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Manchester United Raises Revenue Guidance, Swings to Quarterly Profit; Shares Soar

Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal third-quarter revenue year over year, helping it swing to earnings.For fiscal 2026, the franchise now expects revenue of 655 million British pounds ($879.6 million) to 665 million pounds, compared with the previous guidance range of 640 million pounds to 660 million pounds. Three analysts in a FactSet poll are looking for full-year revenue of 653.4 million pounds. The company previously reported total sales of 666.5 million pounds for the year ended June 30.Adjusted earnings before interest, taxes, depreciation and amortization are now guided at 200 million pounds to 210 million pounds for the current year, up from the previous range of 180 million pounds to 200 million pounds.For the quarter ended March 31, the franchise reported an 18% year-over-year increase in revenue to 189.5 million pounds. It posted adjusted per-share earnings of 0.0295 pounds, compared with a loss of 0.0319 pounds a year earlier.Manchester United's New York Stock Exchange-listed shares were up 12% intraday. The stock has advanced by 40% since the start of the year.Revenue from broadcasting surged 57% annually to 64.9 million pounds due the men's first team logging a higher finish in the English Premier League in the 2025-2026 season versus the prior season, as well as an increased value of the league's international broadcasting rights cycle.Commercial revenue increased 10% to 82.4 million pounds as gains in retail, merchandising, apparel and product licensing more than offset a decline in sponsorship revenue. Matchday revenue declined 5.2% to 42.2 million pounds amid three fewer home matches in the quarter.Price: $22.20, Change: $+2.48, Percent Change: +12.58%

$MANU

Commodities49d ago

Canadian Utilities Focus On 'Quiet Grind' as Valuations Hit Premium Levels, RBC Says

Canadian regulated utilities continue to "quietly grind along," delivering steady execution on strategic priorities even as broader markets remain dominated by macro volatility and AI-driven headlines, RBC Capital Markets strategists said in a Wednesday note.RBC analysts said that the sector's Q1 results, reaffirmed multi-year capex plans and continued progress on growth initiatives underscore what the bank describes as a consistent focus on controllable factors, rate cases, regulatory outcomes and customer demand evolution, rather than headline-driven sentiment.Affordability remains a key constraint across jurisdictions, with RBC flagging outstanding and upcoming rate cases as a continuing source of regulatory risk. However, recent developments across several utilities highlight incremental de-risking and modest earnings uplift opportunities.From a valuation perspective, RBC said Canadian regulated utilities are trading at about 36% premium to the S&P/TSX Composite on a price-to-earnings basis and about 117 basis points above Government of Canada 10-year bond yields.Though elevated, the bank said these levels reflect improved earnings visibility and a longer perceived runway for stable growth, as well as the sector's defensive characteristics.RBC said stock selection remains critical in the current environment, favoring names with identifiable "bankable themes."The bank highlighted Brookfield Infrastructure for its capital recycling strategy, AltaGas for exposure to the Western Canadian Sedimentary Basin and its liquefied petroleum gas export platform, and Emera for its ongoing de-risking profile and exposure to Florida utilities.RBC also pointed to continued regulatory and operational progress across the sector. The brokerage firm flagged recent rate-case achievements at Emera's Nova Scotia Power unit, while noting that approval for a proposed CA$700 million ($500 million) securitization of thermal assets scheduled for retirement by 2030 remains pending.Several subsidiaries of Algonquin Power & Utilities in the US, including Empire Electric Missouri, CalPeco Electric, and New England Natural Gas, have secured revenue increases totaling about $204 million, RBC said.Meanwhile, Hydro One continues to expand its electricity transmission pipeline, with its backlog now comprising 15 projects, while data center-driven demand is emerging as a new growth driver for both Fortis and Emera's Tampa Electric operations.RBC also highlighted a series of near-term regulatory catalysts, including a decision from New Mexico's regulator on Emera's proposed sale of New Mexico Gas, which has received examiner-level approval with conditions and could close mid-year.Canada's Alberta Utilities Commission is also expected to rule on Canadian Utilities' Yellowhead Mainline application in the coming months, potentially enabling construction to begin shortly thereafter.Later in the year, investors will also watch for Fortis' rate application decision in Arizona and Hydro One's upcoming joint rate filing.Algonquin is also expected to provide an update in Q2 on potential US tax implications arising from its proposed legal redomiciliation structure.Going forward, RBC said that while the sector's longer growth runway supports valuations, macroeconomic pressures, including inflation linked to energy costs, and already-stretched multiples may limit further re-rating potential.

