International Business Machines (IBM) has risen 6.0% over the last five trading days while the S&P 500 fell 1.3%. A run like that in a weak market pulls money in, but the five-day move is not the question worth answering. What matters is what IBM does to your money when the market moves. Most of what IBM does has little to do with the market.
On days the S&P 500 rose over the past year, IBM captured about 83% of the gain. On days the index fell, IBM took about 102% of the loss. That is a one-year reading of daily moves. For investors evaluating a recent breakout, an asymmetric downside capture ratio warrants closer inspection.
IBM is not a quiet stock. Over the past five years it ran 30.3% annualized volatility against 17.2% for the S&P 500. Its daily moves have tracked the index with a correlation of only 0.36 across those five years, so most of that movement is IBM's own. Independence like that comes from what IBM sells, and when its customers buy.
Software is nearly 45% of IBM's revenue, and about 80% of that software revenue is recurring, coming from subscription and consumption products like Red Hat, HashiCorp and Confluent. The other 20% is transactional. Large clients buy the mainframe and its software stack on enterprise license agreements, generally treated as capital spending.
That last 20% is what slipped in the second quarter of 2026. Management says many clients redirected spending toward servers, storage and memory to secure supply-constrained infrastructure ahead of expected price increases. Tens of large deals did not close on time, and transaction processing revenue fell 9% while data grew 18%.

#revenue

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It's been 84 years two months since Taylor Swift and Travis Kelce got married at Madison Square Garden in New York City, and the couple managed to keep the wedding completely private. There are no leaked photos to speak of, and we still haven't seen pics of Tay's wedding dress—a Dior haute couture gown designed by Jonathan Anderson.
So, why hasn't Tay shared photos of her and Travis's big day yet—and when can fans expect them to drop?
The New York Times previously noted that a Dior spokesman said photos would be shared "after Swift herself posts the first pictures on her Instagram." Which obviously hasn't happened just yet! And now a source tells the Daily Mail that Taylor is simply doing things on her own terms.
While Taylor has been "very secretive" about her exact plans, she's waiting for buzz about the wedding to calm down a bit before sharing photos. But "when she eventually does, it's not going to be transactional. She's not going to suddenly release her wedding photos to sell an album or coincide with some big announcement."

#taylor #wedding

The theme of our final regular-season free-agency update? Status quo.
Frankly, not much has happened since the trade deadline. The good players have continued to play well. A few characters have tumbled from underperformance or skyrocketed up from anonymity, but for the most part, August solidified what we already thought we knew.
As a reminder: This is a weak class. It's increasingly unlikely that a single position player will surpass the $100 million threshold, something that hasn't happened in more than a decade. The uncertainty of the lockout will have an impact as the sport prepares to go on a transactional hiatus starting Dec. 1.
We'll be back with free-agency coverage before then, with our comprehensive top 50 free agents list dropping in October.
Notes: Whenever you see a number, a slash and another number, that's a reference to contract years and total earnings. For instance, the shorthand for Bryce Harper's 11-year, $330 million deal would be "11/330." Ages listed below are for the 2027 season.

#agency

The Dallas Cowboys and New Orleans Saints could not seem to stop fighting one another during their scrimmage on Tuesday, and now they are paying for it.
The NFL announced on Thursday that Dallas and New Orleans have each been fined $500,000 for the "actions" that took place. This is obviously not a good look for anyone involved.
It was documented as the scrimmage wore on how the Cowboys and Saints simply could not stop fighting each other. There was never any specific culprit named from the "action", but Donovan Ezeiruaku was ejected in terms of transactional outcomes.
Brian Schottenheimer has said at many turns that the Cowboys need to be more disciplined this season, and this is certainly a step backwards in that effort. Obviously this was not an actual game and things can be said about who started what, but the facts are now that Dallas has literally been fined for improper activity of this sort.
Hopefully it is a learning opportunity moving forward.

#obviously #tuesday

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Revenue growth of 27.3% was primarily driven by a structural shift in customer demand toward AI-driven drug discovery (AIDD) and high-throughput protein expression.
Management attributes the record adjusted net profit growth of over 200% to improved business quality and operating leverage from long-term investments in automation and digital capacity.
The Life Science Group (LSG) achieved a 29.5% adjusted operating margin, marking a transition from an investment phase to a scale-and-profitability phase.
AI-driven demand is transforming the business model from one-off transactional projects to recurring, high-volume data generation partnerships with tech companies and AI-native biotechs.

