On September 17, Coherent Corp. (NYSE:COHR) announced an upgraded Pluggable Optical Line System that covers the full C-band and fits in a compact QSFP module, the same slot ordinary transceivers use. That is a lot of networking gear shrunk into a plug, and it follows a quarter of 34% revenue growth. Here is what the launch means, and where the stock's story gets harder to read.
Start with what the product does. The upgraded system can pack 32 wavelengths onto a single pair of fibers, which Coherent says adds up to as much as 25.6Tbps of traffic on links running 2km to 200km. It is designed for the latest 800G coherent optics, and it configures itself, handling link setup and laser safety without a technician tuning each connection. Coherent also says the system is generally available and already shipping in high volume, in 400G and 800G versions that work with existing network setups. Madhu Krishnaswamy, who runs the company's telecom transport unit, describes the goal as easing the usual trade-off between raw performance and operational simplicity.
The launch also sits on top of a business that is already moving. On August 12, Coherent reported results for its fiscal fourth quarter, which ended June 30: revenue of $2.05 billion, up 34% from a year earlier. Non-GAAP earnings per share rose to $1.74 from $1.00, and CEO Jim Anderson noted that for the full year, that measure grew more than twice as fast as revenue. Management guided to revenue of $2.2 billion to $2.4 billion for the first quarter of fiscal 2027, and Anderson says AI data centers are increasingly moving from copper to optical links.
Now look at the two versions of profit. Coherent's non-GAAP earnings came to $1.74 per share, but under GAAP the figure was $1.19. The gap comes from items management leaves out, including stock-based pay, amortization on acquired intangibles, and restructuring and integration costs. Operating margin shows it more clearly, at 21.8% on a non-GAAP basis and 12.4% under GAAP. Some of those costs are non-cash, but they are real, and anyone anchoring on the higher figure is skipping them.
Then there is how much weight this launch can carry. The announcement puts no sales figure on the product, so its contribution to a company that booked $2.05 billion in a quarter cannot be sized from what has been published. The bullish story also rests on management's own read of where AI networks are headed, and on a capacity build-out that CFO Sherri Luther says gets priority in spending. Money spent on capacity only pays off if the demand management describes keeps arriving.

#gaap #revenue #launch #anderson

On September 17, Coherent Corp. (NYSE:COHR) announced an upgraded Pluggable Optical Line System that covers the full C-band and fits in a compact QSFP module, the same slot ordinary transceivers use. That is a lot of networking gear shrunk into a plug, and it follows a quarter of 34% revenue growth. Here is what the launch means, and where the stock's story gets harder to read.
Start with what the product does. The upgraded system can pack 32 wavelengths onto a single pair of fibers, which Coherent says adds up to as much as 25.6Tbps of traffic on links running 2km to 200km. It is designed for the latest 800G coherent optics, and it configures itself, handling link setup and laser safety without a technician tuning each connection. Coherent also says the system is generally available and already shipping in high volume, in 400G and 800G versions that work with existing network setups. Madhu Krishnaswamy, who runs the company's telecom transport unit, describes the goal as easing the usual trade-off between raw performance and operational simplicity.
The launch also sits on top of a business that is already moving. On August 12, Coherent reported results for its fiscal fourth quarter, which ended June 30: revenue of $2.05 billion, up 34% from a year earlier. Non-GAAP earnings per share rose to $1.74 from $1.00, and CEO Jim Anderson noted that for the full year, that measure grew more than twice as fast as revenue. Management guided to revenue of $2.2 billion to $2.4 billion for the first quarter of fiscal 2027, and Anderson says AI data centers are increasingly moving from copper to optical links.
Now look at the two versions of profit. Coherent's non-GAAP earnings came to $1.74 per share, but under GAAP the figure was $1.19. The gap comes from items management leaves out, including stock-based pay, amortization on acquired intangibles, and restructuring and integration costs. Operating margin shows it more clearly, at 21.8% on a non-GAAP basis and 12.4% under GAAP. Some of those costs are non-cash, but they are real, and anyone anchoring on the higher figure is skipping them.
Then there is how much weight this launch can carry. The announcement puts no sales figure on the product, so its contribution to a company that booked $2.05 billion in a quarter cannot be sized from what has been published. The bullish story also rests on management's own read of where AI networks are headed, and on a capacity build-out that CFO Sherri Luther says gets priority in spending. Money spent on capacity only pays off if the demand management describes keeps arriving.

#quarter #launch #anderson

A ~$1.7M portfolio split evenly between SCHD and JEPI targets $7,700/month using each fund's forward payout rate.
JEPI's monthly distributions have dropped sharply since 2022 as volatility fell, and recent payouts still vary from $0.34 to $0.45 per share.
Hold JEPI in an IRA and SCHD in a taxable account to maximize after-tax income from this two-fund strategy.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
A portfolio of roughly $1.7 million, split evenly between SCHD and JEPI, targets $7,700 a month in distributions using each fund's current forward payout rate. Two tickers, one brokerage screen, nothing to rebalance beyond keeping the halves even. For a reader who finds a seven-holding portfolio intimidating, that simplicity is genuinely appealing, and it deserves to be said before the caveats begin.

