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

Three and a half years of freight recession did two things to the truck financing market at once. It shredded the credit profiles of the carriers who most needed to borrow. It also pushed a large share of the lenders who would have lent to them out of the sector. Both are now rationing the equipment replacement cycle the industry has spent two years waiting on.
Kirk Mann stayed in. As executive vice president and general manager of the transportation vendor solutions business at Mitsubishi HC Capital America, he financed trucks through the entire downturn and watched a great many of them come back.
"There are a lot of lenders, banks that left, and so we've had the benefit of being one of the lenders actually lending money in this ****** e," Mann said in an interview with FreightWaves. What competition remains is mostly OEM captive finance arms, a couple of large independents and a few bank-led groups, he said.
The carriers that did not survive were overwhelmingly the newest. On average, 85% of motor carriers with fewer than two years of operating experience and their own operating authority failed over a three-year stretch of the downturn, Mann said.
Back in January 2023, Mann sat in Mitsubishi HC Capital's Chicago offices with Wayne Pass, the company's chief credit officer for vendor solutions, since retired. He asked what a Freightliner Cascadia 13-speed with a tall sleeper and fewer than 500,000 miles was worth. Both men wrote down $45,000. Mann then asked what the company was financing those trucks at. About $110,000.

#mitsubishi #back #financing #large

In the recent past, Nvidia's (NVDA) CEO Jensen Huang has been focused on how Wall Street prices and finances AI infrastructure. As a part of this effort, Nvidia entered into an agreement with six of the world's largest **** et managers for a $500 million AI-financing plan.
Huang pitched for an AI factory platform as an investible **** et "because it's productive, it's revenue generating, it is fungible, it's used by just about every cloud service provider, it runs every AI model." With AI infrastructure buildout requiring significant investments, this pitch is intended to support cloud providers and AI companies to raise funds. In turn, Nvidia stands to benefit from the global AI ecosystem growth.
Dear **** eX Stock Fans, Mark Your Calendars for September 21
How to Play IBM Stock as It Teams Up with NASA to Launch a New Open-Source Model
GF Securities Says NAND Prices May Stabilize Later This Year. What This Means for Sandisk Stock.

#huang #model #infrastructure #asset

On August 4, Willis Lease Finance Corporation (NASDAQ:WLFC) reported second-quarter results that pulled in two directions at once. The lessor of commercial aircraft engines grew its operating business at a healthy clip, yet net income fell by more than half, a split that makes this quarter harder to read than the headline suggests.
Income from operations climbed 20.2% to $34.0 million in the quarter ended June 30, 2026, and the engine underneath that number is lease rent revenue, which rose 6.7% to $77.1 million as the average size of Willis Lease's portfolio expanded from a year earlier. Over the first six months of 2026, lease rent revenue is up 10.4% to $154.5 million, a steadier pace than the quarterly figure alone implies.
The company's trading business added to that. Willis Lease booked a $32.0 million gain on the sale of leased equipment, up 16.2%, after selling 21 engines and other parts and equipment during the quarter, compared with 14 engines and two airframes a year earlier. That kind of turnover matters for a leasing company, since selling ****** ets at a gain confirms that engine values in the market are holding up.
The bigger story sits in how Willis Lease is expanding beyond its own balance sheet. ****** ets under management, which folds in the company's on-balance-sheet fleet along with its Willis Aviation Capital business, grew 21% year over year to $4.4 billion. CEO Austin C. Willis tied that growth directly to building out Willis Aviation Capital, and the fee income backs that up: management and advisory fees jumped 113.4% to $5.5 million in the quarter and 194.9% to $13.4 million over six months. Two new investment fund partnerships, one with Liberty Mutual Investments that began operating in March 2026 and one with Blackstone Credit & Insurance that started in April 2026, are the mechanics behind that shift toward managing other people's capital rather than only deploying its own.
Net income attributable to common shareholders fell 51.2% to $28.7 million, and diluted earnings per share dropped from $2.81 to $1.31. Some of that gap traces to a tough comparison rather than a weaker quarter, since the second quarter of 2025 included a $43.0 million gain from the sale of the BAML business that had no counterpart this year. Willis Lease also recognized a $5.4 million loss on debt extinguishment in the quarter, and $12.4 million over six months, a cost tied to refinancing that simply was not there in 2025.

