Business
Pershing Square Inc. (PS) Q2 2026 Earnings Call Transcript
Operator
Good day, and welcome to the Pershing Square 2026 Second Quarter Earnings Call. Today’s call is being recorded. [Operator Instructions] It is now my pleasure to turn the conference over to Jill Chapman, Head of Corporate Investor Relations for Pershing Square.
Jill Chapman
Thank you, Tara. Good morning, everyone, and welcome to Pershing’s Second Quarter 2026 Earnings Call. Joining me today are CEO and Chairman, Bill Ackman; and CIO, Ryan Israel. Yesterday evening, we issued our earnings presentation and letter to shareholders, which are available on our website at pershingsquareinc.com under the Investors section. We expect to file our 10-Q after market close today.
Before we begin, I would like to draw your attention to the legal disclaimers at the end of our earnings presentation. Today’s call may include forward-looking statements, which involve risks and uncertainties and are not guarantees of future performance.
Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors described under forward-looking statements in our earnings presentation and IPO prospectus filed on April 30 as updated by our most recently filed Form 10-Q. We do not undertake any obligation to update forward-looking statements. We may also reference non-GAAP financial
Business
U.K. steps up defense supply-chain checks after naval drones signal China

U.K. steps up defense supply-chain checks after naval drones signal China
Business
New Avengers Doomsday Trailer Drops at D23 Showing Robert Downey Jr as Doctor Doom
ANAHEIM, Calif. — Marvel Studios unveiled a new special-look trailer for Avengers: Doomsday on Friday during Disney’s D23 event, giving fans an expanded view of Robert Downey Jr. as the villain Doctor Doom and the multiversal conflict that drives the December release.
Kevin Feige, president of Marvel Studios, introduced the footage on stage alongside Downey, Chris Evans and Hayley Atwell. The presentation marked one of the major moments of the Disney Entertainment Showcase at the Honda Center.
In the trailer, Pedro Pascal’s Reed Richards confronts Downey’s Victor von Doom amid the ruins of a destroyed city. “Victor, did you do this?” Richards asks. Doom replies in voice-over, “All of you have lived stolen lives,” before adding, “But now you must give them back.”
Vanessa Kirby’s Sue Storm provides additional context on Doom’s transformation. The footage includes her describing a man who “used to be different,” “used to be kind” and “used to be caring,” until “everything he loved was taken from him.” She continues, “I knew he was lost, but I did not realize that he was broken.”
Doom displays significant power in the sequence, leaping from a window and landing with force. When Thor, played by Chris Hemsworth, attempts to intervene, Doom easily overpowers him. The trailer culminates with Doom raising an army of Sentinels from the ground and declaring, “Hell answers to me, for I am Doom.”
The special look also features brief appearances by a wide ensemble drawn from multiple corners of the Marvel Cinematic Universe and related properties. Among those shown are Paul Rudd’s Ant-Man with his daughter Cassie, Joseph Quinn’s Human Torch holding a young Franklin Richards, Patrick Stewart’s Professor X, Ian McKellen’s Magneto, Evans’ Steve Rogers holding an infant, Hemsworth’s Thor with Love, Tom Hiddleston’s Loki, Letitia Wright’s Shuri and James Marsden’s Cyclops.
Avengers: Doomsday, directed by Anthony and Joe Russo, is scheduled for theatrical release on Dec. 18, 2026. The film is positioned as a major team-up that brings together heroes from three distinct universes to confront an existential threat. It is expected to lead directly into Avengers: Secret Wars the following year.
Tickets for the film went on sale nationwide following the D23 presentation, expanding beyond premium large-format screens. A new theatrical poster featuring Doom was also released in connection with the event.
Downey’s casting as Doctor Doom was first publicly confirmed in earlier promotional materials and the initial full trailer released in July ahead of San Diego Comic-Con. That earlier trailer introduced his voice with a distinct accent and offered the first proper look at the character in costume. The D23 footage expands on both the character’s motivation and the scale of the conflict.
