TULSA, Okla. — AAON Inc. shares skyrocketed more than 50% in morning trading Thursday after the commercial HVAC manufacturer delivered blockbuster first-quarter results fueled by explosive demand for data center cooling solutions, shattering revenue forecasts and prompting a sharply higher full-year outlook.

The stock, which closed Wednesday at $98.30, rocketed as high as $149 intraday on volume several times the daily average. By mid-morning, shares traded around $147.94, up $49.63 or 50.49%, adding roughly $2.7 billion in market value in a single session and pushing the company’s market capitalization above $8 billion.

AAON reported record net sales of $496.9 million for the quarter ended March 31, a stunning 54.3% jump from $322.1 million a year earlier and far exceeding Wall Street expectations of around $381 million. The beat was driven by strength in both the core AAON brand and its fast-growing BASX subsidiary, which specializes in customized cooling for hyperscale data centers.

Data Center Boom Powers Growth

BASX-branded sales surged 72.4% to $228.6 million, reflecting insatiable demand from tech giants building out AI infrastructure. The segment’s backlog soared 160%, contributing to a company-wide record backlog of $2.1 billion — up 107.4% year-over-year.

“Strong demand across both brands, combined with accelerating production throughput from recent capacity investments, delivered exceptional results,” AAON executives said in the earnings release. The company highlighted improved utilization rates and operating leverage as key drivers.

GAAP diluted earnings per share rose 37.1% to $0.48, topping consensus estimates. Gross margin came in at 25.1%, down slightly from the prior year due to costs associated with capacity expansion and temporary outsourcing, but management emphasized these pressures are transitory. Selling, general and administrative expenses improved significantly as a percentage of sales, dropping 220 basis points to 13.7%.

Raised Guidance Signals Confidence

Buoyed by the results, AAON dramatically raised its 2026 outlook. The company now expects full-year revenue growth of 40%-45%, well above prior guidance, with gross margins projected at approximately 27-28%. The updated forecast reflects the massive backlog and ongoing operational improvements.

Analysts reacted positively to the news. The strong beat validates AAON’s positioning at the intersection of traditional commercial HVAC and the high-growth data center cooling market, where liquid cooling and specialized air-side solutions are in short supply amid the AI buildout.

Company Background and Strategy

Founded in 1988 and headquartered in Tulsa, AAON designs and manufactures premium heating, ventilation and air conditioning equipment known for energy efficiency and reliability. The company serves commercial, industrial and institutional customers across North America. Its 2024 acquisition and expansion of BASX has positioned it as a key player in the data center space, where cooling represents a critical and growing portion of total power consumption for AI training facilities.

Recent capacity investments, including new manufacturing lines and facility expansions, are now paying dividends. Management noted that production rates have accelerated, helping convert backlog into revenue at a faster clip. The company has also benefited from share gains in a market where competitors face their own supply chain and execution challenges.

Market Reaction and Valuation

The massive move Thursday marks one of the largest single-day percentage gains in the company’s history and reflects pent-up optimism after periods of operational digestion. Prior to today’s surge, shares had traded in a range between $62 and $116 over the past 52 weeks. The rally pushes the stock well above its previous all-time highs.

At current levels, AAON trades at elevated multiples, but bulls argue the growth trajectory justifies the premium. Data center tailwinds are seen as durable given multi-year AI infrastructure plans from major hyperscalers. Analysts maintain a strong buy consensus with price targets that, even after today’s jump, suggest further upside for some.

Short-term risks include potential margin volatility as the company continues scaling, supply chain dynamics for specialized components, and any slowdown in data center CapEx. However, the record backlog provides substantial visibility.

Broader Industry Context

AAON’s performance underscores the ripple effects of the artificial intelligence boom across supporting infrastructure sectors. Data centers require sophisticated HVAC systems to manage immense heat loads from GPUs and servers. Traditional air cooling is being supplemented — and in some cases replaced — by advanced liquid cooling solutions where BASX has carved out a niche.

The commercial construction market, while softer in some segments, continues to favor energy-efficient products amid rising utility costs and sustainability mandates. AAON’s focus on high-performance equipment aligns with these trends, supporting long-term demand.

Wall Street had entered the earnings period with cautious optimism. Pre-release estimates called for more modest growth, but the actual results and guidance upgrade have shifted sentiment decisively bullish. The earnings call, scheduled for 9 a.m. ET, is expected to draw heightened attention as investors seek details on capacity ramp timelines and customer concentration.

Outlook and Strategic Moves

Looking ahead, AAON plans to continue investing in capacity while improving operational efficiency. Recent leadership changes, including a new CFO, aim to strengthen execution as the company scales. Dividend increases and share repurchase authorizations in prior periods signal confidence in cash flow generation.

For investors, today’s surge highlights both opportunity and volatility in growth stocks tied to secular themes like AI. While the move may invite profit-taking, the fundamental story — record demand, expanding margins and a fortress-like backlog — suggests AAON has momentum.

As trading continues Thursday, all eyes remain on whether the stock can hold these elevated levels or if the rally extends further on momentum. Regardless, AAON has delivered a powerful reminder of how niche industrial players can become major beneficiaries of transformative technologies.

The company’s transformation from a regional HVAC supplier to a critical enabler of the AI economy appears well underway, with today’s results marking a significant milestone in that journey. Whether this proves to be a new chapter of sustained outperformance will depend on execution in the quarters ahead, but for now, investors are rewarding AAON handsomely for delivering on its growth promises.

Operator

Good morning, ladies and gentlemen, and welcome to the Chiron Real Estate, Inc. First Quarter 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, May 7, 2026. I would now like to turn the conference call over to Mr. Jamie Barber, General Counsel. Please go ahead.

Jamie Barber
General Counsel & Corporate Secretary

Good morning, everyone, and welcome to Chiron Real Estate’s First Quarter 2026 Earnings Conference Call. My name is Jamie Barber, and I’m Chiron’s General Counsel. On the call today are Mark Decker, Jr., Chief Executive Officer; Bob Kiernan, Chief Financial Officer; Alfonzo Leon, Chief Investment Officer; and Danica Holley, Chief Operating Officer.

Statements or comments made on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company’s plans, objectives, expectations or intentions. These matters involve certain risks and uncertainties.

The company’s actual results may differ significantly from those projected or suggested from any forward-looking statements due to a variety of factors, which are discussed in detail in our SEC filings. Additionally, on this call, the company may refer to certain non-GAAP financial measures. You can find a tabular reconciliation of these non-GAAP financial measures to the most current comparable GAAP numbers in the company’s earnings release and filings with the SEC. Additional information may be found on the Investor Relations page of the company’s website

A New York City real estate investor is intensifying tensions with City Hall, likening the phrase “tax the rich” to “disgusting racial slurs” as a widening rift emerges between Mayor Zohran Mamdani and some of the city’s most powerful business leaders.

Steven Roth, chairman and CEO of Vornado Realty Trust, made the remarks during the company’s earnings call on Tuesday, arguing that rhetoric targeting high earners unfairly portrays them as “evil” despite their economic contributions.

“I must say that I consider the phrase ‘tax the rich,’ when spit out with anger and contempt by politicians both here and across the country to be just as hateful as some disgusting racial slurs and even the phrase ‘from the river to the sea,’” Roth said. “What these polls seem to be saying is that the rich are evil or the enemy or the targets or maybe even just suckers.”

BILLIONAIRE SAYS MAMDANI’S ‘TAX THE RICH’ VIDEO OUTSIDE HIS NYC APARTMENT WAS ‘CREEPY’ AND ‘FRIGHTENING’

Roth defended wealthy taxpayers as central to New York’s economy, saying many “started with nothing” and represent the American dream.

“The rich whom the politicians are targeting started with nothing, are the epitome of the American dream,” Roth said. “They are our largest employers and largest philanthropists, and it is the 1% that pay 50% of New York’s income taxes. They are at the top of the great American economic pyramid for a reason.”

“They should be praised and thanked,” he added.

The Vornado CEO also weighed in on the ongoing clash between Mamdani and Citadel founder Ken Griffin, voicing support for the billionaire investor.

MAMDANI’S CLASH WITH BILLIONAIRE PUTS NYC STREET FOOD VENDORS IN THE CROSSHAIRS

“I do not and cannot speak for Ken, but I do unambiguously stand with him. Notwithstanding the mistakes and bad form of the recent video that went viral, we are pulling for Mayor Mamdani to succeed,” Roth said.

In a statement to FOX Business, City Hall pushed back, framing Mamdani’s approach as part of a broader effort to rebalance the city’s economy.

“Mayor Mamdani wants all New Yorkers to succeed,” press secretary Joe Calvello told FOX Business. “That includes business owners and entrepreneurs who create good-paying jobs and make this city the economic engine of America.”

“It also includes Ken Griffin, who is a major employer in our City and a powerful figure in our economy. That does not negate the fact, however, that our tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink. The status quo is unsustainable and unjust. If we want this city to become a place that working people can afford, we need meaningful tax reform that includes the wealthiest New Yorkers contributing their fair share,” Calvello added.

MAMDANI THANKS SAME BILLIONAIRE HE TARGETED IN TAX VIDEO FOR NYPD MONEY

The remarks follow after Mamdani posted a video on April 15 outside Griffin’s 24,000-square-foot Manhattan residence – purchased in 2019 for a record $238 million – while announcing a new pied-à-terre tax.

Griffin criticized the video as “creepy” and “weird,” saying it reinforced his decision to expand business operations in Miami.

“Mamdani has made it very clear – New York does not welcome success,” Griffin said at the Milken Conference in Los Angeles on Tuesday.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

FOX Business reached out to Vornado Realty Trust for comment.

FOX Business’ Nikolas Lanum and Alexandra Koch contributed to this report.

The S&P 500 ended lower on Thursday, with Intel and other chip stocks retreating after a recent rally, while uncertainty around U.S.-Iran peace talks weighed on the wider market. U.S.-listed shares of Arm Holdings tumbled as worries about the company’s ability to secure sufficient supplies for its new AI chip overshadowed a strong earnings forecast. Intel and Advanced Micro ‌Devices declined, giving back ⁠some of ⁠their gains from earlier this week. The PHLX chip index dropped, trimming its gain so far this quarter to around 46%.

The United States and Iran were edging toward a temporary agreement to halt their war, sources and officials said, with Tehran reviewing a proposal that would stop the fighting but leave the most contentious issues unresolved.

“You can have a string of days like this, and that’s not going to take away from the fact that this has been a rip-roaring quarter of recovery, driven by fundamentals,” said Mike Dickson, head of portfolio management at Horizon Investments in Charlotte, ⁠North Carolina. Oil prices edged ‌lower, trading around $100 per barrel. Nvidia and Microsoft both climbed, underscoring investor confidence in Wall Street’s heavyweight AI companies.

According to preliminary data, the S&P 500 lost 29.46 points, or 0.40%, to end at 7,335.66 points, ⁠while the Nasdaq Composite lost 32.75 points, or 0.15%, to 25,801.20. The Dow Jones Industrial Average fell 313.34 points, or 0.64%, to 49,597.25. A relentless rally in technology and AI shares has helped push U.S. stocks to record highs in recent days as investors cheer signs of strong demand for artificial intelligence and a robust earnings season. S&P 500 companies are on track for their strongest profit growth in more than four years.

Upbeat economic readings in recent weeks have also helped allay concerns about the economy. Data showed the number of Americans filing claims for unemployment benefits rose less than expected last week.

After a strong private payrolls ‌report on Wednesday, investors are awaiting more comprehensive nonfarm payrolls data on Friday, with jobs seen increasing by 62,000 in April after rebounding 178,000 in March, according to a Reuters poll of economists.
Traders continued to bet the U.S. Federal Reserve would ⁠hold interest rates steady through the end of the year due to a resilient labor market and elevated energy prices. Cleveland Fed President Beth Hammack said she expects the central bank to hold interest rates steady well into the future as it navigates a climate of considerable uncertainty. Datadog climbed after the cybersecurity company raised its full-year earnings forecast. CrowdStrike and Palo Alto Networks also gained.

Whirlpool slumped after the home-appliance maker missed first-quarter sales estimates and suspended its dividend.

Declining stocks outnumbered rising ones within the S&P 500 by a 1.7-to-one ratio.

The S&P 500 posted 18 new highs and 10 new lows; the Nasdaq recorded 126 new highs and 83 new lows.

TAINAN, Taiwan — Shares of Himax Technologies Inc. (NASDAQ: HIMX) exploded more than 40% in morning trading Thursday after the display driver and semiconductor specialist posted first-quarter results that topped its own guidance and issued upbeat projections for the current quarter, highlighting strength in automotive displays, AI sensing and emerging smart glasses applications.

The stock, which closed Wednesday at roughly $12.33, surged as high as $17.50 intraday on heavy volume. By late morning, shares traded around $17.36, up $5.03 or 40.80%, marking one of the largest single-day gains in the company’s history and boosting its market capitalization by more than $800 million.

Himax reported first-quarter net revenue of $199.0 million, a modest 2.0% sequential decline that landed at the high end of its February guidance range of a 2-6% drop. Gross margin held steady at 30.4%, also at the upper end of expectations. After-tax profit reached $8.0 million, or 4.6 cents per diluted American Depositary Share (ADS), exceeding the guided range of 2.0 to 4.0 cents.

Strong Q2 Outlook Fuels Rally

Management guided second-quarter revenue to rise 10.0% to 13.0% sequentially, with gross margin around 32% and profit per diluted ADS between 8.6 and 10.3 cents. The upbeat forecast signaled a clear rebound from the seasonal trough in Q1 and reinforced confidence in a stronger second half.

“We expect upward momentum through the remainder of 2026, supported by a meaningful number of new automotive projects scheduled to enter mass production in the second half,” said Jordan Wu, president and CEO. “The positive outlook is also supported by anticipated growth in our non-driver IC businesses, particularly Tcon and WiseEye AI.”

Segment Highlights and Strategic Shifts

Large-panel display drivers grew 11.7% sequentially to $24.2 million, driven by restocking of high-end TV ICs. Small- and medium-sized drivers, which include smartphone, tablet and automotive products, dipped slightly amid typical seasonality and inventory adjustments but showed pockets of strength in OLED solutions and premium tablets.

Non-driver IC sales, a key growth area, declined modestly but management highlighted robust underlying demand. Automotive timing controllers (Tcon) with advanced local dimming features continue to win design-ins, positioning Himax for sustained expansion despite broader market headwinds.

Himax is increasingly diversifying beyond traditional display drivers. The company is gaining traction in ultralow-power AI sensing via its WiseEye technology and microdisplays for augmented reality (AR) smart glasses. Recent demonstrations at Display Week 2026 showcased upgraded front-lit LCoS microdisplays with superior contrast and efficiency, eliminating common visual artifacts.

CEO Wu expressed growing optimism about smart glasses, noting that a leading brand has adopted WiseEye for mass production later this year, with additional major players expected to follow. Revenues from AI and AR applications are projected to grow substantially in coming years.

Balance Sheet Strength and Shareholder Returns

Himax maintained a solid financial position with $287.6 million in cash, cash equivalents and other financial assets as of March 31. The company announced a cash dividend of 25.2 cents per ADS for fiscal 2025 — a 100% payout ratio — payable July 10, underscoring confidence in future cash generation.

Inventories remained well-managed at $151.7 million, while days sales outstanding improved slightly. Capital expenditures were modest, focused on R&D equipment.

Market Context and Analyst Views

Himax operates at the intersection of several high-growth trends: advanced automotive displays, AI infrastructure and consumer AR/VR devices. Its display driver expertise serves major panel makers supplying smartphones, TVs, tablets and vehicles, while newer forays into co-packaged optics (CPO) and low-power AI position it as a potential indirect beneficiary of broader semiconductor demand.

The stock’s dramatic move reflects relief after a period of softer consumer electronics demand in 2025. Earlier reports linking Himax to potential roles in Nvidia-related AI optics and Apple smart glasses had already boosted sentiment in recent months. Today’s results validate the recovery narrative and provide tangible evidence of execution on diversification strategies.

Analysts had entered the earnings period with cautious estimates, projecting around $195 million in revenue. The beat on both top- and bottom-line metrics, combined with aggressive Q2 guidance, triggered widespread short covering and fresh buying from momentum investors.

Risks and Forward Outlook

Challenges remain. Geopolitical tensions, memory chip supply constraints affecting mature process nodes, and rising gold prices are pressuring costs. Himax is working with customers on pricing adjustments to offset these headwinds. Automotive market softness and potential delays in new project ramps also warrant monitoring.

Nevertheless, management reiterated long-term confidence in automotive display ICs, citing a strong design-win pipeline across DDIC, TDDI and advanced Tcon solutions. The company’s technological leadership and diversified customer base provide a buffer against cyclical downturns.

For investors, the surge underscores the volatility and opportunity in specialty semiconductor plays tied to AI and next-generation displays. While today’s move may invite some profit-taking, the fundamental momentum — record backlog potential in automotive, expanding AI/AR exposure and improving margins — suggests further upside if execution continues.

As trading progresses Thursday, attention turns to the earnings conference call for additional color on customer traction, pricing dynamics and timelines for new product ramps. Himax’s transformation from a pure-play display driver supplier to a broader technology enabler in AI sensing and AR appears to be gaining credibility with the market.

The rally caps a strong period for HIMX, which has more than doubled year-to-date amid renewed semiconductor sector enthusiasm. Whether this marks the beginning of a sustained uptrend will depend on delivering against the ambitious growth targets outlined today, but for now, investors are rewarding Himax’s ability to beat expectations and point to a brighter 2026.

Federal prosecutors announced Wednesday that 30 people have been charged in a sweeping insider trading scheme in which attorneys allegedly leveraged their positions to obtain confidential information surrounding pending mergers and acquisitions in exchange for kickbacks. 

Authorities arrested 19 individuals on charges stemming from the alleged decade-long plot, the U.S. Attorney’s Office for the District of Massachusetts said in a press release. Two suspects are located in Russia and Israel, and are considered fugitives. 

Those taken into custody include California attorney Nicolo Nourafchan, whom federal prosecutors have identified as the alleged orchestrator of the scheme that earned tens of millions of dollars. He faces two additional counts of obstruction of justice. 

EX-SANTANDER BANKER IN RHODE ISLAND PLEADS GUILTY TO STEALING $125K FROM CLIENT WITH DEMENTIA

“Everyone charged today is accused of scoring significant profits from expected market moves and making out like bandits,” Ted Docks, special agent in charge of the Federal Bureau of Investigation’s Boston Division, said in a statement. “That’s not merely gaming the system – it’s a federal crime.” 

Federal prosecutors allege Nourafchan, among others, leveraged his role as a licensed corporate attorney at several large law firms to access internal computer networks in order to obtain confidential information regarding looming pending mergers. 

Nourafchan then allegedly supplied the unreleased information to others in exchange for kickbacks, authorities said. 

FIDELITY, VANGUARD REPORTEDLY PAUSE SPLC GRANTS AFTER FEDERAL FRAUD CHARGES 

Prosecutors also said Nourafchan and his partner, New York attorney Robert Yadgarov, allegedly propositioned other attorneys and industry insiders to obtain confidential information in exchange for hundreds of thousands of dollars in cash. 

From there, Nourafchan and Yadgarov would provide the information to a network of traders and other middlemen, including Gavryel Silverstein and Lorenzo Nourafchan, who would subsequently relay it to other individuals, according to federal authorities. 

The traders would then allegedly execute trades on Nourafchan and Yadgarov’s behalf – or their own behalf – in exchange for kickbacks, or pass along the information to other traders with the ultimate goal of profiting from the deals. 

CRYPTO FRAUD TOPS FBI’S ANNUAL CRIME REPORT AS AMERICANS LOSE BILLIONS TO SCAMS

In one instance, Nourafchan took a “leave of absence” from his role at a law firm and viewed confidential documents relating to the acquisition of iRobot – which was later abandoned, prosecutors allege. 

Federal prosecutors said traders – located both overseas and in states such as California, Florida, New York and New Jersey – allegedly conducted transactions based off the confidential information stemming from nearly 30 merger deals involving several public companies, including some of the largest deals over the last decade. 

They often spoke in code in an attempt to avoid detection by law enforcement, authorities added. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The 30 defendants face a slew of federal charges, including conspiracy to commit securities fraud and money laundering conspiracy, prosecutors said.

“Anyone who engages in insider trading fundamentally undermines the trust necessary for our financial markets to function,” Docks said, adding, “The FBI is committed to ensuring that those markets are a level playing field, not just profiting those with friends in the know.”