#lease #capital #months

Vale S.A. (NYSE:VALE) is considering making its debut in China's domestic bond market as soon as this year, with CFO Marcelo Bacci saying the company is preparing for a potential Panda bond issuance. The move would be strategically significant because China accounts for roughly half of Vale's revenue, making renminbi financing a natural extension of its relationship with its largest market. Bloomberg reported that Vale is still ****** sing the market, including whether it can obtain a maturity longer than the typical two-, three-, or five-year terms available to international issuers.
The timing is also favorable for Vale because China's Panda bond market is expanding rapidly. Reuters reported that foreign issuers have increasingly turned to Asian bond markets to diversify funding sources, while Chinese yuan bond issuance has reached record levels in 2026. For Vale S.A. (NYSE:VALE), the potential transaction therefore looks less like a necessity for raising capital and more like an effort to diversify its investor base, potentially lower funding costs, and build a longer-term financing relationship with Chinese investors.
The strongest bullish argument is that Vale S.A. (NYSE:VALE) could potentially lower and diversify its cost of capital by accessing a large pool of Chinese investors at a time when renminbi funding remains relatively inexpensive. Reuters noted that Chinese onshore and offshore yuan bond markets have experienced record issuance this year, with foreign borrowers increasingly using these markets to diversify away from traditional funding currencies. If Vale can achieve competitive pricing, a Panda bond could provide an additional funding channel alongside its established dollar financing, reducing its dependence on a single market.
The move could also create a better natural match between Vale's revenues and its financing currency. Because China represents approximately half of Vale's revenue, raising at least some debt in renminbi could provide a degree of currency alignment with its Chinese business exposure. More importantly, establishing itself as a repeat issuer could strengthen Vale's relationships with Chinese banks and institutional investors, potentially giving it access to another source of capital when global dollar markets become less attractive.
There is also a broader strategic benefit. China is actively expanding the Panda bond market and encouraging international companies to use it. Official Chinese data showed that more than 160 billion yuan of Panda bonds were issued during the first half of 2026, up 69% year over year, demonstrating that the market is becoming more established and liquid. Vale entering this market could therefore position the company early in a growing financing ecosystem rather than waiting until it becomes more crowded.

#chinese #bond #panda #China

Dow Inc. (NYSE:DOW) is reportedly considering selling its 35% stake in Sadara Chemical, its $20 billion chemicals joint venture with Saudi Aramco, as the company continues to reshape its portfolio amid a prolonged downturn in the global chemicals industry. No final decision has been made, and Aramco or another strategic or financial investor could potentially acquire Dow's stake.
The potential exit comes as Sadara has become a significant financial burden for Dow. As of June 30, Dow Inc. (NYSE:DOW) had a negative investment balance of $793 million in Sadara and had suspended recognition of its share of the venture's equity losses in the first quarter. Dow has also been exposed to Sadara's financing obligations and previously disclosed that the venture had drawn on a credit facility.
At the same time, Sadara remains a major industrial ****** et, operating a complex in Jubail with more than 3 million metric tons of annual chemicals and plastics capacity. Its operations were disrupted earlier this year by the Middle East conflict, adding transportation, supply-chain, and operating pressures to an industry already dealing with weak demand and global oversupply.
The strongest argument for Dow Inc. (NYSE:DOW) is that exiting Sadara could remove a persistent drag on cash flow and allow management to redirect capital toward businesses with better returns. Dow's exposure to Sadara is no longer simply an investment in a large Saudi chemicals complex; the company has accumulated a negative investment balance and financial obligations ****** ociated with the venture. A sale could therefore reduce Dow's exposure to future funding requirements and limit the amount of capital that could otherwise have to be committed to the partnership.
That would be particularly valuable because Dow is already trying to improve its cash generation. Management has said its objective is to reach free-cash-flow breakeven while pursuing significant cost reductions. In March, CEO Jim Fitterling said Dow's goal was to avoid putting additional cash into Sadara during 2026, while describing the venture as having low operating cash costs but more challenging fixed costs and financing obligations.

#chemicals

During the September 8 episode of Mad Money, Jim Cramer turned his attention to Enbridge Inc. (NYSE:ENB), examining escalating geopolitical tensions. He commented:
As long as the war with Iran drags on, it's easy to recommend the refiners like a Valero or a Marathon. I don't see it ending any time soon, not with the US and Iran trading volleys this evening at islands and ships in the Strait. But how about a pipeline that moves about 30% of all crude produced in North America? Now, I'm talking about Enbridge which has a 5.5% yield. Also has a natural gas, you know, it transports 20% of the natural gas that's consumed in America. Okay, it's Canadian, but it's not caught up in the tariff fight because slapping tariffs on Canadian energy would be economic suicide for our country.
Cramer's focus on Enbridge Inc. (NYSE:ENB) highlights the structural dominance of its midstream network. The company operates as a significant transport network for North American energy, moving approximately 30% of all crude produced on the continent. Moreover, its vast utility and transmission network handles 20% of the natural gas consumed in the United States. The company's toll-road business model generates highly predictable cash flows, supporting an attractive dividend yield of roughly 5.6%. For income-focused investors, the combination of essential operational volume and reliable capital return creates a defensive cushion during volatile market cycles.
The company's defensive moat goes into cross-border trade and regional security. As Cramer pointed out, imposing punitive tariffs on Canadian energy imports would amount to severe economic self-harm for the United States, given the deep interdependence of North American energy grids.
Even with steady toll revenues, Enbridge Inc. (NYSE:ENB) carries a heavy debt load that comes with the territory of running massive pipeline networks, with long-term debt sitting at approximately C$104 billion. Because building and maintaining energy infrastructure requires heavy borrowing, higher interest rates hit financing costs, which can occasionally weigh on income-seeking investors.

