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Broadcom, Ciena among market cap stock movers on Thursday

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U.S. charitable giving tops $600B thanks to megadonors and bequests

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U.S. charitable giving tops $600B thanks to megadonors and bequests

Violetastoimenova | E+ | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Donors gave an estimated $617.2 billion to U.S. charities last year, up 5.7% from the year prior on a blistering stock market rally, according to a Giving USA report released this week. 

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The findings mark the first time yearly giving has topped $600 billion in the 60-year history of the annual philanthropy report, which is published by the Giving USA Foundation. Adjusted for inflation, giving was up 3% year over year. 

The effect of the stock market boom, however, was more pronounced with deep-pocketed donors. Individual donors still made up the highest share of contributions at $394.2 billion, but that sum grew just 1.4% in inflation-adjusted dollars, while charitable bequests – gifts made after death – surged by 16.6% to an estimated $62.19 billion. 

The rise in bequests could be the latest signal of the Great Wealth Transfer. Cerulli Associates estimates more than $124 trillion in assets will pass down by 2048, with about $18 trillion allocated to charity. 

Jon Bergdoll, the report’s lead analyst, said it’s too early to tell how much of the increase in bequeathed gifts is due to the massive handover of wealth.

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What’s clearer, according to Bergdoll, is that wealthy Americans who are most likely to leave large sums to charity are the biggest beneficiaries of the stock market boom.

“There’s always a pretty tight connection between bequest and overall net worth, which in turn, is pretty connected to the market,” said Bergdoll, interim director of data and research partnerships at the Lilly Family School of Philanthropy at Indiana University, which researches and writes the report. 

Charitable giving hits record high: Here's what to know

The stock market’s impact on overall giving, which includes gifts by foundations and corporations, is slower and more muted. That said, Bergdoll said he expected a bigger uptick in giving considering the past few years of strong market growth. Between 2024 and 2025, the S&P 500 jumped 13.4% in inflation-adjusted dollars, roughly four times the rate of growth in total giving, per the report. 

He attributed much of the gap between paper wealth and total giving to tepid growth in gross domestic product and record-low consumer sentiment. 

“This is a somewhat strange economy for that stock market growth,” he said. “While the market’s doing well, and GDP is doing OK, it does seem like there is a lot of unease. We know that giving comes from a place of financial security for people, and so that could be dragging things down a little bit on the individual end.”

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Bergdoll added that it would be detrimental for the nonprofit sector if charitable giving followed stock fluctuations too closely.  

“We wouldn’t want it to be a one-for-one relationship,” he said. “As much as we might want giving to go up 20% when the market goes up 20%, we really don’t want giving to go down by 20% when the market goes down by 20%.”

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Many top earners were expected to pull forward donations in 2025 to take advantage of tax benefits set to decline due to the One Big Beautiful Bill Act. Bergdoll said the uptick was significant but small relative to overall contributions. The report estimated donors gave an additional $1.71 billion in 2025 to take fuller advantage of expiring tax incentives.

While U.S. charities are receiving more dollars, they have become increasingly reliant on the ultra-wealthy as economic pressures squeeze middle-class donors. The report estimated that nine donors accounted for a whopping $22.32 billion of last year’s total philanthropy. MacKenzie Scott, philanthropist and ex-wife of Amazon founder Jeff Bezos, contributed the largest share at $6.65 billion.

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These donors’ megagifts, or contributions of at least 0.1% of total giving, can reshape philanthropy year to year. Nearly a third of the increase in bequest giving came from the estate of late Microsoft cofounder Paul Allen, which established a $3.1 billion fund for science and technology research.

Gabe Cooper, vice chair of the Giving USA Foundation, told CNBC he had mixed feelings about megagifts.

“Do I love when the Paul Allens and MacKenzie Scotts of the world commit to giving away a lot of their wealth? Yes, 100%, and I wish more billionaires would do the same,” said Cooper, who is also the CEO of fundraising platform Virtuous. “On the flip side of that, I actually don’t want that number to grow too big. I don’t want a growing dependence on the megawealthy, whose giving patterns might be more volatile year to year.”

