HSBC Holdings plc provides banking and financial services worldwide. The company operates through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. The Wealth and Personal Banking segment offers retail banking and wealth products, including current and savings accounts, mortgages and personal loans, credit and debit cards, and local and international payment services; and wealth management services comprising insurance and investment products, global asset management services, investment management, and private wealth solutions. This segment serves personal banking and high net worth individuals. The Commercial Banking segment provides credit and lending, treasury management, payment, cash management, commercial insurance, and investment services; commercial cards; international trade and receivables finance services; foreign exchange products; capital raising services on debt and equity markets; and advisory services. It serves small and medium sized enterprises, mid-market enterprises, and corporates. The Global Banking and Markets segment offers financing, advisory, and transaction services; and credit, rates, foreign exchange, equities, money markets, and securities services; and engages in principal investment activities. It serves government, corporate and institutional clients, and private investors. HSBC Holdings plc was founded in 1865 and is headquartered in London, the United Kingdom.

HSBC looks like a large and profitable bank, but the current valuation already reflects a fair amount of optimism, while the quality of returns and efficiency is noticeably weaker than one would like to see for further upside. The picture on valuation multiples is mixed: P/E of 30.41, P/S of 9.02, and P/B of 1.79 are materially above the industry median, indicating a rich valuation relative to the sector, while P/FCF of 4.47 looks attractive and partially offsets this conclusion. The trend in P/E and P/B over recent periods has generally declined from higher levels, but then stabilized again at elevated values, so there is no clear and sustained cheapening. Return on capital and assets is weak: ROE of 5.92, ROA of 0.36, ROI of 3.84, and return on tangible equity of 6.01 are noticeably below industry benchmarks, and their trajectory over the year has deteriorated compared with stronger earlier levels. This is an important negative for the valuation, because when a stock is priced highly, the market usually demands either higher efficiency or more sustainable earnings growth. At the same time, TTM net income of 6.94 billion and revenue of 10.45 billion remain large, and a net profit margin of 58.89 looks very strong, confirming the scale and ability to generate profit. However, operating performance is not ideal: operating income fell to 431 million, operating margin effectively dropped to zero, and EBITDA does not provide additional support, which limits confidence in the quality of the current result. The bank’s balance sheet is enormous and stable in scale: assets of 3.44 trillion, equity of 197.27 billion, and a cash position of 1.10 trillion look powerful, but debt and liabilities are also high, and debt/equity of 0.67 is above the industry median. Liquidity does not look strong by traditional metrics: the quick ratio is 0 and the current ratio is 0.85, which is not critical for a bank in itself, but still does not add much of a safety cushion. Dividend yield has fallen to 0.48 from higher levels a year ago, so the dividend case is now weaker than before. Overall, the fundamentals remain solid for a large financial institution, but the combination of expensive multiples, weak efficiency, and deteriorating dividend support limits the rerating potential. Therefore, only a moderate conservative downward adjustment is appropriate, rather than a major change in the forecast.

HSBC Holdings, plc.

Сильный индекс, значительно вырос. Быки укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls have strengthened their confidence in their positions.

Средний индекс, значительно упал. Рынок не поддерживает быков.

Medium index, significantly down. The market does not support the bulls.

Сильный индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Strong index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

HSBC remains a large and profitable bank, but its expensive valuation, weak profitability, and declining dividend yield limit its growth potential.

