On its third-quarter 2026 earnings call, held on Nov. 3, 2026, Icahn Enterprises (NASDAQ:IEP) highlighted a sharp rebound in net ******* et value driven by energy gains and major ******* et sales. For this diversified holding company, portfolio value swings directly dictate performance. That makes capital allocation and balance sheet flexibility the critical drivers of long-term returns. Three things management said stand out.
Energy subsidiary CVI is executing a major transaction, purchasing two refineries at less than 3.5 times estimated operating profit. Expanding refining capacity at that price strengthens cash generation for the subsidiary without requiring direct equity financing from the parent company.
CVI announced a transformative $4.2 billion acquisition of two refineries and a marketing platform at a purchase price of less than 3.5x management's estimate of 2026 EBITDA.
-- Ted Papapostolou, President and Chief Executive Officer
Icahn Enterprises completed the divestiture of automotive service provider Pep Boys, booking a $215 million pre-tax gain. Selling the operating ******* et cleans up the automotive footprint while freeing up fresh liquidity for higher-return opportunities.
During Q3 2026, we closed on the sale of Pep Boys and received $645 million in proceeds and recognized a pre-tax gain of $215 million.
-- Robert Flint, Chief Financial Officer

#major

This story was originally published on Marketing Dive. To receive daily news and insights, subscribe to our free daily Marketing Dive newsletter.
Walmart is reworking an iconic piece of pop culture history to bolster its holiday marketing and a "Who Knew?" brand platform starring Walton Goggins. The goal is to offer a unified marketing push with multigenerational appeal throughout the crucial gift-giving season.
The retailer in the past ran separate campaigns around different legs of the holiday season, such as the ramp-up to Black Friday, but has leveraged "Who Knew?" to streamline its storytelling. "Who Knew?," which launched last year, was developed to dispel misperceptions about the brand and position it as more style- and trend-forward as Walmart wins over higher-income shoppers.
"The holidays are an incredibly cluttered period of time from an advertising standpoint, and so the ability to break through is really important," Walmart CMO William White said in an interview. "Having one [theme], one campaign throughout the season allows a really quick read for customers to know it's Walmart."

#dive

This story was originally published on Grocery Dive. To receive daily news and insights, subscribe to our free daily Grocery Dive newsletter.
Editor's note: This story is developing and will be updated.
Brian Monahan, the head of Albertsons' retail media division, has left the company, Albertsons confirmed to Grocery Dive on Monday.
Monahan served as senior vice president of Albertsons Media Collective for just over a year. Albertsons stated its retail media division will now report to Chief Marketing Officer Emily Turner.
Monahan's departure, which was first reported by Adweek, comes as Albertsons looks to remain a leader in retail media innovation and improve declining comparable-store sales.

#Media #grocery #monahan #division

Savannah James, entrepreneur and wife of billionaire basketball player LeBron James, is at the center of a viral social media debate about wealth and generosity after revealing that her long-time best friend flies in business class or coach while James sits in first class on trips they take together, dividing the internet over what the super wealthy should pay for among friends.
April McDaniel and Savannah James on May 17, 2025.
James, who owns a skincare brand and whose husband is worth an estimated $1.4 billion, and her best friend April McDaniel spoke to the "Mental Wealth" podcast about how their extreme difference in wealth impacts their friendship.
McDaniel, who owns a marketing agency called Crown + Conquer, said the pair live "two different lifestyles" and that she doesn't expect to fly in first class seats with James because "that's not in my budget."
McDaniel also said she and James plan trips around how she can make it work financially—"we don't just show up at Fashion Week week-of," she said.

#mcdaniel #class #week #friend

Search for Tom Holland's car collection and you'll find a dozen sites promising a seven-figure garage. Ask any of them for a photo, a registration or one post from Holland himself, and the list gets short fast. Here is the sorted version: what is confirmed, what is movie marketing, and what is internet filler.
The one car with real evidence behind it is the Porsche Taycan Turbo S. In April 2022 Holland came back to Instagram with a photo beside a new Taycan, and the post was widely reported as a Turbo S.
A Porsche Taycan Turbo S, the model reported in Holland's 2022 post. Photo: Rutger van der Maar / Wikimedia Commons / CC BY 2.0
It is a smart pick for an actor who plays a kid from Queens. The Turbo S makes roughly 750 horsepower on overboost, runs on an 800-volt electrical system that fast-charges quicker than most electric cars, and uses a two-speed rear transmission that nearly every other EV skips. Pricing starts north of $180,000 before options. It is also dead quiet, which makes speed easy to miss, a lesson Richard Hammond learned the expensive way.
Audi partnered with Marvel on Spider-Man: Homecoming in 2017. The centerpiece was a short film in which Tony Stark lends Peter Parker a brand-new A8 for his driving test, with J.B. Smoove as the instructor losing a fight with the dashboard.

