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Innodata Opens New Jersey Motion-Capture Lab for Physical AI
Innodata Inc. has opened a motion-capture research and development laboratory in New Jersey aimed at training humanoids, industrial robots and other physical AI systems. Developed with Vicon, the facility uses high-precision infrared optical tracking cameras capable of measuring movement at sub-millimeter accuracy, capturing 3D movement directly rather than inferring it from 2D video. Customers can purchase off-the-shelf motion-capture datasets, commission customized projects or send robots to the lab for independent performance testing, and Innodata can also provide external validation of robots' internal telemetry. The move builds on Innodata's earlier robotics initiatives, including successful egocentric data-collection pilots with leading robotics companies during the second quarter, when revenues rose 58% year over year to $92.1 million and adjusted EBITDA increased 92% to $25.4 million. Innodata also reiterated its expectation for at least 40% revenue growth in 2026, though the company said the pace at which pilot projects convert into large commercial programs will be critical.
INOD · Demand · Positive Customers can buy off-the-shelf motion-capture datasets, commission custom projects, or send robots for testing, building on Q2 egocentric data-collection pilots with robotics companies
INOD · Technology · Positive Innodata opened a motion-capture R&D lab with Vicon to train humanoids and physical AI systems, expanding its robotics data offering
Coincheck to Introduce 10-Tier Fee Structure from October 19
Crypto asset exchange Coincheck announced on October 1 that it will introduce tiered fees for its exchange order book trading from 2 p.m. on October 19. The fee rates will be determined by 10 levels based on the user's trading volume over the most recent 30 days or their deposited assets, with the level judged by whichever of trading volume or deposited assets results in the lower rate. The highest level for general users applies when trading volume is under 1 million yen and deposited assets are under 2 million yen, with a Maker fee of 0.1000% and a Taker fee of 0.1200%. Rates fall as the level rises, and VIP9, for trading volume of 10 billion yen or more or deposited assets of 1 billion yen or more, has a Maker fee of 0% and a Taker fee of 0.0025%. The new structure covers all crypto assets handled on the exchange except the Bitcoin and Japanese yen pair, while the Bitcoin and Japanese yen pair remains at 0% but is still included in the trading volume used to determine levels.
FactSet, Concentrix Beat Estimates; HPE Inks $1.2 Billion Vultr Deal; Mattel Names New CEO
FactSet Research Systems posted fourth-quarter fiscal 2026 adjusted earnings of $4.52 per share, beating the Zacks Consensus Estimate of $4.32 per share, and its shares advanced 3.8%. Concentrix Corp. reported third-quarter fiscal 2026 adjusted earnings of $2.92 per share, outpacing the Zacks Consensus Estimate of $2.71 per share, with its shares rising 0.3%. Hewlett Packard Enterprise Co. entered into a $1.2 billion deal with Vultr, sending its shares up 3.9%. Mattel, Inc. appointed Roger Lynch as its new CEO and chairman, and its shares tumbled 4.2%.
Concentrix Posts $988.1 Million Net Loss on $1.05 Billion Goodwill Impairment
Concentrix reported a net loss of $988.1 million, or $(16.24) per diluted share, for its third quarter, driven primarily by a $1,050.0 million non-cash goodwill impairment charge. The customer experience solutions provider recorded an operating loss of $910.3 million, while adjusted results showed non-GAAP operating income of $309.0 million and non-GAAP earnings of $2.92 per share. Sales fell 1.2% year on year to $2.45 billion, coming in slightly below Wall Street estimates, as President and Chief Executive Officer Christopher Caldwell cited accelerating client artificial intelligence deployments and decisions by two hyperscale clients to reduce support for certain accounts. Chief Financial Officer Andre Valentine said client shifts toward offshore delivery created an approximate 3% revenue headwind, though adjusted free cash flow reached a third-quarter record of $218.3 million and non-GAAP operating margin expanded 30 basis points to 12.6%. Shares rose 4% in the morning session before cooling to $25.73, up 1% from the previous close.
CNXC · Capital · Negative Concentrix posted a $988.1M net loss driven by a $1.05B non-cash goodwill impairment charge, with sales down 1.2% and missing estimates.
CNXC · Demand · Negative CEO cited accelerating client AI deployments and two hyperscale clients reducing support for certain accounts, plus a ~3% offshore-delivery revenue headwind.
Robinhood Plans Weekend Equities Trading as Cal-Maine and Concentrix Slide
Robinhood plans to offer weekend trading for equities, a first for modern US markets, allowing customers to trade a selected list of stocks and exchange-traded funds over the weekend, and it will also allow trading of perpetual futures on select cryptocurrencies and contracts linked to financial earnings. Cal-Maine shares fell 7.5% after the egg producer reported first-quarter net sales that missed the average analyst estimate and said it won't pay a cash dividend in the first quarter, with CEO Sherman Miller citing an industrywide supply imbalance and pressure on pricing. Concentrix shares slid 7.5% after the call center operator's fourth-quarter revenue forecast missed the average analyst estimate amid concerns that AI-assisted automation tools will reshape the business; about 50% of Concentrix revenue now comes from business earned since introducing AI tools, and the company expects free cash flow to rise to about 630 to 650 million dollars in fiscal 2026, though the stock is down 40% year to date.
CALM · Supply · Negative Cal-Maine reported Q1 net sales missing estimates and no dividend, with CEO citing an industrywide supply imbalance and pricing pressure.