#Growth #NVIDIA

Pat McAfee is a bigger name today as a sports show host than he was as a player. But for veteran Michael Wilbon, the flamboyant sportscaster's appeal couldn't move the needle. Wilbon does not see McAfee as one of the network's biggest faces.
"Two of them must be [Mike Greenberg] and Stephen A. [Smith], right? And Scott Van Pelt," Wilbon told Awful Announcing when asked about his top choices for ESPN's 'face.' "I'd say that those are the leading candidates for the face [of ESPN]. There can't be one.
"I don't consume Pat McAfee, so I don't have a sense of it," he added when host Brandon Contes asked about McAfee. "… It's not in the world in which I am. And that's just a matter of time. You know, the other guys have been at ESPN a **** of a lot longer than McAfee."
Wilbon also mentioned that it really depends on the circumstances; Adam Schefter could also be looked at as a face on transactional coverage grounds. Baseball would mean Buster Olney and Jeff Passan.
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#host #biggest #michael

The modern American right-wing movement is transactional by its nature.
Look no further than the man it has propped up as its beacon of values and character: Donald Trump. The absolute king of seeing everything in life as a transaction. If you can't do something for him, he has no time for you. His presumption that everyone in the world operates that way has always been a self-reflection.
The movement, and its media arm, work in much the same way. That's true of the topics it covers as well as its own people. Pundits go from being the face of a network to persona non grata in the blink of an eye.
Truth, nuance, and humanity are useless concepts. Everyone is a widget on an **** embly line of messaging. No one exists outside that transactional lens, and once you're no longer of any use to them, you're not only out, but you become their next target.
For a perfect example, look no further than Caitlin Clark.

#everyone #transactional #american #Trump

Transfer windows thrive on the domino effect. One move triggers another, a sudden phone call reshapes two squads at once, and suddenly a frozen deal thaws out. Goodison Park might be about to benefit from exactly that kind of chain reaction. Tottenham full-back Djed Spence is firmly on the radar, and the key to unlocking his signature sits in north London.
According to former Everton chief executive Keith Wyness, via Transfer Feed, the whole situation hinges on Spurs completing a deal for Nottingham Forest defender Neco Williams. Speak to Wyness, and the picture becomes clear. If that deal crosses the line, Spence gets the green light to head to Merseyside.
Wyness ran things at Goodison between 2004 and 2009. He understands the mechanics of these negotiations. Now running a football consultancy advising elite teams, he can see a transfer chain taking shape. He believes Spurs might change their mind about whether they even need to fill the position, and that Spence himself looks ready for a fresh start somewhere else.
Spurs want Williams. That is the catalyst. Wyness thinks that if that specific piece falls into place, Spence will arrive at Everton at some stage this summer. It makes perfect sense. Football is transactional. One comes in, another departs. Tottenham are playing hardball over the fee, though. Separate reports show they want at least £40m to let him walk. Spence is locked into a contract until June 2029, meaning Peter Carrington holds all the leverage. Everton will have to find serious cash to get Tottenham to the negotiating table.
David Moyes has a massive problem to solve. Seamus Coleman has departed. The right-back slot is empty, exposed, and glaringly vulnerable. Anyone watching the back line last season could see the gap. Spence offers something Moyes loves: Versatility. He can play on the right or slot into the left-back role. He gives options. Managers crave that flexibility during a tough Premier League campaign.

#spence #back

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Management attributes record Q3 performance to the market shift from transactional AI to production-scale inference and agentic AI, which performs continuous work rather than just answering prompts.
The company is repositioning as an 'AI Factory' platform, integrating memory, compute, and ClusterWareAI software to address the memory bottleneck that emerges as inference workloads become contextually larger.
Strategic growth is being driven by non-hyperscale customers, including enterprise, sovereign AI, and neocloud providers, which now represent 58% of Advanced Computing sales compared to 33% last year.
The Integrated Memory business is seeing a fundamental structural shift rather than a cyclical upturn, as agentic AI requires persistent, context-rich memory capacity beyond standard GPU HBM.

For small trucking companies and owner-operators, the temptation to grow is ever constant.
When rates start firming up in the freight cycle, capacity thins out and shippers call begging for trucks. The first instinct is often to add more ***** ets.
But as the trucking industry has painfully learned over successive cycles, scaling a business doesn't always make it stronger – it also multiplies its vulnerabilities. To scale successfully, carriers must transition from transactional, day-to-day survival to structured, strategic management.
This is where the Goldman Sachs 10,000 Small Businesses program can lend both capital and the know-how necessary for smart company scaling.
Designed to help passionate entrepreneurs take their enterprises to the next level, the fully funded, 12-week intensive business education program can be a resource for small-scale trucking companies to grow with confidence.

