Earnings

PureTech Health PLC reported H1 2026 cash and short-term investments of $220 million, down from $277.1 million at year-end 2025, providing operational runway at least through the end of 2028. Seaport Therapeutics completed a successful IPO on NASDAQ, raising $260 million, while Gallup Oncology received FDA Fast Track designation for LYT200 in relapsed/refractory high-risk MDS and completed a successful End of Phase 1 meeting. Estimated future proceeds from Cobenfy royalties and milestones were materially downgraded to approximately $50 million based on analyst consensus. PureTech reserved $70 million for future investment in Celia Therapeutics, which will require additional financing to complete its Phase 3 trial, and expects go-forward cash burn of $30 million to $40 million a year, down from roughly $90 million when later-stage clinical programs were run internally. Gallup Oncology's Phase 2 STRIDE MDS trial is not expected to be pivotal and will take approximately 30 to 33 months, with initiation contingent on external financing targeted for completion by the first half of next year.

Ollie's Bargain Outlet Holdings reported second-quarter results for the period ended August 1, 2026, with adjusted earnings per share jumping 43.4% to $1.42 while comparable store sales fell 1.8% and net sales rose 9.1% to $741.3 million on new store growth. Management cut its full-year comparable sales outlook to flat-to-0.5% growth and guided net sales to $2.928 billion to $2.941 billion. Among the seven analysts who weighed in, two firms raised their price targets while five cut them, though none turned outright bearish; RBC Capital raised its target to $124 from $121, Truist went to $85 from $80, and Craig-Hallum trimmed to $120 from $130, while Morgan Stanley's Simeon Gutman cut to $98 from $108, BofA to $105 from $115, Piper Sandler's Peter Keith to $100 from $113, and Citi to $98 from $100. Gross margin rose 360 basis points to 43.5%, with 380 basis points of that increase coming from IEEPA tariff refunds worth roughly $0.35 a share, a benefit management is already redeploying into about $15 million of price investment, and CFO Robert Helm flagged rising fuel costs as a 20 to 30 basis point headwind. The company opened 15 new stores in the quarter, bringing the total to 686 across 36 states, up 11.9% year-over-year, while Ollie's Army membership grew 12.7% to 18.1 million, and it ended the quarter with $507.1 million in cash and no meaningful long-term debt, bought back $84 million of stock, and raised its full-year repurchase target to roughly $175 million. Point72 Asset Management raised its stake 45% to 1.51 million shares worth $116.2 million as of the second quarter of 2026, Hood River Capital Management trimmed its position 16% to 742,353 shares worth $57.1 million, Citadel Investment Group cut 11% to 443,728 shares worth $34.1 million, and ExodusPoint Capital took a new position of 346,871 shares worth $26.7 million, with overall hedge fund ownership ticking up to 38 funds from 36 and short interest at 15.00% of float.

BIOQUAL, Inc. reported a net loss of $4,168,571 for fiscal year 2026, compared with a net loss of $1,048,154 in fiscal 2025. Revenue for the year fell to $39,947,446 from $48,867,753 a year earlier, while loss before income tax widened to $3,716,076 from $1,286,601. Basic and diluted earnings per share of common stock came in at a loss of $4.08, versus a loss of $1.17 in the prior year, on a weighted average of 894,416 shares outstanding for both basic and diluted calculations. The Rockville, Maryland-based company said its forward-looking statements involve risks including its ability to extend current government contracts, obtain new government and commercial contracts, and secure sufficient animal models and employees.

Rigetti Computing said in its latest technology update that the biggest challenge in its quantum roadmap is no longer adding more qubits but improving the performance of its flagship 108-qubit Cepheus system. During the second quarter of 2026 earnings call, management acknowledged that coherence time has become the primary bottleneck limiting two-qubit gate fidelity, even as Cepheus-1-108Q stands among only three generally available gate-based quantum computers with more than 100 qubits. The system currently operates with coherence times of roughly 25-30 microseconds, a level that constrains the reliability of quantum operations. Rigetti is directing engineering efforts toward chip redesigns, fabrication process improvements and new materials, including tantalum-capped superconducting contacts, and management expects these initiatives to gradually double or even triple coherence times over the next several years. In peer updates, Quantum Computing Inc. signed a three-year Framework Agreement with Hamad Bin Khalifa University in Qatar covering quantum computing, sensing and communications, while IonQ secured an $8.18 million commercial agreement with Congruity360 to integrate quantum-safe networking into its enterprise data management platform.