#turbo #fast #speed

On September 9, 2026, Signet Jewelers Limited (NYSE:SIG) reported second-quarter net profit of more than $52 million, reversing a net loss of over $9 million a year earlier, with adjusted earnings per share of $2.19 beating ***** yst estimates of $1.72 by a wide margin. It sent shares up as much as 24% in trading.
The parent of Kay Jewelers, Zales, and Jared also raised its full-year profit guidance for the second time this fiscal year. It also extended its consumer credit partnership with Bread Financial through 2035, a deal it said includes new profit-sharing terms expected to make more than $1 billion in incremental value over time.
Signet Jewelers Limited (NYSE:SIG) is showing demand improvement across its core jewelry brands. Same-store sales increased 2.2% in the second quarter, beating Wall Street's 1.9% expectation. Management reported positive comparable sales across all three months of the quarter. Performance also improved across Kay, Zales, Jared, and Blue Nile. It shows the recovery extends beyond a single brand or temporary sales spike.
Margin expansion is allowing Signet to make substantially stronger earnings despite limited revenue growth. Adjusted operating margin expanded 140 basis points to 7%, while adjusted EPS reached $2.19, well above ***** ysts' $1.74 estimate. Stronger bridal and timepiece sales, tighter inventory management, and operating improvements helped Signet expand profitability. Redesigned Kay and Jared websites provide additional opportunities to back up digital sales.
Signet's higher earnings outlook and shareholder returns solidify the investment case. The company raised full-year adjusted EPS guidance to $10.45-$12.15 versus $9.20-$11.00 and plans a $125 million accelerated share repurchase program. Signet also extended its consumer-credit partnership with Bread Financial through 2035. It added improved technology and data ***** ytics while supporting customer financing and marketing capabilities over the long term.

#adjusted #jewelers #limited

On September 9, 2026, Jersey Mike's Subs Inc. (NYSE:JMKE) reported its first quarterly results as a public company, with total revenue up 10% year over year to $208 million and same-store sales accelerating to 2.3% growth from 1.7% in the prior quarter. It was primarily driven by transaction growth even as the restaurant industry faced weak traffic trends. Net income fell to $37 million from $59 million a year earlier. It showed non-routine expenses, advertising fund timing, and higher interest costs following the company's July initial public offering, partially offset by a $14 million gain on the sale of corporate-owned stores.
Jersey Mike's Subs Inc. (NYSE:JMKE) is gaining customers while its brand remains a major competitive advantage. The firm added 83 stores in the second quarter. It grew its customer base and increased systemwide sales 10% to $1.21 billion. Jersey Mike's also earned the No. 1 ranking among U.S. quick-service restaurant brands in the 2026 American Customer Satisfaction Index, surpassing Chick-fil-A after 11 consecutive years at the top. It gives the newly public company a strong foundation for continued customer and franchisee growth.
The business has substantial whitespace for long-term unit growth. Jersey Mike's ended the quarter with 3,378 locations and maintains a domestic development pipeline of more than 1,600 stores, with more than 90% of that pipeline coming from existing franchisees. Management estimates that the U.S. market could eventually support roughly 7,500 locations and sees potential to reach approximately 15,000 stores globally. It gives the business a long runway for franchise-led revenue and royalty growth.
Digital engagement and transaction growth give Jersey Mike's more avenues to increase sales. Digital sales represented 43% of systemwide sales in the second quarter, up from 41% a year earlier. Same-store sales increased 2.3% mainly because customers placed more transactions. Jersey Mike's also had more than 12.5 million active MyMike's loyalty members in 2025. It provides the company with a large customer database that it can use to increase frequency and personalize marketing as it expands.
Jersey Mike's Subs Inc. (NYSE:JMKE) still faces a significant profitability challenge despite its revenue growth. Second-quarter revenue jumped 10% to $208 million. However, net income fell 37% to $37 million from $59 million a year earlier. Management attributed part of the decline to advertising-fund timing and higher interest expense. It shows that revenue growth has not yet translated into comparable bottom-line growth for shareholders.

#million #customer

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) announced on September 15 that it had acquired 60% of White Desert Antarctica and its new aviation travel business, Echo Charlie. Consideration comprises approximately $61 million in cash, plus approximately $6 million relating to acquired cash, subject to working-capital, cash, and indebtedness adjustments.
The purchase broadens the travel portfolio beyond expedition cruises. For investors, the test is whether additional bookings and cash generation justify the acquisition price and subsequent investment.
White Desert takes guests into Antarctica's interior, including the Geographic South Pole. Echo Charlie offers journeys aboard a restored DC-3 aircraft carrying 12 guests. These experiences add distinctive products that Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) could market to existing adventure travelers.
Cross-selling could reduce marketing costs per booking and encourage repeat travel across the portfolio. Established customer relationships provide a starting point; the financial benefit depends on generating additional profitable departures.
The company already operates a growing land-travel business. Second-quarter Land Experiences revenue increased 23% to $70.0 million, driven by additional trips and higher pricing. That provides a relevant commercial foundation for the expansion.

#additional

On August 6, Targa Resources Corp. (NYSE:TRGP) reported a record second quarter. Adjusted EBITDA reached $1.60 billion, a 38% jump from the same period a year earlier, and management now expects full-year results near the top of its guidance range. Targa moves and processes natural gas and natural gas liquids out of the Permian Basin, and these numbers suggest that system is running fuller than ever.
The strength came from volume, not just price. Adjusted EBITDA also climbed 14% from the first quarter, helped by Permian gas volumes that added over 450 million cubic feet of daily throughput. Some producers held back output because Waha gas prices went negative, and Targa still set a volume record. Volumes for NGL pipelines, fractionation, and LPG exports also hit records, helped by Train 11, a new fractionator in Mont Belvieu, Texas, that started up early in the quarter.
Construction is also landing on time. East Driver, a new processing plant serving the Midland side of the Permian, started up late in the quarter and ahead of schedule, and the other gathering and logistics projects are tracking their plans. Shareholders get a cut too. On July 16, Targa declared a $1.25 per share quarterly dividend, 25% above the payout for the second quarter of 2025, payable August 14 to holders of record on July 31. It also spent $80 million buying back shares during the quarter.
Growth at this pace costs real money. Targa plans about $4.5 billion in net growth spending this year, and its consolidated debt stood at $19,578 million on June 30. About $3.2 billion of liquidity gives it a cushion. In July, it also extended its receivables securitization facility to July 30, 2027 and raised the size to as much as $800 million. More borrowing capacity helps, but it is still borrowing.
Not every dollar of the profit surge is as steady as a pipeline volume. Management tied the higher outlook partly to strong marketing margin and optimization work in the first two quarters, and the quarter's jump in marketing margin came from greater optimization opportunities. That kind of income can be lumpy. Meanwhile, lower natural gas prices trimmed margins in the gathering business, and the Waha curtailments showed that producers can pull back when local prices turn ugly.

