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Trump’s meeting with tech leaders leaves AI safety more unsettled than ever

September 30, 2026 MMN Editor Filed Under: THE NEWS

Following Trump’s lunch with AI leaders at the White House, the industry remains largely unchanged on AI safety.

Inside Man: How Chinese spies used lies, love and betrayal to target the Federal Reserve

September 30, 2026 MMN Editor Filed Under: THE NEWS

A CNBC investigation shows how former Fed advisor John Rogers became entangled with a man U.S. officials identify as a Chinese intelligence operative.

Panthers’ Xavier Legette grateful for teammates, including QB Bryce Young, experiencing his country lifestyle

September 30, 2026 MMN Editor Filed Under: THE NEWS

Carolina Panthers wide receiver Xavier Legette loves the game of football, but back home in Mullins, South Carolina, a true country lifestyle is how he, his family and friends love to spend their time.Whether it’s taking care of his horses, which NFL fans have come quite familiar with since the Panthers took him in the first round in 2024 out of South Carolina, fishing, or riding around town on what he calls a “trail ride,” Legette’s southern roots are shown in full force whenever he’s back home.Before the 2026 season, Legette was able to show some of his Panthers teammates what it’s like in his small South Carolina town that has less than 4,000 residents, including his quarterback, Bryce Young. Sports Illustrated was along for the ride, as Legette showcased a day in his life with the entire town alongside him for the trail ride.CLICK HERE FOR MORE OUTKICK SPORTS COVERAGEIt was an experience that had Legette quite grateful, not just for himself and allowing his teammates to experience the special side of his life off the field, but for the people in Mullins.”To tell you the truth, man, that part of it was great — for them to be able to come and do those things. But I think the best thing really in my eyes about the whole situation was them boys being able to come in my community,” he told OutKick in a recent interview, while highlighting his partnership with Bojangles. “People in my community being able to see other people other than me, you know what I’m saying? Because they always see me.”PANTHERS’ BRYCE YOUNG, XAVIER LEGETTE SPEND OFFSEASON WEEKEND RIDING HORSES AND RIPPING ATVSLegette, with his southern accent and unique hobbies, has become a fan-favorite in the Panthers community, as well as the NFL in general. Viral moments, from his first news conference after being drafted to telling folks he didn’t mind trying asparagus for the first time, made him someone football fans couldn’t get enough of.Legette is nothing but positive and genuine, two of the many characteristics he had growing up surrounded by the people he loved most in his small town. Now that he’s at this stage of professional life, all he wishes to do is give back and grow the place he still, and will always, call home.Having Panthers teammates there to see that meant the world to him.”I grew up there and I’m one of the first ones to be able to be in this position that I am being from Marion County.” he added. “So just being able for them to see other faces, they was excited.”Everyone know everybody, but my family, it stands out to me, you know what I’m saying? They’re the ones that helped me able to [do this]. They shaped me into being who I am today. I got my love for them. It’s out of this world and being able to just go through the growing pains with them, ups and downs, and then it’s nothing but smiles on their face. That’s what I love to see.”Oh, and one of those viral moments mentioned before includes his admittance to eating raccoon, squirrel and other animals that he and his family find on hunts. When his teammates were in town, they had to try the local cuisine.”Oh yeah, we had the raccoon out there. A couple of them tried it,” Legette said, noting that Young left early before it was ready. Fellow receiver David Moore was among those who tried the raccoon.THE CRAIG CARTON SHOW–UNFILTERED, UNAPOLOGETIC AND UNMISSABLE. DOWNLOAD HIS DAILY PODCAST NOW!COUNTRY MEETS SPOOKYLegette’s southern lifestyle is one that came to life for a one-of-a-kind content series by Pepsi and Bojangles, and it stars one of his prized horses, affectionately known as Dime Piece, as Halloween and football come together.Legette had a smile ear-to-ear as he discussed the Bojangles Bite Box which, starting Oct. 1, will come with limited-edition haunted house packaging.”I think it’s a great collab. It’s one of the biggest ones I’ve ever did, and man, I hope we can come up with something else for the future.”They understand my love for the horses and they wanted to bring that to life with this commercial. It’s great.”While Legette will be heading to Bojangles whenever he can to get his Bite Box, he’s also excited for another Halloween, where he might just have to be his favorite superhero yet again.”All I wanted to be was Spider-Man every year,” he said, laughing.

