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Sectors

Sector Update: Energy Stocks Higher in Afternoon Trading

Energy stocks were slightly higher Wednesday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.4%.The Philadelphia Oil Service Sector Index was climbing 1.8%, and the Dow Jones US Utilities Index was rising 0.1%.In geopolitical news, Iranians and their Arab neighbors feared a return of war on Wednesday after the biggest exchange of fire between Tehran and Washington since July, with US forces striking Iran's southern coast and Iran firing at American bases across the region, Reuters reported. The Iran Revolutionary Guards Corps said that two oil tankers exploded after hitting a mine and are now on fire, Al Jazeera, a Middle Eastern broadcaster, reported.Front-month West Texas Intermediate crude oil rose 0.8% to $90.93 a barrel, and the global benchmark Brent crude contract advanced 1.2% to $95.78 a barrel. Henry Hub natural gas futures added 2.1% to $2.96 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 7.6 million barrels in the week ended Aug. 28 following a decrease of 3.6 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 4.5 million barrels after a 100,000-barrel gain in the previous week, compared to the 60,000-barrel increase expected in a survey compiled by Bloomberg.In corporate news, Chevron (CVX) outlined a plan to invest more than $7 billion in Venezuela and double its oil production capacity in the South American country over the next five years. The energy giant has entered into deals with Venezuela, setting up updated terms for its joint ventures in the country, including "enhanced" fiscal, commercial and legal terms, the company said Wednesday. Chevron shares rose 0.5%.Eni (E) wants to boost production from its operations in Venezuela to over 1 million barrels per day, including volume from state-owned Petroleos de Venezuela, Bloomberg reported. Eni shares were easing 0.1%.GE Vernova (GEV) has agreed to restore large sections of Venezuela's electrical network under a US government initiative to boost the nation's energy generation, Bloomberg reported. GE Vernova shares added 1.9%.Vertiv (VRT) has agreed to acquire microgrid firm Utility Innovation in a deal worth up to $2.6 billion, as part of the company's efforts to help data center operators accelerate power deployment amid rising grid constraints. Vertiv shares increased 0.3%.

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Vertiv to Acquire Utility Innovation in Up to $2.6 Billion Deal
US Markets

Vertiv to Acquire Utility Innovation in Up to $2.6 Billion Deal

Vertiv (VRT) has agreed to acquire microgrid firm Utility Innovation in a deal worth up to $2.6 billion, as part of the company's efforts to help data center operators accelerate power deployment amid rising grid constraints.The digital infrastructure provider will buy Utility Innovation, which operates as UtilityInnovation, for $1.45 billion in cash, it said Wednesday. The transaction also includes an additional consideration of up to $1.15 billion in cash if certain adjusted earnings before interest, taxes, depreciation and amortization targets are achieved over a 12-month and 24-month period, according to Vertiv.Vertiv's shares edged down 0.5% in the most recent premarket activity.The acquisition will extend Vertiv's power and cooling portfolio to the grid interconnect. It will also add Utility Innovation's microgrid controls, onsite generation and energy storage capabilities to Vertiv's offerings, helping data center operators secure power faster amid growing grid constraints."Together, we anticipate being better positioned to support grid-connected sites, bridge-to-grid deployments and islanded sites supplied by onsite generation, while reducing complexity from site planning through rack-level deployment," Chief Executive Gio Albertazzi said in a statement. "This broader capability can help customers accelerate time to power and, ultimately, time to first token."The deal, which requires approval from regulators, is expected to complete in the fourth quarter. Vertiv expects the transaction to be accretive to its adjusted earnings on a per-share basis in the first year after completion."Vertiv's global scale, critical infrastructure portfolio and service capabilities make it a strong strategic fit for what we have built," according to UtilityInnovation CEO Sidney Hinton. "We believe this combination can expand the reach of UIG's microgrid controls and power architecture expertise and create greater value for customers as power becomes an increasingly critical constraint on data center growth."In July, Vertiv reported a 60% year-over-year jump in its second-quarter adjusted EPS to $1.52, while sales climbed 24% to $3.27 billion. At the time, the company said it expected adjusted EPS to be in a range of $6.65 to $6.75 and sales to come in at $14 billion for the 2026 full year.The current consensus on FactSet is for non-GAAP EPS of $6.71 and sales of $14.01 billion.During a conference call with analysts in July, Chief Financial Officer Craig Chamberlin told analysts that the company was participating in an "active" merger and acquisition market and "looking at several targets."In June, Vertiv completed its acquisition of heat rejection and heat-exchange technologies provider ThermoKey. The company in April said that it will buy liquid-cooling technology company Strategic Thermal Labs.

