Following an impressive second quarter FY27, Navan Inc. (NASDAQ:NAVN) announced its acquisition of BoomPop, an AI-powered meetings and events platform that has been recognized by Inc. as one of the fastest-growing private companies in America. Launched in 2023, BoomPop offers end-to-end event management solutions to enterprises, by leveraging artificial intelligence capabilities. Its offerings cover the entire spectrum of event management procedures including venue selection, vendor sourcing, contractual agreement, payments, and more. For Navan, this deal build on an existing alliance between the two entities, which was announced earlier in February. It marks the company's strategic push to expand its footprint across the meetings and events segment, where a large chunk of the spending is still done outside managed platforms.
LStockStudio/Shutterstock.com
The BoomPop acquisition follows a persistent enterprise market momentum reported by the company in its second quarter results, allowing Navan to enter into collaborative agreements with several leading companies during the quarter. These included Enbridge, Ingersoll Rand, ****** mins, and Evotec. Navan also concluded the deal to acquire Smartrips, a well-reputed travel management business, with the aim of bolstering its presence across a rapidly-growing Latin American market.
Notably, Navan registered adjusted net income of $14 million during the second quarter compared to an $8 million loss in Q2 FY26. It came at the back of year-over-year growth figures of 39% and 35% for subscription revenue and usage revenue, respectively.
Through full integration of BoomPop's staff and technology, Navan intends to expand its current meetings and events operations, accelerate its product development timeline, and satisfy growing customer interest. The company aims to deliver a more seamless experience covering travel, expense, meetings, and events.

#navan

On September 1, Korn Ferry (NYSE:KFY) completed its £850 million acquisition of UK-based AMS, from OMERS Private Equity. The deal combines two well-reputed brands, resulting in a highly well-rounded solutions provider and a leading business within the global talent and organizational consulting **** e. It offers a broader market reach to Korn Ferry, along with more extensive coverage spanning several new industries.
Copyright: baranq / 123RF Stock Photo
AMS acquisition extends Korn Ferry's existing growth trajectory, which was highlighted in the company's recently announced first quarter results. It was the sixth back-to-back quarter of topline growth, which augments the durability of Korn Ferry's fundamental business model. The company also delivered a 9% growth in its adjusted diluted EPS of $1.43, relative to the same period last year.
The AMS deal results in several strategic benefits for Korn Ferry. Based on its long-standing client relationships, AMS offers robust operational strength, along with prospects of consistent, recurring income. Such relationships also enable the company to deliver technology-led solutions at scale.
Financing of this transaction involved a mix of existing cash, share issuance and borrowings. At closing, Korn Ferry paid approximately £473 million and $326 million in cash, covering consideration to the sellers, repayment of AMS indebtedness and other transaction obligations, and issued 3,118,628 Korn Ferry shares to the sellers.

#business

The Chiefs needed 1 yard on a fourth-down play at their own 40. They got 60.
Kansas City's prize offseason acquisition, Super Bowl LX MVP Kenneth Walker, got loose around the right side after Broncos cornerback Riley Moss missed the tackle. Safety Brandon Jones was the only defender who had a chance to stop Walker after that and appeared to have the angle.
He didn't.
Walker has 16 carries for 149 yards and a touchdown in his Chiefs' debut, the second-most yards of his career. He had 23 carries for 167 yards and two touchdowns in his sixth career game, which was against the Chargers.
Walker is 4-for-4 on third-and-1 or fourth-and-1 tonight.

#walker #kenneth

Recent trade acquisition Jaylen Brown is preparing for the 2026-27 NBA season, his first with the Philadelphia 76ers. Ahead of training camp, the former Boston Celtics forward was seen working out with famous shooting instructor Chris "Lethal Shooter" Matthews. Before Matthews became a famous coach, he played for Washington State and St. Bonaventure and also spent time in the NBA G-League.
In a video posted to social media, Brown was knocking down consecutive long-range attempts, giving Philadelphia fans something to cheer about prior to the team's season opener in October. Brown, who led the league in two-pointers attempted last season, is a career 35.8% shooter from beyond the arc. Last season, Brown shot slightly below that figure, converting on 34.7% of 3-point attempts.
Following a top-six finish in MVP voting a season ago, increased shooting efficiency from Brown will help him benefit as an off-ball contributor when LeBron James, Tyrese Maxey or Joel Embiid is in possession.
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#league