Heavy drinking surges among Americans in one age group as other generations cut back

September 30, 2026 MMN Editor Filed Under: THE NEWS

New research shows that U.S. alcohol use has declined for the first time since the COVID-19 pandemic, but drinking remains above pre-pandemic levels — with one particular group showing a sharp increase in heavy intake.A study led by the University of Southern California/Keck Medicine found that among adults ages 50 to 64, alcohol use increased by nearly 4% from 2018 to 2024, while heavy drinking increased by more than 36%.Across all age groups, alcohol use declined by nearly 2% and heavy drinking declined by more than 8% from 2022 to 2024. However, overall alcohol use remained above pre-pandemic levels.BEER, WINE OR LIQUOR? MASSIVE STUDY REVEALS WHICH WAS LINKED TO LOWER DEATH RISKAmong Gen Z adults, alcohol use declined by more than 5%. Millennials drank approximately 17% less from 2022 to 2024.The findings, which were published on Sept. 21 in Annals of Internal Medicine, were based on self-reported data from the National Health Interview Survey, which included 114,352 U.S. adults from 2018 to 2024.Heavy drinking was defined as five or more drinks per day or 15 or more drinks per week for men within the preceding 12 months, and at least four daily drinks or eight weekly drinks for women.Men were found to have a larger alcohol decline than women (2.4% vs. 1.1%), but women had a larger reduction in heavy drinking (9%) compared to men (7.7%).ALCOHOL TIED TO SURPRISING CANCER DEATH PATTERN IN ADULTS UNDER 55, RESEARCHERS FIND”Women’s heavy drinking rose more than men’s during the pandemic and is still about 13% above where it was in 2018,” lead study author Brian P. Lee, M.D., associate professor of medicine at the Keck School of Medicine of USC, told Fox News Digital. “Women develop liver damage at lower levels of drinking than men, so that number carries more weight than it looks.”The study was funded in part by the National Institute on Alcohol Abuse and Alcoholism and the National Institutes of Health.The chief limitation of the study is that people reported their own levels of drinking, which tend to run low, according to Lee.”It also can’t tell us why drinking changed, only that it did,” he told Fox News Digital. “And we have two years of decline after four years of increases, so I’d describe this as a promising turn rather than an established trend.”The researchers also did not investigate the reasons younger adults reduced alcohol consumption.Dr. Chris Tuell, clinical director of addiction services at the University of Cincinnati College of Medicine, said many factors may contribute to the increased rate of drinking among older adults.”As we approach our 50s and 60s, we start reflecting on our lives, and changes start to happen,” Tuell, who was not involved in the study, told Fox News Digital.The loneliness epidemic in the U.S., and the fact that people are more “polarized” and “disconnected,” may also come into play, according to Tuell.Grief and loss may also lead to increased drinking as people seek a way to escape or cope with the loss of friends and family members.”One out of four people will experience some mental health issue … depression, anxiety, loss, grief — these are real things that are impacting people,” Tuell said. “And it’s at a time where a person might feel very vulnerable.”BRAD PITT SAYS HE CAN DRINK IN ‘RESTRAINED MANNER’ AFTER 7 SOBER YEARS, BUT EXPERT RAISES RED FLAGAs people age, there may also be increased issues related to chronic pain and medical issues, resulting in reduced function.”Now I have these aches and pains, or maybe I’m diagnosed with something more serious,” Tuell said as an example. “So that becomes a problem that I now have to deal with.”Many aging adults are also approaching retirement age, which can result in a loss of structure and change the identity they’ve had for decades, the expert noted.”I wake up and something I’ve done every day for many, many years is no longer happening. So I’m more bored. What do I do with my time? This is unfortunately a perfect storm for things like substance use.”As older adults experience body changes, they don’t metabolize alcohol the same way they once did, Tuell noted.CLICK HERE FOR MORE HEALTH STORIES”What I used to drink maybe five years ago … that same amount now can affect me differently, because I’m not metabolizing it like I used to,” he said.Women are especially impacted by alcohol, Tuell said, likely because they may have less body fat and don’t have as much water in their bodies.Lee noted that while alcohol doesn’t harm everyone equally, the risk starts at low levels and goes up with every additional drink.”There isn’t a level the evidence shows to be safe.”To determine whether someone has a problem with alcohol, Tuell recommends using the “three Cs.”Alcohol can still be problematic even if someone doesn’t have an addiction, Tuell noted.CLICK HERE TO SIGN UP FOR OUR HEALTH NEWSLETTERFor example, they might drink more than they should, to the point where they get a hangover or put themselves at risk.”Maybe it’s impacting my interactions with other people, interpersonal relationships, hobbies, interests,” he said. “Maybe it’s affecting my sleep.”In a normal sleep pattern, people go through a cycle four to five times per night — but when they drink, it’s more like two to three times, Tuell said. “So, we’re not getting good rest during that period.”It’s never too late to seek help with alcohol dependency, he pointed out.TEST YOURSELF WITH OUR LATEST LIFESTYLE QUIZ”I’ve treated people in their 80s who still have a lot of life left,” Tuell said, pointing out that Americans are living longer. “So we’re aging, we’re getting older, and there are a lot of life changes happening … physically, emotionally, psychologically.”For those who are over 50 and drinking more than they did before 2020, Lee recommends asking a doctor about liver health, “even if nothing feels wrong.””There are clear increases in cancer and liver risk with alcohol, even at low levels,” he warned. “Even advanced liver disease might have no symptoms, and the earlier alcohol-related liver damage is caught, the more of it can be undone.”