#targets

BERLIN — Caitlin Clark extended her hand to a United States teammate in the first quarter of the 2026 FIBA Women's Basketball World Cup quarterfinal game against Hungary. It was a gesture of appreciation for the connection that had just occurred.
Seconds earlier, Paige Bueckers recorded a steal from Hungary's Yvonne Turner. Bueckers' pass met Clark, and like clockwork, she was off. Clark found her way to the paint where 6-foot-4 Dorka Juhasz stood as the last line of defense. Faced with an easy decision, Clark dished the ball to Angel Reese, who went up for the layup with two seconds to go, bringing the U.S. to the end of the first quarter with a 36-12 lead.
As Clark reached out her hand, Reese met it with simplicity and normalcy. This would be the first of four total ****** ists between Clark and Reese in an overwhelming 108-56 U.S. victory.
In a world that continues to divide these two athletes, the World Cup has offered another viewpoint, one that seems all the more true. It is a stage that presents these women as selfless competitors, and more simply as teammates.
In a post-game interview with TNT, Reese remarked on her connection with Clark, saying "We've played against each other so many times, so I'm sure we know each other's game like the back of each other's hand."

#clark #World #seconds #quarter

BERLIN — Caitlin Clark extended her hand to a United States teammate in the first quarter of the 2026 FIBA Women's Basketball World Cup quarterfinal game against Hungary. It was a gesture of appreciation for the connection that had just occurred.
Seconds earlier, Paige Bueckers recorded a steal from Hungary's Yvonne Turner. Bueckers' pass met Clark, and like clockwork, she was off. Clark found her way to the paint where 6-foot-4 Dorka Juhasz stood as the last line of defense. Faced with an easy decision, Clark dished the ball to Angel Reese, who went up for the layup with two seconds to go, bringing the U.S. to the end of the first quarter with a 36-12 lead.
As Clark reached out her hand, Reese met it with simplicity and normalcy. This would be the first of four total ***** ists between Clark and Reese in an overwhelming 108-56 U.S. victory.
In a world that continues to divide these two athletes, the World Cup has offered another viewpoint, one that seems all the more true. It is a stage that presents these women as selfless competitors, and more simply as teammates.
In a post-game interview with TNT, Reese remarked on her connection with Clark, saying "We've played against each other so many times, so I'm sure we know each other's game like the back of each other's hand."

#clark #reese #quarter

Although Bitcoin (BTCUSD) rallied in August and Strategy (MSTR) recently resumed buying Bitcoin after a two-month hiatus, Strategy's strategy has mostly been a failure. As of Sept. 1, the average price at which the company acquired Bitcoin stood at about $75,412. Even after President Donald Trump boosted Bitcoin prices with positive remarks about crypto last month and Treasury Secretary Scott Bessent pitched in with his bond buyback plan, the cryptocurrency was changing hands overnight on Sept. 2 at about $77,275. In other words, after a big rally by Bitcoin, its prices are still only slightly below Strategy's average purchase price. And after all the company's compensation, interest, and dividend costs, it certainly appears to be losing a great deal of money, not only on paper, but also in terms of its overall investment approach.
Reflecting this situation, MSTR stock, despite its recent rally, has still slumped 19% so far in 2026 and 63% in the year that ended on Sept. 1. Further, Strategy Executive Chairman Michael Saylor, by repeatedly selling Bitcoin earlier this year and indicating that the company will start lending on a massive scale, has implicitly admitted that the firm's current business model, which is basically entirely dependent on buying Bitcoin and hoping it goes up, is broken.
Dear GameStop Stock Fans, Mark Your Calendars for September 8
Why ******* ysts Think Sellas Life Sciences Stock Can Gain 150% From Here
Jensen Huang: Nvidia's Vera Rubin Platform Turns Electricity Into a $40 Billion Cash Machine

#Bitcoin #buying #month #company

CHARLOTTE, N.C. (AP) — Denny Hamlin has never won a Cup Series championship.
This may be the 45-year-old's best chance based on his overall body of work this season.
Hamlin enters NASCAR's modified 10-race playoff format known as "The Chase" with a 25-point cushion over second-place Ryan Blaney and an even bigger advantage over the rest of the 16-driver field after finishing the regular season with the most driver points.
The new format — which was last used in 2013 — is designed to reward performance throughout the entire season and provide a larger sample size to determine a champion. Fans have been clamoring for its return because of its simplicity.
And the drivers love it.