Evans, returning as Steve Rogers for the first time since Avengers: Endgame in 2019, joined Downey and Atwell on stage. Atwell reprises her role as Peggy Carter. The appearance of the three actors together underscored the film’s connections to earlier chapters of the franchise while pointing toward new alliances and threats.
The trailer arrives as Marvel continues to integrate characters from the Fox X-Men films into the main MCU timeline. Stewart, McKellen and other actors from those earlier movies appear in the new footage, signaling the broader multiversal scope of the story. Additional confirmed cast members include Anthony Mackie, Florence Pugh, Simu Liu, Sebastian Stan, Winston Duke and members of the Fantastic Four and Thunderbolts ensembles.
Feige has previously described the Multiverse Saga’s concluding films as among the most ambitious projects in the studio’s history. The Russos, who directed Avengers: Infinity War and Avengers: Endgame, returned to helm both Doomsday and the subsequent Secret Wars installment.
The new footage maintains a tone of high stakes and personal loss while showcasing large-scale action sequences and the assembling of disparate hero teams. It stops short of revealing major plot resolutions, consistent with Marvel’s approach of using convention trailers to build anticipation without spoiling key developments.
As of Saturday, the special-look trailer was circulating widely online following its D23 debut. Fan discussion focused on the implications of Doom’s personal tragedy, the presence of Sentinels, the interactions between characters from different universes and the continued presence of legacy heroes such as Rogers and Thor.
Avengers: Doomsday represents a significant commercial and creative pivot for the franchise after several years of expansion into new characters and storytelling formats. The December release date places it as a major year-end theatrical event, with the potential to set up the larger narrative resolution planned for 2027.
The D23 presentation also included other Marvel announcements, but the Doomsday trailer served as a centerpiece for the studios’ film slate. With production having advanced sufficiently for multiple trailers and on-stage talent appearances, the project appears on track for its scheduled opening.
Further marketing materials are expected in the coming months as the December premiere approaches. For now, the latest footage reinforces the film’s central conflict: a powerful and motivated Doctor Doom facing an unprecedented coalition of heroes drawn from across the multiverse.
Business
Royal Biographer Claims Meghan Markle Sees King Charles Reunion As Path To Money
A royal biographer has suggested that Meghan Markle’s motivations behind a recent private family reunion with King Charles III extend beyond simple reconciliation, arguing the meeting could serve as a pathway to greater financial opportunity and public influence for the Duchess of Sussex, though the claim remains a single commentator’s interpretation rather than a confirmed account of Meghan’s thinking.
The comments follow a previously reported private meeting between Charles, Queen Camilla, and Prince Harry and Meghan at Highgrove House last month, which also included the couple’s two children, Prince Archie and Princess Lilibet. According to sources who spoke with Vanity Fair, the roughly hour-long gathering was arranged on short notice and kept tightly under wraps, with one source describing the meeting as “completely cloak-and-dagger, orchestrated by the King.” Another source told the magazine that Charles had specifically wanted to see Harry and the children, and that the meeting’s timing had been unusually last-minute for the monarch, with all involved sworn to secrecy to preserve its privacy.
Royal biographer Angela Levin, writing on X, argued that the reunion should not be interpreted purely as an emotional family moment. “It’s not a dream reunion. It is a pathway to gather money, power,” Levin wrote, framing the meeting as something Meghan in particular could stand to benefit from strategically rather than only personally.
Levin has a long history of public commentary on Harry and Meghan, dating back to a 2018 biography she wrote about Harry based on conversations she had with him before his marriage. She has periodically offered critical assessments of the couple’s choices in the years since, including previous commentary describing what she characterized as increasingly self-centered behavior following their departure from royal duties in 2020. Her latest remarks continue that pattern of skeptical commentary toward the couple, though, as with much of the reporting surrounding the family, her characterization of Meghan’s specific motivations has not been independently confirmed by Meghan, Harry or their representatives.
Levin’s comments followed separate reporting that Harry has privately expressed hope of one day appearing publicly alongside his father at the 2027 Invictus Games in Birmingham, the international sporting competition for wounded and ill service members that Harry founded in 2014. An unnamed source familiar with that speculation told RadarOnline that a joint public appearance between Harry and the King would carry considerable symbolic weight. “It would be an enormously powerful image,” the source said, adding that such a moment would likely shift public attention back toward Harry and Meghan after years in which their strained relationship with the royal family has dominated headlines.