HSBC Holdings plc HSBC is winding down its transaction services business in Germany, with approximately 320 positions expected to be phased out by 2028. The move is part of the bank’s broader simplification strategy to reduce exposure to lower-priority operations and redirect resources toward core franchises and higher-growth markets.
HSBC Streamlines Germany Operations to Improve Efficiency
Approximately 300 positions at HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH will be affected. The transaction services business provides securities processing, administration, and custody services.
The current restructuring follows HSBC’s earlier exit from other businesses in Germany. The bank sold its German private banking business to BNP Paribas in 2024 and agreed to carve out its custody and fund administration businesses. These actions reduced the domestic processing volumes supporting the German transaction-services infrastructure.
The Germany wind-down is part of HSBC’s wider simplification program. By the first half of 2026, the bank had actioned $1.7 billion of annualized savings, with $1.4 billion of restructuring costs incurred. The company has raised its end-2026 annualized savings target to approximately $2 billion while maintaining its original $1.8 billion restructuring cost budget.
Simplification Savings & Restructuring Cost Trajectory
Image Source: HSBC Holdings plc
Over the medium term, management expects to reallocate approximately $1.8 billion of savings from non-strategic operations toward higher-returning businesses. This includes around $0.3 billion of cost synergies realized from the privatization of Hang Seng Bank.
HSBC Redirects Resources Toward Core Growth Businesses
The Germany exit does not signal a retreat from transaction banking. HSBC continues to invest in its global Wholesale Transaction Banking (WTB) franchise, which includes Global Payments Solutions, Global Trade Solutions, Securities Services and foreign exchange.
WTB fee and other income increased 4% year over year on a constant-currency basis to $6.1 billion in the first half of 2026.
WTB Fee & Other Income by Product Stream
Image Source: HSBC Holdings plc
Our Take on HSBC’s Business Simplification Plan
The Germany transaction-services wind-down is a positive step in HSBC’s portfolio optimization strategy. While the immediate financial benefit is difficult to quantify because it has not separately disclosed restructuring costs or savings from the Germany exit, the broader simplification program is already generating meaningful savings.
HSBC is combining cost discipline with investment in high-growth businesses, particularly the Asia region. The bank is expanding its Asian wealth business, targeting high- and ultra-high-net-worth clients. In China, it is growing through wealth centers, Citigroup’s retail wealth acquisition, digital upgrades and hiring. In India, HSBC is adding 20 branches and expanding Premier Banking. It has launched Global Private Banking and completed the buyout of L&T Investment Management.
These actions suggest that the resources freed through portfolio simplification are being directed toward franchises with stronger growth and return potential. HSBC continues to target annualized RoTE of at least 17% through 2026-2028 and constant-currency revenue growth of 5% by 2028.
Over the past year, shares of HSBC have soared 50%, outperforming the industry's rally of 32.5%.
One-Year Price Performance
At present, HSBC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Restructuring Efforts by Other Global Banks
Citigroup Inc. C is reshaping its China operations around institutional banking and capital markets, following the sale of its China consumer banking business to HSBC in 2024. The proposed wholly owned brokerage platform (approval likely coming later this month) would provide A-share brokerage, underwriting, research, and principal trading capabilities. This is aimed at deepening existing client relationships and capturing a larger share of domestic financial activity.
The China brokerage expansion also supports Citigroup’s OneCiti strategy of increasing wallet share across client relationships. By combining corporate banking, cash management, trade finance and securities services, the bank can offer a broader range of products to institutional clients.
The Goldman Sachs Group, Inc. GS has been restructuring its business mix toward higher-growth, capital-light businesses, with the Asset & Wealth Management division a key focus. In sync with this, earlier this week, the company announced a strategic collaboration with IG Wealth Management to expand its presence in Canada’s wealth management market.
Additionally, Goldman has expanded its investment management capabilities through the acquisition of Innovator Capital Management, while agreeing to acquire NEOS Investments and LCN Capital Partners. These moves broaden the company’s ETF, alternatives, and real estate capabilities and strengthen its ability to attract third-party assets.
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Can HSBC's Germany Pullback Support Profitability and Efficiency?

Citigroup Inc. C is moving closer to establishing a wholly owned brokerage business in China, with final regulatory approval potentially coming in September 2026, according to a Reuters report published on MSN. C applied for the brokerage license in 2021, and in May 2026, the China Securities Regulatory Commission (“CSRC”) completed its review, clearing a major regulatory hurdle. The bank also plans to roughly double the unit’s headcount to about 100 employees by 2026-end through internal transfers and external hiring.
The proposed brokerage platform would expand C’s capabilities in China beyond its existing investment-banking operations, which primarily help Chinese companies access overseas capital markets. Once approved, the securities unit is expected to offer A-share brokerage, underwriting, research and principal trading. These services would give the company greater access to domestic equity and mergers and acquisitions (M&As) activity, creating additional fee opportunities and strengthening its onshore capital markets franchise.
The bank enters this expansion with an established corporate and commercial banking franchise in China. The bank already serves onshore clients through foreign exchange, cash management and trade finance, giving it existing relationships that can be leveraged to introduce securities and capital-markets services. This creates an opportunity to deepen client relationships and capture a larger share of their overall financial activity as domestic markets become a bigger part of C’s China offering.
The expansion also fits Citigroup’s OneCiti strategy of connecting businesses and products to increase wallet share across client relationships. By combining its existing banking capabilities with domestic brokerage and capital-markets services, C could pursue more opportunities across the client lifecycle, from financing and cash management to equity issuance, M&A and securities trading. This could support its broader objective of increasing investment-banking wallet share from 4.7% in 2025 to more than 6% in the near term, a key target outlined at its 2026 Investor Day.
The brokerage push is also consistent with C’s broader repositioning of its China business toward institutional banking and capital markets. The bank sold its China consumer banking business to HSBC Holdings plc HSBC in 2024, allowing it to concentrate resources on institutional clients. Rather than rebuilding its former consumer franchise, the proposed securities platform would deepen C’s institutional presence by adding domestic-market capabilities to its existing corporate and investment-banking relationships. Overall, the China brokerage license could enable Citigroup to deepen existing client relationships, capture a larger share of domestic capital markets activity and unlock new fee opportunities.
How Are Other Firms Positioned in China?
Not only Citigroup, but also other global players like JPMorgan JPM and Goldman Sachs GS have strengthened their presence in China’s securities market through wholly owned onshore platforms.
JPMorgan has built a strong securities presence in China, receiving CSRC approval in August 2021 to fully own J.P. Morgan Securities (China), making it the first foreign bank to fully own a securities venture in the country. JPMorgan’s broader China franchise includes a wholly owned futures business and China International Fund Management, while its strong global investment-banking position is reflected in a 9.3% wallet share in the first half of 2026.
Goldman Sachs has similarly strengthened its China franchise, receiving approval in October 2021 to fully own Goldman Sachs Gao Hua Securities and consolidate its onshore businesses under one entity. The strong global investment-banking franchise of Goldman Sachs further supports this positioning, with investment-banking fees rising 52% year over year to $6.2 billion in the first half of 2026, while its backlog reached a five-year high.
C’s Price Performance & Zacks Rank
Over the past six months, shares of Citigroup have gained 29.2% compared with the industry’s growth of 24.9%.
Citigroup currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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C Nears China Brokerage License: Can Onshore Expansion Boost Growth?