#hamlin #driver #blaney

Barclays now expects the Federal Reserve to raise interest rates at its September and December meetings, reversing a prior forecast of no changes through the remainder of the year, after Federal Reserve Chair Kevin Warsh delivered a hawkish address at the annual Jackson Hole symposium last Friday, according to Reuters.
The Wall Street brokerage described Warsh's speech as "notably hawkish" and said it offered an implicit case for further tightening, according to Reuters. Each of the two projected increases would amount to 25 basis points. The Fed's benchmark federal funds rate currently stands at a target range of 3.5% to 3.75%.
Barclays did note that near-term monthly inflation prints are likely to look considerably cooler than the longer-horizon gauges Warsh cited, but warned that base effects would undercut any apparent improvement in those annual measures before December. Traders are **** igning a 60.4% probability to a September hike, CME Group's FedWatch tool showed.
Warsh's Jackson Hole address, his first keynote at the event as Fed chair, drew significant market attention as his clearest opportunity to fill what had been a deliberate communications void since he took office in May. Warsh told the symposium that policymakers would "have work to do" if they lacked confidence that inflation was returning to the Fed's 2% target. In his remarks, Warsh cast inflation as unacceptably elevated, judged prevailing financial conditions to be doing too little to restrain demand, and described the labor market as operating at or near full employment.
Warsh reinforced his opposition to providing explicit forward guidance, declining to spell out the conditions that would trigger a policy response. "I stand here today committed to a discipline, not to a decision," he said. He acknowledged that this summer's inflation readings came in better than expected but said they did not show meaningful improvement in underlying price trends. The 2-year Treasury yield climbed following the remarks, and traders raised the odds of a September rate increase.

#warsh #barclays

Though they're worn as protection to shield the head from violent, high-speed collisions, helmets are an integral part of a football team's uniform.
In college football, they're an inseparable part of a program's visual identity, its history and mythology, something that's ******* ociated with the most triumphant (and painful) moments and its greatest players and teams.
As with anything in college football, there's a wide variance. Some schools, like Penn State and Ohio State, opt for simplicity, with only a painted helmet and a stripe down the middle. Others have a huge sticker logo that takes up much of the side of the helmet. Increasingly, teams won't stick with a helmet for the entirety of a season, instead wearing four, five, six or more helmets over the course of the year.
Pipe down, SEC: Big Ten has a strength-of-schedule argument now
Out of all of those helmets, which ones stand out the most?

#Football #down #though

Liverpool enter the new season in a state familiar to all major clubs and yet uniquely tense when it happens at Anfield, poised between memory and reinvention, between the authority of what came before and the uncertainty of what comes next. In an interview with GiveMeSport, Robbie Fowler believes that uncertainty can become opportunity, particularly under Andoni Iraola, whose appointment has brought the promise of energy, aggression and a more direct sort of ambition.
Fowler's remarks, made at the launch of the Topps Flagship Premier League 2026/27 collection, sketched out an intriguing picture of where Liverpool might be headed. There was realism in it, because there had to be. Liverpool have changed manager, changed shape as a squad, and changed, too, in the wider imagination of the Premier League. Arne Slot's **** le-winning first season in 2024/25 now feels a long way away after the collapse of 2025/26 and the upheaval that followed. Iraola arrives with a reputation for intensity and coherence, but also with the burden that attends any coach stepping into one of English football's most exacting jobs.
Fowler sounded energised by that prospect. "I mean, the obvious one is Liverpool," he said.
There is a telling simplicity in that answer. For all the noise that accompanies transition, Liverpool remain compelling because they have chosen a coach with a clear identity. Iraola's Bournemouth side played with courage and without apology. They pressed hard, moved the ball forward early and asked questions of opponents before those opponents had settled into their own patterns. That sort of football can stir a crowd quickly. At Liverpool, where emotional momentum can become tactical momentum, it may matter more than most.
Fowler's **** sment of Iraola was shaped by the same qualities many observers admired at Bournemouth. "Probably excited, actually. When I watched Bournemouth last year, I think they were obviously a team who were easy on the eye, they were very attack-minded, the press was brilliant. So how they play the game is probably the way I want to see a team."

#league

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There's no doubt about it: Evaluating Medicare's alphabet soup of coverage options is challenging. There are Parts A, B and D to consider, plus the Advantage route and the opportunity to source supplemental coverage via Medigap plans, each with its own pricing and coverage dynamics to consider. It's no wonder 75% of survey respondents said selecting coverage was a confusing and frustrating process, according to eHealth, an online health insurance marketplace.
Despite the challenge, Medicare claiming must be part of the broader retirement planning process because of the significant impact healthcare costs can have on a client's monthly cash flow, said Whitney Stidom, vice president of consumer enablement at the company. One key decision every retiree must make is whether to go with the all-in-one simplicity of Medicare Advantage or opt for the traditional Medicare route with a Medigap supplement.
Both options have merit, Stidom told Retirement Upside, but the right coverage depends on individual factors such as the client's health, anticipated medical needs, preferred care providers, travel habits, retirement income and comfort with unpredictable expenses.
Sign up for The Daily Upside at no cost for premium ***** ysis on all your favorite stocks.

