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After 130 closures, seafood chain now has just 13 restaurants

September 5, 2026 MMN Editor Filed Under: Uncategorized

Getting affordable crab, shrimp, lobster, and other seafood outside of New England used to be a challenge. In New England, at least in the summer, while crab wasn’t common, a twin lobster dinner for under $30 was not uncommon, especially at low-frills “lobster-in-the-rough” places.

Once I left that area, however, getting an affordable meal became such a challenge that I did something few New Englanders would willingly do: I went to Red Lobster. That chain, which has been through a bankruptcy and many shutdowns itself, sometimes had all-you-can-eat crab promotions for under $25.

Yes, that was a terrible deal for the restaurant, but it was a great value for customers, and, after growing up with mostly lobster, it made me a fan of eating crab.

That newfound love took me to Joe’s Crab Shack, a chain that offered buckets where you could have multiple types of crab, shrimp, clams, crawfish, and, for a heftier price, lobster. It wasn’t cheap, but around $60 would get me my fill of crab and various other seafood, so whenever I was near one, I usually ate there.

Now, Joe’s Crab Shack has slowly closed more than 90% of its restaurants. Only 13 remain, according to the store locations list on the chain’s website, and the last new location appears to have opened in 2013.

Joe’s keeps closing restaurants

Joe’s Crab Shack has been a “dying brand” for over 15 years, Pacific Management Consulting Group Founder and CEO John Gordon told SeafoodSource, who noted that during that period, Landry’s acquired Joe’s Crab Shack, sold it, and then reacquired it.

Joe’s Crab Shack used to have 143 restaurants nationwide, but recent closures have pushed that number to 13, according to the brand’s website.

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Darren Tristano, CEO of Chicago, Illinois-based consulting firm Foodservice Results, blamed Joe’s Crab Shack’s problems on the same issues that have impacted rival Red Lobster.

“Red Lobster seems to epitomize the seafood category – highly competitive, expensive protein, high prices, and some consumers just don’t like seafood and create a veto vote on attending in groups,” he told SeafoodSource. 

Joe’s Crab Shack has been steadily closing locations in recent years. Shutterstock

Recent Joe’s Crab Shack closures

Jacksonville Beach, Fla.: Joe’s Crab Shack closed its longtime location at 6 Beach Blvd. in January 2026. Landry’s planned to convert the space into a Bubba Gump Shrimp Co. restaurant, according to SeafoodSource.

San Diego, Calif.: The waterfront Joe’s Crab Shack closed in August 2025 after more than 20 years in operation, reported TheStreet.

Fort Myers, Fla.: The downtown Joe’s Crab Shack closed on May 26, 2025, after more than two decades. The restaurant’s lease had expired, shared the Fort Myers News-Press.

Corpus Christi, Texas: Joe’s Crab Shack closed its location on Jan. 26, 2025. Landry’s subsequently replaced it with a new concept, Landry’s Kitchen, reported the Houston Chronicle.

Kemah, Texas: Joe’s Crab Shack at Kemah Boardwalk closed in November 2024. Landry’s has been converting the former restaurant into an entrance for a planned water park, added the Houston Chronicle.

Kissimmee, Fla.: The Joe’s Crab Shack at 7903 Irlo Bronson Memorial Highway closed in September 2024. TheStreet

Louisiana Boardwalk: The Joe’s Crab Shack at the Louisiana Boardwalk in Bossier City closed in June 2025 after roughly 20 years, reported TheStreet.

Landry’s Restaurant Group has acknowledged the closures, noting that “locations, markets, and customer patterns naturally change,” and the company makes strategic decisions to close certain locations when traffic and development shifts warrant them.

The company, which is privately held, has not released a broader statement about the overall reduction of Joe’s Crab Shack locations nationwide.

A new type of seafood restaurant has grown

While Red Lobster and Joe’s Crab Shack used to set the standard for sit-down seafood chains, a new format has been growing, the seafood boil.

