13 mins. ago
TotalEnergies SE (NYSE:TTE) reported second-quarter adjusted net income of $6 billion on July 23, 2026, up 67% year-over-year and its best quarter in nearly three years.
The gain traced almost entirely to the Iran war, as Hormuz disruption pushed crude and gas prices to multi-year highs and lifted European refining margins while Middle East capacity stayed offline. Refining and chemicals income rose 362% to $1.8 billion, and exploration and production earnings climbed 64% to $3.2 billion.
CEO Patrick Pouyanné called the strait a battleground and said closures could become normal, leaving the real question: what the company looks like once that windfall fades.
LNG is where that question starts to get answered, and the quarter alone was not encouraging.
The segment earned $807 million, a 22% decline the company attributed to trading underperformance amid flat European demand, though Pouyanné said prices rallied in July.
#july #european #question
The gain traced almost entirely to the Iran war, as Hormuz disruption pushed crude and gas prices to multi-year highs and lifted European refining margins while Middle East capacity stayed offline. Refining and chemicals income rose 362% to $1.8 billion, and exploration and production earnings climbed 64% to $3.2 billion.
CEO Patrick Pouyanné called the strait a battleground and said closures could become normal, leaving the real question: what the company looks like once that windfall fades.
LNG is where that question starts to get answered, and the quarter alone was not encouraging.
The segment earned $807 million, a 22% decline the company attributed to trading underperformance amid flat European demand, though Pouyanné said prices rallied in July.
#july #european #question
34 mins. ago
The energy sector in 2026 is experiencing a split-margin scenario that few investors are pricing cleanly. Even though the broader market views the sector as mature and low-growth, refining margins remain significantly higher than their typical mid-cycle range.
Chemicals, on the other hand, are only now recovering from some of their lowest margins in years, with the Chemical Manufacturing Industry posting an EBITDA margin of 16.86% in the year leading up to Q2 2026.
Meanwhile, renewable diesel, which has long been a burden on integrated energy earnings, is moving from below break-even to mid-cycle profitability, thanks to a regulatory reset rather than increased demand. This comes as S&P Global reported that the applicable biomass-based diesel volume requirement has been substantially raised from 5.42 billion gallons in 2025 to 9.07 billion gallons in 2026.
Only a handful of companies sit at the center of all three cycles simultaneously. That's why Phillips 66 (NYSE:PSX) is worth a deeper study. It isn't a pure refiner, a pure chemicals operation, or a pure renewables gamble, but rather a company whose near-term earnings potential depends on three distinct margin recoveries occurring nearly in sync.
The refining rebound is already quantifiable as PSX's realized refining margin increased by 48% to $10.11 per barrel in Q1 2026, from $6.81 the previous year, while crude capacity utilization increased to 95% from 80%. This lifted the refining business from a $937 million adjusted loss in Q1 2025 to a $208 million adjusted profit, bringing overall adjusted EPS to $0.49, above the Wall Street forecast of a $0.40 per share loss.
#sector
Chemicals, on the other hand, are only now recovering from some of their lowest margins in years, with the Chemical Manufacturing Industry posting an EBITDA margin of 16.86% in the year leading up to Q2 2026.
Meanwhile, renewable diesel, which has long been a burden on integrated energy earnings, is moving from below break-even to mid-cycle profitability, thanks to a regulatory reset rather than increased demand. This comes as S&P Global reported that the applicable biomass-based diesel volume requirement has been substantially raised from 5.42 billion gallons in 2025 to 9.07 billion gallons in 2026.
Only a handful of companies sit at the center of all three cycles simultaneously. That's why Phillips 66 (NYSE:PSX) is worth a deeper study. It isn't a pure refiner, a pure chemicals operation, or a pure renewables gamble, but rather a company whose near-term earnings potential depends on three distinct margin recoveries occurring nearly in sync.
The refining rebound is already quantifiable as PSX's realized refining margin increased by 48% to $10.11 per barrel in Q1 2026, from $6.81 the previous year, while crude capacity utilization increased to 95% from 80%. This lifted the refining business from a $937 million adjusted loss in Q1 2025 to a $208 million adjusted profit, bringing overall adjusted EPS to $0.49, above the Wall Street forecast of a $0.40 per share loss.
#sector
54 mins. ago
AI data centers are putting pressure on the US electrical grid in ways that did not seem possible just a few years ago, and that strain is a direct benefit to heavy equipment manufacturers, not just chipmakers. US data center power consumption is expected to increase by 22% in a single year, with total grid demand nearly tripling to 134.4 GW by 2030 as hyperscale buildouts gain speed.
Considering grid capacity cannot be increased quickly enough to meet that curve, on-site and backup power production has become a significant portion of AI infrastructure spending, with Caterpillar Inc. (NYSE:CAT) alone accounting for an estimated 18% of the data center generator market. Notably, the company has come to be one of the Dow's best-performing stocks so far in 2026, with a year-to-date return of 47.81%.
The company's Q1 2026 revenue came in at $17.4 billion, up 22% year-over-year, with adjusted EPS of $5.54, above expectations. The backlog behind that expansion seems to be the real story, with Caterpillar Inc. (NYSE:CAT) closing the quarter with a record $63 billion in order backlog, an increase of 79% year-over-year and $11.5 billion sequentially, owing to major project wins like Altus and Chevron, growing rental demand, and strong Mining segment order conversion.
CEO Joe Creed told ******* ysts that the company's massive engine backlog, which directly powers AI data centers, has grown by over 3.5x since Caterpillar first revealed capacity expansion plans back in January 2024.
This backlog progress led Oppenheimer to lift Caterpillar's price target to $1,105 from $980 on July 13, while keeping an Outperform rating, expecting high-margin Power & Energy deliveries to accelerate in the second half of the year. However, underlying margin trends indicate rising friction. Resource Industries segment margins fell by over 700 basis points year on year in Q1, to 10%, owing to roughly $600 million in quarterly tariff charges. With full-year tariff headwinds of $2.2 billion to $2.4 billion, Caterpillar's cost structure is under significant pressure even as top-line demand grows.
#billion #data #grid #centers
Considering grid capacity cannot be increased quickly enough to meet that curve, on-site and backup power production has become a significant portion of AI infrastructure spending, with Caterpillar Inc. (NYSE:CAT) alone accounting for an estimated 18% of the data center generator market. Notably, the company has come to be one of the Dow's best-performing stocks so far in 2026, with a year-to-date return of 47.81%.
The company's Q1 2026 revenue came in at $17.4 billion, up 22% year-over-year, with adjusted EPS of $5.54, above expectations. The backlog behind that expansion seems to be the real story, with Caterpillar Inc. (NYSE:CAT) closing the quarter with a record $63 billion in order backlog, an increase of 79% year-over-year and $11.5 billion sequentially, owing to major project wins like Altus and Chevron, growing rental demand, and strong Mining segment order conversion.
CEO Joe Creed told ******* ysts that the company's massive engine backlog, which directly powers AI data centers, has grown by over 3.5x since Caterpillar first revealed capacity expansion plans back in January 2024.
This backlog progress led Oppenheimer to lift Caterpillar's price target to $1,105 from $980 on July 13, while keeping an Outperform rating, expecting high-margin Power & Energy deliveries to accelerate in the second half of the year. However, underlying margin trends indicate rising friction. Resource Industries segment margins fell by over 700 basis points year on year in Q1, to 10%, owing to roughly $600 million in quarterly tariff charges. With full-year tariff headwinds of $2.2 billion to $2.4 billion, Caterpillar's cost structure is under significant pressure even as top-line demand grows.
#billion #data #grid #centers
1 hr. ago
The western rival of Union Pacific said that the carrier's latest regulatory filing doesn't change the fact that the merger with Norfolk Southern will raise rates for shippers, and prices for consumers.
"We are continuing to review the additional information submitted at the request of the Surface Transportation Board in regard to the proposed UP-NS merger," said BNSF (NYSE: BRK-B) President and Chief Executive Katie Farmer, in a statement Tuesday. "Despite UP (NYSE: UNP) and NS's (NYSE: NSC) fourth attempt to submit a complete application, the bottom line remains the same. UP and NS have not changed the core of their proposal that fails to demonstrate how combining two major railroads into a single carrier would preserve – much less enhance – competition as required by the STB's merger rules.'
The merging railroads on Monday completed the supplemental filing requested by the STB when it conditionally accepted the second merger application in late May.
"UP and NS highlight several so-called new aspects of their application, but they are more of the same – processes with multiple caveats that are difficult to understand, available to very few customers and only available for very short periods of time," Farmer said. "They do nothing meaningful to mitigate the massive anticompetitive impact of 50% market share held by one company."