The Highgrove meeting marked the first time Archie and Lilibet had seen their grandfather since celebrations surrounding Queen Elizabeth II’s Platinum Jubilee in 2022, months before the late queen’s death that September. Harry had separately traveled to Britain the same month to attend an event marking one year until the Birmingham Games, though Meghan did not accompany him on that specific trip, reportedly due to security considerations. During that visit, Harry took part in a goat yoga session in Warwickshire, a lighter public moment that contrasted with the far more secretive Highgrove gathering that followed.
No official account of what was discussed during the Highgrove meeting has been released by Buckingham Palace, Kensington Palace, or representatives for the Sussexes. The secrecy surrounding the gathering stood in sharp contrast to the often highly publicized nature of Harry and Meghan’s relationship with the royal family since 2020, a dynamic shaped significantly by the couple’s Oprah Winfrey interview, their Netflix documentary series, and Harry’s 2023 memoir, “Spare,” all of which aired detailed grievances involving Charles and Prince William and exposed private family tensions to a global audience.
Harry is expected to return to Britain again in September for the annual WellChild Awards ceremony, an event he has attended regularly in his role as patron of the children’s charity, offering another potential public appearance to watch for signs of continued engagement between Harry and his father following the Highgrove reunion.
With the 2027 Invictus Games still more than a year away, and no confirmation from either side that Charles intends to attend, whether the King and Harry will ultimately appear together publicly at the event, or whether Levin’s characterization of Meghan’s motivations reflects anything more than speculation, remains to be seen. For now, claims describing the reunion as strategically motivated should be understood as one commentator’s interpretation, offered without direct confirmation from anyone involved in the meeting itself.
Business
Mutual funds deployed over Rs 9,700 crore across 11 IPOs in July. Check key details
Mutual funds invested nearly Rs 9,789 crore across 11 IPOs in July, with INDO-MIM attracting the highest allocation at Rs 3,622 crore, followed by SBI Funds Management and Manipal Health Enterprises, highlighting strong institutional appetite.
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Crusading India state food safety chief targets Eternal, Swiggy, Zepto in sweeping crackdown

Crusading India state food safety chief targets Eternal, Swiggy, Zepto in sweeping crackdown
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Adani Enterprises, HDFC Bank among 10 stocks with highest increase in mutual fund holdings in value terms
Mutual funds increased holdings in 10 leading Indian companies during the June quarter, with ICICI Bank and HDFC Bank seeing the largest value additions. All 10 stocks gained, led by Adani Enterprises, InterGlobe Aviation and Bajaj Finance during the quarter.
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KFin Technologies among top 5 smallcap stocks that saw highest mutual fund buying in July
Mutual funds stepped up buying in five small-cap stocks during July, led by IDBI Bank, Pine Labs and Force Motors. Godawari Power and KFin Technologies also attracted fresh buying, according to Motilal Oswal Financial Services data.
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The Global Layers Of The AI Investment Cycle
The Principal Financial Group (The Principal®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $519.3 billion in assets under management1 and serves some 19.7 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Princor Financial Services Corp., 800/247-1737, Member SIPC and/or independent broker/dealers. Principal National, Principal Life, Principal Funds Distributor, Inc. and Princor® are members of the Principal Financial Group®, Des Moines, IA 50392.
Investing involves market risk, including possible loss of principal.
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(VIDEO) Lamborghini Unveils Revuelto SV, Its Most Powerful Production Car Ever, Priced At $741,172
Lamborghini unveiled its most powerful production car ever Friday, revealing the Revuelto SV, a limited-edition hybrid version of its flagship V12 supercar, during Monterey Car Week festivities in California.
The Italian automaker will build only 1,963 units of the Revuelto SV, a production cap chosen to reference 1963, the year Lamborghini was founded. The car starts at $741,172, according to CNBC, which was among the outlets present for the reveal.