“A staple of Black Southern cuisine, especially in the U.S. state of Louisiana, the seafood boil has achieved national recognition, with chains such as The Juicy Crab expanding rapidly – it now has 52 restaurants in 10 states,” SeafoodSource reported.

It’s not just a restaurant trend.

“Grocery chains including HEB and Rouse’s have begun selling seafood boils to go, and Chicago, Illinois, U.S.A.-based Two Fish Distribution is expanding distribution to 1,000 retail locations, including Kroger and Meijer outlets,” the industry source shared.

Seafood boils, which are not unlike the buckets sold at Joe’s Crab Shack, have been added to Red Lobster’s menu and have been growing in popularity.

“The communal feasts, typically served in a plastic bag or spread across a paper-lined tabletop, have caught a wave of popularity in recent years, giving rise to a number of upstart seafood concepts,” Restaurant Business shared.

It’s a growing trend that may have taken sales away from legacy chains like Joe’s Crab Shack.

“Chains specializing in seafood boils, such as 68-unit Hook & Reel and 26-unit Boiling Crab, have enjoyed a mini-boom in recent years. Last year, sales at seafood boil chains on Technomic’s Top 500 rose by an average of 3.8%, while overall seafood sales fell 0.3%,” according to Restaurant Business.

As a former regular Joe’s Crab Shack customer, I often went to the now-closed Kissimmee, Fla., location when we had a condo near there, but the chain lost its appeal once seafood boils became common. On Irlo Bronson, a busy street that runs through Kissimmee to Orlando, which used to have two Joe’s Crab Shack locations about six miles apart, there are at least three seafood boil chains.

That may not fully explain the chain’s decline, but being able to get a very similar product for less money can’t have been a positive for Joe’s Crab Shack sales.

ALSO READ: 36-year-old casual dining chain files Chapter 11 bankruptcy

Disney World raises resort prices for 2027

September 5, 2026 MMN Editor Filed Under: Uncategorized

Some things or experiences in life come with a notoriously high price. Certain consumers, however, find the experience invaluable. So much so that they’re willing to go into debt for it.

Chief among these experiences is a trip to the most magical place on Earth: Disney World. 

Forty-five percent of parents with young children who have visited Disney have gone into debt to do so (24% of Disney-goers overall report going into debt for a trip), according to a June 2024 LendingTree survey. 

“The memories are worth the debt for most parents. Among parents of young children who’ve gone into debt for a Disney trip, 59% say they have no regrets. Overall, parents of young children took on an average of $1,983 in Disney-related debt,” reveals the survey. 

Over the years, Disney’s prices have come under a magnifying glass. In 2025, the Wall Street Journal wrote that “some inside Disney worry that the company has become addicted to price hikes and has reached the limits of what middle-class Americans can afford.”

The Walt Disney Company CEO Josh D’Amaro continues to acknowledge that visiting Disney World or Disneyland is “a meaningful investment for families,” according to Disney Tourist Blog. 

Now, that meaningful investment is going to get higher. 

Walt Disney World raises its resort prices for 2027.Melvyn Longhurst / Getty Images

Walt Disney World raises its resort prices for 2027

Disney isn’t introducing one massive overnight price increase. Instead, its room rates have continued to rise year over year. This trend was recently highlighted in a report by the theme park news site Inside the Magic. 

Disney’s own 2027 room rates, compiled by the longtime Disney-rates tracker MouseSavers.com, show a standard room at Pop Century running $291 to $362 a night during the late-February-to-mid-March season, with  March 19–April 1 priced at a flat $354 a night. A modest five-night stay now costs roughly $1,455 to $1,810 just for the room.

Longtime guests of Disney’s Pop Century Resort remember when rooms in this budget-friendly “Value Resort” cost under $100. 

“The definition of ‘value’ at Walt Disney World has simply changed,” Inside the Magic’s Andrew Boardwine points out. 

The increases aren’t limited to Value Resorts. Disney’s Moderate properties are also approaching prices that many families might associate with a much more expensive hotel category.