Research49d ago

Research Alert: CFRA Lowers Opinion On Shares Of Zscaler Inc To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target price to $144, from $173, on a forward EV/S multiple of 5.5x our FY 27 (Jul.) sales projection of $3.923B, below its three-year average. We increase our FY 26 EPS estimate to $4.14 from $4.02, but cut our FY 27 EPS view to $4.57 from $4.60. ZS reported Q3 FY26 revenue of $850M, up 25% Y/Y, while ARR reached $3.5B with 25% Y/Y growth. Net new ARR of $166M grew 24% Y/Y, fueled by public sector strength and large deals in APJ (net new ARR of $153M, up 14% Y/Y excluding Red Canary). Non-GAAP operating margin expanded 140 bps Y/Y. Overall, Q3 results exceeded expectations. However, the firm's outlook and sales leadership departures temper our near-term view of the business. Management disclosed FY 27 ARR growth projections of 16% to 17% on the call, softer than anticipated, while reducing its FCF margin on higher capex pressures from hardware costs. We also note uncertainty on SecOps product demand and lagging new logo growth. In light of these execution headwinds, we lower our view to Hold.

$ZS

Wire49d ago

TeraWulf's Kentucky Expansion Adds Scale, Complexity, Oppenheimer Says

TeraWulf (WULF) acquisition of a 1-gigawatt data-center site in eastern Kentucky lifts its total development inventory to 3.8GW and reflects a creative structure backed by American Electric Power (AEP) that introduces regulatory and construction complexity, Oppenheimer said Tuesday in a report.A new customer for TeraWulf's 400-megawatt western Kentucky site is expected to be announced soon, with that location potentially expanding by another 1GW, the report said. At 3.8GW of capacity, TeraWulf trades at about $4 million per megawatt versus peers at roughly $5 million, and Oppenheimer estimates each megawatt could generate $10 million in equity value once completed.TeraWulf is targeting 500MW by H2 2028 and the remaining 500MW by H2 2030 at the new eastern Kentucky site, with AEP guaranteeing power delivery, Oppenheimer said. Capital needs and construction execution remain the primary risks, the report said.Oppenheimer maintained its outperform rating on TeraWulf stock with a $35 price target.Price: $25.63, Change: $+0.45, Percent Change: +1.79%

$AEP$WULF

Wire49d ago

Johnson Controls Likely to Reaffirm Guidance at Investor Day, RBC Says

Johnson Controls International (JCI) is expected to reaffirm its guidance and confidence in its long-term growth algorithm at its Investor Day event on June 1, RBC said in a Tuesday note."We expect to hear positive-at-the margin takeaways with insights into the sweeping turnaround being orchestrated by new CEO Joakim Weidemanis," the note said.The report said the company is also expected to show its successes in lean manufacturing at the event that will include a facilities tour.In its capital allocation plans, the firm will likely prioritize internal growth investments in research and development, new product introduction, and capacity expansion, the note said. Share purchases and dividends will be considered next, it added."We consider the FCF conversion as the most impressive operating improvement at JCI so far," the report said. FCF refers to free cash flow.RBC has a sector-perform rating with a price target of $154.Price: $138.03, Change: $-2.19, Percent Change: -1.56%

$JCI

Wire49d ago

FactSet Research Systems Set to Deliver Q3 ASV Beat on Pricing, Demand Strength, RBC Says