Dusty May knew the game, embraced the game and played it brilliantly. In two stirring seasons at Michigan, he balanced the transactional aspects of a rapidly changing sport and became a coaching star. A coveted star.
May made an indelible mark at UM, capping a 37-3 season with a national championship, the Wolverines' first in 37 years. And once the whirlwind of opportunities started, it wasn't going to stop. At least not until Monday, when May left Michigan to coach the NBA's Dallas Mavericks.
It's a crushing blow for the Wolverines, but they knew the cost of success in college basketball's current climate. It's a fitting final transaction for May, and the only major surprise is the timing, two months after the season, and after recruiting and portal signings. His top ******* istant, Mike Boynton Jr., will likely take over as an interim, which gives the Wolverines a chance at a workable transition, with the roster already rebuilt and pegged as a top-five team next season.
May had a new contract agreement with UM but hadn't yet signed it. The way it appears, that was at least semi-intentional, as he was frequently mentioned as a candidate for the NBA, just like his players, Yaxel Lendeborg, Aday Mara and Morez Johnson Jr. I doubt this was strictly a money issue, although he'll be handsomely compensated in Dallas. But if there's more that AD Warde Manuel could have done, we need to hear it.
Just as Jim Harbaugh departed after the 2023 football national championship for a multitude of reasons — NFL lure, ongoing scandal, pending punishment — May apparently had aspirations that Manuel couldn't fulfill. (No, Harbaugh was never staying at UM amid the NCAA sanctions). May's contract has already been redone once, and with Big Ten and national ******* les, his pay topped $5 million this past season. He hauled in a top-five recruiting class and a top-12 portal class, so sustainability and security certainly weren't issues.

Nu Holdings Ltd. (NYSE:NU) is among the stocks with the best earnings growth for the next 3 years. On June 15, Citi trimmed the price target on Nu Holdings Ltd. (NYSE:NU) from $18 to $13, while downgrading the stock to Neutral from Buy. According to the firm, the company's growth will come at the cost of monetization and profitability due to its credit-dependent nature. The exposure to credit cards and personal loans increases its "vulnerability to a crowding-out effect on borrowers' repayment capacity," the firm added.
Back on June 3, Susquehanna downgraded Nu Holdings Ltd. (NYSE:NU) to Neutral from Positive and cut the price target from $18 to $13. In the first quarter, operating margins dropped 760 basis points to 19.2%, given the credit card push in Brazil and the Mexico expansion. The leadership restructuring, with the departure of Brazil-based CFO Guilherme Lago and the hiring of Visa's North America CEO Rob Livingston, will accelerate the company's global expansion, the firm said. Thus, making NU one of the stocks with the best earnings growth for the next 3 years.
Pixabay/Public Domain
The firm also flagged some concerns. As noted by Susquehanna, the company's margins have been under strain due to multiple factors that show little sign of easing in the near term. The firm believes that Nu Holdings Ltd. (NYSE:NU) is entering another heightened investment cycle, which will weigh on the shares until there is greater visibility into the outlook.
Nu Holdings Ltd. (NYSE:NU), founded in 2013, is a Brazilian provider of a digital banking platform offering spending, mobile payments, transactional, savings, and investing solutions.

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Fractional reserve banking is a system that requires banks to keep a percentage of deposits in their customers' transactional accounts (such as checking and savings accounts) on reserve.
Under the previous U.S. reserve requirement, banks had to keep as much as 10% of deposits in their vaults or with the Federal Reserve. However, this threshold was reduced to 0% in 2020, effectively eliminating the cash reserve requirement for depository institutions.
As a bank customer, you probably didn't notice when the fractional reserve requirement went away in the U.S. While banks reasoned that the requirement had forced them to raise interest rates on lending and lower interest rates on bank deposits, there was no notable benefit to banking customers after the system ended. Then again, banks had already been ******* ding cash in excess of the reserve requirement for over a decade following the 2008 financial crisis.
Still, fractional reserve banking is an important concept to understand as it relates to our modern banking system. Here’s more about what fractional reserve banking is and how it works.

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added Kyle Gann as a partner to its business practice group and as a member of its transactional and regulatory insurance team.