commercial mortgage loans and continued to scale capabilities across private credit, private placements and asset-based finance. Insurance capital helps us seed and scale differentiated private market capabilities, which we can then extend across third-party insurance, wealth and retirement. As we strengthen this flywheel, deepen our strategic partnerships and maintain expense discipline, we believe AB is well positioned to deliver durable organic growth and long-term value for clients and unitholders. As always, I would like to thank our colleagues around the world for their dedication, partnership and unwavering commitment to serving clients."

The firm's cash distribution per Unit of $0.88 is payable on November 19, 2026, to holders of record of AB Holding Units at the close of business on November 6, 2026.

Market Performance

Global equity and fixed income markets were mixed in the third quarter of 2026.

3Q 2026

S&P 500 Total Return

2.3 %

MSCI EAFE Total Return

0.9

Bloomberg Barclays US Aggregate Return

(3.5)

Bloomberg Barclays Global High Yield Index - Hedged

(2.0)

Assets Under Management

($ Billions)

Total assets under management as of September 30, 2026 were $900.4 billion, down $5.1 billion, or 1%, from June 30, 2026 and up $40.3 billion, or 5%, from September 30, 2025.

Institutional

Retail

Private
Wealth

Total

Assets Under Management 9/30/2026

$382.4

$352.9

$165.1

$900.4

Net Flows for Three Months Ended 9/30/2026:

       Active

$12.5

($7.1)

($1.3)

$4.1

       Passive

3.2

(1.3)

0.6

2.5

Total

$15.7

($8.4)

($0.7)

$6.6

Total net inflows were $6.6 billion in the third quarter, compared to net inflows of $0.8 billion in the second quarter of 2026 and net outflows of $2.3 billion in the prior year third quarter.

Institutional channel third quarter net inflows of $15.7 billion compared to net inflows of $0.6 billion in the second quarter of 2026. Institutional gross sales of $21.5 billion increased sequentially from $8.3 billion. The pipeline of awarded but unfunded Institutional mandates decreased sequentially to $13.1 billion at September 30, 2026 compared to $25.8 billion at June 30, 2026.

Retail channel third quarter net outflows of $8.4 billion compared to net inflows of $0.9 billion in the second quarter of 2026. Retail gross sales of $20.0 billion decreased sequentially from $31.0 billion.

Private Wealth channel third quarter net outflows of $0.7 billion were flat from the second quarter of 2026. Private Wealth gross sales of $5.6 billion increased sequentially from $5.5 billion.

Third Quarter Financial Results

We are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and non-GAAP, adjusted earnings information in this release. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. Please note, however, that these non-GAAP measures are provided in addition to, and not as a substitute for, any measures derived in accordance with US GAAP and they may not be comparable to non-GAAP measures presented by other companies. Management uses both US GAAP and non-GAAP measures in evaluating our financial performance. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses.

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Typically, Available Cash Flow has been the adjusted net income per Unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted net income per Unit. If management determines, with the concurrence of the Board of Directors, that certain adjustments to Available Cash Flow are necessary or unnecessary, such adjustments will be made in future periods.

US GAAP Earnings

Revenues

Third quarter net revenues of $1.2 billion increased 8% from $1.1 billion in the third quarter of 2025. The increase was primarily due to higher performance-based fees and higher investment advisory base fees, partially offset by lower distribution revenues, higher investment losses and lower net dividend and interest income.

Sequentially, net revenues of $1.2 billion increased 5% from the second quarter of 2026. The increase was primarily due to higher performance-based fees and higher investment advisory base fees, partially offset by investment losses compared to gains in the prior quarter and lower distribution revenues.

Expenses

Third quarter operating expenses of $976 million increased 14% from $854 million in the third quarter of 2025. The increase is primarily due to higher employee compensation and benefits expense and higher general and administrative ("G&A") expense, partially offset by lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation and commissions, partially offset by lower base compensation and fringe benefits. The increase in G&A expenses is primarily driven by higher professional fees, a partial recovery in the prior year quarter related to the recognition of the AB Funds reimbursement expense recognized in the second quarter of 2025, higher technology and related expenses and the final settlement of our pension obligation in the prior year quarter, partially offset by lower office-related expenses. Promotion and servicing expense decreased primarily due to lower distribution-related payments, partially offset by higher marketing and communication expense.

Sequentially, operating expenses of $976 million increased 11% from $882 million, primarily due to higher employee compensation and benefits expense and higher G&A expense, partially offset by lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation, partially offset by lower fringe benefits and base compensation. The increase in G&A expenses is primarily driven by higher professional fees and higher portfolio services and related expenses, partially offset by lower office-related expenses, lower technology and related expenses and a favorable foreign exchange rate impact. Promotion and servicing expense decreased primarily due to lower distribution-related payments and lower amortization of deferred sales commissions.

Operating Income, Margin and Net Income Per Unit

Third quarter operating income of $250 million decreased 12% from $283 million in the third quarter of 2025 and the operating margin of 21.9% in the third quarter of 2026 decreased 240 basis points from 24.3% in the third quarter of 2025.

Sequentially, operating income of $250 million decreased 14% from $289 million in the second quarter of 2026 and the operating margin of 21.9% decreased 130 basis points from 23.2% in the second quarter of 2026.

Third quarter net income per Unit was $0.79 compared to $0.79 in the third quarter of 2025 and $0.77 in the second quarter of 2026.

Non-GAAP Earnings
This section discusses our third quarter 2026 non-GAAP financial results, compared to the third quarter of 2025 and the second quarter of 2026. The phrases "adjusted net revenues", "adjusted operating expenses", "adjusted operating income", "adjusted operating margin" and "adjusted net income per Unit" are used in the following earnings discussion to identify non-GAAP information.

Adjusted Revenues

Third quarter adjusted net revenues of $904 million increased 2% from $885 million in the third quarter of 2025. The increase was primarily due to higher investment advisory base fees and higher performance-based fees, partially offset by lower investment gains and lower net dividend and interest revenue.

Sequentially, adjusted net revenues of $904 million increased 2% from $888 million. The increase was primarily due to higher investment advisory base fees and higher performance-based fees.

Adjusted Expenses

Third quarter adjusted operating expenses of $601 million increased 3% from $582 million in the third quarter of 2025 primarily due to higher employee compensation and benefits expense and higher G&A expense. Employee compensation and benefits expense increased primarily due to higher commissions and incentive compensation, partially offset by lower fringe benefits. G&A expense increased primarily due to higher professional fees, technology and related expenses and portfolio services and related expenses, partially offset by lower office-related expenses.

Sequentially, adjusted operating expenses of $601 million increased 1% from $595 million. The increase was driven primarily by higher employee compensation and benefits expense, partially offset by lower promotion and servicing expense. Employee compensation and benefits expense increased primarily due to higher incentive compensation and base compensation, partially offset by lower fringe benefits. Promotion and servicing expense decreased primarily due to lower marketing and communication expense.

Adjusted operating Income, Margin and Net Income Per Unit

Third quarter adjusted operating income of $303 million was flat from the third quarter of 2025, and the adjusted operating margin of 33.5% decreased 70 basis points from 34.2%.

Sequentially, adjusted operating income of $303 million increased 3% from $293 million and the adjusted operating margin of 33.5% increased 50 basis points from 33.0%.

Third quarter adjusted net income per Unit was $0.88 compared to $0.86 in the third quarter of 2025 and $0.82 in the second quarter of 2026.

Headcount

As of September 30, 2026, we had 4,416 employees, compared to 4,457 employees as of September 30, 2025 and 4,400 employees as of June 30, 2026.

Unit Repurchases

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

(in millions)

Total amount of AB Holding Units Purchased/Retained (1)

1.1

0.1

1.9

1.3

Total Cash Paid for AB Holding Units Purchased/Retained (1)

$       38.4

$        4.1

$       67.1

$       47.8

Open Market Purchases of AB Holding Units Purchased (1)

1.0

0.1

1.6

1.1

Total Cash Paid for Open Market Purchases of AB Holding Units (1)

$       38.3

$        3.9

$       59.9

$       42.3

(1)  Purchased on a trade date basis. The difference between open-market purchases and units retained reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.

Third Quarter 2026 Earnings Conference Call Information

Management will review third quarter 2026 financial and operating results during a conference call beginning at 9:00 a.m. (CT) on Tuesday, October 27, 2026. The conference call will be hosted by Seth Bernstein, Chief Executive Officer; Tom Simeone, Chief Financial Officer; and Onur Erzan, President.

Parties may access the conference call by live webcast on AB's Investor Relations website at https://www.alliancebernstein.com/corporate/en/investor-relations.html. 

The presentation management will review during the conference call will be available on AB's Investor Relations website shortly after the release of our third quarter 2026 financial and operating results on October 27, 2026.

A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call.

Cautions Regarding Forward-Looking Statements

Certain statements provided by management in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately-managed accounts, general economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions, and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see "Risk Factors" and "Cautions Regarding Forward-Looking Statements" in AB's Form 10-K for the year ended December 31, 2025 and subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn out to be wrong. It is important to remember that other factors besides those listed in "Risk Factors" and "Cautions Regarding Forward-Looking Statements", and those listed below, could also adversely affect AB's revenues, financial condition, results of operations and business prospects.

The forward-looking statements referred to in the preceding paragraph include statements regarding:

The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated, or that mandates ultimately will not be funded.The possibility that AB will engage in open market purchases of AB Holding Units for anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, for incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE: AB) and the availability of cash to make these purchases.Qualified Tax Notice

This announcement is intended to be a qualified notice under Treasury Regulation §1.1446-4(b)(4). Please note that 100% of AB Holding's distributions to foreign investors is attributable to income that is effectively connected with a United States trade or business. Accordingly, AB Holding's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate, 37% effective January 1, 2018.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.

As of September 30, 2026, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.1% of AllianceBernstein and Equitable Holdings ("EQH"), directly and through various subsidiaries, owned an approximate 68.3% economic interest in AllianceBernstein.

Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com.

AB (The Operating Partnership)

US GAAP Consolidated Statement of Income (Unaudited)

(US $ Thousands)

3Q 2026

3Q 2025

% Change

2Q 2026

% Change

GAAP revenues:

Base fees

$   868,548

$   852,478

1.9 %

$   860,302

1.0 %

Performance fees

121,422

21,972

n/m

46,644

160.3

Distribution revenues

197,280

210,424

(6.2)

200,919

(1.8)

Dividends and interest

30,511

35,944

(15.1)

29,201

4.5

Investments (losses) gains

(11,454)

(2,721)

n/m

13,505

n/m

Other revenues

32,598

34,253

(4.8)

32,945

(1.1)

  Total revenues

1,238,905

1,152,350

7.5

1,183,516

4.7

Less: Broker-dealer related interest expense

13,340

15,203

(12.3)

12,512

6.6

Total net revenues

1,225,565

1,137,147

7.8

1,171,004

4.7

GAAP operating expenses:

Employee compensation and benefits

564,223

450,793

25.2

471,127

19.8

Promotion and servicing

   Distribution-related payments

189,673

208,435

(9.0)

194,074

(2.3)

Amortization of deferred sales commissions

19,659

20,872

(5.8)

21,156

(7.1)

Trade execution, marketing, T&E and other

40,593

36,907

10.0

42,082

(3.5)

General and administrative

145,792

118,203

23.3

135,133

7.9

Interest on borrowings

4,929

7,167

(31.2)

7,099

(30.6)

Amortization of intangible assets

11,150

11,293

(1.3)

11,181

(0.3)

Total operating expenses

976,019

853,670

14.3

881,852

10.7

Operating income

249,546

283,477

(12.0)

289,152

(13.7)

Income taxes

11,191

17,085

(34.5)

16,782

(33.3)

Net income

238,355

266,392

(10.5)

272,370

(12.5)

Net (loss) income of consolidated entities attributable to non-controlling interests

(18,549)

7,129

n/m

17,148

n/m

Net income attributable to AB Unitholders

$   256,904

$   259,263

(0.9 %)

$   255,222

0.7 %

AB Holding L.P. (The Publicly-Traded Partnership)

SUMMARY STATEMENTS OF INCOME

(US $ Thousands)

3Q 2026

3Q 2025

% Change

2Q 2026

% Change

Equity in Net Income Attributable to AB Unitholders

$     80,091

$     81,412

(1.6 %)

$     79,997

0.1 %

Income Taxes

6,944

7,661

(9.4)

8,280

(16.1)

Net Income

$     73,147

$     73,751

(0.8 %)

$     71,717

2.0 %

Net Income per Unit

$         0.79

$         0.79

— %

$         0.77

2.6 %

Distribution per Unit

$         0.88

$         0.86

2.3 %

$         0.82

7.3 %

Units Outstanding

3Q 2026

3Q 2025

% Change

2Q 2026

% Change

AB L.P.

Period-end

293,146,945

292,218,395

0.3 %

294,295,573

(0.4) %

Weighted average

293,888,169

292,116,007

0.6

294,526,202

(0.2)

AB Holding L.P.

Period-end

91,931,441

90,993,251

1.0 %

93,075,219

(1.2) %

Weighted average

92,667,867

92,815,628

(0.2)

93,304,374

(0.7)

AllianceBernstein L.P.

