Author: Lekha Gupta

Nayax Ltd. (NASDAQ:NYAX) stock jumped over 12% Tuesday after the payments company agreed to acquire smart parking technology provider IPS Group Inc. for $350 million in cash.

Deal Expands Parking Business

Nayax will acquire IPS from Windjammer Capital Investors on a cash-free, debt-free basis. The purchase price equals about 17 times IPS’ estimated 2026 adjusted EBITDA. That multiple falls to about 12 times after expected synergies.

IPS provides connected parking meters, mobile payments, enforcement software and curb-management tools. Its technology supports more than 250,000 parking spaces across the U.S., U.K., Ireland and Canada.

The deal will combine IPS’ parking platform with Nayax’s payment infrastructure and distribution network. Nayax operates in more than 120 countries. The company plans to expand IPS into Continental Europe and cross-sell electric vehicle charging services.

IPS Forecasts Strong 2026 Growth

IPS expects 2026 revenue to exceed $90 million, with recurring sales accounting for more than 60% of the total. The company projects about 20% organic revenue growth and adjusted EBITDA of roughly $21 million.

Nayax expects the acquisition to immediately improve gross margin, adjusted EBITDA margin, adjusted earnings per share and free cash flow conversion. However, the deal is not included in its current 2026 guidance.

The company also expects more than $8 million in annual EBITDA synergies by 2029.

Closing Expected In Fourth Quarter

Nayax will fund the purchase with available cash and about $150 million of new committed debt. Net leverage is expected to reach roughly 3.8 times at closing before falling below 3 times by the end of 2027.

The transaction is expected to close in the fourth quarter, subject to regulatory approval. IPS’ management team will continue operating the business from San Diego.

NYAX Price Action: Nayax shares were trading up 12.41% at $51.91 at the time of publication on Tuesday, according to Benzinga Pro data.

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Micron Technology, Inc. (NASDAQ:MU) on Thursday disclosed the launch of Micron Research Labs, a U.S.-based long-horizon research institution aimed at advancing memory and AI technologies.

Launches Micron Research Labs For Memory And AI

This is supported by a planned $10 billion investment over the next 10 years.

Positioned as the first dedicated memory research hub of its kind in the U.S., Micron Research Labs will be anchored by a flagship campus in Boise designed to advance research across critical technology areas.

The new research hub will focus on critical memory technologies, advanced memory and computing architectures, packaging and future semiconductor manufacturing.

The planned investment will also support extensive collaborations with universities, global satellite laboratories and deeper partnerships across the semiconductor ecosystem, establishing a connected research network focused on technologies beyond the next generation for the AI era.

Micron expects to begin construction of its advanced Micron Research Labs facility in 2027, with space for hundreds of researchers.

Micron Chairman, President and CEO Sanjay Mehrotra noted that this builds on more than $250 billion already committed to U.S. manufacturing and R&D, reflecting Micron’s confidence in AI’s long-term potential.

Micron (MU) Technical Outlook: Key Levels And Momentum

Currently, Micron’s stock price stands at $923.00, which is approximately 3.8% above its 20-day simple moving average (SMA) of $894.74 but 3.5% below its 50-day SMA of $962.32. The Relative Strength Index (RSI) is at 51.90, indicating a neutral momentum phase, suggesting that the stock is neither overbought nor oversold at this time.

The stock is also significantly above its 200-day SMA of $563.69, reflecting a strong long-term trend. However, the 20-day SMA is below the 50-day SMA, which is generally considered a bearish signal.

• Key Resistance: $1012.00 — a nearby level where rebounds can stall, tied to a recent pivot zone.
• Key Support: $891.50 — a nearby level where buyers previously stepped in, aligning with the 52-week low zone.

Micron (MU) Earnings Preview And Analyst Estimates

Micron Technology is slated to provide its next financial update on September 22, 2026 (estimated).

• EPS Estimate: 31 cents (Up from 3 cents YoY)
• Revenue Estimate: $50.81 Billion (Up from $11.31 Billion YoY)
• Valuation: P/E of 21.2x (Indicates fair valuation)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $1537.50. Recent analyst moves include:

• Citigroup: Buy (Lowers Target to $1150.00) (Aug. 7)
• Keybanc: Overweight (Raises Target to $1750.00) (July 14)
• Cantor Fitzgerald: Overweight (Raises Target to $2000.00) (June 29)

Top ETFs Holding Micron (MU) Stock

• Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ): 8.91% Weight
• State Street SPDR NYSE Technology ETF (NYSE:XNTK): 8.14% Weight
• Invesco AI and Next Gen Software ETF (NYSE:IGPT): 8.71% Weight

Significance: Because MU carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

MU Price Action: Micron Technology shares were up 0.60% at $942.47 at the time of publication on Thursday, according to Benzinga Pro data.