The combined UP-NS would claim around 37% of North American rail traffic, according to data from Railfax. The partners' just-announced operating agreement with Canadian National (NYSE: CNI) would add another 13% share to the total.
#merger #same #Share
"We are continuing to review the additional information submitted at the request of the Surface Transportation Board in regard to the proposed UP-NS merger," said BNSF (NYSE: BRK-B) President and Chief Executive Katie Farmer, in a statement Tuesday. "Despite UP (NYSE: UNP) and NS's (NYSE: NSC) fourth attempt to submit a complete application, the bottom line remains the same. UP and NS have not changed the core of their proposal that fails to demonstrate how combining two major railroads into a single carrier would preserve – much less enhance – competition as required by the STB's merger rules.'
The merging railroads on Monday completed the supplemental filing requested by the STB when it conditionally accepted the second merger application in late May.
"UP and NS highlight several so-called new aspects of their application, but they are more of the same – processes with multiple caveats that are difficult to understand, available to very few customers and only available for very short periods of time," Farmer said. "They do nothing meaningful to mitigate the massive anticompetitive impact of 50% market share held by one company."
The combined UP-NS would claim around 37% of North American rail traffic, according to data from Railfax. The partners' just-announced operating agreement with Canadian National (NYSE: CNI) would add another 13% share to the total.
#merger #same #Share
1 hr. ago
Corning Incorporated (NYSE:GLW) delivered rapid optical growth on July 28, then suffered a share-price decline of more than 20% after its guidance fell short of elevated expectations. Coherent Corp. (NYSE:COHR) also traded sharply lower. Coherent belongs in this story for a specific reason: the two companies monetize different components of the same AI data-center links.
Corning Incorporated (NYSE:GLW) supplies the passive layer, including optical fiber, cable and dense connector systems. Coherent supplies active devices and modules, including lasers, photodiodes and 800G and 1.6T transceivers that convert electrical signals into light and back again. As clusters add accelerators, network builders need both more fiber paths and faster optical endpoints. Corning's order pace can therefore provide a partial read-through on the volume and timing of deployments that create transceiver demand for Coherent Corp. (NYSE:COHR). It cannot establish Coherent's market share, pricing or margins.
Corning reported second-quarter core sales of $4.74 billion, up 17% year over year, and core earnings of $0.78 a share, up 30%. Optical Communications sales increased 32% to $2.07 billion. Within that segment, Enterprise Networks grew 65%, and the company said generative-AI product sales grew significantly faster.
The disappointment came from the next quarter. Corning projected $4.9 billion to $5.0 billion of third-quarter core sales, about 16% year-over-year growth but slightly below Wall Street's expectation, according to Reuters. Optical growth also eased from 36% in the first quarter to 32% in the second. Corning had gained roughly 64% in 2026 through the prior close, leaving little room for even modest deceleration.
Coherent's own latest quarter, ended March 31, argues against treating Corning's guidance as proof of weaker Coherent operations. Revenue rose 21% to $1.81 billion, GAAP gross margin reached 37.7%, and management cited exceptionally strong data-center and communications demand while expanding capacity. Its product roadmap includes 1.6T transceivers, lasers and photodiodes for AI networks. Different customer mixes, active-component content and manufacturing yields can make its results diverge from Corning's.
#corning #optical
Corning Incorporated (NYSE:GLW) supplies the passive layer, including optical fiber, cable and dense connector systems. Coherent supplies active devices and modules, including lasers, photodiodes and 800G and 1.6T transceivers that convert electrical signals into light and back again. As clusters add accelerators, network builders need both more fiber paths and faster optical endpoints. Corning's order pace can therefore provide a partial read-through on the volume and timing of deployments that create transceiver demand for Coherent Corp. (NYSE:COHR). It cannot establish Coherent's market share, pricing or margins.
Corning reported second-quarter core sales of $4.74 billion, up 17% year over year, and core earnings of $0.78 a share, up 30%. Optical Communications sales increased 32% to $2.07 billion. Within that segment, Enterprise Networks grew 65%, and the company said generative-AI product sales grew significantly faster.
The disappointment came from the next quarter. Corning projected $4.9 billion to $5.0 billion of third-quarter core sales, about 16% year-over-year growth but slightly below Wall Street's expectation, according to Reuters. Optical growth also eased from 36% in the first quarter to 32% in the second. Corning had gained roughly 64% in 2026 through the prior close, leaving little room for even modest deceleration.
Coherent's own latest quarter, ended March 31, argues against treating Corning's guidance as proof of weaker Coherent operations. Revenue rose 21% to $1.81 billion, GAAP gross margin reached 37.7%, and management cited exceptionally strong data-center and communications demand while expanding capacity. Its product roadmap includes 1.6T transceivers, lasers and photodiodes for AI networks. Different customer mixes, active-component content and manufacturing yields can make its results diverge from Corning's.
#corning #optical
13 hours ago
It's been a wild ride for NuScale Power (NYSE: SMR) investors, but there could be one catalyst on the horizon that leads to a breakout and an end to the boom-and-bust cycle.
NuScale's project, a 6-gigawatt small modular reactor (SMR) system for the Tennessee Valley Authority, a major utility operator, could imminetly receive a power purchase agreement (PPA). This is according to CEO John Hopkins, who has implied that the company would have a PPA by the end of 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
A signed PPA would lock in revenue for NuScale from a utility company for years or even decades to come. This would be welcome news for NuScale, which has suffered several meaningful setbacks this year.
The bad news for NuScale has included the exit of its largest shareholder, Fluor, as well as a $507.4 million milestone payment to commercialization partner ENTRA1 Energy. Delays in project timelines and skyrocketing operating losses amid declining revenue are prompting investors to head for the exit.
#NVIDIA #power #project
NuScale's project, a 6-gigawatt small modular reactor (SMR) system for the Tennessee Valley Authority, a major utility operator, could imminetly receive a power purchase agreement (PPA). This is according to CEO John Hopkins, who has implied that the company would have a PPA by the end of 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
A signed PPA would lock in revenue for NuScale from a utility company for years or even decades to come. This would be welcome news for NuScale, which has suffered several meaningful setbacks this year.
The bad news for NuScale has included the exit of its largest shareholder, Fluor, as well as a $507.4 million milestone payment to commercialization partner ENTRA1 Energy. Delays in project timelines and skyrocketing operating losses amid declining revenue are prompting investors to head for the exit.
#NVIDIA #power #project
14 hours ago
The EMA GARP Fund, managed by Equity Management ******* ociates, recently released its second-quarter investor letter for 2026. The letter can be downloaded here. The letter emphasizes that capital expenditures in artificial intelligence (AI) are driving growth and earnings, despite extreme valuations in the U.S. market, which resemble a bubble-like situation. It also discusses the impact of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's value decreased by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth stocks were prominent during Q2. Additionally, the firm identified precious metals miners as a potentially strong investment, noting that they are significantly undervalued and present substantial asymmetrical opportunities. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, EMA GARP Fund highlighted Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) is a Canadian precious metal mining company that engages in the acquisition, exploration, and advancement of mineral properties. On July 24, 2026, Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) closed at $5.63 per share, reflecting a market capitalization of $986.77 million. Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) posted a one-month return of -10.21%, while its shares gained 69.07% over the past 52 weeks.
EMA GARP Fund stated the following regarding Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) in its Q2 2026 investor update:
"The miners are way, way too cheap at present gold and silver prices. And their earnings outlook is robust at higher bullion prices given the substantial operating leverage. Miner industry profitability is as good as it's been at any point in the last 25 years. Two Miner Case Studies are outlined – Aris and Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Crazy cheap and massive asymmetry.
Avino Silver and Gold is a mid-tier producer of mostly silver with some gold and copper credits. They operate two mines which share one mill in Mexico's Durango Province, a generally safe area free of cartel activity. In calendar 2025, they produced 2.6 million silver equivalent ounces at an average cost (AISC) of $23.75/ounce. With an average silver selling price of $44.70 per ounce during the year their average margin was $20.95/ounce. So, at the mine operating level they had contribution of $54 million. After SG&A, EBITDA for 2025 was $28.5 million. However silver prices today ($60/ounce) are substantially above last year's average price and in Q1 of 2026 they had EBITDA of $20 million. Bloomberg ******* yst's consensus for 2026 EBITDA is $80 million. So, the Company is trading at 12.5x EBITDA…." (Click here to read the full text)
#silver #Gold #fund #letter
In its Q2 2026 investor letter, EMA GARP Fund highlighted Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) is a Canadian precious metal mining company that engages in the acquisition, exploration, and advancement of mineral properties. On July 24, 2026, Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) closed at $5.63 per share, reflecting a market capitalization of $986.77 million. Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) posted a one-month return of -10.21%, while its shares gained 69.07% over the past 52 weeks.
