Home Blog Page 135

Trane Technologies plc Q2 2026 Earnings Call Summary

0
Trane Technologies plc Q2 2026 Earnings Call Summary


Trane Technologies plc Q2 2026 Earnings Call Summary – Moby

Strategic Performance Drivers

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we’ll show you why it’s our #1 pick. Tap here.

  • Enterprise organic bookings surged 37%, resulting in a record $12.1 billion backlog that provides high visibility into revenue acceleration for the second half of 2026 and into 2027.

  • The Americas Commercial HVAC segment achieved exceptional bookings growth of 50%, with all 14 key verticals growing by over 20% during the quarter., with particular strength in data centers.

  • Applied bookings grew over 100% for the fourth consecutive quarter, reflecting a fourfold increase on a two-year stack as customers prioritize energy-efficient thermal management systems.

  • Management attributed margin performance to intentional, heavy reinvestment in capacity expansions, innovation, and the deployment of the business operating system into recent acquisitions like Stellar.

  • Residential performance exceeded expectations due to market fundamentals and easier year-over-year comparisons, with sell-in and sell-through remaining approximately equal.

  • EMEA performance was bifurcated; while the Middle East conflict created a revenue headwind, the underlying commercial HVAC business saw mid-20s booking growth excluding that region.

  • The services business continues to serve as a durable growth engine, maintaining a low-teens compound annual growth rate since 2020 and representing one-third of total revenue.

Outlook and Strategic Assumptions

  • Full-year organic revenue growth guidance was raised to approximately 9%, supported by the conversion of a massive backlog where $6 billion is already slated for 2027 and beyond.

  • The company expects a significant step-up in performance in the second half of 2026, with Q3 organic revenue growth projected at approximately 10%.

  • Management anticipates the Americas transport market will transition from a headwind to a growth contributor starting in late 2026, leading into a multi-year upcycle.

  • Guidance assumes a 30% revenue decline in the Middle East will persist through the second half, though cost-alignment actions taken in June are expected to improve regional profitability.

  • The company plans to deploy $2.8 billion to $3.3 billion in capital for the year, The company is prioritizing internal reinvestment followed by the deployment of excess cash through strategic M&A and share repurchases.

Operational Risks and Structural Adjustments

  • The Middle East conflict remains a primary regional risk, prompting management to rightsize infrastructure and positions to protect margins against a 30% revenue drop.

  • Capacity expansion is a critical focus to prevent turning away orders; the company has expanded applied capacity fourfold over the last three years and continues brick-and-mortar investments.

  • Price versus cost was a headwind in Q2 and is expected to remain so in the second half, though management expects sequential improvement as productivity gains take hold.

  • The Stellar acquisition is now expected to be EPS neutral for the year, rather than modestly accretive, due to pulled-forward investments in operating system integration.



Source link

Trump orders Iran attack as soon as this weekend, WSJ says

0
Trump orders Iran attack as soon as this weekend, WSJ says

President Donald Trump has ordered the US military to carry out a new attack on Iran as soon as this weekend, the Wall Street Journal reported Friday.

The strikes are intended to convince Tehran to surrender, according to the newspaper, which cited unnamed US officials.

The report comes hours after Trump cast doubt on continued negotiations with Iran, repeating threats to retaliate forcibly after an attack on a US base in Jordan.

“We’ll be hitting them very hard,” the president said during a Cabinet meeting Friday. “And at some point they’ll say we just can’t take it anymore.”

CBS reported separately that the US is considering striking energy infrastructure, including oil refineries and power plants, which would mark a major escalation in the military campaign. Deliberate bombing of civilian targets could be considered war crimes, according to advocacy groups.

WTI rose above $86 a barrel in post-settlement trading on Friday afternoon following the CBS report.

White House Press Secretary Karoline Leavitt did not directly address reports about an impending assault, but said in a statement that “Iran will continue to pay until they come to the table in, what President Trump deems, a meaningful way.”