Tom Cruise’s praise of Kate Middleton highlights her ‘untouched by scandal’ reputation: expert

September 30, 2026 MMN Editor Filed Under: THE NEWS

Tom Cruise’s recent effusive praise for Kate Middleton was not just Hollywood flattery, according to royal experts.The Prince and Princess of Wales, both 44, joined Cruise at the world premiere of the 64-year-old actor’s new movie “Digger” in London on Sept. 22. During an interview with “Extra” at the film’s Los Angeles premiere on Monday, Cruise raved over the royal couple and shared a particularly glowing assessment of Middleton.”It was just so fun sitting there watching them watch it and for them to be part of it,” Cruise said, via People magazine.”I have so much respect for them, you know, they’re amazing people and how dedicated they are to their country and also…what they give to the world. They’re just beautiful people and fun, very funny.”KATE MIDDLETON’S CAREFULLY PLANNED PATH TO THE THRONE REVEALED AS EXPERT SAYS SHE ‘PLAYED THE LONG GAME’”She’s got a great sense, incredible sense of humor,” Cruise said of Middleton. “I mean, obviously very intelligent and fun.””They’re so charismatic and so elegant,” he gushed. “That dress that she was wearing? Stunning.”PRINCE WILLIAM, KATE MIDDLETON FINALLY FEEL FREE TO SHOW AFFECTION IN PUBLIC: EXPERTS”William did well,” Cruise added with a smile. “Way to go, smart choice. Yeah, I gotta give it to William. Way to go. Smart choice.”Cruise’s comments quickly made headlines, with royal experts arguing they reflected Middleton’s unique standing within the monarchy rather than simply offering another celebrity compliment.KATE MIDDLETON HAILED AS THE MONARCHY’S ‘SAVING GRACE’ AFTER CANCER BATTLE TRANSFORMED HER ROYAL ROLE: EXPERTSWhile speaking to Fox News Digital, royal expert Christopher Andersen said that the Hollywood icon’s admiration underscores why Middleton has become one of the royal family’s greatest assets, pointing to her enduring appeal and scandal-free reputation.”Do not underestimate the importance of her immense popularity,” he said. “Kate Middleton is universally adored, and unlike most celebrities, is virtually untouched by scandal. Like everybody else on the planet, Tom Cruise certainly wouldn’t mind having some of that fairy dust rub off on him.”PRINCE WILLIAM FACES ‘WORK-SHY’ CRITICISM BUT IS SECRETLY RUNNING MONARCHY LIKE A CEO, EXPERT SAYSAndersen, who authored the 2026 biography “Kate!: The Courage, Grace, and Power of the Woman Who Will Be Queen,” noted that Cruise was also likely drawn to Middleton’s beauty and style.”If she wasn’t movie-star gorgeous and stunningly fashionable, I don’t think Tom Cruise would be drooling all over her,” he said.Fox News may be compensated for or earn a commission if you buy through our referral links.Royal commentator Amanda Matta echoed Andersen’s opinion, arguing that Cruise’s praise speaks to Kate’s central role within the monarchy.”While this was definitely an easy soundbite for Cruise to pull out, it also happens to be true,” she told Fox News Digital. “I think what Cruise is picking up on with this remark is that Kate is the entire reason the Wales brand works.”PRINCE WILLIAM AND KATE MIDDLETON’S ‘GENUINE LOVE STORY’ IS BUILT ON BEING A ‘VERY NORMAL FAMILY’: AUTHOR”She wasn’t born into nobility, but that worked in her favor to help the Palace connect with the modern public,” Matta continued. “Kate’s grounded humor and elegance are both central to William’s public image now, and the public’s warmth toward her is one of the monarchy’s most valuable assets.”Royal commentator Richard Fitzwilliams told Fox News Digital that Cruise’s remarks simply reflect the majority of the public’s perception of Middleton.KATE MIDDLETON SCALES UK’S THREE HIGHEST PEAKS IN 24 HOURS WITH A DEEPLY PERSONAL MESSAGE FOR CANCER SURVIVORS”He’s just saying what most people think,” Fitzwilliams said. “She is exquisite, her intelligence, humor and dress sense are part of her personality, which has given them both a worldwide