1 day ago
On August 5, Cencora (NYSE:COR) reported results for its fiscal third quarter, which closed on June 30, and the headline numbers looked clean. Revenue rose 5.1% to $84.8 billion, adjusted earnings per share climbed 12.0% to $4.48, and management raised its full-year adjusted EPS outlook to $17.75 to $17.95. The company also repurchased $1 billion of its own stock during the quarter. But the profit story has moving parts, and a few of them pull in opposite directions.
Start with the gap between profit growth and sales growth. Adjusted operating income rose 17.0% while revenue grew only 5.1%. Much of the help came from gross profit, which jumped 23.2% on an adjusted basis as both segments contributed and the OneOncology acquisition in February lifted margins in the US business. In plain terms, adjusted gross margin widened 61 basis points to 4.16%, so the company keeps more gross profit from every dollar it sells.
The strength was not confined to one corner, either. US Healthcare Solutions grew operating income 15.9% on higher pharmaceutical sales and the OneOncology deal, while specialty volume to health systems and physician groups lifted its revenue. International Healthcare Solutions did better still, with operating income up 20.8% on strength in European distribution and global specialty logistics. Management also put cash to work, completing in one quarter the $1 billion of buybacks it had expected to finish by the close of calendar 2026. The board declared a $0.60 quarterly dividend as well, payable August 31, to holders of record on August 14.
Growth is costing more than it first appears. Adjusted operating expenses jumped 26.8%, faster than adjusted gross profit, because OneOncology brought expenses along with its profits. Even so, adjusted operating income amounts to just 1.46% of revenue, a thin cushion on a business this large. Financing adds weight too. Cencora funded part of the purchase with new senior notes plus variable-rate term loans, and net interest expense rose $58.9 million from a year earlier.
The sales mix carries its own drag. GLP-1 drugs for diabetes and weight loss are adding to revenue, but they earn lower gross margins, so each dollar of that growth is worth less to profit. Meanwhile, an oncology customer Cencora lost in 2025, and lower sales to a large mail order customer both held back US revenue, as did lower manufacturer prices on some brand pharmaceuticals. Cencora is also exploring strategic alternatives for a group of other businesses, and its April divestiture of US Consulting Services trimmed consulting sales.
#adjusted #revenue #august
Start with the gap between profit growth and sales growth. Adjusted operating income rose 17.0% while revenue grew only 5.1%. Much of the help came from gross profit, which jumped 23.2% on an adjusted basis as both segments contributed and the OneOncology acquisition in February lifted margins in the US business. In plain terms, adjusted gross margin widened 61 basis points to 4.16%, so the company keeps more gross profit from every dollar it sells.
The strength was not confined to one corner, either. US Healthcare Solutions grew operating income 15.9% on higher pharmaceutical sales and the OneOncology deal, while specialty volume to health systems and physician groups lifted its revenue. International Healthcare Solutions did better still, with operating income up 20.8% on strength in European distribution and global specialty logistics. Management also put cash to work, completing in one quarter the $1 billion of buybacks it had expected to finish by the close of calendar 2026. The board declared a $0.60 quarterly dividend as well, payable August 31, to holders of record on August 14.
Growth is costing more than it first appears. Adjusted operating expenses jumped 26.8%, faster than adjusted gross profit, because OneOncology brought expenses along with its profits. Even so, adjusted operating income amounts to just 1.46% of revenue, a thin cushion on a business this large. Financing adds weight too. Cencora funded part of the purchase with new senior notes plus variable-rate term loans, and net interest expense rose $58.9 million from a year earlier.
The sales mix carries its own drag. GLP-1 drugs for diabetes and weight loss are adding to revenue, but they earn lower gross margins, so each dollar of that growth is worth less to profit. Meanwhile, an oncology customer Cencora lost in 2025, and lower sales to a large mail order customer both held back US revenue, as did lower manufacturer prices on some brand pharmaceuticals. Cencora is also exploring strategic alternatives for a group of other businesses, and its April divestiture of US Consulting Services trimmed consulting sales.
#adjusted #revenue #august
1 day ago
Huntington Bancshares Incorporated (NASDAQ:HBAN) dropped 5.55% to $15.82 on September 16, 2026, close to its 52-week low. The price movement was triggered by a profit warning at a Barclays conference. Huntington brought down its 2027 EPS guidance from above $1.90 to the range of $1.75-$1.83, and its 2026 net interest income growth from 39%-43% to roughly 35%. What matters more than these numbers is the reason behind them. Deposit costs are rising, and loan pricing is tightening, and it landed on the day the Fed delivered its first interest rate hike since 2023. The drop therefore raises the question: is this an oversold bank or the opening crack in regional-bank margins?
A well-run bank has just lowered its guidance, citing intense competition for deposits and loans. If Huntington feels the margin pressure, then it is likely that its peers feel the same. This explains why Fifth Third shares slid 4.1% on the same afternoon alongside the whole financials group. The Fed's new hike makes the environment more unfavorable for the group in the near term. While rate increases eventually lift ***** et yields, banks must immediately offer higher deposit yields to retain balances, squeezing net interest margins in the near term. Furthermore, accelerated commercial real estate loan payoffs reduced total earning ***** ets, though these early payoffs lower credit risk on the loan book.
The selloff leans too much into the reset. A move to $1.75-$1.83 from above $1.90 is a modest single-digit trim. Huntington sustains its profit as well as its operational performance. Loans reached $189 billion from $50 billion in 2015. Deposits touched $222 billion. And one of the company's biggest growth engines, value-added fee income, compounded at a 14% annual rate since mid-2024, with year-to-date growth near 32%. The income helps offset a notable portion of the spread pressure and offers a competitive edge against pure spread lenders.
A higher-for-longer rate environment carries trade-offs for commercial banks. It drives up deposit expenses, reflecting the margin pressure Huntington reported. It also expands loan yields as credit ***** ets reprice. Deposit beta determines the net effect by measuring how much of each benchmark rate increase the bank transfers to depositors. After the rate hikes, deposit costs typically rise further, so betting on a near-term peak takes some faith. A lower beta allows fee revenue to support earnings, whereas a higher beta keeps the squeeze sustained over multiple quarters.
#bank #interest #Growth
A well-run bank has just lowered its guidance, citing intense competition for deposits and loans. If Huntington feels the margin pressure, then it is likely that its peers feel the same. This explains why Fifth Third shares slid 4.1% on the same afternoon alongside the whole financials group. The Fed's new hike makes the environment more unfavorable for the group in the near term. While rate increases eventually lift ***** et yields, banks must immediately offer higher deposit yields to retain balances, squeezing net interest margins in the near term. Furthermore, accelerated commercial real estate loan payoffs reduced total earning ***** ets, though these early payoffs lower credit risk on the loan book.
The selloff leans too much into the reset. A move to $1.75-$1.83 from above $1.90 is a modest single-digit trim. Huntington sustains its profit as well as its operational performance. Loans reached $189 billion from $50 billion in 2015. Deposits touched $222 billion. And one of the company's biggest growth engines, value-added fee income, compounded at a 14% annual rate since mid-2024, with year-to-date growth near 32%. The income helps offset a notable portion of the spread pressure and offers a competitive edge against pure spread lenders.
A higher-for-longer rate environment carries trade-offs for commercial banks. It drives up deposit expenses, reflecting the margin pressure Huntington reported. It also expands loan yields as credit ***** ets reprice. Deposit beta determines the net effect by measuring how much of each benchmark rate increase the bank transfers to depositors. After the rate hikes, deposit costs typically rise further, so betting on a near-term peak takes some faith. A lower beta allows fee revenue to support earnings, whereas a higher beta keeps the squeeze sustained over multiple quarters.
#bank #interest #Growth
2 days ago
When President Donald Trump’s name was ordered removed from the Kennedy Center this spring, it seemed that an opening to move on from his reign over the performing arts center might have emerged.
“I have instructed the Department of Commerce to make all necessary arrangements with Congress to allow a full and complete transfer of this Institution, giving them the responsibility for its Operation, Maintenance, and Management,” the president wrote in a late-May Truth Social post, seemingly relinquishing the control he’d seized a year prior.
Speculation even bubbled up among some of the more than a dozen “ex-officio,” board members — who don’t get a vote but are not allied with Trump — over whether the former board chairman, billionaire philanthropist David Rubenstein, could be brought back to help restore the center’s fundraising and programming, two sources familiar with the matter told CNN. (CNN has asked Rubenstein for comment.)
But after Trump said he would remain chairman, “it kind of all squelched pretty quickly,” one of the sources said. The hope that his crusade to rename a monument dedicated to the memory of John F. Kennedy had ended turned out to be wishful thinking.
Instead, nine months from a cold December day when cranes first placed Trump’s name on the marble façade, the institution has been brought to the brink by the president still very much engaged in a fight: lights have been turned off inside, infrastructure is crumbling and protests swirl while legal battles mount.