FactSet Research Systems (FDS) is expected to report a Q3 annual subscription value, or ASV, beat, driven by international price increases, strong demand, and continued pipeline strength across regions, RBC Capital Markets said in a note Tuesday.The company is also benefiting from expanded managed services, competitive product positioning, and changes in its sales compensation structure, the analysts said, adding that they expect Q3 ASV growth of about 6.2% year-over-year to $2.48 billion, slightly above consensus of about 5.7% or $2.47 billion, while revenue is projected to grow roughly 5.9% year-over-year to $620 million versus consensus of $617 million.For the full year, the company is expected to raise the midpoint of its ASV growth guidance range of $130 million to $160 million, or about 5.4% to 6.7% year-over-year, the analysts said. They expect about 6.2% growth, or roughly $150 million, bringing ASV to $2.56 billion, slightly above the consensus of $2.54 billion."We expect sequential and year-over-year margin pressure as FactSet ramps AI investments and faces higher incentive compensation costs driven by stronger ASV performance," the analysts added.RBC lowered FactSet's price target to $240 from $243 while keeping its sector perform rating.Price: $235.23, Change: $+4.31, Percent Change: +1.87%

$FDS

Mining & Metals49d ago

TSX Down 100 Points With Energy The Biggest Decliner

The Toronto Stock Exchange is down 103 points with most sectors lower.The biggest decliners are energy (-1.4%), on lower oil prices, and healthcare (-1.3%).Limiting losses are gains in telecoms (+1.6%) and industrials (+0.6%).In stocks, BMO (BMO.TO), Scotiabank (BNS.TO) and National Bank (NA.TO) beat consensus estimates on EPS and revenue. The banks also delivered better than expected PCLs, against analyst expectations of marginally higher provisions. All three banks also announced dividend increases.In other news, Prime Minister Mark Carney said today that Canada has entered negotiations to procure GlobalEye, an airborne warning and control system (AEW&C) created by Sweden's Saab. The radar system is integrated into Bombardier's (BBD-B.TO) Global 6500, transforming the corporate jet into a surveillance aircraft. In a statement, Bombardier said it is entering into talks with Saab to lead the modification program and lead Canada's industrial role in potential exports of this solution.

S&P/TSX CompositeS&P/TSX Composite

Wire49d ago

Agilent Facing Product Cycle Momentum Across Key Platforms, RBC Says

Agilent Technologies (A) is facing product cycle momentum across key instrument platforms, with tailwinds from drug manufacturing exposure amid US pharmaceutical reshoring, RBC Capital Markets said in a note emailed Wednesday.The company's newly launched instruments have early commercial traction, as evidenced by the growth of its liquid chromatography and single-quad mass spectrometry, RBC said, noting that a synchronized upcycle in key platforms can be a growth driver.In addition, Agilent expects the US pharma reshoring to present a $1 billion boon for analytical instruments, the firm noted. RBC said the company has about a 25% sales exposure to this opportunity with its analytical tools used for quality control and specialty contract manufacturing services.Agilent is set to release its fiscal Q2 results after the stock market closes on Wednesday.RBC Capital Markets initiated coverage of Agilent, with an outperform rating and a $153 price target.Price: $115.50, Change: $+0.42, Percent Change: +0.36%

Wire49d ago

Ecolab's Commodity Cost Hike Predictions Appear Reasonable, RBC Says

Ecolab's (ECL) forecast for commodity cost increases in Q2 and H2 appears reasonable as the rise in caustic soda, ethylene, and propylene prices amid the Middle East crisis looks manageable, RBC Capital Markets said in a Tuesday research note.Commodity cost inflation is a near-term headwind, which could result in an incremental inflation impact of around 2.5% in 2026, according to the note.Momentum in surcharge implementation should offset cost impacts, supported by moderating propylene prices as well as while stable ethylene prices due to steady natural gas prices, the analysts said.RBC reiterated its outperform rating on Ecolab with a price target of $337.Price: $264.81, Change: $+10.58, Percent Change: +4.16%