EMA GARP Fund stated the following regarding Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM) in its Q2 2026 investor update:
"The miners are way, way too cheap at present gold and silver prices. And their earnings outlook is robust at higher bullion prices given the substantial operating leverage. Miner industry profitability is as good as it's been at any point in the last 25 years. Two Miner Case Studies are outlined – Aris and Avino Silver & Gold Mines Ltd. (NYSEAMERICAN:ASM). Crazy cheap and massive asymmetry.
Avino Silver and Gold is a mid-tier producer of mostly silver with some gold and copper credits. They operate two mines which share one mill in Mexico's Durango Province, a generally safe area free of cartel activity. In calendar 2025, they produced 2.6 million silver equivalent ounces at an average cost (AISC) of $23.75/ounce. With an average silver selling price of $44.70 per ounce during the year their average margin was $20.95/ounce. So, at the mine operating level they had contribution of $54 million. After SG&A, EBITDA for 2025 was $28.5 million. However silver prices today ($60/ounce) are substantially above last year's average price and in Q1 of 2026 they had EBITDA of $20 million. Bloomberg ******* yst's consensus for 2026 EBITDA is $80 million. So, the Company is trading at 12.5x EBITDA…." (Click here to read the full text)
#silver #Gold #fund #letter
14 hours ago
Realty Income (O) has paid 670 consecutive monthly dividends at a 4.76% yield, and EPR Properties (EPR) yields 5.91% with shares up 29% this year.
All five monthly payers yield above the 4.55% 10-year Treasury, carry covered payouts, and raised their distributions within the past 12 months.
Act now: the ******* yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Realty Income didn't make the cut. Grab the names FREE today.
For retirees who prefer their paychecks to arrive every 30 days instead of every 90, a small corner of the market delivers just that. With the 10-year Treasury yielding 4.55% as of mid-July, income investors are demanding a real premium from equity risk. The five monthly dividend payers below all clear that bar, and each combines a well-covered payout with a documented multi-year track record of monthly checks. This is a lineup built for cash flow that shows up like clockwork.
Realty Income wears the ticker "O" and the nickname "The Monthly Dividend Company" for a reason. Realty Income (NYSE:O) currently yields 4.76%, backed by a monthly cadence that has now stretched to 670 consecutive monthly dividends declared and 114 consecutive quarterly increases. The most recent monthly payout ticked up to $0.271, with the next payment set for August 14, 2026.
#income #realty
All five monthly payers yield above the 4.55% 10-year Treasury, carry covered payouts, and raised their distributions within the past 12 months.
Act now: the ******* yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Realty Income didn't make the cut. Grab the names FREE today.
For retirees who prefer their paychecks to arrive every 30 days instead of every 90, a small corner of the market delivers just that. With the 10-year Treasury yielding 4.55% as of mid-July, income investors are demanding a real premium from equity risk. The five monthly dividend payers below all clear that bar, and each combines a well-covered payout with a documented multi-year track record of monthly checks. This is a lineup built for cash flow that shows up like clockwork.
Realty Income wears the ticker "O" and the nickname "The Monthly Dividend Company" for a reason. Realty Income (NYSE:O) currently yields 4.76%, backed by a monthly cadence that has now stretched to 670 consecutive monthly dividends declared and 114 consecutive quarterly increases. The most recent monthly payout ticked up to $0.271, with the next payment set for August 14, 2026.
#income #realty
14 hours ago
GEV's $176B backlog positions it as the premium AI infrastructure bet; NEE trades at 22x forward earnings with 8%+ EPS growth through 2032.
NextEra's Duane Arnold nuclear restart, backed by a 25-year Google PPA, targets Q1 2029 and anchors its long-term AI power strategy.
Act now: the ***** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and NextEra Energy didn't make the cut. Grab the names FREE today.
GE Vernova (NYSE:GEV) and NextEra Energy (NYSE:NEE) reported June-quarter results within 48 hours of each other. GEV sells the turbines, transformers, and grid gear every hyperscaler needs. NextEra owns the megawatts, the interconnects, and a Florida utility that hyperscalers want to plug into. Two ways to buy the same AI power bottleneck.
GE Vernova posted Q2 revenue of $11.10 billion, up 21.8% year over year, with bookings of $24.2 billion and a $176 billion backlog. Electrification revenue jumped 68%, and $2.7 billion of that came from data center orders in the quarter alone. CEO Scott Strazik told investors GEV is "on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028" and 30 GW by 2030. Wind guidance includes roughly $400 million in EBITDA losses.
#nextera #quarter #backlog
NextEra's Duane Arnold nuclear restart, backed by a 25-year Google PPA, targets Q1 2029 and anchors its long-term AI power strategy.
Act now: the ***** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and NextEra Energy didn't make the cut. Grab the names FREE today.
GE Vernova (NYSE:GEV) and NextEra Energy (NYSE:NEE) reported June-quarter results within 48 hours of each other. GEV sells the turbines, transformers, and grid gear every hyperscaler needs. NextEra owns the megawatts, the interconnects, and a Florida utility that hyperscalers want to plug into. Two ways to buy the same AI power bottleneck.
GE Vernova posted Q2 revenue of $11.10 billion, up 21.8% year over year, with bookings of $24.2 billion and a $176 billion backlog. Electrification revenue jumped 68%, and $2.7 billion of that came from data center orders in the quarter alone. CEO Scott Strazik told investors GEV is "on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028" and 30 GW by 2030. Wind guidance includes roughly $400 million in EBITDA losses.
#nextera #quarter #backlog
15 hours ago
On July 23, both Union Pacific Corporation (NYSE:UNP) and Norfolk Southern Corporation (NYSE:NSC) delivered their Q2 results, giving investors better insight into which railroad stock is the better play. While both companies reported strong results, NSC's investment case is now tied to the possible acquisition. Investors must weigh UNP's standalone growth potential against NSC's risks and upside arising from the merger.
Union Pacific Corporation (NYSE:UNP) delivered an operating revenue of $6.9 billion and an adjusted EPS of $3.41, marking a surprise of 3% and 5%, respectively. Meanwhile, the company reported 6% EPS growth, with operating revenue up 12% YoY. Management sees full-year reported EPS growth in the high single-digit range, raising its 2026 outlook.
The strong results were mainly driven by freight revenue, which grew 12%, due to volume growth, fuel surcharge revenue, solid core pricing, and operational efficiency. The company reports being 10 basis points better on the operating ratio, standing at 59.2%.
ankush-minda-7KKQG0eB_TI-unsplash
A key highlight of the results was the company's intermodal strength, as it delivered its fourth consecutive record quarter in volume and revenue. Thanks to truck capacity and share gains, private ******* et, rail ******* et, and parcel volumes were all up double-digits.
#revenue #corporation #delivered
Union Pacific Corporation (NYSE:UNP) delivered an operating revenue of $6.9 billion and an adjusted EPS of $3.41, marking a surprise of 3% and 5%, respectively. Meanwhile, the company reported 6% EPS growth, with operating revenue up 12% YoY. Management sees full-year reported EPS growth in the high single-digit range, raising its 2026 outlook.
The strong results were mainly driven by freight revenue, which grew 12%, due to volume growth, fuel surcharge revenue, solid core pricing, and operational efficiency. The company reports being 10 basis points better on the operating ratio, standing at 59.2%.
ankush-minda-7KKQG0eB_TI-unsplash
A key highlight of the results was the company's intermodal strength, as it delivered its fourth consecutive record quarter in volume and revenue. Thanks to truck capacity and share gains, private ******* et, rail ******* et, and parcel volumes were all up double-digits.
#revenue #corporation #delivered
18 hours ago
WS Amati Global Innovation Fund, managed by a UK-based equity management firm from AMAti Global Investors, released its second quarter 2026 investor letter. A copy of the letter is available to download here. Financial market performance in the second quarter was dominated by geopolitical conflict and enthusiasm for AI. Significant investments across all elements of AI resulted in exceptional growth for related companies, ranging from chip producers to companies constructing data centres. The fund outperformed the MSCI ACWI benchmark due to its diversified exposure beyond headline AI firms, with semiconductor and equipment suppliers being major contributors. At the same time, software and IT services faced investor skepticism due to fears of automation despite long-term potential. The firm is confident in the innovation frontiers to capture long-term growth opportunities in automation, semiconductors, and advanced technologies. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, WS Amati Global Innovation Fund highlighted Globant S.A. (NYSE:GLOB). Globant S.A. (NYSE:GLOB), a technology services company that provides digital transformation, AI, and software development solutions, detracted from the Fund's performance during the quarter. On July 24, 2026, Globant S.A. (NYSE:GLOB) closed at $31.30 per share, reflecting a market capitalization of $1.35 billion. Globant S.A. (NYSE:GLOB) posted a one-month return of 9.72%, while its shares lost 64.62% over the past 52 weeks.