#medicare #Retirement

Thursday night is Netflix's season finale: the MLB Field of Dreams Game live from Dyersville, Iowa. A baseball mecca and hallowed ground for many. Why? Because of its simplicity. Lights, field, corn.
The nostalgia of the Oscar-nominated film runs deep with baseball fans young and old. James Earl Jones' speech mixed in with the emotions of having a catch. The script is just laid out for Netflix to end its first season of MLB coverage with a home run. But will they?
If the first two instances of coverage on the streaming giant have proven anything, it's that Netflix tends to add too much to a proven formula. MLB Opening Night was an utter disaster of a debut for baseball purists. The Home Run Derby was Netflix's attempt to correct some of those mistakes. Thursday night, the lights in Iowa offer a grand finale. One that Netflix needs to take seriously into its offseason.
Netflix wants live events. They don't want baseball games on a regular basis. That's why, entering the season, I knew the approach by Netflix wouldn't be for the purists. The goal was simple: Be different.
The first shot out of the gate was MLB Opening Night. It was filled with 'Netflixing' the start of the MLB baseball season. Plenty of references and signage plugged Netflix content selections. You had Jameis Winston hanging out with fans and the Uso brothers in the stands. Bert Kreischer was in McCovey's Cove, then screaming to the fans about the excitement of Opening Night.

#season #fans #first

Audrey Hepburn believed great style was essential to her success as an actor. From that belief, a fashion icon was born, and her impact still can be seen today. For example, the British actor is credited with popularizing capris — a pants cut that's become trendy in the summer of 2026 — after wearing them for the 1954 film "Sabrina." In a promotional photo for the movie, Hepburn can be seen wearing an all black ensemble featuring capris, a long sleeve shirt, and ballet flats.
Bettmann/Getty
Despite the simplicity of the outfit, it was looks like this that made the star a favorite amongst everyday women. Capris were accessible and, as Hepburn proved, easily elevated when styled correctly. Plus, the pants were a reflection of the actor's personal aesthetic, not just her character's costume. In fact, director Billy Wilder allowed the star to pick her own outfits for the movie. The impact of that choice is still reflected today, with capris becoming a recurring fashion trend available in a variety of looks.
Read more: 14 Fashion Rules That Are Made To Be Broken
Valentina Frugiuele/Getty

#fashion #still

The Daily Merengue is a place where you can feel free to discuss all things football. Do not be alarmed by the overt RMCF bias. It's in the name! Shoutout to the mods who do a fantastic job, Ezek, Valyrian Steel, Felipejack, Juninho, NeRObutBlanco and yours truly, Kung_Fu_Zizou
Mourinho continues to face the same struggles that plague every Real Madrid manager. How to find a balance with limited influence in squad construction. Mourinho has received most of what he asked for but as the opening game of the season nears, it is what he did not get that gets magnified and scrutinised. The coach seemingly wanted an entirely new back 4 and has brought in 3 defenders already. He wanted two midfielders and has been forced to settle the one who does not solve the fundamental midfield problem. In attack he has been able to balance the left-leaning dynamic with the addition of a Diamond on the Right. He also recruited a number 9 with the characteristics of a penalty-box striker to give himself more variation in attack. What lingers though, are questions about a CF who is not a natural CF, continuing as the starting CF along with a lack of cohesion in defensive application on the LW, compounded by an inability to press and have any genuine control on or off the ball in midfield. Where Mourinho cannot resolve these issues with personnel changes, he will need to rigid structure to compensate.
The La Fabrica graduate showed a lot of ability last season. He did not walk into a great team but one that was struggling on and off the ball. He ran tirelessly and constantly tried to play with composure, an admirable feature of his game. Thiago's simplicity on the ball was further highlighted by the typical haphazard play of the established midfielders who simply cannot tolerate or comprehend that a game cannot be played at a single pace or simply the pace that suits the opposition.
"Frat brother, real brother, that brother. We just upped the score, give me dap, brother."

#game #cannot #season #wanted

Most people ***** ume that the world's most successful investors have some edge that regular people can't access. Better information. Smarter models. A network of insiders who call before the news breaks. Warren Buffett spent 60 years proving that ***** umption wrong, building one of the greatest fortunes in history through patience and simplicity rather than complexity.
And yet when people ask him what they should do with their money, his answer has been the same for decades. It's not a stock tip. It's not a sector call. It's an ETF that anyone can buy for three cents on every hundred dollars invested.
Buffett has made his position clear in shareholder letters, interviews, and annual meetings going back years. In his 2016 shareholder letter, he wrote: "My regular recommendation has been a low-cost S&P 500index fund." At Berkshire's 2021 annual meeting, he said: "In my view, for most people, I think that the best thing to do is buy an S&P 500 index fund."
The most direct version of the advice came in his 2013 letter to Berkshire Hathaway shareholders, where he described the instructions he had written into his will for the money he would leave to his wife: "My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard's.) I believe the trust's long-term results from this policy will be superior to those attained by most investors, whether pension funds, institutions or individuals, who employ high-fee managers," according to The Motley Fool.
More Warren Buffett:

#investors

Yesterday, Ryan noted the Seattle Mariners had the chance to do something dumb. The option remains on the table tonight, particularly with Shohei Ohtani receiving a rest day. Against the resurgent Roki Sasaki and the Los Angeles Dodgers, ***** uming simplicity is simple-minded itself. But Bryan Woo is facing his greatest enemy, with nothing to do with Kyle Tucker or Max Muncy. The .304/.344/.479 line he's allowed on the road, with a .354 wOBA, is about equivalent to facing Muncy, Randy Arozarena, or Ketel Marte every single plate appearance. He should consider simply returning to magic fastballs instead of these miserable, mundane ones.
With only four games remaining between today and the trade deadline Monday, Seattle needs every bit of clarity they can find.
First Pitch: 7:10 p.m.
TV: Mariners.TV
Radio: Ol' Reliable

#ohtani

Anthony Slater: To further clarify: Draymond Green is waiving implicit no trade clause and will receive 15% trade kicker - just like previous deal. Designed as if he never declined option. Warriors have no intention to trade him, but maintain ability (and he'd get bonus).
This article originally appeared on Hoops Hype: Draymond Green is waiving implicit no trade clause and …

#trade #implicit #clause

By Jonathan Stempel
NEW YORK, July 22 (Reuters) - A judge rejected Zelle's bid to dismiss a lawsuit by New York Attorney General Letitia James, who said the electronic payment ‌platform's refusal to adopt critical safety features enabled fraudsters to steal more than $1 billion ‌from consumers.
In a decision on Tuesday, Justice Phaedra Perry-Bond of a New York state court in Manhattan said James sufficiently alleged that Zelle's parent Early Warning Services "prioritized accessibility, convenience, consumer adoption, and market dominance at the expense of consumer safety" in rushing the platform to market, despite objections from its banking partners.
Early Warning Services is owned by seven large U.S. banks: Bank of America, Capital One, JPMorgan Chase, PNC, Truist, US Bank ‌and Wells Fargo.
Perry-Bond said Zelle also conceded ⁠it is still collecting and retaining fees from fraudulent transactions, raising the question of whether it implicitly or expressly approved what the fraudsters were doing.

#bond #early #bank #fraudsters

Jennifer Aniston's signature style is built on timeless wardrobe staples like white tees, relaxed denim, maxi dresses, and sleek black gowns that always feel polished yet effortless.
The actress relies on simple styling formulas—think wedges, pendant necklaces, aviator sunglasses, and neutral accessories—to make minimalist outfits feel elevated and endlessly wearable.
From tailored **** on-downs to cargo pants and jumpsuits, Aniston proves that repeating versatile basics and refining your personal uniform is the key to mastering quiet luxury style.
There are A-listers with trend-forward closets, and then there are celebrities who quietly define an entire approach to getting dressed. Jennifer Aniston has long fallen into the latter category. Across decades of red carpets, paparazzi shots, and off-duty outings, the actress has built a wardrobe rooted in simplicity, consistency, and fine-tuned minmalism. While today's sartorial tastemakers often swing between maximalism and fleeting trend cycles, Aniston's fashion philosophy has remained remarkably steady: sleek tailoring, effortless denim, timeless black dresses, and elevated basics that never feel overdone.
Part of what makes her style so enduring is its wearability. Whether she's stepping onto an awards-show carpet in a formal gown or grabbing coffee in relaxed jeans and a white tank, there's always an ease to her outfits that feels polished without being unattainable. And over the years, she's developed a handful of signature styling formulas she returns to again and again—proof that personal style is less about constantly reinventing yourself and more about refining what already works.

#feel #signature

FedEx is introducing, but not widely advertising, a series of new charges and fees over the next two weeks that could catch customers by surprise, building on a recent pricing strategy aimed at boosting revenue without touching base rates that shippers tend to focus on.
Over an 18-month span, FedEx (NASDAQ: FDX) has implemented or announced more than 50 pricing changes, according to parcel spend management firm LJM. On top of three general rate increases have been fuel surcharge adjustments, five changes to One Rate (a flat-rate, upfront shipping program designed to provide simplicity and predictability), delivery area surcharge updates, customs-related fees, dimensional pricing changes, peak surcharges and demand surcharges.
The surcharges are typically less visible to freight owners than base rates and can have a large impact on transportation budgets.
Shippers have experienced a significant increase in fuel surcharges from FedEx, UPS and even the U.S. Postal Service as the Iran war limited crude oil supplies, pushing up the cost of diesel and jet fuel used to power their fleets, as the TD Cowen/AFS Logistics Freight Index quantified last week. Fuel surcharges in the second quarter were two-thirds higher than the prior year. Overall, the express parcel rate per package increased 5.9% in the second quarter, while the ground parcel rate per package grew 5.2%.
"The biggest takeaway is not just that FedEx is raising rates on a continual basis, but how those increases have been distributed. Many shippers now see accessorial charges in the high-30% to low-40% range as a share of spend, with some exceeding 50%, LJM said in an article on its website. The constant micro-adjustments mean businesses should review their contracts more than once a year, it added.