Why Trump’s Iran Threats Raise War Crime Concerns: Explainer

The president has frequently threatened sweeping escalation only to shift his stance soon afterward. At the same time, the war has depleted US munitions, particularly air defense interceptors crucial to stopping attacks on bases.

Unintended consequences have marked the conflict, which began on Feb. 28 with massive airstrikes by the US and Israel. Iran swiftly and essentially sealed off the Strait of Hormuz, a vital waterway for oil, natural gas and fertilizer shipments. While the Iranian armed forces were no match for America’s military might, Tehran’s attacks on Persian Gulf neighbors with drones and missiles disrupted business and everyday life across the region.

Just this week, Egypt was drawn into the fray when two ships carrying liquefied natural gas were struck by drones at the port of Damietta.    

Oil prices have shot up with each round of clashes, and Americans who were already frustrated about the cost of food, housing and other items now pay significantly more for gasoline. With control of Congress at stake in November’s midterm elections, polls show that voters by a wide margin disapprove of Trump’s management of the war — and the economy. 

Earlier: Trump Casts Doubt on New Iran Negotiations as War Drags On

Earlier Friday, he told reporters during the meeting at the Camp David presidential retreat in Maryland that he was “losing faith in them because they do lie and do, they do misrepresent.”

“And at some point they’ll say we just can’t take it anymore,” he added.

Confidence between the parties appears to be at rock bottom, with Iranian leaders echoing Trump’s latest complaints by saying the Americans have reneged on commitments and can’t be trusted. 



Source link

Coldcard exploit reignites Bitcoin self-custody debate after $38 million theft

0
Coldcard exploit reignites Bitcoin self-custody debate after $38 million theft

Some prominent bitcoin advocates say the incident is among the most damaging failures of self-custody the industry has experienced.

“This is the worst hit in bitcoin history to the most knowledgeable and ‘properly secured’ bitcoiners,” said Bitcoin commentator Guy Swann. “This isn’t an exchange getting hacked because of hot keys. This is thousands of individuals having their personal private keys recreated out from underneath them.”

Trading one risk for another

For years, bitcoin advocates have argued that holding private keys removes the counterparty risk of centralized exchanges, a lesson reinforced by failures such as FTX. Analysts now argue that users have simply exchanged one set of risks for another.

“The self-custodial hardware space is a disaster at this point and creates more bad rep for the industry than anything else,” said Lorenzo Valente, director of digital asset research at ARK Invest.

“In practice, consumers have traded counterparty risk for software risk, hardware risk, supply-chain risk, phishing risk, backup risk, and the possibility of losing everything through one mistake,” he said. “Frankly, you are better off today holding funds across several publicly-traded exchanges or ETFs.”

The Coldcard flaw illustrates that challenge. Researchers found that certain firmware versions generated wallet seeds using far less randomness than intended, making them susceptible to brute-force attacks.



Source link

Citadel buys most of Situational’s stock holdings after AI share rout, sources say

0
Citadel buys most of Situational's stock holdings after AI share rout, sources say


By Anirban Sen and Manya Saini

NEW YORK, July 30 (Reuters) – Situational Awareness, an AI-focused hedge fund run by former OpenAI researcher Leopold Aschenbrenner, sold the bulk of its stock portfolio to Ken Griffin’s Citadel after being battered by heavy losses in its tech holdings, two ‌sources familiar with the matter told Reuters on Thursday.

Situational was forced to unwind most of its public equities portfolio, which included sizable holdings in ‌several prominent AI names that have been rocked by the recent market selloff, the sources said, requesting anonymity as the discussions are confidential.

The fund was under pressure to either raise fresh capital from ​investors or offload its entire book, and eventually chose the latter option, the sources added. Situational held positions in several prominent tech names including Broadcom, Intel, and CoreWeave, according to its most recent regulatory filings.