#center
“I have instructed the Department of Commerce to make all necessary arrangements with Congress to allow a full and complete transfer of this Institution, giving them the responsibility for its Operation, Maintenance, and Management,” the president wrote in a late-May Truth Social post, seemingly relinquishing the control he’d seized a year prior.
Speculation even bubbled up among some of the more than a dozen “ex-officio,” board members — who don’t get a vote but are not allied with Trump — over whether the former board chairman, billionaire philanthropist David Rubenstein, could be brought back to help restore the center’s fundraising and programming, two sources familiar with the matter told CNN. (CNN has asked Rubenstein for comment.)
But after Trump said he would remain chairman, “it kind of all squelched pretty quickly,” one of the sources said. The hope that his crusade to rename a monument dedicated to the memory of John F. Kennedy had ended turned out to be wishful thinking.
Instead, nine months from a cold December day when cranes first placed Trump’s name on the marble façade, the institution has been brought to the brink by the president still very much engaged in a fight: lights have been turned off inside, infrastructure is crumbling and protests swirl while legal battles mount.
#center
2 days ago
Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated ****** ets—and may continue to in the future.
So, what kind of week has it been?
Gold took a more volatile path than expected but rebounded from a post-FOMC low near $4,260/oz to trade just above $4,350/oz shortly after the US market open on Friday, putting the yellow metal in position for a moderate weekly gain.
The Federal Reserve delivered the week's main event on Wednesday, unanimously raising policy rates by 25 basis points. Gold's sharp initial drop appeared tied less to the hike itself than to projections showing elevated inflation expectations and another 25-basis-point increase before the end of 2026.
Thursday brought the countermove as crude oil slid back toward and then below $100 per barrel, US Treasury yields eased, and gold recovered to around $4,360/oz. The Bank of ****** an's overnight rate hike to 1.25% added another tailwind into Friday.
#Friday #weekly #welcome
So, what kind of week has it been?
Gold took a more volatile path than expected but rebounded from a post-FOMC low near $4,260/oz to trade just above $4,350/oz shortly after the US market open on Friday, putting the yellow metal in position for a moderate weekly gain.
The Federal Reserve delivered the week's main event on Wednesday, unanimously raising policy rates by 25 basis points. Gold's sharp initial drop appeared tied less to the hike itself than to projections showing elevated inflation expectations and another 25-basis-point increase before the end of 2026.
Thursday brought the countermove as crude oil slid back toward and then below $100 per barrel, US Treasury yields eased, and gold recovered to around $4,360/oz. The Bank of ****** an's overnight rate hike to 1.25% added another tailwind into Friday.
#Friday #weekly #welcome
3 days ago
Experienced investors know the advantages of buying and holding S&P 500 index funds like the Vanguard S&P 500 ETF (NYSEMKT: VOO) or the SPDR S&P 500 ETF Trust (NYSEMKT: SPY). Not only are they super simple, but statistically speaking, you're likely to get better performance from them than you are by picking individual stocks or by owning an actively managed fund.
Nevertheless, given its long-term (and often market-beating) track record, even the most disciplined of investors might have the itch to step into a stake in Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB). But is it actually the better buy?
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 »
Berkshire Hathaway is a conglomerate consisting of several dozen reliable cash-producing businesses as well as a portfolio of hand-picked stocks. Brought to prominence by Warren Buffett, the company's flexible structure has enabled its shares to consistently outperform the S&P 500 since Buffett first took the helm in 1965.
It hasn't beaten the market every year since then, to be clear. Some years it did. Other years it didn't. It typically achieved the feat in five-year time frames.
#signal #years #buffett #flashing
Nevertheless, given its long-term (and often market-beating) track record, even the most disciplined of investors might have the itch to step into a stake in Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB). But is it actually the better buy?
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 »
Berkshire Hathaway is a conglomerate consisting of several dozen reliable cash-producing businesses as well as a portfolio of hand-picked stocks. Brought to prominence by Warren Buffett, the company's flexible structure has enabled its shares to consistently outperform the S&P 500 since Buffett first took the helm in 1965.
It hasn't beaten the market every year since then, to be clear. Some years it did. Other years it didn't. It typically achieved the feat in five-year time frames.
#signal #years #buffett #flashing
3 days ago
On August 5, Cencora (NYSE:COR) reported results for its fiscal third quarter, which closed on June 30, and the headline numbers looked clean. Revenue rose 5.1% to $84.8 billion, adjusted earnings per share climbed 12.0% to $4.48, and management raised its full-year adjusted EPS outlook to $17.75 to $17.95. The company also repurchased $1 billion of its own stock during the quarter. But the profit story has moving parts, and a few of them pull in opposite directions.
Start with the gap between profit growth and sales growth. Adjusted operating income rose 17.0% while revenue grew only 5.1%. Much of the help came from gross profit, which jumped 23.2% on an adjusted basis as both segments contributed and the OneOncology acquisition in February lifted margins in the US business. In plain terms, adjusted gross margin widened 61 basis points to 4.16%, so the company keeps more gross profit from every dollar it sells.
The strength was not confined to one corner, either. US Healthcare Solutions grew operating income 15.9% on higher pharmaceutical sales and the OneOncology deal, while specialty volume to health systems and physician groups lifted its revenue. International Healthcare Solutions did better still, with operating income up 20.8% on strength in European distribution and global specialty logistics. Management also put cash to work, completing in one quarter the $1 billion of buybacks it had expected to finish by the close of calendar 2026. The board declared a $0.60 quarterly dividend as well, payable August 31, to holders of record on August 14.
Growth is costing more than it first appears. Adjusted operating expenses jumped 26.8%, faster than adjusted gross profit, because OneOncology brought expenses along with its profits. Even so, adjusted operating income amounts to just 1.46% of revenue, a thin cushion on a business this large. Financing adds weight too. Cencora funded part of the purchase with new senior notes plus variable-rate term loans, and net interest expense rose $58.9 million from a year earlier.
The sales mix carries its own drag. GLP-1 drugs for diabetes and weight loss are adding to revenue, but they earn lower gross margins, so each dollar of that growth is worth less to profit. Meanwhile, an oncology customer Cencora lost in 2025, and lower sales to a large mail order customer both held back US revenue, as did lower manufacturer prices on some brand pharmaceuticals. Cencora is also exploring strategic alternatives for a group of other businesses, and its April divestiture of US Consulting Services trimmed consulting sales.
#profit #operating #Growth #august
Start with the gap between profit growth and sales growth. Adjusted operating income rose 17.0% while revenue grew only 5.1%. Much of the help came from gross profit, which jumped 23.2% on an adjusted basis as both segments contributed and the OneOncology acquisition in February lifted margins in the US business. In plain terms, adjusted gross margin widened 61 basis points to 4.16%, so the company keeps more gross profit from every dollar it sells.
The strength was not confined to one corner, either. US Healthcare Solutions grew operating income 15.9% on higher pharmaceutical sales and the OneOncology deal, while specialty volume to health systems and physician groups lifted its revenue. International Healthcare Solutions did better still, with operating income up 20.8% on strength in European distribution and global specialty logistics. Management also put cash to work, completing in one quarter the $1 billion of buybacks it had expected to finish by the close of calendar 2026. The board declared a $0.60 quarterly dividend as well, payable August 31, to holders of record on August 14.
Growth is costing more than it first appears. Adjusted operating expenses jumped 26.8%, faster than adjusted gross profit, because OneOncology brought expenses along with its profits. Even so, adjusted operating income amounts to just 1.46% of revenue, a thin cushion on a business this large. Financing adds weight too. Cencora funded part of the purchase with new senior notes plus variable-rate term loans, and net interest expense rose $58.9 million from a year earlier.
The sales mix carries its own drag. GLP-1 drugs for diabetes and weight loss are adding to revenue, but they earn lower gross margins, so each dollar of that growth is worth less to profit. Meanwhile, an oncology customer Cencora lost in 2025, and lower sales to a large mail order customer both held back US revenue, as did lower manufacturer prices on some brand pharmaceuticals. Cencora is also exploring strategic alternatives for a group of other businesses, and its April divestiture of US Consulting Services trimmed consulting sales.
#profit #operating #Growth #august
4 days ago
MANILA, Philippines (AP) — A shooting at a high school in the southern Philippines on Friday left two 14-year-old students and the teenage gunman dead and wounded at least eight people, local government and police officials said.
The shooting at Banga National High School in the South Cotabato town of Banga is under investigation, the Philippine National Police said in a statement. Police officers secured the campus and coordinated with school officials and medical responders, the statement said.
South Cotabato Governor Reynaldo Tamayo said the two students killed were a boy and a girl, both 14. He said the gunman also shot himself and died.
Banga Mayor Albert Palencia told DZBB radio that the gunman hit 10 students in the classroom next to his, two of whom died while eight were wounded. A person who was hyperventilating was also brought to a hospital, according to the governor.
Tamayo said the gunman's best friend told officials that the teenager was a member of an online "true crimes community." Authorities were investigating the account and whether it had any connection to the shooting, he said.