#shippers

Madison Small Cap Fund, managed by Madison Funds, released its Q2 2026 investor letter. A copy of the letter can be downloaded fhere. The small-cap market showed exceptional strength in Q2, largely due to anticipated peace in the Middle East. The Russell 2000 Index began to rally, propelled by Information Technology, Health Care, and Industrials. The Madison Small Cap Fund (Class I) returned 12.7% in the quarter, underperforming the Russell 2000's 21.5% and Russell 2500's 20.2%. While strong gains were seen in Info Tech investments, recent investments in underperforming software companies negatively impacted overall performance. Nevertheless, confidence in the long-term potential of these software investments remains high. The firm is optimistic about small caps, noting their recent outperformance over large caps, recovery in certain software sectors, and improvements in some housing stocks toward the end of the second quarter. Please review the Fund's top five holdings to gain insights into their key selections for 2026.
In its Q2 2026 investor letter, Madison Small Cap Fund highlighted Extreme Networks, Inc. (NASDAQ:EXTR). Extreme Networks, Inc. (NASDAQ:EXTR) is a cloud driven enterprise networking company that develops and markets network infrastructure equipment and related software. On July 16, 2026, Extreme Networks, Inc. (NASDAQ:EXTR) closed at $29.76 per share, reflecting a market capitalization of $3.93 billion. Extreme Networks, Inc. (NASDAQ:EXTR) posted a one-month return of -3.92%, while its shares gained 71.86% over the past 52 weeks.
Madison Small Cap Fund stated the following regarding Extreme Networks, Inc. (NASDAQ:EXTR) in its Q2 2026 investor update:
"Extreme Networks, Inc. (NASDAQ:EXTR) (market capitalization of ~$4 billion) is a global provider of cloud driven enterprise networking solutions. The company designs and manufactures wired and wireless LAN (local area network) hardware, software-defined networking (SDN) fabric, and cloud-native management tools. They enable critical connectivity for high density, high-security environments, including professional sports stadiums, healthcare systems, and large-scale government and private enterprises. Extreme has successfully pivoted from a legacy hardware vendor to a cloud-managed, software-defined platform, creating deep "stickiness" within its customer base. In enterprise networking, the "specification moat" is significant. Once an organization builds its network fabric and security policies within Extreme's cloud dashboard, the operational risk and cost of migrating to a competitor are prohibitively high. Their strategy of offering superior simplicity and faster deployment times allows them to aggressively take market share from slower-moving, larger incumbents like Cisco and Juniper. The current industry-wide transition to Wi-Fi 7 is a catalyst, as these new hardware deployments inherently drive higher attach rates for Extreme's cloud-management software. We also believe th

Both retailers cater to a pressured consumer, but Dollar Tree's operational cleanup and clearer forward path currently present a more compelling case than Walmart's macro-battered giant.
If you own shares in Walmart (WMT) or Dollar Tree (DLTR), you are making the same fundamental bet: that in a tough economy, the American consumer will flock to value. Both are ****** ans of the same industry, so holding one is an implicit choice over the other. But a sharp divergence in their recent performance, with DLTR gaining while WMT has slipped, forces a forward-looking question: for the same exposure to the value-seeking shopper, which stock is the smarter way to own it from here?
The obvious answer is the bigger, safer Walmart. The surprising truth is that right now, the smaller Dollar Tree is showing more operational control, while Walmart's own management is flagging more acute stress among its core customers.
Guidance Shows Confidence, But The Pressures Differ
The cleanest signal of a company's future is its own forecast. Here, both companies sent a positive message in their latest reports, with each raising its outlook. Walmart boosted its forecast for 2027 net sales and adjusted earnings per share, while Dollar Tree lifted its guidance for 2026 adjusted diluted earnings per share.

GENEVA — Chinese government officials are using the United Nations' AI for Good summit in Switzerland this week to, in part, reframe the open-source models that have proliferated in China. The implicit pitch: In contrast to the most advanced US models, which can be restrictive and expensive, open-source AI tools can be a development tool for lower-income countries.
"Open source is good for all countries and all groups and all people, and I believe that is the right direction," Yu Xiaohui, the president of a Chinese government think tank, said Tuesday at a panel hosted by the Chinese government.
Beijing is leaning on its geopolitical allies to advance that vision, as it looks to shape how the technology is governed worldwide and pitch itself as the developing world's AI partner of choice.
Other speakers at Tuesday's session included top officials from Russia and Pakistan, as well as Global South nations where Beijing is making inroads, like Zambia and the Maldives. A recurring theme: The benefits from AI shouldn't be concentrated in a few rich nations.
— J.D. Capelouto