Affirm Partners With Crate & Barrel to Expand Pay-Over-Time Reach
Affirm Holdings has struck a new partnership with Crate & Barrel Holdings, bringing its pay-over-time financing to Crate & Barrel, Crate & Barrel Kids and CB2 customers in the United States and Canada, with biweekly or monthly payment options starting at 0% APR and no late fees or hidden charges. The deal adds Crate & Barrel Holdings, which operates more than 100 stores and websites across the United States and Canada and draws more than 200 million customer visits a year, to Affirm's network of more than 570,000 active merchant partners, broadening its reach in the home-furnishing category. Affirm said the near-term financial impact is difficult to quantify because the companies did not disclose transaction volumes or revenue contribution, and that the partnership's contribution will depend on customer engagement and the volume of purchases financed through Affirm. Stronger usage across Crate & Barrel's brands could gradually increase the partnership's contribution to Gross Merchandise Volume and revenues. Affirm faces competition from Block, which is deepening Afterpay's integration with Cash App, and from PayPal, whose Pay in 4 and Pay Monthly offerings cover purchases up to $10,000. Affirm shares have risen 51.3% over the past six months compared with the industry's 30.2% growth, and the Zacks Consensus Estimate for its 2026 earnings stands at $1.87 per share, followed by 53.3% growth next year.
Boeing Wins $20 Billion Navy F/A-XX Fighter Contract; Moderna Downgraded by Citi
Boeing surged 3% in premarket trading to $193.41 after the Pentagon selected the aerospace giant to develop the U.S. Navy's next-generation carrier-based strike fighter, the F/A-XX, under a contract valued at more than $20 billion. The award, which beat out rival Northrop Grumman, marks Boeing's second consecutive sixth-generation fighter program win and places the company at the center of the Navy's Next Generation Air Dominance initiative. Concentrix plunged 11.1% to $22.11 after reporting fiscal third-quarter revenue of $2.45 billion, down 1.2% year over year and about $30 million short of expectations, and guiding fourth-quarter revenue down 3% to 5% on a constant-currency basis while cutting its full-year 2026 revenue outlook to $9.827 billion-$9.877 billion. Moderna fell 6.3% after Citi downgraded the biotechnology company to Sell and raised its price target to $80 from $60, saying the valuation had become stretched following a run to a new 52-week high of $208.90. GameStop rose 1.6% after CEO Ryan Cohen disclosed an open-market purchase of 450,000 Class A shares on Sept. 29 for about $10.6 million, lifting his total beneficial ownership to 44.68 million shares, or about 8.8% of the company. Yiren Digital rose 6.1% despite reporting a GAAP loss of 75 cents per share and revenue of about $131.2 million, down roughly 43% year over year, as investors focused on a sequential narrowing of the net loss.
BA · Demand · Positive Pentagon selected Boeing to develop the Navy's F/A-XX fighter under a contract valued at more than $20 billion, beating Northrop Grumman.
CNXC · Capital · Negative Concentrix reported Q3 revenue below expectations and cut its Q4 and full-year 2026 revenue outlook.
GME · Capital · Positive CEO Ryan Cohen disclosed an open-market purchase of 450,000 Class A shares for about $10.6 million, lifting his ownership to 8.8%.
MRNA · Capital · Negative Citi downgraded Moderna to Sell, saying the valuation had become stretched after a run to a new 52-week high.
Boeing secured a $20 billion contract with the defense department to develop the next generation of fighter jets, sending its shares up 2% premarket. The deal covers development of the Sixth-Generation F/A-XX Strike Fighter, while Northrop Grumman, reportedly also in contention for the contract, tumbled 3.5%. Robinhood Markets rose 2% after announcing an in-app AI agent for its traders, plans to launch 24/7 trading for certain stocks, and the introduction of perpetual futures to its U.S. users soon. Moderna declined more than 6% after Citi downgraded the stock to sell, with analysts setting a price target 60% below Tuesday's closing price and saying the current valuation can't be justified. Concentrix fell 9.5% after fiscal third-quarter revenue came in slightly below expectations, with non-GAAP earnings per share and current-quarter revenue guidance also below estimates, and the company said on its earnings call that its AI transition is pressuring revenues. Cal-Maine Foods tumbled more than 6.5% after reporting a wider-than-expected fiscal first-quarter loss of $1.26 per share versus the 77-cent loss analysts polled by FactSet expected, while FormFactor rose 1% after Deutsche Bank initiated coverage with a buy rating, citing rising chip testing intensity and its position as the second source of probe cards for Nvidia's GPUs at TSMC.
BA · Demand · Positive Boeing won a $20 billion defense contract to develop the Sixth-Generation F/A-XX Strike Fighter.
CALM · Capital · Negative Cal-Maine reported a wider-than-expected fiscal Q1 loss of $1.26 per share versus the 77-cent loss expected.
CNXC · Capital · Negative Concentrix fiscal Q3 revenue missed expectations and EPS and current-quarter guidance also came in below estimates.
FORM · Capital · Positive Deutsche Bank initiated coverage of FormFactor with a buy rating, citing rising chip testing intensity and its probe-card position for Nvidia GPUs at TSMC.
HOOD · Technology · Positive Robinhood announced an in-app AI agent for traders, plans for 24/7 trading on certain stocks, and perpetual futures for U.S. users.
MRNA · Capital · Negative Citi downgraded Moderna to sell with a price target 60% below the prior close, citing unjustifiable valuation.