ASSETS UNDER MANAGEMENT  |  September 30, 2026

($ Billions)

Ending and Average

Three Months Ended

9/30/26

9/30/25

Ending Assets Under Management

$900.4

$860.1

Average Assets Under Management

$908.3

$840.8

Three-Month Changes By Distribution Channel

Institutions

Retail

Private Wealth

Total

Beginning of Period

$          371.1

$          367.3

$          167.1

$          905.5

Sales/New accounts

21.5

20.0

5.6

47.1

Redemption/Terminations

(2.8)

(25.0)

(6.3)

(34.1)

Net Cash Flows

(3.0)

(3.4)

—

(6.4)

Net Flows

15.7

(8.4)

(0.7)

6.6

Investment Performance

(4.4)

(6.0)

(1.3)

(11.7)

End of Period

$          382.4

$          352.9

$          165.1

$          900.4

Three-Month Changes By Investment Service

Equity
Active

Equity
Passive(1)

Fixed
Income
Taxable

Fixed
Income
Tax-
Exempt

Fixed
Income
Passive(1)

Alternatives/
Multi-Asset
Solutions(2)

Total

Beginning of Period

$    279.1

$     85.9

$    207.5

$     98.7

$     18.4

$      215.9

$    905.5

Sales/New accounts

9.9

3.9

8.5

7.1

(0.1)

17.8

47.1

Redemption/Terminations

(17.8)

(0.3)

(8.9)

(5.8)

—

(1.3)

(34.1)

Net Cash Flows

(4.6)

(1.1)

0.7

0.3

(0.2)

(1.5)

(6.4)

Net Flows

(12.5)

2.5

0.3

1.6

(0.3)

15.0

6.6

Investment Performance

(0.3)

1.0

(5.6)

(5.2)

(0.6)

(1.0)

(11.7)

End of Period

$    266.3

$     89.4

$    202.2

$     95.1

$     17.5

$      229.9

$    900.4

Three-Month Net Flows By Investment Service (Active versus Passive)

Actively
Managed

Passively
Managed (1)

Total

Equity

$         (12.5)

2.5

$         (10.0)

Fixed Income

1.9

(0.3)

1.6

Alternatives/Multi-Asset Solutions (2)

14.7

0.3

15.0

Total

$           4.1

$           2.5

$           6.6

(1) Includes index and enhanced index services.

(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

By Client Domicile

Institutions

Retail

Private Wealth

Total

U.S. Clients

$         310.4

$         227.8

$          161.1

$             699.3

Non-U.S. Clients

72.0

125.1

4.0

201.1

Total

$         382.4

$         352.9

$          165.1

$            900.4

AB L.P.

RECONCILIATION OF GAAP
FINANCIAL RESULTS TO
ADJUSTED FINANCIAL RESULTS

Three Months Ended

(US $ Thousands, unaudited)

9/30/2026

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

Net Revenues, GAAP basis

$             1,225,565

$             1,171,004

$             1,201,726

$             1,223,991

$             1,137,147

$             1,088,907

Exclude:

Distribution-related adjustments:

Distribution revenues

(197,280)

(200,919)

(202,818)

(210,400)

(210,424)

(198,367)

Investment advisory services fees

(12,052)

(14,310)

(15,274)

(17,494)

(18,876)

(20,297)

Pass through adjustments:

Investment advisory services fees

(10,828)

(18,063)

(14,816)

(17,680)

(13,970)

(13,659)

Other revenues

(14,574)

(15,348)

(15,686)

(17,510)

(15,433)

(15,203)

Impact of consolidated company-
sponsored investment funds

5,725

(9,374)

3,500

(1,886)

(7,059)

2,295

Acquisition related investment advisory
and services fees

(95,908)

(20,915)

(42,990)

—

—

—

Incentive compensation-related items

693

(3,558)

485

(1,059)

(2,404)

(9,821)

Equity loss (gain) on JV

4,614

(3,652)

(48,396)

3,450

16,162

13,371

(Gain) loss on other equity method
investments

(1,701)

2,682

5,404

(4,105)

(471)

(2,792)

Adjusted Net Revenues

$ 904,254

$ 887,547

$ 871,135

$ 957,307

$ 884,672

$ 844,434

Operating Income, GAAP basis

$ 249,546

$ 289,152

$ 326,800

$ 308,534

$ 283,477

$ 222,094

Exclude:

Incentive compensation-related items

880

913

146

(554)

1,214

1,284

EQH award compensation

487

637

405

229

344

426

Retirement plan settlement (gain)

—

—

—

—

(2,442)

—

Acquisition-related expenses

25,372

13,297

12,765

18,431

12,545

12,643

Equity loss (gain) on JV

4,614

(3,652)

(48,396)

3,450

16,162

13,371

(Gain) loss on other equity method
investments

(1,701)

2,682

5,404

(4,105)

(471)

(2,792)

AB Funds reimbursement (income)
expense

—

—

—

—

(8,500)

14,296

Interest on borrowings

4,929

7,099

7,207

5,503

7,167

8,463

Total non-GAAP
adjustments

34,581

20,976

(22,469)

22,954

26,019

47,691

Less: Net (loss) income of consolidated
entities attributable to non-controlling
interests

(18,549)

17,148

13,151

1,541

7,129

(3,179)

Adjusted Operating Income

$ 302,676

$ 292,980

$ 291,180

$ 329,947

$ 302,367

$ 272,964

Operating Margin, GAAP basis excl.
non-controlling interests

21.9 %

23.2 %

26.1 %

25.1 %

24.3 %

20.7 %

Adjusted Operating Margin

33.5 %

33.0 %

33.4 %

34.5 %

34.2 %

32.3 %

AB Holding L.P.

RECONCILIATION OF GAAP EPU TO
ADJUSTED EPU

Three Months Ended

($ Thousands except per Unit amounts,
unaudited)

9/30/2026

6/30/2026

3/31/2026

12/31/2025

9/30/2025

6/30/2025

Net Income, GAAP basis

$  73,147

$  71,717

$  85,238

$  81,804

$  73,751

$  70,248

Impact on net income of AB non-GAAP
adjustments

8,571

4,409

(8,522)

5,129

5,695

13,630

Adjusted Net Income

$  81,718

$  76,126

$  76,716

$  86,933

$  79,446

$  83,878

Net Income per Holding Unit, GAAP
basis

$     0.79

$     0.77

$     0.92

$     0.90

$     0.79

$     0.64

Impact of AB non-GAAP adjustments

0.09

0.05

(0.09)

0.06

0.07

0.12

Adjusted Net Income per Holding Unit

$     0.88

$     0.82

$     0.83

$     0.96

$     0.86

$     0.76

AB
Notes to Consolidated Statements of Income and Supplemental Information
(Unaudited)

Adjusted Net Revenues

Net Revenue, as adjusted, is reduced to exclude all of the company's distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of investment advisory services fees received that is used to pay distribution and servicing costs. For certain products, based on the distinct arrangements, certain distribution fees are collected by us and passed through to third-party client intermediaries, while for certain other products, we collect investment advisory services fees and a portion is passed through to third-party client intermediaries. In both arrangements, the third-party client intermediary owns the relationship with the client and is responsible for performing services and distributing the product to the client on our behalf. We believe offsetting distribution revenues and certain investment advisory services fees is useful for our investors and other users of our financial statements because such presentation appropriately reflects the nature of these costs as pass-through payments to third parties that perform functions on behalf of our sponsored mutual funds and/or shareholders of these funds. Distribution-related adjustments fluctuate each period based on the type of investment products sold, as well as the average AUM over the period. Also, we adjust distribution revenues for the amortization of deferred sales commissions as these costs, over time, will offset such revenues.

We adjust investment advisory and services fees and other revenues for pass through costs, primarily related to our transfer agent and shareholder servicing fees. Also, we adjust for certain investment advisory and service fees passed through to our investment advisors. We also adjust for certain pass through costs associated with the transition of services to the JV entered into with Societe Generale ("SocGen"). These amounts are expensed by us and passed to the JV for reimbursement. These fees do not affect operating income, as such, we exclude these fees from adjusted net revenues.

We adjust for the revenue impact of consolidating company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds' revenues and including AB's fees from such consolidated company-sponsored investment funds and AB's investment gains and losses on its investments in such consolidated company-sponsored investment funds that were eliminated in consolidation.

We also adjust investment advisory and services fees for pass through performance fees, primarily related to acquisition-related funds in which we do not participate in the performance. During the three months ended September 30, 2026, acquisition-related adjustments included $95.6 million in performance-based fees earned on certain legacy AB CarVal Investors ("AB CarVal") funds, in which we do not participate in the performance.

Adjusted net revenues exclude investment gains and losses and dividends and interest on employee long-term incentive compensation-related investments. Also, we adjust for certain acquisition related pass through performance-based fees and performance related compensation.

We also adjust net revenues to exclude our portion of the equity income or loss associated with our equity method investments, including our investment in the JV and reinsurance sidecars, as we don't consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. Effective April 1, 2024 following the close of the transaction with SocGen, we record all income or loss associated with the JV as an equity method investment income (loss). As we no longer consider this activity part of our core business operations and our intent is to fully divest from both joint ventures, we consider these amounts temporary, and as such, we exclude these amounts from our adjusted net revenues. On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the "Amendment Agreement") and exercised the AB option to deliver a 17.7% interest in the NA JV to SocGen. The prepaid consideration received was in excess of the carrying value of the 17.7% equity in the NA JV resulting in a gain of $48.4 million recognized in the first quarter of 2026.

Adjusted Operating Income

Adjusted operating income represents operating income on a US GAAP basis excluding (1) the impact on net revenues and compensation expense of the investment gains and losses (as well as the dividends and interest) associated with employee long-term incentive compensation-related investments, (2) the equity compensation paid by EQH to certain AB executives, as discussed below, (3) retirement plan settlement (gain) loss, (4) acquisition-related expenses (income), (5) income (loss) related to our equity method investments, (6) AB Funds reimbursement (income) expense, (7) interest on borrowings and (8) the impact of consolidated company-sponsored investment funds.

Long-term incentive compensation awards that are notionally invested in AB investment services are economically hedged to reduce the firm's exposure to market movements through the purchase and holding of these investments on AB's balance sheet. Fluctuation in the value of investments is recorded within investment gains and losses on the income statement. Management believes it is useful to reflect the offset achieved from economically hedging the market exposure of these investments in the calculation of adjusted operating income and adjusted operating margin. The non-GAAP measures exclude gains and losses and dividends and interest on employee long-term incentive compensation-related investments included in revenues and compensation expense.

The board of directors of EQH granted equity awards to Mr. Bernstein, our CEO, and other AB executives for their membership on the EQH Management Committee. These individuals may receive additional equity or cash compensation from EQH in the future related to their service on the Management Committee. Any awards granted to these individuals by EQH are recorded as compensation expense in AB's consolidated statement of income. The compensation expense associated with these awards has been excluded from our non-GAAP measures because they are non-cash and are based upon EQH's, and not AB's, financial performance.

The (gains) losses associated with the termination of our defined benefit retirement plan are non-cash, short term in nature and not considered a part of our core operating results when comparing financial results from period to period.

Acquisition-related expenses (income) have been excluded because they are not considered part of our core operating results when comparing financial results from period to period and to industry peers. Acquisition-related expenses (income) include professional fees, the recording of changes in estimates or fair value remeasurements to, and accretion expense related to, our contingent payment arrangements associated with our acquisitions, certain compensation-related expenses and amortization of intangible assets for contracts acquired. During the three months ended September 30, 2026, acquisition-related adjustments include $95.6 million of performance-based fees earned on certain AB CarVal funds and $105.4 million of related compensation expense. As these are acquisition-related funds in which we do not participate in the performance, the revenues and related compensation expense have been excluded from our operating income.

We also adjust operating income to exclude our portion of the equity income or loss associated with our equity method investments, including our investment in the JVs and reinsurance sidecars, as we don't consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. Effective April 1, 2024 following the close of the transaction with SocGen, we record all income or loss associated with the JVs as an equity method investment income (loss). As we no longer consider this activity part of our core business operations and our intent is to fully divest from both joint ventures, we consider these amounts temporary, and as such, we exclude these amounts from our adjusted operating income. On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the "Amendment Agreement") and exercised the AB option to deliver a 17.7% interest in the NA JV to SocGen. The prepaid consideration received was in excess of the carrying value of the 17.7% equity in the NA JV resulting in a gain of $48.4 million recognized in the first quarter of 2026.

During the first quarter of 2025, we identified an error in the billing practices of a third-party service provider, who had over billed certain AB mutual funds for omnibus account services, sub-accounting services, and related transfer agency expenses in prior years. In the second quarter of 2025, at the request of the mutual fund Board,  AB agreed to reimburse the affected funds for the entirety of the overpayment plus interest. During the third quarter of 2025, we resolved this matter with the service provider and recovered a portion of the overbilled amounts. We have adjusted operating income to exclude these amounts. We believe adjusting for these costs is useful for our investors and other users of our financial statements as such presentation appropriately reflects the non-core nature of this expenditure or recovery.

We adjust operating income to exclude interest on borrowings in order to align with our industry peer group.

We adjusted for the operating income impact of consolidating certain company-sponsored investment funds by eliminating the consolidated company-sponsored funds' revenues and expenses and including AB's revenues and expenses that were eliminated in consolidation. We also excluded the limited partner interests we do not own.

Adjusted Operating Margin

Adjusted operating margin allows us to monitor our financial performance and efficiency from period to period without the volatility noted above in our discussion of adjusted operating income and to compare our performance to industry peers on a basis that better reflects our performance in our core business. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenues.