On August 10, Red Violet Inc. (NASDAQ:RDVT) reported second-quarter 2026 results for the period ended June 30 that showed the company converting growth into profit at an accelerating clip. Revenue rose 23% to $26.7 million, and net income nearly doubled to $5 million. For a company built on selling identity intelligence to businesses, watching net margin move from 12% to 19% says that growth is not costing more to produce.
Gross profit climbed 29% to $20.2 million, pushing gross margin to 76% from 72%, while adjusted EBITDA jumped 48% to $11.2 million as its margin widened to 42% from 35%. Adjusted net income rose 58% to $7.2 million. Cash generation told the same story: operating cash flow increased 42% to a record $10.6 million for the quarter. None of that came from adding customers who barely move the needle. Red Violet signed on 447 new IDI customers in the quarter, a company record, ending with 10,869 customers on the platform.
FOREWARN, its product built for real estate agents, picked up 25,493 new users to reach 443,173, and 660 REALTOR ****** ociations across the country are now under contract to use it. The company also closed an underwritten public offering in August that sold 1,916,667 shares, including 250,000 shares from the underwriters' full exercise of their option, generating net proceeds of about $109.0 million. Between the funds already on hand and this new raise, Red Violet says it holds over $160 million in cash and carries no debt, money earmarked for working capital and possible acquisitions.
CEO Derek Dubner called it what he described as "the strongest pipeline of strategic initiatives" in the company's history. The company also repurchased 74,500 shares by June 30, paying $41.87 per share on average, and had $15.5 million left on its buyback authorization.
The August offering that padded Red Violet's cash balance also added 1,916,667 new shares to the count, arriving in the same year that per-share profit is climbing fastest. Diluted earnings came in a penny below basic at $0.34, and adjusted diluted earnings landed at $0.50 versus $0.51 on a basic basis, a gap new shares will only widen going forward. There is also a timing tension worth sitting with: Red Violet spent part of the quarter buying back its own stock at an average of $41.87 a share, then turned around weeks later and sold new shares to the public.

#million

On September 10, LightPath Technologies (NASDAQ:LPTH) reported fiscal fourth-quarter and full-year results that turned a multiyear strategic bet into a financial statement. Revenue nearly doubled for the year, margins expanded, and the company walked away from its last manufacturing ties to China. For a small-cap optics supplier that spent years explaining a strategy, this was the quarter the strategy started explaining itself.
Annual revenue climbed 92.7% to $71.7 million from $37.2 million, and the fourth quarter alone hit a record $21.2 million, up 73.8% year over year. That growth is not just volume. Full-year gross margin expanded to 36% from 27.2%, and the fourth quarter came in even higher at 39.4%, because ****** emblies, modules and cameras now make up 44% of annual sales instead of being sold as raw components.
CEO Sam Rubin said the shift reflects both a change in what LightPath sells and better execution on what it already made, noting every one of its four product groups improved margin for the year. Backlog finished at $110.9 million, up 197% from $37.4 million a year earlier, with $85.6 million of it scheduled for delivery within 12 months. Weeks after the fiscal year closed, the company booked another $24 million in counter-UAS orders, and some of those programs have already moved to monthly delivery cadences of tens of units.
LightPath also completed its exit from China, selling its subsidiary there for $4.5 million paid out over five years, leaving the company with no manufacturing footprint in a country that increasingly can't supply the defense primes it depends on. That matters because defense programs face a deadline this decade to source optics away from covered nations, and qualification cycles run two to three years, meaning the sourcing decisions being made now will determine who wins contracts in 2029 and 2030.
The company's fourth-quarter net loss narrowed to $4.1 million from $7.1 million a year earlier, but full-year operating expenses jumped to $45.5 million from $22 million, and $15.6 million of that was a noncash charge tied to G5 Infrared outperforming the earnout targets set at acquisition. Management called that charge mostly behind the business now that the final G5 payout has been accrued for January 2027, but it is a reminder that acquisition accounting can swing the income statement even when operations are healthy.

#year #quarter #China

On September 10, MasterCraft Boat Holdings (NASDAQ:MCFT) reported a fiscal fourth quarter that looked nothing like the one a year earlier. Adjusted EBITDA more than doubled, margins expanded across the legacy business, and the company closed out a year defined by its May 15 acquisition of Marine Products Corporation. But buried inside those same results was a $10.1 million writedown that tells a very different story about one corner of the business.
MasterCraft's core boat business is the reason the quarter worked at all. Legacy net sales, meaning the business before the acquisition, climbed 21.5% year over year to $96.6 million in the fourth quarter, powered by the next generation X Series lineup and less discounting at the dealer level. That combination of volume and pricing pushed legacy adjusted EBITDA margin up 730 basis points to 19.3%, up from 12% a year earlier. Once the newly acquired Chaparral and Robalo brands are added in, which contributed for only six weeks after the deal closed on May 15, consolidated fourth quarter net sales reached $129.9 million, up 63.4%, and adjusted EBITDA hit $20.5 million, up 114.9%.
The company also cleaned up its channel. Dealer field inventory for the legacy business fell 30% year over year, with turnover now running ahead of pre-pandemic levels, a sign dealers are selling boats rather than sitting on them. Full-year adjusted net income reached $30.2 million, or $1.76 per diluted share, up from $15.1 million, or $0.92 per share, in fiscal 2025. The company generated $22.3 million in free cash flow for the year and, as of June 30, held $43.9 million in cash, zero debt, and a fully available $75 million credit line. MasterCraft's own retail sales grew low single digits for the year even as the broader powerboat industry fell mid to high single digits, and the newer Robalo brand posted high single-digit retail growth in the fishing boat category.
The picture gets murkier once you look past the flagship brand. The Leisure segment, home to the Crest and Balise pontoon boats, saw fourth-quarter sales fall 11.2% year over year to $12.1 million, and the company booked a $10.1 million non-cash impairment against Crest brand ******* ets tied to what management called current category conditions. On a GAAP basis, that charge combined with acquisition costs and purchase accounting adjustments turned the quarter into a net loss of $7 million, or $0.35 per diluted share, compared to net income of $5.5 million a year earlier. Operating expenses rose $23.1 million in the quarter, including $5.9 million in transaction costs tied to the acquisition.