Concentrix Posts $2.45B Q3 Revenue, Swings to Loss on $1.05B Goodwill Impairment, Raises Dividend
Concentrix Corporation reported third quarter fiscal 2026 revenue of $2,453.7 million, down 1.2% from $2,483.3 million a year earlier, and swung to a net loss of $988.1 million, or $16.24 per diluted share, after recording a non-cash goodwill impairment charge of $1,050.0 million tied to the recent trading range for its stock price and market capitalization. On a non-GAAP basis, the company exceeded its profitability guidance, with operating income of $309.0 million, or 12.6% of revenue, up from $305.1 million, or 12.3%, and adjusted EBITDA of $363.0 million, or 14.8% of revenue, up from $359.2 million, or 14.5%. Non-GAAP diluted earnings per share rose 5.0% to $2.92 from $2.78. The quarter generated record-high third quarter free cash flow from operations of $268.2 million and adjusted free cash flow of $218.3 million. Concentrix paid a quarterly dividend of $0.36 per share on August 4, 2026, and its board declared an increased quarterly dividend of $0.37 per share payable November 3, 2026, to shareholders of record as of October 23, 2026; the company repurchased no shares in the quarter, leaving $396.6 million remaining under its repurchase authorization. For the fourth quarter, Concentrix guided to reported revenue of $2.410 billion to $2.460 billion, non-GAAP operating income of $310 million to $320 million, and non-GAAP diluted EPS of $2.86 to $2.98, implying a constant currency revenue decline of 5.0% to 3.0%. For the full year, it expects reported revenue of $9.827 billion to $9.877 billion, non-GAAP operating income of $1,206 million to $1,216 million, non-GAAP diluted EPS of $10.97 to $11.09, and adjusted free cash flow of approximately $630.0 million to $650.0 million.
CNXC · Capital · Neutral Q3 revenue fell 1.2% and it swung to a $988.1M net loss on a $1.05B goodwill impairment, though non-GAAP profit and EPS rose and the dividend was raised.
GFT Survey Finds 84% of CIOs Canceled AI Projects Over Legacy Systems
A new GFT Technologies survey of 945 CIOs and CTOs at companies with at least $500M in annual revenue across 19 countries found that 84% have canceled an AI pilot or project because of limitations in their legacy systems. The study, conducted by Wakefield Research between August 11 and 31, 2026, also found that 93% believe failing to modernize before running AI on legacy infrastructure will eventually trigger an enterprise-wide security crisis, while 89% are concerned that global AI investment may be growing faster than the business value it can realistically deliver. On geopolitics, 99% said potential government restrictions on AI access increase the importance of not depending on a single AI provider, and 91% believe some public companies cite AI to justify workforce changes primarily intended to boost their share price. Personal risk is also rising for technology leaders, with 89% concerned that a wrong workforce decision made while scaling AI could put their own job at risk, and only 20% saying their organization's other C-suite executives and board members fully understand the security risks of running AI on legacy systems. Marco Santos, Global CEO of GFT Technologies, said legacy infrastructure is becoming a real constraint not only on innovation but also on security and scalability, and that closing the gap between AI ambition and infrastructure readiness is critical to turning AI investment into sustainable business value.
GFT.XETRA · Demand · Positive GFT's own survey of 945 CIOs highlights legacy-system constraints on AI, positioning its modernization services as the solution to a demand gap.
Concentrix Q3 Earnings Due September 29 With $2.70 EPS Estimate
Concentrix is scheduled to report its Q3 earnings results on Tuesday, September 29th, after market close. The consensus EPS estimate is $2.70, down 2.9% year over year, while the consensus revenue estimate is $2.48B, flat year over year. Over the last two years, Concentrix has beaten EPS estimates 50% of the time and revenue estimates 63% of the time. Over the last three months, EPS estimates have seen 0 upward revisions and 3 downward, and revenue estimates have also seen 0 upward revisions and 3 downward.
CNXC · Capital · Negative Q3 EPS estimate of $2.70 is down 2.9% YoY with 3 downward estimate revisions and no upward revisions in the last three months.
Broadridge Raises Dividend 12% and Authorizes $1.5 Billion Buyback
Broadridge Financial Solutions increased its annual dividend by 12% to $4.36 per share and declared a quarterly dividend of $1.09 per share in the first quarter of fiscal 2027, while its board authorized a new $1.5 billion share repurchase program to replace the remaining authorization under the previous plan. The company paid dividends of $331 million, $368.2 million and $402.3 million in fiscal 2023, 2024 and 2025, respectively, and paid $443.5 million at the end of fiscal 2026. Broadridge's first-quarter fiscal 2027 earnings are expected to be down 9.3% year over year, while earnings for fiscal 2027 and 2028 are projected to rise 9.8% and 10.2% year over year, with revenues expected to increase 5.02% in fiscal 2027 and 5.34% in fiscal 2028. The company has expanded its digital assets platform into the U.S. wealth management market through partnerships with Anchorage Digital and Galaxy Digital, launched DLX to connect tokenized and traditional financial markets, extended its Distributed Ledger Repo solution to G7 securities, and collaborated with Payward Services to support proxy voting for eligible xStocks holders. Total operating cost rose 7% year over year in 2024, 3.8% in fiscal 2025 and 8.4% in 2026, and Broadridge currently carries a Zacks Rank #3 (Hold).
Coincheck to End Handling of FLR and DAI on November 2
Coincheck announced on September 28 that it will discontinue handling of FLR (Flare) and DAI on November 2, citing continued declines in liquidity. The delisting date is November 2, 2026, and Flare's external transfers will stop at 2 p.m. that day. For DAI, exchange trading and inbound deposits will stop at 2 p.m. on October 26, followed by a halt to transfers at 2 p.m. on November 2. The company cited declining market liquidity for Flare, and for DAI it pointed to declining market liquidity as well as reduced project continuity on the part of the issuer. Regarding DAI, other domestic exchanges had already announced delistings or temporary suspensions of handling, against the backdrop of the issuer, the MakerDAO project, moving its brand toward the new stablecoin USDS. Among domestic crypto exchange operators, a trend of thinning out listed tokens has been conspicuous: on September 4, Bitpoint announced the delisting of six tokens and SBI VC Trade announced three, one after another, and on September 9, GMO Coin also announced the delisting of three tokens.
CNCK · Regulation · Negative Coincheck is delisting FLR and DAI from its exchange, thinning its listed token lineup.
DAI · Regulation · Negative Coincheck will halt DAI trading, deposits, and transfers on November 2, citing declining liquidity and reduced issuer project continuity.
FLR · Regulation · Negative Coincheck will discontinue handling of FLR on November 2, citing continued declines in liquidity.
Adyen Named Global Payment Partner for Guidewire Software
Adyen has been approved as a Global Payment Partner for Guidewire Software, tying its single-platform payments stack directly into Guidewire's core systems for property and casualty insurers worldwide. The news lands at a tricky moment for the stock, with Adyen's share price down 15.9% over 30 days and its year-to-date share price return down 35.4%, though its 3-year total shareholder return is up 39.1%. Adyen last closed at €903, while the most followed narrative puts fair value around €975 per share, framing the Guidewire deal against a stock that already screens as modestly undervalued. The shares trade on about 25.3x earnings, compared with a peer average of 16.2x and a fair ratio of 22.8x. The narrative could break if Adyen's new products fail to translate into stronger cash generation, or if recent leadership changes unsettle large enterprise clients.
Innodata Pushes Into Agentic AI as Q2 Revenue Jumps 58%
Innodata Inc. is pushing deeper into agentic artificial intelligence, with reinforcement learning emerging as a potentially important growth engine. The company has won a significant program with a large AI lab focused on personalizing long-horizon agents, which is now scaling, along with another program to build reinforcement-learning environments for desktop computer-use agents. Delivery expanded with two big-tech customers during the second quarter, while discussions with banking and insurance companies could lead to additional pilots. Second-quarter revenues surged 58% year over year to $92.1 million, while adjusted EBITDA climbed 92% to $25.4 million, and Innodata reiterated its 2026 revenue-growth outlook of at least 40%. Innodata faces growing competition from Genpact and Cognizant as enterprise demand shifts toward agentic AI, governance and deployment at scale, though its distinction lies in a deeper focus on data engineering, model evaluation and reinforcement-learning environments for long-horizon agents.
INOD · Capital · Positive Q2 revenue surged 58% to $92.1M, adjusted EBITDA climbed 92%, and it reiterated at least 40% 2026 revenue growth.
INOD · Demand · Positive Won a significant program with a large AI lab for personalizing long-horizon agents and expanded delivery with two big-tech customers.
CTSH · Competition · Neutral Named as a competitor Innodata faces as enterprise demand shifts toward agentic AI, but no specific Cognizant development is reported.
G · Competition · Neutral Named as a competitor Innodata faces in agentic AI, with no company-specific news about Genpact itself.
Klarna's Niclas Neglen to Join Adyen as CFO on February 1
Klarna's Niclas Neglen is set to join Adyen as chief financial officer and a statutory board management member, effective February 1. Adyen's supervisory board will propose his appointment as a management board member to shareholders at an extraordinary general meeting, subject to regulatory approval by the Dutch Central Bank. Klarna had announced on August 18 plans to transition Neglen in early 2027. Adyen CFO Ethan Tandowsky announced his resignation in May, effective August 31, and Hwa Tsao was appointed interim CFO. Adyen co-CEO Pieter van der Does said Hwa Tsao's oversight as interim CFO through February 1, 2027, will allow for a seamless transition before he resumes leading finance operations as senior vice president of group finance.
Third Avenue Small-Cap Value Fund Initiates Position in Maximus
Third Avenue Management's Small-Cap Value Fund initiated a position in government services contractor Maximus, Inc. during the second quarter of 2026, according to the fund's quarterly investor letter. The fund returned 12.85% in Q2 2026, trailing the Russell 2000 Value Index's 17.19% but beating the MSCI USA Small Cap Value Index's 12.61%, and is up 21.72% year-to-date. Maximus closed at $55.97 per share on September 21, 2026, down 4.37% over the past month and 36.07% over the past year, with a market capitalization of $2.93 billion and a 52-week range of $52.73 to $100.00. The fund said Maximus' federal business revenue grew more than 8% in 2025, and that management's recent operational guidance and a very substantial share buyback authorization inspire confidence, with operating margins expected to increase in 2026 due to internal use of artificial intelligence. As one example, the fund cited Maximus' Veterans Affairs benefits administration business, which now processes ten million pages of medical records every day in the Amazon cloud.
EXL Posts $594.8 Million Q2 Revenue, Tops Data Services Peers
EXL reported second quarter revenues of $594.8 million, up 15.6% year on year and 3.5% above analysts' expectations, the strongest showing among the 10 data and business process services stocks tracked in the quarter. Chairman and Chief Executive Officer Rohit Kapoor said the company delivered second quarter revenue growth of 16% year on year and adjusted diluted EPS growth of 22% year on year, crediting continued execution of its data and AI strategy. EXL posted the highest full-year guidance raise in the group, and its stock is up 15.5% since reporting, trading at $35.28. Across the 10 stocks tracked, group revenues beat consensus estimates by 1.9% while next quarter's revenue guidance came in 3.1% below, and share prices have fallen 3.4% on average since the latest results. CoStar delivered the weakest full-year guidance update among its peers, with revenues of $925 million, up 18.4% year on year and in line with expectations, while Planet Labs posted the biggest analyst estimate beat and fastest revenue growth at $116.1 million, up 58.1% year on year, but the weakest guidance update of the group.