aura as a couple. This is of enormous help to Britain, as soft power is so significant and also to the charities they both do so much for.”Royal experts also told Fox News Digital that Cruise’s remarks about Middleton carried extra weight given the action star’s decades-long relationship with the British royal family.KING CHARLES RESPONDS TO CHARLES SPENCER’S CLAIMS ABOUT PRINCESS DIANA IN A RARE STATEMENTThe actor met the late Princess Diana at the 1992 London premiere of “Far and Away” alongside his co-star and then-wife Nicole Kidman. Andersen recalled that he had previously written about their first encounter and the “schoolgirl crush Diana had on Cruise” in his 1998 best-selling book “The Day Diana Died.””Diana joked that she wouldn’t mind if Kidman were out of the way. ‘Nicole kept giving me dagger eyes,’ Diana told a friend, ‘as if to say keep your hands off my handsome husband!’” Andersen remembered.After their first meeting, Cruise and Diana went on to develop a friendship. In 1995, Cruise invited the princess and her sons, William and Prince Harry, to visit the set of the original “Mission: Impossible” movie at Pinewood Studios outside London.In 2022, royal expert Neil Sean wrote that Cruise was “devastated” when Diana died in a car accident at the age of 36 in August 1997.”She was a magical person and really engulfed you with her personality,” Cruise told Sean.KATE MIDDLETON WEARS PRINCESS DIANA’S PEARL BRACELET AT TROOPING THE COLOUR AS CHARLOTTE MIRRORS HER MOTHERCruise and Kidman were among the celebrity guests who paid tribute to the late princess at her funeral on Sept. 6, 1997.William would later forge his own friendship with Cruise, who held a special screening of his 2022 sequel “Top Gun: Maverick” for the prince and Middleton ahead of the movie’s release. Cruise invited the royal couple after learning that William, who previously served as a pilot with the Royal Air Force, was a huge fan of the original film. The Prince and Princess of Wales later attended the London premiere of “Top Gun: Maverick” at the invitation of Cruise.At the time, Cruise told PA News Agency that he and William had “a lot in common,” explaining, “We both love England, and we’re both aviators. We both love flying.”The actor later appeared in King Charles III’s 2023 coronation concert and previously took part in Queen Elizabeth II’s Platinum Jubilee celebrations.”Cruise perhaps more than most Hollywood stars has had a fairly up close and personal relationship with the royal family,” Andersen noted.Having witnessed both Diana’s extraordinary popularity and Middleton’s rise within the royal family, Andersen explained he believes Cruise’s admiration is well-founded.GET ENTERTAINMENT SCOOP DELIVERED RIGHT TO YOUR EMAIL BY CLICKING HERE”Obviously Kate is meeting, if not transcending, the public’s inevitable expectations based on her Diana- like approachability,” he said.Royal expert Hilary Fordwich told Fox News Digital that Cruise’s comments captured the qualities that have made Middleton one of the world’s most admired royals.”His remark managed to sum up what is so immensely universally appealing about her, that she is dignified, discreet, elegant, intelligent and poised all whilst being wonderfully warm as well as interested in others, so authentically,” she said.LIKE WHAT YOU’RE READING? CLICK HERE FOR MORE ENTERTAINMENT NEWS”It was also no doubt reference to her affability, regarding her sense of humor and that she’s so accessible versus the outdated image of a formal royal court,” Fordwich added. “He also managed to keep the focus on her service versus any sort of celebrity status.”PUT YOUR ENTERTAINMENT KNOWLEDGE TO THE TEST AND SEE HOW YOU SCOREFordwich said that Cruise’s ties to Diana made his compliments about Middleton and William “even more powerful.””He’s associating the Waleses with Diana’s extraordinary public magnetism, the most beneficial aspect of her legacy, her accessibility and emotional connection with all of whom she met.” Fordwich said.