#million #legacy

Interested in Johnson & Johnson? Here are five stocks we like better.
Johnson & Johnson raised its growth ambitions, forecasting 6.5% adjusted operational sales growth and 7.3% adjusted EPS growth in 2026, with revenue expected to surpass $100 billion. Executives see 2027 improving further and aim for double-digit growth by the end of the decade despite STELARA biosimilar competition.
The company plans to detail its long-term growth strategy at an enterprise review in December, highlighting new product launches, a pipeline that includes 12 proof-of-concept molecules in Phase III, and the durability of growth beyond 2030.
Capital spending is focused on Innovative Medicine and MedTech launches, including ICOTYDE, cancer treatments, and the OTTAVA robotic surgical system. J&J also expects continued momentum from its myeloma therapies, ICOTYDE's expanding coverage, and MedTech products, while using acquisitions mainly to support growth beyond the current decade.
5 Defensive Stocks to Watch as CPI and the Fed Put the Rally to the Test

#adjusted #interested

Enbridge Inc. (NYSE:ENB) has agreed to buy Blackstone-owned Tallgrass Energy's crude oil business for $2.55 billion in cash, expanding its presence in the U.S. liquids pipeline market. The deal includes a 75% stake in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway system, around 8.4 million barrels of storage capacity and crude marketing operations.
Pony Express can move roughly 460,000 barrels of crude per day between the Rockies and the Cushing, Oklahoma, hub. The deal also gives Enbridge greater exposure to major producing regions, including the Bakken, Powder River and Denver-Julesburg basins.
The acquisition gives Enbridge Inc. (NYSE:ENB) a stronger position in U.S. crude transportation at a time when domestic oil production is expected to remain important. Pony Express gives the company a larger presence in the Rockies and complements its existing Express-Platte system.
That combination could allow Enbridge to bring the operations together more efficiently and find synergies across its wider liquids network. The deal also gives Enbridge more than additional pipeline capacity. It adds storage infrastructure and crude marketing operations, giving the company more flexibility in how it manages and optimizes volumes. Bringing these parts of the business together could also improve the economics of the acquired **** ets.
Enbridge Inc. (NYSE:ENB) expects the **** ets to generate significant free cash flow. The company also says the transaction should add to distributable cash flow per share in the first full year after closing. The **** ets also offer relatively predictable infrastructure-style cash flows. This means Enbridge does not need higher crude prices to benefit from the acquisition. The deal fits with the company's broader strategy of growing its fee-based energy infrastructure business across North America, backed by its C$41 billion secured growth backlog.

#enbridge #cash #gives #business

Howmet Aerospace Inc. (NYSE:HWM) is facing a mixed outlook after GE Aerospace agreed to acquire Consolidated Precision Products (CPP) for about $11.75 billion to secure more control over critical engine castings and expand production capacity. The announcement initially hit Howmet shares, which fell about 10%, as investors worried that GE could eventually rely less on outside suppliers such as Howmet.
However, Howmet CEO John Plant said he is comfortable with the deal and remains confident in Howmet's ability to grow. The bigger issue for Howmet right now appears to be how quickly it can expand capacity to keep up with soaring demand. Commercial aircraft production, defense activity and aftermarket demand are all increasing, while Howmet is also benefiting from demand for turbine components used in data centers. Plant said the scale of the required capital expansion is itself "testing" the company.
The strongest bullish argument for Howmet Aerospace Inc. (NYSE:HWM) is that GE's decision to spend nearly $12 billion on CPP validates how strategically valuable aerospace castings and engine components have become. The acquisition is aimed at addressing a supply bottleneck rather than signaling weak demand. GE expects airfoil demand to rise by more than 30% through 2030, while aircraft manufacturers and defense customers continue to push production higher. That creates a favorable industry backdrop for Howmet as well.
Howmet also has an opportunity to benefit from customers looking for additional capacity outside GE's newly integrated supply chain. If demand continues to exceed available casting capacity, Howmet's existing manufacturing footprint and expertise could give it significant pricing power and support further investment. Plant's comments that the company is being "tested" by the sheer scale of expansion suggest that Howmet is dealing with a capacity problem caused by strong demand, rather than a lack of orders.
Another positive is that Howmet Aerospace Inc. (NYSE:HWM)'s exposure extends beyond commercial aircraft. Its blades and vanes are also used in gas turbines serving the rapidly expanding data-center market, providing another avenue for growth alongside aerospace. Plant has also indicated that the company intends to revisit its longer-term revenue targets, after previously saying revenue could potentially double from 2025 levels within three to five years.