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Wire

Vertiv's View on Timing Shifts in Q2 Indicate Potential Recovery in Q3, UBS Says

Vertiv (VRT) management called out "timing shifts" in Q2 related to supply chain congestion, which could imply that growth is expected to meaningfully recover in Q3, UBS said in a Wednesday research report.Some timing issues have worked against the company this quarter, which will weigh on the stock, but estimates are still expected to move higher, according to the note.The stock faces further pressure from a Q2 revenue miss despite in-line underlying operating profit, as growth remains critical to the company's valuation outlook, analysts wrote.The brokerage said it reiterated its buy rating on the stock and price target of $370 per share.Price: $227.03, Change: $+3.99, Percent Change: +1.79%

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Wire

Vertiv's Robust Demand, Growing Pipeline Bolster Outlook, Oppenheimer Says

Vertiv Holdings (VRT) is seeing strengthening demand and a broadening pipeline as it scales its integrated infrastructure offerings, giving the company greater confidence in a robust 2026 outlook, Oppenheimer said Wednesday in a report.Vertiv's Q2 performance reflects steady progress in rolling out more complex integrated products, supported by three years of steady improvement as the company adapts to rapid growth, the report said.Pipeline growth across different geographies and product categories, along with accelerating sales cycles, has increased management's confidence in strong 2026 orders and backlog, Oppenheimer said.Management also highlighted better handling of higher-complexity projects in Q2, with accelerating July shipments tracking in line with Vertiv's guided H2 revenue outlook, the report said.For 2026, Vertiv raised its revenue guidance to $13.8 billion to $14.2 billion from $13.5 billion to $14 billion, and lifted its adjusted EPS outlook to $6.65 to $6.75, up $0.35 from prior guidance, the report said.Oppenheimer lowered its price target on Vertiv stock to $325 from $353 and maintained its outperform rating.Price: $227.76, Change: $+4.72, Percent Change: +2.11%

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Wire

Baird Adjusts Price Target on Vertiv to $320 From $370, Maintains Outperform Rating

Vertiv (VRT) has an average rating of overweight and mean price target of $348.47, according to analysts polled by FactSet.Price: $228.56, Change: $+5.52, Percent Change: +2.47%

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Wire

BofA Securities Cuts Vertiv Price Target to $375 From $440, Buy Rating Kept

Vertiv (VRT) has an average rating of overweight and mean price target of $348.47, according to analysts polled by FactSet.Price: $228.16, Change: $+5.12, Percent Change: +2.29%

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Wire

TD Cowen Adjusts Price Target on Vertiv Holdings to $356 From $387, Maintains Buy Rating

Vertiv Holdings (VRT) has an average rating of overweight and mean price target of $348.47, according to analysts polled by FactSet.Price: $231.06, Change: $+8.02, Percent Change: +3.60%

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Wire

Jefferies Adjusts Price Target on Vertiv to $245 From $320, Maintains Hold Rating

Vertiv (VRT) has an average rating of overweight and mean price target of $348.47, according to analysts polled by FactSet.Price: $239.06, Change: $+16.02, Percent Change: +7.18%

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Wire

Goldman Sachs Adjusts Price Target on Vertiv Holdings to $301 From $352, Maintains Buy Rating

Vertiv Holdings Co (VRT) has an average rating of overweight and mean price target of $348.47, according to analysts polled by FactSet.Price: $238.48, Change: $+15.39, Percent Change: +6.90%

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Wire

Citigroup Adjusts Price Target on Vertiv Holdings to $358 From $414, Maintains Buy Rating

Vertiv Holdings Co (VRT) has an average rating of overweight and mean price target of $348.47, according to analysts polled by FactSet.Price: $238.48, Change: $+15.39, Percent Change: +6.90%