March 2027 rates are:

Disney’s Pop Century Resort: $291–$362 during the relevant Spring 2 periods; $354 for March 19–April 1 Easter.

Disney’s Port Orleans Resort – Riverside: $384–$421 during Spring; $457 during Easter. 

Disney’s Coronado Springs Resort: $360–$398 during Spring; $444 during Easter.

Disney’s BoardWalk Inn: $955–$1,040 during Spring; $1,042 during Easter.Source: MouseSavers 

Deluxe Resorts are pricier, of course. A stay at Disney’s BoardWalk Inn runs $955 to $1,040 per night depending on the week, per MouseSavers’ 2027 rate calendar. A seven-night stay during peak spring weeks can reach up to $7,280 for the room alone, before adding park tickets or food. 

How much more expensive is it really? 

TheStreet’s examination of the full MouseSavers 2025, 2026, and now 2027 Room Rate Charts shows that rack rates vary significantly depending on the calendar season and day of the week. For comparison purposes, we found spring season prices in 2025, 2026, and 2027 on MouseSavers.

Rates can vary by date, room type, view, promotions and availability, so the figures are intended as comparisons rather than estimates of what every guest will pay. Rates reflect the Spring periods listed by MouseSavers for each year; dates vary slightly by year, so the comparison is directional rather than perfectly like-for-like.

Disney Resort HotelComparable 2025 Spring-period rateComparable 2026 Spring-period rateComparable 2027 Spring-period rateDisney’s Pop Century Resort (Value)$235 – $327 / night$250 – $341 / night$291 – $362 / night ( $354 over Easter)Disney’s Coronado Springs Resort (Moderate)$338 – $375 / night$341 – $378 / night$360 – $398 / night (up to $444 over Easter)Disney’s Port Orleans Resort – Riverside (Moderate)$367 – $403 / night$375 – $411 / night$384 – $421 / night (up to $457 over Easter)Disney’s BoardWalk Inn (Deluxe)$889 – $952 / night$918 – $1,001 / night$955 – $1,040 / night (up to $1,042 over Easter)

While the table above focuses on standard March rates, consumers planning vacations around major holidays will face significantly higher baseline costs:

Holiday peak surcharges: During high-demand travel periods (such as Thanksgiving and Christmas), rack rates hit their absolute ceiling. For example, standard rooms at Pop Century reached $392 in 2025 and $396 in 2026. The Deluxe BoardWalk Inn spiked to over $1,150 per night during Christmas week in both 2025 and 2026.

Weekend fees: Disney applies surcharges for Friday and Saturday night stays, adding $15 to $80+ per night depending on the resort tier.

Room views and upgrades: The lowest prices represent standard views. Upgrading to a Pool View, Preferred Room, or Club Level pushes totals hundreds of dollars higher per night.

Related: Marriott finally fixes an annoying part of hotel rooms

How families can lower Disney World’s cost

When guests start multiplying those nightly prices across an entire vacation, even relatively small increases make a big difference. 

Boardwine points out that Coronado Springs is still considered a Moderate Resort property by Disney, but when a standard rate gets close to $400 per night, it “certainly doesn’t feel like the middle ground that some guests might expect from that category.” 

For a seven-night stay at Port Orleans — Riverside, guests could potentially spend $2,690 to $2,950 on the hotel alone.

Fortunately, there’s some good news.

Disney uses date-based pricing. This means rates fluctuate depending on the season and crowd levels. Consumers might also find financial relief closer to their travel dates. 

Disney often releases seasonal promotions or Annual Passholder deals.

However, for budget-conscious families, these prices matter as they need to plan ahead while hoping for a better deal closer to their trip.

Moreover, guests can consider the option of staying outside the Disney gates even though staying at the Disney hotel comes with its own convenience and perks.

Despite the price tags, Walt Disney World has continued to draw around 50 million visitors annually, according to MagicGuides. 

Disney World’s prices over the years 

Despite years of hiking prices, Disney continues to attract massive crowds and deliver record financial results: for the fiscal quarter ending June 27, 2026, both park attendance and per-guest spending continued to grow. 