#students #south
The shooting at Banga National High School in the South Cotabato town of Banga is under investigation, the Philippine National Police said in a statement. Police officers secured the campus and coordinated with school officials and medical responders, the statement said.
South Cotabato Governor Reynaldo Tamayo said the two students killed were a boy and a girl, both 14. He said the gunman also shot himself and died.
Banga Mayor Albert Palencia told DZBB radio that the gunman hit 10 students in the classroom next to his, two of whom died while eight were wounded. A person who was hyperventilating was also brought to a hospital, according to the governor.
Tamayo said the gunman's best friend told officials that the teenager was a member of an online "true crimes community." Authorities were investigating the account and whether it had any connection to the shooting, he said.
#students #south
5 days ago
Rocket Lab (RKLB) stock has traded between $39.48 and $150.23 over the past 52 weeks. It now sits about 58% below its 52-week high, and anyone who bought twelve months ago is still up about 19%. None of that tells you what you would be buying today. Rocket Lab sells two quite different things, and the one its name points at is the smaller of them.
In Q2 2026 the ****** e Systems segment brought in $189.5 million. Launch Services brought in $44.6 million, down 30% from the previous quarter despite a similar number of launches. Management attributes that drop to accounting rather than lost work, because revenue from those launches is recognized over time and much of it had already been booked.
So Rocket Lab earns most of its revenue building satellites and their parts. Electron flew its 16th mission of 2026 in September. Launch is a real franchise, and it is not where most of the money comes from.
The stock trades at 52 times sales, against 3.1 for the S&P 500, on revenue of about $0.8 billion over the trailing twelve months. At this valuation, investors are largely pricing in future execution on the Neutron medium-lift rocket and the financial impact of the pending Iridium acquisition, rather than current satellite production alone. Management targets delivery to the pad in Q4 2026, and says the window for a launch before the end of 2026 is narrowing.
And you are paying for Iridium, which Rocket Lab has agreed to buy and expects to close in mid-2027. Iridium, a global satellite communications network, serves more than 2.5 million subscribers and delivered over $870 million of revenue in its past year. That is more than Rocket Lab's whole trailing twelve months. Management calls it a relatively slow-growing business that brings profit rather than a hole in the income statement.
#million #management #revenue
In Q2 2026 the ****** e Systems segment brought in $189.5 million. Launch Services brought in $44.6 million, down 30% from the previous quarter despite a similar number of launches. Management attributes that drop to accounting rather than lost work, because revenue from those launches is recognized over time and much of it had already been booked.
So Rocket Lab earns most of its revenue building satellites and their parts. Electron flew its 16th mission of 2026 in September. Launch is a real franchise, and it is not where most of the money comes from.
The stock trades at 52 times sales, against 3.1 for the S&P 500, on revenue of about $0.8 billion over the trailing twelve months. At this valuation, investors are largely pricing in future execution on the Neutron medium-lift rocket and the financial impact of the pending Iridium acquisition, rather than current satellite production alone. Management targets delivery to the pad in Q4 2026, and says the window for a launch before the end of 2026 is narrowing.
And you are paying for Iridium, which Rocket Lab has agreed to buy and expects to close in mid-2027. Iridium, a global satellite communications network, serves more than 2.5 million subscribers and delivered over $870 million of revenue in its past year. That is more than Rocket Lab's whole trailing twelve months. Management calls it a relatively slow-growing business that brings profit rather than a hole in the income statement.
#million #management #revenue
5 days ago
Adobe (ADBE) reported a record fiscal Q3 2026 and raised its fiscal 2026 revenue and earnings targets. Revenue rose 13% as reported to $6.76 billion, above the $6.70 billion the company had guided. But the key figure that did not move is the one to hold the quarter against: the fiscal 2026 target for growth in ending annualized recurring revenue, or ARR, still 10.2%.
The fiscal 2026 revenue target moved to $26.576 billion to $26.626 billion from $26.55 billion. The interim CFO sized that at around $50 million at the midpoint, a little less than the $60 million revenue beat in fiscal Q3. The gap is a slight currency headwind in fiscal Q4, and the interim CFO said nothing in the business changed. Non-GAAP earnings per share of $6.13 cleared the $6.08 guide, and the fiscal 2026 non-GAAP EPS target moved to $24.45 to $24.50.
Total ending ARR was $27.5 billion, up 11.2% year over year at the end of fiscal Q3, and the fiscal 2026 year-end growth target for it stayed at 10.2%. Remaining performance obligations, or RPO, grew 8% year over year. One ***** yst called that the first single-digit reading since early fiscal 2023, and down from the prior quarter. The interim CFO tied the RPO figure to the push to acquire new users through the freemium model, and said RPO typically steps up in fiscal Q4 and then stays roughly flat for three quarters.
Another ***** yst put net new ARR down 36% to 37% year over year. Management's answer: Adobe has sent a portion of its traffic into the freemium path to acquire users, and will calibrate when to convert them into paying ARR. The CEO said the company was happy to skip pricing actions that might have brought short-term relief but matter less than new user adoption. Creative freemium monthly active users, which include Firefly, Express and the web and mobile versions of Photoshop, crossed 100 million, growing more than 70% year over year.
So far the paying signal is small against the book. AI-first ending ARR passed $650 million, growing more than 150% year over year, which is about 2.4% of the $27.5 billion total. Management says credit consumption is accelerating quarter on quarter across Creative Cloud and the Firefly app, and Acrobat AI ***** istant monthly active users doubled from the prior quarter. Management gave no date for resuming the pricing actions it deferred in Creative Cloud, and said it is constantly calibrating the best conversion point.
#year #revenue #target #creative
The fiscal 2026 revenue target moved to $26.576 billion to $26.626 billion from $26.55 billion. The interim CFO sized that at around $50 million at the midpoint, a little less than the $60 million revenue beat in fiscal Q3. The gap is a slight currency headwind in fiscal Q4, and the interim CFO said nothing in the business changed. Non-GAAP earnings per share of $6.13 cleared the $6.08 guide, and the fiscal 2026 non-GAAP EPS target moved to $24.45 to $24.50.
Total ending ARR was $27.5 billion, up 11.2% year over year at the end of fiscal Q3, and the fiscal 2026 year-end growth target for it stayed at 10.2%. Remaining performance obligations, or RPO, grew 8% year over year. One ***** yst called that the first single-digit reading since early fiscal 2023, and down from the prior quarter. The interim CFO tied the RPO figure to the push to acquire new users through the freemium model, and said RPO typically steps up in fiscal Q4 and then stays roughly flat for three quarters.
Another ***** yst put net new ARR down 36% to 37% year over year. Management's answer: Adobe has sent a portion of its traffic into the freemium path to acquire users, and will calibrate when to convert them into paying ARR. The CEO said the company was happy to skip pricing actions that might have brought short-term relief but matter less than new user adoption. Creative freemium monthly active users, which include Firefly, Express and the web and mobile versions of Photoshop, crossed 100 million, growing more than 70% year over year.
So far the paying signal is small against the book. AI-first ending ARR passed $650 million, growing more than 150% year over year, which is about 2.4% of the $27.5 billion total. Management says credit consumption is accelerating quarter on quarter across Creative Cloud and the Firefly app, and Acrobat AI ***** istant monthly active users doubled from the prior quarter. Management gave no date for resuming the pricing actions it deferred in Creative Cloud, and said it is constantly calibrating the best conversion point.
#year #revenue #target #creative
5 days ago
One day after a dramatic meeting of the arts institution’s Board of Trustees, during which members – many of whom are allies of President Donald Trump – voted to close its doors, lights inside the Kennedy Center’s main building appeared to have been turned off.
The doors had been locked at 6 p.m. Tuesday night and bike racks were stacked up by entrances to block public access.
But officially closing the public monument would violate a court order requiring it remain open as a lawsuit brought by Democratic Rep. Joyce Beatty continues.
On Wednesday, US District Court Judge Christopher Cooper, in response to an appeal for an emergency hearing filed by Beatty, ordered the Trump administration to answer questions over the status of the building by Thursday at 10 a.m ET.
Beatty issued the request after a member of her legal team was denied entry to the main building and “was informed by several security staff members that the building is currently closed to the public,” her attorneys said in a court filing.
#building #trustees
The doors had been locked at 6 p.m. Tuesday night and bike racks were stacked up by entrances to block public access.
But officially closing the public monument would violate a court order requiring it remain open as a lawsuit brought by Democratic Rep. Joyce Beatty continues.
On Wednesday, US District Court Judge Christopher Cooper, in response to an appeal for an emergency hearing filed by Beatty, ordered the Trump administration to answer questions over the status of the building by Thursday at 10 a.m ET.
Beatty issued the request after a member of her legal team was denied entry to the main building and “was informed by several security staff members that the building is currently closed to the public,” her attorneys said in a court filing.
#building #trustees
5 days ago
OpenAI acquired Glass Imaging, a startup developing AI-powered smartphone camera technology, in a deal valued at over $300 million, according to The Wall Street Journal. The purchase price represents a significant jump from the roughly $100 million valuation Glass Imaging carried in a funding round last year.