Root, Inc. reported improved first-half 2026 underwriting economics even as its premium growth cooled, with the net combined ratio improving to 91.7% from 95.4% a year earlier and the net loss and loss adjustment expense ratio improving to 64.1% from 65.1%. Adjusted EBITDA rose to $100.6 million from $69.5 million, and the company ceded about 1.5% of gross premiums earned in the first half, down from 5.8% a year earlier, allowing it to retain more premium. Gross written premium declined 3.7% in the first half of 2026 as Root cut customer acquisition that failed to meet its return thresholds, with direct performance marketing spending falling $35.4 million year over year. Policies in force still increased 6.2% year over year to 483,921 at second-quarter end, but management expects the 2026 year-end count to be relatively flat if current competition persists, while premiums per policy fell to $1,479 from $1,616 and the first-half gross accident-period loss ratio rose to 59.7% from 56%. Partnerships and independent agents represented about 51% of second-quarter new writings, up from about 44% a year earlier, and Root was active in 37 auto insurance markets as of August 2026, covering more than 80% of the U.S. population and targeting a near-national footprint by the end of 2027. Root currently carries a Zacks Rank #3 (Hold), and the Zacks Consensus Estimate for 2026 has risen 36% in the last 30 days.

BYD's overseas business has overtaken its home market, generating roughly 53% of total revenue in the first half of 2026 even as the company's overall results declined. Revenue fell 7.1% year over year to RMB 344.8 billion, and net profit attributable to shareholders dropped 20.5% to RMB 12.3 billion, as brutal price competition squeezed China's EV market. Overseas revenue reached RMB 181.3 billion in the first half, up about 34% year over year, and first-half margin improved to 18.85% from 18.01%, driven largely by the overseas vehicle business, which Reuters reported carried a margin of 22%. The monthly sales data sharpened the trend: in August, BYD sold 440,293 new-energy vehicles globally, up 17.8% from a year earlier, with overseas sales jumping 134.6% to 188,746 vehicles while domestic sales fell 14.3%. The shift marks a change in the investment story for the world's largest new-energy vehicle maker, which has largely been a China play over its history.

Victoria's Secret & Co. reported second-quarter fiscal 2026 net sales of $1,611 million, up 10% year over year, as its Path to Potential strategy delivered broad-based growth across its Victoria's Secret, PINK and Beauty brands and across channels. Adjusted operating income rose 125% to $124 million, and the quarter marked the company's fifth consecutive quarter of positive comparable sales. Within the Victoria's Secret brand, the bra business grew mid-teens and contributed roughly half of the brand's mid-teens growth, while panties grew high-teens and sleep mid-teens; PINK grew high single digits for its fifth straight quarter, apparel posted its eighth consecutive quarter of growth, and Beauty grew mid-single digits for a 12th consecutive quarter. The customer file increased mid-single digits with new-customer acquisition up high single digits, regular-price selling rose low double digits, and international sales grew 20%, led by China and the European digital business. The Zacks Rank #3 (Hold) stock has gained 3.6% over the past three months against a 14.7% decline for the industry, and the Zacks Consensus Estimate implies earnings growth of 56.3% for the current fiscal year and 22.7% for the next.