Higher gate prices and in-park spending haven’t deterred visitors.

Disney’s Experiences segment, which includes its theme parks, cruise line, and consumer products, generated a record $10 billion in revenue in the quarter ended June 27, 2026, up 10% year-over-year, with domestic park attendance up 3% and domestic per-capita spending up 4%, according to Disney’s Fiscal Q3 2026 earnings report.

Single-day admission rates by theme park (2024–2026)

Magic Kingdom: Climbed from $124–$189 in 2024 to $139–$199 in 2025, before expanding to $139–$209 in 2026 as peak holiday dates crossed the $200 threshold.

EPCOT: Rose from $114–$179 in 2024 to $129–$194 in 2025, settling into a range of $129–$199 for 2026.

Disney’s Hollywood Studios: Scaled from $124–$179 in 2024 to $139–$194 in 2025, reaching $139–$204 by 2026.

Disney’s Animal Kingdom: Shifted from $109–$159 in 2024 to $119–$174 in 2025, continuing up to $119–$184 for 2026.Sources: WDWMagic, WDW Magazine, TouringPlans

“When it comes to how we think about pricing, we focus on offering a wide range of options at different price points so that families can visit in ways that work for them, whether that’s during a value season or taking advantage of multi-day ticket savings or even special offers,” D’Amaro said. 

Ultimately, as long as families remain willing to go into debt for Disney trips, the company retains significant pricing power, and the freedom to redefine what “value” means.

Related: Delta Air Lines CEO signals major shift in what travelers pay

UFC 332 Updated Card, There’s A New Main Event Title Fight

September 5, 2026 MMN Editor Filed Under: Uncategorized

Natalia Silva vs. Wang Cong is official for the vacant UFC women’s flyweight title at UFC 332 on Oct. 3. Valentina Shevchenko is out for a year.

Paralympian Ali Truwit Wants You To Know We’re Stronger Than We Think

September 5, 2026 MMN Editor Filed Under: Uncategorized

Through her Stronger Than You Think Foundation 2024 Paralympic medalist Ali Truwit is helping build the next generation of Team USA athletes towards the LA28 Games.

Nvidia-backed AI company reveals staggering $103 billion number

September 5, 2026 MMN Editor Filed Under: Uncategorized

Artificial intelligence companies are racing to secure one increasingly valuable resource: computing power.

That race has resulted in massive investment in Nvidia (NVDA) processors, data centers, and power. It has also spawned a new breed of specialist cloud providers promising to provide the infrastructure necessary to train and operate ever more advanced AI models.

Now firms are putting a stunning amount behind that demand.

U.K.-based AI infrastructure firm Nscale is telling potential investors that it has about $103 billion in total contracted revenue, according to documents reviewed by The Information and cited by Reuters. The Nvidia-backed startup might launch an initial public offering as early as September.

However, the headline figure comes with a crucial caveat.

Nscale’s contracts are around 5.7 years on average, which implies about $18 billion in yearly contract income. One person involved with the negotiations emphasized that the numbers were “illustrative” and not meant as official revenue projections.

That difference might matter if Nscale looks to public markets to value one of the rising infrastructure providers of the AI boom.

Nscale’s $103 billion figure shows the scale of AI demand

Nscale said it had $103 billion in committed revenue that it will earn over the next few years, not income the business has already booked.

The size is more obvious if you look at one big consumer.

Anthropic will pay $45 billion to lease AI cloud-computing capacity from Nscale’s data center in West Virginia, Reuters reported in late August.

As part of that partnership, Nscale will use Nvidia’s new Vera Rubin processors to meet the processing needs of Anthropic.

Related: Nvidia stock flashes unusual signal for investors 

The disclosed Anthropic commitment alone accounts for almost 44% of the $103 billion in contractual income stated for Nscale, based on the two figures provided by Reuters.

That comparison doesn’t necessarily mean Anthropic accounts for exactly 44% of the contracts in Nscale’s investment documents, because the actual makeup and timeframe are not fully detailed.