Barclays PLC’s BCS expansion across U.S. consumer banking, U.K. lending and Investment Banking is strengthening its revenue-generating capabilities. The company’s income increased 11% year over year to £16.5 billion in the first half of 2026, reflecting growth across its major businesses and continued investment in areas with opportunities for revenue expansion.
Barclays expects total income to reach approximately £31.5 billion in 2026 and witness a CAGR of more than 5% between 2025 and 2028. The positive revenue outlook is also reflected in the Zacks Consensus Estimate, which projects sales increases of 9.6% and 4.1% year over year for 2026 and 2027, respectively.
Sales Estimate
Consumer Expansion Supports Barclays’ Revenue Growth
Barclays is strengthening its U.S. consumer-finance franchise through the acquisition of Best Egg, completed on May 1, 2026, for approximately £0.6 billion. The transaction adds a digital direct-to-consumer personal-lending platform focused on prime borrowers and expands Barclays’ origination and servicing capabilities. This supports the bank’s efforts to build scale in U.S. consumer lending and create additional revenue opportunities.
U.S. Consumer Bank (USCB) generated £2.1 billion of income in the first half of 2026, up 26% year over year, with net interest income (NII) increasing 18% and net fee, commission and other income rising 53%. The half-year numbers included approximately £225 million gain from the American Airlines portfolio exit.
Barclays is also increasing lending capacity across its U.K. businesses to capture loan growth opportunities. U.K. lending balances increased 5% year over year in the first half of 2026, while Barclays UK’s NII rose 8% to £4.0 billion and total income increased 8% to £4.5 billion. Since 2024, Barclays has delivered £25 billion of its planned approximately £30 billion increase in U.K. risk-weighted assets (RWA), including £3 billion in the first half of 2026. The additional capacity provides scope for further lending growth and supports recurring NII expansion.
Strengthening the U.K. lending Franchise
BCS’ Business Expansion Broadens Revenue Base
Barclays is strengthening its Investment Bank by leveraging its capabilities across Global Markets and Investment Banking. The division generated £8.0 billion of income in the first half of 2026, up 11% year over year. The increase was supported by higher Global Markets income, particularly in Prime Financing and Equity Derivatives, as well as stronger Investment Banking fees and underwriting income.
Continued investment in these businesses is expected to help Barclays capture higher client activity and expand its revenue opportunities across capital markets and financing. The growth also complements the bank’s expansion in consumer and U.K. banking, helping broaden its overall revenue base.
The bank is also broadening its U.K. customer franchise through the planned acquisition of GoHenry, a money-management platform for children and young people. Announced in June 2026, the acquisition is expected to close in the fourth quarter of 2026. Once completed, GoHenry could contribute to Barclays’ revenue growth by expanding its customer base and enabling the bank to establish relationships with younger customers earlier in their financial lives.
Our Take on Barclays’ Expansion Efforts
Barclays’ expansion across high-growth, core operations will likely support sustained top-line growth as it broadens its revenue-generating capabilities. Continued expansion across core businesses, along with contributions from the pending GoHenry buyout, will likely provide multiple avenues for growth and strengthen the company’s overall revenue base.
Over the past year, BCS shares have gained 30.3%, underperforming the industry’s 33.8% growth.
One-Year Price Performance
Currently, Barclays carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expansion Efforts by BCS’ Peers
The Goldman Sachs Group, Inc.’s GS expansion in Asset & Wealth Management is broadening its fee-based revenue streams. The LCN Capital Partners and NEOS Investments acquisitions will likely strengthen its real estate and exchange-traded fund offerings. These deals add scale, diversify products, and expand Goldman’s client reach. They should support recurring fee income and long-term revenue growth.
Goldman’s Asset & Wealth Management business continued to expand in the first half of 2026. Assets under supervision exceeded $4 trillion, while alternative assets under supervision reached $459 billion. Goldman also raised $85 billion across third-party alternatives during the first half. Continued expansion is expected to support asset gathering, recurring fee income and long-term revenue growth.
HSBC Holdings plc’s HSBC acquisitions and strategic investments across Asia are strengthening its wealth management franchise and expanding fee-generating opportunities. The acquisition of Citigroup’s retail wealth business in China, along with the expansion of Premier and Global Private Banking in India, is helping the company capture rising wealth across key markets. Wealth balances increased 18% year over year in the first half of 2026, supporting growth in wealth fees and other income.
The privatization of Hang Seng Bank will likely further enhance HSBC’s ability to capture revenue and cost synergies across businesses. At the same time, the bank’s focus on high-net-worth and ultra-high-net-worth clients, combined with digital upgrades and expanded product offerings, is expected to drive higher client assets and recurring fees.
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Will Barclays' Expansion Initiatives Accelerate Top-Line Growth?