Glass Imaging was founded in 2019 by Ziv Attar and Tom Bishop, two former Apple engineers who worked on the company's Portrait Mode feature. The Los Altos, California-based company had raised about $30 million from investors including GV, Alphabet's venture arm, and Insight Partners before the acquisition.
Glass Imaging's approach differs from conventional AI photo editing: instead of processing images after the fact, the company teaches neural networks the specific optical properties of each camera system so that picture quality is improved as the shot is taken, according to The Wall Street Journal. The company's goal is to produce image quality comparable to a DSLR camera from a smartphone. Its zoom-imaging technology was featured in a line of phones from Chinese smartphone brand Honor.
OpenAI's plans for Glass Imaging are unclear. The company is also developing a device with Jony Ive, the former Apple designer behind the iPhone. OpenAI brought on Ive in 2025 through its $6.5 billion purchase of io Products, and his responsibilities span hardware development alongside broader efforts to define how AI products will look and function.
A spokesperson for OpenAI had not provided a statement by the time of publication, according to TechCrunch. The company has made several other acquisitions recently, including an internet talk show called TBPN and an open-source developer tools startup, according to The Wall Street Journal. OpenAI is also preparing for an initial public offering expected next year.
#according #journal
Glass Imaging was founded in 2019 by Ziv Attar and Tom Bishop, two former Apple engineers who worked on the company's Portrait Mode feature. The Los Altos, California-based company had raised about $30 million from investors including GV, Alphabet's venture arm, and Insight Partners before the acquisition.
Glass Imaging's approach differs from conventional AI photo editing: instead of processing images after the fact, the company teaches neural networks the specific optical properties of each camera system so that picture quality is improved as the shot is taken, according to The Wall Street Journal. The company's goal is to produce image quality comparable to a DSLR camera from a smartphone. Its zoom-imaging technology was featured in a line of phones from Chinese smartphone brand Honor.
OpenAI's plans for Glass Imaging are unclear. The company is also developing a device with Jony Ive, the former Apple designer behind the iPhone. OpenAI brought on Ive in 2025 through its $6.5 billion purchase of io Products, and his responsibilities span hardware development alongside broader efforts to define how AI products will look and function.
A spokesperson for OpenAI had not provided a statement by the time of publication, according to TechCrunch. The company has made several other acquisitions recently, including an internet talk show called TBPN and an open-source developer tools startup, according to The Wall Street Journal. OpenAI is also preparing for an initial public offering expected next year.
#according #journal
6 days ago
Palantir stock has had a rough stretch. A 5-star Wall Street **** yst just said the market is reading the company wrong.
UBS **** yst Karl Keirstead raised his price target on Palantir Technologies to $250 from $220 on Sept. 15, reiterating his Buy rating, according to CNBC. At Palantir's Sept. 14 closing price of roughly $173, the new target implies about 44% upside.
Keirstead's updated view stemmed directly from Palantir's Sept. 10 AIPCon11 event, where Palantir brought together customers, executives, and partners to discuss how companies are deploying its AI platform in real operations.
"Our view of Palantir as the best AI enabler in the market, making frontier models and AI useful in large enterprises, was, if anything, bolstered by these conversations, and demand momentum seems robust," Keirstead wrote in a note shared with clients.
He described three points that stood out from the event. Customer conversations kept coming back to AI sovereignty, the idea that enterprises and governments want control over their own data and AI infrastructure, rather than handing it to a small number of large cloud providers.
#analyst #market #target #Event
UBS **** yst Karl Keirstead raised his price target on Palantir Technologies to $250 from $220 on Sept. 15, reiterating his Buy rating, according to CNBC. At Palantir's Sept. 14 closing price of roughly $173, the new target implies about 44% upside.
Keirstead's updated view stemmed directly from Palantir's Sept. 10 AIPCon11 event, where Palantir brought together customers, executives, and partners to discuss how companies are deploying its AI platform in real operations.
"Our view of Palantir as the best AI enabler in the market, making frontier models and AI useful in large enterprises, was, if anything, bolstered by these conversations, and demand momentum seems robust," Keirstead wrote in a note shared with clients.
He described three points that stood out from the event. Customer conversations kept coming back to AI sovereignty, the idea that enterprises and governments want control over their own data and AI infrastructure, rather than handing it to a small number of large cloud providers.
#analyst #market #target #Event
7 days ago
Nicole Kidman brought high-fashion drama and ethereal elegance to the Emmys celebration this season. Posing behind the scenes during a sleek studio photoshoot, the Oscar-winning actress commanded complete attention in an unforgettable custom gown. She proved once again that true red-carpet icons never rest.
Nicole Kidman dressed in white ? at the 2026 #emmys
pic.twitter.com/fZ7DgYeIU7— The Hollywood Reporter (THR) September 14, 2026
For the prestigious awards event, Nicole selected a breathtaking cream-colored column gown straight from Chanel. The sophisticated dress features an off-the-shoulder silhouette with a dramatic plunging V-neckline. Soft, white feather-like appliqués line the entire neckline and shoulders, adding rich texture and movement to the structured bodice. A tight, sculpted waist hugging her figure gives way to a sleek ankle-length skirt with a sharp thigh-high side slit that reveals her legs as she moves.
She contrasted the light cream gown with classic black pointed-toe pumps that grounded the soft color palette. Nicole accessorized her high-fashion look with statement diamond jewelry that caught the studio lighting. As captured in a viral studio video shared on an Instagram post, she showed off multiple large diamond rings across her fingers along with matching drop earrings. A slim black watch on her left wrist added a touch of modern sophistication.
#nicole
Nicole Kidman dressed in white ? at the 2026 #emmys
pic.twitter.com/fZ7DgYeIU7— The Hollywood Reporter (THR) September 14, 2026
For the prestigious awards event, Nicole selected a breathtaking cream-colored column gown straight from Chanel. The sophisticated dress features an off-the-shoulder silhouette with a dramatic plunging V-neckline. Soft, white feather-like appliqués line the entire neckline and shoulders, adding rich texture and movement to the structured bodice. A tight, sculpted waist hugging her figure gives way to a sleek ankle-length skirt with a sharp thigh-high side slit that reveals her legs as she moves.
She contrasted the light cream gown with classic black pointed-toe pumps that grounded the soft color palette. Nicole accessorized her high-fashion look with statement diamond jewelry that caught the studio lighting. As captured in a viral studio video shared on an Instagram post, she showed off multiple large diamond rings across her fingers along with matching drop earrings. A slim black watch on her left wrist added a touch of modern sophistication.
#nicole
7 days ago
Taylor Swift brought chic retro energy to Arrowhead Stadium to cheer on the Kansas City Chiefs. Sitting in her VIP luxury box, the music superstar commanded total attention with her preppy game-day style. She effortlessly elevated classic stadium fashion into a high-fashion moment.
For the exciting matchup against the Denver Broncos, Swift chose a sporty yet high-end knit ensemble. She wore the "Gingham Polo Dress" in Scarlet and Mist from Gigi Hadid's luxury knitwear brand, Guest in Residence. The $236 piece features a vibrant red and cream checkered pattern, a soft ribbed collar, and three small ***** ons at the neck. The short-sleeved cashmere dress fits snugly around her upper body before ending high on her legs in a flirty micro length.
Swift cheered enthusiastically throughout the game alongside friends and family. As highlighted in a popular Instagram post, the pop icon opted for effortless, preppy game-day styling. The bold scarlet checks perfectly matched the Kansas City Chiefs' iconic team colors. She leaned forward near the suite's glass partition, watching every play on the field while high-fiving her companions and celebrating every big play.
The pop star complemented the retro polo minidress with sleek accessories and her signature beauty choices. She wore her warm blonde hair down in soft, touchable waves with her iconic blunt bangs framing her face. Minimal eye makeup, glowing skin, and a classic bright red lipstick completed her game-day look. The vibrant lip color mirrored the bold red checks on her cashmere dress. She kept her jewelry simple, wearing delicate gold rings and small hoop earrings.
By pairing cozy luxury knitwear with a leg-baring micro length, Taylor Swift proved that stadium fashion can feel comfortable, flirty, and thoroughly modern. She continues to set fashion trends from the football stands, seamlessly blending elevated designer pieces with casual sports fandom.
#taylor
For the exciting matchup against the Denver Broncos, Swift chose a sporty yet high-end knit ensemble. She wore the "Gingham Polo Dress" in Scarlet and Mist from Gigi Hadid's luxury knitwear brand, Guest in Residence. The $236 piece features a vibrant red and cream checkered pattern, a soft ribbed collar, and three small ***** ons at the neck. The short-sleeved cashmere dress fits snugly around her upper body before ending high on her legs in a flirty micro length.
Swift cheered enthusiastically throughout the game alongside friends and family. As highlighted in a popular Instagram post, the pop icon opted for effortless, preppy game-day styling. The bold scarlet checks perfectly matched the Kansas City Chiefs' iconic team colors. She leaned forward near the suite's glass partition, watching every play on the field while high-fiving her companions and celebrating every big play.