#commercial

This offseason, the Heat witnessed a complete change in its roster. From superstar acquisitions through trade exchanges to top players leaving impressive salaries to join the roster, they saw a major upheaval. However, two players who were unaffected by these events were Andrew Wiggins and Simone Fontecchio.
Both players not only get to continue on the team but were also offered retention; a lifeline offered to only a handful this time. Now, with the next season approaching, the players have to meet high expectations to justify their contracts.
Earlier in the summer, Wiggins exercised the $30.1 million player option for the final year of his contract with Miami. But on June 29, the Heat decided to hand him a two-year, $34 million extension, bringing his term to a three-year, $64 million contract with them overall. He will be getting $16.5 million in 2027-28 and will have the player-option season worth $17.5 million in 2028-29. This is a huge financial security for any player, especially in a team that is aggressively looking to reinvent itself at the cost of its roster.
Wiggins was a dependable starter and brought stability last season,which he needs to continue this year. Wiggins averaged 15.4 points, 4.8 rebounds, and 2.7 ****** ists per game across 68 appearances. Maintaining his distance from defense, the 31-year-old needs to focus on being a high-efficiency 3-and-D wing, a role that saw him shine last year. He knocked down two threes a game at a career-best 41.4% clip in 2025-26.
At his rate, he could surely increase his average and show improvement. For the upcoming season, Wiggins should get perimeter shooting help from Klay Thompson, who he was teammates with in Golden State.

#wiggins #players #heat #continue

Colgate-Palmolive (CL) hired Goldman Sachs to explore selling Softsoap, Irish Spring, and Speed Stick as North America revenue fell 3% in Q2 2026.
Private equity leads as the likeliest buyer, with every named strategic acquirer blocked by scale gaps, leverage limits, or an active acquisition lock-up.
The real test is whether shedding mature brands resolves Colgate's self-described long-term North America turnaround or simply makes the company smaller.
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Colgate-Palmolive (NYSE:CL) is reportedly shopping a slice of its portfolio that many investors forgot it still owned. Reuters reported on Friday, September 11, 2026, citing unnamed sources, that Colgate is exploring a sale of Softsoap, Irish Spring, and Speed Stick and has hired Goldman Sachs to run the process.

#palmolive #goldman #irish

MLB standings 2026: Updated playoff bracket, magic numbers through Sept. 12 originally appeared on The Sporting News. Add The Sporting News as a Preferred Source by clicking here.
It will still take some time for the leaves to change colors, but the chase for October is upon us.
The MLB postseason, which actually begins in late September, will be framed as a battle between David and Goliath, with 11 Davids and one Goliath: the Los Angeles Dodgers.
While the Dodgers haven't looked unbeatable in the regular season, they have positioned themselves as the villains after following back-to-back championships with the trade deadline acquisition of Tarik Skubal.
Everyone else, whether in a big market or a small market, will enter the postseason as some degree of an underdog. After the Blue Jays nearly dethroned the Dodgers last fall, could 2026 be the year a different team climbs to the top?

#goliath #sept

Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) could be positioning itself for its next major phase of growth following its roughly $10 billion acquisition of Crinetics Pharmaceuticals. The deal gives the company immediate exposure to the endocrinology market and provides a new commercial platform beyond its established cystic fibrosis franchise.
On September 3, Citigroup **** yst Geoff Meacham highlighted the strategic importance of the Crinetics acquisition, arguing it could diversify Vertex's business while complementing its existing cystic fibrosis franchise and newer businesses in renal disease, hematology, and pain.
Through the transaction, Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) gains access to Palsonify (paltusotine), an oral treatment for acromegaly that has already received regulatory approval in Europe. Paltusotine is also in Phase 3 development for carcinoid syndrome **** ociated with neuroendocrine tumors.
Palsonify is particularly important because it provides an immediate commercial revenue opportunity, rather than requiring the company to wait several years for an entirely new drug to reach the market.
Early uptake of Palsonify has been encouraging, supported by expanding physician adoption and improving reimbursement coverage. If that momentum continues, the drug could become an important contributor to Vertex's revenue growth.

#palsonify

Solaris Energy Infrastructure, Inc. (NYSE:SEI), traditionally known as an oil and gas field services and solutions company, has been increasingly shifting toward the data center market. On September 8, the company provided an update to its guidance ranges, which suggests that this shift is working.
The company lifted its adjusted EBITDA guidance for the third and fourth quarters of 2026 and provided its initial outlook for the first quarter of 2027. The company said that the updated expectations reflect stronger contributions from its core power services business, along with better-than-expected performance from recently acquired businesses. Solaris Energy Infrastructure, Inc. (NYSE:SEI) now expects Q3 2026 adjusted EBITDA of $110 million to $130 million, up from its previous range of $90 million to $105 million. At the midpoint, that represents a 23% increase.
For Q4 2026, the company raised its guidance to $145 million to $180 million from $100 million to $120 million, a 48% increase at the midpoint. The company also provided initial Q1 2027 adjusted EBITDA guidance of $200 million to $240 million.
Investors responded positively to the update as the stock rallied following the announcement. Solaris Energy Infrastructure, Inc. (NYSE:SEI) has returned about 150% over the past 12 months. As of September 8, the stock was up more than 25% year to date, compared with a 12% gain for the S&P 500.
The guidance update follows the company's September 2 announcement of its acquisition of Omega Foundation Services, a leader in the specialized engineering, procurement and construction industry with expertise in heavy civil construction across several end markets, including large-scale data centers.