#enbridge #natural #Iran #America

Lil Durk has been cleared of every charge in the federal murder-for-hire trial that drew packed courtrooms, celebrity spectators and crowds of supporters to downtown Los Angeles.
A federal jury found the 33-year-old Chicago rapper, whose legal name is Durk Banks, not guilty on September 11 after three days of deliberations. The case centered on an August 2022 attack targeting rapper Quando Rondo that instead killed Rondo's 24-year-old cousin, Saviay'a Robinson, according to The ******* ociated Press.
Prosecutors accused Durk of financing and directing the attack in retaliation for the 2020 killing of his close friend Dayvon "King Von" Bennett. Durk's lawyers argued that former ******* istant Kavon Grant organized the plot without the rapper's knowledge and attacked the credibility of cooperating witnesses who had reached plea agreements with the government.
Durk was not released after the verdict. He remains in federal custody because he faces a separate trial involving murder-related racketeering and firearms allegations, with jury selection currently scheduled to begin October 5.
Durk had faced five counts: conspiracy to commit stalking, stalking using a dangerous weapon, stalking resulting in death, conspiracy to use interstate commerce facilities to commit murder-for-hire resulting in death and use of interstate commerce facilities to commit murder-for-hire resulting in death.

#commit #stalking

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

Pampa Energía S.A. (NYSE:PAM) is seeking investors for a potential data center near its Loma de la Lata power plant in Patagonia. Investors favor a 20-to-40-MW pilot, with potential electricity demand reaching up to 500 MW after expansion. Electrical infrastructure for the full concept could cost almost $900 million, according to a September 7 Reuters report.
The Reuters report did not identify an anchor customer, committed financing, or a final investment decision. The electrical estimate does not establish the total development budget or the amount Pampa Energía S.A. (NYSE:PAM) would invest. Those distinctions matter when ****** sing the potential shareholder return.
Pampa Energía S.A. (NYSE:PAM) could turn proximity to generation and gas resources into a commercial advantage. Locating computing demand beside an energy complex offers a starting point for coordinating fuel supply, power delivery, and future expansion.
The attraction for shareholders would be dependable electricity sales under contracts that compensate Pampa Energía S.A. (NYSE:PAM) for the infrastructure and operating risks it ****** umes. A customer with strong credit and a long-term commitment could improve revenue visibility and support financing.
Pampa Energía S.A. (NYSE:PAM) is quoting energy prices to interested parties and aims to reach initial agreements by the end of 2026, according to Reuters. That provides a near-term commercial milestone.

#Potential #electrical #power

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Mortgage rates continue to rise as 2026 nears its fourth quarter. What is the outlook for home loan rates in the next five years? Should you wait for mortgage rates to fall significantly before buying or refinancing? Mortgage interest rates are determined by several factors, all of which can give us clues about the future. Let's take a closer look at mortgage rate predictions over the next five years.
Here are the housing market predictions for 2026.
One of the most useful indicators for predicting mortgage rates is the yield on the 10-year U.S. Treasury note. Mortgage rates and 10-year Treasury yields typically move in the same direction, although mortgage rates are usually higher because lenders factor in additional risks. This difference is known as the spread, and we'll account for it when estimating where mortgage rates could go.
With that in mind, the first step is to look at where economists believe Treasury yields are headed over the next five years. To build a forecast, we'll combine expert economic projections with data compiled using artificial intelligence.

#rates #treasury #look #predictions

Horizon Technology Finance Corp., an affiliate of Monroe Capital, on September 10 said that the RoHo Capital Opportunity Fund LLC, a joint venture formed by Horizon and CR Financial Holdings, Inc., the holding company for Roth Capital Partners, LLC, has provided a $20-million senior credit facility to NeoVolta, Inc., with the ability to increase the facility to $30 million upon mutual agreement. An initial $20 million was funded at closing to support NeoVolta's continued growth.NeoVolta is an energy technology company focused on developing and manufacturing domestic battery energy storage systems (BESS). Together with its joint venture partner LONGi, NeoVolta is developing a 210,600-square-foot manufacturing facility in Pendergrass, Georgia, to produce BESS systems designed to meet U.S. domestic content and supply-chain requirements. The facility is expected to have an initial annual production capacity of up to 2 GWh, with the potential to scale to 8 GWh over time."Providing growth capital to innovative companies operating in attractive, high-growth markets is a core focus of RoHo's investment strategy," said Paul Seitz, chief investment officer of Horizon. "Formed by Horizon and Roth Capital, RoHo pairs Horizon's venture lending and structuring expertise with Roth's deep public markets relationships to deliver flexible growth capital to small- and micro-cap public companies. We are pleased to support NeoVolta's growth plans with a tailored financing solution and look forward to continuing to deploy capital through RoHo in support of innovative public companies pursuing significant market opportunities.""Horizon and Roth Capital bring valuable experience and a collaborative approach as we advance NeoVolta's domestic battery energy storage systems manufacturing platform," said Ardes Johnson, CEO of NeoVolta. "As we ramp our Georgia facility and pursue larger commercial and utility-scale opportunities, this relationship supports our ability to execute on our long-term growth strategy."Horizon Technology Finance Corp. is a specialty finance company that provides capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S.Monroe Capital is a premier ****** et management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity.CR Financial Holdings, Inc., is a private hol