SOURCE AllianceBernstein

Porsche vstupuje do nové fáze své historie. Slabší poptávka v Číně, komplikovaný přechod k elektromobilitě a tlak na celý koncern Volkswagen vedou značku k přehodnocení dosavadního růstového modelu. Místo snahy o co nejvyšší prodeje chce nově stavět na exkluzivitě, vyšších cenách a odolnosti marží, které mají zajistit silnou ziskovost i při výrazně nižších objemech výroby.

Německý výrobce luxusních sportovních automobilů Porsche v období od ledna do září zvýšil provozní zisk na 1,74 miliardy eur (přes 42 miliard Kč) z pouhých 40 milionů eur před rokem, kdy výsledky podniku zasáhly rozsáhlé mimořádné náklady související s omezením plánů v oblasti elektromobility. Tržby však meziročně klesly o zhruba šest procent na 25,3 miliardy eur. Vyplývá to z dnešní tiskové zprávy podniku.

Automobilka Porsche již dříve oznámila, že její odbyt se v letošních prvních třech čtvrtletích meziročně snížil o 16 procent na 178.532 vozů, a to zejména kvůli slabší poptávce v Číně. Tam se odbyt propadl o 33 procent na 21.493 vozů.

Společnost Porsche tento měsíc představila novou strategii, která zahrnuje výrazné snižování nákladů. Firma rovněž uvedla, že hodlá klást menší důraz na objem prodeje a že se zaměří na nabídku automobilů nejvyšší třídy. Chce tak v budoucnosti prodávat méně vozů, ale za vyšší ceny.

Automobilka Porsche hodlá v rámci nové strategie zajistit, aby dosahovala ziskovosti i při objemu prodeje pod 200.000 vozů ročně. V celém loňském roce přitom dodala zákazníkům 279.449 vozů. "Vytváříme podmínky k tomu, aby se Porsche v dlouhodobém horizontu stalo silnějším a ziskovějším podnikem," uvedl v dnešní tiskové zprávě šéf firmy Michael Leiters.

Společnost Porsche v roce 2022 vstoupila na frankfurtskou akciovou burzu. Jejím většinovým vlastníkem nicméně zůstal německý automobilový koncern Volkswagen, jehož součástí je také Škoda Auto.

Automobilka Porsche byla dlouhou dobu spolehlivým zdrojem zisků koncernu Volkswagen. V současnosti je však podle analytiků pro koncern spíše přítěží a dostává se do stínu Škody Auto. "Česká značka se fakticky stává novým Porsche celé skupiny," uvedl minulý měsíc nezávislý analytik automobilového průmyslu Matthias Schmidt.

Koncern Volkswagen se v poslední době potýká s řadou problémů, včetně vysokých nákladů, nadbytečných kapacit, rostoucí čínské konkurence nebo amerických cel. Dozorčí rada Volkswagenu v září schválila největší restrukturalizační plán v historii podniku. Koncern mimo jiné plánuje zrušit do konce desetiletí po celém světě až 100.000 pracovních míst či omezit počet modelů. Koncern Volkswagen zaměstnával na konci loňského roku zhruba 663.000 lidí.

Podle českého odborového svazu KOVO požaduje Volkswagen rovněž zmrazení mezd zaměstnanců Škody Auto do roku 2030. Požadavek, který se podle odborů týká i dalších složek odměňování včetně bonusů a prémií, odboráři odmítají. Škoda Auto dříve opakovaně uvedla, že nový transformační plán koncernu nemá na její aktivity žádný přímý dopad.

Škoda Auto patří mezi největší zaměstnavatele v České republice. Ve svých třech českých výrobních závodech v Mladé Boleslavi, Kvasinách a Vrchlabí zaměstnává zhruba 36.500 lidí včetně agenturních pracovníků.

Stablecoins could offer faster and more efficient payments, but realizing their full potential requires further development of the infrastructure supporting them, according to Mastercard.

Stablecoins, a type of cryptocurrency designed to keep a steady value via a peg to an asset like the U.S. dollar, could be attractive for certain remittance corridors and less commonly traded currency pairs, Matthew Driver, executive vice president of services for Asia Pacific at Mastercard, told CNBC in an interview.

"You don't want to have a 'stablecoin sandwich,'" Driver said, referring to a slow on-ramp into stablecoins, a fast transaction in the middle and a slow off-ramp back into fiat currency. That won't necessarily translate into faster payments, he said.

Connecting real-time payment systems to stablecoin exchanges on both ends of a transaction could help speed up payments, but "you still need to enable the infrastructure," he said, adding that market participants need to be able to use the technology effectively.

Opportunities for stablecoin adoption could vary across markets. In Singapore, where retail payments are already highly efficient, stablecoins may have fewer applications in consumer transactions, while corporate payments could offer greater opportunities, Driver said.

He also pointed to smart contracts as a potential use case for corporate payments, allowing transactions to be executed when certain conditions are met.

Interest in stablecoins has increased following the establishment of the U.S. GENIUS Act, Driver said.

His comments come as Mastercard expands its involvement in digital assets, including through its acquisition of stablecoin infrastructure provider BVNK, which was completed in August. Earlier this month, Mastercard and BVNK launched Global Money Platform, designed to help banks, fintechs and businesses manage payments involving traditional currencies and stablecoins through a single application programming interface.

Beyond payment speed, Mastercard is also looking to incorporate blockchain and identity data to establish the same level of trust expected across other payment systems, Driver said.

Good news from the clinic -- albeit one far from the U.S. -- was the factor pushing up Bristol Myers Squibb (BMY +0.21%) stock on Monday. Shares of the global pharmaceutical company inched marginally higher amid positive data from an experimental cancer drug.

That's the latest step in Bristol Myers Squibb's long journey to move from dependence on its legacy medications to its so-called "growth portfolio." If that new medication, which it didn't originally develop but has licensed in most jurisdictions, eventually comes to market, the company could have a very popular product on its hands. Here's a look at what happened in its recent trial, and why investors reacted so cautiously after hearing about it.

Image source: The Motley Fool.

Highly encouraging efficacyThat morning, Bristol Myers Squibb announced that the drug, izalontamab brengitecan (iza-bren), delivered positive results in a Phase 3 head-to-head trial versus platinum-based chemotherapy (PBC). The patients participating in the study had a form of non-small cell lung cancer (NSCLC) and had previously been treated with a type of medication known as an EGFR tyrosine kinase inhibitor (TKI).

The trial readout indicated that the drug significantly prolonged progression-free survival (PFS). The median PFS for those taking iza-bren was 11.1 months, which compared favorably with 5.7 months for patients in the chemotherapy control arm.

Bristol Myers Squibb added that iza-bren demonstrated a manageable safety profile in the study, with treatment-related adverse events consistent with those observed in earlier testing.

The clinical trial was administered by Sichuan Biokin Pharmaceutical, a Chinese company that is the parent of the drug's developer, SystImmune. In December 2023, Bristol Myers Squibb announced it had struck an exclusive licensing and collaboration agreement with SystImmune to advance iza-bren. Under its terms, the U.S.-based company holds the development and commercialization rights for all countries outside of mainland China and the U.S. SystImmune holds those rights exclusively in the former, while the two companies share the development and commercialization rights on our shores.

In the deal, Bristol Myers Squibb made an $800 million upfront payment and is on the hook for as much as $500 million in contingent near-term payments. It is also obligated to pay up to $7.1 billion if certain developmental, regulatory, and commercial milestones are reached.

In its latest press release on iza-bren, the company touted that this is the fifth solid tumor type in which the drug has demonstrated efficacy. Bristol Myers Squibb's chief medical officer Cristian Massacesi was quoted as saying that this performance "is highly encouraging and speaks to the potential of iza-bren to address significant unmet needs in oncology."

$61.61+$0.13 (+0.21%)

NYSE · As of 4:00 PM ET 10/26/26

Muted reactionThat's certainly true, so why didn't Bristol Myers Squibb's stock pop higher on the news? After all, the world is hungry for efficacious cancer drugs, and iza-bren appears to fit the bill.

I believe the main reason is that the study (along with the other four solid-tumor trials) was conducted in mainland China. And no matter how well a drug performs there, the U.S. Food and Drug Administration (FDA) generally rejects approval based solely on single-country, China-only data, without multi-region confirmatory data that meet Western standards of care. So it's likely that approval inside our borders or with top healthcare regulators abroad, such as the European Medicines Agency, is still years away, at best.

As for the study itself, Bristol Myers Squibb said that data for overall survival (OS) -- an important endpoint with cancer drugs -- were immature. OS is rightfully considered a more meaningful indicator of a medication's ultimate impact, especially since subsequent crossover therapies can dilute initial PFS gains.

Also, since it’s saddled with a legacy portfolio of drugs that have either fallen off the patent cliff or are rapidly approaching it, even a blockbuster product won't suddenly make a night-and-day difference to the company. Another factor is that iza-bren isn't the only dog in the fight; competitors such as Johnson & Johnson (JNJ +0.94%) are developing comparable drugs targeting solid tumors.

That's why I think investors shouldn't base their Bristol Myers Squibb investment decision on the latest iza-bren news alone. That said, it's an exciting development program well worth keeping an eye on, particularly given the company's concerted effort to move away from its fading legacy product line to bolster the growth portfolio. Iza-bren could be a strong product if it performs well in trials outside of China and eventually wins approval.

SummaryRobinhood Markets, Inc. delivered record Q2-26 revenue of $1.31B, up 32% YoY, with strong profitability and business momentum.Despite robust fundamentals and 39% growth in Gold subscribers, HOOD shares are down 16% YTD, driven by fading risk appetite and its perception as a crypto proxy.I rate HOOD a BUY, citing record revenue, diversified growth from new segments like prediction markets, and bullishness on Bitcoin as a continued driver.HOOD's growth is fueled by increasing deposits from existing customers, with ARPU up 24% YoY and 13 business lines each generating over $100M annually.September trading volumes held steady, suggesting the risk-appetite fear isn't in the numbers yet; Q3 results on October 27 are the key test. Robert Way/iStock Editorial via Getty Images

Robinhood Markets, Inc. (HOOD) is coming off one of its best quarters ever. In Q2-26, revenue hit $1.31 billion, up 32% year-on-year, and net deposits $21.7 billion, both record numbers. Profitability is not a problem either: adjusted EBITDA rose

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of IBIT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- Schall, Brown & Schwartz LLP ("SBS"), a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Papa John's International, Inc. ("Papa John's" or "the Company") (NASDAQ: PZZA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Shareholders who purchased shares of PZZA during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointments. Appointment as lead plaintiff is not required to partake in any recovery.

CLASS PERIOD: August 7, 2025 to August 5, 2026

DEADLINE: November 2, 2026

If you are a shareholder who suffered a loss, click here to participate.

CASE DETAILS: According to the Complaint, the Company made false and misleading statements to the market. The transformation plan developed by Papa John's was not achieving results in the expected timeframe. The Company failed to prevent further erosion in market share. The Company was forced to sharply increase promotional efforts to preserve market share. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Papa John's, investors suffered damages.

We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Join the case to recover your losses

WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
Schall, Brown & Schwartz LLP
Brian Schall, Esq.,
Andrew Brown, Esq.,
David Schwartz, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE Schall, Brown & Schwartz LLP

, /PRNewswire/ -- Meta Platforms, Inc. (Nasdaq: META) ("Meta" or the "Company") announced today the pricing of its previously announced concurrent separate underwritten public offerings of (i) 250,000,000 series A depositary shares ("Depositary Shares"), each representing a 1/20th interest in a share of newly issued 6.50% Series A Mandatory Convertible Preferred Stock, par value $0.000006 per share ("Preferred Stock"), at a public offering price of $50 per Depositary Share (the "Depositary Shares Offering") and (ii) $25.0 billion of shares of Class A common stock, par value $0.000006 per share ("Class A Common Stock") offered in connection with the forward sale agreements described below, at a public offering price of $625.00 per share (the "Common Stock Offering" and, together with the Depositary Shares Offering, the "Offerings"). The Common Stock Offering was upsized to $25.0 billion from the previously announced offering size of $22.5 billion.

Meta has granted to the underwriters of the Depositary Shares Offering a 30-day option to purchase up to an additional 37,500,000 Depositary Shares at the public offering price less the applicable underwriting discount, solely to cover over-allotments, if any. The net proceeds from the Depositary Shares Offering will be approximately $12.5 billion (or approximately $14.3 billion if the underwriters exercise in full their over-allotment option to purchase additional Depositary Shares) after deducting the applicable underwriting discount and estimated offering expenses payable by Meta. Meta intends to use the net proceeds from the Depositary Shares Offering for general corporate purposes.