Since the fund’s launch in 2024, Aschenbrenner has garnered a cult-like following among investors for his prescient bets on the AI sector that propelled his fund to a lofty 439% return from the start of the year until the end of June.

The fund was down around 67% so far in July ‌after incurring heavy losses on AI stocks, the Wall Street ⁠Journal reported on Thursday, citing a source who saw a letter the firm sent to investors.

Aschenbrenner blamed short sellers who targeted the firm’s positions for exacerbating losses, the report said.

The firm did not immediately respond to Reuters request for comment outside business ⁠hours.

A number of top Wall Street prime brokers, including Goldman Sachs, JPMorgan Chase, Bank of America, and Citigroup, helped facilitate the deal between Citadel and Aschenbrenner’s fund, the sources told Reuters.

Griffin’s Citadel, which has about $71 billion of assets under management, is one of the world’s most profitable and largest hedge funds.

As part of the deal, Citadel is picking up ​the portion ​of Situational’s public portfolio that was financed by leverage from brokers, the sources said. They ​said Situational will hold a book of roughly $10 billion after ‌the deal comprised of stocks as well as private investments in companies like Anthropic. Situational has not sold its stake in Anthropic, the sources said.

AI MELTDOWN

Global hedge funds are grappling with their biggest monthly drawdown on record as AI stocks have been routed across the board, erasing much of the gains from crowded bets in the sector. Asia-focused fundamental long-short funds are down 18.6% on average this month through July 28, Goldman Sachs said in a prime brokerage note sent to clients this week.

Stock-picking hedge funds have been rushing to unwind their positions in AI names, as they covered short positions and sold long positions in relatively equal amounts, ‌according to a note from Morgan Stanley’s prime brokerage unit sent to clients on Wednesday.

Hedge ​funds typically take on large amounts of leverage from lenders to take bigger swings at the ​markets in order to amplify their returns. However, such leveraged bets can ​backfire when the markets move against positions taken by funds, forcing margin calls from prime brokers. That can result in a vicious ‌cycle, where the margin calls trigger sales, extending market downturns ​that beget more selling.

It is not clear ​whether Aschenbrenner’s fund faced margin calls from its lenders before striking the deal with Citadel. The hedge fund, which earlier managed about $20 billion of assets and currently has about 20 employees, has used leverage to boost its positions in the past – much like its peers.

Aschenbrenner’s success attracted big-name backers like ​secretive trading giant Jane Street. Other investors include Stripe ‌co-founders Patrick and John Collison, as well as Meta Platforms executives Daniel Gross and Nat Friedman.

The Wall Street Journal reported the deal between ​Citadel and Situational earlier on Thursday.

(Reporting by Anirban Sen in New York and Manya Saini in Bengaluru; Additional reporting by Saeed Azhar ​and Preetika Parashuraman in Bengaluru; Editing by Joyjeet Das, David Gaffen and Mrigank Dhaniwala)



Source link

XLM crypto needs to reclaim these levels to flip its short-term bias bullishly

0
XLM crypto needs to reclaim these levels to flip its short-term bias bullishly


Bitcoin [BTC] and Ethereum [ETH] were both down 3.0% for the day, and the wider crypto market capitalization has fallen 2.43% in the past 24 hours. This deflated market sentiment followed a longer-term trend among the crypto majors of seller-dominated price action.

For instance, Bitcoin was unable to climb back above $67k, and Ethereum bulls faced stiff opposition around the $2k round number supply zone.

Amidst this backdrop, Stellar [XLM] also faced a drawdown. The altcoin has shed 6% over the past week and was also trading below a vital support level.

Here are the price trends and key levels swing traders and investors need to keep an eye on.

The Stellar bull trend and subsequent retracement

Towards the end of May, XLM crypto had raced higher from $0.139 to $0.298. In just one week, the bulls had made a 113% move to establish a bullish swing structure.