WS Amati Global Innovation Fund stated the following regarding Globant S.A. (NYSE:GLOB) in its Q2 2026 investor update:
"Although both companies weighed on performance, the largest single detractor was Globant S.A. (NYSE:GLOB), the US listed IT services and digital engineering business. It too was a casualty of the excessive extrapolation we believe investors are currently making and we have been gently adding on weakness to all three names."
Globant S.A. (NYSE:GLOB) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 25 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the first quarter, compared to 33 in the previous quarter. While we acknowledge the potential of Globant S.A. (NYSE:GLOB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#fund #amati #global
In its Q2 2026 investor letter, WS Amati Global Innovation Fund highlighted Globant S.A. (NYSE:GLOB). Globant S.A. (NYSE:GLOB), a technology services company that provides digital transformation, AI, and software development solutions, detracted from the Fund's performance during the quarter. On July 24, 2026, Globant S.A. (NYSE:GLOB) closed at $31.30 per share, reflecting a market capitalization of $1.35 billion. Globant S.A. (NYSE:GLOB) posted a one-month return of 9.72%, while its shares lost 64.62% over the past 52 weeks.
WS Amati Global Innovation Fund stated the following regarding Globant S.A. (NYSE:GLOB) in its Q2 2026 investor update:
"Although both companies weighed on performance, the largest single detractor was Globant S.A. (NYSE:GLOB), the US listed IT services and digital engineering business. It too was a casualty of the excessive extrapolation we believe investors are currently making and we have been gently adding on weakness to all three names."
Globant S.A. (NYSE:GLOB) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 25 hedge fund portfolios held Globant S.A. (NYSE:GLOB) at the end of the first quarter, compared to 33 in the previous quarter. While we acknowledge the potential of Globant S.A. (NYSE:GLOB) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
#fund #amati #global
22 hours ago
Global defense spending is entering a historic expansion phase, driven by geopolitical flashpoints from Ukraine to the Indo‑Pacific and record Pentagon budgets. NATO allies are racing to meet or exceed 2% of GDP defense commitments, while the U.S. has proposed a $1.5 trillion military budget for FY2027. Against this backdrop of rising military allocations and urgent weapons replenishment, Lockheed Martin Corp. (NYSE:LMT) has emerged as the sector's anchor, converting its record $230.4 billion backlog into profitable growth and securing new Pentagon contracts that reinforce its leadership in advanced defense systems.
Lockheed Martin Corp. (NYSE:LMT) shares surged more than 10% on July 23 after the company reported strong Q2 2026 earnings and secured additional business with the Pentagon. The stock is up more than 15% since the beginning of the year. This rally shows investor confidence in the company's ability to convert its massive backlog into profitable growth, even amid defense budget politics.
Jordan Tan / Shutterstock.com
Lockheed has won $67.7 million from the Pentagon for a new pair of contracts. One of the contracts covers US Navy submarine systems upgrades and is worth up to $44.6 million. The other covers F-35 fighter jet maintenance depots for allied nations and is worth $23.1 million.
Lockheed's latest Pentagon contract awards arrive as defense spending continues to rise. Amid persistent geopolitical tensions, countries are moving to upgrade their defense capabilities and replenish weapon inventories.
#million #martin #corp #NYSE
Lockheed Martin Corp. (NYSE:LMT) shares surged more than 10% on July 23 after the company reported strong Q2 2026 earnings and secured additional business with the Pentagon. The stock is up more than 15% since the beginning of the year. This rally shows investor confidence in the company's ability to convert its massive backlog into profitable growth, even amid defense budget politics.
Jordan Tan / Shutterstock.com
Lockheed has won $67.7 million from the Pentagon for a new pair of contracts. One of the contracts covers US Navy submarine systems upgrades and is worth up to $44.6 million. The other covers F-35 fighter jet maintenance depots for allied nations and is worth $23.1 million.
Lockheed's latest Pentagon contract awards arrive as defense spending continues to rise. Amid persistent geopolitical tensions, countries are moving to upgrade their defense capabilities and replenish weapon inventories.
#million #martin #corp #NYSE
23 hours ago
Northrop Grumman Corporation (NYSE:NOC) beat quarterly expectations, secured $20 billion in net awards, reported record backlog, and raised its 2026 sales and MTM-adjusted earnings forecasts. Yet the shares closed 2.23% lower at $512.29 on July 21.
The contradiction becomes clearer when the quality of the earnings beat is separated from the size of the order book. ***** ysts said a substantially lower tax rate drove much of the upside, while operating income declined in two of Northrop's four segments. The company also left its segment operating-income and adjusted free-cash-flow forecasts unchanged.
JPMorgan ***** yst Seth Seifman pointed to the market's "tendency to punish execution challenges." That appears to capture the reaction. Investors did not question whether Northrop can win more work. They questioned how much profit it can retain while delivering that work and expanding production.
Are the latest program charges temporary costs of meeting surging defense demand, or evidence that Northrop's backlog is growing faster than its ability to execute profitably?
The bull case is that Northrop's execution problems remain concentrated in a few programs, while the broader demand environment is becoming stronger.
#adjusted #forecasts #much
The contradiction becomes clearer when the quality of the earnings beat is separated from the size of the order book. ***** ysts said a substantially lower tax rate drove much of the upside, while operating income declined in two of Northrop's four segments. The company also left its segment operating-income and adjusted free-cash-flow forecasts unchanged.
JPMorgan ***** yst Seth Seifman pointed to the market's "tendency to punish execution challenges." That appears to capture the reaction. Investors did not question whether Northrop can win more work. They questioned how much profit it can retain while delivering that work and expanding production.
Are the latest program charges temporary costs of meeting surging defense demand, or evidence that Northrop's backlog is growing faster than its ability to execute profitably?
The bull case is that Northrop's execution problems remain concentrated in a few programs, while the broader demand environment is becoming stronger.
#adjusted #forecasts #much
23 hours ago
The Boston Beer Company, Inc. (NYSE:SAM) reported its second-quarter financial results on July 23, delivering a modest upside on earnings per share despite ongoing top-line volume pressures. The company reported GAAP diluted EPS of $4.96, topping Wall Street consensus estimates of $4.83, while non-GAAP diluted EPS came in at $3.65. The EPS beat was primarily driven by gross margin expansion, reaching 50.4%, up 60 basis points year-over-year, and a $1.31 per-share after-tax benefit from a favorable adjustment in supplier litigation.
The company's net revenue for the quarter was roughly in line with expectations at $568.3 million, down 3.3% year-over-year. Depletions fell 6%, which, while negative, came in better than the Street's fear of a 9% decline. Shipment volume was approximately 2.0 million barrels, down 4.5%. Crucially, management maintained its full-year non-GAAP EPS guidance of $8.50 to $10.50.
Following the report, Wall Street ******* ysts adjusted their outlooks. On July 24, Roth Capital lowered its price target on Boston Beer to $295 from $315 while keeping a Buy rating on the shares. The firm noted that while major components of guidance were unchanged, commentary on the earnings call suggested that if current trends persist, full-year results would land toward the lower end of the guided range. On the same day, Deutsche Bank lowered its price target to $176 from $187 and maintained a Hold rating on the shares.
This mix of resilient operational execution and volume headwinds brings up a key question: Is The Boston Beer Company, Inc. (NYSE:SAM)'s margin recovery and balance sheet strength enough to navigate persistent category challenges?
Optimistic investors emphasize Boston Beer's low leverage and durable financial flexibility as foundational strengths. With minimal debt, $265.5 million in cash, and a sizable equity base, the company maintains the financial headroom to fund working capital, capital expenditures, and share repurchases. This strong balance sheet allows Boston Beer to absorb macroeconomic shocks, tariffs, or litigation without forced deleveraging, preserving strategic optionality over both short- and long-term horizons.
#boston #capital #volume #million
The company's net revenue for the quarter was roughly in line with expectations at $568.3 million, down 3.3% year-over-year. Depletions fell 6%, which, while negative, came in better than the Street's fear of a 9% decline. Shipment volume was approximately 2.0 million barrels, down 4.5%. Crucially, management maintained its full-year non-GAAP EPS guidance of $8.50 to $10.50.