JONATHAN TURLEY: Socialism is back in style and Democrats are buying the pitch

September 30, 2026 MMN Editor Filed Under: THE NEWS

Karl Marx believed that “Democracy is the road to socialism.” Socialists seem to have found a generation of dupes to buy their ahistorical, fanciful pitch. A new poll shows 43% now have a positive view of socialism. An astonishing 65% of Democrats have a positive view. Socialism is now the rage on the left.Like clothing styles, if you wait long enough, socialism tends to come back into style with generations with no memory of past failures. However, it is an astonishing trend in one of the most prosperous nations on Earth that outlasted a history cluttered with the broken failures of socialist and communist systems.A new slick packaging of socialism has emerged with leaders such as Zohran Mamdani offering to teach people of the “warmth of collectivism.” The Democratic Socialists of America are enticing voters with narratives like “Imagine the end of capitalism.” Those words promise voters that there is a brave new world without landlords, debt, mandatory work hours, and “food, education, energy, medicine, and transportation… are common goods and utilities.”MORE AMERICANS THAN EVER NOW HAVE A POSITIVE VIEW OF SOCIALISM, NEW POLL SAYSWhat is incredible is that many are buying this pitch.It is also ironic that this is happening not just on the 250th anniversary of the Declaration of Independence but also on the 250th anniversary of the publication of Adam Smith’s Wealth of Nations.MODERN CAPITALISM IS TURNING 250, TOO. WE NEED TO REMIND AMERICANS WHY IT’S IMPORTANTAs I write in Rage and the Republic:”While he never visited the United States, his theories seemed quintessentially American to many of his generation. For a revolution that was triggered by tariffs and fueled by events like the Boston Tea Party, Smith’s general principles read like an economic version of Common Sense. It was a type of declaration of independence not just from the British policy of mercantilism (emphasizing British exports over imports) but from economic controls over individual productivity and self-determination….””In summary, Smith was first and foremost viewed as a political theorist, and his economic theories were closely tied to his views on the natural liberties of humanity. He saw capitalism as a liberating system for individuals to allow them the wealth and resources to pursue their own chosen paths. Conversely, he saw government controls and subsidies as forms of control and potentially forms of suppression of the human will. If people are to be truly free, they must have the resources to pursue that freedom. The government dole can become a type of servitude or at least a subterfuge for citizens. If they are dependent on the government, they are never truly free.”The book compares many of these proposals to identical policies of the Jacobin movement in the French Revolution. Both the American and French revolutions arose during the same period, but one became the world’s oldest democracy while the other became the blood-soaked “The Reign of Terror.”DSA-BACKED CANDIDATES ARE WINNING PRIMARIES AND THEIR VISION FOR AMERICA IS VERY DIFFERENTNotably, the Jacobins pushed for the same unicameral system that the socialists are now advocating as well as attacks on the wealthy.The DSA is the direct descendant of the Jacobins in seeking to tear down moderating institutions and replace the president and justices with democratically elected figures by a Congress composed only of the House of Representatives.As with the original Jacobins, those demanding these changes are not the working class but professors, pundits and young college-educated voters.Pushing this analogy to a more menacing level, another poll shows that roughly 60 percent of Democrats responded positively to the idea of a military coup to remove President Donald Trump.CLICK HERE FOR MORE FOX NEWS OPINIONThe return of socialism is like the reappearance of low-rise jeans. You are left mystified by anyone who believes that this is a worthy theory to emulate after consistent and catastrophic failures. Long forgotten is the disaster of the socialist government of François Mitterrand in France.Most recently, Prime Minister Andy Burnham condemned the privatization policies of Margaret Thatcher: “The country surrendered control of the essentials — housing, water, energy, transport — and left people exposed to higher costs.” What he does not mention is that she followed the collapse of socialist policies under Labour Prime Minister James Callaghan in 1977–78 during the so-called “winter of discontent,” which I also discuss in the book.Perhaps Marx was right after all: “History repeats itself, first as a tragedy, second as a farce.”CLICK HERE TO READ MORE FROM JONATHAN TURLEY

McDonald’s stock slide reveals surprising Treasury link

September 30, 2026 MMN Editor Filed Under: SUCCESS, The Street

McDonald’s (MCD) stock has been losing a ton of ground this year and bears a striking connection to the Treasury market, adding another layer to its slide.

Shares of the fast-food giant have moved inversely with the 10-year Treasury yield, raising questions about how investors value one of the most celebrated dividend stocks.

We’re also seeing pressure reflected in shareholder returns.

McDonald’s has dropped roughly 23% this year, while the S&P 500 has gained about 12%, based on Seeking Alpha data. That is a substantial gap for a familiar name investors often associate with resilience and reliable income.