The pop star complemented the retro polo minidress with sleek accessories and her signature beauty choices. She wore her warm blonde hair down in soft, touchable waves with her iconic blunt bangs framing her face. Minimal eye makeup, glowing skin, and a classic bright red lipstick completed her game-day look. The vibrant lip color mirrored the bold red checks on her cashmere dress. She kept her jewelry simple, wearing delicate gold rings and small hoop earrings.
By pairing cozy luxury knitwear with a leg-baring micro length, Taylor Swift proved that stadium fashion can feel comfortable, flirty, and thoroughly modern. She continues to set fashion trends from the football stands, seamlessly blending elevated designer pieces with casual sports fandom.
#taylor
7 days ago
Travis Kelce passed Jason Witten on Monday night, thanks largely to a massive catch he brought down during the Kansas City Chiefs' season-opening win over the Denver Broncos.
Kelce caught a short pass from Patrick Mahomes midway through the third quarter of their 31-10 win at Arrowhead Stadium, and absolutely took off as fast as he could. After shedding one tackle, he had so much room to work with that he nearly made it all the way to the end zone. Finally, he was brought down inside the 5 yard line.
Naturally, Kelce was hyped.
The 36-year-old, who is listed at 6-foot-5, 250 pounds, nearly hit 17 mph at his peak during that run, too. In total, Kelce made it 59 yards on that catch. That eventually led to a field goal, which put the Chiefs up 24-10 at the time.
They added one more touchdown and rolled the rest of the way to secure the 21-point win.
#made #jason
Kelce caught a short pass from Patrick Mahomes midway through the third quarter of their 31-10 win at Arrowhead Stadium, and absolutely took off as fast as he could. After shedding one tackle, he had so much room to work with that he nearly made it all the way to the end zone. Finally, he was brought down inside the 5 yard line.
Naturally, Kelce was hyped.
The 36-year-old, who is listed at 6-foot-5, 250 pounds, nearly hit 17 mph at his peak during that run, too. In total, Kelce made it 59 yards on that catch. That eventually led to a field goal, which put the Chiefs up 24-10 at the time.
They added one more touchdown and rolled the rest of the way to secure the 21-point win.
#made #jason
7 days ago
Brian Ortega is hurt – in more ways than one.
Hours after the promotion announced his withdrawal from UFC 331, Ortega (16-5 MMA, 8-5 UFC) shed light on why he pulled out of his scheduled main card bout vs. Renato Moicano just five days prior to Saturday's event at Crypto.com Arena in Los Angeles.
As speculated, Ortega suffered a nasty gash over his right eye in training, requiring stitches and resulting in significant swelling. Ortega shares photos of the injury, as well as video from the aftermath of it happening in training.
"This one hurts," Ortega wrote on Instagram. "I have to pull out of the fight because of the stitches in my eye. I'm on weight, I've been training my ******* off, and this has honestly been one of the best camps I've ever had. I was really looking forward to fighting at home in Los Angeles in front of my family, friends, and everyone who's been supporting me.
"My next fight is in soon, so I'm getting right back to training. We've brought some new people into camp and I'm excited to show you guys a new side of me. Thank you to everyone who's been supporting me through all of this. I'll see you guys in November."
#angeles #i 've #right #stitches
Hours after the promotion announced his withdrawal from UFC 331, Ortega (16-5 MMA, 8-5 UFC) shed light on why he pulled out of his scheduled main card bout vs. Renato Moicano just five days prior to Saturday's event at Crypto.com Arena in Los Angeles.
As speculated, Ortega suffered a nasty gash over his right eye in training, requiring stitches and resulting in significant swelling. Ortega shares photos of the injury, as well as video from the aftermath of it happening in training.
"This one hurts," Ortega wrote on Instagram. "I have to pull out of the fight because of the stitches in my eye. I'm on weight, I've been training my ******* off, and this has honestly been one of the best camps I've ever had. I was really looking forward to fighting at home in Los Angeles in front of my family, friends, and everyone who's been supporting me.
"My next fight is in soon, so I'm getting right back to training. We've brought some new people into camp and I'm excited to show you guys a new side of me. Thank you to everyone who's been supporting me through all of this. I'll see you guys in November."
#angeles #i 've #right #stitches
7 days ago
One-time NBA All-Star Dejounte Murray had a bold take about Russell Westbrook.
Westbrook made headlines in the summer after he announced his retirement from the NBA. After playing 18 seasons, the nine-time All-Star decided to start a new chapter in his life. He's considered to be one of the best point guards of all time.
According to Murray, however, Westbrook should be considered the greatest point guard. Although he respects other great guards, the New Orleans Pelicans guard recognized the nine-time All-NBA's passion and tenacity when he's on the floor.
Murray brought this up in an interview with ClutchPoints' Tomer Azarly.
"His work ethic, his passion for the game, and the way he plays the game, that's how the game is supposed to be played," Murray said.
#westbrook #game #nine #guards
Westbrook made headlines in the summer after he announced his retirement from the NBA. After playing 18 seasons, the nine-time All-Star decided to start a new chapter in his life. He's considered to be one of the best point guards of all time.
According to Murray, however, Westbrook should be considered the greatest point guard. Although he respects other great guards, the New Orleans Pelicans guard recognized the nine-time All-NBA's passion and tenacity when he's on the floor.
Murray brought this up in an interview with ClutchPoints' Tomer Azarly.
"His work ethic, his passion for the game, and the way he plays the game, that's how the game is supposed to be played," Murray said.
#westbrook #game #nine #guards
7 days ago
Andre Iguodala's 2015 Finals MVP trophy has once again become a topic of conversation, this time due to a comment made by Tracy McGrady.
"The MVP of the regular season has more weight than a championship," said McGrady on Cousins with Vince Carter & Tracy McGrady podcast.
This comment was not taken lightly by Iman Shumpert, who has an NBA championship to his name, winning it with the Cleveland Cavaliers as part of their 2016 team.
Shumpert was also part of the Cavaliers team that went to the NBA Finals in 2015.
It was there that Iguodala showed the world his brilliance and brought the Golden State Warriors back from 2-1 down to win the championship.
#championship #finals #shumpert #cavaliers
"The MVP of the regular season has more weight than a championship," said McGrady on Cousins with Vince Carter & Tracy McGrady podcast.
This comment was not taken lightly by Iman Shumpert, who has an NBA championship to his name, winning it with the Cleveland Cavaliers as part of their 2016 team.
Shumpert was also part of the Cavaliers team that went to the NBA Finals in 2015.
It was there that Iguodala showed the world his brilliance and brought the Golden State Warriors back from 2-1 down to win the championship.
#championship #finals #shumpert #cavaliers
7 days ago
The San Francisco Giants have endured the bad, the worse and the ugly throughout a 2026 campaign that started with high hopes and landed with bleak realities.
The Giants have been among the most disappointing teams in Major League Baseball this season. There was optimism in San Francisco when the team brought in first-year manager Tony Vitello from the college ranks with no previous MLB experience. Many experts predicted that the Giants would win 82 games and maybe even sneak into a wild-card berth. It would have been the most success the team has seen in nearly a half decade.
Then the season began and things shifted immediately. San Francisco isn't anywhere near discussions of making a postseason appearance. Instead, the Giants have the second-worst record in the National League (only the division-rival Colorado Rockies have a worse record).
The Giants haven't had the play they were expecting on the diamond. The Giants lacked depth in the bullpen, dealt with a series of injuries which contorted lineups, and key players just looked like a shell of themselves through large parts of the season. Vitello has been ejected from multiple games this season. Frustration has settled in San Francisco like fog covering the Golden Gate Bridge.
It's since seemed like a salvageable season after seeing younger prospects such as Bryce Eldridge see the field more. After a sluggish start, Rafael Devers found his bat as of late and is nearing a 40-homer season. There are few positive takeaways from the Giants this year, which leaves a little excitement for the next season.
#team
The Giants have been among the most disappointing teams in Major League Baseball this season. There was optimism in San Francisco when the team brought in first-year manager Tony Vitello from the college ranks with no previous MLB experience. Many experts predicted that the Giants would win 82 games and maybe even sneak into a wild-card berth. It would have been the most success the team has seen in nearly a half decade.
Then the season began and things shifted immediately. San Francisco isn't anywhere near discussions of making a postseason appearance. Instead, the Giants have the second-worst record in the National League (only the division-rival Colorado Rockies have a worse record).
The Giants haven't had the play they were expecting on the diamond. The Giants lacked depth in the bullpen, dealt with a series of injuries which contorted lineups, and key players just looked like a shell of themselves through large parts of the season. Vitello has been ejected from multiple games this season. Frustration has settled in San Francisco like fog covering the Golden Gate Bridge.
It's since seemed like a salvageable season after seeing younger prospects such as Bryce Eldridge see the field more. After a sluggish start, Rafael Devers found his bat as of late and is nearing a 40-homer season. There are few positive takeaways from the Giants this year, which leaves a little excitement for the next season.
