Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The Institutional Securities segment offers capital raising and financial advisory services, including services related to the underwriting of debt, equity, and other securities, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance. This segment also provides equity and fixed income products comprising sales, financing, prime brokerage, and market-making services; foreign exchange and commodities; corporate and commercial real estate loans, commercial mortgage and secured lending facilities, and financing for sales and trading customers, and asset-backed and mortgage lending; and wealth management services, investment, and research services. The Wealth Management segment offers financial advisor-led brokerage, custody, administrative, and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services to individual investors and small to medium-sized businesses and institutions. The Investment Management segment provides equity, fixed income, alternatives and solutions, and liquidity and overlay services to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors, corporations, and individuals through institutional and intermediary channels. The company was founded in 1924 and is headquartered in New York, New York.

Morgan Stanley looks like a high-quality but no longer cheap financial asset: strong profitability is paired with a noticeable premium to the sector on key valuation multiples. P/E at 17.1 and especially P/B at 2.88, as well as P/S at 4.11, are well above the sector median, which limits the potential for further re-rating without an acceleration in earnings growth. At the same time, operating efficiency remains favorable: ROE rose to 17.13%, ROTE to 21.43%, operating margin to 33.5%, and net margin to 23.82%, supporting the business’s high quality. Revenue, operating income, EBITDA, and net income have generally been growing in recent periods, indicating steady fundamental improvement. However, leverage remains very high: debt/equity of 3.34, long-term debt of 371.6 billion, and liabilities of 1.47 trillion, with a current ratio below 1, which is not critical for a bank/financial holding company but still calls for a balance-sheet discount. ROA of around 1.29% looks acceptable but not outstanding, while ROI is below the industry median, suggesting less-than-ideal returns on invested capital. Dividend yield has fallen to 0.55%, so the dividend factor is now weaker than it was a year ago and cannot serve as strong support for the valuation. Positive signs include capital growth, an increase in net worth, and steady asset expansion, confirming the group’s scale and financial resilience. At the same time, the elevated valuation on book and revenue multiples already reflects much of the strong current performance. Overall, the fundamentals support a moderately positive view, but not a case for aggressively raising the target. For an investor, this is a story of a high-quality, profitable, and growing business with strong returns, but limited upside due to a premium valuation and high leverage.

Morgan Stanley

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Средний индекс, значительно упал. Рынок не поддерживает быков.

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

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

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

Morgan Stanley demonstrates strong profitability and earnings growth, but trades at a premium to the industry and carries a significant debt burden, which limits upside.

Key Points
Joby Aviation would sport a $64 billion market cap if it grew tenfold from today.
To support that valuation, however, Joby would have to scale its business immensely.
A stock that grows 10 times its original value -- a 900% increase -- is something most investors would be happy to have in their portfolios. But it rarely happens in one sudden leap, if it even happens at all, with most eventual 10-baggers needing several years to decades to deliver a tenfold gain to those who patiently hold on.
Could Joby Aviation (NYSE: JOBY), the air taxi company, be one of these tenfold winners?
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 long flight to 10
Joby Aviation is making electric air taxis, also called electric vertical takeoff and landing (eVTOL) aircraft.
If you've never heard of or seen an eVTOL, that's because this type of aircraft hasn't been approved for commercial operations in the U.S. But if they are approved, well, buckle up -- not only could your daily commute look different (from the air, that is), but the skies above cities could have fewer helicopters and more of these quiet, electric, drone-like vessels whizzing to and fro.
The eVTOL market is expected to account for a sizable share of the global economy, with Morgan Stanley once predicting a total addressable market of a trillion by 2050.
That brings us to Joby: What makes Joby so exciting is that it is the frontrunner of this nascent market. I mean that literally: Joby has logged more than 50,000 flight miles, and its aircraft is now in the fifth and final stage of FAA type certification. It earns revenue through its passenger helicopter business, Blade, and it is also working with Toyota (NYSE: TM) to lay the groundwork for producing air taxis at scale.
All this is to say: If the eVTOL industry becomes the billion-dollar market analysts are predicting, then Joby would be its most obvious beneficiary.
But would it be enough to make Joby a 10-bagger?
At the time of writing, Sept. 10, Joby had a market cap of roughly $6.4 billion. A tenfold gain would bring that market cap up to about $64 billion, assuming the share count stayed the same, which would imply about $14 billion in annual revenue if its price-to-earnings multiple were 30 and its net margins were 15%. Put differently: If every Joby eVTOL aircraft were earning $2 million annually, then it would need a fleet of 7,500 aircraft to rake in $15 billion a year.
Those are lofty numbers, requiring aggressive growth. If Joby were to make 1,000 eVTOL vehicles annually, it would have 7,500 in 7.5 years -- 15 years if it were to produce 500 annually. Right now, Joby has built five aircraft, with 12 more in production.
So yes, Joby could grow into a $64 billion market cap -- though getting there will take years of expansion. Indeed, a tenfold return, if it ever comes, will need time, possibly a decade or longer. That could be a long flight if you need your money sooner -- not a flight every investor can take, at any rate. Given Joby's speculative nature right now, I would only invest if you have the time horizon to see it grow; otherwise, there are plenty of other great opportunities that require less patience and fewer leaps of faith.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, 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 Joby Aviation 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 $417,413!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,294!*
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*Stock Advisor returns as of September 12, 2026.
Steven Porrello has positions in Joby Aviation. The Motley Fool has no position in any of the stocks mentioned. 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.

