Franklin

This week’s City Section top 10 high school football rankings by The Times:

1. BIRMINGHAM (4-3): The Patriots have 51 consecutive victories against City Section opponents, so any computer rankings that don’t have them at the top are ignoring history.

2. CARSON (4-3): The Colts are on collision path to face San Pedro on Oct. 30 to determine the Marine League championship.

3. PALISADES (7-0): Jack Thomas had 460 yards passing and five touchdowns in a 56-54 win over Venice.

4. SAN PEDRO (4-4): Pirates quarterback Seth Solorio has passed the 2,000-yard mark this season.

5. GARFIELD (5-2): The Eastern League championship will be decided Friday night at South Gate.

6. KENNEDY (6-1): In Diego Montes the Golden Cougars trust.

7. EAGLE ROCK (5-2): Northern League title showdown at Franklin on Friday night.

8. KING/DREW (5-1): Sophomore defensive lineman Kenneth Webb is having big season.

9. VENICE (3-4): Joshua Aaron rushed for 170 yards and four touchdowns in loss to Palisades.

10. FRANKLIN (6-1): Senior Albert Cardenas is coming through at quarterback.

STATE COLLEGE, Pa. — James Franklin is out at Penn State.

The school fired the longtime head coach on Sunday, less than 24 hours after a 22-21 home loss to Northwestern all but ended whatever remote chance the preseason No. 2 team had of reaching the College Football Playoff.

Terry Smith will serve as the interim head coach for the rest of the season for the Nittany Lions (3-3, 0-3 Big Ten), who began the year with hopes of winning the national title only to have those hopes evaporate by early October with three consecutive losses, each one more stinging than the last.

Penn State, which reached the CFP semifinals 10 months ago, fell at home to Oregon in overtime in late September. A road loss at previously winless UCLA followed. The final straw came on Saturday at Beaver Stadium, where the Nittany Lions let Northwestern escape with a victory and lost quarterback Drew Allar to injury for the rest of the season.

Franklin went 104-45 during his 11-plus seasons at Penn State. Yet the Nittany Lions often stumbled against top-tier opponents, going 4-21 against teams ranked in the top 10 during his tenure.

Hired in 2014 in the wake of Bill O’Brien’s departure for the NFL, Franklin inherited a team still feeling the effects of unprecedented NCAA sanctions in the wake of the Jerry Sandusky scandal.

Armed with relentless optimism and an ability to recruit, Franklin’s program regularly churned out NFL-level talent, from Philadelphia Eagles running back Saquon Barkley to Green Bay Packers edge rusher Micah Parsons. Franklin guided the Nittany Lions to the 2016 Big Ten title and a seemingly permanent spot in the rankings.

There was hope this fall might be the one when Penn State would finally break through and win its third national championship and first since 1986. Yet after three easy wins during a light nonconference schedule, the Nittany Lions crumbled.

Athletic director Pat Kraft said the school owes Franklin — who is due nearly $50 million in a buyout — an “enormous amount of gratitude” for leading the Nittany Lions back to relevance but felt it was time to make a change.

“We hold our athletics programs to the highest of standards, and we believe this is the right moment for new leadership at the helm of our football program to advance us toward Big Ten and national championships,” Kraft said.

Smith now will be tasked with trying to stop the bleeding on what has become a disastrous season. He will have his work cut out for him: Penn State’s next three games are at Iowa on Saturday, at No. 1 Ohio State on Nov. 1 and home against No. 3 Indiana on Nov. 8.

The matchups with the Buckeyes and Hoosiers were expected to be a chance for the Nittany Lions to bolster their CFP credentials. In the span of a handful of weeks, Penn State will instead find itself in the role of spoiler.

Johnson writes for the Associated Press. AP Sports Writer Will Graves in Pittsburgh contributed to this report.

Franklin Street Advisors disclosed an exit from Intuitive Surgical (ISRG -0.92%) in its latest SEC filing for the quarter ended September 30, selling 42,601 shares for an estimated $23.2 million.

What Happened

According to a filing with the Securities and Exchange Commission released on Thursday, Franklin Street Advisors sold its entire holding in Intuitive Surgical, divesting 42,601 shares. The estimated value of the transaction, calculated using the average market price during the quarter, was approximately $23.2 million.

What Else to Know

Franklin Street Advisors’ Intuitive Surgical position previously comprised 1.4% of the fund’s 13F assets.

Top holdings after the filing:

• NVDA: $132.2 million (7.6% of AUM)
• MSFT: $115.2 million (6.6% of AUM)
• AAPL: $110.4 million (6.4% of AUM)
• GOOGL: $91.2 million (5.3% of AUM)
• AMZN: $72.5 million (4.2% of AUM)

As of Thursday afternoon, shares of Intuitive Surgical were priced at $443.87, down 9.5% over the past year and underperforming the S&P 500’s 16% gain.

Company Overview

Company Snapshot

• Intuitive Surgical offers the da Vinci Surgical System for minimally invasive surgery and the Ion endoluminal system for diagnostic lung procedures, along with surgical instruments, digital solutions, and support services.
• The company generates revenue primarily through the sale of surgical systems, recurring instrument and accessory sales, and service contracts for its installed base.
• It serves hospitals, surgical centers, and healthcare providers globally, targeting institutions seeking advanced minimally invasive surgical capabilities.

Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of, and access to, minimally invasive care in the United States and internationally. Its strategic focus on innovation and expanding procedure adoption underpins its long-term growth trajectory.