#team
7 days ago
On September 10, Adobe (NASDAQ:ADBE) posted record third-quarter revenue of $6.76 billion, up 13% year over year, and raised its full-year revenue and profit targets. Non-GAAP EPS climbed 15% to $6.13, while GAAP EPS rose 11% to $4.62. Buried inside those headline numbers was a sharper story: AI-first ending ARR topped $650 million, growing more than 150% year over year. The same call brought a leadership change, with Anil S. Chakravarthy set to take over as CEO from Shantanu Narayen on December 1. Investors got a lot to digest in one afternoon.
Adobe's AI tools are no longer just a demo. Firefly ending ARR, which spans the Firefly app and its credit packs, grew 40% quarter over quarter, and the Acrobat AI ******* istant doubled its monthly active users over the same three months. Total monthly active users across Adobe's businesses surpassed 1 billion in the quarter, up more than 20% year over year, and creative premium MAU crossed 100 million, up more than 70%. Business professionals and consumers MAU passed 900 million, up more than 25%. That kind of user growth, concentrated in free and freemium tiers, is what feeds the paid AI upgrades now showing up in ARR.
The company backed that growth with cash. Operating cash flow hit a third-quarter record of $2.52 billion, and Adobe bought back roughly 9.5 million shares during the quarter, leaving $24.55 billion still authorized for repurchases. Management raised its full-year revenue target to a range of $26.58 billion to $26.63 billion and its non-GAAP EPS target to $24.45 to $24.50. On the product side, Adobe struck a deal to acquire Topaz Labs, whose AI enhancement models for image and video work would slot directly into Firefly and Creative Cloud. Enterprise demand held up too, with ending ARR growing more than 20% year over year at each of Adobe Experience Manager, Adobe Gen Studio, and Adobe Experience Platform.
Not every metric moved as fast. Remaining performance obligations, the backlog of contracted but unrecognized revenue, grew 8% year over year to $22.16 billion, trailing both the 13% revenue growth and the 11.2% growth in total ending ARR. Current RPO grew 9%, also behind the topline. Interim CFO Steven Day flagged a separate issue heading into the fourth quarter: a foreign-exchange headwind that partly offset the benefit of the third-quarter beat when management updated its full-year guidance.
AI-first ARR, for all its 150% growth rate, is still just over $650 million against a total ARR base of $27.50 billion, so it remains a small slice of the business even as it scales. The transition arrives at a pivotal moment too, with Chakravarthy set to take the CEO seat on Dec. 1 just as the company leans harder into an unproven agentic-software strategy, and the Topaz Labs deal still needs to clear regulatory approval before it adds anything to the numbers.
#adobe #billion #million
Adobe's AI tools are no longer just a demo. Firefly ending ARR, which spans the Firefly app and its credit packs, grew 40% quarter over quarter, and the Acrobat AI ******* istant doubled its monthly active users over the same three months. Total monthly active users across Adobe's businesses surpassed 1 billion in the quarter, up more than 20% year over year, and creative premium MAU crossed 100 million, up more than 70%. Business professionals and consumers MAU passed 900 million, up more than 25%. That kind of user growth, concentrated in free and freemium tiers, is what feeds the paid AI upgrades now showing up in ARR.
The company backed that growth with cash. Operating cash flow hit a third-quarter record of $2.52 billion, and Adobe bought back roughly 9.5 million shares during the quarter, leaving $24.55 billion still authorized for repurchases. Management raised its full-year revenue target to a range of $26.58 billion to $26.63 billion and its non-GAAP EPS target to $24.45 to $24.50. On the product side, Adobe struck a deal to acquire Topaz Labs, whose AI enhancement models for image and video work would slot directly into Firefly and Creative Cloud. Enterprise demand held up too, with ending ARR growing more than 20% year over year at each of Adobe Experience Manager, Adobe Gen Studio, and Adobe Experience Platform.
Not every metric moved as fast. Remaining performance obligations, the backlog of contracted but unrecognized revenue, grew 8% year over year to $22.16 billion, trailing both the 13% revenue growth and the 11.2% growth in total ending ARR. Current RPO grew 9%, also behind the topline. Interim CFO Steven Day flagged a separate issue heading into the fourth quarter: a foreign-exchange headwind that partly offset the benefit of the third-quarter beat when management updated its full-year guidance.
AI-first ARR, for all its 150% growth rate, is still just over $650 million against a total ARR base of $27.50 billion, so it remains a small slice of the business even as it scales. The transition arrives at a pivotal moment too, with Chakravarthy set to take the CEO seat on Dec. 1 just as the company leans harder into an unproven agentic-software strategy, and the Topaz Labs deal still needs to clear regulatory approval before it adds anything to the numbers.
#adobe #billion #million
7 days ago
On September 10, Tsakos Energy Navigation (NYSE:TEN) reported a first half of 2026 that reads like a fantasy year for a decades-old tanker operator. Net income hit $228 million, more than triple what the company earned over the same six months a year earlier, while diluted EPS climbed to $7.12 from $1.70. Behind those numbers sits a rare combination: a fleet locked into billions in forward earnings, war-driven cargo detours pushing rates higher, and a newbuilding bet that has already paid off before half the ships have even hit the water.
The earnings power came from two directions at once. The average time charter equivalent rate rose 41% to $43,503 a day in the first half, and profit-sharing contracts on nine large vessels brought in $71 million, up from just $10 million a year earlier. Even with six vessels pulled from service for scheduled dry docks, the fleet still ran at 96.5% utilization. Second-quarter results followed the same pattern, with net income of $139.3 million, which included a $38 million gain on ******* et sales, and earnings per share of $4.40 against $0.67 in last year's second quarter.
Tsakos is also sitting on a fleet renewal bet that already worked out. Since the start of 2023, the company has sold 20 tankers averaging 17.3 years old and replaced them with 35 vessels averaging just half a year old. Its 26-ship newbuilding program, contracted for about $3.1 billion, is now valued roughly 30% above that cost, and CEO Nikolas Tsakos said the VLCCs in that order book have nearly doubled in price since they were placed. With $466 million in cash and forward committed earnings of roughly $3.5 billion, management has room to raise its dividend, which already paid out $1.60 per share this year, and is weighing whether to redeem $120 million of 9.25% preferred shares, a move it estimates could add $0.30 to $0.40 to EPS.
That performance came against a backdrop the company would rather not have. President George Saroglou said vessels have been attacked, and seafarers hurt or killed trying to keep global trade moving through the Strait of Hormuz, where a ceasefire unraveled roughly halfway through its planned 60-day run and a US naval presence now tries to manage safe passage. Tsakos has chosen to route around the strait entirely rather than put crews through the toll those attacks take.
The cost side is climbing too. Bunker prices jumped about 25%, pushing first-half voyage expenses to $82 million from $68 million, and operating expenses rose to $111 million from $102 million on higher dry-docking costs and inflation. Total debt reached $2.1 billion at the end of June, up from $1.8 billion a year earlier, as the company finances its newbuilding program. And while profit-sharing revenue jumped, the operating days tied to those market-related contracts actually fell 22%, meaning a smaller slice of the fleet is left exposed to capture further spot-rate gains if the tanker market keeps running hot.
#billion
The earnings power came from two directions at once. The average time charter equivalent rate rose 41% to $43,503 a day in the first half, and profit-sharing contracts on nine large vessels brought in $71 million, up from just $10 million a year earlier. Even with six vessels pulled from service for scheduled dry docks, the fleet still ran at 96.5% utilization. Second-quarter results followed the same pattern, with net income of $139.3 million, which included a $38 million gain on ******* et sales, and earnings per share of $4.40 against $0.67 in last year's second quarter.
Tsakos is also sitting on a fleet renewal bet that already worked out. Since the start of 2023, the company has sold 20 tankers averaging 17.3 years old and replaced them with 35 vessels averaging just half a year old. Its 26-ship newbuilding program, contracted for about $3.1 billion, is now valued roughly 30% above that cost, and CEO Nikolas Tsakos said the VLCCs in that order book have nearly doubled in price since they were placed. With $466 million in cash and forward committed earnings of roughly $3.5 billion, management has room to raise its dividend, which already paid out $1.60 per share this year, and is weighing whether to redeem $120 million of 9.25% preferred shares, a move it estimates could add $0.30 to $0.40 to EPS.
That performance came against a backdrop the company would rather not have. President George Saroglou said vessels have been attacked, and seafarers hurt or killed trying to keep global trade moving through the Strait of Hormuz, where a ceasefire unraveled roughly halfway through its planned 60-day run and a US naval presence now tries to manage safe passage. Tsakos has chosen to route around the strait entirely rather than put crews through the toll those attacks take.
The cost side is climbing too. Bunker prices jumped about 25%, pushing first-half voyage expenses to $82 million from $68 million, and operating expenses rose to $111 million from $102 million on higher dry-docking costs and inflation. Total debt reached $2.1 billion at the end of June, up from $1.8 billion a year earlier, as the company finances its newbuilding program. And while profit-sharing revenue jumped, the operating days tied to those market-related contracts actually fell 22%, meaning a smaller slice of the fleet is left exposed to capture further spot-rate gains if the tanker market keeps running hot.