Its long dividend tradition still matters. But investors have more to weigh when deciding what they are willing to pay for those payouts.

Meanwhile, sluggish restaurant demand and the costs of a business reset complicate the picture. For shareholders trying to make sense of the decline, the bond market offers a revealing clue, though it can’t explain everything.

Rising Treasury yields squeeze McDonald’s dividend appeal

McDonald’s stock and Treasury yields traced a striking pattern, exposing how rising interest rates can pressure even familiar dividend names.

Since early March, McDonald’s shares have tanked 32%, while the 10-year Treasury yield has risen 32%, Seeking Alpha reported. More recently, yields climbed 14%, rising in 19 of 23 trading sessions, while McDonald’s fell 14%, declining in 19 sessions.

Those matching moves suggest a relationship but do not prove that yields caused the entire sell-off.

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The income comparison helps explain the pressure.

McDonald’s forward dividend yield of 3.3% trails the Treasury yield of roughly 5.2% by 1.9 percentage points. Investors can earn more income from government debt without taking on McDonald’s business risks, although bonds can lose value before maturity.

McDonald’s offers potential dividend growth and share appreciation. But investors need confidence in those benefits.

That is where company challenges enter the picture.

CEO Chris Kempczinski has warned that flat industry traffic and accelerating inflation represent the new normal, according to the report. Weak customer demand makes profitable growth harder.

Meanwhile, the NEXT strategy includes an $8.5 billion franchisee support plan through 2036, requiring substantial near-term cash while anticipated margin targets stretch to 2030.

That creates a timing problem.

Investors face immediate Treasury competition while waiting years for turnaround benefits. A falling share price raises the yield but cannot resolve either concern.

McDonald’s stock faces pressure as rising Treasury yields challenge dividend appeal.NurPhoto / Getty Images

McDonald’s dividend legacy meets a cheaper stock price

McDonald’s stock is a dividend heavyweight in every sense of the word, with a track record that puts the biggest income stocks to shame.

Seeking Alpha data shows 49 consecutive years of dividend payments and increases, while the typical consumer discretionary company has managed just 2.4 consecutive years of dividend growth.

Put simply, that means McDonald’s has given shareholders a growing income stream through decades of changing economic conditions. Its appeal extends beyond collecting a quarterly check to watching that check get bigger.

The stock’s drop has made that income more attractive for new buyers.

McDonald’s forward dividend yield stands at 3.3%, compared with its five-year average of 2.34% and the sector median of 2.74%. Put simply, a $10,000 investment will generate approximately $330 annually at the indicated payout rate, assuming the payout rate remains unchanged.

That yield is about 41% above McDonald’s historical average.

But the reason matters. 

Dividend yield rises when a stock’s price falls, even if the cash payment stays the same. A higher yield does not necessarily mean the business is performing better.

Existing shareholders still face the damage from a roughly 23% year-to-date price decline. Their dividends provide income but cannot offset a loss that large.

McDonald’s dividend record remains a strength. The investment question is whether that dependable income, alongside future growth, sufficiently rewards buyers for the risks behind today’s lower price.

McDonald’s revamp tackles more than restaurant makeovers

McDonald’s is trying to rebuild customer momentum with a major revamp that reaches beyond cheaper meals or refreshed restaurants.

The NEXT strategy includes an $8.5 billion franchisee support plan through 2036, according to Seeking Alpha. On the company’s latest earnings call, CEO Chris Kempczinski explained the broader ambition.

“McDonald’s Next is not a remodel program. There is a remodel that is part of it, but it’s not at its core a remodel program.”

The priorities include better food, a stronger customer experience, and simpler operations. That last point matters after overloaded restaurant teams contributed to slower service and weaker satisfaction.

“We don’t have a strategy problem, we simply didn’t execute at the level we needed to in the second quarter,” Kempczinski said.

Management is responding by offering more digital options, personalized deals, and fewer operational distractions. The fast-food giant’s aim is to efficiently rebuild repeat visits without overwhelming employees.

Kempczinski also argued that the investment burden could be manageable as franchisees enter their normal remodeling cycle.

“We’re going to be able to self-fund much of the sales growth improvement ideas through productivity opportunities,” he said.

For investors, that is the promise to test: whether simpler operations can help fund improvements and generate profitable traffic, rather than merely adding costs.

Related: 12-year-old taco restaurant chain closes restaurants

Citi tells investors it’s time to sell Moderna after 600%-plus stock gains

September 30, 2026 MMN Editor Filed Under: MarketWatch, SUCCESS

Revenue and profit forecasts fail to justify the hype baked into Moderna’s share price, according to Citi’s analysts.