Key Points
Alibaba looks cheap, but its earnings are falling sharply while AI and instant-commerce spending drain cash.
Cloud growth is promising, but it isn’t yet big enough to offset those costs.
For me, that makes BABA a risky turnaround story, not a once-in-a-decade bargain.
Alibaba (NYSE: BABA) closed below $115 on Aug. 31, putting it about 60% below its all-time closing high of $298.65 set in October 2020. The math on that drawdown may look like a gift. I do not think it is one, and here are three reasons why.
Reason No. 1: The earnings base is collapsing while revenue grows
This is the part that breaks the "cheap stock" framing. In the June quarter, Alibaba grew revenue 8.6% to RMB 268.95 billion. But net income excluding extra items fell 75.6% to RMB 10.54 billion from RMB 43.12 billion a year earlier. Basic earnings per share (EPS) dropped from RMB 18.57 to RMB 4.51.
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Profit margins compressed from 14.8% to 7%. When you buy a stock 60% off its high, you are implicitly assuming that the earnings that justified the old price still exist. Here, they have been cut by three-quarters. Adjust the multiple for that, and the discount shrinks fast.
Reason No. 2: The AI build-out consumes cash rather than generating it
Capital expenditure hit RMB 67.7 billion in the quarter, up 75% year over year. Free cash flow swung to an outflow of RMB 44.67 billion. Alibaba has spent RMB 190 billion of an RMB 380 billion three-year plan, so it is halfway through, and the spending is not linear.
Management was candid about the trade-off. The CFO said that at current margins, keeping cloud growth below 33% would generate positive cash flow, but the company is choosing to make aggressive investments instead. Break-even on AI capex takes three years at current gross margins, potentially 2.5 years if margins improve.
The cloud business is genuinely good. External revenue grew 45%, a 22-quarter high, with EBITDA margin at 12% and AI product revenue at an RMB 49.5 billion annual run rate. But it is not yet large enough to offset the group drag. The stock fell about 9% the day these results landed, despite that acceleration.
Reason No. 3: The instant commerce war has no clean exit
In 2025, HSBC (NYSE: HSBC) estimated that Alibaba lost as much as RMB 87 billion in instant retail over 12 months. The company incurs roughly RMB 2 to 5 per order. It treats this as customer acquisition cost rather than operational failure, and maybe that framing is right. However, it means a second uncapped spending program running alongside the AI build-out, funded by the same balance sheet.
There is a bigger point here that bulls tend to skip. Alibaba is fighting an expensive, grinding war for a domestic market it already knows well, against a competitor that will not fold. Meituan cut its quarterly operating loss from RMB 16.1 billion to RMB 6.5 billion and still holds roughly 70% of orders with an average value above RMB 30, where the margin actually lives.
Meanwhile, the market that people imagine Alibaba eventually cracking is close. Amazon (NASDAQ: AMZN) holds roughly 37.6% to 40.5% of the United States e-commerce market, with Walmart (NASDAQ: WMT) a distant second near 6.4%. Add Shopify's (NASDAQ: SHOP) 14%, and those two platforms account for about half of all United States online spending. Alibaba does not register in that table. It never has, and the combination of logistics density, Prime lock-in, and political sensitivity around Chinese platforms means it never will, in my opinion.
What the setup actually is
Alibaba has lots of cash reserves and can absorb this. Cloud growth is accelerating, AI products carry higher gross margins than the rest of the portfolio, and management targets RMB 100 billion in external cloud revenue by 2030 at 20% gross margins.
That is a credible long-term story. It is not a once-in-a-decade setup. A once-in-a-decade setup is a healthy business priced for disaster. This is a business voluntarily suppressing its earnings on two fronts simultaneously, with no committed end date for either, while free cash flow is negative.
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Alibaba Is Down 60% From Its All-Time High. Is This the Once-in-a-Decade Setup That Patient Investors Wait For?