$ECL

Commodities49d ago

Global Chemical Spot Markets Drift Lower as US Methanol Gains, TPH Energy Says

Global chemical spot indicators were flat to lower over the week, with US methanol the sole outperformer amid tightening supply conditions, TPH Energy strategists said in a Wednesday note.Matthew Blair, analyst at TPH Energy, said that US methanol rose $3 to $541 per metric ton, supported by supply constraints from planned and unplanned outages in key producing regions, including China and Malaysia.The increase lifted the quarter-to-date average by $194/mt. Methanex Corporation (MEOH) is seen as the primary beneficiary of firmer methanol pricing.Elsewhere, China vinyl acetate monomer prices posted the sharpest weekly decline, falling 5 cents to 49 cents, as improved global supply weighed on prices following the completion of Dow's Texas City VAM plant turnaround in mid-May.Despite the weekly weakness, the quarter-to-date average remains higher, up 26 cents. Celanese (CE) is viewed as most exposed to VAM dynamics within coverage.Elsewhere, TPH said that US polyethylene fell 4 cents to 66 cents per pound, US polypropylene dropped 3 cents to -71 cents/lb, and US polyvinyl chloride declined 1 cent to 39 cents/lb. Southeast Asia caustic soda was down $20 to $435/mt, while US methyl tertiary-butyl ether slipped 9 cents to $3.40/gal and US styrene eased 1 cent to 63 cents/lb.On the other hand, US ethylene dichloride and China acetic acid were broadly unchanged over the week at 11 cents/lb and 20 cents/lb, respectively.Price: $59.97, Change: $-0.17, Percent Change: -0.28%

$CE$MEOH

Wire49d ago

Box's Fiscal Q1 Results 'Solid,' Early Traction in Enterprise Advanced Encouraging, RBC Says

Box's (BOX) fiscal Q1 results were "solid," and the company's Enterprise Advanced early traction is encouraging, RBC Capital Markets analysts said in a Tuesday note.Analysts said that Box's net retention rate expansion of 3-points to 105% from a year earlier is encouraging.Analysts said that while the company needs to be given credit for identifying the opportunity in Japan and investing in the channel accordingly, these market dynamics were unique and are unlikely to be repeated in other regions.RBC added that even in Japan, the runway is now more limited and that the competitive environment is expected to worsen.Analysts retained an underperform rating and $26 price target on the stock.Price: $24.37, Change: $-1.25, Percent Change: -4.88%

$BOX

Wire49d ago

Axsome Sees Auvelity Momentum, Alzheimer's Agitation Approval Driving Growth Outlook, Oppenheimer Says

Axsome Therapeutics (AXSM) is seeing continued momentum for its antidepressant Auvelity in major depressive disorder, alongside increasing attention following its FDA approval in Alzheimer's disease agitation, Oppenheimer said in a Wednesday note.The analysts pointed to strong performance in Auvelity's MDD launch and growing investor focus on the Alzheimer's disease agitation indication and its expected uptake trajectory.Oppenheimer also raised peak sales expectations for Auvelity to about $8 billion, driven by broader label expansion, expanded salesforce reach, and growing overlap between MDD and ADA prescribing populations, according to the report.The upcoming catalysts, including the Phase 3 Sunosi readout in binge eating disorder expected in the second half of the year, along with additional pipeline assets and business development opportunities, could further support upside potential for the stock, the report added.Oppenheimer has an outperform rating on the stock with a $280 price target.Price: $233.67, Change: $-0.53, Percent Change: -0.23%

$AXSM

Insider Trading49d ago

Gibraltar Industries Insider Bought Shares Worth $738,833, According to a Recent SEC Filing

William T Bosway, Director, President, and CEO, on May 26, 2026, executed a purchase for 19,735 shares in Gibraltar Industries (ROCK) for $738,833. Following the Form 4 filing with the SEC, Bosway has control over a total of 250,320 common shares of the company, with 250,320 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/912562/000091256226000122/xslF345X05/form4.xmlPrice: $39.44, Change: $+1.96, Percent Change: +5.22%

$ROCK

Japan49d ago

US Equity Indexes Mixed in Midday Trading as Crude Oil Slumps

US equity indexes traded mixed amid a decline in crude oil prices and government bond yields.The Nasdaq Composite fell 0.3% to 26,578.4, with the S&P 500 down 0.2% to 7,506.4, as technology sat at the bottom of sector charts in midday trading on Wednesday. The Dow Jones Industrial Average, however, climbed 0.3% to 50,617.2.The memorandum of understanding being negotiated between Tehran and Washington will call for US military forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for the reopening of the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television.The US denied the Iranian TV report that said maritime traffic through the critical waterway could return to normal within a month of the peace deal coming into effect, Bloomberg reported.West Texas Intermediate crude oil futures dropped 3.4% to $90.70, and Brent crude futures slumped 3% to $96.60.Most US Treasury yields fell, with the 10-year down 2.2 basis points to 4.47% and the two-year lower by 1.9 basis points to 4.03%.

Dow JonesNasdaq CompositeS&P 500

Wire49d ago

Nayax Growth Outlook Improves on Market Share Gains, Oppenheimer Says

Nayax (NYAX) is expected to benefit from higher cashless payment volume, more market share gains, recurring revenue growth, EV charging demand and better profit margins, Oppenheimer said in a note Wednesday.The investment firm said Nayax could deliver a 41% adjusted earnings before interest, taxes, depreciation, and amortization compound annual growth rate through 2027 as it expands across vending, ticketing, EV charging, amusement, laundromats and parking.Oppenheimer raised its revenue view to $515 million for this year and $633 million for 2027, while lifting its 2027 adjusted EBITDA estimate by about $10 million to $122 million.Global unattended cashless payment volume could grow 19% annually from 2025 to 2029, reaching $257 billion, while Nayax should continue adding share, and Oppenheimer said it expects payments revenue to grow about 30% annually through 2028, while software revenue could rise about 20% a year on higher machine share and better average revenue per user.Oppenheimer upgraded Nayax (NYAX) to outperform from perform and set an $86 price target, saying that Nayax's valuation is high, but long-term upside remains possible because of strong demand trends, recurring revenue, scale benefits and a business model that can hold up during weaker economic periods.Shares of Nayax were up about 5.8% in recent trading.Price: $74.81, Change: $+4.13, Percent Change: +5.84%

$NYAX

Treasury49d ago

Canada's Credit Stress Is Rising, Not Breaking, Says National Bank

Total debt insolvency in Canada reached its highest level since the 2009 financial crisis in Q1, according to data from Equifax released on Wednesday, said National Bank of Canada.This increase may seem alarming and raises concerns about the financial health of Canadian households. The bank asks if the situation is really as concerning as it seems.To gain a clearer picture, National Bank analyzed data from the Office of the Superintendent of Bankruptcy, which tracks the total number of insolvency filings; bankruptcies and consumer proposals, across the country. This data also shows that the number of insolvencies reached its highest level since the financial crisis in Q1.However, two adjustments are necessary to correctly interpret the trend in insolvencies, stated the bank. The first concerns seasonality, since the first half of the year is historically associated with a higher volume of insolvencies.The second involves accounting for the strong population growth observed since 2009, as the Canadian population has increased by about 25% over the period.Once the data is seasonally adjusted and expressed on a per capita basis, the insolvency rate remains well below the peak reached in the wake of the financial crisis and is even below its pre-pandemic level of 2019, the bank pointed out.The upward trend observed since 2022, as such, reflects a normalization from an exceptionally low pandemic trough rather than a widespread breakdown in household credit. However this does not mean the situation should be downplayed.The rise in the insolvency rate over the past year reflects a more fragile labor market, high interest rates, and a still-high cost of living, particularly for housing, food, and energy, which continue to put pressure on many households.However, the data doesn't support the narrative of systemic credit risk suggested by some media headlines, added the bank. The most accurate interpretation remains more nuanced: financial strains are increasing, but their magnitude remains moderate by historical standards for now.