The Revuelto SV combines Lamborghini’s naturally aspirated 6.5-liter V12 engine with three electric motors, producing a combined output of more than 1,050 horsepower. That power translates into a zero-to-100-kilometers-per-hour, or roughly zero-to-62-miles-per-hour, sprint time of just 2.4 seconds, according to the company. The V12 itself remains largely unchanged from the standard Revuelto, still revving to 9,500 rpm, while the car’s more energy-dense 7.3-kilowatt-hour battery feeds additional power to the electric motors compared with the non-SV model.
The Revuelto SV marks the latest entry in Lamborghini’s storied “SV” line, short for “Super Veloce,” or “super fast” in Italian, a designation the company has historically reserved for the lightest, most aerodynamically refined and most powerful versions of its flagship supercars. The lineage traces back 55 years to the Miura SV, widely regarded as one of the first true supercars, and has continued through subsequent generations including the Diablo, Murciélago and Aventador.
Alessandro Farmeschi, Lamborghini’s Revuelto product line director, said the SV designation was designed to heighten the driving experience for customers seeking a more intense connection with the car. “The Revuelto SV gives our customers the opportunity to go beyond in terms of performance,” Farmeschi told CNBC, describing the car as more race-oriented while still delivering the excitement associated with driving a Lamborghini.
Beyond the added power, the Revuelto SV features significantly revised aerodynamics, including sharper body angles, larger fins, an updated fixed rear wing and reworked air intakes designed to improve airflow and increase downforce. GT Spirit reported the changes deliver roughly 80% more downforce compared with the standard Revuelto. The car also receives a specially tuned suspension, a new carbon-ceramic braking system, and an added “Pilota Mode” driving setting that unlocks a more customized setup tailored for track use.
Inside, the cabin has been reworked to feel closer to a racecar or fighter jet cockpit, according to CNBC’s reporting on the reveal. Standard seating consists of sport seats built around a carbon shell structure, while buyers can opt instead for monocoque carbon fiber racing seats borrowed from Lamborghini’s ultra-limited Fenomeno model, a choice the company says trades some comfort for a more authentic motorsport feel.
The reveal followed weeks of leaks and speculation about the car’s specifications. Design details for the Revuelto SV became public earlier than Lamborghini intended after a filing with the European Union Intellectual Property Office was published August 11, three days before the official unveiling, according to Yahoo Autos. That filing revealed the car’s reworked front fascia, centerlock wheels and fixed rear wing ahead of the company’s planned reveal at The Quail during Monterey Car Week.
Lamborghini’s decision to attach the SV badge to a hybrid platform for the first time carries symbolic weight for the brand. Historically, the designation has been reserved for a generation’s final, most extreme expression of a given supercar, and its application to the Revuelto, which introduced Lamborghini’s first hybrid V12 supercar in 2023, signals the company’s effort to prove that the SV name retains its meaning even as its lineup transitions toward electrification.
As is typical for Lamborghini’s most exclusive limited editions, strong demand is expected well ahead of any cars reaching customers. Farmeschi noted that the brand’s collectible appeal extends beyond the initial purchase, pointing to the strong value retention that has historically characterized Lamborghini’s most sought-after models in the collector car market. He said that when customers choose to buy a Lamborghini, it typically reflects both a desire to experience driving the car and confidence that the vehicle will hold its value over time.
The Revuelto SV’s Monterey Car Week debut also coincided with the U.S. debut of Lamborghini’s Urus Performante SUV and the global unveiling of the Revuelto Miura 60° Homage, a separate, 99-unit tribute model marking 55 years since the original Miura SV, underscoring the significance Lamborghini has placed on this year’s Monterey lineup.
With production limited to fewer than 2,000 units and pricing well north of $700,000, the Revuelto SV is expected to sell out quickly among Lamborghini’s existing collector base, continuing a pattern in which the automaker’s most extreme limited-edition models are frequently allocated to buyers before their public unveiling.
Business
Nifty at risk below 24,000; MCX, Havells among stocks to watch next week: Rupak De
For the week ahead, De expects the 24,000 level to remain critical for the Nifty, while 24,700 could emerge as the next upside target if the market stages a recovery. He remains positive on the auto and PSU bank sectors, while FMCG and energy could stay under pressure. Among individual stocks, MCX continues to look technically strong after its recent rally, while Havells, ELGI Equipments and Himadri Speciality Chemical feature among his top trading ideas for the coming week.