For Immediate Release
Chicago, IL – August 31, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: NVIDIA Corp. NVDA, ExxonMobil Holdings Corp. XOM and HSBC Holdings plc HSBC
Here are highlights from Friday’s Analyst Blog:
Top Stock Reports for NVIDIA, ExxonMovil and HSBC
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corp., ExxonMobil Holdings Corp. and HSBC Holdings plc. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today's research reports here >>>
Today's Featured Research Reports
Shares of NVIDIA have gained +22.4% over the year-to-date period against the Zacks Semiconductor - General industry's gain of +28.5%. The company continues to benefit from broad demand for accelerated computing as customers build AI factories across hyperscalers, AI clouds, enterprises and sovereign buyers. Blackwell Ultra is supporting growth while Vera Rubin broadens the platform across GPUs, CPUs, networking and software.
Customer diversification, rising system content and recurring usage-linked opportunities extend the long-term runway, while cash generation supports substantial capital returns.
However, the investment case carries greater balance-sheet and execution exposure as NVIDIA expands supply commitments, customer credit support and long-dated guarantees. China remains largely closed to data center compute, while customer concentration, rising operating investment and competition add uncertainty. These offsetting forces support a balanced risk-reward profile.
(You can read the full research report on NVIDIA here >>>)
ExxonMobil's shares have gained +32.9% over the year-to-date period against the Zacks Oil and Gas - Integrated - International industry's gain of +33.4%. The company's investment case remains balanced between advantaged upstream growth and persistent market risk. Record Permian output, continued Guyana development and LNG expansion support long-duration production and cash flow, while structural cost savings and low leverage strengthen financial flexibility and shareholder returns.
However, earnings remain exposed to volatile oil, gas, refining and chemical markets, with Middle East disruptions adding operating uncertainty. The pause of the Baytown blue hydrogen project due to insufficient demand also highlights weaker commercial visibility for emerging businesses and greater policy sensitivity.
Product Solutions results can swing sharply with market conditions, while returns from newer investments depend on execution, customer adoption and durable demand over time.
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Shares of HSBC have outperformed the Zacks Banks - Foreign industry over the year-to-date period (+36.6% vs. +19.6%). The company's second-quarter 2026 results were aided by higher revenues. Wealth momentum in Asia continues to benefit from higher customer activity, rising balances and net new money, while the completed Hang Seng Bank privatization and ongoing business divestitures will simplify operations and support medium-term efficiency.
A robust capital position and global footprint will likely support its financials. However, the company has guided for higher expected credit losses (ECL) this year because of overlays tied to Middle East events and absorption of an idiosyncratic fraud-related charge.
Operating expenses are expected to remain elevated as the company invests in technology and distribution capabilities. Further, revenue visibility will depend on volatile rates and activity.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights NVIDIA, ExxonMobil and HSBC

Friday, August 28, 2026
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corp. (NVDA), ExxonMobil Holdings Corp. (XOM) and HSBC Holdings plc (HSBC). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
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Today's Featured Research Reports
Shares of NVIDIA have gained +22.4% over the year-to-date period against the Zacks Semiconductor - General industry’s gain of +28.5%. The company continues to benefit from broad demand for accelerated computing as customers build AI factories across hyperscalers, AI clouds, enterprises and sovereign buyers. Blackwell Ultra is supporting growth while Vera Rubin broadens the platform across GPUs, CPUs, networking and software.
Customer diversification, rising system content and recurring usage-linked opportunities extend the long-term runway, while cash generation supports substantial capital returns.
However, the investment case carries greater balance-sheet and execution exposure as NVIDIA expands supply commitments, customer credit support and long-dated guarantees. China remains largely closed to data center compute, while customer concentration, rising operating investment and competition add uncertainty. These offsetting forces support a balanced risk-reward profile.
(You can read the full research report on NVIDIA here >>>)
ExxonMobil’s shares have gained +32.9% over the year-to-date period against the Zacks Oil and Gas - Integrated - International industry’s gain of +33.4%. The company’s investment case remains balanced between advantaged upstream growth and persistent market risk. Record Permian output, continued Guyana development and LNG expansion support long-duration production and cash flow, while structural cost savings and low leverage strengthen financial flexibility and shareholder returns.