SPYI beat JEPI by returning roughly 19% versus 8% over the past year, but JEPI's defensive low-volatility structure better cushions market drawdowns.
SPYI's SPX index options unlock Section 1256 tax treatment, deferring taxes through return-of-capital distributions and making it the stronger pick for taxable accounts.
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Income investors chasing monthly checks from S&P 500 covered-call ETFs keep landing on the same two tickers: Neos S&P 500 High Income ETF (CBOE:SPYI) and JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI). Both promise high, steady payouts by selling options on large-cap U.S. equities. They look interchangeable on a screener, yet their construction diverges sharply. One is engineered around tax efficiency and full index exposure. The other is built to smooth volatility, and it accepts lower upside as the cost of that smoothing. The choice comes down to which trade-off you actually want.
JEPI holds an actively selected, low-volatility subset of the S&P 500 and layers equity-linked notes (ELNs) on top to generate premium income. The stock sleeve is deliberately defensive: top holdings include Broadcom at 1.8%, Ross Stores at 1.7%, and Apple at 1.7%, with the top 10 representing just 16.4% of the portfolio. The implicit bet is that a lower-beta equity book plus ELN income will beat the S&P on a risk-adjusted basis when markets chop or fall.

Deonte Banks enters 2026 at a crossroads. The New York Giants’ 2023 first-round pick has shown fleeting flashes of dominance but endured an up-and-down career marked by inconsistency in coverage and, at times, a lacking effort.
With the fifth-year option declined, Banks is in the final year of his rookie deal and must prove his worth in a crowded, revamped secondary featuring Greg Newsome II and rookie Colton Hood.
New defensive coordinator Dennard Wilson, a fellow Maryland Terrapin, has emphasized a clean slate for everyone.
"He's a talented player. He's big. He can run. He brings an element of physicality, but he's had an up-and-down career thus far," Wilson told reporters in April. "For us, it's coming in with a clean slate... We're trying to evaluate the players, see what they do well, and we're trying to teach them our way of football."
Wilson highlighted strong DB coaches who will focus on technique, footwork, and simplicity to unlock Banks' potential.

Nina Dobrev stepped out in New York City looking effortlessly polished. The actress was making her way to an appearance on 'Live with Kelly and Mark'. She embraced a fresh summer palette, wearing a pale blue striped High Sport mini dress that blended timeless tailoring with modern simplicity. Styled with matching heels and understated accessories, the look proved that subtle details can make just as much of a statement as bold prints.
Styled by Bailey Moon, Dobrev wore High Sport's 'Isla Dress in Pale Blue Seersucker', which retails for $1,180. Crafted from an Italian cotton-French Lycra blend, the sleeveless dress featured a classic crew neckline and a fitted silhouette. It skimmed the body before ending several inches above the knee. The soft jacquard gave the fabric a lightly textured finish. Meanwhile, the delicate pale blue stripes added a crisp, summery touch. Its short hemline transformed the minimal design into an effortlessly chic and fun micro minidress.
She completed the monochromatic outfit with a pair of Manolo Blahnik 'Jadaron Mules' in a matching powder blue shade. The open-toe heels complemented the dress perfectly, elongating her legs while maintaining a clean, streamlined aesthetic.
Keeping accessories minimal, Dobrev opted for sleek black oval sunglasses. She wore her long brunette hair parted down the middle and styled straight over one shoulder. Her makeup remained soft and natural, with glowing skin, subtly defined eyes, and a pink, glossy lip that kept the pastel outfit the focal point.
The actress appeared relaxed as she smiled while walking through the city, proving that elevated daytime dressing doesn't have to be complicated. With its flattering silhouette, textured fabric, and timeless stripe pattern, the High Sport dress struck the perfect balance between sophistication and ease. Dobrev's latest street-style moment offered a masterclass in summer dressing.

Hollywood superstar Anne Hathaway has officially kicked off her highly anticipated press tour in style. Arriving in New York City to promote her epic new movie The Odyssey, the actress radiated joy as she proudly stepped out. This tour marks one of her first major public appearances since recently announcing her pregnancy. Fans were thrilled to see her looking absolutely luminous while sweetly showcasing her growing baby ****** p.
As captured in a recent outing, Hathaway stepped out in a very chic and effortless maternity look. Embracing classic simplicity, she opted for an all-black monochromatic ensemble. The Oscar-winning star wore a form-fitting, short-sleeved black top that featured a clean, wide neckline. The top hugged her frame beautifully, showcasing her growing baby ****** p. She paired it with a matching black skirt made of a lightweight, sheer flowing fabric.
The actress kept her accessories incredibly sophisticated. She carried a structured black Christian Dior handbag with elegant gold hardware and a bow detail on the front. In her other hand, she held a thick black book with a gold spine, blending high fashion with literary charm. To complete her city style, she wore a pair of oversized, dark cat-eye sunglasses that featured thin gold detailing along the arms.
Hathaway wore her dark hair pulled back into a neat, low ponytail, keeping the focus on her glowing face. Her jewelry was kept minimalist with small gold hoop earrings. For her beauty look, she opted for fresh skin and a natural pink lip.
As she strolled through the city, she flashed a warm, bright smile to onlookers. She looked completely at ease, exuding timeless New York elegance. This gorgeous outfit shows that maternity style can be incredibly simple yet undeniably powerful. Fans are already excited to see what other chic looks she will bring to the promotional tour.

