Activist Fivespan Partners takes 6% stake in Appian

Investing.com -- Carvana (NYSE:CVNA) stock declined 9% Wednesday after short seller Gotham City Research published a critical report alleging accounting irregularities and undisclosed related-party transactions.

The report, titled "Carvana: Bridgecrest and the Undisclosed Transactions and Debts," claims that Carvana’s 2023-2024 earnings are overstated by more than $1 billion and that the company is far more dependent on related parties than disclosed. Gotham City Research specifically highlighted the relationship between Carvana and DriveTime, a company also controlled by Ernie Garcia II, the father of Carvana’s CEO.

According to the short seller, DriveTime burned over $1 billion in cash flow from operating activities in 2023-2024 while taking on significant debt. The report alleges that DriveTime’s leverage sits at 20-40 times earnings, far higher than historical levels, which were capped at 10.3 times before 2023.

The report further claims that Carvana sells loans to "third parties" at inflated rates while booking gains on sales, and that Bridgecrest, a company fully owned by Garcia II, charges these third parties very low servicing fees in exchange. Gotham City Research also pointed to what it calls accounting irregularities in sales commissions and servicing reported figures.

The short seller predicts that Carvana’s 2025 10-K will be delayed, its 2023/2024 10-Ks will be restated, and that Grant Thornton, which serves as auditor for Carvana, DriveTime/Bridgecrest, and GoFi, will resign.

Carvana has not yet responded to the allegations in the report.

Investing.com -- The multi-industry sector presents compelling investment opportunities as companies navigate varying market conditions. Wolfe Research has identified several standout performers poised for growth in the coming quarters. Here’s a breakdown of the top contenders in this diverse sector.

See how Wall Street analysts are valuing these stocks with InvestingPro’s full ratings, price targets, and earnings models -

Johnson Controls leads the pack with potential to exceed its first-quarter fiscal 2026 target of approximately 3% core growth. While a 300 basis point quarter-over-quarter decline in EBITDA margin aligns with normal seasonality, there’s upside potential if management delivers on productivity and process improvements. The company projects 55% incremental margin guidance, which includes benefits from lower amortization. Orders are expected to increase in the low to mid-single digit range despite tough comparisons, with backlog continuing to show high single-digit to low double-digit growth. JCI’s fiscal 2026 guidance of approximately $4.55 appears to be a conservative estimate rather than a ceiling.

Johnson Controls reported better-than-expected fourth-quarter earnings and revenue, supported by 6% organic order growth. Additionally, Melius Research upgraded its rating on the company from Hold to Buy.

nVent Electric is positioned for a strong revenue and earnings beat this quarter, primarily driven by Systems Protection organic sales growth of approximately 30%. Key performance indicators to watch include orders (up 30-40%) and margins (increasing 1 percentage point quarter-over-quarter to approximately 21% core operating margin). For fiscal 2026, management is likely to start with relatively conservative sales guidance showing high single-digit to low double-digit core sales growth with margin leverage of 25-30%. This would align with Street estimates of approximately $4.07, representing over 20% growth. Continued strength in liquid cooling and data center/utility infrastructure could drive further upside.

In recent developments, nVent Electric reported strong third-quarter results that topped expectations, with 16% organic sales growth and a 65% surge in total orders. The company also unveiled a new line of modular liquid cooling solutions for AI data centers.

Dover Corporation has demonstrated strong margin performance despite challenging growth conditions. This quarter marks an important inflection point with core growth potentially accelerating to the 3-4% range as Retail Refrigeration markets return to growth and other cyclical businesses face easier comparisons. This momentum is expected to continue into 2026. The company shows potential for 4-6% core growth, incremental margins in the 35-40% range, and additional support from share buybacks.

Dover Corporation received an upgraded rating from UBS, which raised its view from Neutral to Buy, citing expectations for accelerating organic growth in 2026. The company also launched several new products, including an industrial CO2 refrigeration rack system and a retail media network for fuel dispensers.

Pentair appears undervalued despite showing improving organic sales growth across its portfolio. The Pool segment likely delivers mid-single-digit growth in 2026, supported by announced price increases. Overall, 2-3% core sales growth combined with $70 million in productivity initiatives provides a clear path toward meeting Street expectations of approximately 10% earnings per share growth.

Pentair announced an 8% dividend increase, marking its 50th consecutive year of raising its dividend. Analyst ratings on the company have been mixed, with Jefferies upgrading the stock to Buy while Barclays and TD Cowen both issued downgrades.

Vertiv Holdings is making changes to its reporting metrics, with this being the final quarter for quarterly orders growth and backlog disclosures. If orders remain steady quarter-over-quarter, year-over-year growth would accelerate to approximately 70% on easier prior-year comparisons, with backlog around $10.2 billion. Based on this backlog, fiscal 2026 revenue guidance could exceed $13 billion with approximately $3 billion in EBITDA (roughly $5.85 EPS), with potential to reach $14-14.5 billion in revenue and $3.3-3.4 billion in EBITDA (approximately $6.75 EPS).

Vertiv Holdings completed its $1 billion acquisition of PurgeRite, a provider of services for data center liquid cooling systems. The company also announced a 67% increase in its annual dividend.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com – Norway stocks were higher after the close on Wednesday, as gains in the Healthcare Equipment & Services, Pharma Biotech & Life Sciences and Utilities sectors led shares higher.

At the close in Oslo, the Oslo OBX gained 0.63% to hit a new all time high.