Consolidated Edison Company of New York, Inc., the regulated utility subsidiary of Consolidated Edison, Inc. (NYSE:ED), joined New York regulatory staff and other parties in filing a proposed three-year steam-rate plan covering November 2026 through October 2029. Approval from the New York State Public Service Commission remains required.
The proposal includes headline base-rate changes of $13 million, $42 million and $39 million over the three rate years. A bill-shaping mechanism would instead implement corresponding base-rate increases of $26.6 million, $27.5 million and $28.5 million, producing an approximately 3.5% total customer-bill effect each year. Any revenue shortfall caused by delayed billing after the proposed November 1 effective date would be collected through a surcharge.
For Consolidated Edison, Inc. (NYSE:ED), the attraction is a visible investment and recovery framework. The trade-off is a 9.5% authorized return on common equity and limited room before earnings sharing begins.
The settlement supports $396 million of steam capital spending over three years, comprising $143 million, $127 million, and $126 million annually. The average rate base is projected to increase from $2.118 billion in the first rate year to $2.234 billion in the second and $2.311 billion in the third. That represents approximately 9.1% ***** ulative growth from the first year to the third, providing a larger base on which Consolidated Edison, Inc. (NYSE:ED) can earn its authorized return.
The multiyear structure also improves planning. Consolidated Edison, Inc. (NYSE:ED) would know the principal revenue, capital, and financing ***** umptions through October 2029 rather than returning immediately to a full rate proceeding. The proposed after-tax weighted average cost of capital rises from 7.07% to 7.19% across the plan, reflecting higher ***** umed long-term debt costs.

#million #consolidated #year #three

Intellia Therapeutics, Inc. (NASDAQ:NTLA) entered a five-year senior secured credit facility with OrbiMed for up to $400 million and drew $75 million at closing. The remaining $325 million depends on milestones or further lender agreement.
The facility bears interest at an annual rate equal to the greater of 3% or the one-month Secured Overnight Financing Rate, plus 6.15%, payable monthly. The formula sets a 9.15% minimum. Applying that floor to the initial borrowing produces approximately $6.9 million of article-calculated annual interest before commitment, administrative, undrawn-amount, and facility fees.
The financing arrives as Intellia Therapeutics, Inc. (NASDAQ:NTLA) prepares for a potential U.S. launch of lonvoguran ziclumeran, or lonvo-z, for hereditary angioedema. Intellia Therapeutics, Inc. (NASDAQ:NTLA) held $628.4 million of cash, cash equivalents, and marketable securities as of June 30, but reported a $106.6 million second-quarter net loss.
The staged structure gives Intellia Therapeutics, Inc. (NASDAQ:NTLA) capital without issuing equity at closing and avoids drawing the full amount before milestones that could support additional debt.
A second $75 million tranche becomes available at the option of Intellia Therapeutics, Inc. (NASDAQ:NTLA) if the FDA approves the biologics license application for lonvo-z before a specified date. Three further $40 million tranches depend on lonvo-z revenue targets, while another $30 million requires an equity-fundraising milestone. This links most committed borrowing capacity to regulatory and commercial progress.

#million #therapeutics #ntla #lonvo

The European Central Bank (ECB) on Thursday raised its three key interest rates by 25 basis points, lifting the deposit facility rate to 2.50%, the main refinancing rate to 2.65%, and the marginal lending facility rate to 2.90%, effective September 16.
The unanimous decision, which ECB President Christine Lagarde called a "no brainer," marks the ECB's second rate hike of 2026 following its June increase. The move comes directly in response to persistent inflation pressures generated by the ongoing U.S.-Iran conflict, which has disrupted energy shipments through the Strait of Hormuz and sent oil prices (CLV26) back above $100 per barrel.
Crude Oil Prices Soar on Escalation of Middle East Hostilities
Nat-Gas Prices Sink on the Outlook for Weaker US Demand
Crude Oil Prices Soar on Fears US-Iran War to Persist

#Iran #soar #european #central

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

While the average personal loan interest rate is 12.21%, borrowers with excellent credit may have access to rates as low as 6.20%.
Credit unions tend to offer the lowest overall borrowing costs, with a national average of 10.72% and a legal rate cap of 18% at federal institutions.
Online fintech lenders advertise competitive rates starting at 6.20%, though maximum rates can climb up to 36% or higher.
Commercial banks remain competitive, with an average rate of 12.06%, but they demand a high credit score and solid work history for approval.
Tracking average personal loan rates can help you benchmark your borrowing costs for major goals like consolidating credit cards, financing home renovations or covering emergencies. Because personal loans offer fixed monthly payments, they are a solid tool for eliminating credit card debt, provided your credit profile qualifies you for the lowest market pricing.