However, earnings remain exposed to volatile oil, gas, refining and chemical markets, with Middle East disruptions adding operating uncertainty. The pause of the Baytown blue hydrogen project due to insufficient demand also highlights weaker commercial visibility for emerging businesses and greater policy sensitivity.
Product Solutions results can swing sharply with market conditions, while returns from newer investments depend on execution, customer adoption and durable demand over time.
(You can read the full research report on ExxonMobil here >>>)
Shares of HSBC have outperformed the Zacks Banks - Foreign industry over the year-to-date period (+36.6% vs. +19.6%). The company’s second-quarter 2026 results were aided by higher revenues. Wealth momentum in Asia continues to benefit from higher customer activity, rising balances and net new money, while the completed Hang Seng Bank privatization and ongoing business divestitures will simplify operations and support medium-term efficiency.
A robust capital position and global footprint will likely support its financials. However, the company has guided for higher expected credit losses (ECL) this year because of overlays tied to Middle East events and absorption of an idiosyncratic fraud-related charge.
Operating expenses are expected to remain elevated as the company invests in technology and distribution capabilities. Further, revenue visibility will depend on volatile rates and activity.
(You can read the full research report on HSBC here >>>)
Other noteworthy reports we are featuring today include Sanofi (SNY), The Travelers Companies, Inc. (TRV) and W. P. Carey Inc. (WPC).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
NVIDIA (NVDA) Rides on Strong Adoption of GPUs, Partnerships
ExxonMobil's (XOM) Permian Basin & Guyana Assets Aid Growth
Expansion Efforts, Restructuring Aid HSBC Holdings (HSBC), Costs Ail
Featured Reports
Dupixent to Remain Sanofi's (SNY) Key Top-Line Driver
The Zacks analyst expects Dupixent to remain Sanofi's key top-line driver as it enjoys strong demand. Weak influenza vaccine sales and regular pipeline setbacks are key headwinds.
Lease Strength Aids W. P. Carey (WPC), Funding Risks Remain a Concern
Per the Zacks analyst, W. P. Carey benefits from long leases, rent escalations and a solid acquisition pipeline. However, tenant credit issues and high refinancing costs remain a key risk to earnings.
Beverage-Can Demand Aids Crown Holdings (CCK) Amid Mixed Volume Trends
Per the Zacks analyst, Crown Holdings' margins will gain from a global surge in beverage cans demand. However softer volumes in Latin American and Transit Packaging segments remain a headwind.
Strategic Investments, Rate Recovery Aid Essential Utilities (WTRG)
Per the Zacks analyst, Essential Utilities benefits from strategic investments aimed at improving infrastructure, while rate filings support the recovery of qualifying spending.
Assisted Tax Drives H&R Block's (HRB) Revenue Amid Volume Softness
Per the Zacks analyst, H&R Block's assisted tax preparation drives core revenue via higher fees, better client economics and stable share, while volume weakness heightens dependence on pricing.
TriMas (TRS) Bets on Cost Saving Actions Amid Mixed Demand Trends
Per the Zacks analyst, TriMas will benefit from cost-saving initiatives and portfolio simplification. However, uneven Packaging demand and margin pressures temper its growth outlook.
Arhaus' (ARHS) Brand Strength Supports Continued Sales Momentum
Per the Zacks analyst, Arhaus' differentiated offerings and broad-based demand support continued written sales momentum and scalable long-term growth.
New Upgrades
Strong Renewal Rate Change, Retention Aid Travelers (TRV)
Per the Zacks analyst, Travelers is set to gain from continued strong renewal rate change and retention and increase in new business. Underwriting excellence, solid investment income drive earnings.
New Contracts Amid Healthy Demand Environment to Drive Itron (ITRI)
Per the Zacks analyst, Itron's long-term demand is supported by utility investments in grid expansion, reliability and resiliency; while recurring offerings strengthen its business model.
Drilling Tools (DTI) to Benefit from ClearPath Technology Adoption
The Zacks analyst believes that Drilling's differentiated drilling tools are gaining traction across international and offshore markets, while higher utilization and new awards support growth ahead.
New Downgrades
WATCHMAN Demand Softness, Weak Solvency Ail Boston Scientific (BSX)
The Zacks analyst is worried about the sharp U.S. market slowdown for Boston Scientific's WATCHMAN, as clinical evidence compounds and hurt referral patterns. Debt exceeding cash levels pose worry.
AECOM (ACM) Faces Project Losses and Cash Flow Pressure
Per the Zacks analyst, AECOM faces heightened execution risk, weaker cash flow expectations and rising interest costs as Construction Management losses and slower project starts weigh on its outlook.
Ecolab (ECL) Faces Margin Pressure Amid Rising Costs and Soft Demand
Per the Zacks Analyst, Ecolab faces near-term pressure from rising costs and soft industrial demand, but productivity gains and steady organic growth should support its longer-term outlook.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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Sanofi (SNY) : Free Stock Analysis Report
W.P. Carey Inc. (WPC) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).