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Owens Corning Inc. (NYSE:OC) stock rose in premarket trading Wednesday after the building materials company reported second-quarter results that topped Wall Street expectations on stronger-than-expected earnings and revenue.

Second-Quarter Results

Adjusted earnings increased to $3.93 per share, beating the analyst consensus estimate of $3.08. Revenue was $2.76 billion, roughly flat from a year earlier and above analysts’ estimate of $2.65 billion.

Adjusted EBITDA declined 6% year over year to $660 million, while adjusted EBITDA margin narrowed to 24% from 26% a year earlier.

Operating cash flow increased to $398 million from $327 million in the prior-year quarter. Free cash flow totaled $199 million. The company ended the quarter with $271 million in cash and cash equivalents.

Roofing And Insulation Offset Doors Weakness

The Roofing segment generated $1.31 billion in sales, up 1% from a year earlier, with EBITDA of $441 million and a 34% margin.

Insulation sales rose 4% to $971 million, producing EBITDA of $213 million and a 22% margin.

The Doors segment reported revenue of $513 million, down 7% year over year. EBITDA totaled $57 million, with an 11% margin.

Portfolio Changes And Capital Returns

Owens Corning completed the sale of its Glass Reinforcements business on April 30, advancing its strategy to focus on residential building products in North America and Europe.

The company said the divestiture is expected to improve margins, strengthen cash flow resilience and support long-term growth.

On July 29, Owens Corning named Jonathan Collins executive vice president and chief financial officer, effective Aug. 10.

The company returned $264 million to shareholders through dividends and share repurchases during the quarter. It repurchased 1.7 million shares for $200 million and had 10.8 million shares remaining under its existing authorization at quarter-end.

Outlook

Owens Corning expects third-quarter revenue of $2.6 billion to $2.7 billion, compared with the analyst consensus estimate of $2.68 billion. The company expects enterprise adjusted EBITDA margin of 20% to 22%.

Management said discretionary remodeling and residential new construction activity are expected to remain under pressure. Roofing demand from seasonal storms is expected to track historical trends, while elevated distributor inventory built during the second quarter is expected to reduce third-quarter purchases.

The company expects North American nonresidential construction to remain stable, with gradual improvement in its core European markets.

Owens Corning also said inflationary pressures related to the Iran conflict are expected to increase third-quarter costs by about $40 million.

The company exceeded its cost-synergy target for the Doors business, achieving $135 million in enterprise run-rate savings versus its $125 million mid-2026 goal. It remains on track to deliver an additional $75 million in structural cost savings through network optimization and operational improvements.

OC Price Action: Owens-Corning shares were trading up 3.07% at $150.00 during premarket trading on Wednesday, according to Benzinga Pro data.

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AXT Inc. (NASDAQ:AXTI) shares are surging premarket on Friday after the company posted strong second-quarter results after Thursday’s closing bell.

Semiconductor wafer manufacturer AXT reported adjusted EPS of 19 cents, which beat the analyst consensus estimate of seven cents, according to Benzinga Pro data.

Revenue rose 164.80% year over year (Y/Y) to $47.59 million, blowing past the Street estimate of $34.09 million.

Adjusted gross margin expanded to 45.0% in the second quarter from 8.2% in the second quarter of 2025, led by higher volumes and favorable product mix.

Adjusted operating profit stood at $11.2 million, better than the loss of $6.1 million in the prior-year quarter.

Cash, cash equivalents, and investments stood at $748.8 million as of June 30, 2026.

Record Indium Phosphide Revenue

Indium phosphide (InP) revenue hit a record $30.7 million, driven by strong demand from AI data center applications.

Morris Young, CEO of AXT, said the company has reached a key inflection point, with strong demand for data center optical connectivity, expanding manufacturing capacity, and improved productivity driving a significant increase in revenue. He highlighted that the second quarter marked AXT’s highest quarterly indium phosphide revenue to date.

Revenue by product category included $6.6 million from gallium arsenide, $272,000 from germanium substrates, and record consolidated raw material joint venture revenue of $10 million. The company’s top five customers accounted for approximately 30% of revenue, with no single customer contributing more than 10%.

InP backlog exceeded $100 million, with demand continuing to outpace supply. Growth is being fueled by AI data center expansion, including adoption of 800G and 1.6 terabit optical transceiver modules, as well as future near-packaged optics and co-packaged optics technologies.

In China, revenue from InP-based laser markets more than doubled sequentially in the second quarter, with further growth expected in the third quarter of 2026.

Outlook & Management Commentary

The company projects third quarter adjusted EPS of 30-32 cents per share (vs consensus of 11 cents) and sales of $66.000 million vs street view of $38.801 million.

It anticipates GAAP EPS of 29 to 31 cents versus the 9 cents estimate.

AXT is on track to double InP production capacity in 2026, driven by faster capacity expansion, improved manufacturing productivity from new crystal growth furnace designs, and customer migration toward larger-diameter substrates and higher-value products.

The company expects to more than triple its InP revenue opportunity by the end of 2026, with further expansion anticipated in 2027. AXT expects AI infrastructure growth to support a multi-year demand cycle for InP materials.

AXTI Price Action: AXT shares were up 36.34% at $64.00 during premarket trading on Friday, according to Benzinga Pro data.

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Meta Platforms Inc. (NASDAQ:META) stock rose in Tuesday’s premarket session, outperforming a weaker broader market ahead of the company’s quarterly earnings. Nasdaq futures fell 0.91%, while S&P 500 futures slipped 0.18%.

Meta’s gains came despite a risk-off tone in equity futures as investors positioned ahead of the company’s second-quarter earnings report, due on Wednesday, July 29. The stock is drawing attention as traders weigh expectations for advertising growth, artificial intelligence investments and spending discipline..

Meta, BlackRock Partner On $14 Billion Texas AI Data Center Venture

Investor sentiment also received a boost after Meta Platforms and BlackRock Inc. (NYSE:BLK) announced a venture to develop a $14 billion, 1-gigawatt artificial intelligence data center campus in El Paso, Texas.

Funds managed by BlackRock will own an 80% stake in the venture, while Meta will retain the remaining 20% and lease the entire campus.

The project, which is expected to begin coming online in 2028, includes more than $10 billion in Meta investment and is projected to create more than 4,000 construction jobs and 300 operational jobs once complete.

Meta founder and CEO Mark Zuckerberg said expanding infrastructure for superintelligence is essential to broadening access to AI technology.

He added that partnering with BlackRock will help Meta build data centers more quickly and at greater scale by combining its operational expertise with BlackRock’s infrastructure investment capabilities.

BlackRock Chairman and CEO Larry Fink said the partnership will support thousands of skilled jobs and contribute to economic growth in El Paso.

He added that the deal reflects rising demand for long-term infrastructure financing and demonstrates BlackRock’s ability, alongside GIP and HPS, to provide investment opportunities tied to AI infrastructure and energy projects.

Technical Analysis

Meta remains under pressure despite Tuesday’s modest rebound. The stock is trading 4.5% below its 20-day simple moving average of $623.15, 1.7% below its 50-day SMA of $605.62 and 6.6% below its 200-day SMA of $637.48.

Momentum also remains weak. The moving average convergence divergence (MACD) indicator is below its signal line, while the histogram remains negative, suggesting buying momentum has eased.

The moving averages present a mixed picture. The 20-day SMA remains above the 50-day SMA, but the 50-day SMA is still below the 200-day SMA, a bearish “death cross” that formed in December 2025. The pattern suggests the stock is attempting to stabilize but has yet to confirm a longer-term trend reversal.

The 50-day SMA near $606 remains the first major resistance level. On the downside, $577 is an important support area. A break below that level could shift attention toward the stock’s March 52-week low.

Earnings In Focus

Meta is scheduled to report second-quarter results on July 29, 2026.

Wall Street expects earnings of $7.18 per share, up from $7.14 a year earlier, on revenue of $60.22 billion, compared with $47.52 billion in the prior-year quarter. The stock trades at about 21.6 times earnings.

Analysts remain broadly bullish. The consensus rating is Buy, with an average price forecast of $820.81. Recent forecast increases include Raymond James to $850, Wells Fargo to $835 and Rothschild & Co. to $1,000, all issued on July 21.