#energy #Services

Navan Inc. (NASDAQ:NAVN), a global AI-enabled business travel and expense management solutions provider, announced its second quarter results on September 9. The company registered a 45% growth in its gross booking volume (GBV), which reached more than $3 billion. Such growth was fueled by cohort expansion, customer additions and increase in its existing install base. Total revenue for the quarter was $233 million, representing a 35% year-over-year jump. The company's adjusted operating income more than doubled compared to Q2 FY26, and the quarter also saw positive cash flow generation.
Copyright: kentoh / 123RF Stock Photo
Navan delivered robust performance during the recently concluded quarter, driven by a 35% increase in usage revenue which clocked in at $211 million. Subscription revenue was also up 39%, reaching $21 million. Apart from the 45% GBV expansion, a 34% growth was witnessed in Q2 Payment Volume which stood at $1.3 billion. One of the highlights of this quarter was a turnaround in adjusted net income, which jumped from an $8 million loss in Q2 FY26 to a $14 million profit for the reported period.
Enterprise market momentum remained persistent during the period, as the company established partnerships with leading names such as Evotec, Enbridge, ****** mins, and Ingersoll Rand. Significant progress was made around the Navan's proprietary AI agent, Ava, which managed roughly 60% of the total customer interactions. More than 50% of AI calls are now being managed through the company's in-house AI models, compared to 30% for the previous quarter.
Additionally, the company finalized its acquisition of a leading travel management business, Smartrips. This will enable Navan to expand its presence within the swiftly expanding Latin American market. Navan also acquired an AI-led meetings and events management platform, BoomPop.

#volume

Salesforce Inc. (NYSE:CRM) continues to strengthen its enterprise artificial intelligence offering as it looks to make AI a larger part of its customer relationship management ecosystem. On September 9, reports emerged that the company is prepared to spend as much as $2 billion to acquire Listen Labs, an AI-powered customer research platform.
The potential deal would extend Salesforce's aggressive M&A strategy as the company seeks to expand its generative and agentic AI capabilities. Salesforce recently completed its approximately $3.6 billion acquisition of customer service AI agent provider Fin, formerly Intercom, underscoring management's willingness to use acquisitions to accelerate its AI roadmap.
Listen Labs could add a new layer of customer intelligence to Salesforce's platform. The company uses artificial intelligence to conduct customer interviews through audio and video and ******* yze the resulting responses.
Kritchanut/Shutterstock.com
The potential acquisition could be particularly valuable for Salesforce Agentforce, the company's platform for building and deploying AI agents. Listen Labs could end up providing crucial insights into why customers behave the way they do. Customer interviews and conversations can reveal motivations, preferences, frustrations, and other qualitative information that may not be captured in traditional CRM databases.

#customer #salesforce #platform #artificial

ACV Auctions Inc. (NYSE:ACVA)—one of the leading car auction marketplaces in the US—saw its share price jump by 49 percent week-on-week, taking the first spot in the top-performing stocks in last week's shortened trading session.
This followed an announcement from its Texas-based counterpart, Copart Inc., under which the latter's subsidiary will acquire all of ACVA shares in an all-cash transaction at a price of $10.50 apiece, or for a total of $1.9 billion.
The offer price marked a 45 percent premium over its closing price of $7.22 on Thursday, September 10, prior to the announcement.
The completion of the tender offer is subject to the successful acquisition of a majority stake in ACVA or the expiration of the waiting period.
The transaction is expected to be completed by the end of the year.

#percent

GE Aerospace (NYSE:GE) is making its largest acquisition since becoming a standalone publicly traded company. It agreed to acquire Consolidated Precision Products (CPP) for around $12 billion.
CPP is one of the world's largest precision castings providers. It's a major GE supplier. Precision castings is a major pressure point for the aerospace engines industry. Acquiring CPP would give GE Aerospace greater control over a critical part of its engine supply chain.
And the deal could strengthen GE's ability to meet demand already sitting in its backlog. But the investment case depends on whether additional production capacity generates enough free cash flow to justify the deal's premium price.
rommma/Shutterstock.com
Engine manufacturers like GE Aerospace (NYSE:GE) are struggling to keep pace with surging demand due to supply chain constraints. CPP is a major supplier of precision castings for GE's LEAP and GEnx engines. GE plans to raise CPP's output. It would do that by improving factory yields and machine use. With the CPP deal, GE also sees a path to accelerate production of new engine technologies.

#NYSE #largest #engines #supply

In 2024, Catalent tapped direct lenders for a $4.2 billion term loan to fund its acquisition by Novo Holdings. Last month, the drug manufacturer refinanced with a $4.1 billion syndicated loan that it says will cut its annual interest expense by about $100 million.
Catalent's move captures a shift under way in the leveraged finance market, according to a new report from DC Advisory. Redemptions from retail investors are contributing to the erosion of private credit's pricing advantage, creating an opening for banks to win refinancing business.
The problems in the retail private credit market show few signs of abating.
All the largest direct lenders, such as Ares, Apollo and KKR, also run business development companies, the most common form of credit fund aimed at individual investors, all under varying degrees of pressure to redeem investors.
PitchBook LCD reported on Wednesday that investors in Cliffwater's direct lending interval fund sought to redeem 16% of shares outstanding in the third quarter, down from 17% in the prior quarter.