$CXY

Wire49d ago

Zscaler's Good Quarter Overshadowed by Guidance, Wedbush Says

Zscaler (ZS) shares will be under pressure after its Q4 revenue guidance came in relatively light versus Street expectations amid a good Q3 performance, Wedbush said in a Wednesday note.The report also said fiscal 2027 guidance implies 700 basis points deceleration in annual recurring revenue.Still, the note said Zscaler is well-positioned to be an AI winner with Zero Trust and AI security gaining traction with enterprises."ZS need to show better execution to get out of the investor penalty box," the report said.Wedbush cut its price target to $220 from $300 to reflect a lower multiple while keeping its outperform rating on the stock.Price: $126.19, Change: $-58.42, Percent Change: -31.64%

$ZS

Mining & Metals49d ago

Zentek Raises $18 Million From a Brokered Private Placement of Share Units

Zentek (ZEN.V, ZTEK) on Wednesday said it closed a best-efforts private placement of share units that raised $18 million, including the full exercise of the agent's over-allotment option.The company sold 18-million units priced at $1.00 apiece and made up of a share and a three-year warrant to buy a share for $1.50.Proceeds will be used for the development and de-risking of the Albany Graphite project, the continued commercialization of its ZenGUARD platform, payment obligations, and general working capital and corporate needs.Shares of the company were last seen down $0.01 to $0.78 on the TSX Venture Exchange.Price: $0.78, Change: $-0.01, Percent Change: -1.27%

$ZEN.V

Asia Markets49d ago

European Stocks Close Higher; EU Moves to Scrap Duties on Many US Goods

European stock markets closed higher Wednesday with the Swiss Market Index gaining 0.8%, France's CAC 40 climbing 0.4%, the FTSE 100 advancing 0.2%, and the Stoxx Europe 600 and Germany's DAX 40 each little changed.The governments of the EU cleared legislation to remove import duties on several US goods, Reuters reported. The legislation still needs to be approved by the European Parliament.In corporate news, Albert Manifold, who was removed as BP's chairman amid governance and oversight concerns, rejected the company's account and said his dismissal came without explanation, Bloomberg reported.Shares of BP fell 3% in London.AstraZeneca said the US Food and Drug Administration delayed the decision deadline for its new drug application regarding a combination breast cancer treatment to evaluate additional information.Shares of the British pharmaceutical company rose 0.2% in London.TotalEnergies is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported.Shares of the French oil and gas major fell 3.5% in Paris.Manchester United reported fiscal Q3 adjusted earnings of 0.0295 British pounds ($0.04) per share, swinging from a loss of 0.0319 pounds a year earlier. Revenue rose to 189.5 million pounds from 160.5 million pounds. The company raised its full-year revenue outlook.Shares of the English soccer club surged 11% in London.Banco Santander launched a cash tender offer to repurchase up to $850 million of its outstanding 4.75% perpetual preferred tier 1 securities.Shares of Banco Santander rose 1.7% in Madrid.

Asia Markets49d ago

UK's FTSE 100 Closes Higher; BP Extends Losses

Britain's FTSE 100 extended its winning streak, closing Wednesday trading 0.13% higher, as investors assessed the latest corporate and regulatory updates.BP (BP.L) fell 2.72% a day after announcing the removal of Chairman Albert Manifold, citing concerns related to "important governance standards, oversight and conduct." The energy giant did not provide further details, but BBC News reported about complaints, including Manifold's "overbearing" behavior and "bullying."Manifold said he was dismissed "without warning and without explanation" in an emailed statement to Bloomberg News. "I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged."On the earnings front, Greencore Group (GNC.L) posted a loss of 30.8 million pounds sterling for the six months ended March 27, compared with a profit of 19.8 million pounds a year earlier, sending its shares down 9.02%. The convenience foods producer's revenue, meanwhile, rose to 1.32 billion pounds from 922 million pounds earlier.In regulatory news, Britain's Office of Gas and Electricity Markets, or Ofgem, will raise by 13% the energy price cap for the July 1 to Sept. 30 period. This means that the average gas and electricity bill will increase to 1,862 pounds a year from 1,641 pounds."Today's price change reflects continued volatility in global energy markets. This means higher wholesale gas prices, driven by ongoing conflict in the Middle East, is impacting the price we pay for energy," Ofgem Chief Executive Officer Tim Jarvis said.Speaking of the Middle East conflict, Iran's state TV said Tehran received a draft outline for a possible agreement with the US. Under the reported terms, Iran would restore commercial shipping through the Strait of Hormuz to pre-war levels within a month, while US forces would pull back forces from the area and lift a naval blockade.

FTSE 100$BP.L$GNC.L

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Commodities49d ago