But it shows how fast AI infrastructure contracts are getting into the tens of billions of dollars.

For Nscale, long-term deals may provide something very significant ahead of a prospective IPO: proof that big AI clients are ready to commit billions of dollars to processing power years in advance.

They also provide an execution challenge.

Nscale still needs to install the processors, networking, power, and data-center capacity to deliver on those contracts.

A Nvidia-backed AI firm touts $103 billion ahead of a possible IPO.Bloomberg / Getty Images

Nvidia sits at the center of Nscale’s expansion

Nscale’s collaboration with Nvidia adds another spin to the situation.

The startup is backed by Nvidia and wants to employ its Vera Rubin processors for Anthropic’s processing requirements, according to Reuters.

This puts Nscale in a much bigger ecosystem that is growing around Nvidia’s technology.

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Nvidia doesn’t need to run all the AI data centers to profit from the infrastructure boom. Specialized cloud companies may acquire finance, lock up customers for long-term contracts, and put a lot of money on Nvidia systems to give that capacity.

As such, firms like Nscale might be another signal of future AI demand for Nvidia investors.

The chipmaker’s largest clients are huge tech corporations, but infrastructure experts might be another source of demand as AI developers seek alternatives to developing all of their computer infrastructure themselves.

The Anthropic transaction also highlights why the next generation of technology from Nvidia matters beyond the company’s own quarterly performance.

Those deals may provide investors a view into demand for Nvidia hardware that might be used years from now, since AI cloud businesses are already signing multiyear contracts around systems powered by Vera Rubin.

The number you can see: Nscale’s $103 billion contract haul.

The deeper story is how much infrastructure may need to be built to fulfill it.

Nscale’s massive number comes with a major caveat

Contracted revenue is not the same as revenue that has already been reported on an income statement.

If Nscale goes public, it may be one of the most significant differences for investors.

The contracts are for an average of nearly 5.7 years, or around $18 billion in annualized contractual income, according to records seen by Reuters.

A source familiar with Nscale’s investor discussions also said the figures were illustrative rather than formal revenue guidance, The Information reported.

That proviso applies because Nscale still has to convert those long-term commitments to recognized income.

AI infrastructure is very capital-intensive. Before a provider can provide computing power to consumers, it requires modern processors, energy, networking equipment, cooling systems, and data-center architecture.

The optimistic case for Nscale’s $103 billion number is simple. AI developers are investing enormous sums to ensure future processing capacity, and a supplier funded by Nvidia has found itself at the center of that expenditure.

The more cautious reading is also significant.

Much of the economic value in these contracts remains in front of us.

If Nscale goes public, investors won’t merely be wagering that demand for AI will continue to be robust.

They’ll be wagering that the startup can leverage a huge collection of long-term promises into real income, while constructing enough Nvidia-powered infrastructure to actually deliver what consumers have pledged to purchase.

Related: Nvidia’s $96 billion quarter revealed a surprising constraint

Lowe’s wants your kid to skip college for a six-figure job

September 5, 2026 MMN Editor Filed Under: Uncategorized

While artificial intelligence (AI) might be able to write a bad version of this article at a much lower price than what a human writer charges, the technology has its limitations.

“AI, without question, is changing work,” Lowe’s CEO Marvin Ellison told The Wall Street Journal. “But somebody will still be required to crawl under your sink and fix a leak, get your HVAC working, or do construction on a data center.”  

Those people, the skilled laborers who build and fix stuff, are in short supply.

“Low labor force participation and skills gaps are especially acute in manufacturing, construction, and other skilled trades, where for every five workers who retire, only two replacements enter the workforce. By 2030, an estimated 2.1 million skilled trades jobs could go unfilled, with potential economic losses reaching $1 trillion annually,” according to the U.S. Department of Education.

That’s a problem Ellison wants Lowe’s to be part of fixing.

Related: Costco silently kills member perk that saved customers money

Lowe’s partners on workforce initiative

The Lowe’s Foundation has launched the Building Futures Skilled Trades Coalition, the largest cross-sector skilled trades coalition in U.S. history, to help train and develop one million people for skilled trades careers by 2035.