Following the report, Wall Street ******* ysts adjusted their outlooks. On July 24, Roth Capital lowered its price target on Boston Beer to $295 from $315 while keeping a Buy rating on the shares. The firm noted that while major components of guidance were unchanged, commentary on the earnings call suggested that if current trends persist, full-year results would land toward the lower end of the guided range. On the same day, Deutsche Bank lowered its price target to $176 from $187 and maintained a Hold rating on the shares.
This mix of resilient operational execution and volume headwinds brings up a key question: Is The Boston Beer Company, Inc. (NYSE:SAM)'s margin recovery and balance sheet strength enough to navigate persistent category challenges?
Optimistic investors emphasize Boston Beer's low leverage and durable financial flexibility as foundational strengths. With minimal debt, $265.5 million in cash, and a sizable equity base, the company maintains the financial headroom to fund working capital, capital expenditures, and share repurchases. This strong balance sheet allows Boston Beer to absorb macroeconomic shocks, tariffs, or litigation without forced deleveraging, preserving strategic optionality over both short- and long-term horizons.
#boston #capital #volume #million
24 hours ago
Shares of D-Wave Quantum (NYSE: QBTS) jumped Monday morning on the announcement that AT&T (NYSE: T) is expanding its use of the company's quantum computing technology across its network operations. This is excellent news in a rough year for D-Wave's stock, which is down more than 26% in 2026.
So should investors buy D-Wave Quantum's stock now?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
This new agreement with AT&T expands on a pilot program that demonstrated D-Wave's annealing quantum computing cut processing time for a network optimization workload by 240x, from approximately one hour to 15 seconds.
Ultimately, this result with AT&T could catalyze D-Wave as other companies take notice of the real-world results from the pilot program. The quantum computing industry as a whole could use a boost, having largely lost investor enthusiasm this year after a 2025 run-up.
#NYSE
So should investors buy D-Wave Quantum's stock now?
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
This new agreement with AT&T expands on a pilot program that demonstrated D-Wave's annealing quantum computing cut processing time for a network optimization workload by 240x, from approximately one hour to 15 seconds.
Ultimately, this result with AT&T could catalyze D-Wave as other companies take notice of the real-world results from the pilot program. The quantum computing industry as a whole could use a boost, having largely lost investor enthusiasm this year after a 2025 run-up.
#NYSE
24 hours ago
Morgan Stanley's new spot Solana ETF (MSOL) holds actual SOL tokens on NYSE Arca and charges a competitive 0.14% annual fee.
SOL has dropped 41% year-to-date and 60% over the past year, making MSOL a high-risk bet despite 136% gains over five years.
Don't wait: the ****** yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
Morgan Stanley has entered the spot crypto ETF market with the launch of the Morgan Stanley Solana Trust (NYSEARCA:MSOL), a fund that holds actual Solana tokens and is listed on NYSE Arca. It is the firm's first exchange-traded product tied directly to a single cryptocurrency, and it arrives at a moment when Solana, the blockchain once best known for hosting meme coins, is trying to sell itself to Wall Street as serious financial infrastructure.
The trust charges a unitary Delegated Sponsor Fee accrued daily at an annualized rate of 0.14% of the Trust's net ****** et value, or about $14 a year on a $10,000 investment. According to the prospectus, Morgan Stanley Investment Management Inc. agrees to pay the trust's ordinary operating expenses out of that fee, excluding taxes and extraordinary or litigation expenses. The sponsor is a wholly owned subsidiary of Morgan Stanley, one of the largest ****** et managers in the world.
#sponsor
SOL has dropped 41% year-to-date and 60% over the past year, making MSOL a high-risk bet despite 136% gains over five years.
Don't wait: the ****** yst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
Morgan Stanley has entered the spot crypto ETF market with the launch of the Morgan Stanley Solana Trust (NYSEARCA:MSOL), a fund that holds actual Solana tokens and is listed on NYSE Arca. It is the firm's first exchange-traded product tied directly to a single cryptocurrency, and it arrives at a moment when Solana, the blockchain once best known for hosting meme coins, is trying to sell itself to Wall Street as serious financial infrastructure.
The trust charges a unitary Delegated Sponsor Fee accrued daily at an annualized rate of 0.14% of the Trust's net ****** et value, or about $14 a year on a $10,000 investment. According to the prospectus, Morgan Stanley Investment Management Inc. agrees to pay the trust's ordinary operating expenses out of that fee, excluding taxes and extraordinary or litigation expenses. The sponsor is a wholly owned subsidiary of Morgan Stanley, one of the largest ****** et managers in the world.
#sponsor
24 hours ago
The physical infrastructure enabling artificial intelligence requires considerably more than just high-performance accelerators and primary grid connections. It also relies on millions of high-density connectors, backplane interconnects, and power-filtering devices to connect rack-level structures, areas where TE Connectivity plc (NYSE:TEL) holds a significant bottleneck position. As hyperscalers and enterprise data center operators ramp up capital expenditure deployment around the world, demand for critical electrical connector systems has transformed from a passive secondary tailwind to a direct beneficiary of the AI growth cycle.
The company's fiscal third-quarter 2026 report showed this demand in real time, with record top-line performance, order velocity, and profitability. Despite exceeding Wall Street expectations in every fundamental indicator, shares fell roughly 7% following the release, indicating the market's focus on sequential forecast trends over historical trailing figures.
Operational execution in the third quarter set new highs across numerous business areas. Net revenue increased 14% year-over-year to $5.16 billion, above Wall Street expectations by more than 3%. Adjusted earnings per share rose 22% year-over-year to $2.94, exceeding the average estimate of $2.85. The report's defining metric was order flow, which increased 27% year-over-year to a record $5.7 billion, reflecting over $1 billion in incremental booking expansion vs. the prior year period. Meanwhile, profitability increased significantly, with adjusted operating margins improving 90 basis points to 22% and quarterly free cash flow totaling $883 million.
The underlying sector distribution highlights where AI momentum is growing the fastest. Industrial Solutions revenue increased 22% year-over-year to $2.58 billion, driven mainly by data center rack deployments and energy infrastructure growth. Chief Executive Officer Terrence Curtin stated that AI cloud momentum is far above initial multi-year predictions, with data center connection and power distribution orders rising more than 70% year-to-date.
Moreover, to back up its power-handling portfolio, TE Connectivity plc (NYSE:TEL) signed a $1.4 billion formal agreement to acquire Astrodyne TDI. The acquisition includes specialized power management and electromagnetic filtering solutions for critical industrial, semiconductor, and defense applications, providing approximately $250 million in annual revenue to the Industrial Solutions segment once completed.
#year #solutions #revenue
The company's fiscal third-quarter 2026 report showed this demand in real time, with record top-line performance, order velocity, and profitability. Despite exceeding Wall Street expectations in every fundamental indicator, shares fell roughly 7% following the release, indicating the market's focus on sequential forecast trends over historical trailing figures.
Operational execution in the third quarter set new highs across numerous business areas. Net revenue increased 14% year-over-year to $5.16 billion, above Wall Street expectations by more than 3%. Adjusted earnings per share rose 22% year-over-year to $2.94, exceeding the average estimate of $2.85. The report's defining metric was order flow, which increased 27% year-over-year to a record $5.7 billion, reflecting over $1 billion in incremental booking expansion vs. the prior year period. Meanwhile, profitability increased significantly, with adjusted operating margins improving 90 basis points to 22% and quarterly free cash flow totaling $883 million.
The underlying sector distribution highlights where AI momentum is growing the fastest. Industrial Solutions revenue increased 22% year-over-year to $2.58 billion, driven mainly by data center rack deployments and energy infrastructure growth. Chief Executive Officer Terrence Curtin stated that AI cloud momentum is far above initial multi-year predictions, with data center connection and power distribution orders rising more than 70% year-to-date.
Moreover, to back up its power-handling portfolio, TE Connectivity plc (NYSE:TEL) signed a $1.4 billion formal agreement to acquire Astrodyne TDI. The acquisition includes specialized power management and electromagnetic filtering solutions for critical industrial, semiconductor, and defense applications, providing approximately $250 million in annual revenue to the Industrial Solutions segment once completed.
#year #solutions #revenue
24 hours ago
RTX Corporation (NYSE:RTX) on Thursday lifted its sales and profit outlook for 2026, amid sustained demand for commercial aircraft maintenance and military systems, as airlines continue to rely on older fleets and governments restock weapons.
The aerospace and defense company now projects adjusted sales in the range of $95 billion to $96 billion, up from its earlier estimates of $92.5 billion to $93.5 billion. Wall Street has an average forecast of $94.08 billion. The full-year adjusted EPS is expected in the range of $7.10 to $7.25, up from $6.70 to $6.90, and above ******* ysts' forecast of $6.92 per share.