Affirm Holdings Draws Investor Attention as Earnings Estimates Rise
Affirm Holdings has become one of the most searched-for stocks on Zacks.com, with the digital commerce platform operator expected to post earnings of $0.34 per share for the current quarter, a year-over-year change of +47.8%. Over the last 30 days, the Zacks Consensus Estimate for that quarter has changed +3.5%, while the consensus estimate of $1.87 for the current fiscal year, indicating a year-over-year change of -66.2%, has moved +9.1%. For the next fiscal year, the consensus estimate of $2.87 points to a change of +53.3%, and has risen +7.9% over the past month. Those revisions, along with three other earnings-related factors, give Affirm Holdings a Zacks Rank #3 (Hold). On the revenue side, the consensus sales estimate for the current quarter is $1.21 billion, a year-over-year change of +30%, while estimates of $5.51 billion and $6.9 billion for the current and next fiscal years indicate changes of +29.4% and +25.2%. In its last reported quarter, Affirm Holdings posted revenues of $1.17 billion, up +33% year over year, beating the Zacks Consensus Estimate of $1.11 billion by +5.23%, with an EPS surprise of +1300% as EPS of $4.62 compared with $0.2 a year earlier. The stock carries a Zacks Value Style Score of D, indicating it trades at a premium to its peers.
AFRM · Capital · Positive Rising consensus earnings and revenue estimates, plus a big prior-quarter EPS beat, point to improving financial expectations for Affirm.
Sabre Shares Rise as Nearly 80 Travel Customers Pilot Its AI Booking Server
Sabre shares jumped 3.3% in the afternoon session after the travel technology company announced that nearly 80 travel customers are piloting or using its Model Context Protocol server to directly book, sell, and service travel. The company highlighted its agentic artificial intelligence momentum, saying customers including Virgin Australia, Flight Centre, and Internova have adopted the technology. The Model Context Protocol server enables automated systems to directly connect with travel platforms to search, sell, and service bookings for airlines, travel agencies, and corporate clients. The shares closed the day at $2.33, up 3.1% from the previous close, and have set a new 52-week high, up 74.8% since the beginning of the year.
SABR · Technology · Positive Sabre announced nearly 80 travel customers are piloting or using its Model Context Protocol AI booking server, highlighting agentic AI momentum.
Flight Centre Travel Group · Technology · Positive Flight Centre is named as a customer that has adopted Sabre's Model Context Protocol server.
Internova Travel Group · Technology · Positive Internova is named as a customer that has adopted Sabre's Model Context Protocol server.
Virgin Australia Holdings Ltd · Technology · Positive Virgin Australia is named as a customer that has adopted Sabre's Model Context Protocol server.
Goldman Sachs Raises Affirm Price Target to $115 on Improving Fundamentals
Goldman Sachs raised its price target on Affirm Holdings to $115 from $106 on September 12, citing improving underlying fundamentals. The hike followed Affirm's fourth-quarter fiscal 2026 results, in which revenues surged 33% to $1.2 billion and operating income rose $89 million to $147 million. Interest income climbed 35% in the quarter, in line with a 33% increase in average net loans held for investment partners, and 80% of Affirm's direct-to-consumer product loans carried interest at quarter-end. Affirm Card active cardholders more than doubled to 5.2 million, driving a 124% increase in Card GMV to $2.8 billion, while management estimated GMV would reach $64 billion in fiscal 2027 with an adjusted operating margin of 30.5%. Wolfe Research analyst Darrin Peller upgraded the stock to Outperform with a $90 price target, though the company continues to face credit-quality and competitive risks as banks, fintechs, retailers and payment networks expand installment-payment offerings.
AFRM · Capital · Positive Goldman Sachs raised its Affirm price target to $115 and Wolfe Research upgraded the stock to Outperform, both citing improving fundamentals.
AFRM · Demand · Positive Affirm's Q4 fiscal 2026 revenue surged 33% to $1.2 billion with Card active cardholders more than doubling to 5.2 million and Card GMV up 124%.
GS · Capital · Positive Goldman Sachs raised its Affirm price target to $115 from $106, an analyst valuation action by the firm itself.
Wolfe Research · Capital · Positive Wolfe Research analyst Darrin Peller upgraded Affirm to Outperform with a $90 price target.
Affirm Launches AI Underwriting Model, Sees 3.4% More Completed Purchases
Affirm Holdings is launching a new transformer-based machine learning model for real-time credit underwriting at U.S. checkouts, drawing on 14 years of its own transaction and repayment data to analyze the order and timing of events across a consumer's credit history. In initial testing, the model approved applications the previous system would have declined, including consumers with limited credit histories and no FICO scores, and those incremental approvals produced 3.4% more completed purchases than the control group, with the loans performing better than a comparable expansion under the previous model. Affirm says the model is built to deliver fast and explainable decisions, and the release does not provide a dollar estimate of the financial impact. The company frames the launch as expanding approvals without simply lowering credit standards, with the financial benefit depending on how the early results scale. Affirm shares have risen 58.2% over the past six months compared with the industry's 20.2% growth, and the stock trades at a forward price-to-sales ratio of 4.1X versus the industry average of 4.2X.
Intermex Falls 5.2% for Third Day as Investors Await Western Union Deal Update
International Money Express dropped 5.2% and fell for a third straight day as investors wait for an update on its planned $500 million sale to Western Union. Shares of Intermex have declined 11% this week on no new apparent news, and the stock is now trading at its lowest since Aug. 13, the day before a New York regulator approved the transaction in what investors initially thought was the final approval needed for the deal to close. The companies also announced the same day that they received a letter from the California Department of Financial Protection and Innovation suspending the approval extension previously granted on July 31. Some people have told Seeking Alpha that Western Union has been conducting meetings with investors this week, which may be the reason for Intermex's decline. Western Union and Intermex did not immediately respond to Seeking Alpha's email request for comment. Western Union agreed to buy Intermex for $16 per share in cash last August.
IMXI · Regulation · Negative California DFPI suspended the previously granted approval extension for the Western Union deal, and the stock keeps falling as investors await a deal update.
WU · Regulation · Neutral Western Union's $500M acquisition of Intermex faces a suspended California approval, though the article gives no clear read on WU's own direction.
Cass: TL Linehaul Rates Jump 11.3% in August as Freight Shipments Turn Positive
Truckload linehaul rates rose 11.3% year over year in August while freight shipments turned positive for the first time in three and a half years, according to data from Cass Information Systems. The Cass TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, marked its 20th consecutive year-over-year increase and its largest gain since June 2022, and was up 70 basis points from July. Freight shipments recorded by Cass increased 2.1% year over year, the first such increase after 42 months of declines, and were 5.6% higher sequentially in August, or up 5% seasonally adjusted. Cass' expenditures index, which measures total freight spend including fuel, surged 18.7% year over year and rose 5.8% from July, or 6% seasonally adjusted, driven by the positive inflection in shipments and diesel prices that were up 46% year over year and 10% sequentially. The report said the sequential increase in linehaul rates was in line with expectations and noted that even as spot rates slow with modest sequential declines, the much larger contract market is adjusting higher, adding that the freight bottom is probably in and growth should continue, though modestly. Cass, a provider of payment management solutions, processes $37 billion in freight payables annually on behalf of customers.
CASS · Demand · Positive Cass's own data shows TL linehaul rates up 11.3% YoY and freight shipments turning positive for the first time in 42 months, signaling stronger freight demand for its payment management business.
Coincheck to Temporarily Restrict Transfers to New Addresses from September 15
Cryptocurrency exchange Coincheck announced on September 10 that it will restrict transfers of crypto assets to newly registered destination addresses for a certain period, starting September 15. The measure applies to all destination addresses newly registered on or after September 15, which will be unable to receive transfers for a set period after registration, but transfers to addresses already registered are unaffected and can be used as before. Once the restriction period passes, transfers become possible, but the exchange will not accommodate shortening or early lifting of the period, and the specific duration is not being disclosed for security reasons. The measure follows a joint request made on August 6 by the National Police Agency and the Financial Services Agency to the Japan Crypto-Asset Exchange Association to strengthen measures to prevent fraud, amid the spread of social media-based investment fraud and romance scams. The Financial Services Agency is calling for advance registration of withdrawal destination addresses and a ban on withdrawals for a certain period after registration, as well as restrictions on external withdrawals after fiat currency deposits or crypto asset purchases, setting withdrawal limits based on customer attributes, strengthening monitoring of transaction and access environments, and establishing a system to promptly restrict transactions even at night or on holidays when suspicious activity is detected.
CNCK · Regulation · Negative Coincheck will restrict transfers to newly registered addresses from Sept 15, following a police/FSA request to tighten anti-fraud measures, adding friction for users.
EXL President Vivek Jetley Departs to Lead Hexaware Technologies
ExlService Holdings, Inc., a global data and AI company, announced that Vivek Jetley, president and head of Insurance, Healthcare and Life Sciences, will depart effective October 26, 2026, to become Chief Executive Officer of Hexaware Technologies Limited. Jetley will continue in his current role during the transition. Chairman and CEO Rohit Kapoor praised Jetley's nearly 20 years of contributions, including building analytics capabilities and leading insurance and healthcare businesses. Jetley expressed pride in his work and commitment to a smooth handover. EXL, headquartered in New York with about 68,000 employees, emphasized its deep leadership bench and continued execution of its data and AI strategy.
EXLS · Capital · Negative EXL's president and head of Insurance, Healthcare and Life Sciences departs to become CEO of Hexaware, a leadership loss for the company.
Hexaware Technologies Limited · Capital · Positive Hexaware Technologies gains a new CEO, Vivek Jetley, who brings nearly 20 years of EXL leadership experience.
Innodata is increasingly turning research and innovation into a commercial growth engine, strengthening its position across the AI model-development lifecycle. The company has established an early position in agentic reinforcement learning, securing a program for personalization of long-horizon agents that is now scaling, along with another focused on reinforcement-learning environments for computer-use tasks. It also released two public AI benchmarks and introduced the first stage of its AI Cyber Training Suite, comprising 12 datasets and evaluation systems. Innovation is improving economics, with a 49% adjusted gross margin in the second quarter of 2026, revenues surging 58% year over year to $92.1 million, and adjusted EBITDA jumping 92% to $25.4 million. Innodata reiterated its 2026 revenue-growth outlook of at least 40%, excluding several potentially large programs not yet incorporated into guidance. The company faces competition from TaskUs and Accenture, but differentiates through proprietary research and reusable datasets. Shares have soared 26.9% in the past six months, and earnings estimates for 2026 and 2027 have moved up to $1.18 and $1.67 per share, respectively.
Coincheck Partners with French DFNS to Build Custody Infrastructure for Domestic Financial Institutions
Coincheck Group announced on August 31 that it has entered into a strategic partnership with DFNS, a wallet infrastructure company headquartered in Paris, France. The aim is to support the construction of institutional-grade digital asset custody infrastructure for domestic financial institutions. Going forward, the two companies will collaborate on introducing DFNS's technology into Coincheck, subject to regulatory requirements and the signing of a final contract. DFNS provides digital asset wallet infrastructure for banks and fintech companies, and its Wallet-as-a-Service (WaaS) handles private key management, transaction approval, and governance management on a single platform, supporting over 100 blockchains. In addition to cloud-based SaaS, it also supports on-premise deployment, allowing financial institutions to manage key information within their own country to meet regulatory requirements. Coincheck is also advancing its wallet business for individuals, and in May, the joint venture "au Coincheck Digital Assets" with KDDI and au Financial Holdings was launched, with a non-custodial wallet as its core business, expected to be offered around the summer of 2026. Unlike the individual-focused approach, the partnership with DFNS aims to support the construction of custody infrastructure used by financial institutions such as trust banks, as Coincheck Group expands its business into institutional investor services and digital asset infrastructure.
Affirm Holdings reported fourth-quarter fiscal 2026 earnings of $4.62 per share, beating the Zacks Consensus Estimate of 33 cents by 1,300% and rising from 20 cents a year ago. Revenues of $1.17 billion grew 33% year over year and surpassed the consensus mark of $1.11 billion. The results were driven by robust Gross Merchandise Volume growth, higher transactions, strong repeat customer engagement, and increased interest income, with rapid growth in Affirm Card adoption and merchant activity also supporting performance. However, elevated operating expenses and higher provision for credit losses partly offset gains, while the bottom line benefited from a $1.45 billion income tax benefit related to the release of a valuation allowance on domestic deferred tax assets. As of June 30, 2026, active merchants totaled 570,800, up 50% year over year, and GMV increased 36% to $14.1 billion, surpassing the consensus estimate of $13.4 billion. For the first quarter of fiscal 2027, Affirm expects GMV of $13.7-$14.0 billion and revenues of $1.19-$1.22 billion, and for fiscal 2027, it expects GMV of more than $64 billion.
Affirm Reports Most Profitable Quarter Ever, Promotes Executives
Affirm Holdings reported its most profitable quarter ever in fiscal Q4 2026, even without a tax allowance release, and announced the promotions of Pat Suh to SVP and GM of Global Markets and Michael Linford to President. CEO Max Levchin said the core business is thriving and that he will focus on developing next-generation products and services. The company highlighted strong growth in Pay-in-X, with a 41% increase, and noted that its Affirm Card transactions are 30% offline. Management expressed confidence in the U.K. market and discussed ongoing initiatives such as Affirm Edge and the Affirm Money Account. CFO Rob O'Hare provided guidance for fiscal 2027, expecting a GAAP tax rate in the mid- to high 20% range and consistent revenue less transaction costs.
Affirm Beats Q4 Estimates but CEO Warns on Gas Prices
Affirm Holdings posted a fiscal fourth quarter that beat Wall Street expectations, with revenue rising 33% to $1.17 billion and gross merchandise volume up 36% to $14.1 billion, but CEO Max Levchin cautioned that higher gas prices are squeezing the consumers driving that growth. Active consumers grew 21% to 27.8 million, and the Affirm Card's active users more than doubled to 5.2 million. Credit quality improved, with the 30-day delinquency rate falling to 2.5%. The company also extended its Shopify partnership into Australia. Despite the strong results, the stock barely moved, and analysts remain split, with Morgan Stanley keeping a neutral rating while Susquehanna raised its price target to $110.
Affirm COO says business firing on all cylinders after strong quarter
Affirm's stock is gaining after the company topped fiscal fourth quarter earnings expectations, with COO Michael Linford, who was named the company's next president, saying the business is "firing on all cylinders." The company posted its 11th consecutive quarter of over 30% GNV growth, with revenue less transaction costs growing 39% year over year and exceeding its percentage of GNV target. Linford highlighted strong unit economics and operating leverage, with GAAP operating income up over 6 percentage points and adjusted margins above 30%. He expressed optimism about the consumer, citing stable credit trends and employment, and noted the company's expansion with Shopify in Australia and the UK, while acknowledging that international markets will take time to become meaningful. Regarding the abandoned $50 billion PayPal acquisition by Advent and Stripe, Linford declined to comment, saying Affirm is focused on its own opportunities.
Affirm Holdings reported fiscal fourth-quarter results that topped Wall Street expectations on revenue and transaction volume, sending its stock up roughly 7% on Friday. Revenue rose 33% to $1.17 billion in the three months ended June 30, beating the $1.11 billion analyst estimate, while gross merchandise volume climbed 36% to $14.1 billion, exceeding the $13.39 billion forecast. Adjusted operating income reached $353 million, a 30% margin, and GAAP operating income was $147 million, a 12.6% margin. For the full fiscal year, GMV hit $50.2 billion and revenue $4.26 billion. Active consumers grew 21% to 27.8 million, and the Affirm Card drew 5.2 million active consumers, up 125%. The 30-day delinquency rate improved to 2.5%. The company also announced a partnership with Shopify to bring Shop Pay Installments to Australia. For fiscal Q1 2027, Affirm expects revenue of $1.19 billion to $1.22 billion and GMV of $13.7 billion to $14.0 billion, and for the full year, GMV above $64 billion with an adjusted operating margin above 30.5%. CEO Max Levchin noted that rising gas prices are pushing more consumers toward Affirm's service, and President Michael Linford highlighted eleven straight quarters of GMV growth above 30%.
Innodata's 49% Margin May Signal New AI Growth Benchmark
Innodata Inc. reported a standout second quarter of 2026, with revenues surging 58% year over year to $92.1 million, marking its 12th consecutive quarter of annual growth. Adjusted gross margin expanded to 49% from 43% a year ago and 47% in the prior quarter, standing nine percentage points above the company's 40% target. The improvement was driven by a richer business mix, including high-value pretraining programs and off-the-shelf datasets, which Innodata can monetize across multiple customers. Adjusted EBITDA jumped 92% year over year to $25.4 million, with a margin of 27.5%. Customer concentration eased, with the largest customer accounting for 37% of second-quarter revenues, down from 56% in the first quarter, while a Big Tech customer increased its contribution to 34%. Management reiterated its forecast for at least 40% revenue growth in 2026, noting that several potential large programs remain outside current guidance. While quarterly margins could fluctuate with project mix, the 49% margin may prove to be a new benchmark rather than a peak.
PayPal Plunges on Failed Buyout; Affirm, Gap Surge Premarket
PayPal shares plunged nearly 16% premarket after Bloomberg reported that buyout firm Advent and payment processor Stripe decided not to pursue a takeover, which would have been one of the largest leveraged buyouts. Meanwhile, Affirm jumped 13% after reporting $1.17 billion in revenue for its fiscal fourth quarter, beating the LSEG estimate of $1.11 billion, and issued first-quarter revenue guidance above estimates. Gap popped nearly 15% after announcing Michael Francis will become CEO of Old Navy starting Nov. 2, succeeding Haio Barbeito, and reported second-quarter adjusted earnings of 52 cents per share, topping the 48-cent consensus. Elastic N.V. surged over 17% after its full-year guidance exceeded expectations, with adjusted EPS forecast between $3.29 and $3.37 versus the $3.24 estimate. Marvell Technology dropped nearly 8% despite guiding current-quarter adjusted earnings to $1.10 per share plus or minus 5 cents, above the $1.07 estimate, but its gross margin guidance of 57.5% to 58.5% came in below the StreetAccount consensus of 58.5%. Rubrik fell over 5% after its non-GAAP gross margin of 81% missed the 81.7% estimate, despite beating on earnings and revenue. Autodesk declined nearly 4% after its third-quarter adjusted EPS guidance of $3.04 to $3.09 fell short of the $3.14 consensus.
PYPL · Capital · Negative Advent and Stripe decided not to pursue a takeover, causing PayPal shares to plunge nearly 16% premarket.
RBRK · Capital · Negative Rubrik's non-GAAP gross margin of 81% missed the 81.7% estimate, despite beating on earnings and revenue, leading to a 5% decline.
Affirm sets fiscal 2027 revenue less transaction costs at 4.16%
Affirm Holdings reported its most profitable quarter ever, excluding a tax allowance release, and announced leadership promotions as CEO Max Levchin shifts focus to products for fiscal 2028-2029. CFO Rob O'Hare addressed why the fiscal 2027 revenue less transaction costs outlook is at 4.16% versus the previously discussed 3.25% to 4% range, citing debt market execution and a stable funding mix. The company expects a mid- to high-20% run-rate GAAP tax rate but warns of volatility. Levchin emphasized product breadth beyond point-of-sale BNPL, including a card, an account, and a business purchase version, and said new initiatives will surface in fiscal 2028-2029. Management reiterated underwriting discipline, noting growth would slow before credit deterioration.
Affirm, the buy now, pay later company, delivered strong fiscal second-quarter results, beating Wall Street's revenue and profit expectations, and its stock rose 7.3% to $84.31 in after-hours trading. Revenue for the quarter came in at $1.17 billion, up 33% year over year and 5.2% above analyst estimates of $1.11 billion. GAAP earnings per share were $4.62, significantly above the consensus estimate of $0.35. The company also guided for third-quarter revenue of $1.21 billion at the midpoint, which is 3.6% above what analysts were expecting. Affirm's pre-tax profit for the quarter was $169.1 million, representing a 14.5% margin.
Affirm shares jump 8.5% after Q4 earnings and strong guidance
Affirm Holdings shares jumped 8.5% in after-hours trading Thursday after the buy now, pay later lender reported fiscal Q4 earnings that included a nearly $1.5 billion tax benefit and issued strong guidance for fiscal 2027 and Q1. The company posted GAAP EPS of $4.77, up from $0.30 in the prior quarter, and total net revenue of $1.17 billion, beating the $1.11 billion consensus. Gross merchandise volume climbed to $14.1 billion, exceeding the $13.4 billion Visible Alpha consensus, and active consumers rose 20% year over year to 27.8 million. Affirm also named Michael Linford, previously chief operating officer, as co-president, while Libor Michalek continues as president. For fiscal 2027, the company expects GMV of more than $64 billion, compared with $50.2 billion in fiscal 2026, and an adjusted operating margin above 30.5%.
Affirm and Shopify Launch Shop Pay Installments in Australia
Affirm has expanded its global partnership with Shopify to launch Shop Pay Installments in Australia, offering Australian merchants and shoppers a flexible pay-over-time option with no late fees. The service, powered exclusively by Affirm, lets eligible shoppers split purchases into fortnightly or monthly payments, choosing between interest-free or interest-bearing plans with upfront disclosure. Since its 2021 launch, Shop Pay Installments has facilitated billions of dollars in purchases across the US, Canada, and the UK, becoming one of Shopify's most popular payment options. The launch marks Affirm's return to Australia, with the company underwriting each transaction individually and charging no late fees, account fees, or compounding interest. Shopify's Australian merchants can enable the feature in a few clicks through the Shopify admin dashboard, potentially boosting conversion and basket sizes, as over 90% of Affirm purchases in North America come from repeat customers.
Coincheck Completes Registration as Electronic Payment Instruments Trading Business
Cryptocurrency exchange Coincheck announced on August 27 that it has completed registration as an electronic payment instruments trading business under the Payment Services Act. This makes it the second registered business in Japan, following SBI VC Trade. Coincheck plans to handle USDC, a US dollar-pegged stablecoin issued by Circle, with the specific start date for handling yet to be determined. The electronic payment instruments trading business is a system established under the revised Payment Services Act that took effect in June 2023, and this registration is necessary to conduct the intermediary and management of stablecoins as a business.
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