Edited excerpts from a chat:
Nifty fell about 1% in the week as it tested the 24,300–24,400 support cluster. On the weekly chart, is this still a routine higher-bottom formation, or are we seeing the first credible signs of trend deterioration?
Since the Nifty made a high of around 24,800 on the first day of the CAS closing, the index has been slowly coming down with falling highs. Recently, the Nifty has fallen below 24,300 but found support above the 50EMA. Therefore, the short-term trend remains positive, but the index losing value almost every day over the last several sessions suggests that bullishness is waning, and the index is at risk of entering a short-term bearish phase if it falls below 24,000. Until then, a short- to medium-term uptrend is likely to continue, with the index remaining within a rising channel. Therefore, a buy-on-dips strategy might still remain the flavour of the season unless 24,000 is decisively broken. On recovery, the index might rise back to 24,700 and higher.
Bank Nifty remains trapped broadly between 57,100 and 58,000, with its major moving averages flattening. Is this consolidation constructive, or does the absence of banking leadership materially increase the probability of a breakdown?
Lately the Bank Nifty has been remaining within a defined range. On the lower end, 50EMA has been acting as support while on the higher end, 58000 has remained a cap for the week. The RSI remains in bearish crossover. In the short term the sentiment might continue to remain lacklustre with the index remaining capped within a band of 57000-58000.
Based on weekly relative strength charts, which two sectors are positioned to lead next week, and which two should traders avoid?
The Nifty Auto and PSU Bank indices are looking strong on the charts. Though the trend has turned a bit rough for most of the indices, these two sectors are looking good for the short term among the better-performing spaces. On the higher end, the FMCG and Nifty Energy sectors are likely to remain under pressure in the coming days.
MCX shares jumped over 10% amid positive news flow. Do you think the upmove is sustainable?
After weeks of weak performance, the stock has witnessed a smart recovery over the last week, gaining more than 11%. A consolidation breakout has been seen on the weekly chart, with the price moving above the 20-week EMA, suggesting a rise in optimism. The stock looks positive in the short term, with the potential to rise towards 3,200/3,300. On the lower end, support is placed at 2,750.
TCS shares fell around 4% in the week amid N Chandra’s resignation as Tata Sons Chairman. Do you think this could be a buy opportunity at this stage?
The stock witnessed selling during the week as it formed a bearish engulfing pattern, suggesting waning bullishness and a pause in the recent uptrend. Going forward, a fall below 2,350 might trigger a correction in the stock price. On the other hand, if it does not fall below 2,350, a smart recovery might follow.
Give us your top ideas of the week ahead.
Buy ELGI Equipments at Rs 609.50; SL 590; TGT 640
The stock has given a falling trendline breakout on the daily chart, accompanied by volume that was higher than the previous three days. The price has been sustaining above critical moving averages, confirming a positive trend. The RSI is in a bullish crossover and rising, indicating improving momentum. The sentiment is likely to remain positive in the short term, with the stock having the potential to rise towards 640. On the lower end, support is placed at 590, below which the stock might enter a consolidation phase.
Buy Havells at Rs 1298; SL 1268; TGT 1350
The stock has given a flag pattern breakout on the daily chart. The price has been sustaining above critical moving averages, confirming a positive trend. The RSI is in a bullish crossover and rising, indicating improving momentum. The sentiment is likely to remain positive in the short term, with the stock having the potential to rise towards 1350. On the lower end, support is placed at 1268, below which the stock might lose its momentum.
Buy Himadri Speciality Chemical (HSCL) at Rs 781; SL 760; TGT 815
The stock has given a consolidation breakout on the daily chart. The price has been sustaining above critical moving averages, confirming a positive trend. The RSI is in a bullish crossover and rising, indicating improving momentum. The sentiment is likely to remain positive in the short term, with the stock having the potential to rise towards 815. On the lower end, support is placed at 760, below which the stock might enter a consolidation phase.
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