Stellar 1-day Chart
Source: XLM/USDT on TradingView

On one hand, it was a clear structural shift. Yet, the $0.26-$0.27 supply zone from late 2025 was not convincingly cleared. An alternative interpretation is that the move towards $0.30 primarily swept liquidity above resistance before reversing.

After ranging below $0.18 for four months, the bullish breakout was followed by a deep retracement phase over the past two months.

The 78.6% Fibonacci retracement level has been breached, an early sign that further drawdown is likely.

Traders’ call to action- Wait to buy XLM crypto

XLM 4-hour ChartXLM 4-hour Chart
Source: XLM/USDT on TradingView

On the 4-hour chart, the $0.168 low has been swept. The OBV has been flat over the past week as the price fell lower, and the MACD reflected a grim situation for the buyers.

XLM crypto needs to reclaim $0.175 to give an early sign of a bullish reversal. A continued move back above $0.183 is needed to shift the short-term bias bullishly.

Until then, traders can maintain a bearish bias.


Final Summary

  • XLM remains in a retracement phase after its sharp May rally, with buyers now attempting to defend the $0.17 demand zone.
  • The technical outlook remained bearish, and $0.175 and $0.183 are the resistances to be breached to shift the short-term bias bullishly once more.

 



Source link

The good and the bad of perps, according to crypto traders

0
The good and the bad of perps, according to crypto traders

Talk about crypto trading with any savvy trader, and the first thing that comes up these days is perpetual futures, or “perps” — derivatives contracts that allow traders to control a much larger position than the money held in the account. Perps work like standard futures, but with one key advantage: there is no expiry.

While bitcoin and ether traders can dabble in spot, futures, options, perpetual futures and even structured products, for traders of other altcoins, perps are perhaps the only avenue for derivatives available to them. Dated futures (those with expiry) for altcoins are illiquid, and the spot market is an afterthought for anybody who doesn’t plan to hold.

So, CoinDesk talked to traders who have thrived in the perpetual futures market to explain what makes perps different from other derivatives, how they help efficiently manage the needs of institutional traders and retail traders alike and what perps trading actually costs.

Their answers were clear and nearly unanimous: everyone loves perps because of their deep liquidity, cheap trading fees and brutal margin efficiency, which is the amount of trading exposure you can get per unit of collateral you post.

But trading fees aren’t the only expense for traders. There’s also a recurring cost for keeping positions open, called funding rates. Think of it as an interest charge that builds up the longer you hold, and the traders we spoke with are concerned about how much this could add up.

Why perps?

If you ask traders why crypto perps average a daily volume of over $200 billion, they’ll tell you it’s not a matter of choice, but one of necessity.

Lucas Krenn, a derivatives trader at market-making firm STS Digital, and an independent trader for six years, said perps are the plumbing underneath everything the firm does.

“Outside bitcoin and ether, dated futures liquidity is thin to the point of being unusable,” he said. “So perps are not one tool among several. For a crypto native firm, they are the tool.”

Dated futures aren’t popular mainly because they have to be replaced with new contracts at expiry, and that process costs money. Those same costs are why futures-based ETFs tend to be less efficient than spot ETFs.

Liquidity refers to the market’s ability to absorb large buy and sell orders at stable prices. Per Krenn, standard dated futures are largely illiquid, meaning a few big orders can easily sway prices in either direction, raising slippage and spoiling execution for traders. (Slippage is the price at which the trade was submitted and the price at which it was actually executed.

Kenneth Ong, an independent trader for six years, with most of his trading activity concentrated in perps, explained a similar draw to perpetual futures from the perspective of a retail trader. According to Ong, perps offer better fills, meaning your order is executed at a more favorable price than you expected or than the ongoing market quote when you sent the order, lower fees, and the ability to run both sides at once via hedge mode. In simple terms, the hedge mode allows the trader to hold longs (bullish bets) and shorts (bearish plays) on the same token at the same time in the same account. These are treated as separate positions, not netted against each other.

That’s a big advantage over a regulated venue like CME, which offers standard futures in which a single account is typically netted by default.