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Sectors

Sector Update: Tech Stocks Decline Late Afternoon

Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) shedding 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 3.3%.The Philadelphia Semiconductor index dropped 3.7%.In corporate news, Microsoft-backed (MSFT) OpenAI's ChatGPT is nearing 1 billion weekly active users, The Information reported. OpenAI originally targeted to hit the milestone by the end of last year, the report said. Microsoft shares were up 0.5%.Vertiv (VRT) shares fell nearly 17% after the company's Q2 revenue increased year on year but missed analysts' estimates.Alphabet's (GOOGL) Google DeepMind has dismantled the team behind its Nobel Prize-winning AlphaFold AI system, reassigning most researchers to Gemini-related projects and other scientific initiatives as it shifts its research strategy, the Financial Times reported. Alphabet shares added 0.7%.Cognizant Technology Solutions (CTSH) shares jumped 12% after it reported higher Q2 adjusted earnings and revenue.

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Sectors

Sector Update: Tech Stocks Fall Wednesday Afternoon

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.2%.The Philadelphia Semiconductor index slumped 3.7%.In corporate news, Vertiv (VRT) shares fell past 16% after the company's Q2 revenue increased year on year but missed analysts' estimates.Taiwan Semiconductor Manufacturing (TSM) and Toyota (TM) were among manufacturers whose operations were disrupted after a powerful earthquake struck Japan's Kumamoto prefecture, Nikkei Asia reported. Taiwan Semiconductor evacuated personnel from its JASM semiconductor plant in Kumamoto after the quake triggered mandatory evacuation procedures, while some construction work at JASM's second fab was temporarily suspended as a precaution, a company spokesperson told Nikkei Asia. Taiwan Semiconductor shares fell 3.3%.Microsoft (MSFT) is facing a probe in the UK over concerns that the company may not have released clear, upfront information on changes to Microsoft 365 personal and family subscription plans, the UK's Competition and Markets Authority said Wednesday. Microsoft shares were up 0.7%.

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Wire

Sector Update: Tech

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) fell 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropped 3.9%.The Philadelphia Semiconductor index declined 3.4%.In corporate news, Vertiv (VRT) shares fell past 16% after the company's Q2 revenue increased year on year but missed analysts' estimates.

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Wire

Top Midday Stories: Stocks Down, Oil Up as Trump Vows Strong Response to Iran Attacks; Vertiv Q2 Revenue Misses Estimates

All three major US stock indexes were down in late-morning trading Wednesday after President Trump vowed to hit Iran hard in response to recent attacks on US forces in Jordan and ahead of the Federal Reserve's decision on interest rates to be announced in the afternoon.In company news, Vertiv Holdings (VRT) reported Q2 adjusted earnings Wednesday of $1.52 per diluted share, up from $0.95 a year earlier and above the FactSet consensus analyst estimate of $1.42. Second-quarter revenue was $3.27 billion, up from $2.64 billion a year ago but below the FactSet consensus of $3.38 billion. For full-year 2026, the company expects adjusted diluted EPS of $6.65 to $6.75, above the FactSet consensus of $6.49. Vertiv said it expects Q3 adjusted diluted EPS of $1.77 to $1.83, in line with the FactSet consensus of $1.79. Vertiv shares were down 12.8% around midday.CBIZ (CBZ) agreed to be acquired by Grant Thornton Advisors in an all-cash deal with an enterprise value of $5 billion, the companies said Wednesday. Under the deal terms, CBIZ shareholders will receive $55 in cash per share, the companies said. CBIZ shares were up 16.8% around midday.The UK's Competition and Markets Authority said Wednesday it is investigating whether Microsoft (MSFT) provided pertinent information on changes to Microsoft 365 personal and family subscription plans. Microsoft shares were up 0.3%.NextEra Energy (NEE) and Brookfield (BN) are part of a strategic partnership group that will develop a data center campus at the Energy Department's Paducah Site in Kentucky for $100 billion, according to a joint statement. Big Rivers Electric Power, Jackson Purchase Energy Cooperative and Paducah Power System are also in the partnership. NextEra shares were down 0.1%, while Brookfield shares were down 2.2%.Morgan Stanley's (MS) mortgage bankers have allegedly been pressured to approve mortgages for wealthy clients despite underwriting concerns, The Wall Street Journal reported Wednesday, citing current and former employees, emails and internal documents. Morgan Stanley shares were down 3.3%.Price: $54.55, Change: $+7.85, Percent Change: +16.81%