Costco shoppers are changing in a way the retailer cannot ignore

September 30, 2026 MMN Editor Filed Under: SUCCESS, The Street

Costco gave investors plenty to like in its latest fourth-quarter 2026 earnings report.

Sales climbed by double digits, profit beat expectations, and margins improved.

But beneath the strong quarter, one issue kept resurfacing in Wall Street’s reaction to the results.

Costco’s membership base is still growing, but the pace of that growth is slowing.

And why is it important?

Because Costco membership is central to the retailer’s business model.

And it has helped investors justify paying a significant premium for the stock.

I discussed it in my previous earnings preview, noting that Bank of America lowered its Costco price target to $1,095 from $1,200 while maintaining a Buy rating.

After the results, BofA did not back away from its overall bullish view.

Instead, analyst Christopher Nardone described the quarter as “steady as she goes” in a note shared with TheStreet.

He maintained the firm’s $1,095 price objective and slightly increased its fiscal 2027 earnings estimate.

But the report also highlighted the same membership trend that several other analysts are also watching closely.

Costco’s customer base is changing in two important ways. 

Membership growth has slowed for eight consecutive quarters, while younger shoppers are becoming a much bigger part of the warehouse chain’s business.

Costco earnings beat expectations

Costco reported fourth-quarter net sales of $93.87 billion, an 11.2% increase from a year earlier.

Net income rose to $2.998 billion, or $6.75 per diluted share, compared with $2.61 billion, or $5.87 per share, a year ago.

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Comparable sales increased 9.4% across the company. Digitally enabled comparable sales jumped 19.5%.

Shoppers also continued to visit Costco more frequently and spend more when they did.

Personally, I am more of a get-it-delivered person, and it helps that Costco now offers that option across Instacart, Uber Eats, and DoorDash.

Shopping frequency increased 3.3% worldwide during the quarter, while the average transaction increased 5.9%.

The bank also found that Costco’s underlying margins improved by 18 basis points after excluding the tariff refunds.

Supply-chain efficiencies, labor productivity in fresh foods, and a stronger sales mix in non-food merchandise helped improve margins.

BofA slightly increased its fiscal 2027 EPS estimate to $22.83 from $22.79 and maintained its $1,095 price target.

So the issue after earnings is not that Costco’s underlying business suddenly looks weak.

Quite the opposite.

The debate is increasingly about how much growth investors should expect from a company whose stock already trades at a premium to much of the retail sector.

Costco’s stock is up 7% year to date.slobo / Getty Images

Costco membership growth slows

Costco ended the quarter with 84.1 million paid members, up 3.8% from a year earlier, while paid Executive Memberships reached 42.3 million.

Costco’s worldwide membership renewal rate improved by 10 basis points sequentially to 89.8%, while the U.S. and Canada renewal rate increased to 92.3%.

These numbers show that existing members continue to stick with the retailer.

But total paid membership growth slowed to 3.8% from 4.1% in the previous quarter, while Executive Membership growth also moderated.

And the slowdown is not limited to one quarter.

During Costco’s earnings call, Truist analyst Scot Ciccarelli noted that membership growth has now slowed for eight consecutive quarters.

Costco CFO Gary Millerchip described the trend as a “normalization” after strong growth driven by younger, more digitally engaged members.

He also suggested the recent pace may not reverse immediately, saying the growth rate seen in recent quarters is “probably more typical of what we’d expect to see.”

Costco is nevertheless attracting a different generation of customers.

The retailer said its membership base under age 40 has grown nearly 60% since the COVID pandemic, and those shoppers now make up more than one-quarter of its members.

Younger customers initially spend somewhat less, Costco said, but tend to become higher-spending members over time.

That distinction helps explain why management is focusing not only on how quickly its membership count grows, but also on how much existing members shop.

Costco said Executive Membership penetration, gas engagement, and digital engagement all reached record levels during fiscal 2026.

Analysts remain divided on Costco’s valuation

The slowdown in headline membership growth has fueled much of the debate around an otherwise strong quarter.

Several firms lowered price targets for Costco, citing membership trends and valuation as key concerns.

Truist lowered its Costco price target to $955 from $1,011 and maintained a Hold rating.

The firm said membership growth has continued to slow, although part of that reflects where Costco has been opening warehouses.

More of Costco’s recent locations have been “fill-in” warehouses in existing markets, rather than openings in places such as Asia, where a new location can generate a large wave of new member signups.