#loan

Sponsor-backed direct lending volume and deal count ticked up in the three months ended Aug. 31, recovering from the lows seen in Q2 but remaining below Q1 levels, according to new LCD data.
Direct lenders provided an estimated $28 billion across 124 sponsor-backed deals over the past three months, up from $23 billion across 101 deals in Q2, though still short of Q1's $45 billion across 133 deals, according to the latest US LCD Private Credit Monitor.
On a year-to-date basis, sponsor-backed direct lending volume of $87 billion across 322 deals through August runs 27% behind last year's $120 billion (from 356 deals) over the same period, signaling that sponsors remain cautious even as quarterly activity firms up.
Buyout financing has followed a similar path. Direct lenders backed 50 LBOs for roughly $14 billion over the three months through August, an improvement on Q2's 47 deals and $13 billion but still well below Q1's 56 deals and $23 billion. Year-to-date, direct lending buyout volume of $44 billion across 135 deals trails the $57 billion and 154 deals at the same time last year, suggesting sponsors are still hesitant to launch new platform deals amid the higher-for-longer rate backdrop.
Healthcare sector deals accounted for 20% of new-issue direct lending deals in 2026 year-to-date, versus 18% in full-year 2025. Technology's share of new direct lending deals has fallen to 16% YTD, from 18% for FY 2025, representing the largest drop of any sector over the period. Utilities and building materials both saw large increases, though both sectors sit on small relative bases.

#billion #lending #three

Oklo (OKLO) and X-Energy (XE) each fell 5% as markets sold the nuclear group on X-Energy's Sell rating, ignoring Oklo's concurrent Buy initiation.
URA dropped 3% while SPY fell just 0.4%, confirming Thursday's pressure was a sector-specific nuclear selloff, not a broad market event.
Analyst Dimple Gosai argues that financing structure, rather than reactor technology, is what decides which SMR developers can build a first plant and win customers.
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Shares of Oklo (NYSE:OKLO), NuScale Power (NYSE:SMR) and X-Energy (NASDAQ:XE) are sliding together in Thursday afternoon trading after Piper Sandler issued a split rating action across advanced nuclear. Oklo stock is down 5% to $40.50, with the year-to-date (YTD) decline now at 44%.

#enter #NYSE

Arcosa, Inc. (NYSE:ACA) shareholders approved the proposed acquisition by CRH plc (NYSE:CRH) on September 4. The merger agreement received 39,595,867 votes in favor, compared with 66,113 against and 16,786 abstentions. Approximately 39.7 million shares, representing 80.8% of shares outstanding as of the record date, were present or represented by proxy.
The vote satisfies a major condition for the all-cash transaction. CRH plc (NYSE:CRH) agreed to pay $150 per share, valuing Arcosa, Inc. (NYSE:ACA) at an enterprise value of approximately $8.5 billion. The companies continue to expect a first-quarter 2027 closing, subject to required regulatory approvals and other customary conditions.
CRH plc (NYSE:CRH) described the valuation as 11.5 times estimated 2026 adjusted EBITDA, a company-defined non-GAAP measure, including $175 million of targeted annual run-rate cost synergies expected by year three. CRH plc (NYSE:CRH) defines adjusted EBITDA as earnings from continuing operations before interest, taxes, depreciation, depletion and amortization, with exclusions for impairments, divestitures and investments, equity-method results, substantial acquisition costs and specified pension items.
The result removes the principal seller-side approval risk. The merger no longer depends on another shareholder meeting, and support was decisive among the shares represented. Financing appears less exposed than regulatory clearance: CRH plc (NYSE:CRH) plans to use available cash and committed debt financing, while completion is not subject to a financing condition.
The strategic rationale is tangible. Arcosa, Inc. (NYSE:ACA) would add 109 quarries and yards, nine asphalt plants, 19 terminals and approximately 35 million tons of 2025 aggregates shipments. CRH plc (NYSE:CRH) expects more than 265 million tons of combined annualized aggregates production. Arcosa, Inc. (NYSE:ACA) also brings engineered structures serving grid modernization, electrification and data-center construction.

#NYSE #represented

Dell Technologies Inc. (NYSE:DELL) reported fiscal second-quarter 2027 revenue of $47.0 billion, up 58% year over year. AI server orders reached $60.9 billion, while recognized AI server revenue totaled $16.4 billion and ending AI server backlog reached $95.0 billion.
Orders and backlog are company-reported operating metrics, not recognized revenue. Orders measure booked demand, while backlog represents orders awaiting conversion. The backlog provides substantial revenue visibility, although Dell Technologies Inc. (NYSE:DELL) did not disclose its conversion schedule.
Dell Technologies Inc. (NYSE:DELL) raised its fiscal 2027 revenue outlook by $25 billion to $192 billion and increased expected AI-optimized server revenue from $60 billion to $74 billion. However, cash flow from operating activities decreased 13% to $2.225 billion. First-half operating cash flow still increased 18% to $6.306 billion.
The company-defined non-GAAP cash measures require a closer look. Free cash flow was $986 million, calculated from $2.225 billion of operating cash flow less $1.239 billion of capital expenditures and capitalized software development costs, net of **** et-sale proceeds. Adjusted free cash flow was $8.149 billion after adding the $6.667 billion operating-cash-flow impact from changes in financing receivables and the $496 million net impact of capital expenditures and depreciation for equipment under operating leases. Dell Technologies Inc. (NYSE:DELL) excludes these Dell Financial Services items because their initial funding is largely replaced by cash inflows from related debt.
Infrastructure Solutions Group revenue increased 89% to $31.8 billion, while operating income rose 225% to $4.8 billion. The company-reported ISG operating income rate, calculated as segment operating income divided by segment revenue, improved to 15.0% from 8.8%. Scale, pricing discipline, and operating leverage are producing stronger segment economics.