#record

On September 17, Ferrari N.V. (NYSE:RACE) announced a partnership with the technology company Rakuten Group, Inc., effective January 1, 2027. The announcement gives no scope and no price tag, so it works better as a signal than as a number. The real substance sits in the results Ferrari posted on July 30, when it raised its 2026 guidance because buyers are ordering more personalization than the company expected.
In the second quarter, revenue rose 8%, but operating profit rose 10%, which means each euro of sales is leaving more behind. Ferrari credits a richer mix of cars, with the F80 helping, along with more buyers paying up for personalization. Strip out currency swings, and the gap widens, with revenue up 11% and operating profit up 16%. Deliveries of the Purosangue and the 296 Speciale family grew even in the middle of a planned model changeover.
Cash and demand back that up. Industrial free cash flow jumped 39% to €276 million, and Ferrari also returned more than €800 million to shareholders through a dividend and buybacks. Racing helped too, as higher sponsorships and engine rentals to other Formula 1 teams lifted revenue. Meanwhile, the order book covers 2027 in full, and the new 12Cilindri Manuale is already fully allocated, which is about as strong a demand signal as a carmaker can send. Those trends are why revenue guidance moved up to about €7.60 billion from about €7.50 billion.
Part of the strength is timing. Operating profit got a boost from temporarily lower depreciation and amortization while Ferrari swaps out models, and the company says those charges will climb once the new cars enter production. Net profit also leaned on a 23.0% tax rate, which reflects an estimated benefit from the new Patent Box. Neither says much about how profitable the cars themselves are.
Costs are climbing too. Higher industrial and marketing expenses weighed on operating profit, EBITDA margin slipped to 39.0% from 39.7% a year earlier, and management expects heavier brand, racing and digital spending for the year. Currency is a drag as well, mostly from the dollar and the yen, which is why 11% growth at constant currency shrank to 8% as reported. Deliveries totaled 3,366 cars while the 296 GTS, Roma Spider and SF90 XX family wound down, and sponsorship, commercial and brand revenue grew just 2%. And the whole outlook leans on current visibility into the Middle East crisis, which Ferrari cannot control.

#Ferrari

GDEV Inc. (NASDAQ:GDEV) saw a year-on-year drop in bookings from both its in-app purchases and advertising, during the second quarter fiscal 2026. Consequently, the quarterly revenue figure of $94 million was down 22% compared to Q2 FY25. On the flip side, SG&A expenses and costs related to platform commissions were lower relative to the corresponding period last year. Along with other factors, the lower cost base helped GDEV report $20 million in net profit, up from $17 million in the second quarter of 2025.
Copyright: artush / 123RF Stock Photo
Breaking down the expenses, selling and marketing costs came down by 38% compared to the same quarter last year, clocking in at $33 million. It reflects on management's continued focus on deploying an efficient approach for its user acquisition initiatives. The approach is based on a more targeted performance marketing across certain channels that lead to durable high-value users, instead of broader campaigns for near-term benefits.
The reported quarter marked a turnaround related to the equity accounted ******* ociates. These contributed a $2 million profit share, which was a reversal from a $2 million loss share in Q2 FY25. Most notably, cash flows from operating activities turned from negative $10 million in Q2 FY25 to positive $10 million in the reported period.
Several operating metrics weakened during the reported quarter. Monthly paying users dropped by 23% year-over-year, along with a 15% decline for the entire first half. This was the major underlying reason for a sluggish performance in bookings, which stood at $73 million and $156 million for the second quarter and first half of the year, respectively. These fell short in comparison to $92 million and $173 million recorded in the corresponding periods last year. GDEV also said the decline in first-half platform commissions was driven by lower revenues recognized from PC platforms, while PC's share of bookings fell to 36% from 39%.

#million #lower

When developers hand governance to residents at build-out, HOA fees spike as homeowners absorb true amenity costs and cover reserve underfunding through special ****** sments.
HOA fee increases in post-transition communities routinely outpace the 2027 Social Security COLA of roughly 3%, squeezing retirees on fixed incomes.
Demand the reserve study, CC&Rs, and community development district bond balance before signing. If the sales office stalls, the pitch was rehearsed, not substantiated.
Two retirees, same $1 million, same 4% rule, buy one finished with $1.4 million, the other hit $0 in 12 years. Our free reader guide explains the flaw that separated them, and the income-first method built to avoid it.
Readers in their late fifties and early sixties ask weekly: Can I retire to a Margaritaville community, and what will it cost over twenty or thirty years? The brochure sells one version, while the sales center sells another. The real question a retiree should ask is what happens once marketing wears off and the structural issue the sales presentation almost never covers emerges.