The forecast lift came during the second quarter earnings call on July 23, where RTX beat Wall Street's estimates for both revenue and profit. Quarterly revenue came in at $24.7 billion, growing 14% year-over-year, while adjusted EPS was logged at $1.89, representing a 21% increase from the prior year's period.
The Pratt & Whitney unit, which manufactures engines for Airbus jets and the F-35, saw a 16% increase in sales to $8.89 billion, while demand for air and missile defense systems drove an 18% sales growth in the company's Raytheon defense business. Collins Aerospace, which delivers advanced aviation systems, saw an 8% increase in sales.
The company said its backlog expanded 22% from the prior year's period to $289 billion, which included $170 billion in commercial aerospace and $119 billion in defense-related orders. Operating cash flow during the quarter came in at $3.5 billion, resulting in free cash flow of $2.9 billion.
#sales #adjusted #forecast #increase
The aerospace and defense company now projects adjusted sales in the range of $95 billion to $96 billion, up from its earlier estimates of $92.5 billion to $93.5 billion. Wall Street has an average forecast of $94.08 billion. The full-year adjusted EPS is expected in the range of $7.10 to $7.25, up from $6.70 to $6.90, and above ******* ysts' forecast of $6.92 per share.
The forecast lift came during the second quarter earnings call on July 23, where RTX beat Wall Street's estimates for both revenue and profit. Quarterly revenue came in at $24.7 billion, growing 14% year-over-year, while adjusted EPS was logged at $1.89, representing a 21% increase from the prior year's period.
The Pratt & Whitney unit, which manufactures engines for Airbus jets and the F-35, saw a 16% increase in sales to $8.89 billion, while demand for air and missile defense systems drove an 18% sales growth in the company's Raytheon defense business. Collins Aerospace, which delivers advanced aviation systems, saw an 8% increase in sales.
The company said its backlog expanded 22% from the prior year's period to $289 billion, which included $170 billion in commercial aerospace and $119 billion in defense-related orders. Operating cash flow during the quarter came in at $3.5 billion, resulting in free cash flow of $2.9 billion.
#sales #adjusted #forecast #increase
1 day ago
Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) and BlackRock Inc (NYSE:BLK) have formed a joint venture to develop and operate a large-scale artificial intelligence data center campus in El Paso, Texas, as Meta looks to expand the infrastructure supporting its AI ambitions.
The venture will develop and own the data center campus, which is currently under construction and is expected to provide 1 gigawatt of compute capacity when it begins coming online in 2028. The project represents a total development cost of approximately $14 billion, including buildings and long-lived power, cooling and connectivity infrastructure.
Under the agreement, funds managed by BlackRock will own an 80% interest in the venture, while Meta will retain a 20% stake. The companies will fund their respective portions of the development costs, with BlackRock making an initial cash contribution of approximately $4.9 billion and Meta contributing land and construction-in-progress ****** ets valued at about $2.3 billion.
Meta will lease the entire campus from the venture and will remain the sole occupant upon completion. The company will provide construction management, administrative and property management services for the facility.
Meta founder and CEO Mark Zuckerberg wrote that the partnership would allow the company to scale its AI infrastructure efforts more quickly.
#meta #venture #scale #data
The venture will develop and own the data center campus, which is currently under construction and is expected to provide 1 gigawatt of compute capacity when it begins coming online in 2028. The project represents a total development cost of approximately $14 billion, including buildings and long-lived power, cooling and connectivity infrastructure.
Under the agreement, funds managed by BlackRock will own an 80% interest in the venture, while Meta will retain a 20% stake. The companies will fund their respective portions of the development costs, with BlackRock making an initial cash contribution of approximately $4.9 billion and Meta contributing land and construction-in-progress ****** ets valued at about $2.3 billion.
Meta will lease the entire campus from the venture and will remain the sole occupant upon completion. The company will provide construction management, administrative and property management services for the facility.
Meta founder and CEO Mark Zuckerberg wrote that the partnership would allow the company to scale its AI infrastructure efforts more quickly.
#meta #venture #scale #data
1 day ago
Wall Street just delivered one of its most impressive earnings weeks in history, with the five largest US banks reporting a combined net income of around $49 billion in the second quarter of 2026, up 39% year-over-year, and combined trading revenue close to $39 billion.
Global investment banking income managed to reach $61.4 billion in the first half of the year, a 24% increase over 2025, with ******* eX's record-breaking IPO alone accounting for an estimated $500 million in underwriting fees for the banks leading it.
Morgan Stanley (NYSE:MS) came in with arguably the best result of the group. The company achieved an undeniable Q2 earnings beat, achieving record net revenue of $21.35 billion, an 8.6% surprise over the $19.65 billion consensus expectation, marking a 27.1% increase year-over-year and a 4% sequential gain. Diluted earnings per share increased 62.4% year-over-year to $3.46, solidly above Wall Street's $2.92 projection and boosting first-half return on tangible common equity (ROTCE) to an impressive 26.6%. Following the report, Freedom Broker upgraded Morgan Stanley to Buy from Hold on July 17, raising the price objective to $245 from $200.
Meanwhile, equities trading revenue reached an all-time high of $6.3 billion, roughly $1.9 billion higher than ******* ysts had predicted, with Morgan Stanley (NYSE:MS) citing general strength across its equities franchise, especially "strength in Asia," a phrase now heard in almost every major bank's earnings call as the AI trade spreads far beyond US markets to Hong Kong, India, ******* an, and South Korea.
While turbulent equities trading provided the headlines, Morgan Stanley (NYSE:MS)'s primary competitive advantage is its recurring Wealth and Investment Management franchise, which offers a high-margin buffer against market downturns. Wealth Management earned a record quarterly revenue of $8.9 billion, up 14% year-over-year, with a strong 30.5% pretax margin, driven by higher ******* et management fees and net interest income. During the quarter, the company added a record $148 billion in net new ******* ets, bringing total client ******* ets throughout Wealth and Investment Management above the $10 trillion level.
#year #revenue
Global investment banking income managed to reach $61.4 billion in the first half of the year, a 24% increase over 2025, with ******* eX's record-breaking IPO alone accounting for an estimated $500 million in underwriting fees for the banks leading it.
Morgan Stanley (NYSE:MS) came in with arguably the best result of the group. The company achieved an undeniable Q2 earnings beat, achieving record net revenue of $21.35 billion, an 8.6% surprise over the $19.65 billion consensus expectation, marking a 27.1% increase year-over-year and a 4% sequential gain. Diluted earnings per share increased 62.4% year-over-year to $3.46, solidly above Wall Street's $2.92 projection and boosting first-half return on tangible common equity (ROTCE) to an impressive 26.6%. Following the report, Freedom Broker upgraded Morgan Stanley to Buy from Hold on July 17, raising the price objective to $245 from $200.
Meanwhile, equities trading revenue reached an all-time high of $6.3 billion, roughly $1.9 billion higher than ******* ysts had predicted, with Morgan Stanley (NYSE:MS) citing general strength across its equities franchise, especially "strength in Asia," a phrase now heard in almost every major bank's earnings call as the AI trade spreads far beyond US markets to Hong Kong, India, ******* an, and South Korea.
While turbulent equities trading provided the headlines, Morgan Stanley (NYSE:MS)'s primary competitive advantage is its recurring Wealth and Investment Management franchise, which offers a high-margin buffer against market downturns. Wealth Management earned a record quarterly revenue of $8.9 billion, up 14% year-over-year, with a strong 30.5% pretax margin, driven by higher ******* et management fees and net interest income. During the quarter, the company added a record $148 billion in net new ******* ets, bringing total client ******* ets throughout Wealth and Investment Management above the $10 trillion level.
#year #revenue
1 day ago
One of Wall Street's largest publicly traded companies, Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB), has entered a new era. With Warren Buffett officially retiring as CEO on Dec. 31, 2025, after more than half a century at the helm, it's his protégé, Greg Abel, now calling the shots.
Berkshire's more than five dozen owned companies more or less run themselves. The focus of Berkshire Hathaway's operating results tends to be on what, if any, moves have been made in the company's $352 billion investment portfolio. Although Abel has been an aggressive buyer of Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) stock of late, stock market dynamics strongly suggest he was a net seller of equities in the second quarter.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
If accurate, this would mark the 15th consecutive quarter that Buffett and/or Abel have sold more stocks than they've purchased.
As of March 31, Warren Buffett and Greg Abel had collectively sold approximately $194.8 billion more in stocks than they've purchased since Oct. 1, 2022. While some investors had postulated that Buffett was raising cash to give Abel a treasure chest to work with when he took over, the more likely catalyst behind this selling is the stock market's otherworldly valuation.