Holders of the Depositary Shares will be entitled to a proportional fractional interest in the rights and preferences of the Preferred Stock, including conversion, dividend, liquidation and voting rights, subject to the provisions of a deposit agreement. The Preferred Stock will accumulate dividends (which may be paid initially in cash or, subject to certain limitations, in shares of Class A Common Stock or in any combination of cash and Class A Common Stock) at a rate per annum equal to 6.50% on the liquidation preference thereof, which is $1,000 per share, payable when, as and if declared by Meta's board of directors (or an authorized committee thereof), on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2027 and ending on, and including, August 15, 2029. Unless earlier converted, each outstanding share of Preferred Stock will automatically convert for settlement on or about August 15, 2029, into between 1.3620 and 1.6000 shares of Class A Common Stock (and, correspondingly, each Depositary Share will automatically convert into between 0.0681 and 0.0800 shares of Class A Common Stock), subject to customary anti-dilution adjustments, determined based on the volume-weighted average price of the Class A Common Stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day prior to August 15, 2029 (the "final averaging period"). Notwithstanding the foregoing, upon the issuance of Meta's Class C common stock, par value $0.000006 per share (the "Class C Common Stock") to be established by Meta's Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on October 21, 2026 and satisfaction of certain other conditions, (1) each share of Preferred Stock (and, correspondingly, each Depositary Share) will be convertible into shares of Class C Common Stock for settlement on or about August 15, 2029 in a number not less than the then-current minimum conversion rate nor greater than the then-current maximum conversion rate, determined based on the volume-weighted average price of the Class C Common Stock during the final averaging period, (2) other than during a fundamental change conversion period (as defined in the prospectus supplement relating to the Depositary Shares Offering), at any time after the 50th trading day immediately following the Class C Dividend Trigger Date (as defined in the prospectus supplement relating to the Depositary Shares Offering) and prior to the mandatory conversion settlement date, a holder of 20 Depositary Shares may cause the bank depositary to convert one share of Preferred Stock, on such holder's behalf, into a number of shares of Class C Common Stock equal to the then-current minimum conversion rate and (3) cumulative dividends with respect to the Preferred Stock may be paid in cash or, subject to certain limitations, in shares of Class C Common Stock or in any combination of cash and Class C Common Stock, at the election of Meta.  Currently, there is no public market for the Depositary Shares or the Preferred Stock. Meta has applied to list the Depositary Shares on the Nasdaq Global Select Market under the symbol "METAM." The Depositary Shares Offering is expected to close on October 29, 2026, subject to satisfaction of the conditions to closing.

Concurrently with the Depositary Shares Offering, Meta entered into forward sale agreements with Morgan Stanley Capital Services LLC and Goldman Sachs & Co. LLC (the "forward purchasers") initially with respect to an aggregate of 40,000,000 shares of the Class A Common Stock. Upon the issuance of the Class C Common Stock and satisfaction of certain other conditions, Meta expects that such forward sale agreements will reference both the Class A Common Stock and the Class C Common Stock. In connection with these forward sale agreements, the forward purchasers or their respective affiliates are expected to borrow from third parties and have agreed to sell to the underwriters in the Common Stock Offering an aggregate of 40,000,000 shares of the Class A Common Stock.  The Common Stock Offering is expected to close on October 29, 2026, subject to satisfaction of the conditions to closing.

Meta has also granted the underwriters of the Common Stock Offering a 30-day option to purchase up to $3.75 billion of additional shares of the Class A Common Stock. If such option is exercised, Meta expects to enter into additional forward sale agreements with each of the forward purchasers in respect of the number of shares of the Class A Common Stock that is subject to the exercise of such option. Meta does not expect to initially receive any proceeds from the sale of shares of Class A Common Stock by the forward purchasers (or their affiliates) in the Common Stock Offering. At an initial forward price of approximately $622.92 per share (which is approximately the price at which the underwriters of the Common Stock Offering have agreed to buy the shares of Class A Common Stock offered thereby), Meta expects to receive net proceeds, before expenses, from the Common Stock Offering of approximately $24.9 billion (or approximately $28.7 billion if the underwriters of the Common Stock Offering exercise in full their option to purchase additional shares of Class A Common Stock), subject to the price adjustment and other provisions of the forward sale agreements, upon settlement of the forward sale agreements, which Meta expects to occur on or prior to November 19, 2027. Meta intends to use the net proceeds it receives upon future settlement of the forward sale agreements and any additional forward sale agreements for general corporate purposes.

Pursuant to the terms of the forward sale agreements and any additional forward sale agreements, Meta intends to issue and deliver, upon settlement of the forward sale agreements or any additional forward sale agreements, on one or more dates specified by Meta on or prior to November 19, 2027, an aggregate of  40,000,000 shares of Class A Common Stock (or an aggregate of  46,000,000 shares of Class A Common Stock if the underwriters exercise their option to purchase additional shares in full and if Meta enters into additional forward sale agreements with respect to such shares) to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, which will be approximately $622.92, subject to certain adjustments as provided in the forward sale agreements and any additional forward sale agreements. Notwithstanding the foregoing, upon the issuance of the Class C Common Stock and satisfaction of certain other conditions, these forward sale agreements will reference both the Class A Common Stock and the Class C Common Stock and, in certain circumstances, Meta will have the ability to settle all of the forward sale agreements through the delivery of only shares of Class C Common Stock.

The completion of the Depositary Shares Offering is not conditioned upon completion of the Common Stock Offering, and the completion of the Common Stock Offering is not conditioned upon completion of the Depositary Shares Offering.

Morgan Stanley and Goldman Sachs & Co. LLC are acting as lead joint bookrunning managers for the Offerings. Allen & Company LLC, BDT & MSD, Centerview Partners, Jefferies, Lazard, and The Raine Group are acting as co-managers for the Offerings.

A registration statement on Form S-3 (including a prospectus) relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") and has become effective. Each Offering may be made only by means of a prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplements and accompanying prospectuses related to the Offerings can be obtained by visiting the SEC's website at http://www.sec.gov or by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by email at [email protected]; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526 or by email at [email protected].

This release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities, in any jurisdiction in which such offer, solicitation or sale is unlawful.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact, including statements relating to the Offerings, the establishment and issuance of Class C Common Stock, the effectiveness of the Amended and Restated Certificate of Incorporation, our ability to complete the Offerings on the anticipated timeline or at all and the anticipated use of the net proceeds therefrom, as well as statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial conditions, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in our most recent Quarterly Report on Form 10-Q and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks 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 light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Unless expressly indicated or the context requires otherwise, the terms "Meta," "Company," "we," "us," and "our" in this document refer to Meta Platforms, Inc., a Delaware corporation, and, where appropriate, its subsidiaries.

About Meta

Meta is building the future of human connection, powered by artificial intelligence and immersive technologies. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving toward building experiences that foster deeper connections and unlock new possibilities.

Contacts

Investors:
Rob Bevegni
[email protected] / investor.atmeta.com

Press:
Matt Tye
[email protected] / meta.com/news

SOURCE Meta

Enterprises are deploying agents faster than they can verify them. HashiCorp Vault uses Agent Identity to give each agent a governed identity Verified agents still need limits on access. Vault extends its established secrets management to AI agents, built to enforce least-privilege access and enable real-time revocation when an agent attempts an unauthorized action Enterprises can't scale agents they can't see, test or account for. IBM watsonx Orchestrate is designed to unify discovery, containment, and evaluation across Amazon Bedrock, Microsoft Foundry and Google Gemini , /PRNewswire/ -- At TechXchange 2026, IBM (NYSE: IBM) is announcing new capabilities to help developers, IT and security teams put AI agents to work across business systems with clear authority and accountability. IBM brings together agent discovery, verified identities, access controls and performance evaluation to help organizations understand who owns each agent, control what it can access, and trace its actions across existing applications and infrastructure.  

IBM According to Gartner, by 2028 the average Fortune 500 enterprise will use over 150,000 AI agents. But only 13% of organizations believe that they have the right AI agent governance in place [1]. Persistent credentials, unclear ownership and disconnected controls make it harder to govern agents as they interact with other agents, invoke tools and act across teams, platforms and clouds. 

"The winners in enterprise AI are changing how their business runs, not simply adding more AI to it," said Dinesh Nirmal, Senior Vice President, IBM Software. "For agents to take on real work across the systems a company depends on, it requires an AI operating model – one that connects agents to the business's data, applications and infrastructure and runs them with the same discipline as its most critical systems. Build trust and control into that model, and agents stop being a technology and become a way of doing business."  

Today's announcements extend IBM's portfolio to deliver an AI operating model of four essential systems working together: agents, data, automation and hybrid infrastructure. This starts with the trust and control every agent needs – a verified identity, only the access it needs, and one place to discover, secure and evaluate agents regardless of where they were built. 

Extending HashiCorp Vault to AI agents
HashiCorp Vault manages the secrets and credentials that applications and services use to access business systems. It provides that control through centrally managed secrets, automated rotation for supported credentials, and dynamically generated credentials that expire or can be revoked. These capabilities help reduce the time exposed credentials remain usable and limit access to the permissions configured for each role. 

HashiCorp Vault already secures non-human identities for organizations including ABN AMRO, Adobe, athenahealth, BBVA, BlackRock, Canva, Duke Energy, Expedia, London Stock Exchange, Starbucks, Swiss Federal Railways and Target, across systems that process billions of dollars in transactions [2]. HashiCorp will now extend those capabilities to AI agents, issuing secured, short-lived credentials that limit each agent to what it needs. 

Establishing agent identity and accountability
AI agents are a growing class of non-human identity, alongside applications and services. As they begin acting across business systems, enterprises need a clear record of who owns each agent and what authority it has been granted. HashiCorp is combining governed agent identity with credential controls to help organizations delegate work with defined authority and accountability. 

When used with HashiCorp Vault, Agent Identity establishes the authoritative record for each agent, such as who owns it, its lifecycle status and the authority it has been granted. Built to extend existing identity and security investments, it shares relevant identity and authorization context with Vault's credential controls – ultimately enforcing least-privilege access and enabling real-time revocation when an agent attempts an unauthorized action. 

Controlling agent credentials and access
Identifying an agent is only the start. Enterprises also need to control the credentials it uses to reach databases, applications and cloud services – and how long those credentials remain valid. As agents invoke tools and act across business systems, their credentials become a critical security boundary. An agent with a long-lived, overprivileged credential can put systems and data at risk if it's compromised or acts outside its intended task. Enterprises need to establish what each agent's job is, limit the access it receives and revoke that access when circumstances change. 

These controls extend beyond initial authentication. If an agent attempts to retrieve information or perform actions outside its approved permissions, the access can be denied and session revoked in real time to prevent unauthorized activity. Vault's short-lived credentials and least-privilege controls can further restrict what an agent accesses and the duration of those permissions.  

Additional capabilities include: 

Vault 2.2 gives agents their own secured accounts, automatically renews their credentials and incorporates post-quantum encryption for quantum-era threats. Secure Hub (public preview) gives companies centralized visibility across their Vault environments to make it easier to understand operational health, usage and security resources. At TechXchange, client speakers will share how they use Vault to secure enterprise applications, workloads and AI agents 

athenahealth: Automating certificate management with Vault's PKI engine. Albert Einstein College of Medicine: Applying IBM Verify and Vault to AI agent identity, just-in-time access, dynamic secrets and auditability. Optum: Using Vault Radar to detect exposed secrets and Boundary for just-in-time, identity-based access. Seven-Eleven Japan: Centralizing and encrypting secrets with Vault Enterprise and detecting hardcoded secrets with Vault Radar. Yum! Brands: Building an identity security platform with IBM Verify, with a look ahead to machine identities and secrets management. "AI presents extraordinary opportunities to accelerate biomedical research and discovery, but realizing its potential requires a foundation of security, trust, and responsible governance," said Shailesh M. Shenoy, Assistant Dean for Information Technology at Albert Einstein College of Medicine. "In my experience, technologies such as IBM Verify and HashiCorp Vault can play an important role in helping organizations establish the identity, access, and security controls needed to innovate with confidence."  

Managing agents across platforms
Identity tells organizations what an agent is. But they also need to see every agent they have, wherever it was built. IBM watsonx Orchestrate works across the AI ecosystem, not inside a single vendor's platform, to give organizations one place to discover, secure and evaluate their agents. Capabilities include: 

Discover (tech preview): Organizations can't govern agents they don't know exist. Orchestrate connects to platforms such as Amazon Bedrock, Microsoft Foundry and Google Gemini to find agents built in third-party environments, so teams can see and manage agents instead of adding them manually. This capability also extends to models and MCP servers. Contain (tech preview): One rogue agent can disrupt others and spread mistakes across the business. Orchestrate now runs agents in isolated sandboxes so a rogue agent can't interfere with others. Teams also now have access to a kill switch to shut down any agent. Evaluate: Agents that aren't tested and tracked can quietly drift off course and increase costs. Teams using Orchestrate can now test the quality, accuracy and compliance of agents, models and MCP servers before deployment, then monitor them in production. Built-in cost tracking shows each agent's model and token use, so teams can spot what's driving spend and fix it. Orchestrate also works with Vault's credential controls and Agent Identity to establish what each agent's job is, govern its authority and enforce least-privilege credential access. Together, these controls help organizations authorize and audit agent actions and rapidly revoke trust and credentials when risk changes. 

Connecting agents to the business
Once agents are authorized to use a company's APIs and tools, they need to know what already exists, how systems connect, what can be reused safely and what their actions could affect. IBM Integration Intelligence Hub is built to provide that knowledge through its Unified Context Engine, so agents can fix problems like stuck messages or deploy an API using what's already in place. Skills, approval policies and audit controls keep those actions in check. Instead of rebuilding for AI, organizations can put agents to work on the systems they already depend on. 

Scaling agents with NVIDIA
Agent Identity and HashiCorp Vault integrate with NVIDIA OpenShell secure runtime software, the foundation of the NVIDIA OpenShell Architecture. Together, they pair a protected environment for agents to run in with a verified identity and short-lived credentials for every agent, so each action can be traced, limited and reviewed. 

"Businesses need enforceable control over how agents operate and what they can access," said John Fanelli, vice president, enterprise software, NVIDIA. "Our work with IBM combines NVIDIA OpenShell's policy-governed runtime with Agent Identity and HashiCorp Vault to help enterprises scale AI agents with secure execution, verified identities and tightly scoped access to business systems." 