Top Stock Reports for NVIDIA, ExxonMobil & HSBC

As Andy Burnham marks his first month as the U.K. Prime Minister, the nation's economic landscape presents a mixed but intriguing picture for investors. The country’s economy has demonstrated resilience, growing 0.4% in the second quarter of 2026, following a stronger 0.6% expansion in the first three months of the year, per the latest data from the Office for National Statistics.
Against this backdrop, the U.K. stock market has delivered a resilient performance. The FTSE 100, the premier index of London-listed stocks, has been a standout, touching multi-month highs, briefly surging past the 10,950 mark in late July, outperforming several European peers.
This strong relative performance has put the spotlight firmly on U.K. stocks and the exchange-traded funds (ETFs) that track them, suggesting investors might want to consider repositioning their portfolios around the U.K. market.
But before that, one should evaluate whether this equity momentum is sustainable, and for that one must examine the specific underlying economic drivers and corporate performance, which may continue to propel the U.K. market forward.
What’s Been Fueling U.K.’s Rally?
The main engine behind the U.K.’s steady growth has been an expanding services sector, which grew 0.5% in the second quarter, complemented by solid household consumption and gross fixed capital formation. However, the production sector remained stagnant, held back by declines in power generation.
Nevertheless, other industries, particularly banks, energy and defense, have been the primary engines of the FTSE's gains, which benefited from higher interest rates, rising oil prices and increased government defense spending.
These fundamentals directly bolstered major U.K. corporates’ performance. For instance, Rolls Royce RYCEY has been witnessing solid demand for its defense programs recently, with its order backlog as of July 2026 standing at £17.5bn, equivalent to more than three years of revenue. The stock’s price has surged 26.6% year to date.
Core U.K. banking institutions, including HSBC Holdings HSBC, have continued to generate resilient net interest margins and record dividend returns, supported by a stable interest rate environment. HSBC has soared 30% so far this year.
Energy heavyweights like Shell SHEL and BP Plc BP have been capitalizing on firmer global oil and commodity prices, bolstering headline equity returns. SHEL has returned 26.3% year to date, while BP soared 25.9% in the same period.
What Lies Ahead for the U.K. Stock Market?
The outlook for the U.K. economy remains cautiously optimistic amid ongoing challenges, including elevated public debt and persistent fiscal tightropes. While Britain has weathered recent energy shocks better than many feared, economists warn that the recent pace of growth may be difficult to sustain over the long term.
Against this backdrop, the nation’s stock market faces its own tests. The heavyweight FTSE 100 index remains vulnerable to potential drops in global commodity prices or currency shifts. However, its attractive low valuations relative to global peers—combined with a more business-friendly approach under the Burnham administration—provide a strong foundation of support.
On a bright note, as market expectations point toward easing monetary policy adoption from the Bank of England next year, lower borrowing costs and renewed investor confidence should bolster U.K. corporate balance sheets.
U.K. ETFs in Spotlight
Given the complexities of the U.K. market, as mentioned above, one may consider adding the following ETFs to their watchlists, which offer a prudent way to gain broad, diversified exposure, rather than betting on single equities.
iShares MSCI United Kingdom ETF EWU
This fund, with net assets worth $3.80 billion, offers exposure to 67 companies in the U.K. HSBC holds the first spot in this fund with a 10.74% weight, while SHEL holds the second spot with an 8.01% weight. RYCEY holds the fourth position in this fund, with a 5.32% weight, while BP holds the sixth spot with a 3.53% weight.
EWU has gained 10.4% year to date and charges 50 basis points (bps) in fees.
Franklin FTSE United Kingdom ETF FLGB
This fund, with net assets worth $992.5 million, offers exposure to 96 U.K. companies. HSBC holds the first spot in this fund with a 10.14% weight, while SHEL holds the second spot with a 7.58% weight. RYCEY holds the fourth position in this fund, with a 5.03% weight, while BP holds the sixth spot with a 3.34% weight.
FLGB has risen 10.7% year to date and charges 9 bps in fees.
First Trust United Kingdom AlphaDEX ETF FKU
This fund, with net assets worth $39.5 million, offers exposure to 76 U.K. companies. easyJet holds the first spot in this fund with a 2.52% weight, while SHEL holds the third spot with a 2.45% weight.
FKU has rallied 11% year to date and charges 80 bps in fees.
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This article originally published on Zacks Investment Research (zacks.com).

U.K. ETFs in Spotlight as Andy Burnham Completes First Month as PM

Key Points
Earlier this month, The Trade Desk reported abysmal financial results.
One Wall Street analyst says it's time to sell.
Shares of The Trade Desk (NASDAQ: TTD) plunged again on Monday, falling as much as 5.8% to lows not seen since Jan. 2019. As of 2:27 p.m. ET, the stock was still down 5.4%.
The catalyst that sent the adtech specialist swooning was the latest Wall Street downgrade.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Bleak outlook
HSBC analyst Mohammed Khallouf downgraded The Trade Desk to reduce (sell) from hold and slashed his price target to $10 from $20. That suggests the stock could still fall by another 29% from Friday's closing price.
The analyst cited The Trade Desk's waning performance, calling its second-quarter results "dismal" and noting the company's "sizable miss and guidance shock." He went on to say that the increasingly competitive operating environment wrought by artificial intelligence (AI) is causing a structural shift away from the open internet -- the company's bread and butter.
The Trade Desk's results from earlier this month bear out the analyst's take. In the second quarter, the company reported revenue growth of just 3% year over year to $715 million. The anemic growth flowed through to the bottom line, as adjusted earnings per share (EPS) slumped 17% to $0.34. That was well below analysts' consensus estimates, which called for revenue of $753 million and EPS of $0.18.
I've been a shareholder of The Trade Desk for years, so I'm rooting for the company to succeed. That said, management has been working to engineer a turnaround for 18 months now, and its results continue to deteriorate.
The stock is currently selling for less than 16 times earnings, its lowest valuation ever, but the uncertainty facing The Trade Desk and its apparent inability to turn things around make it far too risky for new money. I'm not selling yet, but my patience is beginning to wear thin.
Should you buy stock in The Trade Desk right now?
Before you buy stock in The Trade Desk, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and The Trade Desk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $421,511!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,381,960!*
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*Stock Advisor returns as of August 17, 2026.
HSBC Holdings is an advertising partner of Motley Fool Money. Danny Vena, CPA has positions in The Trade Desk. The Motley Fool has positions in and recommends The Trade Desk. The Motley Fool recommends HSBC Holdings. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why The Trade Desk Stock Plunged to (Another) 7-Year Low Today