#operating #technologies

GFL Environmental Inc. (NYSE:GFL) completed its acquisition of SECURE Waste Infrastructure, adding a specialized waste and energy-infrastructure platform across Western Canada and North Dakota. At the announcement, the transaction had a C$6.4 billion enterprise value, with shareholder consideration comprising 80% GFL shares and 20% cash.
Closing required the issuance of 75,126,306 subordinate voting shares, capacity under the revolving credit facility, and a new US$1 billion senior secured term loan. The loan matures in August 2033 and carries interest at the Secured Overnight Financing Rate plus 200 basis points. GFL Environmental Inc. (NYSE:GFL) estimates an interest rate of approximately 5% after its cross-currency interest-rate swaps.
SECURE brings a difficult-to-replicate network spanning more than 80 locations, including landfills, waste-treatment and recycling facilities, injection wells and transfer stations. It also operates crude oil terminals, storage facilities and pipeline-connected infrastructure. The ****** ets broaden services and operating density in Western Canada.
More than 2,000 SECURE employees are joining the combined company. SECURE President and Chief Executive Officer Allen Gransch and other managers will continue leading the acquired operations as employees and shareholders. Retaining the operating team should help preserve customer relationships and institutional knowledge during integration.
The acquisition cost is spread across debt and equity. The 2033 maturity provides time for cash generation, while management said the term-loan transaction did not affect the company's credit rating.

#secure

Cash App segment is becoming a major driver of the growth story for Block Inc. (NYSE:XYZ) in 2026, as the underlying lending operations within the segment standout as key determinants of management's outlook for the remainder of the year. Recent initiatives around the company's proprietary credit signal support the narrative and broaden the company's lending reach. For the first time, Block will open its Cash App Score for external lenders by collaborating with Nova Credit's Cash Flow Intelligence Platform.
Photo by Clay Banks on Unsplash
Cash App Score was previously limited to internal use by the company for its consumer lending offerings such as the Cash App Borrow. This latest development could pave way for the monetization of company's data infrastructure, resulting in an additional revenue source.
During the second quarter, Block exceeded its prior guidance, reporting $3.17 billion in gross profit and $864 million in adjusted operating income. Revenue reached $6.62 billion, up 9.3% year over year. Gross profit expanded by 25% relative to the same period last year, and the company posted record 27% adjusted operating margins. Adjusted EPS clocked in at $1.02, exhibiting year-over-year growth of 65%.
Block's impressive second quarter print was driven by strong consumer spending, along with Cash App gross profit expansion of 31% year-over-year increase. This can be attributed to significant expansion in consumer lending, driven by Cash App Borrow. Block said Financial Solutions gross profit growth was driven primarily by Cash App Borrow. It reflects favorably on broader user engagement, who are utilizing Cash App for short-term credit financing instead of just a savings or payment mechanism. Despite a nominal 3% growth in monthly transacting actives, volumetric growth within Cash App was impressive. There was a 59% year-over-year jump in Cash App Consumer Lending origination volume, and 17% increase in Cash App Commerce Enablement volume.

#cash #Consumer

Jeff Klingelhofer, CFA, Managing Director, Portfolio Manager & Senior Research **** yst, Securitized **** ets at Aristotle Pacific didn't set out to be a bond guy but a launchpad at PIMCO, stops in Tokyo and London, and a Chicago MBA detour into a scrappy five-person hedge fund rewired how he thinks about fixed income. The internship stuck, with Klingelhofer building out Thornburg's taxable fixed income desk from employee #3 to Head of Investments, before joining Aristotle Pacific in 2024. The firm is a 15-year-old franchise (formerly Pacific **** et Management) now running roughly $16 billion and, as of July 30, three brand-new ETFs: the Aristotle Core Plus Income ETF (ARCP), the Aristotle Multi-Sector Income ETF (ARMS), and the Aristotle Short Term Income ETF (SDUR).
The pitch isn't about taking on more risk to boost returns but about capturing returns with minimal risk, and that means shopping across every fixed income silo instead of hunting inside one. Klingelhofer gives the example of February 2020, when American Airlines' corporate bond and its aircraft-backed EETC both priced at 3.75% with the same issuer, same tenor, same yield. A month later, COVID hit and the corporate bond cratered to 27 cents on the dollar while the EETC held at 65 cents. Same company, wildly different outcomes because Wall Street desks looked at each instrument in isolation instead of comparing across the capital stack. That's the whole Aristotle Pacific thesis, and it's why he sees the same mispricing setting up today in data center financing.
The three funds slot into that framework by risk level, with SDUR as a low-duration, active-credit alternative to cash, ARCP as a core-bond upgrade aiming to beat the Agg by 100-150bps, and ARMS as the full relative-value expression targeting 250bps over a cycle with real flexibility to shift credit quality. Macro-wise, Klingelhofer thinks the market is underestimating new Fed Chair Warsh, who, unlike his predecessor, inherits a purely high-inflation world with no disinflationary tailwind. It means the firm is positioning the funds slightly long duration as a hedge against credit risk elsewhere in the book. His closing advice to advisors was a cautionary and practical one, that they shouldn't expect Aristotle to work in every environment (no fund does), and to pair its bottom-up process with top-down managers like PIMCO so the two zig and zag differently throughout market cycles.
To learn more about Aristotle Pacific, go here, or you can learn more about their new ETFs here.