#billion #private

ExxonMobil Holdings Corporation (NYSE:XOM) agreed to increase its Papua LNG interest from 28.7% to 34.1% and ***** ume operatorship, as disclosed on September 7. The proposed ownership percentages reflect Papua New Guinea's state participation rights.
Papua LNG targets a fourth-quarter 2026 final investment decision, or FID. Santos Limited (ASX:STO) disclosed FID as a closing condition for its own stake acquisition; the operatorship announcement did not specify an equivalent condition.
TotalEnergies SE (NYSE:TTE) said redesign and contractor rebidding had reduced estimated development spending by nearly $4 billion since 2024 to approximately $14 billion. The project would produce 5.6 million tonnes of liquefied natural gas annually. The question is whether that smaller budget can support attractive returns through construction and an uncertain LNG market.
ExxonMobil Holdings Corporation (NYSE:XOM) already operates neighboring PNG LNG. Combining operatorship could improve coordination during construction and operations, including the redesigned handling of upstream condensate. That gives the proposed efficiency gains a practical basis in existing infrastructure and local experience.
The cost reduction is substantial. Mechanically, nearly $4 billion off an approximately $18 billion previous estimate represents about 22%. For ExxonMobil Holdings Corporation (NYSE:XOM), lower development spending would reduce the capital required to generate each future dollar of project cash flow, ***** uming production and operating economics hold.

#holdings #operatorship

FirstEnergy Corp. (NYSE:FE), through its Potomac Edison subsidiary, proposed a $52.8 million Maryland distribution-rate adjustment to support investment in aging infrastructure, grid modernization and electric-system reliability. If approved, the request would increase the average residential customer's monthly bill by approximately 5.3%.
Potomac Edison said its electric rates were 25% below the average of its in-state peers as of June 1. The utility expects its residential rates to remain the lowest among Maryland's investor-owned electric utilities even after the proposed adjustment.
The proposed reliability program includes Supervisory Control and Data Acquisition technology, replacement of substation reclosers, new circuit ties and automation, overhead-conductor upgrades, aging underground-cable replacement and removal of high-risk trees near power lines. The Maryland Public Service Commission must review and approve the request before any adjustment can take effect.
The proposal connects the requested revenue to specific reliability investments. SCADA technology can give operators greater visibility into system conditions, while reclosers, circuit ties, and automation can isolate problems and reroute electricity. These capabilities can reduce the number of customers affected by outages and shorten restoration times.
Reconductoring, underground-cable replacement and vegetation management address physical causes of service interruptions. The investments could also improve resilience during severe weather, potentially lowering emergency-response costs and reducing the disruption experienced by customers.

#proposed #maryland #aging

First Citizens BancShares, Inc. (NASDAQ:FCNCA), through its First-Citizens Bank & Trust Company subsidiary, completed the acquisition of 138 BMO Bank N.A. branches on September 4. The locations span 11 states across the Midwest, Great Plains and West.
The completion announcement did not disclose final transferred balances. At the announcement, First Citizens BancShares, Inc. (NASDAQ:FCNCA) expected to ****** ume approximately $5.7 billion of deposits and acquire $1.1 billion of loans. Its July 2026 update lowered those estimates to $5.3 billion and $700 million, respectively. Both estimates imply roughly $4.6 billion of net liquidity. That difference represents funding capacity, not transaction income, and remains subject to final balances and acquisition accounting.
The deposit franchise could be the transaction's most valuable ****** et. At announcement, the acquired deposits carried a weighted average rate of 1.43%, with 21% in noninterest-bearing demand accounts. First Citizens BancShares, Inc. (NASDAQ:FCNCA) reported a 2.07% average total deposit cost in the second quarter of 2026. Retaining the acquired accounts near their original pricing could lower the consolidated funding cost.
The 138 branches also establish or deepen a presence across 11 states. The original transaction presentation identified approximately $1.0 billion of wealth ****** ets under management, creating opportunities to cross-sell commercial lending, treasury services, and wealth products. Retaining branch personnel could help preserve local relationships.
First Citizens BancShares, Inc. (NASDAQ:FCNCA) can deploy the surplus funding in several ways. As of June 30, 2026, the company held $151.03 billion of loans and $32.19 billion of borrowings, including a $28.42 billion purchase money note owed to the Federal Deposit Insurance Corporation. The acquired liquidity could support loan growth, replace more expensive funding, or be invested in securities. The original presentation projected immediate earnings-per-share accretion and an approximately 27-basis-point reduction in the Common Equity Tier 1 capital ratio.

#billion #first #citizens

USA Rare Earth, Inc. (NASDAQ:USAR) announced on September 4 that it completed the Serra Verde acquisition one day earlier, paying $300 million in cash and issuing approximately 126.8 million common shares. The transaction adds Brazil's Pela Ema mine to Less Common Metals in the United Kingdom, the Stillwater, Oklahoma, magnet facility, and the Round Top project in Texas.
Serra Verde began production in January 2024 but is still completing optimization and commissioning. Stage 1 is expected to reach an annual run rate of approximately 4,000 metric tons of total rare-earth oxide, or TREO, by year-end 2026. Stage 2 construction targets average annual production of 6,400 metric tons, with commissioning expected to begin within 12 months.
Serra Verde had $425 million of principal outstanding under its U.S. International Development Finance Corporation loan at June 30. At closing, a $100 million tranche was extinguished after related warrants were exercised, leaving approximately $325 million of principal. The unaudited pro forma combined balance sheet reported a $304.1 million debt carrying value after discounts and issuance costs.
Serra Verde gives USA Rare Earth, Inc. (NASDAQ:USAR) a producing source of dysprosium, terbium, and other rare earths used in permanent magnets. Combining mining, metals, alloys, and magnet manufacturing could capture more of the value chain outside Asia.
The Phase 1 offtake agreement supports revenue visibility. It covers 100% of Pela Ema's Phase 1 products, subject to limited carve-outs, and includes escalating price floors annually. The counterparty is a special-purpose vehicle capitalized by the U.S. government and private investors. The arrangement provides contractual price protection, subject to the counterparty's performance.