Joby Aviation Could Deliver 10x Returns for Patient Investors

Key Points
Despite mixed performance from Ark's funds this year, Wood continues to stick with industry leaders.
Two Ark ETFs were buying Meta as AI-driven ad improvements continue to drive strong revenue performance.
Three Ark funds bought a combined $45 million worth of Rocket Lab stock after CEO Peter Beck described launch demand as "extreme."
Four of Ark Invest's exchange-traded funds (ETFs) have outperformed the S&P 500 over the past three years, although the flagship ARK Innovation ETF (NYSEMKT: ARKK) has underperformed the market so far in 2026, up about 9% at the time of writing.
Still, Ark's founder and Chief Executive Officer, Cathie Wood, continues to back the companies benefiting from artificial intelligence (AI) and the emerging space economy. Several Ark funds have been buying shares of Meta Platforms (NASDAQ: META) and Rocket Lab (NASDAQ: RKLB), with both stocks trading well off their highs.
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 »
Shares of Meta Platforms are trading 18% below their previous all-time high, and Wood seems to like the stock's value at current levels. Two Ark funds -- the ARK Next Generation Technology ETF (NYSEMKT: ARKW) and Ark Innovation ETF -- bought a combined $27.9 million of Meta stock on Sept. 9, 2026. It is a relatively small position, accounting for about 3% of the ARK Next Generation Technology ETF and 1.6% of the ARK Innovation ETF.
Wood is bullish on AI, robotics, and other disruptive tech over the long term. Meta fits that thesis because it's using AI to lift ad performance across its family of apps, while also investing heavily in data center capacity and chips.
Ark's research team sees a durable moat in Meta's 3.6 billion daily app users, which gives the company an immediate distribution and monetization engine for AI. Improvements to recommendations and ad-ranking have driven strong growth in ad impressions and ad pricing, helping second-quarter revenue rise 28% year over year.
During the second-quarterearnings call CEO Mark Zuckerberg said, "On a dollar basis, our ads business is reporting faster year-over-year revenue growth than any other company's reported ad business."
There seems to be more runway for its ad growth. Zuckerberg mentioned there are now 9 million small businesses using at least one of its ad creative tools, and the company continues to roll out new creative solutions designed to improve advertisers' returns.
Meta expects to spend between $165 billion and $169 billion on capital expenditures in 2026. That pace has pressured free cash flow in 2026 and seems to be weighing on the stock price. But Wood seems to like the company's ability to turn those investments into higher free cash flow over time. The stock is trading at a reasonable forward price-to-earnings multiple of 21, which may undervalue Meta's long-term growth.
Rocket Lab
Shares of Rocket Lab are down almost 60% after hitting an all-time high of $151 earlier this year. Three Ark ETFs bought about $45 million worth of Rocket Lab shares between Aug. 31 and Sept. 8, 2026. Rocket Lab currently makes up 5.5% of the Ark Space and Defense Innovation ETF, although Space Exploration Technologies remains Wood's top bet at over 11% of the fund.
Morgan Stanley's research estimates the space industry will be worth $1 trillion by 2040. In a June 1, 2026, newsletter, Ark's research team expressed its view that lunar exploration and satellite deployments should benefit multiple launch providers, "including emerging players like Rocket Lab and Stoke Space."
Rocket Lab reported a 62% year-over-year increase in revenue in the second quarter, with a record backlog of $2.36 billion. During the Q2earnings call CEO Peter Beck characterized the demand for launch services as "extreme." It signed $437 million of bookings since March 31 for Electron, HASTE, and the company's larger Neutron rocket, which is still under development.
Wood appears to be betting that Rocket Lab can grow into an end-to-end space infrastructure company. Its pending acquisition of Iridium will extend Rocket Lab's launch and manufacturing operations with a constellation of 66 satellites that generate recurring revenue from more than 2.5 million subscribers.
The stock still looks expensive on a sales multiple. But its $38 billion market cap (share price times shares outstanding) is just a small slice of the industry's potential, leaving room for substantial long-term upside for investors. With management noting that options for launch bookings are "extremely limited" beyond 2029, this positions Rocket Lab well for growth.
Should you buy stock in Meta Platforms right now?
Before you buy stock in Meta Platforms, 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 Meta Platforms 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 $409,917!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,341,724!*
Now, it’s worth noting Stock Advisor’s total average return is 942% — a market-crushing outperformance compared to 211% 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 September 11, 2026.
John Ballard has positions in Space Exploration Technologies. The Motley Fool has positions in and recommends Meta Platforms and Rocket Lab. 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.

2 Stocks Cathie Wood Is Snapping Up at a Discount Right Now

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Vanguard Russell 1000 Value (Symbol: VONV) where we have detected an approximate $300.0 million dollar inflow -- that's a 1.4% increase week over week in outstanding units (from 194,328,299 to 197,028,299). Among the largest underlying components of VONV, in trading today Morgan Stanley (Symbol: MS) is down about 0.1%, Linde PLC (Symbol: LIN) is up about 0.7%, and Thermo Fisher Scientific Inc (Symbol: TMO) is up by about 0.6%. For a complete list of holdings, visit the VONV Holdings page » The chart below shows the one year price performance of VONV, versus its 200 day moving average:
Looking at the chart above, VONV's low point in its 52 week range is $87.52 per share, with $114.08 as the 52 week high point — that compares with a last trade of $112.02. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further VONV Research:

Notable ETF Inflow Detected - VONV, MS, LIN, TMO

Key Points
Ford aims to refresh 80% of its North American vehicle portfolio by volume by 2029.
Defense contracts and battery energy storage systems are two examples of how Ford is thinking outside the box.
Ford's dividend remains a lucrative high-yield option for investors, especially considering its special dividends.
There are a lot of moving parts and variables for investors to consider when researching Ford Motor Company (NYSE: F). On one hand, Ford is a Detroit icon and a global legacy automotive giant, which comes with much more stable business than upstart companies such as Rivian (NASDAQ: RIVN) or Lucid (NASDAQ: LCID). On the other hand, Ford doesn't intend to become extinct and is investing heavily in the future of software-defined vehicles, autonomous technology, and electric vehicles (EV), and is even thinking outside the box by trying to win defense contracts. If you're scratching the surface of Ford as a long-term investment, here are three things you need to consider.
Portfolio refresh!
It's no secret in the automotive industry that fresh product sells faster, and it sells without needing margin-eroding incentives and deals. Investors may have missed the details, but Ford created a new team: product creation and industrialization. While it might take a little time for the name to catch on, this team is responsible for a massive portfolio refresh.
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 »
More specifically, by 2029 Ford plans to refresh a staggering 80% of its North American portfolio by volume, and 70% of its global portfolio by volume. Included in that portfolio turnover is the first vehicle on Ford's lauded Universal Electric Vehicle (UEV) platform, the Fathom midsize pickup. The refresh will also deliver the next-generation F-150 and F-Series Super Duty. These vehicles haul big bucks and lucrative margins.
An overlooked aspect of this refresh will be what it does to the fleet of Ford vehicles hitting the road. By 2030, 90% of Ford's vehicles by volume will feature updated electrical architectures and next-generation over-the-air capability. The reason this is important is it enables more rapid rollout of Ford's BlueCruise and Ford Digital Experience, which will aid the company in progressing toward Level 3 autonomous driving and help the company improve the value of its digital offerings, which can be monetized.
Over the next few years, Ford's product portfolio in its most profitable region, North America, will be more fresh, more advanced, and more profitable.
Outside the box
Young investors likely have never heard of Ford Aerospace division. That's because Ford completely exited the defense sector in 1990, but after rival General Motors (NYSE: GM) revived GM Defense in 2017, it seems Ford felt compelled to reconsider the industry. Ford has secured a U.S. Department of Defense prototype contract to build three heavy-duty tactical truck prototypes from the automaker's well-known F-Series Super Duty platform. For an example of how these contracts can add up, consider Ford's bid for the U.K. Ministry of Defence's Light Mobility Vehicle program, valued at $2.7 billion.
A completely different example of how Ford is evolving toward a new and potentially more lucrative future can be found with Ford Energy. Behind the scenes, Ford prepared a new business by securing supply chains and manufacturing sites, and what the automaker delivered was a subsidiary that will provide battery energy storage systems (BESS) for utilities, artificial intelligence (AI) data centers, and other large industrial customers. Ford plans to produce roughly 20 GWh annually with the first customer deliveries planned late next year. Analysts with Morgan Stanley and Barclays predict Ford Energy at full scale could generate between $500 million and $600 million in annual operating profit (EBIT) by the end of the decade.
Ford may be a legacy automaker, but that doesn't mean it isn't thinking outside the box to drive new streams of revenue and bottom-line profits.
Sleep at night
Ford has long been known for its lofty dividend, which currently pays out $0.15 per share quarterly, for a total $0.60 per share annually. That puts its current dividend yield at about 4.1%, which is lower than normal partly due to a spike in Ford's share price during May. What income investors often overlook with Ford's dividend is that the company frequently dishes out "special dividends" when it has a bit of extra cash and doesn't want to permanently raise the baseline dividend commitment. In early 2024, Ford dished out an $0.18-per-share special dividend. It delivered another $0.15-per-share special dividend in February 2025.
Is Ford a buy?
If you're an investor scratching the surface of Ford as a long-term investment, it's important to keep in mind that the company is driving a massive portfolio refresh in its profit engine, North America, while thinking outside the box for new revenue streams with Ford Energy and defense contracts. To top it off, the company offers a lucrative dividend yield with frequent special dividends helping investors offset the cyclicity of the auto industry. Ford has work to do to change the narrative of its low-margin automotive business, but that's something it can do as more high-margin business seeps into the sector through driverless vehicle technology and as digital subscription services become more prevalent.
Should you buy stock in Ford Motor Company right now?
Before you buy stock in Ford Motor Company, 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 Ford Motor Company 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 $414,015!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,459!*
Now, it’s worth noting Stock Advisor’s total average return is 960% — a market-crushing outperformance compared to 213% 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 September 9, 2026.
Daniel Miller has positions in Ford Motor Company and General Motors. The Motley Fool recommends General Motors. 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.