INDIANAPOLIS, INDIANA - JUNE 19: Caitlin Clark #22 of the Indiana Fever argues a call with a referee during a game against the Washington Mystics at Gainbridge Fieldhouse on June 19, 2024 in Indianapolis, Indiana. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Emilee Chinn/Getty Images)
Each time a WNBA opponent makes hard contact with Caitlin Clark , a familiar sequence of events typically follows. Over the past few weeks that sequence has consisted of a missed whistle, a viral clip, a wave of outrage, a quiet league review, followed by an outpouring of commentary from coaches, teammates, broadcasters, and fans insisting that the sport's most visible player must be protected. And while the implicit instinct behind some of that chorus is largely understandable, and in many cases may be sincere, the language used often unknowingly relies on sentiments and language that perpetuate decades of harmful stereotypes about women athletes.
Specifically, what we are seeing as people attempt to protect Cailtin Clark is the harmful framing of women athletes as either fragile and in need of protection, while simultaneously characterizing other's as too physical and classless. The outcome of these storylines is also increasingly becoming harmful to the growth of the sport. Given that women's professional sport continues to grow at historic rates, it is unfortunate that one of the biggest storylines is being told through a frame that is reviving harmful stereotypes about women athletes.
INDIANAPOLIS, INDIANA - JUNE 22: Valeriane Ayayi #11 of the Phoenix Mercury reaches for the ball against Caitlin Clark #22 of the Indiana Fever at Gainbridge Fieldhouse on June 22, 2026 in Indianapolis, Indiana. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Michael Hickey/Getty Images)
The most recent example of protection came on June 24, when Phoenix Mercury forward Alyssa Thomas pressed a closed fist into Clark's neck during a scramble for a loose ball and drew no whistle. The league reviewed the play the next day, upgraded it to a Flagrant 2, and suspended Thomas for one game . In the hours between, Indiana Fever head coach Stephanie White described the no-calls as "absolutely unacceptable," "egregious," and "utterly disrespectful," and accused WNBA officials of failing to safeguard a "generational talent." It was not the first such moment. The Chennedy Carter hip-check, Angel Reese's forearm, and the Jacy Sheldon–Marina Mabrey physicality followed similar sequences, and each became a national conversation on whether Clark, specifically, was being adequately protected.

By Andrea Shalal
WASHINGTON, June 26 (Reuters) - The International Monetary Fund's chief economist on Friday said Federal Reserve Chair Kevin Warsh's plan to reduce forward rate guidance on monetary policy was "entirely appropriate," although ‌central banks would always need to provide some long-term guidance for markets.
Pierre-Olivier Gourinchas, who leaves his post ‌to return to academic life next week, said strong forward guidance had gotten "really bad press" because it committed central banks to some future action, regardless of economic developments.
"That is something that is not tenable, of course," Gourinchas told Reuters in an interview, adding that such rigid guidance had proven to be very costly when U.S. inflation surged in 2021 and 2022 but the Fed did not act quickly because it had earlier promised to keep rates steady.
"So I think moving away from these ‌strong forms of forward guidance is entirely ⁠appropriate. Saying there is no forward guidance, I don't think that is actually the case ever. You do it explicitly, or implicitly, the market is going to form a view," ⁠he said.

Here is a look at the notable attendees who joined Kristen Stewart and Marion Cotillard on the red carpet for the opening ceremony of the 2026 Nouvelles Vagues International Biarritz Film Festival in France.
For a festival taking place during a heatwave, the collective mood was remarkably autumnal. Black dominated the red carpet, knitwear appeared more than once, and Chanel's presence was unsurprisingly strong.
Isabelle Huppert wore a black Chanel Pre-Fall 2026 cashmere dress in her usual streamlined silhouette, accented with a leather sash knotted at the waist, a styling detail we've previously seen in red on Jessie Buckley. And yes, her oversized sunglasses continue to make appearances well beyond her Balenciaga and Gucci outings. At this point, they have become as much a signature as the black dresses themselves. Chanel Fine Jewelry completed her look.
Esmé Creed-Miles wore a Ferragamo Fall 2026 look, which has a slightly dishevelled and deconstructed feel that is echoed by the hair and beauty styling. Ferragamo gold mule wedges completed her look.
Whitney Peak wore a Chanel Pre-Fall 2026 black lurex dress, which is largely saved by the simplicity of the white T-shirt. And remarkably, this may be one of the few occasions where the two-tone shoes genuinely worked for me.