While the rise in bequests is a boon for philanthropy, Cooper has his eye on the bigger prize: heirs.

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“If a billionaire passes away, and they give $200 million to charity, the other $800 million is probably going to their kiddos, and so I want those kiddos to make really good decisions in terms of philanthropy,” he said.

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Oral GLP-1s rapidly expanding user base

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Oral GLP-1s rapidly expanding user base

Consultancy sees the active GLP-1 user population rising by as much as 50% by 2027. 

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Queer club launches action against Perth Bears

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Queer club launches action against Perth Bears

Queer club Bears Perth has lodged a formal objection to Perth’s new National Rugby League club registering the name Perth Bears in a case that could force a rethink for the rugby league startup.

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Ryanair says it will reluctantly let parents sit with children for free

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Passengers incluidng children boarding a Ryanair aircraft using the steps at the front of the plane on a sunny day with blue skies

Under the old policy, Ryanair said adults travelling with children paid one reserved seat fee, and could select seats beside them for up to four children for free.

This typically led to a fee of £8 each way, the CMA said when it launched its investigation earlier this month.

It said at the time it was looking at whether the airline’s “approach to seat reservations may mean parents are being charged for the airline to meet its child safety and disability‑related obligations as set out under aviation rules – and will investigate to determine whether or not this practice is in line with consumer law”.

Other airlines offered to seat children next to a parent or guardian without a fee, or allocate seats together automatically during booking for free, it added.

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Ryanair said its policy had given families certainty of where they would be sitting at the time of booking, which they had valued.

It said the “free parent seats” will now be available at the back of the aircraft, as front rows tend to be reserved.

The “minor policy tweak” came into effect on Thursday, it said. It does not expect the change to have an effect on Ryanair’s revenue.

O’Leary hit out at the CMA for targeting its family seating policy, which he said had been “universally embraced by consumers as the most progressive and transparent in Europe”.

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“Instead of promoting competitiveness and lower fares for consumers, the CMA is on a mission to force Ryanair to adopt the less transparent and less consumer-friendly family seating policy applied by most other airlines – just because it’s the industry standard,” he said.

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Darden Restaurants (DRI) Q4 2026 earnings

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Darden Restaurants (DRI) Q4 2026 earnings

An Olive Garden restaurant in Milpitas, California, US, on Tuesday, Dec. 16, 2025.

David Paul Morris | Bloomberg | Getty Images

Darden Restaurants on Thursday reported mixed quarterly results as same-store sales growth at the company’s fine-dining restaurants and Olive Garden fell short of expectations.

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The company’s forecast for its fiscal 2027 earnings and revenue also came on the lower end of Wall Street’s projections.

Shares of the company slid more than 3% in premarket trading.

Here’s what the company reported for its fiscal fourth quarter ended May 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $3.66 adjusted vs. $3.63 expected
  • Revenue: $3.72 billion vs. $3.73 billion expected

Darden reported net income of $404.9 million, or $3.51 per share, up from $303.8 million, or $2.58 per share, a year earlier.

Excluding costs of restaurant closures and other items, the company earned $3.66 per share.

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Net sales climbed 13.7% to $3.72 billion, boosted by the inclusion of an extra week during the fiscal year.

Across all of Darden’s restaurants, same-store sales rose 4.6%, topping expectations of 4.1% growth based on StreetAccount estimates.

LongHorn Steakhouse led the portfolio with same-store sales growth of 9.5%, beating StreetAccount projections of 7.1%. The chain has overtaken Olive Garden to become Darden’s top performer, although it still accounts for less of the company’s overall sales.

For its part, Olive Garden saw same-store sales grow 2.4% in the quarter, missing expectations of 3.2% growth.

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Darden’s fine-dining segment reported same-store sales growth of 1.9%, falling short of StreetAccount estimates of 3.1%. The division includes The Capital Grille and Ruth’s Chris.