#billion
8 days ago
A former No. 9 overall pick from UConn, Kemba Walker put together the strongest career in franchise history to this point. While Walker is famous for wearing the No. 15, he wore the No. 1 during his rookie season with the Charlotte Bobcats. Over his career with the franchise, Walker would play eight seasons in Charlotte, averaging 19.8 points, 5.5 **** ists, 3.8 rebounds, 1.3 steals and 0.4 blocks in 605 appearances.
Following his time with the Hornets, he'd land with the Boston Celtics in a sign-and-trade deal that brought Terry Rozier to Charlotte. After two seasons in Boston, Walker would play a season for the New York Knicks and finish his NBA career after nine games for the Dallas Mavericks. In 12 seasons total, Walker played 750 games while averaging 19.3 points, 5.3 **** ists, 3.8 rebounds, 1.2 steals and 0.4 blocks. He now works with the Hornets as a player development coach and has opened up "Kemba Walker Sports Academy" in Concord, North Carolina.
Throughout the season, Rookie Wire is documenting the jersey number history of the Charlotte Hornets
Previous: Tony Delk, Robert Parish, Spencer Hawes, Theron Smith, Jeff McInnis, Larry Hughes, Bismack Biyombo, Briante Weber, Miles Bridges, Muggsy Bogues, Baron Davis, Jason Hart, Ryan Hollins, Derek Anderson, Andre Brown, Cartier Martin, Stephen Jackson
For more NBA content, check out the BasketBaltes podcast:
#franchise
Following his time with the Hornets, he'd land with the Boston Celtics in a sign-and-trade deal that brought Terry Rozier to Charlotte. After two seasons in Boston, Walker would play a season for the New York Knicks and finish his NBA career after nine games for the Dallas Mavericks. In 12 seasons total, Walker played 750 games while averaging 19.3 points, 5.3 **** ists, 3.8 rebounds, 1.2 steals and 0.4 blocks. He now works with the Hornets as a player development coach and has opened up "Kemba Walker Sports Academy" in Concord, North Carolina.
Throughout the season, Rookie Wire is documenting the jersey number history of the Charlotte Hornets
Previous: Tony Delk, Robert Parish, Spencer Hawes, Theron Smith, Jeff McInnis, Larry Hughes, Bismack Biyombo, Briante Weber, Miles Bridges, Muggsy Bogues, Baron Davis, Jason Hart, Ryan Hollins, Derek Anderson, Andre Brown, Cartier Martin, Stephen Jackson
For more NBA content, check out the BasketBaltes podcast:
#franchise
8 days ago
Texas volleyball has shown flashes of brilliance through the first three weeks of the season.
It has been swept (Louisville, Nebraska) and it brought out the brooms themselves (TCU, USC). The Longhorns won the fourth set against No. 8 SMU 28-26, but ended up losing the match in the fifth set.
The final game before conference play was a 3-1 win against No. 6 Wisconsin and it is probably, statistically, Texas' best game. Head coach Jerritt Elliott called it "the most organized and dialed-in that we've been all season long.
"We've had about three and a half total practices, so we're just trying to kind of get a rhythm," Elliott said after the match Sunday afternoon.
The Longhorns found it against the team that eliminated them from the NCAA Tournament last season in their most complete game yet.
#game #longhorns #we 've
It has been swept (Louisville, Nebraska) and it brought out the brooms themselves (TCU, USC). The Longhorns won the fourth set against No. 8 SMU 28-26, but ended up losing the match in the fifth set.
The final game before conference play was a 3-1 win against No. 6 Wisconsin and it is probably, statistically, Texas' best game. Head coach Jerritt Elliott called it "the most organized and dialed-in that we've been all season long.
"We've had about three and a half total practices, so we're just trying to kind of get a rhythm," Elliott said after the match Sunday afternoon.
The Longhorns found it against the team that eliminated them from the NCAA Tournament last season in their most complete game yet.
#game #longhorns #we 've
8 days ago
NEW YORK – If there's anyone who knows how to command a room, it's Nene Leakes.
The "Real Housewives" OG brought a little Atlanta to New York Fashion Week, attending Sergio Hudson's spring/summer 2027 show on Sunday, Sept. 13. Hudson brought the glamour to NYFW, hosting his show at one of New York's most iconic venues — the Rainbow Room.
Guests including Mickey Guyton, Muni Long and Sunny Hostin ventured to top of Rockefeller Center for Hudson, but it was Leakes who stole the show. The "Real Housewives of Atlanta" star entered the glittering ballroom moments before the first model took to the runway, but that didn't stop a swarm of photographers and fans from trying to get a snap of the Bravo star. Leakes took her seat next to "Beauty in Black" actress Crystle Stewart as the two posed for front-row photos.
Leakes showed off a classic Hudson creation, donning a bodycon little black dress from the designer's fall-winter '24 collection. The sleeveless LBD featured an extra-long gold zipper extending from the neckline to the hem. The reality star styled the look with black patent pumps and a gold-embellished clutch.
"Me and Nene go way back … When I met her, I was a little ****** ody, and she always treated me really well, so I take care of her, 'cause she always took care of me," Hudson told USA TODAY backstage after his show. "She's a superstar."
#leakes #nene
The "Real Housewives" OG brought a little Atlanta to New York Fashion Week, attending Sergio Hudson's spring/summer 2027 show on Sunday, Sept. 13. Hudson brought the glamour to NYFW, hosting his show at one of New York's most iconic venues — the Rainbow Room.
Guests including Mickey Guyton, Muni Long and Sunny Hostin ventured to top of Rockefeller Center for Hudson, but it was Leakes who stole the show. The "Real Housewives of Atlanta" star entered the glittering ballroom moments before the first model took to the runway, but that didn't stop a swarm of photographers and fans from trying to get a snap of the Bravo star. Leakes took her seat next to "Beauty in Black" actress Crystle Stewart as the two posed for front-row photos.
Leakes showed off a classic Hudson creation, donning a bodycon little black dress from the designer's fall-winter '24 collection. The sleeveless LBD featured an extra-long gold zipper extending from the neckline to the hem. The reality star styled the look with black patent pumps and a gold-embellished clutch.
"Me and Nene go way back … When I met her, I was a little ****** ody, and she always treated me really well, so I take care of her, 'cause she always took care of me," Hudson told USA TODAY backstage after his show. "She's a superstar."
#leakes #nene
8 days ago
AUBURN — Both Da'Shawn Womack and CK Murray are expected to see the field when Auburn football when it hosts Florida for its SEC-opener this weekend, head coach Alex Golesh said Monday, Sept. 14.
Neither Womack nor Murray played in Auburn's home-opener against Southern Miss last weekend after Golesh provided health updates on both throughout the week.
"Those guys both practiced this morning, and we anticipate having them both," Golesh said. "It was a push to get them both back last week. I don't know if you saw, I had to get Womack out of my way about 20 times on the sideline (against Southern Miss). I kept telling everybody he was 'Coach Wo' on the sideline, and he (was). He brought a really cool energy. So did CK, which I was proud of both those kids for."
TIME, TV: When does Auburn football play Florida this week?
Transferring from Ole Miss to Auburn this offseason, Womack had 27 total tackles, 4.5 tackles for loss, 2 sacks and a forced fumble for the Rebels last year. Murray played in all 12 of Auburn's games last fall, posting 15 tackles, 3.5 tackles for loss and a forced fumble. Prior to that, Murray spent three seasons at Sam Houston.
#golesh #miss #Florida
Neither Womack nor Murray played in Auburn's home-opener against Southern Miss last weekend after Golesh provided health updates on both throughout the week.
"Those guys both practiced this morning, and we anticipate having them both," Golesh said. "It was a push to get them both back last week. I don't know if you saw, I had to get Womack out of my way about 20 times on the sideline (against Southern Miss). I kept telling everybody he was 'Coach Wo' on the sideline, and he (was). He brought a really cool energy. So did CK, which I was proud of both those kids for."
TIME, TV: When does Auburn football play Florida this week?
Transferring from Ole Miss to Auburn this offseason, Womack had 27 total tackles, 4.5 tackles for loss, 2 sacks and a forced fumble for the Rebels last year. Murray played in all 12 of Auburn's games last fall, posting 15 tackles, 3.5 tackles for loss and a forced fumble. Prior to that, Murray spent three seasons at Sam Houston.
#golesh #miss #Florida
8 days ago
Ole Miss football AD accuses Lane Kiffin of 'manipulating' players, coaches appeared first on ClutchPoints. Add ClutchPoints as a Preferred Source by clicking here.
With Lane Kiffin's departure from the Ole Miss football program to the LSU Tigers still talked about to this day, despite being two games in with his new team, there is no doubt about the ripple effects left by the coach. As the showdown between the Ole Miss football team and LSU comes underway this Saturday, the Rebels' athletic director Keith Carter kept it real on Kiffin's time with the school and his rocky exit.