#retirees #community #years #sells

Interested in Capital One Financial Corporation? Here are five stocks we like better.
Consumer credit remains resilient: Capital One reported strong spending, stable delinquencies and better-than-seasonal charge-offs, including among lower-income customers in its portfolio. Auto lending is also growing while the company maintains underwriting and margin standards.
Discover integration is progressing toward 2027 completion: New Discover card originations have moved to Capital One's platform, with the existing portfolio conversion expected to finish in January 2027 and broader integration substantially complete by mid-2027. Capital One has achieved about one-third of its targeted $1.5 billion in operating-expense synergies.
Capital One is expanding beyond lending: The company sees Brex as a strategic commercial-payments platform and plans to leverage its technology, marketing reach and small-business customer base. With a 13.7% common equity tier 1 ratio, management says it can fund investments while maintaining conservative capital and shareholder returns.
These 4 Earnings Reports Expose the Market's Growing Economic Divide

#company #integration #interested

CleanSpark just announced a Mag 7 tenant for its first AI site, in a bullish disclosure for the former bitcoin miner as it seeks $2B in financing for its first AI site at a time when capital could get more expensive following the Fed's rate hike yesterday.
CleanSpark announced its first-ever AI lease on July 14 – a 20-year, $6.6B deal for 175 critical IT MWs at its Sandersville, Georgia, facility. But at the time, CleanSpark didn't disclose the tenant.
An SEC filing from today reveals that tenant is Meta, the social-media stalwart turned digital marketing giant and burgeoning AI lab, by way of its wholly owned subsidiary, Anviran. But that's not even the most interesting part – this ******* ociation also means that Meta holds an LOI for 885 MW from CleanSpark's Sealy and Brazoria, Texas, sites, since CleanSpark in July said the Sandersville counterparty also signed an exclusivity agreement for those sites.
The filing says that Meta will serve as "guarantor of rent and operating expenses," with the parent company backstopping Anviran.
And this backstop is more important now than ever. As we covered on the show yesterday, the Fed's 25-basis-point rate hike could lead to not just higher borrowing costs but also tightened credit access for non-investment-grade companies.

#tenant

On September 10, 2026, Copart, Inc. (NASDAQ:CPRT) reported fourth-quarter results for the period ended July 31, 2026, and used the call to announce an all-cash acquisition of digital auto marketplace ACV Auctions. Revenue grew 2.4% to $1.2 billion, but gross profit fell 5.5% to $481.4 million and net income dropped 17.4% to $327.4 million. Diluted EPS came in at $0.35 against $0.41 a year earlier.
Wall Street spent the following days separating the deal from the quarter.
Barrington's Gary Prestopino saw enough in the transaction to move off the sidelines, upgrading Copart, Inc. (NASDAQ:CPRT) to Outperform from Market Perform with a $40 target. His argument is that combining Copart's physical network with ACV's digital marketplace, at an implied equity value of $1.9 billion or $10.50 per share in cash, creates an end-to-end remarketing platform and opens a new growth vector in dealer-to-dealer and commercial vehicle auctions.
JPMorgan's Jash Patwa had already upgraded Copart, Inc. (NASDAQ:CPRT) to Overweight from Neutral ahead of the print, raising his target to $40 from $32 on encouraging salvage industry channel checks, web scraping data showing Copart gaining share with a carrier across several states, and a collision cycle he sees turning more favorable as insurance penetration recovers.
Freedom Broker, which trimmed its target to $36 from $39 while keeping a Buy rating, called the report mixed but framed the ACV move as a strong pivot toward digital marketplace expansion.

#NASDAQ #cprt #auctions

The Commodity and Futures Trading Commission on Thursday paved the way to expand prediction markets and cryptocurrency trading on certain online platforms. DraftKings led a retreat for sports betting stocks Thursday.
The CFTC's Market Participation division issued a no-action letter, saying it will not take enforcement action against providers of what the agency called "passive software."
These passive software providers include companies and developers that offer prediction market, derivatives or crypto trading services, but do not take custody of user ***** ets.
"Subject to certain specified conditions, MPD will not recommend the Commission take enforcement action against any such provider or their relevant personnel for failure to register as an introducing broker or an ***** ociated person of an introducing broker," the regulator said in its announcement. However, this only applies to the "provision and marketing of software to facilitate trading" between users and registered futures commission merchants, introducing brokers, and designated contract merchants.
The decision follows a similar no-action letter from the CFTC in March, which responded to a request from self-custody crypto wallet provider Phantom Technologies, Bloomberg reported. Phantom Technologies partnered with Kalshi to offer predictions market trading to its more than 20 million crypto wallet holders.

#action

KO beat the S&P 500 over one and five years, returning 37% and 85% respectively, backed by 63 straight years of dividend raises.
At a P/E of 29 and P/FCF of 72 with shares near their $91.94 52-week high, Coca-Cola's valuation leaves little room for error.
Read More: Avoid these 13 retirement mistakes before they derail your future (sponsor)
If you bought Coca-Cola (NYSE:KO) a decade ago, you bought a business that has spent the intervening years quietly reinventing its balance sheet while doing what it always does: raising the dividend. 2025 marked the 63rd consecutive year of dividend increases, cementing Coca-Cola's status as a dividend king.
The past two years have been eventful. CEO James Quincey handed the reins to Henrique Braun in 2026, and the company has pushed hard on refranchising bottlers, including a pending sale of Coca-Cola Beverages Africa. Q4 2025 absorbed a $960M BODYARMOR impairment, but 2026 has been a different story. Q2 delivered EPS of $0.97, revenue of $13.38B (+6.7% YoY), and 5% unit case volume growth, aided by the FIFA World Cup marketing push. Management now guides to comparable EPS growth of 9% to 10% for the year.