Ong started in the spot market and drifted almost entirely into perps once he saw the difference. Spot, for him now, is “for actually holding something long term.”

Both Ong and Krenn told CoinDesk that margin efficiency was the real draw to perps. As noted earlier, for most tokens, perps listed across different exchanges are the only real venue to trade. That fragmentation is an issue for perps, but the leverage they offer, which is significantly greater than that of standard futures, helps manage risk efficiently across different venues and tokens.

Because perps require only a fraction of a position’s value as collateral, the same pool of capital can be split across a dozen venues and still back meaningful positions at each one.

Perps and price discovery

The always-on nature of perps has shifted price discovery to occur whenever the news breaks, not just whenever markets are open.

Ong found himself in the middle of this during the Iran conflict, which flared up repeatedly across the first half of 2026. It started with the conflict’s opening weekend in late February, when tokenized oil trading on Hyperliquid saw its first real surge in volume.

“That opening weekend, all the real reaction happened on crypto/tokenized commodity perps while the ‘official’ market was straight up closed,” Ong said. “By Monday, a chunk of the repricing already happened somewhere else.”

Krenn sees the same mechanism playing out in perps tied to other traditional assets.

For instance, building a proper tokenized equity product is genuinely hard primarily because it requires recreating the full legal, operational, and regulatory machinery of traditional share ownership on-chain. A perpetual that references the price sidesteps all of it, and is handy for those looking to just trade rather than invest for the long-term.

“That is why the instrument is so powerful and why it keeps spreading into new asset classes,” Krenn said.

Both traders see this perpification of various assets gaining momentum in the coming years. Ong said that tokenized oil trading over the weekend “is basically a preview” of what’s to come for other commodities. Deepen that liquidity across commodities and equities, and “it kills one of the last reasons to bother with dated futures at all,” he said.

Beware the funding rate

Ask any crypto trader what’s wrong with perps and you’ll usually get “liquidations,” or forced closure of long and short positions on account of margin shortage. But, according to Krenn and Ong, the funding rate is more of a cause for concern.

A dated futures contract tells you the interest rate of the trade right away. The trader knows exactly what he is getting into. A perpetual futures contract, on the other hand, has a funding rate that changes over time and is typically charged every eight hours. The trader, therefore, remains exposed to the floating rate while holding the position, with no built-in mechanism to lock it in. And if the market doesn’t move as expected, that funding rate becomes a burden.

“It is unquantifiable at the point of trade and unhedgeable afterwards,” Krenn said.

Ong was blunter in expressing his concern: “That funding’s not just some tiny fee you can ignore. It’s not. If you hold positions for long periods, it can potentially balloon to the point where a profitable trade loses money.”

The myth of the safe trade

Bitcoin’s current bear market kicked off with the Oct. 10 crash last year, which triggered widespread deleveraging across both losing and profitable positions. In a sense, it was the opposite of the Fed’s quantitative easing response to past crises, in which liquidity injections lifted both weak and strong assets alike.

.

On Oct. 10, exchanges socialized losses to protect their own systems. Longs got liquidated on price, which is normal. Then, profitable shorts were force-closed anyway, because the exchange’s insurance fund couldn’t absorb losses coming from the other side. Being right and being well-capitalized didn’t matter, and perpetuals faced a lot of criticism then.

But Krenn said the problem wasn’t with perps..

“It is not a perpetual problem. It is a crypto exchange margin model problem,” Krenn said. “Dated futures on those same venues sit behind the same insurance funds and the same deleveraging queue.”

“The distinction that matters is not perpetual versus dated [futures]. It is whether you are facing a proper clearing house with a mutualized default fund, or an exchange that socializes losses onto the winners,” Krenn added.

The asymmetry almost nobody prices correctly

Krenn, the institutional trader, offered one insight that inverts what most people assume about perp risk.

“Being long is the structurally safer side,” Krenn said.