Benzinga Edge Rankings

Meta scores highly on Growth (88.99) and Quality (86.23) but ranks weak on Momentum (13.21). Its Value score of 52.60 suggests the shares are fairly valued relative to peers.

Strong fundamentals continue to support Meta, but weak price momentum is limiting its near-term performance.

ETF Exposure

Meta remains a major holding in several growth-focused exchange-traded funds, including the Capital Group Growth ETF (NYSE:CGGR), First Trust Dow Jones Internet Index Fund (NYSE:FDN) and Natixis Loomis Sayles Focused Growth ETF (NYSE:LSGR). As a large index component, fund inflows and outflows can influence demand for the stock.

META Stock Price Activity: Meta Platforms shares were up 0.36% at $595.99 during premarket trading on Tuesday, according to Benzinga Pro data.

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Utz Brands, Inc. (NYSE:UTZ) shares are surging on Tuesday as the company disclosed a definitive deal with Intersnack Group to take Utz private for an enterprise value of $2.9 billion.

As per the deal, Intersnack will acquire all outstanding shares of Utz’s Class A common stock for $14.25 per share in cash. This represented a premium of approximately 91% over the closing price from July 20, 2026.

Utz To Go Private

The transaction will be financed through approximately $920 million in cash from Intersnack Group, borrowings under a new $1.1 billion term loan facility, and a new $250 million asset-based lending (ABL) facility.

Funding will also include rollover equity from the Rice and Lissette Family, along with the reinvestment of a portion of proceeds from the $44 million settlement of the Company’s tax receivable agreement related to the transaction.

Notably, the Rice and Lissette Family, Dylan Lissette, and certain affiliates have agreed to support the transaction by voting their shares in favor of the deal. The committed shares represent approximately 42% of Utz’s outstanding common stock.

This transaction is expected to close in the fourth quarter of 2026, pending regulatory approvals and shareholder votes.

Post-deal closure, the Rice and Lissette Family will retain a significant ownership stake, with both parties owning 50% of Utz post-transaction, which aims to enhance Utz’s growth potential in the U.S. snack market.

UTZ Earnings Preview And Analyst Ratings

The countdown is on: Utz is set to report earnings on August 5, 2026 (confirmed).

• EPS Estimate: 18 cents (Up from 17 cents YoY)
• Revenue Estimate: $374.53 Million (Up from $366.70 Million YoY)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $9.33. Recent analyst moves include:

• UBS: Neutral (Lowers Target to $8.00) (July 16)
• Barclays: Overweight (Lowers Target to $10.00) (April 15)
• BTIG: Initiated with Buy (Target $10.00) (April 14)

UTZ Technical Outlook After Buyout News

The stock’s recent surge comes after a prolonged downtrend, with a 12-month performance decline of nearly 47%. Currently, Utz is trading significantly above its moving averages, with the price approximately 83.8% above its 20-day simple moving average (SMA) of $7.63 and 89.4% above its 50-day SMA of $7.40.

The Relative Strength Index (RSI) is at 47.12, indicating a neutral momentum, suggesting that while the stock is experiencing upward movement, it is not yet overbought. This could imply that there is still room for further gains if the momentum continues.

• Key Resistance: $14.25 — this level is critical as it represents the acquisition price set by Intersnack Group.
• Key Support: $12.00 — a nearby level where buyers previously stepped in, indicating potential support.

What Utz Brands (UTZ) Makes And Key Snack Brands

Utz Brands is a manufacturer of branded salty snacks based in the United States. It produces various salty snack foods, including potato chips, tortilla chips, pretzels, cheese snacks, party mixes, pork skins, ready-to-eat popcorn, and other snacks, which include salsa and dips. These products are offered through its flagship brands like Utz, On The Border, Zapp’s, and Boulder Canyon, along with other brands, including Golden Flake, Miguelito’s, Hawaiian, Bachman, Tim’s Cascade, Dirty Potato Chips, TGI Fridays, and Vitner’s.

The recent acquisition news is significant as it indicates a strategic move to enhance Utz’s market position and access to resources for growth. With Intersnack’s extensive experience in the snack industry, this partnership could lead to innovative product development and expanded market reach.

How Utz Ranks On Momentum And Value

Below is the Benzinga Edge scorecard for Utz Brands, highlighting its strengths and weaknesses compared to the broader market:

• Momentum: Weak (Score: 7.66) — Stock is showing weak performance indicators.
• Value: Weak (Score: 28.06) — Trading at a steep premium relative to peers.

The Verdict: Utz Brands’s Benzinga Edge signal reveals a weak profile, particularly in momentum and value, indicating challenges in sustaining its recent price surge. Investors should monitor upcoming earnings and the impact of the acquisition on future performance.

UTZ Price Action: Utz Brands shares were up 88.93% at $14.07 at the time of publication on Tuesday. The stock is approaching its 52-week high of $14.67, according to Benzinga Pro data.

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PepsiCo Inc. (NASDAQ:PEP) said higher gasoline prices, partly driven by geopolitical tensions, weighed on consumer spending during the second quarter, particularly in convenience stores where impulse purchases slowed.

During the earnings call, management said consumers continued to visit convenience stores but were less likely to make purchases as higher fuel costs pressured discretionary spending.

The comments followed the company’s mixed second-quarter results released Thursday. Revenue rose 6.4% year over year to $24.18 billion, topping analysts’ estimate of $23.96 billion. However, core earnings of $2.20 per share missed the consensus estimate of $2.21 per share.

PepsiCo First Half Results

PepsiCo delivered 7% revenue growth in the first half of 2026, with global food volumes rising 3% and beverage volumes increasing 2%, marking its strongest first-half volume growth since 2022.

The company is investing in affordability initiatives and expanding its portfolio, particularly in permissible and portion-controlled products, to support U.S. volume growth.

International Segment Performance To Persist

Management expects strong international performance to continue through the second half of 2026, with momentum carrying into the summer season.

For the third quarter, management expects continued strength in international operations, gradual improvement in North America, and an approximately one percentage point boost to EPS from tariff refund claims. These refunds are expected to help mitigate commodity inflation while allowing PepsiCo to continue investing in growth initiatives.

The company also anticipates a higher year-over-year tax rate in the third quarter, with certain investments and operating expenses weighted more toward the quarter compared with the fourth quarter. Ongoing productivity initiatives are expected to continue through the third and fourth quarters to support future growth investments.

The company also anticipates improved growth across its U.S. Foods and U.S. Beverages businesses during the second half. PepsiCo continues to project organic sales growth at the lower end of its long-term target range of 4% to 6% for the period.

Higher Inflationary Pressure

PepsiCo expects higher commodity inflation in the second half, partially offset by tariff refund claims that are projected to add about one percentage point to full-year EPS growth.

Despite inflationary pressures, including higher fuel costs, PepsiCo expects its international business to remain strong. It continues to target the lower end of its long-term organic sales growth range for the second half.

PepsiCo Full Year Outlook

PepsiCo reaffirmed its fiscal 2026 guidance, projecting organic revenue growth of 2% to 4% and core constant currency EPS growth of 4% to 6%.

The company also maintained adjusted EPS guidance of $8.55 to $8.71, compared to the $8.64 estimate, and sales guidance of $97.68 billion to $99.56 billion, versus the $98.88 billion estimate.

Moreover, management reaffirmed its full-year guidance, supported by continued strength in international markets and gradual improvement in North America, though at a slower pace than previously expected after a softer second quarter.

The company expects its international business to surpass $40 billion in annual revenue this year and now accounts for roughly two-thirds of beverage volumes and more than half of food volumes.

PEP Price Action: PepsiCo shares were down 0.29% at $137.46 during premarket trading on Friday, according to Benzinga Pro data.

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Airline stocks came under pressure Wednesday following a downgraded global profit outlook from the International Air Transport Association (IATA).

IATA warned that airlines face mounting pressure in 2026 as the closure of the Strait of Hormuz triggers a severe fuel supply shock, weakens economic growth, and raises operating costs across the aviation industry.

In a new industry outlook, IATA said the disruption that began on February 28 removed about 10 million barrels per day of crude oil supply from global markets.

Including refined products and liquefied natural gas, the disruption affected roughly 15 million barrels per day of energy supply and briefly pushed crude prices toward $150 per barrel.

Jet Fuel Costs Surge

The aviation sector has been hit particularly hard. IATA said jet fuel prices have roughly doubled since late February, while jet fuel crack spreads reached a record $80 per barrel in April as refinery outages and constrained throughput tightened supply.

The association noted that Hormuz-linked flows account for about one-fifth of global seaborne jet fuel trade. Supply competition has intensified across Europe, the U.S. West Coast, and parts of Asia, increasing the risk of regional shortages and higher fuel costs.

Passenger And Cargo Growth Slow

IATA now expects global passenger traffic to grow 2.1% in 2026, a sharp slowdown from recent years. Higher fuel costs, airspace disruptions, and longer flight routes are weighing on demand, although consumer willingness to travel remains relatively resilient.

Regional performance is diverging. The Middle East is expected to face a significant contraction due to airspace restrictions, while Africa and Asia-Pacific could benefit from traffic rerouting.

Air cargo demand is also slowing. IATA forecasts cargo volumes will rise just 0.7% in 2026 as the conflict disrupts hub connectivity and limits available capacity.

Profitability Under Pressure

IATA expects industry profitability to weaken. Airline revenue is projected to rise 9.4% in 2026, but net profit is forecast to fall to $23 billion, reducing the industry’s net margin to 2%, the weakest level since the COVID-19 pandemic.

The association also warned that the energy shock is likely to slow global GDP growth to about 2.5% in 2026 from around 3% previously, while pushing global inflation above 5%, increasing the risk of stagflation.

Airline Stocks Retreat On Weaker Outlook

As of publication Wednesday, shares of Alaska Air Group, Inc. (NYSE:ALK) fell 3.61% to $43.50, United Airlines Holdings, Inc. (NASDAQ:UAL) declined 3.27% to $106.05, Frontier Group Holdings, Inc. (NASDAQ:ULCC) lost 3.46% to $6.13, American Airlines Group Inc. (NASDAQ:AAL) slipped 2.31% to $13.76, Delta Air Lines, Inc. (NYSE:DAL) dropped 2.36% to $79.25, and Southwest Airlines Co. (NYSE:LUV) shed 2.39% to $42.14.

Meanwhile, JetBlue Airways Corporation (NASDAQ:JBLU) fell 1.63% to $4.84, Ryanair Holdings plc (NASDAQ:RYAAY) lost 2.03% to $56.82, Copa Holdings, S.A. (NYSE:CPA) declined 1.62% to $133.18, SkyWest, Inc. (NASDAQ:SKYW) slipped 1.14% to $86.78, and LATAM Airlines Group S.A. (NYSE:LTM) eased 1.02% to $48.76, according to Benzinga Pro data.

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ConocoPhillips (NYSE:COP) stock rose Monday after the company signed a gas sales precedent agreement with Glenfarne Group to support the Alaska LNG project.

Alaska LNG Agreement Supports Energy Security

ConocoPhillips and Glenfarne Alaska LNG LLC, a subsidiary of Glenfarne Group, have signed a gas sales precedent agreement to supply natural gas from Alaska’s North Slope for Phase One of the Alaska LNG project.

The 30-year agreement gives Alaska LNG enough committed natural gas volumes to support a final investment decision for Phase One and meet the state’s projected energy needs.

Phase One includes a 739-mile pipeline aimed at strengthening Alaska’s long-term energy security as Cook Inlet production declines. Phase Two will add LNG export facilities in Nikiski.

With the agreement, Alaska LNG now has supply commitments from all major North Slope producers, including Exxon Mobil Corporation (NYSE:XOM) , Hilcorp Alaska, and Great Bear Pantheon LLC, a subsidiary of Pantheon Resources.

Glenfarne owns 75% of the project, while the State of Alaska owns the remaining 25% through the Alaska Gasline Development Corporation.

Quarterly Earnings Top Wall Street Estimates

Last month, ConocoPhillips reported first-quarter earnings of $2.2 billion, or $1.78 per share, compared with $2.8 billion, or $2.23 per share, a year earlier. Adjusted earnings were $1.89 per share, topping analysts’ estimates of $1.64 per share. Revenue totaled $16.05 billion, above expectations of $15.55 billion.

The company said it expects second-quarter production between 2.185 million and 2.215 million barrels of oil equivalent per day and reaffirmed full-year production guidance of 2.295 million to 2.325 million BOE per day. ConocoPhillips also plans to add one rig in the Permian Basin during the second half of 2026.

Cost Savings And Operational Outlook Remain In Focus

Management said the impact from the Middle East conflict was largely limited to QatarEnergy’s N3 project, while the rest of its portfolio remained unaffected. The company also reiterated its target of achieving a $1 billion run-rate cost savings goal by the end of 2026.