This national alliance is backed by over 75 American educators, businesses, workforce organizations, industry vendors, and stakeholders across the skilled trades ecosystem, including corporate leaders such as Nvidia, AT&T, Bank of America, Carrier, General Motors, DeWalt, and Duke Energy.

“The next industrial revolution won’t be built by algorithms alone. It will be built by the millions of skilled trade professionals who power, connect, and move this country forward,” Ellison said in a press release.

The coalition also shared its goals:

Change the perception of careers in the skilled trades by challenging outdated narratives that position college as the default path to success.

Invest, connect, and scale proven training and credentialing solutions by bringing together educators, businesses, workforce organizations, corporate leaders, industry vendors, and other stakeholders to address shared workforce challenges and expand what works.

Collectively measure progress from training to employment by establishing shared measures that help the coalition understand what’s working, identify gaps, and track outcomes across the workforce ecosystem.

“Across construction, automotive manufacturing, telecommunications, energy industry, HVAC, technology and financial services, the coalition will use these insights to strengthen connections between training providers and employers, improve pathways to in-demand jobs and help more people translate their training and credentials into meaningful, long-term careers,” the coalition shared.

Skilled trade workers remain in heavy demand. Shutterstock

Lowe’s and partners are fighting a real problem

Deloitte’s 2026 Engineering and Construction Industry Outlook showed a snapshot of just part of the skilled labor shortage.

“The E&C industry continues to face significant labor shortages, a challenge expected to intensify by 2026 — with a projected need for 499,000 new workers, up from 439,000 in 2025. Without strategic initiatives to broaden and upskill the talent pipeline, the industry risks exacerbating project delays, cost overruns, and margin pressures,” Deloitte shared.

That’s not an emerging problem. It’s one that’s already here.

“The economic repercussions of labor shortages in E&C are already evident and expected to intensify. Construction wages have increased 4.2% year-over-year as of August 2025. If the labor gap persists, the industry could potentially lose nearly $124 billion in construction output due to unfilled positions,” the study showed.

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RTM Nexus CEO Dominick Miserandino thinks that Lowe’s is smart to get ahead of the problem.

“It’s completely brilliant because the backlog in AI, the bottleneck in AI, that is, is not going to be more computers, but the physical people to place them, the HVAC, the electricians,” he told TheStreet.

AI, he noted, will replace many fields, but there’s some work it just can’t do.

“The AI is going to be doing that data entry. AI is going to be doing the social media tests and the graphic design and the marketing, but the physicality of helping implement the AI, the cell phone towers, the EV charging to get to your location. All those physicality traits are going to become more and more necessary in this near-term economy,” he added.

ALSO READ: Costco shuts down member service with no notice

Five Below wins over shoppers with major strategy shift

September 5, 2026 MMN Editor Filed Under: Uncategorized

Low prices alone are no longer enough to guarantee success in discount retail.

Chains also have to give shoppers a reason to keep coming back, whether that means new products, viral merchandise, rewards, or making in-store shopping easier.

Five Below has spent the past year changing all three.

Now its latest results suggest shoppers are responding.

Five Below’s second-quarter net sales jumped 22.9% to $1.26 billion, while comparable sales increased 14.1%.

It marked the retailer’s fifth consecutive quarter of double-digit comparable-sales growth.

The retailer also opened 52 net new stores, bringing its total to 2,022 locations in 46 states.

Adjusted earnings more than doubled to $1.68 per share from 81 cents a year earlier.

More shoppers are walking into Five Below

Five Below has been changing how customers interact with its stores.

TheStreet previously reported that Five Below eliminated its dedicated Five Beyond section and began placing merchandise priced above $5 alongside similar products throughout the rest of the store.

For example, a higher-priced mirror can now sit in the décor department rather than in a separate higher-priced section toward the back of the store.

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The goal was to make those items easier for customers to discover without abandoning Five Below’s value identity.