#Dividend #cola #year

On September 14, Dave & Buster's Entertainment (NASDAQ:PLAY) reported second-quarter fiscal 2026 results that read like two different companies at once. Revenue fell, and the company posted a net loss for the period ended August 4, yet comparable sales, which had been sliding for more than a year, kept getting less bad every month from June through the first five weeks of the third quarter. New CEO Darin Harper is betting that improvement compounds into something bigger.
The clearest evidence is the trend line itself. Comparable store sales fell 5.4% in the first quarter of fiscal 2026, then 2.9% in the second quarter, then just 1.6% in July after a 5% decline in June, and Harper said trends improved further over the first five weeks of the third quarter. Food and beverage sales are moving in the opposite direction entirely, up 7.6% in the quarter and positive for five straight quarters, helped by the Eat & Play Combo, a bundled meal and game credit offer sold through kiosks. Special event sales have now grown for seven consecutive quarters.
Behind that shift sits a rebuilt leadership bench. Dave & Buster's went more than a year without a chief marketing officer, and Harper has since added a CMO, a chief operations officer, a chief technology officer, and a chief legal officer since taking over. The company also leaned on new content, launching 10 games and attractions this year, including tie-ins with Mandalorian and Grogu, John Wick and Stranger Things, after research found more than 70% of guests said new games would bring them back more often. Changes to game pricing pushed play and dwell time up 16% to 20% or more. Six remodeled stores are already outperforming the rest of the chain, and management says the newest remodel template costs less to build than the last one. Net capital spending dropped to $127.6 million through the first half of the year from $155.4 million, and adjusted free cash flow swung to positive $19.5 million from negative $36.5 million, a $56 million improvement.
The headline figures were still rough. Total revenue slipped 2.4% to $544.1 million from $557.4 million a year earlier, and adjusted EBITDA dropped to $98.9 million, an 18.2% margin, from $129.8 million and a 23.3% margin. On a GAAP basis, the company posted a net loss of $12.5 million, or $0.36 per diluted share, versus net income of $11.4 million in the same quarter last year. About $15 million of the EBITDA decline came from items management calls non-normalized, including a $10 million noncash deferral adjustment that did not repeat this year, $3 million in extra preopening costs and $2 million in higher insurance expenses, but even stripped of those, the underlying decline was still roughly $16 million.

#year #first #harper #play

With a market cap of $27.1 billion, DTE Energy Company (DTE) is a diversified energy company engaged in energy-related businesses and services across the United States. Its operations include electric and natural gas utilities serving millions of customers in Michigan, along with businesses focused on custom energy solutions, renewable energy, and energy marketing and trading.
Companies worth more than $10 billion are generally labeled as "large-cap" stocks and DTE Energy fits this criterion perfectly. DTE Energy is also committed to accelerating carbon reduction, supporting community development, and promoting economic progress through philanthropy, education, employment initiatives, and volunteerism
Billionaire Charlie Munger, Who Died at 99, Skipped Insurance on His Mansion Since He Could Just Write a Check to Rebuild — 'All Intelligent People Do It My Way'
Nvidia CEO Jensen Huang Just Dropped Huge News for This Cybersecurity Stock
How to Play GME Stock as GameStop CEO Ryan Cohen Buys $20.3 Million in Shares

#energy #billion #businesses #states

Our ****** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Delivered total revenue growth of 1.1%, marking the second consecutive quarter of expansion as the Project Sunshine transformation gains traction.
Direct segment revenue grew 8% with comparable sales up 9.2%, serving as the primary indicator of customer resonance with new product and marketing strategies.
Gross margin expanded by more than 40 basis points (excluding tariff refunds) through disciplined pricing, promotion governance, and improved product ****** ortment productivity.
Indirect channel revenue contracted 39% due to intentional shifts in marketplace strategy and a strategic reduction in liquidation sales to protect brand equity.

#tell

Alluvium ***** et Management, an ***** et management company, released its "Conventum – Alluvium Global Fund" second-quarter 2026 investor letter. The letter can be downloaded here. The second quarter reflected a sharp shift from geopolitical uncertainty and oil market volatility to a powerful equity rally led by semiconductor companies. Despite the broader market strength, the Fund declined 1.4% in EUR terms, 2.2% in USD terms, and 3.9% in AUD terms. Portfolio results were mixed, with Alphabet benefiting from strong Cloud growth, while Robert Half, H&R Block and other holdings posted solid gains. However, cable businesses and several healthcare and consumer holdings weighed on performance. Also, check the fund's top five holdings to see its best picks in 2026.
In its second-quarter 2026 investor letter, Conventum – Alluvium Global Fund highlighted Copart, Inc. (NASDAQ:CPRT). Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services company. On September 14, 2026, Copart, Inc. (NASDAQ:CPRT) closed at $30.75 per share. Over the past month, Copart, Inc. (NASDAQ:CPRT) returned 0.14%, while its shares lost 32.24% over the past 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $29.65 billion, and its stock has traded within a 52-week range of $26.81 and $48.96.
Conventum – Alluvium Global Fund stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its Q2 2026 investor letter:
"Once again, the most significant and interesting news for investors is a new position we initiated. On this occasion, it is Copart, Inc. (NASDAQ:CPRT, the car wrecker turned auction platform (down 15.1% over the quarter). Copart has grown from a small single auto salvage yard in Vallejo, California in 1982 to a car auction technology platform selling over 4 million cars per year, predominantly on behalf of large insurance companies. We were alerted to this business by our quantitative screen - where it appeared a compelling opportunity (ten year sales growth of 17.4% and 19.1% profit growth, negligible debt, and mid 30's returns on invested capital), so we explored the business in greater depth. Our synopsis: It is a top notch business operating in a duopoly, but with little scope for domestic growth significant enough to move the needle. Most of Copart's revenue stems from its services to insurance companies for selling their vehicles which they classify to be "total losses". So, when it comes to ***** ysing the long term viability of its business, we think there are two key considerations. There is the likely growth rate of automobile accidents. We expect this to gradually decline as a result of increased adoption of autonomous driving, which is known to have lower crash rates than human-driven vehicles. Then there is the proportion of future collisions that are likely to result in cars being classified as "total losses". We expect this will continue its long term upward trend (driven by increased technology and high repair cos

