>>> US Research Calls

Research Calls I
  • Upgrades:
    • Ball Corp. (BALL) upgraded to Overweight from Neutral at JPMorgan, tgt $65
    • Badger Meter (BMI) upgraded to Buy from Neutral at Northcoast, tgt $148
    • Crown Holdings (CCK) upgraded to Overweight from Neutral at JPMorgan, tgt $121
    • Dynatrace (DT) upgraded to Buy from Hold at Needham, tgt $68
    • Equinor (EQNR) upgraded to Buy from Neutral at BofA Securities, tgt $49
    • Etsy (ETSY) upgraded to Buy from Neutral at BTIG, tgt $90
    • FTC Solar (FTCI) upgraded to Buy from Neutral at UBS, tgt $3.60
    • Kaiser Aluminum (KALU) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $160
    • MACOM Tech (MTSI) upgraded to Outperform from Market Perform at BMO Capital, tgt $335
    • Regions Financial (RF) upgraded to Neutral from Underperform at Robert W. Baird, tgt $28
    • Southwest (LUV) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $40
    • StubHub Holdings (STUB) upgraded to Buy from Neutral at Citigroup, tgt $7
    • Targa Resources (TRGP) upgraded to Buy from Hold at TD Cowen, tgt $350
    • Tyson Foods (TSN) upgraded to Overweight from Neutral at JPMorgan, tgt $63
    • Waste Connections (WCN) upgraded to Buy from Neutral at UBS, tgt $200
    • Yeti Holdings (YETI) upgraded to Buy from Hold at Stifel, tgt $50
  • Downgrades:
    • Accenture (ACN) downgraded to Neutral from Buy at Guggenheim
    • Array Technologies (ARRY) downgraded to Neutral from Buy at UBS, tgt $5
    • Franklin BSP Realty Trust (FBRT) downgraded to Neutral from Buy at BTIG
    • Fluence Energy (FLNC) downgraded to Hold from Buy at Jefferies, tgt $7
    • Magna International (MGA) downgraded to Market Perform from Outperform at BMO Capital, tgt $70
    • Netflix (NFLX) downgraded to Underweight from Equal Weight at Wells Fargo, tgt $57
    • Xenon Pharmaceuticals (XENE) downgraded to Hold from Buy at Deutsche Bank, tgt $46
  • Others:
    • Agenus (AGEN) initiated with a Buy at Chardan, tgt $40
    • Bain Capital Specialty Finance (BCSF) initiated with a Neutral at Lucid Capital Markets, tgt $12.50
    • Boyd Group Services (BGSI) initiated with an Outperform at Mizuho, tgt $120
    • Boost Run (BRUN) initiated with an Outperform at Northland, tgt $36
    • ChronoScale (CHRN) initiated with an Outperform at Northland, tgt $32
    • Cue Biopharma (CUE) initiated with a Buy at B. Riley, tgt $83
    • Eloxx Pharmaceuticals (ELOX) initiated with an Outperform at Leerink, tgt $32
    • Entera Bio (ENTX) initiated with an Outperform at Leerink,t gt $9
    • First Tracks Biotherapeutics (TRAX) initiated with an Outperform at Evercore ISI, tgt $65
    • IREN (IREN) initiated with an Outperform at Northland, tgt $99
    • Natural Grocers (NGVC) initiated with a Buy at BofA Securities, tgt $35
    • NeuroPace (NPCE) initiated with an Overweight at KeyBanc, tgt $18
    • Perspective Therapeutics (CATX) initiated with an Outperform at William Blair
    • QCR Holdings (QCRH) initiated with an Equal Weight at Stephens, tgt $107
    • Savers Value Village (SVV) initiated with an Equal Weight at Wells Fargo, tgt $11
    • SharonAI Holdings (SHAZ) initiated with an Outperform at Northland, tgt $95
    • Sigma Lithium (SGML) initiated with an Overweight at JPMorgan, tgt $14
    • Tower Semiconductor (TSEM) initiated with an Overweight at Barclays, tgt $310

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:
  • BLSM +1.8%
Other news:
  • NHIC +5.0% (Shareholders approved the newcleo business combination, with closing anticipated September 21 and Nasdaq trading expected September 22.)
  • BWMX +4.9% (Disclosed insider purchases totaling about $2.3 million by the CEO, chairman and a director.)
  • CAVA +4.7% (Authorized a $100 million share repurchase program through September 17, 2027.)
  • INTA +4.1% (Launched a Celeste plug-in for ChatGPT Enterprise, bringing governed AI tools into law firms' OpenAI workflows.)
  • BTGO +3.6% (Appoints Alex Rozman chief compliance officer, effective Sept. 21.)
  • RTB +3.1% (Agreed to acquire 49.5% of Paradium.AI at $3.80 per share and enter a 10-year platform agreement.)
  • TMCI +3.1% (Reported five-year Lapiplasty study data showing low recurrence and sustained patient-reported improvement.)
  • MG +2.6% (Agreed to be acquired by H.I.G. Capital for $20.35 per share in cash, valuing the deal at $866 million.)
  • USAS +2.4% (Reported high-grade silver-copper-lead-antimony drill results and new vein discoveries at the Galena Complex.)
  • ESLT +1.6% (Filed a two-year Israeli shelf prospectus for potential debt or equity offerings, with no issuance terms decided.)
  • COHR +1.6% (Expanded its optical systems portfolio with a full C-band amplifier for 800G AI datacenter networks, shipping in volume.)
  • SCZM +1.6% (Completed acquisition of a 500-tonne-per-day Bolivian milling facility, targeting commercial production by year-end after a $14 million investment.)
  • MOD +1.5% (Set Sept. 28 as record date for Performance Technologies spin-off and Gentherm merger, expected to close Oct. 1.)
  • BUR +1.5% (Closes $300 million debt raise, enabling early redemption of $400 million notes and reducing total debt by $100 million.)
  • INCY +1.5% (Received a positive CHMP opinion for Povofortay to treat active moderate-to-severe hidradenitis suppurativa in adults.)
  • SKHY +1.4% (Launched SK hynix Ventures to expand investments and technology partnerships across AI computing and data-center infrastructure.)
  • INTC +1.3% (Is reportedly in exploratory talks with SK hynix over potential U.S. chip production.)
  • HDSN +1.2% (Signs joint development agreement with Icorium to commercialize patented refrigerant separation technology.)
  • AZN +1.1% (Received FDA Priority Review for efzimfotase alfa in hypophosphatasia, with a decision expected in first-half 2027.)

>>> Europe : Brokers Upgrades & Downgrades - 18th of Sept 2026 V3(++)

>>> Up
* 2G Energy Raised to Buy at First Berlin; PT 76 euros (+)
* Apple PT Raised to $380 from $365 at Evercore ISI (++)
* Bytes Technology Raised to Buy at Berenberg; PT 520 pence (+)
* Danske Bank Reinstated Outperform at Autonomous; PT 408 kroner (++)
* Granges Raised to Buy at Nordea; PT 210 kronor
* Infineon Raised to Outperform at Oddo BHF; PT 80 euros (+)
* LPP Raised to Buy at Kepler Cheuvreux; PT 25,600 zloty (+)
* Orsted Raised to Buy at ABG; PT 180 kroner
* RENK Group Raised to Buy at Goldman; PT 65 euros
* Romerike Sparebank Raised to Buy at Norne Securities (+)
* Soitec Raised to Overweight at Barclays; PT 200 euros
* Southwest Air Raised to Neutral at Rothschild & Co Redburn (+)
* Sparebank 68 Grader Nord Raised to Hold at Norne Securities (+)
* Stubhub Raised to Buy at Citi; PT $7
* Vincorion Raised to Outperform at Oddo BHF; PT 23 euros (+)
* Wickes Raised to Hold at Deutsche Bank; PT 210 pence (+)

>>> Down
* Bankinter Cut to Hold at Bestinver; PT 16.85 euros
* BCP Cut to Neutral at JB Capital Markets; PT 1.30 euros (+)
* Bilfinger Cut to Market Perform at Bernstein; PT 62 euros (++)
* Flekkefjord Cut to Hold at Norne Securities; PT 120 kroner (+)
* Orange Cut to Underweight at Morgan Stanley; PT 15 euros
* Unicaja Cut to Neutral at JB Capital Markets; PT 3.80 euros (+)

>>> Initiation
* Accenture Cut to Neutral at Guggenheim (++)
* Admiral Rated New Outperform at BNP Paribas; PT 4,800 pence
* Aviva Rated New Outperform at BNP Paribas; PT 800 pence
* Caterpillar Rated New Buy at President Capital Management (+)
* DNB Bank Reinstated Underperform at Autonomous; PT 302 kroner (++)
* Handelsbanken Reinstated Underperform at Autonomous (++)
* Hill & Smith Rated New Overweight at Barclays; PT 3,300 pence (+)
* Legal & General Rated New Underperform at BNP Paribas
* M&G Rated New Neutral at BNP Paribas; PT 340 pence
* Nordea Bank Reinstated Outperform at Autonomous (++)
* SEB Reinstated Neutral at Autonomous; PT 228 kronor (++)
* Straumann Reinstated Buy at Berenberg; PT 118 Swiss francs
* TKMS AG & Co KGaA Rated New Buy at Stifel; PT 105 euros

>>> Call
* Adecco Upgraded at BofA as Underperform Thesis Has Played Out (+)
* Infineon Gains as Oddo BHF Upgrades After Valuation Contraction (+)
* Moncler Estimates Cut at Morgan Stanley on Harder Luxury Climate (+)
* Siltronic Rises; UBS Sets Street-High PT, Sees Price Hikes Ahead (+)
* Soitec Raised to Overweight at Barclays as Photonics Dominates (+)
* Strategists Most Bullish on Europe in Eight Years: Taking Stock (+)
* Virbac Falls as CIC Sees In-Line First Half Marred by Impairment (++)

>>> (US) Reportedly US is working on rules for pharmaceutical companies investin

(US) Reportedly US is working on rules for pharmaceutical companies investing in China that would likely preserve their ability to strike most licensing deals for Chinese drugs - press

- Proposed framework would focus restrictions on areas like pathogens and potentially weaponizable technologies
**TTN Context: The proposed approach would keep most U.S. drugmakers’ China licensing and collaboration activity outside outbound-investment restrictions, while targeting pathogen-related and potentially weaponizable biotechnology. That is material because Chinese biotechs have become a major source of pipeline assets for global pharma, and broader rules could disrupt large upfront payments, milestones and access to oncology and other development programs. The policy remains politically contested: large drugmakers favor a narrow national-security scope, while some lawmakers and U.S. biotechs want licensing agreements included in tougher China biotech controls.

Recent: This week, GSK agreed to license an oncology asset from China’s Chimagen for up to $750 million, following 2026 China-focused deals including Bristol Myers Squibb’s up-to-$15.2 billion Hengrui collaboration and Pfizer’s up-to-$10.5 billion Innovent partnership.
Upcoming: President Trump is scheduled to meet Xi Jinping in Washington on September 24, 2026; Treasury is not expected to publish pharmaceutical-specific rules before that meeting, while broader COINS Act implementation rules are due by March 13, 2027.

>>> Meeting highlights from the Committee for Medicinal Products for Human Use

Meeting highlights from the Committee for Medicinal Products for Human Use (CHMP) 14-17 September 2026; Positive approvals for NVO (Frehemgo/denecimig), AZN (Klygefa/gefurulimab), CORT (Lifyorli/relacorilant), INCY (Povofortay/povorcitinib), SNY (VaxRabeo), ZEAL (Zeydovio/glepaglutide) + others (ensartinib, senaparib); biosimilars (omalizumab, pertuzumab) & generics (tofacitinib, ruxolitinib); extensions for AZN/DSKYF (Enhertu), NVS (Cosentyx), MRK (Keytruda), RHHBY (Ocrevus) & others (Anzupgo, etc.); withdrawals for several (incl. apitegromab, trilaciclib, Alhemo, Kaftrio/Kalydeco extensions); re-examinations started/confirmed refusals.

- EMA’s human medicines committee (CHMP) recommended 12 medicines for approval at its September 2026 meeting.

The committee recommended granting a marketing authorisation for Frehemgo (denecimig), for the prophylaxis of bleeding episodes in patients with haemophilia A, an inherited bleeding disorder caused by a lack of factor VIII, a protein that helps blood clot.
Gevalka (ensartinib) received a positive opinion from the CHMP for the treatment of adult patients with anaplastic lymphoma kinase positive advanced non-small cell lung cancer.

The CHMP recommended granting a marketing authorisation for Klygefa (gefurulimab) for the treatment of adult patients with generalised myasthenia gravis, a disease that leads to muscle weakness and tiredness.

The committee adopted a positive opinion for Lifyorli (relacorilant), for the treatment of platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer.

Povofortay (povorcitinib) received a positive opinion from the CHMP for the treatment of active moderate to severe hidradenitis suppurativa (acne inversa) in adults. Acne inversa is a chronic inflammatory skin disease that causes lumps, abscesses (collections of pus) and scarring on the skin. Povofortay is the first oral daily treatment that can be prescribed in adults patients refractory or intolerant to anti-tumour necrosis factor therapy.

The CHMP recommended granting a marketing authorisation for Sepalna (senaparib), a maintenance treatment of advanced epithelial high-grade ovarian, fallopian tube or primary peritoneal cancer.

The committee recommended granting a marketing authorisation for VaxRabeo (rabies virus (inactivated) strain WISTAR (PM/WI38 1503-3M)), a vaccine for pre-exposure and post-exposure prophylaxis against rabies in individuals of all age groups. Rabies is a rare but very serious infection caused by a virus which is usually spread through the bite or scratch of an infected animal.

Zeydovio (glepaglutide) received a positive opinion from the CHMP for the treatment of short bowel syndrome, a condition in which nutrients and fluids are not properly absorbed by the gut, usually because a large part of the intestine has been surgically removed.
The committee adopted positive opinions for two biosimilar medicines:Adcomfo (omalizumab), for the treatment of asthma, chronic rhinosinusitis with nasal polyps and chronic spontaneous urticaria.

Pebrilzo (pertuzumab), for the treatment of breast cancer in adults. Pebrilzo is the first biosimilar medicine recommended for approval following the tailored clinical approach.

Two generic medicines received a positive opinion:Inijaq (tofacitinib), for the treatment of rheumatoid arthritis, psoriatic arthritis, ankylosing spondylitis and ulcerative colitis in adults, and juvenile idiopathic arthritis in children from two years of age.
Ruxolitinib Zentiva (ruxolitinib), for the treatment of myelofibrosis in adults, polycythaemia vera in adults, and graft-versus-host disease in adults and children.

Recommendations on extensions of therapeutic indication for 11 medicines

The CHMP adopted a positive opinion, recommending a change to the terms of the marketing authorisation for the medicinal product Anzupgo, a medicine used to treat moderate to severe chronic hand eczema in adults. The committee recommended lowering the age of administration to adolescents 12 years of age and older.

The committee recommended extensions of indication for another 10 medicines that are already authorised in the European Union (EU): Abiraterone Mylan, Cosentyx, Enhertu, Jyseleca, Keytruda, Ocrevus, Padcev, Pepaxti, Sogroya, and Tecvayli.
Withdrawal of applications

Two applications for initial marketing authorisation were withdrawn:Isembyld (apitegromab), for the treatment of 5q spinal muscular atrophy, a genetic disease that causes weakness and wasting of the muscles including the lung muscles.

Zinmyleo (trilaciclib), for reducing myelosuppression (damage to the bone marrow) caused by chemotherapy in patients undergoing certain treatment for extensive-stage small-cell lung cancer.

Applications for an extension of the indications of three medicines that are already authorised in the EU were withdrawn:Alhemo (concizumab), for use in children below 12 years of age with haemophilia A or haemophilia B, with or without factor VIII or IX inhibitors.

Kaftrio (ivacaftor/tezacaftor/elexacaftor), for use in children aged one year and older with cystic fibrosis, in combination with ivacaftor.

Kalydeco (ivacaftor), for use in combination with a medicine containing ivacaftor/tezacaftor/elexacaftor in children aged one year and older with cystic fibrosis.

Question-and-answer documents on the withdrawal of these applications are available in the grid below.

Start of re-examination
The applicants of Kemsu (sufentanil / ketamine), Meplyffa (arimoclomol) and Qezzaqar (catequentinib) have requested a re-examination of the negative opinions that were issued in July 2026.

Upon receipt of the grounds of these requests, the CHMP will re-examine these opinions and issue final recommendations.
Outcome of re-examination

Following a re-examination of its initial opinion, the committee has confirmed its recommendation to refuse marketing authorisation for the medicine Xervyteg (allogeneic faecal microbiota, pooled). The medicine was intended for the treatment of acute graft-versus-host disease (aGvHD), a serious, life-threatening condition where the donor cells of a bone marrow or stem cell transplant attack the host body shortly after the transplant.


Conclusion of referral
The CHMP has finalised its review of medicines containing ipidacrine, which are used in adults to treat different conditions affecting the nervous system. The committee recommended several changes, including restricting and better defining the approved uses of the medicine. The aim of the recommendations was to align uses to the available data and the current standard of care. Following a review, the committee also concluded that the benefits of sodium oxybate syrup and oral solution (175 mg/ml) continue to outweigh their risks when used to treat acute alcohol withdrawal syndrome and to support long term abstinence in people with alcohol dependency. However additional studies are required to further characterise the efficacy of the medicines in these uses.

For more information, see the public health communications in the grid below.

Related: MRK PFE JNJ AZN SNY NVS NVO RHHBY INCY CORT SAN.FR ROG.CH NOVN.CH AZN.UK 4568.JP NOVOB.DK ZEAL.DK DSNKY ZEAL

Electrek : Royal Enfield’s Flying Flea electric motorcycle finally goes global,

Royal Enfield’s new Flying Flea electric motorcycle has officially spread its wings beyond India, with the retro-inspired C6 now launching in Europe and the UK. And perhaps just as importantly, we finally know what Western riders can expect to pay for it.

The Flying Flea C6 is opening for bookings at €5,990 across Europe and £5,300 in the UK, with deliveries expected to begin in October. The initial European rollout includes Paris, Barcelona, Rome, Berlin, and London, according to local Indian sources.
That’s a fairly significant milestone for Flying Flea, Royal Enfield’s new all-electric sub-brand. We’ve been following the C6 since it was first unveiled, but one of the lingering questions has been when the bike would actually start making its way into major export markets – and what it would cost once it got there.
Now we have our answer, at least for Europe.
The C6 packs a 3.91 kWh battery and a 15.4 kW (20.6 hp) peak-power motor producing up to 60 Nm of torque. Top speed is listed at 115 km/h (71 mph), while the European bike gets a WMTC range rating of 104 km (65 miles). That European figure is a much lower range than the rated range using India’s national standard, and is still likely much higher than real-world values will reveal.
But at 124 kg (273 lb), it’s also significantly lighter than many full-size electric motorcycles. Charging from 20-80% takes around 65 minutes, largely thanks to the small battery pack.
At nearly €6,000, the C6 isn’t exactly inexpensive considering those performance specs. There are plenty of lower-cost Chinese electric motorcycles and e-motos that can offer more battery and power for the money.
But spec sheets don’t tell the entire story here. Part of what buyers are paying for is presumably the more refined manufacturing and engineering associated with Royal Enfield, including touches like the forged-aluminum frame, magnesium battery case, unusual girder front suspension, belt drive, lean-angle-sensitive ABS and traction control, and a fairly sophisticated connected electronics package.
There’s also the not-insignificant advantage of buying from an established motorcycle manufacturer with an actual dealer and service network behind it. Royal Enfield’s network may not be as extensive as some of the biggest legacy motorcycle brands, but it’s a very different ownership proposition from importing a cheap electric motorcycle from a little-known manufacturer and hoping you can find parts a few years later.
The big question for us, of course, is when the Flying Flea will make the next hop across the Atlantic.
There still isn’t a US launch date or US pricing. Flying Flea’s American website currently says pricing will be announced later, suggesting the company at least continues to have the US market on its radar.
It wouldn’t be surprising if that rollout takes longer. Lightweight urban motorcycles and scooters have traditionally enjoyed a much larger market in Europe than in the US, where motorcycles tend to skew larger and more highway-oriented.
Electrek’s Take
For those of us waiting to see the Flying Flea in the US, I’d take this as a positive sign.
The C6 has gone from an interesting concept and India-focused launch to an actual export product in several major Western markets. That doesn’t guarantee an American launch anytime soon, but it certainly makes one look considerably more plausible.
And now we have a much better idea of what to expect on price. If Flying Flea eventually makes the jump to the US, don’t expect bargain-bin Chinese e-moto pricing. This is clearly being positioned as a premium lightweight urban electric motorcycle – and Royal Enfield seems to be betting that its design, build quality, technology, and dealer support can justify the premium.

>>> iPhone 18 Pro Camera Review

https://www.austinmann.com/trek/iphone-18-pro-camera-review-dunton


September 17, 2026 · Austin Mann
iPhone 18 Pro Camera Review: Dunton, Colorado
Watch the film
Location
Dunton River Camp, Colorado
Coordinates
37°46′N 108°06′W
Captured
Sept 2026
Camera
iPhone 18 Pro
The iPhone 18 Pro camera tested for a week at Dunton River Camp in southwest Colorado — manual focus, manual shutter, the all-new variable aperture, Focus Tracking, Apple Reference Image, 4K time-lapse and more.
Greetings from Dunton River Camp!
I'm here at the beautiful Dunton River Camp in southwest Colorado, where I've spent the last week testing the new camera and features on the iPhone 18 Pro.
Beyond the variable aperture and Pro Controls, Apple also built in a bunch of other new features like Photographic Styles 3 with film texture and grain control, 4K Time-lapse and Focus Tracking. As always, when I start a field test I’m asking one question:
HOW WILL THIS NEW TECH MAKE OUR PICTURES AND VIDEOS BETTER?
Dunton River Camp has been our base and it’s been perfect. We’ve been completely immersed in nature, with light and beauty everywhere we look. Thanks to everyone at Dunton for inviting us into this extraordinary place with such warm hospitality.
Huge thanks to Taylor McKay for the film and for all the support, testing and insights.
Let’s jump in.

Horseback riding in the high Rockies through Dunton propertyiPhone 18 Pro24mm1xƒ/1.481/2865ISO 64Photographic Style: Gold + Film with Grain

More light, more depth
The all-new variable aperture gives us natural, shallow depth of field when we want it, deep depth of field when we don't, and 50% better light-gathering ability in low light.
The night skies at Dunton are absolutely incredible so when I learned of the new wider f/1.48 aperture on the iPhone 18 Pro camera, the first thing I did was check the moon phase. Luckily, the night we arrived was a new moon, which meant an extra-dark sky to work with all night.
Milky Way captured in the dark night sky over Dunton River CampiPhone 18 Pro24mm1x12MPƒ/1.510sISO 1600ProRAWEdited in Lightroom
Pre-sunrise hike up to Navajo LakeiPhone 18 Pro24mm1xƒ/1.482sISO 8000ProRAWEdited in Lightroom
Milky Way over Dunton River Camp tentiPhone 18 Pro24mm1x12MPƒ/1.510sISO 4000ProRAWEdited in Lightroom

Starburst with the variable aperture
I tested the variable aperture starburst quite a bit and I tend to actually like f/1.8 the best. It feels balanced, classic and works great with the sun.
I’ve heard some comments about this effect and want to make sure everyone knows — this starburst is a natural effect, not a simulated one. It's the physics of the variable aperture lens.
Sophia and Firefly leading the way to the meadowiPhone 18 Pro24mm1x48MPƒ/1.81/1456ISO 64Photographic Style: Quiet + Film with Grain
Natural starburst at Dunton Hot SpringsiPhone 18 Pro24mm1xƒ/1.81/2208ISO 80
Have a look at the four images below, shot with each of the four available aperture on the 1x lens… notice how the starburst changes between settings.
f/1.48f/1.8f/2.8f/4.0
Note: I recommend leaving your aperture in Auto. The camera is very, very good at picking the best aperture for the scene, and it's usually better at it than me. Inside at dinner? f/1.48, auto-selected. Outside with plenty of light and depth? It picks a higher f-stop to keep everything in focus.
I only switch out of Auto for a specific artistic purpose: shallow depth of field, motion blur, or a starburst.
It's easy to get excited about that new artistic latitude, but let's not miss the point:
variable aperture just means better photos for everyone across the board.

Pro Controls are finally here!
There was lots of talk at the keynote about the variable aperture, so I was excited to play with it. But I was surprised to open the Camera app and find Manual Focus, which I hadn’t heard mentioned at all.
One of the most-asked-for features by photographers has been the ability to separate exposure and focus, and now we can! All you do is set your focus manually (with focus peaking that works quite well!) and then tap where you want to expose.
<button>
This individual control of focus and exposure is genuinely a big deal and a major reason many photographers use third-party camera apps.
Have a look at the depth of field from shallow to deep in the images below:
f/1.48f/1.8f/2.8f/4
Here’s a shot where manual focus really came in handy. The auto-focus was trying to focus on the window itself but what I wanted was to focus on the reflection of the mountains — I used manual focus for this and had no problem capturing it.
El Diente and the Wilson Range in the reflection of Dunton StoreiPhone 18 Pro101mm4xƒ/1.481/728ISO 64Photographic Style: Quiet + Film with Grain
Double-rainbow at sunset over El DienteiPhone 18 Pro24mm1xƒ/1.81/4975ISO 80Edited in Lightroom

Freezing and blurring motion
Professional photographers have long manipulated shutter speed for different effects in camera… motion blur (longer shutter) and freezing motion (shorter shutter).
Freezing motion on iPhone has never been hard, because the default shutter speed is extremely fast. But that same default makes motion blur a struggle, and it’s one of the main reasons I reach for my favorite third-party camera app, Halide.
The shutter doesn’t need to be very long at all to create a blur if the subject is moving quickly. I closed the aperture down to f/4 and dragged the shutter out to 1/15th of a second while holding the camera extremely still to make the image below.
Motion blur waterfall at Dunton Hot SpringsiPhone 18 Pro24mm1x48MPƒ/41/15ISO 50Photographic Style: Natural + Film with Grain
Here’s another example of motion blur, where instead of keeping the camera super still, I panned the camera along with the riders, which really adds a lot of energy and dynamism to the photograph.
Sophia and Brooklynn on horseback on the Dunton propertyiPhone 18 Pro24mm1x24MPƒ/41/60ISO 50Photographic Style: Amber + Film with Grain

Focus Tracking
I wasn’t initially too excited about Focus Tracking, because I don’t usually have trouble keeping things in focus on my iPhone. But at f/1.48 the depth of field is shallow, and I quickly realized the right focus tools matter.
Where I found it really helped was macro and close-focus work. Usually when I’m trying to take a picture of something like a flower super close, it can be really difficult to keep it in focus because the depth of field is so shallow. It's tough to keep the camera completely static, and the flower itself blows in the wind and comes in and out of focus even if the camera is on a tripod. Now with the new Focus Tracking feature, it's really not a problem. Just double-tap to lock focus, and whether the camera moves or the flower moves, it stays locked on.
Focus Tracking is SUPER helpful and works better than I expected.
Showy goldeneye sunflowers near Navajo Lake, locked with Focus TrackingiPhone 18 Pro24mm1x48MPƒ/1.481/513ISO 64Photographic Style: Quiet + Film with Grain
Check out this demo exploring how Focus Tracking works:
<button>
Focus Tracking is also really useful for focusing on a distant subject through foreground objects and works surprisingly well. Just double-tap on whatever you want to keep in focus and then move the camera freely.
Here’s a quick demo:
<button>

New Photographic Styles with Texture and Grain control
Photographic Styles are so powerful yet I feel many people don’t really give them a try. They are extremely sophisticated and offer advanced adjustments that are difficult to pull off even in Photoshop… and this year they got even better! I’ve really enjoyed the new film texture and grain controls, which let me quickly and easily change how my photographs feel. Dunton harkens back to another era and having the tools to capture and adjust photographs so they feel less digital and more analog has been a lot of fun.
One thing I’ve noticed is that, true to film, the grain is chunkier in the shadows than the mids and highlights.
Sophia and Brooklynn riding through an afternoon rainstorm in the high RockiesiPhone 18 Pro24mm1xƒ/1.481/7143ISO 64Photographic Style: Stark B&W + Film with Grain + WB for warmth
There’s also halation around the highlights, which can be dialed up or down with the Film slider in Photographic Styles. Look closely at the edge of the bar in the Dunton saloon and you’ll see a subtle example. In traditional film, halation is a physical phenomenon that occurs when light from very bright areas passes through the emulsion, scatters or reflects within the film, and exposes the emulsion again, creating a soft, diffuse halo around the highlight.
I’ve noticed this effect appearing in some of my images with extremely bright highlights, and I like how it adds to the overall feel.
Fun fact: Look closely at the bar and you’ll see the name of the one and only Butch Cassidy. Legend has it that he hid out here at Dunton after robbing a bank in nearby Telluride.
The Dunton saloon, signed by Butch Cassidy himselfiPhone 18 Pro24mm1xƒ/1.481/30ISO 800Photographic Style: Quiet + Film with Grain
Beyond the film, we also got smooth skin and “glow” which is the style on the two images below.
Sophia, our trail guide and wrangleriPhone 18 Pro24mm1x48MPƒ/1.481/34ISO 640Photographic Style: Amber + Glow
Sophia, our trail guide and wrangleriPhone 18 Pro24mm1xƒ/1.481/56ISO 640Photographic Style: Amber + Glow
Mountain fog, Dunton, ColoradoiPhone 18 Pro100mm4x18MPƒ/2.81/308ISO 50Photographic Style: Stark B&W + Film with Grain
Here’s a look at all the Photographic Styles with their default settings:

As you can see, I’ve put these Photographic Styles through the wringer… here are my tips for the best film effect…
  • Shoot dark, like -1.0, and shoot wide open at f/1.48. Use manual focus, which will make the image slightly softer (which is OK!).
  • Shoot HEIF so you can apply Photographic Styles.
  • Then in post, on the D-Pad, put the dot in the very lower right. This reduces the tone-mapping (aka the HDR look) and crunches your shadows and blows your highlights.
  • You can dial back the Film effect to reduce halation, which sometimes goes a bit overboard.
I rarely shoot in ProRAW anymore, I use HEIF… unless I'm shooting stars or low light and need to be able to control the grain and noise reduction.
Sophia and Pat at Dunton River CampiPhone 18 Pro100mm4xƒ/2.81/638ISO 32Photographic Style: Stark B&W + Film with Grain
Dunton StoreiPhone 18 Pro101mm4x12MPƒ/1.81/121ISO 64Photographic Style: Stark B&W + Film with Grain
Sophia and Brooklynn on horsebackiPhone 18 Pro24mm1x48MPƒ/1.81/1000ISO 64Photographic Style: Stark B&W + Film with Grain

Apple Reference Image
When Apple started talking about Reference Image at the keynote, my first question was "how is this different from a RAW or DNG, which can't be edited either?" As best I can tell, the difference is the signing. Think of it like a paper contract. Your RAW is a clean original you've kept in a drawer. Reference Image is the same original with a notary stamp. The drawer copy is probably genuine. The notarized copy is provably genuine.
Turn it on in Settings > Camera > Reference Image > Add Reference Mode. It gets its own mode in the camera, next to Photo, and works on the main sensor (1x and 2x) but not the 0.5x, 4x or 8x.
Why it matters
For the first time in history, a photograph is no longer evidence by default. Anyone can generate a photo-realistic image of anything in seconds, so the assumption has flipped from "real unless proven fake" to "fake unless proven real." Since the beginning of photography, "I have a photo" ended the argument. Photoshop started eroding that trust, and AI finished the job. Reference Image is the answer.
If Apple makes this technology available to third parties, and I assume they will, I can see it used in verifying vehicle damage for insurance, move-in and move-out photos for a landlord, or a listing when you sell something online. I'd love to see Instagram offer a "Verified Photograph" check too, especially now that Leica and Sony are signing their files with Content Credentials.
This might sound like a feature for photojournalists and the historical record, but it matters for the rest of us too. With Clean Up, Extend Frame and Reframe, we can now extend reality, and six months or six years from now we won't remember exactly what we changed. The timing is right. Just as the camera team hands us tools to reshape a photo, they hand us one to verify it.
Left: the original, signed Reference Image. Middle: the Clean Up tool used to change the scene. Right: the final, altered imageiPhone 18 Pro
Photographs matter because they represent moments that actually happened. Somewhere, someplace, light hit a sensor. Reference Image gives us that grounding when it really matters.

4K Time-lapse
I really love shooting time-lapses. Remember the iPhone 6S video we made with all the time-lapses from Switzerland?
Up until now, time-lapses shot in the native Camera app have only been 1080p, so working them into our review videos has never felt quite right. Now with 4K, time-lapses are the same resolution as our video.
Here’s a 4K time-lapse of the ranch:
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After I wrapped this time-lapse, I noticed there was a brief moment where the light was more dramatic and highlighted the trees on the left. Now that the time-lapse is 4K, I found myself wishing there was a way to easily export this high resolution frame… and I was delighted to find that feature!
Exporting a frame from the time-lapseiPhone 18 Pro
Here’s that final exported frame:
The exported 4K frameiPhone 18 Pro
There's also a new feature called "Adaptive" time-lapse, which slows the time-lapse down when it detects motion. I tried this a few times but honestly haven't exactly figured out how it works just yet. Curious to see how folks use it.
I’m glad Time-lapse is getting some attention and hope there’s more to come.

The lens lineup is right
I don't know about you, but for me the lens lineup on the iPhone 17 Pro just felt right… the 0.5x and 1x have always been great, but it's the optical telephoto that has moved around a bit. 5x was a bit too tight, and the 3x on previous iPhones wasn’t always enough. 4x on the 17 Pro was not only the right perspective at 100mm but also 48MP.
These “eight lenses” felt right all year, and I’m glad it hasn’t changed on the 18 Pro.
Sophia and Brooklynn trail riding in the high Rockies at DuntoniPhone 18 Pro100mm4xƒ/2.81/121ISO 80Photographic Style: Amber + Film
Morning showers over Major Ross at Dunton Hot SpringsiPhone 18 Pro100mm4x18MPƒ/2.81/116ISO 320Photographic Style: Natural + Film with Grain
Brooklynn and Zeus at Dunton River Camp. Photographic Style: Quiet + Film with Grain.
The beautiful Dunton libraryiPhone 18 Pro14mm0.5x48MPƒ/2.21/24ISO 320Photographic Style: Amber + Film with Grain

The Duo and iPhone handoff
I got to play with iPhone Duo at Apple Park and it's absolutely stunning. It feels great in your hand and the screen is incredible. I love SmartTake, which detects the scene and fires the camera when everyone in the group is ready, and KidQ, which uses the outer screen to catch the attention of the kiddos in the picture. And because of its unique design, it can stand on its own without a tripod.
The Duo has a great camera system, a 48-megapixel Ultra Wide and Wide, but no telephoto. I use the 4x all the time, otherwise it’d be my daily device. But with the new iPhone Handoff feature letting you use the same number on two iPhones… is it too much to carry them both? 🤔
El Diente and the Wilson Range from Dunton Hot SpringsiPhone 18 ProPhotographic Style: Vibrant

Worth mentioning…
During the keynote, Apple's Kaiann Drance shared that AirDrop is now up to 80% faster, and that it's enabled through software. I haven’t side-by-side tested this but have noticed my AirDrops are blazing.
The new displays have new color calibration with Apple Color Matching Functions (CMF) for more accurate and consistent colors. In Apple's words, "this advancement bridges the gap between display color capability and true perceptual quality." I love hearing how far the engineers go behind the scenes to get this right.

A few wishes
  • The new Pro Controls are exciting and very welcome, but they’ll take some getting used to. There are so many options that it’s hard for me to remember where everything is, change what I want, and get back to the shot. I think I’ll get used to the new camera UI but it has me thinking about the Pro Camera app conversation that has gone on for years, and with a variable aperture and real manual controls, I wonder if it’s time. Apple built Final Cut Camera for serious filmmakers. I’d love a Pro Camera app built the same way for photographers.
  • I really like the grain and how smart it is but I do wish I could tone it up and down. Often when I'm adding grain to an image, I use it as a subtle polish, not something you necessarily notice when viewing the image, but something you feel. Sometimes this is for a feeling, other times it's because I've done some retouching and grain helps smooth things out (like a Clean Up.)
  • I wish Time-lapse had variable speeds! Maybe just Fast, Faster and Fastest. When you end the time-lapse, you can choose how fast you want it to be.
  • I wish SmartTake, which is only on the iPhone Duo, was on the 18 Pro too. It’ll be super useful, and I can’t wait to field test some of these features on the Duo’s camera.
Navajo LakeiPhone 18 Proƒ/2.21/531ISO 20

Tips for photographers using iPhone 18 Pro
  • As always, do your creative push-ups! When you get your new camera, put it through its paces and learn how it works.
  • Go to Settings > Camera to find the new features available.
  • You can customize the top bar of your camera! Press and hold the icon bar at the top of the camera, then choose what goes in there and in what order. I have aperture, shutter speed, focus mode, exposure bias, night mode and file format.
  • Play with the Photographic Styles. There's so much power in there… whether it’s just to make subtle adjustments to undertones or transform the images with filmic moods.
  • Keep your aperture in Auto unless you are shifting for something specific.
  • Shoot HEIF instead of ProRAW for most things. Photographic Styles work with HEIF, not RAW… also the HEIF files take up less space than RAW.
  • Shoot when you're in the field… review and edit when you get home.

Buying advice for photographers

The Bottom Line
Since the first iPhone, the camera's objective has been sharp, color-accurate photographs. That makes sense. It's exactly what most people need.
But for creative pros, it meant achieving something as simple as an artistic motion blur sometimes felt like struggling against the camera. This year, that's shifted.
With new tools that let us drag the shutter and intentionally introduce film imperfections, we have new ways to capture and express our unique vision, even when the result isn't "technically correct."
Technical accuracy matters. But a great photograph is rarely just accurate. It captures a feeling, and this year's tools give photographers more freedom to do that than ever before.
As David Alan Harvey said, "Don't shoot what it looks like. Shoot what it feels like."

One more thing…
Next year marks 20 years of iPhone, and to celebrate, I’m doing something new! For the first time ever, I’m inviting you to join me on one of my iPhone photography adventures, on a private safari in Kenya. We’re going in October so, if the iPhone releases in September as it usually does, you’ll have just enough time to unbox your new iPhone, hop on a plane and learn to use it on the safari of a lifetime with me, Taylor McKay and Bobby Neptune! Three guides. Six guests.
It’s a super small group, exclusive use luxury camps, private charters and an absolutely stunning time to be in Kenya.
Can’t wait to have six of you join us next year… seats are limited and you can find more details here.

>>> Europe : Brokers Upgrades & Downgrades - 18th of Sept 2026 V2(+)

>>> Up
* 2G Energy Raised to Buy at First Berlin; PT 76 euros (+)
* Bytes Technology Raised to Buy at Berenberg; PT 520 pence (+)
* Granges Raised to Buy at Nordea; PT 210 kronor
* Infineon Raised to Outperform at Oddo BHF; PT 80 euros (+)
* LPP Raised to Buy at Kepler Cheuvreux; PT 25,600 zloty (+)
* Orsted Raised to Buy at ABG; PT 180 kroner
* RENK Group Raised to Buy at Goldman; PT 65 euros
* Romerike Sparebank Raised to Buy at Norne Securities (+)
* Soitec Raised to Overweight at Barclays; PT 200 euros
* Southwest Air Raised to Neutral at Rothschild & Co Redburn (+)
* Sparebank 68 Grader Nord Raised to Hold at Norne Securities (+)
* Stubhub Raised to Buy at Citi; PT $7
* Vincorion Raised to Outperform at Oddo BHF; PT 23 euros (+)
* Wickes Raised to Hold at Deutsche Bank; PT 210 pence (+)

>>> Down
* Bankinter Cut to Hold at Bestinver; PT 16.85 euros
* BCP Cut to Neutral at JB Capital Markets; PT 1.30 euros (+)
* Flekkefjord Cut to Hold at Norne Securities; PT 120 kroner (+)
* Orange Cut to Underweight at Morgan Stanley; PT 15 euros
* Unicaja Cut to Neutral at JB Capital Markets; PT 3.80 euros (+)

>>> Initiation
* Admiral Rated New Outperform at BNP Paribas; PT 4,800 pence
* Aviva Rated New Outperform at BNP Paribas; PT 800 pence
* Caterpillar Rated New Buy at President Capital Management (+)
* Hill & Smith Rated New Overweight at Barclays; PT 3,300 pence (+)
* Legal & General Rated New Underperform at BNP Paribas
* M&G Rated New Neutral at BNP Paribas; PT 340 pence
* Straumann Reinstated Buy at Berenberg; PT 118 Swiss francs
* TKMS AG & Co KGaA Rated New Buy at Stifel; PT 105 euros

>>> Call
* Adecco Upgraded at BofA as Underperform Thesis Has Played Out (+)
* Infineon Gains as Oddo BHF Upgrades After Valuation Contraction (+)
* Moncler Estimates Cut at Morgan Stanley on Harder Luxury Climate (+)
* Siltronic Rises; UBS Sets Street-High PT, Sees Price Hikes Ahead (+)
* Soitec Raised to Overweight at Barclays as Photonics Dominates (+)
* Strategists Most Bullish on Europe in Eight Years: Taking Stock (+)

9to5 : Judge rejects OpenAI’s bid to see X’s confidential settlement with Apple

Judge rejects OpenAI’s bid to see X’s confidential settlement with Apple in antitrust lawsuit

Judge Mark Pittman today rejected OpenAI’s request to obtain X and SpaceXAI’s confidential settlement agreement with Apple in their ongoing antitrust case. Here are the details.

Judge says terms aren’t relevant to the remaining case against OpenAI
A few days ago, X and SpaceXAI informed the federal court overseeing their antitrust lawsuit against Apple and OpenAI that, after reaching an agreement with Apple, they would move to dismiss their claims against the iPhone maker.

In the lawsuit, Elon Musk’s companies accused Apple and OpenAI of colluding to shut competing AI apps out of the market, including by preventing them from gaining visibility on the App Store, allegations both companies denied.

After X and SpaceXAI informed the court of the agreement, OpenAI filed an emergency motion asking the judge to compel them to produce its terms, arguing that they could contain information relevant to its defense as the lawsuit continues solely against OpenAI.

Judge Pittman then ordered X and SpaceXAI to submit the agreement privately to the court so he could assess whether it contained information relevant to the remaining case against OpenAI.

Today, he issued his decision, saying that after reviewing the agreement, he found that it does “not present information relevant to the issues” at hand.

From the decision:

The Court hesitates to compel the production of confidential settlement agreements entered by parties. […] Courts have, at times, permitted the production of confidential settlement agreements to the extent they contain information relevant to specific issues at summary judgment or trial. Having conducted an in camera review of the requested materials, however, the Court finds that they do not present information relevant to the issues to be decided at summary judgment or trial in this case.

In his decision, Judge Pittman also notes that OpenAI plans to file a motion for summary judgment (meaning it will ask the court to rule on the case or some of its claims without a trial), and that the court has granted the company additional time to prepare it.

You can read Judge Pittman’s full decision below:

gov.uscourts.txnd.408471.398.0