More than 80% of its assortment remained priced at $5 or less when the company discussed the strategy earlier this year.

That change comes with another strategy, getting shoppers into stores with a steady stream of new, trend-driven merchandise.

Five Below has leaned into categories and products that can spread quickly on social media, including collectibles, beauty, candy, Pokémon merchandise, and viral toys.

The company previously said that social listening and creator engagement helped it identify and promote trends, such as for its Squishy Dumpling products.

jetcityimage / Getty Images

Five Below keeps products moving, analysts approve

Analysts see that merchandising strategy as increasingly important.

Truist raised its Five Below price target to $297 from $273, maintaining a Buy rating.

The firm highlighted Five Below’s “Rolling Thunder” strategy, which continually introduces new products and collaborations and packages merchandise into larger themed sets that can be promoted through social media and influencers.

Telsey Advisory raised its target to $305 from $280, saying the second-quarter results demonstrate progress in the company’s customer-focused strategy.

Jefferies raised its target to $420 from $350 while maintaining a Buy rating.

The firm compared Five Below’s improving productivity and profit model with the playbook used by TJX Companies, owner of TJ Maxx and Marshalls.

Morgan Stanley was more cautious.

It raised its target to $300 from $235 but maintained an Equal Weight rating, warning that higher fuel and freight expenses could make future earnings outperformance more difficult.

Five Below’s stock price is up 4% this past week and up 31% over the past quarter.

Five Below raises its outlook

Five Below’s confidence has increased substantially since just one quarter ago.

The retailer now expects fiscal 2026 net sales of $5.63 billion to $5.71 billion, up from its previous forecast of $5.40 billion to $5.48 billion.

Comparable sales are expected to rise 10% to 12%, up from its previous expectation of 6% to 8%.

Five Below also raised its adjusted earnings forecast to $9.83 to $10.31 per share, from $8.65 to $9.05.

For the third quarter, the company expects comparable sales growth of another 8% to 10%.

Five Below is still dealing with tariffs and higher transportation costs, and management’s outlook reflects the tariffs currently in place.

But the larger test was whether Five Below could prove it could sell more products above $5, chase fast-moving trends, and expand its store base without weakening the low-price identity that made the chain popular in the first place.

Related: Kohl’s has a customer problem that’s proving hard to fix

How AI Has Changed The Speed At Which Organizations Must Adapt

September 5, 2026 MMN Editor Filed Under: Uncategorized

AI is changing work faster than many organizations can adapt. Adaptive curiosity helps people question expertise, redirect learning, and remain relevant.

Think you maxed out your 401(k)? The real limit is actually almost $50,000 higher.

September 5, 2026 MMN Editor Filed Under: Uncategorized

You can unlock greater retirement wealth by reading this document that nearly everyone ignores.

Vanguard’s $122 billion fund has warning most holders miss

September 5, 2026 MMN Editor Filed Under: Uncategorized

The Vanguard FTSE Emerging Markets ETF (VWO) is held in target-date funds, robo-advisor portfolios, and retirement accounts across the country, with roughly $122 billion across roughly 6,300 emerging-market stocks as of June 30, 2026. 

For most holders, the VWO is a set-it-and-forget-it allocation to developing economies across Asia, Latin America, and Africa.

A clause buried in the fund’s February 2026 statutory prospectus reframes what those holders own, and few appear to have noticed.

The disclosure warns that VWO can legally shift from a diversified fund to a nondiversified one through ordinary market movement or an index rebalance. 

No shareholder vote is required, and Vanguard’s portfolio managers do not need to take any deliberate action for that transition to occur.

What VWO’s prospectus clause means for shareholders

VWO tracks the FTSE Emerging Markets All Cap China A Inclusion Index using a sampling approach to approximate its benchmark, the February 2026 prospectus stated. 

The fund charges an annual expense ratio of 0.06%, making it one of the lowest-cost vehicles in the emerging-market category for passive investors.