Acadia Healthcare shares have surged 100% year to date, rebounding from a 2025 slump driven by patient-related litigation costs and legal liability concerns. Early this year the company brought back former CEO Debra Osteen, replacing Chris Hunter, while reaffirming its 2025 guidance. Management raised its 2026 adjusted EBITDA and earnings outlook after both the first- and second-quarter results, and after the second quarter increased its operating cash flow guidance to $350-$400 million from $285-$325 million while lowering expected capital expenditures to $235-$255 million from $255-$280 million. The company added 240 licensed beds in the second quarter of 2026 through two newly opened joint-venture facilities, a 144-bed facility with Orlando Health in Florida and a 96-bed facility with Methodist Jennie Edmundson Hospital in Iowa, and also opened two new Comprehensive Treatment Center locations. The Zacks Consensus Estimate for 2026 earnings stands at $1.55 per share with four upward revisions and no cuts over the past 60 days, while the 2027 EPS consensus implies 14.4% year-over-year growth and 2026 and 2027 revenue consensus of $3.42 billion and $3.61 billion signals increases of 3.4% and 5.4%, respectively.

Hess Midstream LP reported second-quarter 2026 earnings of 75 cents per Class A share, up 1.4% year over year and 8.7% above the Zacks Consensus Estimate, even as revenues and other income declined 3.7% to $399 million. Lower throughput was the main drag on revenue, partly offset by higher tariff rates and third-party services, which more than doubled to $17.9 million from $8.2 million. Operating and maintenance expenses fell to $85.9 million from $94.1 million a year earlier, lifting the gross Adjusted EBITDA margin to 85% from 82%, though Adjusted EBITDA still slipped 0.7% to $313.7 million from $316 million. Management expects second-half volumes to exceed first-half levels, with full-year guidance of 450-460 MMcf/d for gas gathering, 435-445 MMcf/d for gas processing and 125-135 MBbl/d for both crude terminaling and water gathering, and it guided third-quarter Adjusted EBITDA to $310-$320 million as deferred maintenance and higher capital spending shift into the second half. Full-year Adjusted EBITDA guidance stands at $1.225-$1.275 billion, roughly flat at the midpoint versus 2025, while the Zacks Consensus Estimate for 2026 earnings is $2.94 per share, a 2.8% year-over-year increase.

Exor N.V. announced a share buyback program of up to €500 million alongside its half-year report for 2026, with the buyback to be executed on the market until its next financial results in March 2027. The company said NAV per share declined 3.9% in the first half of 2026, compared with an 11.8% increase in the MSCI World Index. Portfolio simplification continued: Iveco Group completed the sale of its defence business to Leonardo, Tata Motors launched its tender offer for Iveco Group with closing expected in November 2026, and Exor completed divestments in GEDI, Lifenet and NUO and agreed to sell its stake in Welltec. The Welltec deal will return a MOIC of approximately 2.4x and bring Exor's deployable cash to around €4 billion. CEO John Elkann said the reshaping of the portfolio has continued and that the shares trade at a substantial discount to NAV that does not reflect the company's assessment of the intrinsic value of its portfolio.

Constellation Energy's Equivalent Forced Outage Factor rose to 6.2% in the second quarter of 2026 from 4.5% in the first quarter, a combined measure across its natural gas, oil and pumped-storage hydro fleet following the January 2026 acquisition of Calpine. The company said the 6.2% figure covers multiple generation technologies and should not be compared directly with benchmarks for a single plant technology. Constellation also reported a 93% nuclear capacity factor in the second quarter of 2026, excluding Salem and South Texas Project, along with a 96% renewable energy capture rate. The Zacks Consensus Estimate for 2026 and 2027 EPS indicates an increase of 29.82% and 8.76%, respectively, year over year, while Constellation's trailing-12-month ROE is 14.89% against an industry average of 7.15%. In the past three months, the company's shares have plunged 2.7% compared with the industry's 8.8% fall, and CEG currently carries a Zacks Rank #3 (Hold).

ACG Acquisition said its updated technical report for the Gediktepe mining operation in Türkiye raised the project's estimated net present value to $1.2 billion at consensus commodity prices and $1.4 billion at spot prices, with estimated net asset value per share of about £34 and approximately £43 respectively. The company raised its expected average production over the next five years to more than 36,000 metric tons of copper equivalent annually, up from an original plan of roughly 20,000 metric tons, and now expects average annual revenue of about $450 million over that period versus roughly $130 million in recent years. ACG acquired Gediktepe for $120 million in September 2024 and is investing a further $200 million in the asset, of which $146 million has been invested, including a flotation plant, while about $60 million is being allocated to a SART plant scheduled to begin production in the third quarter of 2027. For the first half of 2026, ACG reported $90 million in revenue, about $50 million in EBITDA and $30 million in cash flow, and management is targeting a lower-cost refinancing of its $200 million Nordic bond, which began with a 14.7% coupon, possibly at the January call date or earlier. The company also announced an agreement to acquire a license about 70 kilometers from Gediktepe for just under $8 million, payable in two tranches, which could extend heap-leach production by six to seven years.

Pediatrix Medical Group reported second-quarter 2026 net revenues of $487.8 million, up 4% year over year, as acquisitions and higher same-unit pricing offset a 2.1% decline in same-unit revenues tied to patient volume. Same-unit revenues from net reimbursement-related factors rose 4% year over year, helped by improved revenue-cycle management cash collections, a favorable payor mix and higher patient acuity, primarily in neonatology, while commercial and other non-government payor mix improved 135 basis points from the year-ago period. Adjusted EBITDA increased to $76.4 million from $73.2 million, and the company reaffirmed its 2026 adjusted EBITDA outlook of $280-$300 million. Pediatrix expects full-year patient volumes to be roughly flat to slightly lower, and the benefit from stronger revenue-cycle collections is expected to ease in the second half of 2026, while higher salaries and malpractice expenses could weigh on operating leverage. Among peers, Tenet Healthcare posted a 6% year-over-year increase in hospital unit net operating revenues with admissions up 2.3%, and HCA Healthcare reported admissions up 2.4% with revenue per equivalent admission up 6%.

BlackBerry Limited is set to report second-quarter fiscal 2027 results on Sept. 24, with the Zacks Consensus Estimate for earnings at 4 cents per share and revenue at $143 million. The company guides non-GAAP EPS to 3-4 cents and fiscal second-quarter revenues to $137-$148 million, with adjusted EBITDA of $20-$30 million and operating cash flow between breakeven and $10 million. Within that total, BlackBerry expects QNX revenues of $70-$75 million and adjusted EBITDA of $16-$21 million, and Secure Communications revenues of $57-$63 million with adjusted EBITDA of $5-$10 million; Licensing revenue is expected at approximately $10 million, up from $6.6 million a year ago. In the last reported quarter, QNX revenues surged 26% year over year to $72 million and Secure Communications revenues rose 24% to $74 million, while annual recurring revenues grew more than 5% to $220 million with a dollar-based net retention rate of 92%. BlackBerry shares are up 157% over the past six months, far outpacing the Internet Software industry's 19% gain, and the stock trades at a forward 12-month price-to-earnings multiple of 42.23 versus the industry's 29.2.

ABM Industries raised its adjusted earnings outlook to $3.95-$4.10 per share from the earlier expectation of $3.85-$4.15, lifting the midpoint of its full-year guidance. The company also raised its full-year operating cash flow expectation to about $300 million and free cash flow to about $210 million, up $25 million from the prior free cash flow outlook. Organic revenue growth is still expected toward the high end of 3-4%, with total revenue growth toward the high end of 4-5%, while segment operating margin is projected at 7.7% to 7.8% compared with the prior range of 7.8-8%. Through the first nine months of fiscal 2026, semiconductor revenues reached about $300 million and grew 65% organically, microgrid revenues of roughly $300 million increased 17% and data center revenues of about $175 million rose 8%, aided by the recently acquired WGNSTAR and a roughly $20 million Army Corps of Engineers microgrid project planned for 2027. In the third quarter of fiscal 2026, operating cash flow reached $146.8 million and free cash flow totaled $128.4 million, while total debt declined to $1.8 billion and leverage improved to 2.9X from 3.2X in the prior quarter, with $605.8 million of available liquidity including $110.5 million of cash.