#earth #approximately #NASDAQ #usar

Prosper Stars & Stripes, a long/short equity fund, recently released its second-quarter 2026 investor letter. The letter can be downloaded here. In Q2 2026, the portfolio delivered a strong net return of +30.1% compared to the Russell 2000 Index's +21.5% return and the HFRX Equity Hedge Index's +10.3% return. The long book drove performance, generating a 43.2% gross contribution, while average net exposure remained relatively modest at 47%. U.S. economic growth remained resilient despite inflation concerns, elevated energy prices, and geopolitical uncertainty. Markets rallied sharply after easing U.S.-Iran tensions pushed oil prices lower, supporting renewed risk appetite. Small-cap equities benefited significantly, with Information Technology, Industrials, and Health Care leading gains, while Energy declined as crude prices fell. Year to date, the Composite returned +23.7%, slightly ahead of the Russell 2000's +22.6% and well above the HFRI Equity Hedge Index's +9.7%. Additionally, you can review the Portfolio's top 5 holdings to see its best picks for 2026.
In its second-quarter 2026 investor letter, Prosper Stars & Stripes highlighted TechTarget, Inc. (NASDAQ:TTGT) as the largest contributor to the portfolio's short book. TechTarget, Inc. (NASDAQ:TTGT) provides sales and support of purchase intent-driven advertising campaigns. On September 9, 2026, TechTarget, Inc. (NASDAQ:TTGT) closed at $3.89 per share. Over the past month, TechTarget, Inc. (NASDAQ:TTGT) returned 1.57% and its shares lost 35.17% over the past 52 weeks. TechTarget, Inc. (NASDAQ:TTGT) has a market capitalization of $281.37 million, and its stock has traded within a 52-week range of $3.37 to $7.15.
Prosper Stars & Stripes stated the following regarding TechTarget, Inc. (NASDAQ:TTGT) in its Q2 2026 investor letter:
"TechTarget, Inc. (NASDAQ:TTGT) was the largest contributor to our short book during the quarter. The company monetizes the purchase research behavior of enterprise IT buyers by operating a network of websites where buyers register to consume technical content, then selling those intent signals as leads to IT vendors. We first shorted the company after it completed a value-destroying acquisition in December 2024 that led to significant impairment charges in Q1 2025 and again in Q1 2026. We believe AI is likely to dismantle search-based discovery and commoditize content, the two pillars of TechTarget's value propositions. Results have validated our concerns, with management describing its market as mature, with 2% to 3% top-line growth, and EBITDA margins that peaked in 2022 falling to 7% in Q1 2026. Notably, revenue growth began deteriorating before ChatGPT launched in November 2022, suggesting that problems run deeper than AI alone. We continue to believe generative AI will weigh on TechTarget's prospects and remain short the company."

#techtarget #NASDAQ

By Oliver Hirt and Marleen Kaesebier
ZURICH, Sept 10 (Reuters) - A major shareholder in Novartis has called for a shake-up of the Swiss drugmaker's board to improve corporate governance after its shares suffered a record fall this ‌week following back-to-back trial setbacks.
David Samra, managing director at top 20 investor Artisan Partners and founding partner of ‌International Value Group, said the board needed to strengthen its oversight of acquisitions, calling for action from board chairman Giovanni Caforio.
"I think he needs to make changes at the board level. One of them should be on improving the team that's doing these deals because clearly they have been uninspiring at best," Samra told Reuters in an interview.
"I think that the board needs to improve their oversight of acquisitions... they need to bring in better talent on the board to do that and have an acquisition committee."

#improve

There's no doubt who the biggest star for Texas is right now. Arch Manning is the projected top pick in the 2027 NFL Draft, and likely would have been the first pick in April's draft had he declared.
After opening up last season throwing for 170 yards and a touchdown against Ohio State, Manning finished the season with 26 passing touchdowns and 3,163 yards, while adding 10 rushing touchdowns. Manning is one of the favorites to win this year's Heisman Trophy.
The biggest acquisition for Texas in the transfer portal during the offseason was wide receiver Cam Coleman from Auburn. In two seasons with the Tigers, Coleman grabbed 93 passing touchdowns for over 1,300 yards and 13 scores.
In his first game in the burnt orange, Coleman hauled in three passes for 70 yards, finding the end zone twice. The junior is expected to be in the mix for the Biletnikoff Award this season, trying to keep up with Ohio State wideout Jeremiah S,it's in their pursuit for the honor.
Prior to last year's game Simmons provided Ohio State with some bulletin board material when he boasted how eager he was to sack new Buckeye quarterback Julian Sayin.