His logic is that positive funding is easy to arbitrage away. Anyone holding stablecoins can buy spot, sell the perp, and pocket the spread, thereby compressing positive funding.

However, when the funding rate is negative, the arbitrage, involving a long position in the per and short position in the spot, the so-called reverse cash-and-carry is easier said than done. This only works if you can short the underlying token and only existing holders can readily short, and it becomes even more difficult if the circulating supply is small and concentrated. With arbitrage constrained, the gap between perp and spot prices can persist, meaning funding rates can stay extremely negative for long stretches.

Funding rates can stay extremely high or low for a long time.

“So the long side has a bounded cost and an unbounded upside. The short side has a bounded upside and an unbounded cost,” Krenn explained. “That asymmetry sits in very few risk models.”

He pointed to lending protocol Euler’s token this year as an example: a hard run on a listing, a small and concentrated float, funding on the perp going deeply negative, a situation where shorts “paying in the region of one percent every four hours,” to longs with almost nobody able to compress it because almost nobody had the token stash.

The takeaway

Perps seem to have democratized futures trading by solving the problem of access, cost and margin efficiency, but they are not without unique pain points, namely, the

volatile funding-rate exposure that can’t be quantified while taking bets and can’t be hedged once the trade is on.

As Krenn put it: “Until there is a liquid dated curve in crypto, the whole market is carrying an interest rate exposure it cannot price and cannot hedge.”

In the meantime, funding is the tax everyone pays for easy access to this leveraged market.



Source link

Want to trade SpaceX for Apple? 1inch says skip the dollars

0
Want to trade SpaceX for Apple? 1inch says skip the dollars


1inch, a leading decentralized finance (DeFi) protocol, just announced the launch of it’s new shared liquidity protocol, Aqua. It promises to improve efficiency and unlock liquidity for users across networks.

Sergej Kunz, co-founder and CEO at 1inch, joined TheStreet Roundtable to talk about the launch and describe where those efficiency gains are actually being made.

Related: American crypto exchange owner warns of ‘Chinese walls’ after $19B market crash

RWAs need liquidity

Kunz frames Aqua’s efficiency as a new model of liquidity provisioning built for the tokenized-asset wave.

RWAs are coming into DeFi, and RWAs need our infrastructure to be able to have proper liquidity in our space,” he said.

A recent study, commissioned by 1inch, found that roughly 80% of liquidity on decentralized exchanges sits idle at any given time. That equates to around $1.6 billion that isn’t earning anything.

For thin and newer markets such as tokenized RWAs, that inefficiency can be fatal.

The killer use-case

Tokenized equities have exploded globally despite not being available to U.S. investors yet. For users outside the U.S., there are already 100s of tokenized stocks available for purchase through Robinhood, Kraken, Ondo, and more.

You can just buy all the top ten RWAs from Backed’s xStocks, Robinhood or whatever, and make trading positions among them,” Kunz said. “You could, theoretically, set up a trading pair for SpaceX and Apple stock. And then you have SpaceX–Tesla, and then Tesla–Apple, and then Microsoft. It’s a construct that allows you to benefit from the volume that comes from the movement of the RWAs.”

More news:

Traditional brokerages only let you trade each stock against dollars. Kunz is describing direct asset-to-asset markets, a web where one wallet’s holdings back every pair simultaneously, with the LP collecting fees on every crossing.

Why does it require Aqua?

When these RWAs are isolated in single two-token-pair pools, it’s not possible. So here we have additional efficiency,” Kunz answered.

The RWA boom keeps promising “stocks on-chain” but mostly delivers stocks-vs-dollars with extra steps. Kunz’s pitch is one of the first structurally new things tokenized equities could do: markets between assets, priced continuously, fed by one pool of reusable capital.

This story was originally published by TheStreet on Jul 31, 2026, where it first appeared in the Innovation section. Add TheStreet as a Preferred Source by clicking here.



Source link