Pfizer Inc. (NYSE:PFE) and Valneva SE (NASDAQ:VALN) reported on August 14 that the European Medicines Agency has validated the Marketing Authorization Application for PF-07307405, the companies' experimental Lyme disease vaccine candidate, and will now begin the official review.
For a vaccine candidate first proposed in a 2020 collaboration deal between Pfizer Inc. (NYSE:PFE) and French biotech Valneva SE (NASDAQ:VALN), this represents the formal transition from years of clinical development into European regulatory review.
The application is based on the Phase 3 VALOR trial, a placebo-controlled, randomized study of 9,437 participants aged five and older from high-incidence Lyme disease locations in US, Canada, and Europe. Participants got four doses on a phased schedule: one at months 0, 2, and 5-9, followed by a fourth dosage around a year later, shortly before the start of the next Lyme season. Topline data released in March 2026 demonstrated efficacy of over 70% in reducing confirmed Lyme disease cases, with the vaccine generally tolerated and no safety issues detected. However, the statistical picture was less clean than the headline efficacy suggests. The first prespecified **** ysis, which served as the primary endpoint, showed 73.2% efficacy but failed the trial's predefined statistical criterion because the lower bound of the 95% confidence interval was 15.8%, below the required 20%. A second prespecified **** ysis showed 74.8% efficacy and did meet that threshold.
Valneva SE (NASDAQ:VALN), the smallest of the two partners, views the vaccine as a clean competitive setup. According to the company, PF-07307405 is the most advanced Lyme disease vaccine candidate currently in clinical development, a rare spot in the vaccine industry where new entrants often face competition from existing treatments. Under the terms of the 2020 partnership and license agreement, Pfizer Inc. (NYSE:PFE) will have exclusive rights to produce and commercialize the vaccine if it is approved, while Valneva SE (NASDAQ:VALN) will benefit as a development partner.
The institutional stance is very different between the two companies, reflecting their very different sizes. Pfizer Inc. (NYSE:PFE) is still a strong name in the institutional **** e, with hedge fund ownership stable at 83 funds in the second quarter of 2026, the same as the first quarter, reflecting its position as a large, diversified pharmaceutical holding, rather than a name driven by a specific pipeline event. Valneva SE (NASDAQ:VALN), however, has little hedge fund exposure, with only 4 funds holding a position in the second quarter, up from 1 in the first quarter, reflecting the continued lack of visibility of the smaller partner among institutional investors.

#vaccine #pfizer #NYSE

Marathon Petroleum (MPC) exhibits strong technical momentum, recently hitting a new all-time high.
Shares are up more than 120% over the past year.
MPC maintains a 100% "Buy" technical opinion from Barchart.
Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to $75 per barrel.
Valued at $116 billion, Marathon Petroleum (MPC) is a leading independent refiner, transporter, and marketer of petroleum products. The company came into existence following the spinoff from Marathon Oil Corporation's refining and sales business into a separate, independent and publicly traded entity. Marathon Oil completed the acquisition of its rival Andeavor. Marathon Petroleum operates in two segments: refining and marketing and pipeline transportation.

#independent #shares

Citigroup Inc. (NYSE:C)'s CFO Gonzalo Luchetti said the bank expects return on tangible common equity (RoTCE) to come in slightly above 11% in 2026, while also indicating that Citi will increase stock buybacks from the $13 billion repurchased in 2025. The bank plans to accelerate roughly $500 million of investment by year-end, including spending on severance and marketing intended to expand its credit-card and wealth-management businesses. Citi also expects to remove Banamex from its balance sheet in 2027, which will create an estimated $9 billion currency-translation adjustment loss.
The 11%+ target is meaningful because Citi's profitability has already improved materially. In the second quarter, Citi generated $24.8 billion of revenue, up 14% year over year, while net income rose 45% to $5.8 billion. Investment-banking revenue increased 44% to $1.55 billion, and net interest income increased 13%. Citi's SEC filing shows second-quarter RoTCE of 13.0%, versus 8.7% a year earlier, while the first half of 2026 produced a 13.1% RoTCE. The new guidance therefore suggests management believes profitability can remain above the longer-term 11%-13% RoTCE range Citi established for 2027-28, despite additional investment spending.
Kiev.Victor / Shutterstock.com
The bullish argument is that Citigroup Inc. (NYSE:C) appears to be converting its multiyear restructuring into higher returns while simultaneously returning more capital to shareholders. The move from 8.7% RoTCE in the second quarter of 2025 to 13.0% in the second quarter of 2026 represents a substantial improvement in capital efficiency. Citi's efficiency ratio also improved to 57.4% from 62.7%, indicating that revenue growth is increasingly translating into operating leverage rather than being absorbed by expenses. That is particularly relevant because management now intends to spend another roughly $500 million on severance, marketing, and growth initiatives; if these investments produce the intended expansion in cards and wealth management, they could support revenue growth without derailing the profitability trajectory.
Capital returns provide another positive lever. Citi repurchased $13 billion of stock in 2025 and now expects to increase that amount, while its June 2026 CET1 ratio remained 12.78%, comfortably above its 11.6% standardized regulatory requirement. Buybacks can reduce tangible common equity and shares outstanding, potentially supporting both RoTCE and per-share earnings when executed below intrinsic value. Citi's tangible book value per share had already risen 7% year over year to $100.89 by June 30, 2026. The combination of higher operating profitability, shrinking share count, and improving capital efficiency strengthens the case for a valuation re-rating if Citi can sustain returns above 11%.