#abel #signal #NYSE
Berkshire's more than five dozen owned companies more or less run themselves. The focus of Berkshire Hathaway's operating results tends to be on what, if any, moves have been made in the company's $352 billion investment portfolio. Although Abel has been an aggressive buyer of Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) stock of late, stock market dynamics strongly suggest he was a net seller of equities in the second quarter.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
If accurate, this would mark the 15th consecutive quarter that Buffett and/or Abel have sold more stocks than they've purchased.
As of March 31, Warren Buffett and Greg Abel had collectively sold approximately $194.8 billion more in stocks than they've purchased since Oct. 1, 2022. While some investors had postulated that Buffett was raising cash to give Abel a treasure chest to work with when he took over, the more likely catalyst behind this selling is the stock market's otherworldly valuation.
#abel #signal #NYSE
1 day ago
AirJoule Technologies: A Cool Shot at a Multibagger
Unilever (NYSE:UL) reported accelerating volume-led growth in the second quarter, prompting the consumer products company to raise its full-year outlook as it expects pricing to become a larger contributor in the second half.
Underlying sales rose 4.8% in the first half, including 4.2% from volume and 0.6% from price, Chief Financial Officer Srinivas Phatak said on the company's results call. Second-quarter underlying sales growth accelerated to 5.8%, driven by 5.5% volume growth, which management described as Unilever's strongest quarterly volume performance since 2010.
→ MarketBeat Week in Review – 07/20- 07/24
McCormick & Company Falls to Value Levels Income Investors Love
#volume #second #company
Unilever (NYSE:UL) reported accelerating volume-led growth in the second quarter, prompting the consumer products company to raise its full-year outlook as it expects pricing to become a larger contributor in the second half.
Underlying sales rose 4.8% in the first half, including 4.2% from volume and 0.6% from price, Chief Financial Officer Srinivas Phatak said on the company's results call. Second-quarter underlying sales growth accelerated to 5.8%, driven by 5.5% volume growth, which management described as Unilever's strongest quarterly volume performance since 2010.
→ MarketBeat Week in Review – 07/20- 07/24
McCormick & Company Falls to Value Levels Income Investors Love
#volume #second #company
1 day ago
Enterprise AI agents were meant to be the breakout software offering for 2026, yet instead they've become one of the major sources of buyer distrust. According to Anaconda and Forrester research, over 88% of AI agent pilots never reach production, as confirmed by independent polls from a16z and MIT Sloan's CIO panel, while Gartner predicts that more than 40% of agentic AI initiatives will be discontinued entirely by 2027 due to questionable ROI.
Salesforce Inc. (NYSE:CRM) walked into the gap between agent hype and agent reality when it placed its growth narrative on Agentforce, and by 2026, that bet has made Salesforce Inc. (NYSE:CRM) one of the worst-performing components of the Dow Jones Industrial Average, down around 31.48% year to date.
The immediate cause appears to be a credibility problem, not a demand issue. Bernstein downgraded Salesforce Inc. (NYSE:CRM) to Sector Weight from Outperform on July 9, removing its price target completely and citing poor customer feedback on Agentforce in particular. According to **** yst Jackson Ader, the released data doesn't yet indicate growing momentum, and a recent CIO survey found Salesforce Inc. (NYSE:CRM) to be "a standout for the wrong reasons."
That said, this interpretation is not uniform, and the debate on the market is serious. On July 14, Goldman Sachs reiterated its Buy rating and $242 price target, expecting organic growth to pick up in the third quarter as more details on AI monetization become available at Salesforce's Agentforce event in September. Goldman's more constructive reading is based on management's own acknowledgment of headwinds in Tableau, Commerce, and Marketing, which the firm sees as realistic rather than concerning, arguing that Salesforce Inc. (NYSE:CRM) is being open about a 12-to-24-month drag on its organic growth algorithm rather than covering it up.
Salesforce Inc. (NYSE:CRM)'s historical valuation decline looks to be the most mispriced aspect of the market story. Shares are currently trading at a compressed forward earnings multiple of only 10.83x, a substantial drop from the stock's five-year historical average of over 127x. The disparity is even more obvious when compared to prominent peers such as ServiceNow, which trades at a forward P/E of around 20.43x and requires consistent revenue growth above 18% through 2028 to maintain its valuation premium. Salesforce's current valuation of less than 11x forecast earnings is in near-total deadlock, despite the company's strong free cash flow generation and substantial enterprise data integration.
#valuation #july
Salesforce Inc. (NYSE:CRM) walked into the gap between agent hype and agent reality when it placed its growth narrative on Agentforce, and by 2026, that bet has made Salesforce Inc. (NYSE:CRM) one of the worst-performing components of the Dow Jones Industrial Average, down around 31.48% year to date.
The immediate cause appears to be a credibility problem, not a demand issue. Bernstein downgraded Salesforce Inc. (NYSE:CRM) to Sector Weight from Outperform on July 9, removing its price target completely and citing poor customer feedback on Agentforce in particular. According to **** yst Jackson Ader, the released data doesn't yet indicate growing momentum, and a recent CIO survey found Salesforce Inc. (NYSE:CRM) to be "a standout for the wrong reasons."
That said, this interpretation is not uniform, and the debate on the market is serious. On July 14, Goldman Sachs reiterated its Buy rating and $242 price target, expecting organic growth to pick up in the third quarter as more details on AI monetization become available at Salesforce's Agentforce event in September. Goldman's more constructive reading is based on management's own acknowledgment of headwinds in Tableau, Commerce, and Marketing, which the firm sees as realistic rather than concerning, arguing that Salesforce Inc. (NYSE:CRM) is being open about a 12-to-24-month drag on its organic growth algorithm rather than covering it up.
Salesforce Inc. (NYSE:CRM)'s historical valuation decline looks to be the most mispriced aspect of the market story. Shares are currently trading at a compressed forward earnings multiple of only 10.83x, a substantial drop from the stock's five-year historical average of over 127x. The disparity is even more obvious when compared to prominent peers such as ServiceNow, which trades at a forward P/E of around 20.43x and requires consistent revenue growth above 18% through 2028 to maintain its valuation premium. Salesforce's current valuation of less than 11x forecast earnings is in near-total deadlock, despite the company's strong free cash flow generation and substantial enterprise data integration.
#valuation #july
1 day ago
The Vanguard FTSE Emerging Markets ETF (NYSEMKT:VWO) offers low-cost, targeted exposure to developing economies, whereas the State Street SPDR Portfolio MSCI Global Stock Market ETF (NYSEMKT:SPGM) serves as a diversified, global core equity holding.
Investors seeking international diversification often choose between targeted emerging-market funds and broad global equity trackers. While VWO targets growth in nations like China and Taiwan, SPGM offers a comprehensive solution for stocks across the globe, including the United States, established international markets, and emerging markets.
Metric
VWO
SPGM
#emerging #targeted #international
Investors seeking international diversification often choose between targeted emerging-market funds and broad global equity trackers. While VWO targets growth in nations like China and Taiwan, SPGM offers a comprehensive solution for stocks across the globe, including the United States, established international markets, and emerging markets.
Metric
VWO
SPGM
#emerging #targeted #international
1 day ago
Marvell Technology (NASDAQ:MRVL) primarily earns revenue by developing data infrastructure semiconductor solutions and system-on-a-chip architectures for enterprise clients across the globe.
It was officially added to the S&P 500 index on June 22, 2026, and it reported a 52% gross margin for the quarter ended May 2, 2026.
UiPath (NYSE:PATH) primarily earns revenue by delivering a software ecosystem focused on robotic process automation to organizations in various commercial and government settings.
While launching new artificial intelligence features for its Automation Suite on May 5, it recorded an 81% gross margin for the quarter ended April 30, 2026.
Tracking revenue helps investors understand the total volume of money a business brings in before operating expenses or taxes are deducted. This metric reveals whether an organization is successfully attracting customers and growing its overall business volume over time.
#revenue #Margin #quarter
It was officially added to the S&P 500 index on June 22, 2026, and it reported a 52% gross margin for the quarter ended May 2, 2026.
UiPath (NYSE:PATH) primarily earns revenue by delivering a software ecosystem focused on robotic process automation to organizations in various commercial and government settings.
While launching new artificial intelligence features for its Automation Suite on May 5, it recorded an 81% gross margin for the quarter ended April 30, 2026.
Tracking revenue helps investors understand the total volume of money a business brings in before operating expenses or taxes are deducted. This metric reveals whether an organization is successfully attracting customers and growing its overall business volume over time.