Responding to Emerging Security Threats
When new vulnerabilities are discovered, enterprises must quickly identify affected systems, determine required changes and deploy fixes without disrupting critical operations. In complex environments, this process often involves multiple teams, tools and processes. 

IBM Concert integrates observability, optimization, incident management and security across applications, infrastructure and networks. With AI-powered insights and proof of exploitability, Concert helps teams to identify high-risk vulnerabilities, assess operational impact, and coordinate responses. These capabilities also help organizations address performance, manage costs and maintain resilience in hybrid environments. 

HashiCorp Terraform provides an infrastructure context and governed workflows for change implementation. New features now generally available and in public preview, including Terraform policy, Terraform Developer Portal and Terraform remote MCP server, enable developers and AI agents to access approved configurations and implement infrastructure changes through established controls. Terraform powered by Infragraph also helps teams understand infrastructure relationships and dependencies for more informed decisions. 

Together, these capabilities enable organizations to progress from identifying vulnerabilities to implementing and verifying remediation, while optimizing the visibility and governance essential for enterprise operations. 

A comprehensive system intelligence and change orchestration layer for IBM Z 
IBM Z Atlas maps a client's entire z/OS stack across infrastructure, middleware, and applications, and then uses that intelligence to address the manual effort of tasks like patch management, regulatory response, and sharing system knowledge across teams, from systems programmers to application developers. Atlas addresses the leading cause of unplanned z/OS outages – changes that aren't proven to be safe – by mapping how a change impacts the z/OS stack and testing and validating it. This design (in tech preview) accelerates clients' modernization efforts by keeping experts in control and giving practitioners, in operations or development, the same shared Z system visibility to reduce risk. 

Availability
HashiCorp Vault 2.2, Agent Identity, watsonx Orchestrate evaluate capabilities, IBM Concert, and HashiCorp Terraform policy are generally available. Secure Hub, Terraform Developer Portal, Terraform remote MCP server, and IBM Z Atlas are in public preview. IBM Integration Intelligence Hub and watsonx Orchestrate discover and contain capabilities are in tech preview. 

Statements regarding IBM's future direction and intent are subject to change or withdrawal without notice and represent goals and objectives only. 

Learn more
IBM TechXchange is IBM's annual conference for developers and technology practitioners and brings together nearly 6,500 attendees from 85 countries. This year, the event incorporates HashiConf to bring together the HashiCorp community with practitioners from across IBM, Red Hat and Confluent. Attendees can choose from more than 1,000 sessions and experiences, including 180 hands-on labs, 260 client-led sessions and more than 50 certification exams. Speakers include American Airlines, Bradesco, Citi, CVS Health, Deutsche Bank, DoorDash, Hertz, and US Bancorp who will share how they are making AI enterprise ready. 

Session livestream and replays will be available here: ibm.biz/txc26-livestream.  

Supporting Materials

Strengthen security for agentic AI with new Vault, Verify, Boundary, and Secure Hub capabilities  IBM Agent Identity now generally available: Building Trust for the Agentic Era  Vault Enterprise 2.2 advances identity security, PKI, and cryptoagility  Announcing the public preview of Secure Hub: govern Vault at scale  IBM watsonx Orchestrate advances AI agent management with new capabilities  IBM Integration Intelligence Hub gives AI the context to act, not just access IBM Concert platform advances the path to cross-domain agentic IT operations  Terraform advances infrastructure lifecycle management for the agentic era Introducing IBM Z Atlas: Change Intelligence for IBM Z [1]: Gartner Identifies Six Steps to Manage AI Agent Sprawl
[2]: HashiCorp Vault client stories  

About IBM  
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM's hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM's breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM's long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

Media contacts:

Sarah Benchaita
IBM
[email protected]

Kate Lehman
IBM
[email protected]

SOURCE IBM

SAP Signature and Agreement Management by Docusign for SAP Sales Cloud and SAP SuccessFactors Now Available

, /PRNewswire/ -- Docusign (Nasdaq: DOCU) today announced that the solutions it developed — SAP Signature and Agreement Management by Docusign for SAP Sales Cloud and SAP Signature and Agreement Management by Docusign for SAP SuccessFactors — will be sold as SAP Solution Extensions. The offerings embed Docusign Intelligent Agreement Management (IAM) directly into everyday sales and HR workflows, enabling customers to create, sign, and manage contracts, and automatically sync data back into SAP solutions, without ever leaving the system they already use.

Docusign IAM brings agreement intelligence into SAP Sales Cloud and SAP SuccessFactors, enabling sales and HR teams to manage agreements within the systems where they already work. By connecting agreements, data, and workflows, Docusign IAM improves visibility and helps accelerate business processes. It will also integrate with Joule Work to coordinate agreement-driven work across the organization's broader technology landscape.

"Contracts drive every deal and every hire, but for too long, they have been disconnected from the systems where that work actually happens," said Allan Thygesen, CEO of Docusign. " We're helping to close that gap by bringing Docusign IAM directly into SAP Sales Cloud and SAP SuccessFactors, so agreement intelligence lives where sales and HR teams already work. This is what it looks like when two trusted platforms come together to remove friction from the way businesses actually run."

"Our customers want their core processes to run end to end, without handoffs between systems," said Sebastian Steinhaeuser, COO and member of the Executive Board, SAP SE. "With these offerings, a signed deal or offer letter is no longer the end of a separate process. Its data flows directly back into SAP solutions, where it can shape the next forecast, renewal, or onboarding step."

The solutions are SAP-branded, sold, and supported, helping businesses to:

SAP Signature and Agreement Management by Docusign for SAP Sales Cloud

Work where sales teams already work. Trigger sales contract workflows directly from SAP Sales Cloud — creating, sending, tracking, and managing contracts without switching applications or re-entering data. Accelerate the sales cycle. Keep sellers focused on selling and shorten the sales cycle by moving faster across the full agreement lifecycle. Turn every contract into actionable insights. Give sales and operations teams a real-time view of completed and expiring agreements, plus key commercial terms, right inside SAP solutions to manage for today as well as plan for tomorrow's renewal. Strengthen accuracy, compliance, and trust. Reduce manual data entry and the errors that come with switching applications, while improving alignment with legal and operations teams. Improve the experience for every participant. Track every step through the review and approval process while sales, legal, finance and operations collaborate in a single workflow. SAP Signature and Agreement Management by Docusign for SAP SuccessFactors

Accelerate talent onboarding. Automate contract workflows so HR teams spend less time on paperwork and more time on people. Automate the employee agreement journey. Connect offer letters and onboarding forms straight through to signed-document data in the employee's SAP SuccessFactors profile — no manual entry required. Turn every agreement into connected business data. Find employee data fast through a searchable employee agreement repository with AI-powered data extraction. Strengthen compliance. Automate on-demand verification within the signing experience, including I-9 verification and instant E-Verify filing. Improve the employee experience. Give new hires an onboarding experience that lets them focus on the job ahead, not form completion. Docusign is an SAP Solution Extension partner, specifically chosen to extend SAP Sales Cloud and SAP SuccessFactors HCM suite by offering industry leading agreement intelligence capabilities. These solutions have undergone a premium qualification process, exclusive to SAP Solution Extensions, and are supported with available SAP support services. Sold by SAP as a premium-certified solution, Docusign IAM delivers out-of-the-box integration with SAP Business AI Platform and aligns with SAP's Autonomous Enterprise vision.

About Docusign
Docusign brings agreements to life. Over 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 — data that, until now, was disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign's 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.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

Media Contact:
Docusign Corporate Communications
[email protected]

SOURCE Docusign, Inc.

 | Source:

Nasdaq, Inc.

NEW YORK, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Nasdaq, Inc. (Nasdaq: NDAQ) today announced the appointment of Börje Ekholm to its Board of Directors. Ekholm is the former President and CEO of Ericsson, the former President and CEO of Investor AB, and a previous Chair of the Nasdaq Board of Directors. Ekholm's appointment is effective as of November 1, 2026, and he will serve as a member of the Audit & Risk Committee. Separately, Nasdaq today announced that Holden Spaht has notified Nasdaq of his decision to resign from the Board, effective December 31, 2026.

“Börje's return not only brings deep knowledge of Nasdaq’s DNA as a catalyst for market innovation, but also a rare combination of strategic vision and operational discipline, as demonstrated by his successful transformation of Ericsson into a stronger, more competitive organization," said Adena Friedman, Chair and CEO, Nasdaq. "His global technology expertise and his proven track record of driving innovation and growth will make him a tremendous addition to our Board as we continue to advance our strategic agenda.”

Most recently, Ekholm was the President and CEO of Ericsson, a position he held between January 2017 and September 2026, where he led a turnaround of the company, transforming it into a global leader in 5G and communications technology. Ekholm currently serves as Chair of the Board of Directors of Trimble Inc. (Nasdaq: TRMB), and previous board assignments include Alibaba, Husqvarna, KTH Royal Institute of Technology (Chair), Scania and WM Data (Chair). Ekholm is also a board advisor for Mars, an Advisor to the CEO of Ericsson, and a board member of the Swedish-American Chamber of Commerce New York.

"I am honored to re-join Nasdaq's Board at such an important time during its strategic evolution," said Börje Ekholm. "Nasdaq is a leading force across the global capital markets and the broader technology and financial ecosystem, and I look forward to working alongside my fellow directors and the management team to advance Nasdaq's role as the industry's transformation partner."

As Ekholm prepares to join the Board, Holden Spaht will conclude his service at year-end following three years as a director. Spaht joined the Nasdaq Board in November 2023 following the acquisition of Adenza. During his tenure, Nasdaq accelerated its transformation into a leading technology platform for the global financial system, completed the integration of Adenza, achieved its synergy and deleveraging targets ahead of schedule, and raised its medium-term revenue outlook. Nasdaq also maintained its position as the leading U.S. listing exchange, strengthened its anti-financial crime and regulatory technology offerings, and drove sustained growth across its Solutions businesses.

"Nasdaq is an exceptional company with a great board of directors and one of the best CEOs that I’ve had the privilege to work with," said Holden Spaht. "I am confident that under Adena's leadership, Nasdaq will continue to advance its position as a leading technology and solutions provider to the global financial system. I am deeply grateful for the experience and proud of what we have accomplished together.”

"On behalf of the entire Board, I want to express my sincere gratitude to Holden for his exceptional service and meaningful contributions during a transformative period for Nasdaq," said Adena Friedman, Chair and CEO, Nasdaq. "His insights and counsel have been invaluable as we advanced our strategic vision and strengthened our position as the trusted fabric of the global financial system. We wish him the very best in his next chapter."

About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

Nasdaq Media Contact:
David Lurie
+1.914.538.0533
[email protected]

Investor Relations Contact:
Ato Garrett
+1.212.401.8737
[email protected]

-NDAQF-

A five-year strategic framework will support the delivery of critical, results-focused technology helping the EBRD to drive continuous improvement, innovation and the responsible adoption of AI across its technology estate

, /PRNewswire/ -- Cognizant (Nasdaq: CTSH) today announced it has been selected by the European Bank for Reconstruction and Development (EBRD) as a strategic partner to support its Tech Blueprint, the Bank's technology transformation programme, which focuses on driving efficiency, effectiveness and innovation through digitally enabled processes powered by AI, data, and intelligent automation.

Under the five-year framework, Cognizant aims to deliver critical technology services across two complementary service models: outcome-led managed services and fixed-capacity services, spanning digital and workplace management, cloud infrastructure, data and security, software engineering, automation and AI. The framework also involves a programme of continuous improvement and innovation, designed to enhance services, strengthen resilience and deliver measurable value over time.

As part of the collaboration, Cognizant plans to bring a range of proprietary AI solutions to support service management, software engineering and workplace solutions at the EBRD: Neuro® IT Operations to improve visibility across the EBRD's technology estate, anticipate and resolve issues faster, and strengthen service resilience; Flowsource™ to deliver high-quality software faster and enable self-healing and left-shift capabilities by applying generative and agentic AI across the software development lifecycle; and WorkNEXT™ to provide more intuitive, personalized workplace management through AI-powered voice and translation services and agent-enabled support orchestration.

These efforts are expected to strengthen service reliability, expand access to specialist skills, improve operational efficiency and support the continued evolution of the Bank's technology capabilities.

"At the EBRD, the Tech Blueprint is our strategic roadmap for enhancing the technology and capabilities that support the Bank's mission and transformation," said Subhash Chandra Jose, Managing Director for Information Technology and Chief Information Officer at the EBRD. "As we continue to support sustainable, private sector-led growth and help build competitive, resilient and well-governed economies, we need technology that is secure, adaptable and built for the future. Our partnership with Cognizant will help us to optimize technology, further strengthen our resilience and create capacity to innovate at scale, enabling us to increase the impact for people in our countries of operation." 

"Our Tech Blueprint is helping us evolve the way we deliver technology across the Bank, and strategic partnerships are an important part of that journey. We have partnered with Cognizant for their managed services expertise, AI-enabled delivery and results-driven ways of working, all of which will underpin our Tech Blueprint and transformation. Through this partnership we will accelerate our modernization and digitalization," said Simon Reeves, Director Technology at the EBRD.