#state #season #biggest

Both the Steelers and the Falcons have new coaching staffs heading into Week 1. It's safe to say both franchises will be looking to start their new era off on the right foot with a victory. I spoke with Kevin Knight of The Falcoholic to learn a bit about what's new with the Atlanta Falcons.
Kevin Knight: Well, now even Tua Tagovailoa is out of the lineup thanks to an oblique injury suffered during individual drills on Thursday. That means Cooper Rush at the helm (who, in truth, may not be any worse than Tua based on the aforementioned preseason). What you're going to see is a lot of quick game, and as much Bijan Robinson as the team can muster. If Atlanta can run the ball well and get Bijan going, they can score points. So that'll be the plan, with the passing game largely taking a complementary role until Michael Penix Jr. returns.
Kevin Knight: This is a good defense that will have to find ways to manufacture pass rush. Thankfully, Jeff Ulbrich is an evil genius with his blitz packages, and he's got a lot of interesting looks planned. Expect to see a lot of linebacker and slot blitzes to supplement their weaker edge rusher room, along with a lot of emphasis on interior pass rush. Atlanta has a really nice interior duo with Brandon Dorlus (who was leading all interior defensive linemen in the NFC with 8.5 sacks last season before injury) and trade acquisition Gervon Dexter Sr. They're hoping the interior can offset some of their weaknesses outside.
Kevin Knight: I like Kevin Stefanski and think it pretty much takes a miracle worker to extract any amount of success from the Cleveland Browns organization. It does seem like there's a coherent, forward-thinking plan in place for this Falcons team for the first time in years. I don't necessarily expect a lot of success in 2026 based on the moves made to this point and the way the team is structured, but I do expect Atlanta to be one of the most aggressive teams in free agency and the draft in 2027.
Kevin Knight: As I mentioned before, Brandon Dorlus is a borderline-elite interior pass rusher who may also get some run on the edge. Linebacker Divine Deablo was the biggest surprise in last year's free agent class and completely transformed the defense when he was on the field. Second-year safety Xavier Watts was a DROY candidate in 2025 and forms a dynamic duo with veteran Jessie Bates III. Atlanta will be starting two rookies on defense: Avieon Terrell (brother of A.J. Terrell) in the slot, and Kendal Daniels at linebacker. Both impressed in training camp, with Daniels being a particularly pleasant surprise given his Day 3 selection.

#expect

This week's ETF Zoo crew takes a lay of the land as summer comes to a close and some new and interesting developments crop up. ETF.com hosts Dave Nadig, President & Director of Research, and Sumit Roy, Senior ETF ****** yst, are joined in this episode by Cinthia Murphy, Director of Research at TMX VettaFi, and James Seyffart, CFA, CAIA, Senior Research ****** yst at Bloomberg Intelligence. Together the group talks about some of the big M&A announcements lately, dig into the AI chokepoint perspective, and more.
You can view this episode here or on our YouTube channel or listen on Spotify or Apple Podcasts.
M&A land grab in full swing. Billions in ETF acquisitions, including Victory Capital/First Eagle, Vanguard/Altruist, and more, signal that scale instead of organic growth now drives the industry. The Zoo crew debated whether firms are buying hit products, talent, or distribution, and what could be ahead for the industry.
Leverage and gambling push into new territory. Defiance's hourly-reset leveraged ETFs barely differ from daily resets despite pulling in huge fees, while Korea and ****** an crack down on single-stock leverage entirely. New NHL-linked sports-betting ETFs raised bigger concerns about routing gambling risk through the same rails as retirement savings.
AI concentration is everywhere, even where you don't expect it. Thematic and datacenter ETFs quietly hold the same chokepoint stocks like Micron and Nvidia, sparking debate over whether that's a feature or a vulnerability. However, real revenue growth at companies like Anthropic and OpenAI kept the Zoo Crew from sounding the alarm just yet.

#land #chokepoint

For its Q3 FY26, ABM Industries Inc. (NYSE:ABM) posted a record topline figure of $2.3 billion. With year-over-year acquisitive growth and organic expansion of 2.1% each, the total jump in sales was 4.2%. The company's adjusted EBITDA for the quarter climbed 11% to $139.6 million, compared to Q3 FY25. Adjusted net income stood at $61.5 million, exhibiting a 19% growth and translating into an adjusted diluted EPS of $1.04. ABM generated operating cash flows for the third quarter totaling $146.8 million, while free cash flow stood at $128.4 million.
Dmitry Kalinovsky/Shutterstock.com
Third quarter print revealed that majority of the topline growth was concentrated across the company's Aviation, and Manufacturing & Distribution (M&D) segments, which expanded 12.5% and 17.6% respectively. Performance within the M&D segment was driven by strong technology market trends, with further support coming from ABM's acquisition of WGNstar. Aviation segment got a boost from robust demand for air travel and healthy progress around the company's newly secured London Heathrow contract.
Prudent cost management resulted in around $3 million reduction in ongoing corporate costs compared to the previous year. Overall growth in bottom line can be attributed to higher operating profits across most segments, a lower tax bill, and cut down in corporate overhead. Some of these were offset by rising interest burden due to the financing of the WGNstar transaction. The company's share buyback initiative was another factor that led to a 25% rise in diluted EPS for the quarter.
The Education segment's revenue held steady. Business & Industry (B&I) slipped 2.6%, largely in line with expectations, due to the previously disclosed loss of a major UK client and ongoing weakness along the US west coast. Technical Solutions (ATS) growth was hampered by certain deferred projects.

#Growth #adjusted #topline