Foolish take

Franklin Street Advisors’ $23.2 million sale of its entire Intuitive Surgical position marks a clear step back from the medical robotics firm after a volatile year for the stock. Shares have fallen more than 25% from their all-time high in January, as investors weigh valuation concerns and new tariff-related risks that management warned could trim 2025 margins by about 1 percentage point.

In its second-quarter 2025 earnings, Intuitive posted revenue of $2.4 billion, up 21% year-over-year, with worldwide da Vinci procedure volume climbing 17%. Meanwhile, GAAP net income rose 25% to $658 million ($1.81 per share). Yet even with expanding adoption, tightening gross margins—driven by higher input costs and tariffs on components from Mexico, Germany, and China—tempered enthusiasm.

CEO Dave Rosa said Intuitive remains “committed to advancing care” and expanding access to minimally invasive surgery worldwide. But after a multi-year run-up, Franklin’s decision to take profits may signal growing caution among institutional investors who see near-term headwinds outpacing the company’s impressive long-term growth story.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their holdings in U.S. publicly traded securities.
Assets under management (AUM): The total market value of investments that a fund or firm manages on behalf of clients.
Full exit: When an investor sells all shares of a particular holding, eliminating exposure to that asset.
Stake: The amount of ownership or investment a fund or individual holds in a company or asset.
Filing: An official document submitted to a regulatory authority, such as the SEC, to disclose financial or operational information.
Divesting: Selling off an asset or investment, often to reduce risk or change portfolio strategy.
Minimally invasive surgery: Surgical procedures performed through small incisions, often using specialized instruments or robotic systems.
Installed base: The total number of a company’s products currently in use by customers.
Service contracts: Agreements for ongoing maintenance, support, or services related to products sold.
Procedure adoption: The rate at which new medical procedures or technologies are implemented by healthcare providers.
TTM: The 12-month period ending with the most recent quarterly report.

Franklin Street Advisors disclosed in a Thursday regulatory filing that it sold Salesforce shares in an estimated $19.6 million transaction during the third quarter.

What Happened

According to a Securities and Exchange Commission filing released Thursday, Franklin Street Advisors sold 77,826 shares of Salesforce (CRM 1.97%) in the third quarter. The estimated transaction value was $19.6 million based on the average share price for the period ended September 30. Following the sale, the fund held 1,924 shares, with a reported value of $455,988 at quarter’s end.

What Else to Know

The sale reduced the Salesforce stake to just 0.03% of Franklin Street Advisors’ 13F reportable assets under management as of September 30.

Top holdings after the filing:

• NVDA: $132.2 million (7.6% of AUM)
• MSFT: $115.2 million (6.6% of AUM)
• AAPL: $110.4 million (6.4% of AUM)
• GOOGL: $91.2 million (5.3% of AUM)
• AMZN: $72.5 million (4.2% of AUM)

As of Thursday afternoon, Salesforce shares were priced at $244.73, down 15% over the past year, far underperforming the S&P 500 by 31 percentage points during the same period.

Company Overview

Company Snapshot

• Salesforce delivers cloud-based customer relationship management (CRM) solutions, including the Customer 360 platform, Sales, Service, Marketing, Commerce, Tableau analytics, MuleSoft integration, and Slack collaboration tools.
• The company provides enterprise software and related services to organizations worldwide.
• It serves customers in financial services, healthcare and life sciences, manufacturing, and other industries.

Salesforce, Inc. is a global leader in CRM software, leveraging a comprehensive suite of cloud-based applications to drive digital transformation for its clients. Its scale and broad product portfolio reinforce its position in the enterprise software market. The company’s strategy centers on deepening customer engagement and expanding its platform ecosystem to maintain market leadership and sustain long-term growth.

Foolish Take

Franklin Street Advisors’ decision to nearly liquidate its Salesforce position—with a $19.6 million sale reducing holdings to just 0.03% of assets—reflects a sharp pivot away from one of tech’s weaker performers this year. Salesforce shares are down 15% over the past 12 months, while the fund’s top holdings—NVIDIA, Microsoft, Apple, Alphabet, and Amazon—have each notched double-digit gains, underscoring the widening divide between AI winners and software incumbents still proving their growth story.

In its latest quarterly earnings release, Salesforce reported revenue of $10.2 billion, up 10% year-over-year, and a GAAP operating margin of 22.8%, its 10th straight quarter of margin expansion. Net income climbed to $1.9 billion, or $1.96 per share, as strong demand for Data Cloud and AI offerings lifted recurring revenue. However, investors have grown cautious amid slowing overall growth and mounting competition in enterprise AI integration.

CEO Marc Benioff called the quarter “outstanding,” highlighting the company’s vision for “agentic enterprises” blending human and AI workflows. Yet with steep competition, Salesforce may need to show faster innovation—and reignite investor enthusiasm—to reclaim its former momentum.

Glossary

13F reportable assets: Assets that institutional investment managers must report quarterly to the SEC, showing their holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Transaction value: The total dollar amount received or paid in a specific buy or sell of securities.
Stake: The portion or percentage of ownership an investor or fund holds in a company.
Top holdings: The largest investments in a fund’s portfolio, typically ranked by market value.
Customer Relationship Management (CRM): Software and strategies used by companies to manage interactions with customers and prospects.
Platform ecosystem: The network of products, services, and partners built around a company’s core software platform.
Dividend yield: The annual dividend payment divided by the stock’s current price, expressed as a percentage.
TTM: The 12-month period ending with the most recent quarterly report.