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Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Wednesday Ahead of Fed's Interest Rate Announcement

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.1%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.1% in Wednesday's premarket activity, ahead of the Federal Reserve's interest rate announcement.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures gaining 0.2% before the start of regular trading.Mortgage applications fell by 6.4% in the week ended July 24, with both refinancing activity and new home applications pushed lower by an increase in 30-year fixed mortgage rates, data released by the Mortgage Bankers Association showed Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.The Federal Reserve's monetary policy committee will announce its latest decision on interest rates at 2 pm ET, followed by a press conference from Fed Chair Kevin Warsh at 2:30 pm ET.In premarket action, bitcoin was up by 1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% higher, Ether ETF (EETH) retreated 0.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.2% lower.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Vertiv Holdings (VRT) stock was down more than 12% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was flat, while the iShares US Healthcare ETF (IYH) slipped 0.9%. The iShares Biotechnology ETF (IBB) was 0.3% lower.Humana (HUM) stock was down more than 8% premarket after the company cut its 2026 GAAP earnings guidance.EnergyThe iShares US Energy ETF (IYE) was up 1.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 2.3%.Eni (E) stock was up more than 5% before the market open after the company reported higher Q2 net profit and sales.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.2%, the iShares US Technology ETF (IYW) was 0.2% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.9% lower, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.United Microelectronics (UMC) shares were down more than 3% in premarket activity after falling 9% at the prior close. The company reported higher Q2 earnings and operating revenue and announced a phased expansion plan to boost semiconductor manufacturing capacity in Singapore and Taiwan.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.035, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) retreated marginally by 0.02%.Unilever (UL) shares were down more than 2% pre-bell following a nearly 9% rise at the previous close. Reuters reported that the company agreed to protect the employment terms and conditions of workers in its European and UK food business for two years after its planned 2027 merger with McCormick (MKC). McCormick stock was 0.5% higher.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) lost 0.02%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.UBS Group (UBS) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 4.8% to $83.05 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.2% to $2.63 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 6.8%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for November retreated 0.2% to $4,090.00 an ounce on the Comex. Silver futures were up 0.6% to $57.85 an ounce. SPDR Gold Shares (GLD) decreased 0.3%, and the iShares Silver Trust (SLV) was 0.3% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$E$EEM$EETH$EXI$FAS$FAZ$GLD$HUM$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MKC$PMR$QQQ$RTH$SLV$SOXX$SPY$UBS$UL$UMC$UNG$USO$VDC$VHT$VIS$VRT$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Research

KeyBanc Initiates Vertiv Holdings at Overweight With $360 Price Target

Vertiv Holdings (VRT) has an average rating of overweight and mean price target of $376.99, according to analysts polled by FactSet.

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Wire

Vertiv to Expand Italy Manufacturing Capacity for Data Center Cooling Systems

Vertiv (VRT) plans to expand manufacturing and integrated testing capacity for data center cooling systems at its Tognana, Italy, campus to meet rising demand for AI and high-density computing infrastructure.The investment is expected to double chiller production capacity by the end of 2026, with a new large-scale testing laboratory scheduled to open in early 2027, the company said Tuesday in a statement.Vertiv did not disclose the size of the investment.Price: $299.30, Change: $+7.63, Percent Change: +2.62%

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Wire

Vertiv Holdings Acquires Strategic Thermal Labs

Vertiv Holdings (VRT) acquired Strategic Thermal Labs, which offers advanced liquid cooling and thermal engineering solutions, Brown Gibbons Lang, the financial adviser to Strategic Thermal Labs, said Monday in a statement.The acquisition price wasn't disclosed.Price: $295.52, Change: $+5.96, Percent Change: +2.06%

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Research

Baird Initiates Vertiv Holdings at Outperform With $370 Price Target

Vertiv Holdings (VRT) has an average rating of overweight and mean price target of $380.72. according to analysts polled by FactSet.

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Research

Bernstein Initiates Vertiv Holdings at Outperform With $416 Price Target

Vertiv Holdings (VRT) has an average rating of overweight and mean price target of $380.63, according to analysts polled by FactSet.

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