The company’s “other business” segment saw same-store sales rise 4.6%, higher than the 3% projected by analysts. The division includes a handful of smaller restaurant chains, like Yard House and Chuy’s.

Looking ahead to the next fiscal year, Darden is projecting total sales of $13.60 billion to $13.75 billion and net earnings per share from continuing operations in a range of $11.10 to $11.35. Wall Street is expecting the company to report fiscal 2027 revenue of $13.72 billion and earnings per share of $11.40.

Darden is also forecasting that it will report same-store sales growth of 2.5% to 3.5% during fiscal 2027 and open between 75 and 80 new locations.

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Somerset council offices to be turned into more than 100 flats for NHS staff

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The apartments near Musgrove Park Hospital will provide affordable accommodation in Taunton

C Block of County Hall, seen from the A38 Upper High Street in Taunton. CREDIT: Daniel Mumby. Free to use for all BBC wire partners.

C Block of County Hall(Image: Local Democracy Reporting Service / Daniel Mumby)

An office block in the centre of Taunton is set to be transformed into new flats for NHS staff following approval by local councillors. Somerset Council offloaded C Block of County Hall (situated at the southern end of The Crescent) in March 2025, with the proceeds earmarked to fund front-line services.

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Prime PLC, a specialist developer of health and care property, submitted revised proposals in November 2025 to convert the 4,600 sq m building into 111 flats, targeted at new recruits joining Musgrove Park Hospital and neighbouring NHS services.

The council’s planning committee west (which oversees major applications within the former Somerset West and Taunton area) has now granted approval to the conversion scheme – though concerns were raised about parking provision and how “cramped” the accommodation will be.

The flats will span eight floors, made up of 99 one-bedroom studio apartments, six two-person apartments and six three-person flats.

Each studio apartment will offer just under 25 sq m of floor space and will feature a bathroom and kitchen/dining area.

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Shared laundry facilities will be made available to residents, while a new lift shaft will be installed to bring the 1960s structure up to the requisite fire safety standards.

Just 10 parking spaces will be available on site within an underground car park, with most staff expected to walk, cycle or carpool to Musgrove Park Hospital, which sits roughly half a mile away — approximately a 15-minute walk.

Richard Baum, head of strategic planning at Somerset NHS Foundation Trust, set out the case for the development when the planning committee west convened in Taunton on Tuesday afternoon (June 23).

He said: “There is an urgent and growing need for high-quality and affordable accommodation for NHS staff.

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“We continue to face sustained workforce pressures; we are actively trying to recruit new staff all the time at Musgrove, whether that’s newly qualified staff, experienced staff or trainees.

“One of the issues we currently face is that there isn’t enough access to suitable housing. We regularly see people accept roles and then struggle to find accommodation that they can afford, and others decline roles altogether because there isn’t sufficient housing in the local area that they can afford.

“When we recruit staff early in their years, they move around geographically a lot. They require accommodation that’s flexible and affordable, and the traditional private rental market doesn’t provide that.

“This development addresses a clear gap that we have and enables staff to live locally in a way that is affordable to them, so that they can remain in their roles, train up in the NHS and keep delivering patient care locally here in Somerset.

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“This will allow people to come into our organisation, settle quickly and reduce the pressure they have with commuting. This is an ideal and highly sustainable location.”

The new flats are expected to experience a considerable turnover of residents, with entry-level NHS employees residing there while they train at the hospital before purchasing or renting larger homes locally as they progress through the various salary bands.

Councillor Andy Hadley (Conservative, Minehead) hailed the proposals as “a great idea” but raised concerns about whether the scheme could trigger parking problems in the surrounding streets.

He said: “Yes, people won’t used their cars to go to work, but most people do own a car. What is being done to stop the local area being snarled up with 111 cars all day long?”.

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Councillor Nick O’Donnell (Liberal Democrat, Rowbarton and Staplegrove) echoed Mr Hadley’s parking concerns, and expressed doubts over whether the flats would offer sufficient space to ensure tenants enjoyed an adequate quality of life.

He said: “When I was looking at the plans, I was quite concerned about the living space – 24 to 27 sq m, which is 12 sq m below what is marketable.

“If you’re a student living at university, it’s probably more than enough room, but then in halls of residence you’ve got a separate kitchen space. I just think it’s going to be a bit cramped.

“These flats aren’t that much bigger than the average sized hotel room.”

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Councillor Caroline Ellis (Lib Dem, Bishop’s Hull and Taunton West) welcomed the proposals, contending that they would smarten up the look of the building while relieving pressure to develop greenfield land on the town’s outskirts.

She said: “It’s good to be using a brownfield site of this kind. We’ve got to be mindful that every single dwelling on a brownfield site, at an accessible location for the town centre, is one less that has to go on precious green space.

“This is serving a burning social and community need, because if Musgrove cannot attract a decent workforce, then we are going to miss out majorly [sic].

“This is very much starter, ‘meanwhile’ housing, to make sure that we remove barriers to the labour market, so people can just get their feet under the table and get started. I can’t see why we would be objecting to this.

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“C Block is a minger building – you wouldn’t build that nowadays, would you? – and this might make it slightly less minging.”

Councillor Norman Cavill (Conservative, Monkton and North Curry) was in agreement, remarking: “Quite frankly, a change in the appearance of this building is highly desirable.

“The accommodation is much needed for the hospital, the college and the nurses training at the latter. I don’t think there will be a lack of customers for a long time.”

The proposal was granted unanimous approval by the committee following a debate lasting just over an hour, paving the way for construction work to commence before Christmas.

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Halfords shares surge as motoring services drive return to profit

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Revenue grew five per cent to £1.8bn

A Halfords store

A Halfords store(Image: Yui Mok/PA Wire)

Halfords shares have surged after it exceeded analyst forecasts to deliver a £44m profit, signalling that the motoring and cycling retailer’s transformation is starting to gather momentum.

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The company recorded a £43.6m pre-tax profit in the year to April, bouncing back into profitability following last year’s £30m loss, as turnover climbed five per cent to £1.8bn. Its shares leapt 14 per cent on Thursday morning to 205p.

City analysts had predicted the firm would post £40.3m in profit before tax, while the company’s own guidance pointed towards the “upper end” of a £41.2m ceiling.

The FTSE 250 business has been pursuing expansion in its motoring division in recent months under new chief executive Henry Birch, as the segment begins to eclipse its retail revenues.

Birch’s approach has focused on a swift expansion of the firm’s garage network as the Redditch- based company looks to its motoring services division to fuel its growth, as reported by City AM.

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Turnover in Halfords’ autocentre operations rose by six per cent on a like-for-like basis to £740m. The business said its repairs services are accelerating, with the firm having previously identified the UK’s ageing vehicle fleet as a growth opportunity.

The robustness of this repairs activity more than offset “ongoing weakness” in the tyres market, it said.

Duncan Ferris, an analyst at Freetrade, said the firm is “finding growth in keeping Britons’ ageing cars on the road,” 43 per cent of which are 10 or more years old. Halfords has reported that it has bucked a “subdued consumer environment” to post a four per cent like-for-like rise in revenue, reaching £1bn, at its retail division.

Bicycle sales are spearheading this growth, climbing 6.4 per cent, indicating that this segment of the business is finding its footing once more following the boom and bust triggered by the surge in cycling demand during the pandemic.

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The retailer’s bike sales soared during the pandemic, propelling its share price to significant heights, yet Halfords has since struggled to replicate those figures in subsequent years.

“There are still reasons to be cautious, though. In Halfords’ retail business, profits remain under pressure as inflation and reinvestment offset the impact of positive sales momentum,” Ferris said.

The company’s share price peaked at 430p in June 2021 but has since shed nearly 60 per cent of its value in five years before Thursday’s update.