#pacific #same #fixed

Reuters reported that Solstice Advanced Materials, Inc. (NASDAQ:SOLS) and Element Solutions Inc (NYSE:ESI) mutually agreed to terminate their $14.5 billion merger agreement, the companies said on August 27, citing feedback from shareholders on both sides who preferred each to stay independent. Neither side will pay a termination fee.
Solstice Chairman Rajeev Gautam said the company valued that feedback, including shareholders' "excitement about Solstice's strategy and growth trajectory as an independent company." Solstice's board also authorized its first-ever buyback, up to $500 million, and reaffirmed its recently raised guidance. Solstice shares jumped 15% in after-hours trading, while Element gained 4%. The deal, announced July 6 just 10 months after Solstice's Honeywell spin-off, would have combined Solstice's refrigerants and specialty materials businesses with Element's electronics chemicals operations, paying Element holders $10 cash plus 0.5 Solstice shares per share. The original announcement got a rough welcome: Solstice fell nearly 15% that day, which CEO David Sewell blamed on arbitrage trading, not doubts about the deal.
Both companies continue to perform strongly on their own. Solstice's second-quarter net sales rose 11% to $1.148 billion, and the company raised its full-year sales guidance to $4.125 billion-$4.185 billion. Element delivered an even stronger quarter, with record net sales up 56% to $978 million and full-year adjusted EBITDA guidance raised to $690 million-$710 million.
Solstice Advanced Materials, Inc. (NASDAQ:SOLS) sheds significant deal risk by walking away. The termination removes the financing and merger risks linked to the acquisition and eliminates the need to use the $4.685 billion bridge facility. It also lets Solstice maintain its 1.3x net leverage. Its new $500 million buyback, the company's first ever, also gives Solstice a direct way to return capital to shareholders while it focuses on organic growth.
Element Solutions Inc (NYSE:ESI) also maintains the strengths that its shareholders wanted to preserve. Chairman Ian Ashken said investors valued Element's management team, culture, and existing business portfolio. CEO Benjamin Gliklich said the company's growth remains compelling. Remaining independent allows Element to continue investing in its existing businesses and pursuing its own growth strategy without taking on the risks of a larger combination.

#billion #million #Growth

Applied Digital (NASDAQ:APLD) primarily generates its revenue by operating centralized digital infrastructure campuses and providing dedicated computing services designed for high-performance workloads across the North American region.
It recently signed an additional facility lease for a new campus and secured supplemental credit financing for ongoing construction, while reporting an operating margin of -45% for the quarter ended May 31, 2026.
IREN (NASDAQ:IREN) earns the majority of its ongoing revenue by managing vertically integrated data center facilities and actively mining digital **** ets across its international infrastructure footprint.
While integrating a newly acquired European data center developer and closing the purchase of cloud software provider Mirantis, it recorded an operating margin of -452% for the quarter ended June 30, 2026.
Revenue serves as a primary starting point for investors to evaluate a corporation's ability to attract paying clients and generate gross business volume before standard operational expenses, local taxes, or daily administrative costs are finally subtracted. For neocloud operations such as Applied Digital and IREN, revenue growth is essential to understanding if their costly artificial intelligence infrastructure buildouts are paying off.

#applied #across

CNBC reported on August 27, 2026, that BitGo Holdings, Inc. (NYSE:BTGO) will acquire the institutional trading business of NYDIG, adding derivatives, structured products, financing, and other capital markets services to its existing custody, settlement, and wallet infrastructure.
About 30 NYDIG employees and roughly 250 institutional client relationships will join BitGo, according to a person close to the matter; a regulatory filing put the deal's total consideration at about $42.5 million, mostly in BitGo stock. BitGo, which went public earlier this year and has a market value under $1 billion, is expanding its institutional capabilities. NYDIG said it will instead focus on power generation, Bitcoin mining, and high-performance computing data centers, where its development pipeline already exceeds 3 gigawatts.
Source: Unsplash
The deal moves BitGo toward a more complete, higher-margin institutional platform. CEO Mike Belshe said institutions want a partner supporting the "full lifecycle of digital ****** ets, from custody and trading to financing and settlement," and adding derivatives and structured products allows BitGo Holdings, Inc. (NYSE:BTGO) to capture more of that lifecycle from each client. This expanded service could help BitGo make more money from its current institutional clients
The timing aligns with a recent crypto market rebound rather than a speculative bet on a future recovery, while BitGo gains an immediate institutional client base. Bitcoin had recently topped $80,000 after months of weak trading volume, while roughly 250 institutional client relationships and about 30 experienced staff will transfer to BitGo. Building that scale organically could take years.