Key Points
Shares of The Trade Desk plunged last Friday after the company badly missed estimates in its second-quarter earnings report.
This morning, HSBC lowered its rating on the stock from hold to reduce.
Guidance called for revenue and profits to decline in the third quarter.
Shares of The Trade Desk (NASDAQ: TTD) were falling again on Monday as Wall Street reactions to last week's dismal earnings report rolled in.
As of 9:55 a.m. ET, the stock was down 4.7% on the news.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The Trade Desk sinks again
In its second-quarter earnings report, The Trade Desk reported revenue growth that slowed to just 3%, its slowest growth rate in its history, except for the first quarter during the pandemic.
The company's guidance for the third quarter also implied a decline in revenue, showing the business is collapsing as walled gardens like Amazon, Apple, and Alphabet seem to be outcompeting it for ad dollars.
This morning, HSBC downgraded the stock from hold to reduce and gave it a $10 price target, implying the stock would fall another 30% over the next year due to weakening relationships with agency partners, competitive pressure, and struggles to capitalize on AI advertising.
Morgan Stanley also lowered its price target from $26 to $13 and maintained an equal weight rating on the stock.
Can The Trade Desk bounce back?
Trade Desk stock is now down roughly 90% from its peak at the end of 2024 as the company has reported a string of disappointing quarterly results, with revenue growth consistently slowing.
Despite the challenges, CEO Jeff Green seems more focused on spinning the results than on overhauling the business to better compete with the walled gardens.
With revenue and profit now on track to fall in the third quarter, it's hard to see a compelling case to buy the adtech stock right now.
Should you buy stock in The Trade Desk right now?
Before you buy stock in The Trade Desk, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and The Trade Desk wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!*
Now, it’s worth noting Stock Advisor’s total average return is 968% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of August 10, 2026.
HSBC Holdings is an advertising partner of Motley Fool Money. Jeremy Bowman has positions in Amazon and The Trade Desk. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, and The Trade Desk. The Motley Fool recommends HSBC Holdings. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why The Trade Desk Was Sliding Again Today

KeyCorp KEY recently completed the acquisition of Clearwater Corporate Finance LLP ("Clearwater UK"), a UK-based middle-market investment banking advisory firm. The transaction marks another step in expanding the company's advisory business and establishes its presence in the Western European market.
Building on a collaboration between KeyBanc Capital Markets and Clearwater UK that began in 2020, the acquisition strengthens KeyCorp's middle-market M&A capabilities and enhances opportunities to serve U.S. and European corporate and private equity clients. Clearwater UK advises clients across 10 industry sectors through offices in London, Birmingham, Leeds and Manchester.
The acquisition complements KeyCorp's strategy of expanding its investment banking franchise and growing fee-based businesses. In the first six months of 2026, its total revenues increased 8.4% year over year to $3.92 billion, while non-interest income rose 5.2% to $1.43 billion, reflecting continued momentum across fee-generating businesses. Management expects adjusted non-interest income to grow 5-6% in 2026, driven by sustained growth in its priority businesses.
Image Source: Zacks Investment Research
Although second-quarter investment banking and debt placement fees declined 5.1% year over year to $169 million, the metric increased 4% in the first half of 2026 to $366 million. Investment banking pipelines increased 9% sequentially in the second quarter and remain at historically elevated levels, supported by record M&A and debt capital markets pipelines.
While middle-market M&A activity is yet to normalize, management continues to see strong client engagement. Management expects 2026 investment banking fees to grow at a mid-single-digit rate, with third-quarter investment banking fees projected to increase more than 20% sequentially, supported by improving deal activity and the Clearwater UK acquisition.
KEY’s Price Performance
Over the past six months, shares of KeyCorp have gained 0.3%, underperforming the industry's 9.9% growth.
Image Source: Zacks Investment Research
At present, KeyCorp carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Business Restructuring Steps Taken by Other Financial Firms
Earlier this week, Hancock Whitney Corporation HWC completed its previously announced acquisition of OFB Bancshares, Inc., the parent company of One Florida Bank, in an all-cash transaction valued at $377.6 million.
The deal expands HWC’s presence in key Florida markets and reflects its strategy of strengthening its franchise through targeted acquisitions, expanding its customer base and enhancing long-term growth opportunities. The acquisition also broadens Hancock Whitney's commercial banking footprint and is expected to generate earnings accretion, cost savings and additional revenue opportunities over time.
Likewise, HSBC Holdings plc HSBC announced the sale of its retail banking businesses in Egypt and Australia as part of its broader simplification and restructuring strategy.
The transactions reflect HSBC’s focus on streamlining operations, exiting businesses where it lacks sufficient scale, redeploying capital to higher-return opportunities, and strengthening its core corporate and institutional banking, wealth management and wholesale banking franchises. The moves are expected to support HSBC's target of delivering approximately $1.5 billion in annualized cost savings and achieving at least a 17% return on average tangible equity by 2028.
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KeyCorp (KEY) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	30.41 13.03
Price/Sales	9.02 2.18
P/B	1.79 1.23
P/FCF	4.47 10.61

Indicator	TTM Median
ROE	5.92 11.06
ROA	0.36 1.26
ROI	3.84 7.84
Net Worth	325.76 1.01
Quick Ratio	0.00 1.42
Current Ratio	0.85 0.98

Indicator	TTM Median
Net Profit Margin	58.89 17.61
Operating Margin	0.00 25.00
Gross Margin	100.00 71.94
Return on tangible equity	6.01 12.96

Indicator	TTM Median
EPS	0.57 0.71
EPS Forecast	0.90 0.70
Revenue	10.45B 90.00M
Gross Profit	10.45B —
EBITDA	0.00 —

HSBC Holdings, plc.

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue