ST. LOUIS, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Stifel Financial Corp. (NYSE: SF) today reported selected operating results for January 31, 2026, to provide timely information to investors on certain key performance metrics. Due to the limited nature of this data, a consistent correlation to earnings should not be assumed. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said, “In January, total client assets and fee-based client assets reached record levels, increasing 10% and 16% year over year, r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-09305 STIFEL FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer ...

ST. LOUIS, Feb. 20, 2026 (GLOBE NEWSWIRE) -- Sanford Heisler Sharp McKnight filed an ERISA class action Complaint today in the U.S. District Court for the Eastern District of Missouri that alleges retirement plan mismanagement by Stifel Financial, Corp. and other fiduciaries of the Stifel Financial Profit Sharing 401(k) Plan. According to the allegations in the Complaint, Stifel failed to remove two funds from its Plan – the American Century Large Cap Growth Fund and the Artisan Mid-cap Growth Fund – even a ...

Core Insights - The launch of Altruist's AI-powered tool, Hazel, has negatively impacted the stock prices of major wealth management firms, indicating market sensitivity to AI developments [2][6] - Experts suggest that the market reaction may be an overreaction, and the true impact of AI tools on wealth management firms will depend on their adoption rates [2][5] Group 1: AI Tool Launch and Market Reaction - Altruist introduced Hazel, an AI tool that creates tax strategies based on client documents, leading to stock declines for firms like LPL Financial and Charles Schwab [2][6] - The stock prices of LPL Financial and Charles Schwab fell by 5.7% and 4%, respectively, with other firms like Stifel Financial and Piper Sandler also experiencing declines [6] Group 2: Industry Expert Opinions - Bill Harris, CEO of Evergreen Wealth, emphasized that Hazel is part of a broader trend of AI tools that will transform the wealth management industry [3][4] - Kyle Mostransky, CEO of Mostransky & Associates, argued that while AI can optimize financial calculations, the human element remains crucial for interpreting financial decisions [5] - Harris noted that the introduction of AI tools could lead to a reduction in fees for human financial advisors, which currently average around 1% of assets [5]

Core Viewpoint - The article discusses the recent internal rotation in the U.S. stock market, highlighting a shift from a few large-cap stocks leading the market to a broader participation across various sectors, while also addressing the impact of AI on traditional business models and the resulting market volatility [5][7][8]. Market Performance - On Tuesday, the S&P 500 fell by approximately 0.3%, while the Dow Jones Industrial Average rose by about 0.1%, reaching a new historical high [5]. - The equal-weighted S&P index also reached a record high, indicating a shift in market dynamics with around 300 stocks in the S&P 500 rising [7]. Retail Sales Data - The U.S. Commerce Department reported that December retail sales were flat month-over-month, significantly below the expected 0.4% growth, indicating a slowdown in consumer spending [9]. - Core retail sales, excluding autos and gas, even showed a decline, reflecting weakened consumer spending momentum during the holiday season [9]. Interest Rate Expectations - The weak retail data led to a rise in U.S. Treasury prices and a decline in yields, with the futures market increasing the probability of three rate cuts within the year, with two already priced in [9]. - Historical trends suggest that rate cut expectations typically support risk assets, but the current market shows a divergence where rates are falling but stocks are not rising, particularly in the tech sector [11]. AI Impact on Market Sentiment - Market participants are shifting their interpretation of AI's impact from a growth narrative to concerns about short-term disruptions, leading to a "sell first, think later" mentality [12]. - Investors are moving from an "AI is a panacea" mindset to a more pragmatic "performance realization" phase, anticipating greater differentiation between winners and losers in the market [12]. Institutional Perspectives - There is a noticeable divergence in institutional views on the tech sector, with Goldman Sachs warning about the risks of overestimating AI's growth potential and emphasizing the need for actual earnings and cash flow improvements to support tech valuations [13]. - UBS downgraded its rating on the U.S. tech sector from "overweight" to "neutral," citing key risks while still acknowledging the long-term potential of AI [14]. Wealth Management Sector - The wealth management sector has come under scrutiny following the launch of an AI tool by Altruist Corp., which automates tasks traditionally reliant on human expertise, raising concerns about the core revenue models of wealth management firms [17][18]. - The market reacted sharply, with significant declines in stocks of major wealth management firms, indicating fears about the long-term competitive structure of the industry under AI pressure [19][21]. Broader Market Reactions - The sell-off in the market has been attributed to fears that AI tools could undermine the intermediary value of insurance brokers, leading to a significant drop in the insurance brokerage sector [22]. - The recent downturn in the software sector has seen substantial market capitalization losses, with estimates indicating a combined loss of approximately $611 billion across software, financial services, and asset management sectors [26]. Conclusion - The current market environment reflects a transition from viewing AI as a beneficiary narrative to recognizing potential victims, with traditional software companies facing heightened scrutiny and volatility [27]. - The article suggests that this phase serves as a valuation and business model stress test, prompting a reevaluation of which revenue models are based on irreplaceable value versus those reliant on information asymmetry [34].

Core Viewpoint - The launch of Altruist Corp.'s AI tool for tax strategy planning has raised concerns about the future of traditional wealth management firms, indicating a potential disruption in their core business model [1][2][4]. Group 1: Market Reaction - Following the announcement of Altruist's AI tool, shares of major wealth management firms experienced significant declines, with Charles Schwab (SCHW) dropping 9.5% intraday and closing down 7.4%, while Raymond James Financial Inc. (RJF) and LPL Financial Holdings Inc. (LPLA) saw declines of over 9% and 11% respectively [2]. - The sell-off in wealth management stocks reflects broader market anxieties regarding AI's potential to disrupt financial advisory and wealth management services, leading to fears of efficiency gains being eroded by competition and long-term fee compression [4][6]. Group 2: Broader Industry Impact - The threat posed by AI to traditional business models is spreading across various sectors, with wealth management stocks being the latest to feel the impact [5]. - Prior to the wealth management stock declines, insurance brokerage stocks had already faced significant losses, with the S&P 500 Insurance Index dropping 3.9%, marking its largest single-day decline since October 2025 [7]. - The introduction of new AI tools by companies like Insurify has raised concerns about the potential threat to the consulting business of insurance brokers, although some analysts view these tools as efficiency enhancers rather than existential threats [9]. Group 3: Market Trends and Analyst Insights - The recent sell-off in stocks across software, financial services, and asset management sectors resulted in a combined market value loss of $611 billion [10]. - Since the launch of OpenAI's ChatGPT, the potential for AI disruption has been a hot topic, with investors previously focusing on beneficiaries of AI advancements, such as semiconductor and network equipment companies [12]. - Despite the current market turmoil, analysts project a 19% growth in earnings for S&P 500 software and services constituents by 2026, indicating a potential recovery in the sector [14].

Core Insights - The launch of Altruist's AI-assisted tax planning tool, Hazel, has caused significant turmoil in the wealth management sector on Wall Street, raising fears about the disruption of traditional investment advisory business models [1] - Hazel utilizes deep learning algorithms to analyze complex financial documents in approximately three minutes, offering tailored tax-saving strategies for a monthly fee of $60, which threatens to drastically reduce the costs associated with traditional tax planning [1] - The market reacted negatively, with wealth management and brokerage stocks experiencing a sharp decline, reaching their lowest valuations since April of the previous year [1] Company Performance - LPL Financial (LPLA.US) saw its stock price drop by 8.3%, reflecting investor concerns over service commoditization [1][2] - Charles Schwab (SCHW.US) recorded a significant decline of 7.4%, becoming a highly traded stock on that day [1] - Raymond James (RJF.US) faced its largest single-day drop since the onset of the pandemic, falling by approximately 8.8% [2] - Other established firms like Ameriprise Financial (AMP.US) and Stifel Financial (SF.US) also experienced declines ranging from 4% to 7% [2] Analyst Perspectives - Some industry analysts believe the market's reaction to the "AI panic" may be an overreaction, as the core barriers in wealth management, such as the need for complex behavioral coaching and deep trust with high-net-worth clients, are not easily replicable by automation [2] - Morningstar's research indicates that if traditional firms fail to integrate similar AI capabilities quickly, their customer acquisition costs will continue to rise amid the digital asset transfer wave, leading to fundamental changes in future revenue structures [2]

Economic Indicators - Nonfarm payrolls are expected to increase by +68,000 in January, with the unemployment rate remaining unchanged at 4.4% [1] - Average hourly earnings are projected to rise by +0.3% month-over-month and +3.7% year-over-year in January [1] - Initial weekly unemployment claims are anticipated to decrease by -7,000 to 224,000 [1] - Existing home sales in January are expected to decline by -4.3% month-over-month to 4.16 million [1] - January CPI is expected to rise by +2.5% year-over-year, with core CPI also expected to increase by +2.5% year-over-year [1] Retail Sales and Employment Costs - US December retail sales were unchanged month-over-month, falling short of expectations of +0.4% [2] - The employment cost index for Q4 rose by +0.7% quarter-over-quarter, which is the smallest increase in 4.5 years and below the expected +0.8% [2] Stock Market Performance - Stock indexes experienced mixed trading, with the Dow Jones reaching a new all-time high while the S&P 500 closed down -0.33% and the Nasdaq down -0.56% [6][5] - The broader market initially found support from weaker-than-expected retail sales and employment cost index reports, which lowered bond yields [5] Earnings Season Insights - Over half of the S&P 500 companies have reported earnings, with 78% beating expectations [7] - S&P earnings growth is expected to rise by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth [7] - Excluding the Magnificent Seven tech stocks, Q4 earnings are projected to increase by +4.6% [7] Interest Rates and Bond Market - The markets are pricing in a 23% chance of a -25 basis point rate cut at the next Federal Reserve meeting [8] - The 10-year T-note yield fell to a 3.5-week low of 4.13%, supported by weaker-than-expected economic reports [9] Sector Performance - AI-infrastructure stocks faced pressure, with Western Digital down more than -7% and other tech stocks also declining [12] - Wealth-management stocks dropped significantly, with Raymond James Financial down more than -8% due to concerns over AI disruption [13] - Homebuilding stocks rose after the drop in mortgage rates, with Toll Brothers up more than +6% [14] Company-Specific Developments - Goodyear Tire & Rubber Co reported Q4 adjusted EPS of 39 cents, below the consensus of 49 cents, leading to a decline of more than -14% [15] - Incyte forecasted dull-year total net product revenue of $4.77 billion to $4.94 billion, causing a drop of more than -8% [16] - Spotify reported a record 38 million monthly active users in Q4, leading to a rise of more than +17% [17]

Core Viewpoint - Bitcoin is increasingly behaving like a speculative financial instrument rather than a hedge against inflation or a safe haven asset like gold [2][5][9]. Market Behavior - Historically, Bitcoin would rise when the dollar weakened and when global money supply increased; however, it has recently shown the opposite behavior, declining alongside a weaker dollar [4][5]. - The current market dynamics suggest that Bitcoin is acting more like an overextended tech stock, influenced by liquidity concerns and the Federal Reserve's monetary policy [6][9]. Investment Analysis - The price level of Bitcoin around $38,000 is significant based on historical drawdowns, indicating a potential support level [11]. - The broader market is experiencing pressure on speculative assets like Bitcoin due to unsustainable price multiples and rising interest rates [13]. Economic Context - The current economic environment is characterized by slowing wage growth and weak job creation, leading to concerns about consumer spending power [14][15]. - The market is betting on a cyclical rotation into sectors like industrials and financials, but there are risks associated with this transition, reminiscent of past economic cycles [16].

Core Viewpoint - A U.S. district court magistrate has recommended that Stifel's motion to vacate a nearly $133 million arbitration award be denied, stemming from a case involving former broker Chuck Roberts and his management of structured notes for clients [1][2][3]. Group 1: Arbitration Award Details - The arbitration award, issued by FINRA, was based on the claim brought by the Jannetti family, which sought $5 million in damages but received a significantly larger award [3][4]. - The court found that the arbitration panel acted within its authority by awarding punitive damages and that Stifel was not denied due process [3]. - The award was influenced by findings that Stifel had "actual knowledge of the wrongfulness of the conduct" and that the firm intentionally pursued a course of conduct that was likely to cause damage to the Jannetti family [4]. Group 2: Conduct and Allegations - Stifel's alleged misconduct included overconcentrating the Jannetti family's accounts in structured notes and industries that were limited, which contradicted the firm's own investment philosophy [5]. - The Jannetti family also filed for post-award prejudgment interest and sanctions against Stifel for what they deemed a "frivolous challenge," with the court agreeing to the interest but denying the sanctions [5]. Group 3: Stifel's Legal Challenges - Stifel has faced multiple settlements and arbitration awards related to Chuck Roberts, who was barred from the industry for not cooperating with FINRA's investigation into client complaints regarding unsuitable investment recommendations [7]. - The firm recently settled another arbitration claim for $850,000 related to Roberts' sales of structured notes and currently has 23 pending customer disputes [7].