#holdings #adding

CNBC reported that The Goodyear Tire & Rubber Company (NASDAQ:GT) has extended the timeline for its "Goodyear Forward" turnaround plan after key financial targets went unmet.
CEO Mark Stewart told CNBC the company is trying to reach a 10% operating margin and generate meaningful cash flow, but debt remained above $7 billion at the end of the second quarter. Goodyear posted a $453 million net loss through the first half of the year against operating income of just $131 million, a 1.6% margin. The business has been hit by tariffs, elevated raw material costs, and expanding competition from cheaper Chinese tire imports. Capital expenditures, which ran roughly $2 billion combined in 2024 and 2025, are expected to fall to $725 million this year as the company prioritizes debt paydown and refinancing.
Copyright: baranq / 123RF Stock Photo
The core business is still generating a positive operating margin even amid a large net loss. Operating income of $131 million over six months shows The Goodyear Tire & Rubber Company (NASDAQ:GT)'s core tire operations are not losing money at the operating level, suggesting the much larger net loss stems mainly from the cost of servicing its debt rather than the core business itself failing.
Management is showing real capital discipline and not just promises since cutting planned capital expenditures to $725 million this year from roughly $1 billion annually in 2024 and 2025 combined is a measurable step toward freeing up cash for debt reduction. Moreover, tangible customer-facing investments, like the new retail concept store Stewart showcased in Detroit.

#goodyear #tire

NRG Energy gained 6.4% and Constellation Energy rose 4.9% on September 4 while the S&P 500 fell 0.4%. The gains were consistent with the broader AI-power trade where data-center projects increasingly depend on generators that can add reliable capacity, navigate interconnection queues, and sign contracts before construction. NRG Energy, Inc. (NYSE:NRG) and Constellation Energy Corporation (NASDAQ:CEG) offer different versions of that opportunity.
NRG is advancing a Bring Your Own Power strategy with a hyperscaler for a 1.2-gigawatt combined-cycle gas project in Texas. It also brought a 415-megawatt facility into commercial operation and reported $1.03 billion of second-quarter free cash flow before growth investments. The bull case is speed: pairing contracted data-center load with dispatchable generation can bypass part of the grid bottleneck. The bear case is project execution, fuel exposure, financing, and the possibility that forecast load never materializes.
Insider Monkey counted 59 hedge funds holding NRG Energy, Inc. (NYSE:NRG) at June 30, down from 76 at March 31. Israel Englander's Millennium Management nevertheless disclosed 4,257,712 shares, 115% more than in Q1. The contrast between a falling fund count and one manager's larger position argues against treating institutional sentiment as uniform.
Constellation brings the largest U.S. nuclear fleet plus gas **** ets acquired with Calpine. It raised full-year adjusted operating EPS guidance to $11.50 to $12.50 and said it had signed another 920 megawatts of long-term power agreements. The bull case is scarce around-the-clock clean generation. The bear case includes plant outages, regulatory intervention, integration risk, and the danger of overpaying to expand capacity during a demand boom.
Seventy-three hedge funds held Constellation Energy Corporation (NASDAQ:CEG) in Q2, down from 79 in Q1. Philippe Laffont's Coatue Management disclosed 4,632,475 shares at quarter-end; the available profile did not show a usable sequential activity figure, so no motive or timing is inferred.

#energy #management

Hewlett Packard Enterprise said on September 2 that Oracle may deploy its Juniper networking equipment across Oracle Cloud Infrastructure data centers under a multi-year collaboration. The potential footprint includes PTX and MX routing plus QFX and EX switching, along with support and financing. Hewlett Packard Enterprise Company (NYSE:HPE) also issued warrants to Oracle Corporation (NYSE:ORCL), making the arrangement strategically important without turning every possible deployment into booked revenue.
For HPE, the bull case is that AI clusters are becoming networking systems, not merely collections of GPUs. Training at enormous scale requires fast links inside a data center and between facilities. Juniper gives HPE credible routing and switching ******* ets, while Oracle supplies a demanding reference customer. Insider Monkey counted 85 hedge funds holding HPE at June 30, up from 58 at March 31. Elliott Management held 32,271,985 shares after increasing its disclosed position by 18% during the quarter.
The bear case is conversion. The release describes potential deployments and several product families but discloses neither guaranteed purchase volume nor revenue. Warrants can align the customer while diluting existing owners if exercised. HPE also must integrate Juniper, defend margins, and compete with entrenched networking vendors while customers bargain aggressively over large orders.
Oracle's advantage is supply-chain flexibility. Adding HPE gives OCI another route to build high-bandwidth infrastructure as AI demand strains capacity. Oracle can combine cloud contracts, database relationships, and financing to pull customers onto its infrastructure. Hedge-fund participation remained broad: 119 funds held Oracle Corporation (NYSE:ORCL) in Q2, up from 115 in Q1. Fisher ******* et Management reported 13,261,451 shares, 39% more than in the previous filing.
Oracle still carries the heavier capital burden. Data centers require chips, land, power, and debt-funded construction before contracted demand becomes cash. A networking partnership improves execution options but does not protect returns if utilization or pricing disappoints.

#oracle #Networking #NYSE #enterprise