Last April, the retailer announced the abrupt exit of Graham Stapleton, who had steered the business for seven years. Birch, the former chief executive of Very and William Hill, was named as his replacement on the same day.

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The incoming Halfords chief said: “These are early days in our growth strategy and there is much still to do as we seek to leverage Halfords’ clear strengths: leading market positions, an unmatched physical and digital presence in motoring and cycling, a trusted brand, and a unique services proposition.”

The firm revealed on Thursday that former EY partner Jock Lennox will join its board as chair, taking over from Keith Williams, whose exit was confirmed in November.

Halfords was established as a wholesale ironmongery in 1892 before growing its cycling and motoring retail operations. It has been listed on the London Stock Exchange since 2004.

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Moonpig says more people using AI to write greeting cards and create pictures

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The online cards and gifts business said overall revenues rose 8.6% to £284.5m

The Moonpig website on a mobile phone

The Moonpig website on a mobile phone(Image: PA Archive/PA Images)

Growing numbers of gift-givers are turning to AI to compose their cards or create bespoke content including stickers and images, Moonpig has disclosed.

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The online cards and gifts retailer said it had made substantial investments in artificial intelligence (AI) which can “lower barriers to content creation”.

It revealed that creative features were incorporated into 31 million greeting cards in the year ending April, representing a twofold increase on the previous year.

This includes customisation options such as video and audio cards, alongside AI capabilities including handwriting, stickers and face swap, which blends a person’s face from a photograph into a greeting card design.

Customers can also opt to utilise the AI writing assistant by entering prompts while creating a card, with AI then producing the accompanying text.

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“As advances in AI continue to lower barriers to content creation, we believe the ability to reliably manufacture, personalise and deliver products at scale becomes increasingly important,” chief executive Catherine Faiers said.

Moonpig’s total revenues climbed by 8.6% year-on-year to £284.5 million.

The firm said that this partially reflected consumers enhancing orders with premium-priced gifts and larger-format cards while opting for next-day tracked delivery.

Almost 18% of orders featured a gift, which can be selected after a card is chosen, driving a 5.7% rise in the average order value. Moonpig offers gifts from retail partners including Next, Jojo Maman Bebe and Boots, alongside experiences from brands such as Pizza Express, Virgin Wines and The Traitors Live Experience.

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Mark Crouch, market analyst for eToro, said: “For Moonpig, loyalty is a significant asset.

“With more than 12 million active customers, the company benefits from a steady stream of birthdays, anniversaries and milestones that arrive regardless of the economic backdrop.

“Customers are not only returning but spending more, trading up to premium gifts, larger-card formats and faster delivery options.”

Moonpig shares were up by more than a tenth on Thursday morning. The London group also has a logistics hub in Tamworth and an office in Manchester.

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13 BSE 500 stocks surged up to 200% in just 3 months; 3 turned multibaggers – Midcap Momentum

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13 BSE 500 stocks surged up to 200% in just 3 months; 3 turned multibaggers - Midcap Momentum

Over the past three months, Indian equities have been highly volatile, but the turbulence has been accompanied by a strong upward drift. The benchmark BSE Sensex gained about 4%, while the broader market quietly outperformed by a much wider margin.

The real action unfolded across the wider universe, where the BSE 500 surged nearly 10%, driven by persistent buying interest across large and midcap stocks. Momentum steadily built beneath the surface, even as the headline indices posted more modest gains.

In this rally, market breadth told the real story: around 32 stocks gained more than 50% in just three months. Among them, 13 standout performers delivered returns ranging from 70% to 200%, including three multibaggers that more than doubled investor wealth in a remarkably short span. What appeared to be a routine market phase on the surface turned into a significant wealth-creation opportunity for investors positioned in the right segments of the market.

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Alphabet: Still A Top-Tier AI Compounder

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Alphabet: Still Not Too Late To Jump On The 16%+ Growth Train (NASDAQ:GOOG)

Alphabet: Still A Top-Tier AI Compounder

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