Speaking to On3 Sports' Chris Low, Carter reflected on Kiffin's six years with the Rebels, as there's no denying the success that the controversial coach brought, totaling a 55-19 record and amassing four double-digit win seasons.
While Carter said that Kiffin was "good for us" during that time and emphasized the mutual relationship they had, his "problem" was trying to "manipulate the players and the coaches on his way out and work behind the scenes to hurt us."
Watch sports LIVE with fuboTV (free trial)
#miss #lane #clutchpoints #sports
With Lane Kiffin's departure from the Ole Miss football program to the LSU Tigers still talked about to this day, despite being two games in with his new team, there is no doubt about the ripple effects left by the coach. As the showdown between the Ole Miss football team and LSU comes underway this Saturday, the Rebels' athletic director Keith Carter kept it real on Kiffin's time with the school and his rocky exit.
Speaking to On3 Sports' Chris Low, Carter reflected on Kiffin's six years with the Rebels, as there's no denying the success that the controversial coach brought, totaling a 55-19 record and amassing four double-digit win seasons.
While Carter said that Kiffin was "good for us" during that time and emphasized the mutual relationship they had, his "problem" was trying to "manipulate the players and the coaches on his way out and work behind the scenes to hurt us."
Watch sports LIVE with fuboTV (free trial)
#miss #lane #clutchpoints #sports
8 days ago
KYIV, Sept 14 (Reuters) - Ukraine is ready to halt strikes on Russia if its partners ensure that Moscow will refrain from hitting Ukrainian energy facilities, infrastructure and food supply routes, President Volodymyr Zelenskiy said on Monday.
Zelenskiy's comments, posted on Telegram, appeared to amount to a denial that Ukraine had formally endorsed U.S. President Donald Trump's statement that Ukraine and Russia had agreed not to hit each other's energy targets.
Zelenskiy said Ukraine was not convinced that Russia was willing to abide by any agreement.
"Ukraine is not certain that Russia is willing to stick to any agreement," he wrote.
"The war must be brought to an end. And a de-escalatory step regarding critical infrastructure could be the first step toward peace. We expect specifics from our partners."
#president
Zelenskiy's comments, posted on Telegram, appeared to amount to a denial that Ukraine had formally endorsed U.S. President Donald Trump's statement that Ukraine and Russia had agreed not to hit each other's energy targets.
Zelenskiy said Ukraine was not convinced that Russia was willing to abide by any agreement.
"Ukraine is not certain that Russia is willing to stick to any agreement," he wrote.
"The war must be brought to an end. And a de-escalatory step regarding critical infrastructure could be the first step toward peace. We expect specifics from our partners."
#president
8 days ago
Another round of layoffs has brought dramatic cuts to a city's local newspaper.
On Monday, Hornets beat reporter Rod Boone of the Charlotte Observer shared on social media that the paper eliminated his position, along with seven colleagues, in the latest round of McClatchy cuts.
Boone said that the news came "less than 48 hours after being told corporate had given the green light to bring back my podcast they whacked two years earlier." He also noted that the cuts meant that the paper will no longer have a writer dedicated to covering the Hornets, a first since the team's inception in 1987.
The cuts are just the latest in a series of layoffs made at papers controlled by McClatchy. The Miami Herald also laid off staffers this week, including sportswriter Greg Cote, who went back five decades with the paper. The Sacramento Bee was also caught in the wreckage, losing its sports department entirely.
Media layoffs have only become more common in recent years, and local newspapers are especially suffering. They have also often come with a shocking lack of respect from those in charge of deciding who stays and who goes. As Boone says, he got the news of his release just days before his fifth anniversary at the paper, and just days after he was ****** ured that he was clear to bring his podcast back on the air. Similarly, Cote's dismissal from the Herald came after 54 years of service, and he got the news on his birthday.
#cuts #boone #paper
On Monday, Hornets beat reporter Rod Boone of the Charlotte Observer shared on social media that the paper eliminated his position, along with seven colleagues, in the latest round of McClatchy cuts.
Boone said that the news came "less than 48 hours after being told corporate had given the green light to bring back my podcast they whacked two years earlier." He also noted that the cuts meant that the paper will no longer have a writer dedicated to covering the Hornets, a first since the team's inception in 1987.
The cuts are just the latest in a series of layoffs made at papers controlled by McClatchy. The Miami Herald also laid off staffers this week, including sportswriter Greg Cote, who went back five decades with the paper. The Sacramento Bee was also caught in the wreckage, losing its sports department entirely.
Media layoffs have only become more common in recent years, and local newspapers are especially suffering. They have also often come with a shocking lack of respect from those in charge of deciding who stays and who goes. As Boone says, he got the news of his release just days before his fifth anniversary at the paper, and just days after he was ****** ured that he was clear to bring his podcast back on the air. Similarly, Cote's dismissal from the Herald came after 54 years of service, and he got the news on his birthday.
#cuts #boone #paper
8 days ago
Savannah Guthrie celebrated Lady Gaga's entry into motherhood by looking back at a memorable exchange the pop star shared with her years ago.
During Monday's episode of Today, the host reacted to the announcement that Gaga and her fiancé, Michael Polansky, have welcomed their first baby. Guthrie, a mother of two with husband Mike Feldman, brought up a unique note of encouragement the "Mother Monster" offered when Guthrie was pregnant with her eldest child, Vale.
"When I was pregnant with Vale and we didn't find out if it was a boy or a girl, Lady Gaga came on and she said, 'I think you're having a girl,' " Guthrie said, referring to the 2014 interview "And I said, 'Really? How do you know?' And she said, 'She told me.' Isn't that cute?"
Jenna Bush Hager, Vale's godmother, was stunned by the admission
"What! Vale and Lady Gaga had a connection?!" she said with excitement.
#gaga #pregnant #girl #today
During Monday's episode of Today, the host reacted to the announcement that Gaga and her fiancé, Michael Polansky, have welcomed their first baby. Guthrie, a mother of two with husband Mike Feldman, brought up a unique note of encouragement the "Mother Monster" offered when Guthrie was pregnant with her eldest child, Vale.
"When I was pregnant with Vale and we didn't find out if it was a boy or a girl, Lady Gaga came on and she said, 'I think you're having a girl,' " Guthrie said, referring to the 2014 interview "And I said, 'Really? How do you know?' And she said, 'She told me.' Isn't that cute?"
Jenna Bush Hager, Vale's godmother, was stunned by the admission
"What! Vale and Lady Gaga had a connection?!" she said with excitement.
#gaga #pregnant #girl #today
8 days ago
The energy outside Cipriani, in Lower Manhattan, across from the Charging Bull statue on Broadway, seemed conspicuously suspended in a different time. It was as if crossing the threshold into the Financial District sent me back a decade, to the genesis of this current generation's cultural aesthetic—to the lines at VFiles, the SoHo clothing store whose Howard St. storefront once served as epicenter of the nascent fusion of the worlds of streetwear, hip-hop, and high fashion. All of this was because Kai Cenat, the popular Twitch streamer and content creator, was making his runway debut. The fashion show for his brand Vivet's first collection drew a crowd of the current generation's innovators, giving a reminiscent feeling to the last time a popular figure came crashing through the gates of mainstream fashion.
In attendance that night were popular streamers like Jasontheween, Rakai, and Duke Dennis, alongside more traditional celebrity names: Jaden Smith, Luka Sabbat, Lauryn Hill (!). Popular fashion podcasters and journalists from the New York Times filtered through the crowd as well. It reminded me of the pre-pandemic days of fashion week pop-ups in the shadow of Ye's YZY Szn launches, when the crowds outside seemed as consequential as whoever had a seat inside. Social media had given a generation of streetwear obsessives and aspiring artists a way to build their own audiences, and fashion was beginning to accommodate them. At Cipriani, the streamers had brought another audience into the room.
More from Rolling Stone
Big Sean and Kanye West Reunite After Feud With Surprise Appearance in Chicago
Drake Turns Kick Stream Into a 20-v-1 Dating Show, Warns Rap Rivals His 'Pen Isn't Dry'
#outside #seemed #time #streetwear
In attendance that night were popular streamers like Jasontheween, Rakai, and Duke Dennis, alongside more traditional celebrity names: Jaden Smith, Luka Sabbat, Lauryn Hill (!). Popular fashion podcasters and journalists from the New York Times filtered through the crowd as well. It reminded me of the pre-pandemic days of fashion week pop-ups in the shadow of Ye's YZY Szn launches, when the crowds outside seemed as consequential as whoever had a seat inside. Social media had given a generation of streetwear obsessives and aspiring artists a way to build their own audiences, and fashion was beginning to accommodate them. At Cipriani, the streamers had brought another audience into the room.
More from Rolling Stone
Big Sean and Kanye West Reunite After Feud With Surprise Appearance in Chicago
Drake Turns Kick Stream Into a 20-v-1 Dating Show, Warns Rap Rivals His 'Pen Isn't Dry'
#outside #seemed #time #streetwear