#revenue #Margin #quarter
1 day ago
Concerns about the private credit market have prompted investors to withdraw capital from Blackstone's (NYSE: BX) flagship private credit fund, BCRED (Blackstone Private Credit Fund). They requested to redeem 10% of their money in the second quarter, up from 7.9% in the first quarter, well above Blackstone's quarterly withdraw cap of 5%. These withdraws and concerns about the continued negative impact of private credit have sent Blackstone's stock down more than 30% from its 52-week high.
While the withdrawals are impacting the leading alternative investment manager's stock price, here's a look at what its latest quarter says about their effect on its overall results.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Given all the headlines and the decline in Blackstone's share price, you'd expect that the financial giant's earnings would be under significant pressure. However, that hasn't been the case. Blackstone recently reported strong second-quarter financial results. Its distributable earnings surged 26% to nearly $2 billion, driven by strong fee-related earnings growth (up 22%) and net realizations (up 27%). Meanwhile, its year-to-date distributable earnings are also up 26% (to $3.7 billion).
While existing clients are pulling some of their funds from BCRED, Blackstone isn't having any trouble raising capital from investors. Total inflows approached $70 billion during the quarter, pushing its ***** ets under management up to $1.35 trillion.
#credit #blackstone #NVIDIA #billion
While the withdrawals are impacting the leading alternative investment manager's stock price, here's a look at what its latest quarter says about their effect on its overall results.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Given all the headlines and the decline in Blackstone's share price, you'd expect that the financial giant's earnings would be under significant pressure. However, that hasn't been the case. Blackstone recently reported strong second-quarter financial results. Its distributable earnings surged 26% to nearly $2 billion, driven by strong fee-related earnings growth (up 22%) and net realizations (up 27%). Meanwhile, its year-to-date distributable earnings are also up 26% (to $3.7 billion).
While existing clients are pulling some of their funds from BCRED, Blackstone isn't having any trouble raising capital from investors. Total inflows approached $70 billion during the quarter, pushing its ***** ets under management up to $1.35 trillion.
#credit #blackstone #NVIDIA #billion
2 days ago
How much someone needs for retirement can vary greatly depending on where they live and what kind of lifestyle they want to maintain. According to a recent retirement survey from investment firm Schroders, in order to "retire comfortably," Americans estimate they'll need to have around $1.2 million saved up.
That's a high figure, but the good news is even if someone doesn't have a large lump sum saved up today, they can still potentially be on track to retire with that much by making regular monthly investments in the stock market. Here's a look at how much someone would need to invest each month to be on track to reach that goal.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The S&P 500 is a fairly safe way to invest in the stock market. The index tracks the top 500 U.S. stocks and provides investors with exposure to a broad mix of sectors. But to generate the best returns, specifically targeting growth stocks may be a better move for investors.
The Vanguard Growth ETF (NYSEMKT: VOO) does just that. Rather than trying to be too diversified, the exchange-traded fund (ETF) focuses on holding positions in the country's top growth stocks. That has enabled it to outperform the S&P 500 index funds in recent years. While the volatility from one year to the next can be high with growth stocks, for investors willing to hold on for not only years but decades, it can be a no-brainer option to invest in this type of fund.
#NVIDIA #signal #Invest #investors
That's a high figure, but the good news is even if someone doesn't have a large lump sum saved up today, they can still potentially be on track to retire with that much by making regular monthly investments in the stock market. Here's a look at how much someone would need to invest each month to be on track to reach that goal.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The S&P 500 is a fairly safe way to invest in the stock market. The index tracks the top 500 U.S. stocks and provides investors with exposure to a broad mix of sectors. But to generate the best returns, specifically targeting growth stocks may be a better move for investors.
The Vanguard Growth ETF (NYSEMKT: VOO) does just that. Rather than trying to be too diversified, the exchange-traded fund (ETF) focuses on holding positions in the country's top growth stocks. That has enabled it to outperform the S&P 500 index funds in recent years. While the volatility from one year to the next can be high with growth stocks, for investors willing to hold on for not only years but decades, it can be a no-brainer option to invest in this type of fund.
#NVIDIA #signal #Invest #investors
2 days ago
While AI stocks have generally been hugely successful for shareholders, not every artificial intelligence (AI) company is riding high right now. ServiceNow (NYSE: NOW) stock is trading down 51% from recent highs, and Palantir Technologies (NASDAQ: PLTR) has slid 18% over the past 12 months.
With these declines, some investors are likely wondering which AI stock is the better one to buy right now. Here's what investors should know.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Despite Palantir's significant share price declines this year, the company reported some impressive results in its first quarter (which ended March 31). Palantir's sales increased 85% to $1.6 billion, and adjusted non-GAAP (adjusted) earnings spiked 154% to $0.33 per share. Both results easily outpaced Wall Street's consensus estimates.
Palantir also reported that its total contract value is now $2.4 billion, up 61% from the year-ago quarter, and that it signed 72 deals worth at least $5 million and 47 deals of at least $10 million.
#signal #down
With these declines, some investors are likely wondering which AI stock is the better one to buy right now. Here's what investors should know.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Despite Palantir's significant share price declines this year, the company reported some impressive results in its first quarter (which ended March 31). Palantir's sales increased 85% to $1.6 billion, and adjusted non-GAAP (adjusted) earnings spiked 154% to $0.33 per share. Both results easily outpaced Wall Street's consensus estimates.
Palantir also reported that its total contract value is now $2.4 billion, up 61% from the year-ago quarter, and that it signed 72 deals worth at least $5 million and 47 deals of at least $10 million.
#signal #down
2 days ago
Micron Technology has been on a tear on the stock market in 2026, with its shares almost tripling this year, as of this writing. However, the memory specialist's gains have been eclipsed by a 242% surge in shares of Dell Technologies (NYSE: DELL).
Dell stock has benefited from a significant acceleration in revenue and earnings growth this year, primarily fueled by booming demand for its artificial intelligence (AI) servers. The good news for investors is that it isn't too late to buy Dell, as it is trading at an extremely attractive valuation even after its stunning rally in 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Let's look at the reasons why this AI stock could double your money in the next three years.
Market research firm IDC estimates that the global server market's revenue increased by 31% in the first quarter of 2026. IDC expects the server market to clock a solid annual growth rate of 25% through the end of the decade.
#NVIDIA #Stock
Dell stock has benefited from a significant acceleration in revenue and earnings growth this year, primarily fueled by booming demand for its artificial intelligence (AI) servers. The good news for investors is that it isn't too late to buy Dell, as it is trading at an extremely attractive valuation even after its stunning rally in 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Let's look at the reasons why this AI stock could double your money in the next three years.
Market research firm IDC estimates that the global server market's revenue increased by 31% in the first quarter of 2026. IDC expects the server market to clock a solid annual growth rate of 25% through the end of the decade.
#NVIDIA #Stock
2 days ago
JPMorgan Chase(NYSE: JPM) CEO Jamie Dimon recently gave a provocative interview with a CNBC podcast. On Monday, Dimon effectively said that he wouldn't buy most stocks right now at today's high valuations.
Even if Dimon is somewhat bearish on the stock market, that doesn't mean everyday investors should be. For one thing, Jamie Dimon is a billionaire, and he's getting closer to retirement; his investment goals and time horizon are probably a lot different from yours. And perhaps even more important: No one knows how to time the market, not even the CEOs of major banks.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Even if you share Dimon's concerns that some stock valuations are too high, that doesn't mean you should stop investing. Let's look at three exchange-traded funds (ETFs) that might be good choices for non-billionaire, long-term investors.
Even if valuations are high, it's almost always a good idea for long-term investors to keep buying a broadly diversified stock market index fund like the Vanguard Total Stock Market ETF (NYSEMKT: VTI). This Vanguard ETF holds a portfolio of 3,531 U.S. stocks of companies of all sizes (large cap, mid cap, and small cap) and charges an ultralow expense ratio of 0.03%.
#dimon #market
Even if Dimon is somewhat bearish on the stock market, that doesn't mean everyday investors should be. For one thing, Jamie Dimon is a billionaire, and he's getting closer to retirement; his investment goals and time horizon are probably a lot different from yours. And perhaps even more important: No one knows how to time the market, not even the CEOs of major banks.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Even if you share Dimon's concerns that some stock valuations are too high, that doesn't mean you should stop investing. Let's look at three exchange-traded funds (ETFs) that might be good choices for non-billionaire, long-term investors.
Even if valuations are high, it's almost always a good idea for long-term investors to keep buying a broadly diversified stock market index fund like the Vanguard Total Stock Market ETF (NYSEMKT: VTI). This Vanguard ETF holds a portfolio of 3,531 U.S. stocks of companies of all sizes (large cap, mid cap, and small cap) and charges an ultralow expense ratio of 0.03%.
#dimon #market