ConocoPhillips expects global oil demand to be broadly flat year over year, with potential downside risk tied to ongoing Middle East tensions. The company also anticipates higher share repurchases in the second quarter.

Analysts Maintain Positive View On ConocoPhillips Stock

The stock carries a Buy rating with an average price forecast of $128.06. Recent analyst moves include:

• Wells Fargo: Overweight (Raises forecast to $183.00) (April 9)
• Barclays: Overweight (Raises forecast to $136.00) (May 1)
• Scotiabank: Sector Perform (Raises forecast to $125.00) (April 22)

How COP Ranks On Value, Growth And Momentum Versus Peers

Below is the Benzinga Edge scorecard for ConocoPhillips, highlighting its strengths and weaknesses compared to the broader market:

• Value Rank: 76.1 — The stock is considered a strong value relative to its peers.
• Growth Rank: 68 — Indicates moderate growth potential.
• Momentum Rank: 80.63 — Stock is outperforming the broader market.

The Verdict: ConocoPhillips’ Benzinga Edge signal reveals a balanced scorecard with strong momentum and value indicators. This positions the company well for continued growth and stability in the energy sector.

COP ETF Exposure: Top Holdings And Passive Flow Risk

• State Street Energy Select Sector SPDR ETF (NYSE:XLE): 7.19% Weight
• The Energy Select Sector SPDR Fund (NYSE:XLE): 7.21% Weight
• Eagle Capital Select Equity ETF (NYSE:EAGL): 7.36% Weight

Significance: Because COP carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

COP Price Action: ConocoPhillips shares were up 1.49% at $124.24 at the time of publication on Monday, according to Benzinga Pro data.

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On Holding AG (NYSE:ONON) shares traded lower in premarket trading Tuesday after the company reported first-quarter fiscal 2026 results that topped Wall Street estimates and reaffirmed its full-year sales outlook.

On Holding Earnings Snapshot

The company reported record first-quarter net sales of 831.9 million Swiss francs, up 14.5% year over year and 26.4% on a constant-currency basis.

Growth was broad-based across direct-to-consumer sales, which rose 16.4%, and wholesale revenue, which increased 13.3%, driven by stronger global demand and higher customer engagement.

Adjusted earnings rose to 0.37 Swiss franc per share from 0.21 Swiss franc per share in the prior-year quarter.

In U.S. dollar terms, adjusted EPS came in at 47 cents, beating analyst estimates of 32 cents. Revenue totaled $1.06 billion, slightly above the consensus estimate of $1.05 billion.

Profitability also improved during the quarter. Gross margin expanded 430 basis points year over year to 64.2%, while adjusted EBITDA margin increased to 21.0% from 16.5% a year earlier. The company attributed the gains to strong full-price selling, operational efficiencies and leverage, despite tariff-related pressures.

On Holding ended the quarter with cash and cash equivalents of 1.02 billion Swiss francs, while net working capital increased 14.1% year over year to 650.8 million Swiss francs.

Segment And Regional Performance

Regionally, EMEA revenue rose 22.8% to 207.1 million Swiss francs, the Americas grew 3.1% to 450.7 million Swiss francs, and Asia-Pacific sales surged 44.4% to 174.0 million Swiss francs.

By product category, footwear revenue increased 12.2% to 763.7 million Swiss francs. Apparel sales jumped 45.1% to 55.3 million Swiss francs, while accessories revenue climbed 70.7% to 12.9 million Swiss francs.

The company said retail expansion continued with improved store productivity and planned openings in Stockholm, São Paulo and Sydney. On Holding also highlighted continued innovation momentum, including the broader rollout of LightSpray technology and new lifestyle product launches.

On Holding Outlook

The company reaffirmed its fiscal 2026 outlook for at least 23% constant-currency sales growth, implying a minimum of 3.51 billion Swiss francs in reported sales at current exchange rates.

The company also raised its profitability guidance and now expects gross margin of at least 64.5% and adjusted EBITDA margin between 19.5% and 20.0%.

On Holding said its raised outlook reflects strong operations and continued premium brand execution. The guidance also factors in a 20% additional tariff on products imported into the U.S. from Vietnam and does not include any possible tariff refunds.

Price Action

ONON Price Action: On Holding shares were down 3.06% at $33.00 during premarket trading on Tuesday, according to Benzinga Pro data.

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