3 Overlooked Reasons Now Might Be the Time to Buy Ford Stock

Key Points
Robinhood recently got approval to underwrite IPOs at a key time for IPO activity.
It was listed as an underwriting partner for the Oura IPO, which was just filed.
Robinhood continues to break down barriers for the retail investor.
2026 is the year of the initial public offering (IPO) resurgence. After hitting a high of 1,035 IPOs in 2021 during the special purpose acquisition company (SPAC) craze, there were only 181 the year after when the S&P 500 lost almost 20% of its value in 2022. Since then, there have been limited high-profile IPOs, until recently.
2026 has already seen the two largest IPOs ever. Space Exploration Technologies debuted with $86.7 billion raised, while just a few weeks later, South Korean memory company SK Hynix raised $26.5 billion. On the heels of that, the artificial intelligence (AI) company Anthropic, maker of the Claude large language model (LLM), plans to go public by the end of October. According to reports, it's aiming to raise up to $100 billion.
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 »
Just in time, fintech powerhouse Robinhood Markets (NASDAQ: HOOD) has been approved by regulators to start underwriting stocks, and it just got its first job.
More power to retail investors
Robinhood was the first trading platform to offer fee-free trades, starting a revolution for retail investors. Today, fee-free trades are the norm. Robinhood has remained the home for retail investors who band together to spark change, like they did last year with Opendoor Technologies.
Management is committed to breaking down barriers in finance, and it rolls out new products all the time. "Robinhood exists to make everyone an owner," CEO Vlad Tenev said on the second-quarter earnings call. It offers IPO access to its users, and it was one of the five platforms chosen for retail investor access to the Space Exploration Technologies IPO in June. At that time, Robinhood received regulatory approval to become an underwriter. "We intend to be disruptive in this space," Tenev said.
Underwriting is the process of preparing a company to go public, including preparing all regulatory filings, helping set a price, buying the stock to sell to the public, and other activities. Most companies have a lead underwriting institution, plus others that help market and sell the stock.
Robinhood secured its first underwriting role for fitness-tracking ring company Oura, which filed to go public last week. It was listed last, behind 17 other underwriters led by Goldman Sachs, Morgan Stanley, and JPMorgan Chase, but it opens up a new addressable market for the financial disruptor.
That doesn't mean it will get a shot at Anthropic's IPO or OpenAI's whenever it goes public. But Robinhood has a history of wedging itself into legacy spaces in finance, and this broadens its ecosystem, making it a more powerful player.
Should you buy stock in Robinhood Markets right now?
Before you buy stock in Robinhood Markets, 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 Robinhood Markets 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 $414,015!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,459!*
Now, it’s worth noting Stock Advisor’s total average return is 960% — a market-crushing outperformance compared to 213% 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 September 9, 2026.
JPMorgan Chase is an advertising partner of Motley Fool Money. Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group and JPMorgan Chase. The Motley Fool has a disclosure policy.

As Anthropic's IPO Looms, This Small Financial Powerhouse Just Got Its First Underwriting Job

In sync with its broader effort to scale Asset & Wealth Management (“AWM”) and increase the contribution of recurring, fee-based revenues, The Goldman Sachs Group, Inc. GS entered a strategic collaboration with IG Wealth Management to expand its presence in the Canadian wealth-management market.
Under the agreement, Goldman Sachs Asset Management’s multi-asset solutions team will assume portfolio-management responsibilities for five IG Strategic Wealth Portfolios. The portfolios provide Canadian investors exposure to diversified strategies spanning equities, fixed income and alternatives.
Over the past several years, Goldman has been focused on building a larger, capital-light AWM franchise and reducing its dependence on more volatile, balance-sheet-intensive revenues. wealth management, alternatives and solutions have been identified as three major growth opportunities within AWM. Management and other fees, together with private banking and lending revenues, saw a compound annual rate of 12% from 2021 through 2025, with the rising trend continuing in the first half of 2026, highlighting the increasing importance of durable revenues to Goldman’s earnings mix.
Goldman has supported this strategy through partnerships and targeted acquisitions. In September 2025, it partnered with T. Rowe Price TROW to develop public-private investment solutions for wealth and retirement clients. Goldman also acquired Innovator Capital Management in April 2026, adding about $31 billion in assets under supervision and strengthening its defined-outcome ETF capabilities. In August 2026, it agreed to acquire NEOS Investments, which manages roughly $30 billion. Together, NEOS, Innovator and Goldman’s existing operations are expected to create a $130-billion global ETF platform, expanding its reach among advisors and wealth-management clients.
GS entered an agreement in August 2026 to acquire LCN Capital Partners, adding a specialist investment platform focused on sale-leaseback, build-to-suit and triple-net-lease real estate investments. Collectively, these moves demonstrate Goldman’s strategy of adding differentiated investment capabilities that can attract third-party assets and generate recurring management fees.
Overall, the IG Wealth Management collaboration underscores Goldman’s continued focus on scaling AWM and building a more durable revenue base. Alongside the T. Rowe Price partnership and the Innovator, NEOS and LCN transactions, the latest collaboration strengthens GS’s third-party distribution capabilities and broadens its addressable wealth-management market. Over time, successful expansion of these relationships should support recurring fee growth, improve the quality of Goldman’s revenue mix and further advance its transition toward a more capital-light business model.
Goldman’s Competitive Landscape?
Two close peers of GS are JPMorgan JPM and Morgan Stanley MS, which are also making efforts to expand their AWM businesses.
JPMorgan’s AWM segment is a steadier, fee-led profit engine inside the bank, spanning asset management and the private bank. For the first half of 2026, the segment’s revenues rose 15% from the year-ago period. As of June 30, 2026, JPMorgan’s assets under management were $5.14 trillion, up 18% year over year, while client assets increased 19% to $7.66 trillion.
Morgan Stanley’s AWM push is more than a diversification story. For the first half, Wealth Management revenues and Investment Management revenues were $20.6 billion, nearly half of Morgan Stanley’s $41.9 billion in firmwide net revenues. As of June 30, 2026, total client assets across Wealth Management were $8.08 trillion, while assets under management or supervision reached $2 trillion under the Investment Management division.
Goldman’s Price Performance & Zacks Rank
GS shares have jumped 37.3% in the past year compared with the industry’s growth of 24.2%.
Goldman currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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This article originally published on Zacks Investment Research (zacks.com).

Goldman's IG Deal Expands Canadian Wealth Reach & AWM Scale

Supported by a strong operating performance, shares of Raymond James RJF have gained 17.2% over the past three months, outperforming the industry’s 11.8% growth and the S&P 500 index’s 5.3% rally.
Also, if we compare RJF’s price performance with two of its close peers, Morgan Stanley MS and Evercore EVR, it appears that the stock has performed better than both MS and EVR. Over the past three months, MS shares have gained 4.6%, while the EVR stock has lost 13.2%.
3-Month Price Performance
Does the RJF stock have more upside left despite recent strength in price? Let us find out.
Factors Supporting Raymond James
Strong Private Client Group (PCG) Performance: Raymond James’ PCG segment is a key growth engine, with net revenues seeing an 11.4% compound annual growth rate (CAGR) over fiscal 2021-2025 and maintaining momentum through the first nine months of fiscal 2026. Particularly, in the fiscal third quarter of this year, PCG generated record net revenues of $2.84 billion, up 14% year over year, supported by higher client assets, market appreciation, strong retention and continued net new asset growth.
PCG assets under administration reached a record $1.86 trillion, while domestic net new assets totaled $21.7 billion in the quarter.
Robust adviser recruiting and high retention should continue supporting asset and revenue growth, reinforcing PCG’s position as a major contributor to Raymond James’ long-term performance.
Strategic Acquisitions: Raymond James has built a strong record of using acquisitions and partnerships to broaden its capabilities across wealth management, asset management and capital markets.
The May 2026 acquisition of Clark Capital added roughly $47 billion of combined assets under management and non-discretionary assets, strengthening the firm’s wealth-focused investment platform. The GreensLedge investment (March 2026) enhanced Raymond James’ capital-markets capabilities.
In fiscal 2024, the company announced a partnership with Eldridge Industries. In fiscal 2023, it acquired Canada-based Solus Trust Company Limited, while in fiscal 2022, it acquired SumRidge Partners, TriState Capital Holdings and the U.K.-based Charles Stanley Group PLC. These transactions have expanded Raymond James’ presence in private credit, trust services and international wealth management.
With ample capital and liquidity available for deployment, continued strategic acquisitions could strengthen the PCG and Asset Management franchises and support long-term earnings growth.
Investment Banking (IB) Recovery: Raymond James’ IB business has regained momentum after a sharp slowdown in fiscal 2022 (IB fees in the Capital Markets segment declined 4%) and 2023 (declined 41%).
IB fees rebounded in fiscal 2024 (increased 7%) and continued to improve through fiscal 2025 and the first nine months of fiscal 2026 as deal-making conditions became more supportive.
Now, although the timing of deal closures remains uncertain, management sees meaningful upside potential as valuation gaps narrow and transaction activity improves. A healthier M&A backdrop and Raymond James’ expanded capital-markets capabilities should support growth in IB fees.
Consistent Capital Returns: Raymond James has maintained a shareholder-friendly capital distribution policy, supported by a strong balance sheet and healthy earnings generation. The company has regularly increased its dividend over the past decade, including an 8% hike announced in December 2025.
It also authorized up to $2 billion of share repurchases in the first quarter of fiscal 2026, with $1.1 billion still available as of June 30, 2026.
With strong capital ratios, excess liquidity and a relatively modest payout ratio, Raymond James appears well-positioned to sustain dividends and buybacks, while continuing to invest in growth.
Raymond James Stock Is Undervalued
RJF’s 12-month forward price-to-earnings (P/E) ratio of 13.72X is slightly below the industry’s 14.14X. This indicates that its shares are trading at a discount.
P/E (F12M) Ratio
Morgan Stanley has a forward 12-month P/E of 16.65X, while Evercore is trading at 13.13X. This implies that while RJF is more expensive than EVR, it is cheaper than MS.
Headwinds for RJF Stock
Capital Markets Volatility: Raymond James’ brokerage revenues remain sensitive to capital-market activity, making this revenue stream inherently volatile. While elevated trading activity during the pandemic boosted brokerage fees, subsequent normalization weighed on the results.
Despite a recovery in fiscal 2025 and the first nine months of fiscal 2026, brokerage fees in the Capital Markets segment declined at a 3.8% CAGR over the four fiscal years ended 2025.
Given the unpredictable nature of market activity and the possibility of trading volumes normalizing further, sustained growth in brokerage revenues remains uncertain, which could pressure Capital Markets revenues.
Expense Growth: Raymond James’ non-interest expenses witnessed a 9.2% CAGR over fiscal 2021-2025, with the uptrend continuing through the first nine months of fiscal 2026. Compensation remains a major cost driver, while continued investments in technology, adviser recruiting, acquisitions and regulatory compliance are likely to keep expenses elevated.
The company spends more than $1.1 billion annually on technology, including automation and artificial intelligence (AI) initiatives, adding to near-term costs despite potential long-term efficiency benefits.
Management continues to expect fiscal 2026 non-compensation expenses of $2.3 billion, even after incorporating costs related to the Clark Capital and GreensLedge acquisitions. Persistently high expense growth could therefore limit operating leverage and make margin expansion difficult, especially if revenue growth moderates.
Final Thoughts on Raymond James Stock
Solid IB business prospects, organic and inorganic growth efforts to diversify operations and a strong balance sheet will likely keep aiding RJF’s financials. An attractive valuation is another positive.
Moreover, analysts are optimistic regarding the company’s earnings growth prospects. Over the past seven days, the Zacks Consensus Estimate for the company’s fiscal 2026 and fiscal 2027 earnings have been revised higher.
Estimate Revision Trend
Image Source: Zacks Investment Research
However, unsustainable brokerage fee income, on account of normalizing client activity and elevated expenses are roadblocks. Thus, taking into consideration the concerns, investors should not rush to buy the RJF stock at the moment. However, those who already own the stock should hold on to it for long-term gains.
Currently, Raymond James 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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Raymond James Gains 17.2% in 3 Months: Should You Buy the Stock Now?

Shares of The Goldman Sachs Group GS have gained 38.6% in the past year, outperforming the industry’s rise of 26.1%. Its peers, Morgan Stanley MS and JPMorgan’s JPM shares rose 46.2% and 22.6%, respectively, over the same time frame.
Price Performance
With such strong momentum, investors may be wondering whether to buy the GS stock now or wait for a better entry point. To help answer this question, let us take a closer look at the key factors driving Goldman’s growth and assess whether the stock still has room to run.
M&A Strength Reinforces GS’s IB Franchise
Merger and acquisition (M&A) advisory remains a key competitive strength for Goldman. Winning mandates on large transactions not only supports advisory revenues but can also generate opportunities across financing, underwriting and other client businesses.
Recent league-table rankings highlight that strength. Goldman was the only adviser in South and Central America to exceed $10 billion in aggregate deal value during the first half of 2026, according to GlobalData. It also ranked first among North American M&A advisers by deal value, advising on $437.7 billion in transactions.
The favorable M&A backdrop led Goldman to deliver strong results. GS’s IB fees rose 52% year over year in the first half of 2026, driven by higher advisory, equity underwriting and debt underwriting revenues amid improving capital markets activity.
Management also sounded constructive about the operating environment following the second-quarter results. CEO David Solomon highlighted accelerating momentum across the company’s businesses and pointed to strong client demand for Goldman to advise on major strategic transactions. Management noted that the investment banking backlog reached its highest level in five years, including a record advisory backlog, supported by robust strategic M&A activity, AI-related capital formation and stronger financing demand.
AI-Led Initiative to Transform GS Business
Goldman is undertaking an ambitious, firmwide artificial intelligence (AI) transformation aimed at boosting fee income, improving productivity and expanding long-term operating leverage. The initiative spans its core businesses, including trading, investment banking, asset management and internal operations, positioning AI as a central growth driver.
In July, Yahoo Finance, citing Reuters, reported that Goldman Sachs Asset Management had launched AlphaAI, an artificial intelligence-focused investment platform. The initiative underscores the firm's conviction that AI will emerge as a significant driver of investment opportunities and returns across both public and private markets. Earlier, Goldman partnered with Anthropic on a $1.5-billion initiative designed to accelerate AI adoption across hundreds of portfolio companies.
At the center of Goldman’s transformation are two major initiatives — One Goldman Sachs 3.0, or OneGS 3.0, and the GS AI Assistant program. OneGS 3.0 is a multi-year effort to integrate AI into the firm’s core operating model rather than treat it as a standalone technology. The program focuses on simplifying workflows, modernizing infrastructure and supporting scalable growth through shared platforms, standardized processes and higher-quality data.
The GS AI Assistant is expected to further improve employee productivity by helping professionals analyze information, generate content and complete routine tasks more efficiently. As adoption expands, the platform could reduce manual workloads and allow employees to devote more time to client engagement, decision-making and higher-value activities.
Management has expressed strong confidence in AI’s long-term potential. Although spending on AI, data and digital infrastructure may keep expenses elevated in the near term, the investments could generate meaningful productivity gains and help the firm move toward its medium-term efficiency ratio target of 60%.
Goldman’s Strategic Streamlining Pays Off
GS streamlining efforts have been underway for some time as it retreats from the underperforming consumer banking ventures. Under CEO David Solomon, GS has embarked on a deliberate transformation to exit non-core consumer banking and double down on the divisions wherein Goldman maintains a clear competitive advantage.
In sync with its restructuring efforts, in August 2026, Goldman agreed to acquire NEOS Investments. The acquisition will add $30 billion in assets across NEOS's 19 options-based income ETFs to Goldman Sachs Asset Management's existing $40 billion in income and outcome-oriented options-based ETF solutions. Once complete, the deal will make Goldman Sachs Asset Management the eighth-largest active ETF provider.
In April 2026, GS acquired Innovator Capital Management, expanding its active ETF capabilities as part of a broader strategy to build durable revenue streams through diversified asset and wealth management offerings. In the same month, Goldman completed the divestiture of its Polish asset management business, Goldman Sachs TFI, to ING Bank Slaski, further streamlining its asset management operations. In the third quarter of 2025, the company transitioned the General Motors credit card program.
These moves demonstrate a well-thought-out exit, allowing the company to reallocate capital and attention toward higher-margin, more scalable businesses like Global Banking and Markets, and the asset and wealth management divisions.
GS Robust Liquidity Aids Capital Distribution
Goldman maintains a fortress balance sheet, with the Tier 1 capital ratios well above regulatory requirements. This financial strength allows it to return capital to its shareholders aggressively through buybacks and a healthy dividend yield.
As of June 30, 2026, cash and cash equivalents were $187 billion, while deposits totaled $558 billion. Total unsecured debt (comprising long-term and short-term borrowings) was $438 billion, of which only $90 billion was near-term borrowings.
Following the Federal Reserve’s 2026 stress test, the company increased its quarterly common stock dividend by 11% to $5 per share. The company also has a share repurchase plan in place. In the first quarter of 2025, the board approved a share repurchase program of up to $40 billion of common stock. As of June 30, 2026, Goldman had $21.6 billion worth of shares available under authorization.
Supported by Goldman’s robust liquidity and capital levels, its shareholder payout activities appear sustainable.
Goldman’s Earnings Prospects & Valuation Analysis
Analysts are bullish on GS. Over the past 60 days, the Zacks Consensus Estimate for 2026 and 2027 earnings has been revised upward. The Zacks Consensus Estimate for Goldman’s 2026 and 2027 earnings implies year-over-year growth of 34.2% and 4.9%, respectively.
Estimate Revision Trend
The GS stock currently trades at a premium to the industry. The stock is trading at a forward price/earnings (P/E) of 14.58X above the industry average of 14.14X. Its peers JPMorgan and Morgan Stanley are trading at a P/E of 14.47X and 16.76X, respectively.
Price-to-Earnings F12M
Final Thoughts on GS Stock
Goldman appears well-positioned to sustain its growth momentum, supported by strength in investment banking, a robust M&A pipeline, AI-led productivity initiatives, and continued expansion in asset and wealth management. Strategic streamlining, solid liquidity and healthy capital levels further support shareholder returns through dividends and share repurchases.
While the stock trades at a modest premium to the industry, improving earnings estimates and strong business momentum help justify the valuation. Given its favorable earnings outlook, leading investment banking franchise and disciplined capital allocation, the GS stock offers an attractive investment opportunity at current levels.
Goldman currently sports a Zacks Rank #1 (Strong Buy), supporting a bullish outlook on the stock. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Goldman Stock Gains 38.6% in a Year: Buy Now or Wait for a Pullback?

Key Points
Bloom Energy will officially join the S&P 500 on Sept. 21.
Bloom Energy has been a major beneficiary of rising power demand driven by the AI data center build-out.
In the second quarter, Bloom Energy surpassed $1 billion in revenue for the first time and raised its full-year revenue projection.
Bloom Energy (NYSE: BE) stock has gone on an explosive run and has officially earned a spot in the S&P 500. On Sept. 4, S&P Dow Jones announced that Bloom Energy, along with Illumina and Everpure, would join the index, while Molson Coors, Builders FirstSource, and The Trade Desk were removed.
Bloom Energy jumped after hours on the news, and the stock is set to join the S&P 500 on Sept. 21. Bloom has been a primary beneficiary of the huge power demand coming from artificial intelligence (AI) data centers, which hyperscalers continue to invest in at a staggering rate.
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After its run-up and its inclusion in the S&P 500, is Bloom Energy still a buy? Let's dive into its long-term outlook to find out.
Bloom Energy addresses a major bottleneck hyperscalers are facing
The AI data center build-out has revealed power as a major bottleneck for hyperscalers. For one, securing a transmission connection to a regional power grid can take four to seven years. Regional transmission operators face enormous backlogs and severe supply shortages of high-voltage power transformers and other vital infrastructure.
On top of this, local communities and public utilities are facing pushback from residents on data center construction. Residential customers don't want to bear the costs of the capital expenditures required to expand the power grid just to connect new data centers. As a result, hyperscalers are seeking independent, off-the-grid power alternatives like Bloom Energy's solid-oxide fuel cells.
Bloom's fuel cells run on natural gas but can also run on biogas or hydrogen using an electrochemical reaction rather than combustion. Its biggest competitive advantage is that its fuel cells are factory-fabricated and can be installed on-site in three to four months, helping hyperscalers get their data centers up and running significantly faster since they don't have to wait to connect to the electric grid.
The company's fuel cells have been validated by hyperscalers and neocloud customers. Notably, in 2024, Bloom Energy delivered its fuel cell power system for an Oracle cloud infrastructure AI data center in just 55 days.
In its second-quarterearnings call Chief Executive Officer K.R. Sridhar noted that "over a dozen U.S. neoclouds, AI labs and colocation data center operators have validated and approved our power solutions."
Bloom's earnings have boomed, and demand is only increasing
In the second quarter, the company's revenue exceeded $1 billion for the first time. The company is experiencing accelerating data center deliveries, and as a result, management raised its full-year revenue projection to a range of $3.9 billion to $4.2 billion (a 100% increase year over year at the midpoint) and full-year non-GAAP (generally accepted accounting principles) operating income to a range of $800 million to $900 million.
Bloom's growth isn't slowing down, either. On June 30, Brookfield Asset Management expanded its strategic partnership with Bloom Energy. It increased its initial project financing framework from $5 billion to $25 billion, a stunning fivefold increase.
On July 20, Industrial Development Funding partnered with Oaktree, MUFG, and Morgan Stanley to announce a $1.7 billion project investment to support the deployment of Bloom's fuel cells to power Nebius' AI infrastructure build-out.
Is Bloom Energy stock a buy?
Bloom Energy recently introduced Power Connect, which reduces on-site power installation time by more than 40%. This builds on Bloom's speed-to-power advantage by moving complex electrical integration from the field to the factory floor.
Looking ahead, analysts covering Bloom Energy project its earnings per share (EPS) to rise to $2.67, a 251% increase from 2025's EPS of $0.76. Bloom Energy trades at about 94 times projected earnings for this year. But that valuation also assumes its staggering growth will continue, with analysts projecting 84% annual EPS growth in 2027 and another 60% in 2028.
Bloom Energy stock has surged in recent years and remains well-positioned to continue gaining in the years ahead. As long as hyperscalers continue to invest so much in building data centers, Bloom Energy should continue to ride these powerful tailwinds higher.
Should you buy stock in Bloom Energy right now?
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Courtney Carlsen has positions in Bloom Energy, Morgan Stanley, and Oracle. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, Everpure, Illumina, Oracle, and The Trade Desk. The Motley Fool has a disclosure policy.

Bloom Energy Is Joining the S&P 500: Is the Stock Still a Buy After Its Massive Run?

Key Points
Its fourth-quarter results crushed analyst estimates.
Analysts were quick to raise their price targets on the stock in the wake of that earnigs report.
Cloud and enterprise software company Nutanix (NASDAQ: NTNX) probably doesn't want the summer to end, given how well its stock did in August. Boosted by the estimates-trouncing fiscal fourth-quarter and full-year report it posted toward the end of the month and a subsequent wave of analyst price targets, its shares exited August with a more than 16% gain.
A fabulous final frame
The month didn't exactly start on a high note for Nutanix. Four days into it, the company divulged in a regulatory filing that it aimed to reduce its workforce by roughly 5%. Stating that this decision was reached after a review of its business structure, Nutanix said the move will cost it roughly $33 million to $43 million. The reductions should be complete by the end of October.
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The company had better news to impart with that earnings report. The final frame of its 2026 fiscal year saw it book just over $757 million in revenue, up 16% year over year. Annual recurring revenue at the end of the quarter and year was also 16% higher, at $2.55 billion.
Net income not under generally accepted accounting principles (non-GAAP, or adjusted) was more than $175 million, or $0.60 per diluted share. That was a robust 61% higher than the fourth quarter of fiscal 2025 result.
It was also far above the consensus analyst estimate of $0.49. The same could be said for the company's revenue that quarter, which well exceeded the average pundit expectation of slightly more than $738 million.
In its earnings release, Nutanix quoted CEO Rajiv Ramaswami as saying the quarter "was a strong finish to fiscal 2026, a year in which we delivered solid top and bottom line performance and added over 3,000 new customers."
Management clearly doesn't believe that will be the last time the company will outperform.
It proffered strong guidance for both revenue and free cash flow (FCF) for the entirety of fiscal 2027. The top-line is forecast at $3.18 billion to $3.23 billion, while the outlook for FCF is $850 million to $950 million.
A bunch of bulls
For obvious reasons, investors liked what they heard about the quarter and reacted by driving Nutanix's stock higher in the days that followed. Some were probably influenced by the series of analyst price target raises immediately following earnings. The raisers included pundits from top financial companies Bank of America, Morgan Stanley, and Wells Fargo.
I'd be inclined to agree with those prognosticators and the bullish investors buying in at the end of the month. Nutanix continues to have a compelling business proposition with its "hyperconverged infrastructure," which bundles advanced compute, networking, and storage on a single platform. I think this stock has quite a high ceiling these days.
Should you buy stock in Nutanix right now?
Before you buy stock in Nutanix, 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 Nutanix wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
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Wells Fargo is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Nutanix. The Motley Fool has a disclosure policy.
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Morgan Stanley

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