Truist said Costco’s business remains “incredibly strong,” but membership growth may need to accelerate again before investors are willing to pay a higher valuation multiple for the stock.

JPMorgan made a similar distinction.

The firm lowered its Costco price target to $1,015 from $1,100 while maintaining an Overweight rating.

The bank noted that membership growth could give bears something to point to, particularly given Costco’s valuation.

At the same time, JPMorgan continues to view Costco as one of the retail industry’s most consistent market-share gainers, with a highly visible long-term warehouse expansion story.

DA Davidson, however, moved in the other direction.

The firm raised its price target to $1,040 from $1,000 and maintained a Neutral rating, describing the fourth quarter as another in a long string of strong earnings reports.

Few are questioning the health of Costco’s business.

They are debating what that strength is worth.

BofA argues that Costco deserves a premium because of its comparable-sales performance, high renewal rates, strong store execution, and international growth opportunities.

Costco plans to open new warehouses

Costco may have an answer to its slower membership growth: open more warehouses, particularly in new markets.

Costco ended fiscal 2026 with 939 warehouses worldwide.

The company plans to open 33 warehouses during fiscal 2027, including five relocations, resulting in 28 net new locations.

This compares with 25 net new warehouses in fiscal 2026.

Management is working to eventually open around 30 net new warehouses per year.

New markets can generate large numbers of memberships, while fill-in locations typically attract fewer new signups but mature more quickly in terms of sales and profitability, Costco CEO Ron Vachris said during the company’s earnings call.

Costco also noted that fiscal 2026 did not include any major new warehouse openings in Asia that would normally drive a membership spike.

This could change as its international pipeline expands.

Four of the planned fiscal 2027 openings are in Europe, five are in Canada, and one is in Mexico.

Costco also expects a stronger pipeline of openings in Asia and Australia in fiscal 2028, which Millerchip said could become a catalyst for faster headline membership growth.

If Costco’s track record in Japan is any indication, its upcoming expansion across Asia could provide the membership spike Wall Street is looking for.

All this as the company continues to find ways to increase store visits in international locations.

Tariff refunds give Costco room to cut prices

Costco also received an unexpected boost during the fourth quarter.

The company received $184 million in tariff refunds, representing a little more than one-third of the refunds it expects to ultimately receive.

But instead of using all of it for profit, Costco reinvested roughly half of the gross proceeds into lower prices for members, according to BofA.

You can read more of my coverage on how big-name retailers like Walmart and others are using these tariff refunds here.

And the refunds haven’t stopped.

Costco said it has already received about another $184 million in tariff refunds since the start of fiscal 2027, roughly matching what it received in the fourth quarter.

“We intend to continue reinvesting the majority of the dollars we receive in increased member values,” Millerchip said.

Costco has lowered prices across its product categories, including food, fresh merchandise, and non-food items.

Some of those price cuts are already visible on Kirkland Signature products.

Costco said the broader tariff-refund investments included everyday products such as produce, meat, and beverages, as well as home furnishings and hardware.

Higher memory costs pressured consumer electronics, while higher meat prices were largely offset by lower egg and dairy prices.

Costco has not announced a new special dividend

Another question remains unanswered.

In my earlier Costco earnings preview, BofA said the company’s growing cash pile could prompt another special dividend in the next several quarters.

Costco last issued a special dividend in 2024.

The company ended fiscal 2026 with $20.21 billion in cash and cash equivalents, up sharply from $14.16 billion a year earlier.

But Costco did not announce a special dividend with its fourth-quarter earnings, and the company has not issued a newer dividend announcement since the report.

The most recent dividend declaration came in July, when Costco’s board approved its regular quarterly cash dividend of $1.47 per share.

So for now, BofA’s special-dividend call remains a possibility rather than a company announcement.

Costco also has plenty of uses for its cash.

Management expects capital spending of roughly $7.5 billion in fiscal 2027 as it accelerates warehouse openings and continues investing in its supply chain.

Despite the growth, Wall Street increasingly wants to know whether Costco can keep expanding that customer base.

And whether it can grow fast enough to justify the price investors are being asked to pay.

Related: Popular restaurant chain closes nearly all locations in 2026

The SEC Is finally modernizing transfer-agent rules. Wall Street must not repeat the ‘paperwork crisis’

September 30, 2026 MMN Editor Filed Under: Coindesk, SUCCESS

If ownership data is split across a token wrapper, a special-purpose vehicle (SPV), a broker’s internal ledger and a transfer agent’s off-chain database, we are setting the stage for a Paperwork Crisis for the blockchain age, argues Fairmint’s Joris Delanoue.

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