Stefan Sommerville, Investment Specialist at Orbis, wrote in a June 2026 strategy commentary that the gap between what passive investors think they own and what they actually hold has widened beyond recognition.

A passive investor buying EM exposure today is making a concentrated wager on the AI investment cycle, dressed up as a diversified allocation to the developing world,

Active fund managers who cap individual positions accept some benchmark drift as the cost of controlling concentration.

VWO faces no such tradeoff because, as a passive index tracker, it holds each position at its index weight without an internal cap on any single name.

TSMC holds more than three times VWO’s diversification threshold

Taiwan Semiconductor Manufacturing (TSMC) represents about 16.3% of the fund’s total assets as of June 30, 2026, well above the 5% single-issuer cap the 1940 Act imposes on 75% of a diversified fund’s assets, Vanguard confirmed.

The filing frames nondiversification as a hypothetical risk, but the current weight suggests that scenario has already materialized. 

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Tencent Holdings, the second-largest position, adds 2.9%, while Alibaba Group Holding contributes another 1.9%. 

Those three names alone account for more than 20% of the fund, spread across more than 20 developing nations.

The concentration grew as TSMC’s stock price surged alongside rising global demand for advanced semiconductors throughout the past several years. 

That rally pushed the chipmaker’s market capitalization higher relative to other emerging-market companies, widening its portfolio weight within VWO without any deliberate rebalancing.

TSMC’s 16.3% VWO weighting creates significant concentration risk, with the chipmaker alone exceeding the fund’s 5% diversification threshold by more than threefold.Bloomberg / Getty Images

Vanguard’s S&P 500 ETF has the identical nondiversification clause

The nondiversification disclosure extends directly into the core holdings of most American retirement portfolios. 

Vanguard’s S&P 500 ETF, known as VOO, crossed $1 trillion in net assets in June 2026, becoming the first ETF to reach that milestone, and it has functionally identical prospectus language.

VOO’s April 2026 prospectus states that the fund can shift to nondiversified status through index tracking alone, mirroring the exact disclosure in VWO’s filing. 

The top 10 stocks in the S&P 500 now represent 40.8% of the index’s total capitalization, JPMorgan Asset Management Global Market Strategist Meera Pandit and Head of Portfolio Insights Corey Hill wrote in a May 2026 analysis, well above the 26.6% peak reached during the late-1990s technology bubble. 

That elevated concentration, they added, amplifies the downside impact on portfolios when leading stocks decline. 

The same cap-weighted mechanic that drives S&P 500 concentration is what pushes TSMC’s weight up in VWO, a structural feature of index tracking, not a fund-specific choice.

VWO’s 2022 loss shows how concentration passes through to holders

Geographic concentration and single-issuer concentration are variants of the same structural problem, a cap-weighted index passing through whatever weight the market assigns, with holders absorbing the result.

VWO’s 2022 drawdown offers the clearest recent example.

The fund lost approximately 18% for the calendar year due to China-related exposure, as delisting anxiety under the Holding Foreign Companies Accountable Act, sanctions pressure, and regulatory crackdowns drove a sharp repricing of its largest geographic allocation. 

Public Company Accounting Oversight Board (PCAOB) secured complete inspection access to Chinese audit work papers in December 2022 for the first time in its history, and inspections have continued every year since.

The concentration gap VWO holders now face

The gap between VWO’s marketing as a broad emerging-market vehicle and TSMC’s current weight underscores a tension Touchstone Investments’ Tim Paulin flagged in a recent WealthManagement.com essay. 

Diversification rules were designed to shield investors from exactly the single-company exposure that a passive index tracker can now deliver by default, Paulin noted. 

Because the prospectus mechanics require no direct notice to holders if the fund formally crosses into nondiversified territory, the burden of tracking sits with the shareholder. 

VWO’s quarterly N-PORT filing on the SEC’s EDGAR database lists every portfolio holding and its weight as of each fiscal quarter-end. The next filing will show whether TSMC’s share has expanded further and how much of the top-10 weight now sits in three names.

Related: Vanguard’s VOO faces something it never has before

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