"As an AI Builder, Cognizant's role is to help clients turn their technology investments into dependable operations and measurable outcomes, and that only happens when services are made to work across the complexity of a real enterprise estate," said Rohit Gupta, UK&I Managing Director at Cognizant. "The EBRD operates in a demanding, highly governed environment across three continents. By combining our decades of industry experience, end-to-end systems integration expertise, and AI-enabled operational capabilities within a collaborative framework, we will help the EBRD run its critical technology services with confidence and accelerate the modernization and innovation that drive its mission."

About Cognizant

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

About the EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 40 economies across three continents. The Bank is owned by 77 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated. Follow us on the web, Facebook, LinkedIn, Instagram, X and YouTube.

Media contacts:

U.S.
Alex Dudley
[email protected] 

Europe / APAC
Sarah Douglas
[email protected] 

India
Vipin Nair
[email protected] 

SOURCE Cognizant Technology Solutions

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LOS ANGELES--(BUSINESS WIRE)--Schall, Brown & Schwartz LLP (“SBS”), a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in Surgery Partners, Inc. (“Surgery Partners” or “the Company”) (NASDAQ: SGRY) for potential breaches of fiduciary duty on the part of its directors and management.

INVESTIGATION DETAILS: The investigation focuses on determining if the Surgery Partners board breached its fiduciary duties to shareholders. The Company announced on October 26, 2026, that it has agreed to be acquired by HealthSpan Partners for $23.50 per share.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall or David Schwartz of Schall, Brown & Schwartz LLP, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected]

WHY SBS? Schall, Brown & Schwartz LLP represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. Bringing together the extensive experience and diverse skillsets of founding partners Brian Schall, Andrew Brown, and David Schwartz, SBS is dedicated to aggressively advocating for every investor.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

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Any shareholder of Costco Wholesale (COST +0.18%) will soon have a dividend payout to look forward to. On Nov. 13, it will pay $1.47 per share to shareholders of record at the close of business on Oct. 30.

Not known as a pure income stock, Costco's dividend only yields 0.5%, so it will take a lot of shares to build a steady revenue stream. We'll take a look at how many are needed to receive $250 every quarter, or $1,000 a year, in Costco dividends, as well as why the stock may be worth considering as an investment beyond its quarterly dividend payouts.

Image source: The Motley Fool.

Earning $1,000 a year from Costco's dividend For a hypothetical example of how many shares it would take to receive dividend payouts from Costco, we'll use the Nov. 13 payout of $1.47 as a baseline. That's because Costco paid that same dividend amount in May and August earlier in 2026.

To receive approximately $1,000 in dividends each year, an investor would need to own 170 shares. At an opening price of $1,016 on Oct. 23, that would require purchasing slightly under $173,000 worth of stock.

Hearing that, it may sound like it's worth ruling out Costco as a dividend stock, since the same investment could go a long way in other income stocks. That's fair, but there's a reason you shouldn't rule Costco out completely as an investable opportunity.

COST Costco Wholesale$1,005.16+$1.84 (+0.18%)

NASDAQ · As of 4:00 PM ET 10/26/26

Three ways to make money from Costco stock  I've always liked Costco as an investment because it offers three ways for shareholders to profit, boosting the total return potential. The first is through stock price appreciation. Over the last five years, Costco's stock price has climbed 108%, while the S&P 500 is up 67% over the same period. The outperformance can continue as Costco opens more stores, generates more revenue, and converts sales into profits, which can lead to greater investor enthusiasm and a rising stock price. For fiscal 2026, Costco ended the year with 939 warehouses and plans to boost that total to 967 by the end of fiscal 2027.

The second way shareholders profit from Costco is through its special dividend. There isn't a set time frame for when it's paid out or a set amount, but its last special dividend payout of $15 per share was paid in 2024, and $10 per share was paid before that in 2020.

Finally, there's also that quarterly dividend we talked about earlier. On its own, it may not seem significant. But when you stack that on top of stock price appreciation and a special dividend, total returns for long-term investors can start to add up. Value investors may not like looking at the company's traditional metrics, with Costco's forward price-to-earnings ratio at 39.8. But with its revenue-boosting potential through new store openings and multiple ways to reward shareholders, it's a stock I'd still consider owning for the long haul, even if it appears a bit rich.

Can Incyte Deliver on 447% EPS Forecasts and Pipeline Hype?Incyte NASDAQ: INCY presented updated clinical data and development plans for two experimental solid-tumor programs at ESMO in Madrid: INCA33890, a TGFβR2-by-PD-1 bispecific antibody known as “’890,” and INCB161734, a KRAS G12D-targeted small molecule known as “’734.”

The company said both programs are being advanced into pivotal studies focused initially on gastrointestinal cancers, including microsatellite-stable colorectal cancer and pancreatic ductal adenocarcinoma. Incyte also outlined planned expansion into adjuvant settings and additional combination regimens.

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’890 Shows Early Activity in First-Line MSS Colorectal Cancer
5 top healthcare stocks for earnings growth in 2024Elena Garralda, co-director of the Clinical Research Program at Vall d’Hebron Institute of Oncology, reviewed phase I results for ’890 combined with FOLFOX chemotherapy and bevacizumab in previously untreated microsatellite-stable, or MSS, metastatic colorectal cancer.

Garralda noted that approximately 85% of colorectal cancers are MSS and have not derived substantial benefit from immunotherapy. She described FOLFOX plus bevacizumab as the existing first-line standard of care, with response rates generally around 45% to 50%, median progression-free survival of about 10 months and median overall survival of roughly 25 to 30 months in phase III trials.

Argenx's 28% Surge & Promising Product Propel Investor ConfidenceAmong 42 efficacy-evaluable patients receiving the ’890 combination, the overall response rate was 71%, including a confirmed response rate of 67%. The disease-control rate was 100%, while the six-month progression-free survival rate was 81%, with a median follow-up of nearly six months.

The study population included patients with factors associated with more challenging disease, according to Garralda. Sixty-seven percent of first-line participants had liver metastases, while 63% had KRAS-mutant disease. The response rate was 83% among patients with liver metastases and 62% among those with peritoneal metastases. Patients with PD-L1 expression above 1% had an 81% response rate, compared with 50% among those below 1%, although Garralda cautioned that subgroup sizes were small.

Safety results were generally consistent with expected effects of FOLFOX, bevacizumab and checkpoint inhibition, she said. No dose-limiting toxicities or fatal treatment-related events were observed. The company reported that 14% of patients experienced grade 3 or higher immune-related adverse events.

Steven Stein, Incyte’s chief medical officer and head of late development, said the data support the ongoing phase III NEXERA-303 study. The trial is enrolling 700 previously untreated patients with metastatic MSS colorectal cancer and compares FOLFOX plus bevacizumab with either ’890 or placebo. Its primary endpoint is progression-free survival, with overall survival among key secondary measures. Incyte expects topline results in 2029.

Incyte is also initiating a 40-patient proof-of-concept trial of ’890 in stage II or III colorectal cancer patients who remain circulating tumor DNA-positive after surgery and adjuvant chemotherapy. The study will assess circulating tumor DNA clearance after three months of treatment, among other endpoints.

’734 Data in Pancreatic Cancer and Colorectal Cancer
Manuel Hidalgo, director of the Gastrointestinal Cancer Center at NYU’s Perlmutter Cancer Center, presented phase I data for ’734, which Incyte described as a highly selective KRAS G12D ON/OFF inhibitor. KRAS G12D mutations occur in up to 40% of pancreatic cancers, according to Hidalgo.

In previously untreated advanced pancreatic cancer, ’734 was evaluated with either gemcitabine plus nab-paclitaxel or modified FOLFIRINOX. At recommended dose levels, 26 patients received the gemcitabine/nab-paclitaxel combination and 28 received modified FOLFIRINOX.

The overall response rate was 69% with gemcitabine/nab-paclitaxel and 89% with modified FOLFIRINOX. Confirmed or pending response rates were 58% and 81%, respectively, while disease-control rates approached 100% in both groups. Hidalgo said several complete responses were observed and described them as unusual in this disease setting.

Six-month progression-free survival was about 80% for the gemcitabine/nab-paclitaxel regimen and about 90% for modified FOLFIRINOX. Hidalgo said the progression-free survival and overall survival data remain immature.

Reported adverse events were largely consistent with chemotherapy backbones, with nausea and vomiting identified as additional generally low-grade and manageable side effects associated with ’734. Hidalgo said relative chemotherapy dose intensity was in a range expected for the standard regimens.

Incyte’s phase III DAWN-303 study is enrolling 590 patients with metastatic KRAS G12D-mutated pancreatic ductal adenocarcinoma. The study compares chemotherapy plus ’734 against chemotherapy plus placebo. Overall survival, progression-free survival and objective response rate are primary endpoints. Stein said the company expects topline progression-free survival data in 2028.

In a separate later-line colorectal cancer cohort, ’734 combined with cetuximab produced a 36% response rate and approximately 100% disease control in a small group of patients with KRAS G12D-mutated disease. Median progression-free survival was 7.2 months. Hidalgo contrasted those findings with response rates below 5% for standard later-line approaches discussed during the presentation.

Incyte plans to begin a pivotal second- or third-line colorectal cancer study of ’734 plus cetuximab in the first half of 2027. The company also expects to begin an adjuvant pancreatic cancer phase III program in 2027.

Combination Strategy and Additional Programs
Incyte said it is pursuing additional combinations for ’734, including studies with Bristol Myers Squibb’s PRMT5 inhibitor navlimetostat, Synnovation Therapeutics’ PARP1 inhibitor SNV1521 and Genmab’s petosemtamab. The company said these combination programs are intended to broaden the potential role of ’734 across KRAS G12D-mutated gastrointestinal cancers.

For ’890, Incyte cited ongoing or planned work in ovarian, head and neck, and non-small cell lung cancers, as well as additional combinations involving CTLA-4, EGFR-targeted agents and an antibody-drug conjugate.

Company representatives said the two programs, along with its CDK2 inhibitor ’667 in ovarian cancer, target approximately 250,000 newly diagnosed patients annually across their initially specified indications. Incyte emphasized that both ’890 and ’734 were discovered and developed internally and remain investigational.

About Incyte (NASDAQ:INCY)Incyte Corporation is a biopharmaceutical company that discovers, develops and commercializes medicines for oncology and inflammatory or autoimmune diseases. The company focuses on therapies that target specific biological pathways, including Janus kinase (JAK), fibroblast growth factor receptor (FGFR) and other mechanisms involved in cancer and immune-related conditions.

Its key products include Jakafi (ruxolitinib), a JAK inhibitor used in the United States for certain blood cancers and graft-versus-host disease; Opzelura (ruxolitinib cream), a topical treatment for atopic dermatitis and nonsegmental vitiligo; and Pemazyre (pemigatinib), an FGFR inhibitor approved for selected patients with cholangiocarcinoma and certain myeloid or lymphoid neoplasms.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in Incyte Right Now?Before you consider Incyte, you'll want to hear this.

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FLG shares fell over 9.2% on the day management linked a $12.9 billion rent-regulated apartment loan book to frozen rents and rising cap rates. An investigation is underway.

, /PRNewswire/ -- Flagstar (NYSE: FLG) shares fell over 9.2% today, October 23, 2026, the day the bank's third-quarter report detailed $12.9 billion in loans backed by rent-regulated multifamily buildings. If you bought FLG shares, that drop hit your account directly. Shareholders who lost money on Flagstar are encouraged to submit their loss information now. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (888) SueWallSt.

On the earnings call, management cited frozen rents, higher cap rates, higher operating expenses and inflationary pressure as forces acting on these borrowers. Of the $12.9 billion, $8.1 billion is in buildings where more than half the units are rent-regulated. Reserve coverage on the New York City portion of that group was 3.37%.

The rent-regulated book declined $531 million, or 4%, during the quarter. Another $2.9 billion of New York City loans in the more-than-50%-regulated category is scheduled to mature or reset in 2027, and Flagstar's commercial real estate concentration ratio stood at 346%. SueWallSt notifies investors of a pending investigation into potential securities law violations on behalf of Flagstar investors.

If your Flagstar investment is underwater, request a no-cost review of your losses or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the FLG Investigation
Q: Who is eligible to participate in the FLG investigation?A: Investors who purchased FLG stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: How much did FLG stock drop?A: Shares fell over 9.2% during the October 23, 2026 session and reached a new 52-week low. The decline came after the Company disclosed third-quarter 2026 results, and management commentary cited frozen rents, higher cap rates and higher operating expenses affecting its $12.9 billion rent-regulated multifamily portfolio. Investors who purchased shares at allegedly inflated prices and suffered losses may be eligible to seek compensation.

Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Flagstar made materially false or misleading statements regarding the risks tied to its rent-regulated multifamily loan portfolio. When the Company disclosed its third-quarter 2026 results on October 23, 2026, the stock price fell over 9.2%.

Q: What is a lead plaintiff and why does it matter?A: If the investigation proceeds to legal action, a lead plaintiff is the investor the court appoints to represent the group of affected investors. Lead plaintiffs are typically investors with the largest documented losses. Contacting the firm during the investigation phase preserves that option.

Q: What documents do I need to participate?A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my FLG shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought FLG and sold at a loss may still participate in the investigation.

Q: What does it cost me to participate?A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in any resulting action, these matters are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions. If legal action is later pursued, the overwhelming majority of affected investors never appear in court either.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (888) SueWallSt
Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

SOURCE SueWallSt.com

Micron (MU +2.98%) has been a top performer in the market this year, with the stock more than tripling so far in 2026. That places it in the top five best-performing stocks in the S&P 500 (^GSPC +0.70%). Many investors might think they've missed the boat, but I don't think that's the case. 

There's a ton of upside ahead for Micron, and most investors aren't ready for it. A $1,000 investment in Micron only buys you about one share, but I think that $1,000 could easily transform into more than $4,000 by the end of 2027.

Image source: The Motley Fool.

Micron's business is shifting
Micron makes memory chips, which are used in all sorts of computing devices ranging from laptops to smartphones to AI computing units. There isn't a lot that separates one memory chip from another, so clients, in the past, often chose what was cheapest for them. This created a race to the bottom for who could price their memory the lowest, and prices only rose when supply was tight.

MU Micron Technology$903.70+$26.15 (+2.98%)

NASDAQ · As of 4:00 PM ET 10/26/26

This year, all the memory chip manufacturers ran out of production capacity, which caused prices to skyrocket. This placed the power in the memory chip companies' hands for once, and Micron is taking advantage of it. Instead of just letting memory chip prices rise out of control, it is starting to enter into long-term supplier agreements with its clients. This sets floor and ceiling limits for its chips, stabilizing the market.

These agreements are also take-or-pay arrangements, so Micron is locking in a lot of revenue. In fact, Micron estimates that 35% of its revenue is locked in through 2030. This is a big deal, and it is transforming Micron's business to look more like a regular chip supplier than a commodity business.

However, Micron's stock still trades like it's highly cyclical, and this is the investment opportunity that needs to be seized.

Micron's stock is dirt cheap
Micron has been very vocal about its strong growth potential. While market conditions were bad in 2026, Micron told investors that 2027 and 2028 would be worse. What's noteworthy is that Micron has new production facilities coming online in mid-2027 and into late 2028, so chip supply will be increasing, but with demand rising at an even faster rate, it won't be enough. This should cause Micron's revenue to grow rapidly, as prices will still be high as more capacity comes online.

This is part of why Wall Street analysts expect Micron's revenue to grow at a 107% pace in 2027. None of this is priced into Micron's stock at all, as it trades for a mere 4.8 times fiscal year 2027 earnings estimates (ending August 2027).

MU PE Ratio (Forward) data by YCharts. PE = price-to-earnings.

That's a major investment opportunity to take advantage of, because if Micron can reduce its cyclical nature by entering into long-term supply agreements with clients, the downturns won't be as bad. This could allow Micron to get priced like a regular big tech stock, trading at 20 times earnings. If Micron hits analyst expectations and its stock rises to 20 times trailing earnings, that would result in the stock quadrupling by the end of 2027.

That would be an incredible return in just a year, but it's what the math suggests. However, if the market doesn't give it the premium it may deserve, the stock could fall short of that lofty goal. Still, I have a hard time believing that a company as critical as Micron could stay this undervalued for so long. The reality is that the AI build-out will last for many more years, likely through at least 2030. That's plenty of time for Micron to deliver incredible results, and it should drive impressive shareholder returns over that same time frame.

Wix.com (WIX - Free Report) closed the most recent trading day at $80.38, moving -1.9% from the previous trading session. This change lagged the S&P 500's 0.7% gain on the day. Elsewhere, the Dow saw an upswing of 0.28%, while the tech-heavy Nasdaq appreciated by 0.83%.

Shares of the cloud-based web development company witnessed a gain of 11.05% over the previous month, beating the performance of the Computer and Technology sector with its loss of 7.7%, and the S&P 500's loss of 1.21%.

The upcoming earnings release of Wix.com will be of great interest to investors. The company's earnings report is expected on November 10, 2026. The company's earnings per share (EPS) are projected to be $1.3, reflecting a 22.62% decrease from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $566.8 million, indicating a 12.2% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of $4.28 per share and a revenue of $2.26 billion, demonstrating changes of -41.53% and +13.29%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Wixcom. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Wix.com is currently a Zacks Rank #3 (Hold).

Looking at valuation, Wix.com is presently trading at a Forward P/E ratio of 19.16. This indicates a premium in contrast to its industry's Forward P/E of 16.03.

Meanwhile, WIX's PEG ratio is currently 2.17. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Computers - IT Services stocks are, on average, holding a PEG ratio of 1.38 based on yesterday's closing prices.

The Computers - IT Services industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 92, positioning it in the top 38% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

, /PRNewswire/ -- First Horizon Corporation (NYSE: FHN) (or "First Horizon") today announced that its board of directors declared a quarterly cash dividend of $0.17 per share on FHN's common stock. The dividend is payable on January 4, 2027, to shareholders of record at the close of business on December 11, 2026.

Preferred Dividend Information

Cash dividends were also declared on the Company's Series E, Series F and Series H Preferred Stock, and on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock, as follows:

FHN Series E

Quarterly cash dividend of $1,625.00 per share on FHN's 6.50% Non-Cumulative Perpetual Preferred Stock, Series E ("Series E Preferred Stock"). This equates to a cash dividend of $0.40625 per Depositary Share (NYSE: FHN PRE), each of which represents a 1/4,000th interest in a share of the Series E Preferred Stock. The dividend is payable on January 11, 2027, to shareholders of record at the close of business on December 24, 2026.

FHN Series F

Quarterly cash dividend of $1,175.00 per share on FHN's 4.70% Non-Cumulative Perpetual Preferred Stock, Series F ("Series F Preferred Stock"). This equates to a cash dividend of $0.29375 per Depositary Share (NYSE: FHN PRF), each of which represents a 1/4,000th interest in a share of the Series F Preferred Stock. The dividend is payable on January 11, 2027, to shareholders of record at the close of business on December 24, 2026.

FHN Series H

Quarterly cash dividend of $1,687.50 per share on FHN's 6.75% Non-Cumulative Perpetual Preferred Stock, Series H ("Series H Preferred Stock"). This equates to a cash dividend of $0.421875 per Depositary Share (NYSE: FHN PRH), each of which represents a 1/4,000th interest in a share of the Series H Preferred Stock. The dividend is payable on January 11, 2027, to shareholders of record at the close of business on December 24, 2026.

First Horizon Bank Class A

Quarterly cash dividend of $12.87043 per share on First Horizon Bank's Class A Non-Cumulative Perpetual Preferred Stock. The dividend is payable on January 11, 2027, to shareholders of record at the close of business on December 24, 2026.

About First Horizon
First Horizon Corporation (NYSE: FHN), with $84.3 billion in assets as of September 30, 2026, is a leading regional financial services company, dedicated to helping our clients, communities and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states concentrated in the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation's best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

SOURCE First Horizon Corporation

DoorDash is in advanced talks to acquire Instacart in a deal that could value the grocery-delivery platform at about $17 billion, a source familiar with the matter told Reuters on Monday.

A deal may be finalized as soon as Wednesday, although there are no guarantees it will come together, the person said. Instacart’s deal talks with Uber are no longer active, the person added.

Shares of Instacart, which had a market value of about $13 billion as of Friday’s close, rose about 8% in regular trading, while DoorDash fell around 6%.

DoorDash is in advanced talks to acquire Instacart in a deal that could value the grocery-delivery platform at about $17 billion. Mojahid Mottakin – stock.adobe.com The Wall Street Journal first reported the developments on Monday.

The food delivery industry has been grappling with rising labor costs, tighter regulation of delivery workers and growing competition after the pandemic-driven boom in online ordering faded.

The potential deal comes as delivery companies expand into grocery and retail to drive growth beyond restaurant delivery, with DoorDash buying Deliveroo and Uber acquiring Postmates and Delivery Hero.

If successful, the acquisition of Instacart would give DoorDash access to the platform’s established marketplace and retailer ties, which it could combine with its own vast delivery network and customer base.

The grocery platform has been exploring a possible sale and has held preliminary discussions with potential buyers including Uber and DoorDash, the Information reported on Friday, citing people familiar with the matter.

Shares of Instacart, which had a market value of about $13 billion as of Friday’s close, rose about 8% in regular trading. REUTERS Instacart declined to comment when contacted by Reuters, while Uber and DoorDash did not immediately respond.

“Strategically, DoorDash looks like the more natural fit for Instacart, given the complementary strengths of its restaurant delivery network and Instacart’s grocery expertise,” said Nick Smith, co-founder of growth strategy consultancy Manifesto Growth Architects.

“For Uber, the opportunity would be to deepen its position as an everyday convenience platform. But an acquisition only makes sense if it delivers incremental customer value and profitable growth — not simply greater scale.”

Separately, Instacart said in a regulatory filing on Monday it would wind down its Caper Cart smart shopping-cart business by the end of the second quarter of 2027, expecting pre-tax charges of $55 million to $80 million related to the move.

Simpson Manufacturing (SSD - Free Report) came out with quarterly earnings of $2.68 per share, beating the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $2.58 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +8.50%. A quarter ago, it was expected that this building materials company would post earnings of $2.72 per share when it actually produced earnings of $3.09, delivering a surprise of +13.6%.

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

Simpson Manufacturing, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $638.13 million for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 2.43%. This compares to year-ago revenues of $623.51 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Simpson Manufacturing shares have added about 14.2% since the beginning of the year versus the S&P 500's gain of 11.4%.

What's Next for Simpson Manufacturing?While Simpson Manufacturing has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Simpson Manufacturing was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.54 on $535 million in revenues for the coming quarter and $9.28 on $2.42 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Miscellaneous is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Titan America (TTAM - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on November 4.

This manufacturer and supplier of heavy building materials is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of +22.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Titan America's revenues are expected to be $482.07 million, up 10.4% from the year-ago quarter.

, /PRNewswire/ --

Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of The Cooper Companies, Inc. (NASDAQ: COO) resulting from allegations that Cooper Companies may have issued materially misleading business information to the investing public.

So What: If you purchased Cooper Companies securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

What to do next: To join the prospective class action, go to https://rosenlegal.com/cases/the-cooper-companies-inc/join or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

What is this about: On September 10, 2026, The Motley Fool published an article entitled "Why is Cooper Companies Stock Down 15% Today?". The article stated that Cooper Companies stock fell "after the company's earnings report disappointed Wall Street with weak guidance and a decision to not sell CooperSurgical."

On this news, Cooper Companies's stock fell 14.6% on September 10, 2026.

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 litigate securities class actions.  Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered billions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

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.

Contact Information:

     Laurence Rosen, Esq.
     Phillip Kim, Esq.
     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

SOURCE THE ROSEN LAW FIRM, P. A.

Key Takeaways STRL has plunged more than 60% from its all-time high, creating a potential buy-the-dip opportunity.Sterling's Q3 earnings are projected to surge 74%, fueled by robust infrastructure demand.STRL is now trading at 18X forward earnings, well below its decade-long peak of 49X.
Sterling Infrastructure (STRL - Free Report) stock has fallen more than 60% from its 52-week and all-time high of over $1,000 a share, putting the infrastructure construction company on investors' radars ahead of its Q3 results on Wednesday, October 28, after the market closes.

With STRL still up 400% in the last three years and trading near $360 a share, the steep selloff may present a compelling buying opportunity as Sterling continues to benefit from surging demand for AI data centers, advanced manufacturing facilities, and other critical infrastructure projects.

Image Source: Zacks Investment Research

Sterling's Q3 ExpectationsSterling is expected to deliver another quarter of impressive growth, with the Zacks Consensus Estimate calling for Q3 earnings of $6.07 per share, representing a 74% increase from EPS of $3.48 in the prior-year quarter.

Quarterly revenue is projected to climb nearly 70% to $1.17 billion compared to $689.02 million a year ago, largely driven by the company's E-Infrastructure Solutions segment, which supports the construction of data centers, semiconductor facilities, and other large-scale industrial projects.

Notably, Sterling has surpassed earnings expectations for 14 consecutive quarters, posting an impressive average EPS surprise of 27.21% in its last four reports.  

Furthermore, Sterling ended Q2 with a record $4.33 billion backlog, up 116% year over year and providing considerable revenue visibility as demand for mission-critical infrastructure continues to accelerate.

Image Source: Zacks Investment Research

STRL's Valuation Looks Much More AttractiveFollowing its dramatic pullback, Sterling stock trades at 18X forward earnings, a much more reasonable valuation considering the company's exceptional growth trajectory.

Encouragingly, STRL now trades at a discount to the benchmark S&P 500 and its Zacks Engineering - R and D Services industry average, while trading well below its decade-long peak of 49X forward earnings and closer to its median of 14X during this period.

Adding to the appeal, Sterling raised its full-year 2026 guidance following Q2, projecting adjusted EPS of $19.70-$20.30 per share, with the $20 midpoint representing an 84% increase from 2025.

Meanwhile, revenue is expected to reach $4-$4.15 billion, reflecting roughly 64% growth at the midpoint.

Although concerns about elevated AI infrastructure spending and the sustainability of hyperscaler capital expenditures remain risks, Sterling's rapidly expanding backlog and earnings outlook suggest the recent selloff may be excessive.

Image Source: Zacks Investment Research

Bottom LineSterling Infrastructure stands out as one of the more intriguing buy-the-dip targets ahead of its Q3 earnings, particularly for investors seeking exposure to the ongoing AI infrastructure buildout at a more reasonable valuation.

Supporting this outlook, STRL currently sports a Zacks Rank #2 (Buy), with its robust earnings momentum, substantial backlog, and increasingly attractive valuation suggesting meaningful upside potential if Sterling delivers another strong quarterly report.