#rotce #citi #management

The Kroger Co. (NYSE:KR) cut its full-year 2026 identical-sales forecast excluding fuel to 0.2%–0.8% from 1%–2%, reflecting a sharper-than-expected slowdown in consumer demand. Second-quarter identical sales rose just 0.2%, down from 3.4% a year earlier and below the 0.9% ****** yst estimate.
The weakness reflects pressure on middle- and lower-income consumers, while a Cyclospora outbreak reduced quarterly identical sales by roughly 35 basis points and Medicare prescription-drug pricing changes created an approximately 140-basis-point headwind for pharmacy revenue. Importantly, Kroger maintained its full-year adjusted FIFO operating-profit forecast of $5.0 billion–$5.2 billion and delivered adjusted EPS of $1.09, ahead of the $1.06 consensus.
The strongest bullish argument is that The Kroger Co. (NYSE:KR) is currently protecting earnings despite the deterioration in sales momentum. Second-quarter adjusted EPS increased 5% year over year to $1.09, while adjusted FIFO operating profit was $1.076 billion. Kroger's gross margin rate actually increased by 13 basis points, although the overall gross-margin percentage was 22.4% versus 22.5% a year earlier, suggesting that pricing, sourcing, and cost-management initiatives are helping offset weaker volumes. The company's higher-margin businesses are also becoming increasingly important: adjusted e-commerce sales grew 20% in the quarter, and Kroger Precision Marketing profit increased 24%. That mix shift gives Kroger an earnings lever even when supermarket traffic and comparable sales are weak.
There is also evidence that management is actively responding to the competitive pressure rather than simply accepting slower growth. CEO Greg Foran has been pursuing tighter sourcing, simpler operations and lower prices, with Reuters reporting plans to cut prices across thousands of products to regain shoppers from Walmart, Costco and Aldi. The Kroger Co. (NYSE:KR)'s balance sheet provides room to fund that strategy: its net debt-to-adjusted-EBITDA ratio was 1.91x, below its stated target range of 2.30x–2.50x, while the company repurchased $1.0 billion of shares in the second quarter and $1.2 billion year to date. It also raised its dividend 11%, marking the 20th consecutive year of increases. If sales stabilize while e-commerce, retail media and cost efficiencies continue expanding, the unchanged $5.0 billion–$5.2 billion operating-profit forecast could prove more important to valuation than the reduced top-line outlook.

#year

Colgate-Palmolive Company (NYSE:CL) is reportedly exploring the sale of several mass-market personal care brands, including Softsoap, Irish Spring and Speed Stick, in a portfolio reshaping effort that could generate more than $1 billion. The company is working with Goldman Sachs on the potential divestiture. Personal care accounted for roughly 17% of Colgate-Palmolive's 2025 net sales, or about $3.5 billion, while oral care remains the company's largest business.
The move comes as Colgate faces pressure in its North American business. Although the company recently reported a 4.9% increase in net sales, organic sales in North America declined 3%, highlighting competitive pressure in a mature market. The strategy is also consistent with a broader consumer-goods shift toward simplifying portfolios and concentrating capital on higher-growth categories. Unilever, Nestlé, and other major consumer companies have similarly been selling slower-growing or non-core businesses.
The biggest positive is that Colgate-Palmolive Company (NYSE:CL) could become a more focused and potentially higher-quality business. Selling brands that no longer fit its highest-priority growth areas would allow management to concentrate capital, marketing spending, and management attention on oral care, pet nutrition, and other businesses where Colgate has stronger competitive advantages. The company's decision would therefore be less about abandoning personal care altogether and more about improving the quality of the remaining portfolio.
A sale could also unlock meaningful shareholder value. If the divestitures generate more than $1 billion, Colgate would have additional capital that could be used for debt reduction, share repurchases, acquisitions, or investment behind its strongest brands. In a mature consumer-staples company, disciplined capital allocation can have an outsized impact on earnings growth and shareholder returns. There is also evidence that portfolio simplification is becoming increasingly attractive across the consumer-goods industry. The Wall Street Journal has highlighted how companies such as Unilever and Nestlé are shedding businesses that add complexity without providing sufficient growth. The underlying argument is that the benefits of owning a very broad portfolio have diminished as consumer preferences become more fragmented and smaller brands become better at responding to trends.
Most importantly, the divestiture could improve Colgate-Palmolive Company (NYSE:CL)'s strategic focus at a time when North American competition is challenging. Rather than allocating resources to defend slower-growing personal-care brands, management could direct investment toward categories and geographies with better long-term growth prospects. That could ultimately support margins and organic growth even if the immediate revenue base becomes smaller.

#personal #NYSE #Portfolio

Carter's unveiled a new brand identity and marketing campaign on Tuesday, as the children's clothing company works to attract a younger generation of parents and build on a recent business turnaround.
The rebrand centers on a new brand promise — "Let every child's light shine" — and a refreshed logo in which a shooting star replaces the apostrophe in the Carter's wordmark, the company said. A new 60-second film called "Watch Them Glow" will debut across connected television as the first major marketing expression of the new direction.
Chief Marketing Officer Sarah Crockett told CNBC that the company sees a significant shift in its core customer base. Gen Z is expected to account for a large share of new parents over the next several years, according to Carter's, and those parents tend to let children make their own clothing choices and turn to social media for guidance.
"We had an opportunity to really tap into the values that parents are bringing into the household," Crockett told CNBC.
The new identity will begin rolling out across Carter's channels in 2026, with additional retail, product, and packaging elements to follow in 2027, the company said. Carter's is also launching a creator program called Light Makers, featuring voices across North America, and expanding partnerships with organizations including Outward Bound and Boys & Girls Clubs of America.