The best performers of the session on the Oslo OBX were Norwegian Air Shuttle ASA (OL:NAS), which rose 3.06% or 0.49 points to trade at 16.51 at the close. Meanwhile, Subsea 7 SA (OL:SUBC) added 2.37% or 5.60 points to end at 242.00 and Hoegh Autoliners ASA (OL:HAUTO) was up 2.05% or 2.10 points to 104.60 in late trade.

The worst performers of the session were DnB ASA (OL:DNB), which fell 1.41% or 4.00 points to trade at 278.90 at the close. Storebrand ASA (OL:STB) declined 0.94% or 1.60 points to end at 168.90 and Kongsberg Gruppen ASA (OL:KOG) was down 0.80% or 2.60 points to 321.00.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 133 to 110 and 35 ended unchanged.

Shares in Subsea 7 SA (OL:SUBC) rose to all time highs; gaining 2.37% or 5.60 to 242.00.

Crude oil for March delivery was up 0.90% or 0.56 to $62.95 a barrel. Elsewhere in commodities trading, Brent oil for delivery in April rose 0.66% or 0.44 to hit $67.03 a barrel, while the April Gold Futures contract rose 3.66% or 187.56 to trade at $5,308.16 a troy ounce.

EUR/NOK was down 0.06% to 11.50, while USD/NOK rose 0.65% to 9.63.

The US Dollar Index Futures was up 0.21% at 96.25.

Investing.com -- Power and utility companies are expected to see continued momentum in 2026 as artificial intelligence drives unprecedented demand for electricity, according to a new report from Evercore ISI.

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The firm highlights eight top picks positioned to capitalize on what they call the "Race to Power" as data center operators scramble to secure reliable energy sources.

With announced projects already exceeding 125GW of incremental demand, 2026 is shaping up to be a pivotal year for the power sector.

Evercore analysts expect the year to bring numerous "off-cycle" catalyst announcements as hyperscalers lock in long-term power agreements to support their ambitious growth plans.

Here are Evercore ISI’s top power stock picks for 2026:

1. NextEra Energy, Inc (NYSE:NEE) - Leading the pack, NextEra maintains its position as the premier renewable energy provider in the United States. The company’s dual strategy of operating regulated utilities while developing clean energy projects positions it perfectly to meet the growing demand from data centers requiring both reliable and sustainable power sources.

NextEra Energy reported fourth-quarter 2025 adjusted earnings of $0.54 per share on revenue of $6.5 billion, which was below revenue expectations. Following the results, Mizuho raised its price target on the company to $90.

2. Vistra Corp (NYSE:VST) - As a major integrated power company, Vistra’s diverse generation portfolio and retail operations give it significant flexibility to capitalize on increasing power demand. The company’s combination of conventional and renewable assets provides the dispatchable power that data centers require.

In a significant development, Vistra Corp secured power purchase agreements with Meta for its nuclear assets. The company also completed a private offering of $2.25 billion in senior secured notes.

3. Sempra (NYSE:SRE) - This energy infrastructure company stands to benefit from its strategic assets across the power value chain. Sempra’s investments in natural gas infrastructure complement its utility operations, providing essential services as power demand surges.

Sempra announced third-quarter 2025 earnings that surpassed analyst forecasts, with an adjusted EPS of $1.11. Additionally, Goldman Sachs upgraded the company to a Buy rating, citing its focus on Texas operations.

4. American Electric Power Company (NASDAQ:AEP) - With one of America’s largest electricity transmission networks, AEP is well-positioned to connect new power generation to growing demand centers. The company’s extensive service territory includes regions seeing significant data center development.

American Electric Power announced a $2.65 billion agreement to purchase solid oxide fuel cells from Bloom Energy for a new generation facility. The company also reached an agreement with the Icahn Group to add a non-voting observer to its board.

5. Xcel Energy (NASDAQ:XEL) - As a leader in clean energy transition among regulated utilities, Xcel has established itself as a preferred partner for tech companies seeking renewable power. Its ambitious carbon reduction goals align with the sustainability requirements of many AI-focused companies.

A subsidiary of Xcel Energy filed a request in Colorado for a $190 million increase in natural gas revenue. Separately, Mizuho raised its price target on the company to $86, citing a strong growth outlook.

6. Public Service Enterprise Group (NYSE:PEG) - PSEG’s northeastern utility operations serve densely populated areas with growing power needs. The company’s focus on grid modernization supports the reliability requirements essential for data center operations.

Public Service Enterprise Group received an upgrade to Overweight from Wells Fargo. The company also announced that Geisha J. Williams will join its Board of Directors, effective March 1, 2026.

7. Bloom Energy (NYSE:BE) - Offering innovative fuel cell solutions, Bloom provides distributed generation options that can help data centers ensure power reliability while meeting environmental goals. Its technology addresses both energy security and emissions concerns.

In recent news, an air permit filing in Texas revealed that Bloom Energy’s fuel cells are planned to power a new 1.5 GW off-grid data center. This development follows a major purchase agreement from American Electric Power for Bloom’s technology.

8. Fermi (NYSE:FRMI) - Rounding out the list, Fermi’s specialized focus on grid infrastructure positions it to benefit from the massive investments needed to connect new generation to the grid as power demand accelerates.

Fermi announced that a prospective tenant terminated a $150 million construction funding agreement for one of its sites. On a separate note, Texas Capital Securities initiated coverage on the company with a Buy rating.

According to Evercore, if 2025 was the year of "price discovery" in the power sector, 2026 will be the year of "price certainty" as long-term agreements solidify the economic outlook for these companies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.