There was nothing new coming from Nu Holdings (NU -16.95%) on Monday, but that didn't stop Mr. Market from assertively selling the stock. Investors weren't necessarily passing judgment on the ambitious fintech's operations; rather, they were reacting to the impact Sunday's presidential runoff election might have on the country's enterprises. As with other Brazilian equities, Nu Holdings stock really took it on the chin, with a nearly 17% sell-off that trading session.

Meet the new boss, same as the old bossIn a result that was unexpected by many observers and members of the electorate, the leftist incumbent, Luiz Inácio Lula da Silva, won the election. He is to govern for another four years.

Image source: Getty Images.

While investors often cheer continuity at the top of a nation's government, Lula is a proponent of direct intervention in strategic enterprises (if not necessarily private enterprise in general). Investors worry that this will continue over the next few years, against a backdrop of a struggling economy and depreciating currency.

The Brazilian real took a significant hit post-election, declining in value against the U.S. dollar and other global currencies. The worry is that there will be more where that came from.

$12.59-$2.57 (-16.95%)

NYSE · As of 4:00 PM ET 10/26/26

Banking on tougher timesBanks and fintech companies are always strategic to any economy. Given that, to a degree, worries about Lula's reelection negatively impacting Nu Holdings are justified -- especially given that the bulk of the company's revenue, by far, comes from its home country.

However, Nu's next-generation financial services have proven highly useful in its historically underbanked home country, so I wouldn't fret about direct intervention in its business. Economic development and the trajectory of interest rates are greater concerns, as Nu's success remains tied to the strength of Brazilian consumers and borrowers.

Still, I think the company has grown to the point where it can weather a slump. What's more, that heavy Monday sell-off feels like an unsustainable panic reaction. Now might be a fine time to pick up Nu stock at a bargain price.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nu Holdings. The Motley Fool has a disclosure policy.

Agreement through Defense Ordnance Technology Consortium for Tungsten Exploration Adds Second Critical Mineral Pillar for Perpetua Resources

Program Focused on Drilling, Metallurgical Test Work and Construction of a Decline into Hangar Flats

Hangar Flats Decline to Access High-Grade Tungsten, 1.37 Million Ounces of Gold, and 95 Million Pounds of Antimony Not in Reserves

, /PRNewswire/ -- Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") today announced a new 36-month, $40 million award through the U.S. Army's Defense Ordnance Technology Consortium ("DOTC") from the Portfolio Acquisition Executive Agile Sustainment & Ammunition ("PAE AS&A") located at Picatinny Arsenal, N.J. This award will fund a program to evaluate the technical and economic feasibility of producing tungsten concentrate at the historical Stibnite Mining District ("Stibnite") in Idaho. Structured as a cost-share program between the Company and the U.S. Government, funding will support drilling to define a potential tungsten mineral resource, collection of material for laboratory and bench-scale metallurgical testing and permitting and engineering of an exploration decline to access areas of known tungsten mineralization.

"Resilient mineral solutions start here in America," said Jon Cherry, Perpetua Resources President & CEO. "The U.S. Army's additional investment in a historically proven American tungsten source at Stibnite underscores the growing strategic value of Stibnite's mineral endowment and continues to strengthen the partnerships supporting Perpetua's future. Historical production and recent exploration results suggest Stibnite has the potential to be one of the world's highest-grade tungsten sources."

There has been no commercial tungsten mining in the United States since 2015. The U.S. is wholly reliant on imports from a small number of countries, with recent Chinese export controls and new federal sourcing restrictions adding to the defense and manufacturing supply risk. The Stibnite mining district has a history of antimony and tungsten production, supplying roughly half of the tungsten and 90% of the antimony used by the United States during World War II1. When the war ended, mining for tungsten and antimony concluded, leaving identified mineralized materials behind.

Recent Perpetua exploration drilling at Stibnite has identified high-grade zones of antimony and tungsten mineralization. Specifically, Perpetua's drilling program at the Hangar Flats deposit returned significant tungsten-antimony mineralization, as previously reported, including:

9.8 meters grading 4.6% tungsten, 8.3% antimony22.9 meters grading 1.2% tungsten, 3.2% antimony3.4 meters grading 1.5% tungsten, 10.6% antimonyThese encouraging results underpin the new DOTC award which will focus largely on the tungsten mineralization beneath the Hangar Flats pit. Perpetua's proposed program with the U.S. Army includes an initial surface exploration drilling program and metallurgical test work on an existing 550-kilogram sample compiled from prior exploration activities grading 9.2% antimony and 4.2% tungsten. Other work will include the design, permitting, and possible construction of an exploration decline to access the high-grade antimony, tungsten and gold mineralization beneath the Hangar Flats pit.

In addition to drilling for tungsten under the DOTC award, the Company intends to continue to advance its own ongoing exploration activities underneath the currently permitted Hangar Flats pit which contains approximately 1.37 million ounces of gold resources and over 95 million pounds of antimony resources not included in the current mine plan or in the Company's reported mineral reserves. The Company believes that accessing this material via underground mining may supplement the Company's existing production profile. Any activity outside the scope of the currently permitted mine plan will require additional regulatory review and permitting.

Perpetua will design and implement the tungsten exploration project and will match the U.S. Army's $40 million contribution in the joint investment. The initial 18-month phase is expected to cost approximately $18 million and be shared equally between Perpetua and the U.S. Army. The timing, scope and cost of subsequent phases are subject to ongoing development based on results of prior exploration, testing, engineering and permitting activities, as well as approval of each incremental phase of additional funding.

This new award brings total U.S. Government awards to Perpetua for critical minerals to $126 million since 2022. In addition to the announced DOTC grant, Perpetua has submitted proposals for additional grants to further expand its critical minerals program. While there can be no assurance that the Company will obtain additional funding, Perpetua believes its broader claim package is uniquely positioned to support U.S. government critical mineral initiatives.

__________________________

1 "Stibnite Historic District," National Register of Historic Places Nomination Form, NPS Ref. No. 87001186 (listed July 19, 1987).

Warrant Amendment

The Company has amended the outstanding warrants exercisable for an aggregate of 1,607,802 Common Shares at exercise prices of US$31.46 per share and US$38.93 per share, which were originally set to expire on October 28, 2026, December 1, 2026, and December 23, 2026, respectively. Each amendment extends the applicable expiry date to April 28, 2027 (the "Amendment"). The Company has relied on the exemption in section 602.1 of the TSX Company Manual in connection with the Amendment as an eligible interlisted issuer.

Website: www.perpetuaresources.com 

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest-grade, open-pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore a historic mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.

Forward-Looking Information

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information includes, but is not limited to, planned exploration and development for the project, including with respect to antimony and tungsten; expected timing and outcomes of the tungsten exploration program under the DOTC grant; the expected outcomes and benefits of the Project, including production rates and mineral reserves and mineral resources; and the potential for development of any additional resources and reserves and the permitting requirements with respect to any such additional resources and reserves. In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, that the DOTC grant will be funded at the times and in the amounts expected, and that the Company will be able to fund its matching portion of the exploration program; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that the Company's other corporate activities will proceed as expected; that the Company will satisfy or will continue to satisfy the requirements of applicable permits and the requirements of various governmental approvals; and assumptions made in the interpretation of drill results, the geology, grade and continuity of mineral deposits. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to increased or unexpected costs in development, construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.

Investors should be aware that only the first phase of funding has been committed in connection with the DOTC grant, and approval will be required for each incremental phase of additional funding. There is no assurance that such additional funding will be approved when expected or that it will be sufficient to conduct the proposed exploration activities or that such exploration will produce positive results.

Cautionary Statement Regarding Technical Information

The technical information in this news release has been prepared in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the Securities and Exchange Commission and Canadian regulatory requirements set out in National Instrument 43-101 ("NI 43-101"), and has been reviewed and approved by Christopher Dail, CPG, Director, Exploration, and a Qualified Person as defined in NI 43-101 and in S-K 1300. Mr. Dail is not independent of the issuer.

Except for the exploration results presented herein, the technical and reserves information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with S-K 1300 and published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic antimony and tungsten production are based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026.

There can be no assurance that exploration activities will result in the discovery of additional resources or reserves and isolated exploration results may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. Exploration results are inherently uncertain and subject to numerous risks and uncertainties, including geological factors, market conditions, and regulatory changes. Furthermore, development of any additional resources and reserves discovered would be subject to any applicable NEPA and permitting requirements.

Quality Assurance

The exploration activities at the Stibnite Gold Project site were carried out under the supervision of Richard Moses, C.P.G., Christopher Dail, C.P.G., Austin Zinsser, SME-R.M., and Kent Turner, SME-R.M., all Qualified Persons as defined in NI 43-101 and in S-K 1300.

All gold assays are by a 30g Fire Assaycharge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t gold are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t silver are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-acid digestion with ICP finish with a 5 g/t lower reporting limit. Samples reporting values >500g/t antimony are reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but differences are deemed insignificant.

Samples were handled, shipped via Chain of Custody Procedures. Analyses were carried out by ALS Global Laboratories in their Reno and Elko, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are inserted at appropriate intervals for quality assurance and quality control. A review of the results of analyses of blanks, standards and duplicates by the Company's Qualified Person indicates values are within normal and acceptable ranges.

Analyses for antimony and tungsten in metallurgical samples were completed at Hazen Research, ALS Global, and SVL laboratories. Antimony was analyzed using wet chemistry AAS and titration methods and by fusion followed by XRF analysis. Tungsten was analyzed by fusion followed by XRF analysis. 

Antimony and tungsten analysis for Hangar Flats drill holes SB519-SB527 were performed with a Vanta Portable XRF in the field. Multiple readings were collected and averaged. The XRF protocol entailed analysis of reference standards and a blank sample throughout the use of the instrument. Overall, 99 non-duplicate analyses with appropriate data formatting were collected from QA/QC samples, representing approximately 5% of total analyses. Generally, the XRF QA data is considered sufficient for the objectives of the program.

SOURCE Perpetua Resources Corp.

Tesla (TSLA +5.21%) is spending less money than originally planned this year. And for investors who track how much money is being poured into artificial intelligence, that might sound like bad news.

But Tesla's decision to reduce its 2026 capital expenditure (capex) forecast by more than $5 billion isn't necessarily a warning about AI demand. In fact, it could be a smart move for the electric vehicle maker.

The reason is simple. Tesla doesn't need to build massive amounts of computing capacity to compete with Amazon, Alphabet, and Microsoft.

That's not its business.

Image source: Tesla.

Tesla is still all-in on AIOn Tesla's third-quarter earnings call, Chief Financial Officer Vaibhav Taneja announced the company reduced its 2026 capex forecast from more than $25 billion to approximately $20 billion.

The reduction doesn't mean Tesla is backing away from artificial intelligence. The company continues to develop its Full Self-Driving technology, expand its Cybercab robotaxi program, and work on its Optimus humanoid robots. All three projects require considerable investment. But they don't require Tesla to build the equivalent of Amazon Web Services or Microsoft's Azure.

Tesla needs computing power to train its AI models and improve its autonomous systems. It also needs manufacturing capacity to produce vehicles and robots, as well as the infrastructure to operate its planned robotaxi fleet.

Those investments serve a specific purpose: developing products and services Tesla can eventually sell to customers.

TSLA Tesla$391.62+$19.40 (+5.21%)

NASDAQ · As of 4:00 PM ET 10/26/26

Tesla doesn't need to win the data center raceCloud computing companies are spending hundreds of billions of dollars building data centers to support AI workloads. Alphabet raised its 2026 capex forecast to $200 billion, while Amazon increased its spending plans to $220 billion.

The aggressive spending makes a lot of sense. Those companies are building computing infrastructure that supports their existing cloud businesses, serves external customers, and provides the capacity needed to meet growing demand for AI services. Tesla has a different business model.

That doesn't mean Elon Musk’s company can stop investing in AI infrastructure. Training autonomous driving models requires enormous computing resources, and those requirements could increase as the company expands its ambitions.

But there's little reason for Tesla to match the spending of companies whose business is selling computing capacity. In fact, building more infrastructure than it needs would tie up capital that could be used to expand vehicle production, develop Optimus, or support its robotaxi business.

And with those businesses still developing, Tesla has good reasons to be selective about where its money goes.

Tesla's capex cut is good news for investorsTesla posted $28.05 billion in revenue for the third quarter, essentially unchanged from a year earlier. Automotive revenue declined 3%, while operating margins narrowed from 5.8% to 2.6%. Those numbers demonstrate that Tesla can't rely on its automotive business to generate unlimited amounts of cash for new projects.

But even so, Tesla generated $1.53 billion in free cash flow during the quarter and ended September with more than $45 billion in cash and investments. Cutting back on unneeded spending will give Tesla more flexibility to work on its autonomous driving and robotics businesses.

And importantly, management hasn't suggested that its AI development plans are being scaled back. Taneja said capital spending is expected to increase in the coming years as Tesla expands robotaxi operations, Optimus manufacturing, and AI computing infrastructure.

So the reduction in this year's budget appears to be more about when Tesla spends money than whether it intends to make those investments.

For investors in Nvidia and other AI infrastructure suppliers, Tesla's decision also shouldn't be confused with a slowdown in hyperscaler spending. The companies building cloud computing infrastructure have different customers, different revenue opportunities, and much larger capital budgets.

Tesla's challenge isn't to build the world's biggest collection of data centers. It's to turn AI technology into profitable products. And if the company can accomplish that while spending $5 billion less than originally planned, shareholders have every reason to welcome the decision.