#parents #Marketing #cnbc #America

Pfizer Inc. (NYSE:PFE) and Valneva SE (NASDAQ:VALN) reported on August 14 that the European Medicines Agency has validated the Marketing Authorization Application for PF-07307405, the companies' experimental Lyme disease vaccine candidate, and will now begin the official review.
For a vaccine candidate first proposed in a 2020 collaboration deal between Pfizer Inc. (NYSE:PFE) and French biotech Valneva SE (NASDAQ:VALN), this represents the formal transition from years of clinical development into European regulatory review.
The application is based on the Phase 3 VALOR trial, a placebo-controlled, randomized study of 9,437 participants aged five and older from high-incidence Lyme disease locations in US, Canada, and Europe. Participants got four doses on a phased schedule: one at months 0, 2, and 5-9, followed by a fourth dosage around a year later, shortly before the start of the next Lyme season. Topline data released in March 2026 demonstrated efficacy of over 70% in reducing confirmed Lyme disease cases, with the vaccine generally tolerated and no safety issues detected. However, the statistical picture was less clean than the headline efficacy suggests. The first prespecified **** ysis, which served as the primary endpoint, showed 73.2% efficacy but failed the trial's predefined statistical criterion because the lower bound of the 95% confidence interval was 15.8%, below the required 20%. A second prespecified **** ysis showed 74.8% efficacy and did meet that threshold.
Valneva SE (NASDAQ:VALN), the smallest of the two partners, views the vaccine as a clean competitive setup. According to the company, PF-07307405 is the most advanced Lyme disease vaccine candidate currently in clinical development, a rare spot in the vaccine industry where new entrants often face competition from existing treatments. Under the terms of the 2020 partnership and license agreement, Pfizer Inc. (NYSE:PFE) will have exclusive rights to produce and commercialize the vaccine if it is approved, while Valneva SE (NASDAQ:VALN) will benefit as a development partner.
The institutional stance is very different between the two companies, reflecting their very different sizes. Pfizer Inc. (NYSE:PFE) is still a strong name in the institutional **** e, with hedge fund ownership stable at 83 funds in the second quarter of 2026, the same as the first quarter, reflecting its position as a large, diversified pharmaceutical holding, rather than a name driven by a specific pipeline event. Valneva SE (NASDAQ:VALN), however, has little hedge fund exposure, with only 4 funds holding a position in the second quarter, up from 1 in the first quarter, reflecting the continued lack of visibility of the smaller partner among institutional investors.

#disease

Marathon Petroleum (MPC) exhibits strong technical momentum, recently hitting a new all-time high.
Shares are up more than 120% over the past year.
MPC maintains a 100% "Buy" technical opinion from Barchart.
Future performance is highly sensitive to refining margins and oil prices, with downside risk if oil drops to $75 per barrel.
Valued at $116 billion, Marathon Petroleum (MPC) is a leading independent refiner, transporter, and marketer of petroleum products. The company came into existence following the spinoff from Marathon Oil Corporation's refining and sales business into a separate, independent and publicly traded entity. Marathon Oil completed the acquisition of its rival Andeavor. Marathon Petroleum operates in two segments: refining and marketing and pipeline transportation.

#marathon #future

Citigroup Inc. (NYSE:C)'s CFO Gonzalo Luchetti said the bank expects return on tangible common equity (RoTCE) to come in slightly above 11% in 2026, while also indicating that Citi will increase stock buybacks from the $13 billion repurchased in 2025. The bank plans to accelerate roughly $500 million of investment by year-end, including spending on severance and marketing intended to expand its credit-card and wealth-management businesses. Citi also expects to remove Banamex from its balance sheet in 2027, which will create an estimated $9 billion currency-translation adjustment loss.
The 11%+ target is meaningful because Citi's profitability has already improved materially. In the second quarter, Citi generated $24.8 billion of revenue, up 14% year over year, while net income rose 45% to $5.8 billion. Investment-banking revenue increased 44% to $1.55 billion, and net interest income increased 13%. Citi's SEC filing shows second-quarter RoTCE of 13.0%, versus 8.7% a year earlier, while the first half of 2026 produced a 13.1% RoTCE. The new guidance therefore suggests management believes profitability can remain above the longer-term 11%-13% RoTCE range Citi established for 2027-28, despite additional investment spending.
Kiev.Victor / Shutterstock.com
The bullish argument is that Citigroup Inc. (NYSE:C) appears to be converting its multiyear restructuring into higher returns while simultaneously returning more capital to shareholders. The move from 8.7% RoTCE in the second quarter of 2025 to 13.0% in the second quarter of 2026 represents a substantial improvement in capital efficiency. Citi's efficiency ratio also improved to 57.4% from 62.7%, indicating that revenue growth is increasingly translating into operating leverage rather than being absorbed by expenses. That is particularly relevant because management now intends to spend another roughly $500 million on severance, marketing, and growth initiatives; if these investments produce the intended expansion in cards and wealth management, they could support revenue growth without derailing the profitability trajectory.
Capital returns provide another positive lever. Citi repurchased $13 billion of stock in 2025 and now expects to increase that amount, while its June 2026 CET1 ratio remained 12.78%, comfortably above its 11.6% standardized regulatory requirement. Buybacks can reduce tangible common equity and shares outstanding, potentially supporting both RoTCE and per-share earnings when executed below intrinsic value. Citi's tangible book value per share had already risen 7% year over year to $100.89 by June 30, 2026. The combination of higher operating profitability, shrinking share count, and improving capital efficiency strengthens the case for a valuation re-rating if Citi can sustain returns above 11%.

#year #management