After Hours Report

Today was more than a buy-the-dip trade. It was a return to the AI trade. The impetus for the return was rooted in earnings results and guidance from Microsoft (MSFT 451.10, +60.56, +15.51%) and Lam Research (LRCX 297.72, +45.37, +17.98%), which triumphed over all other corporate news. Arguably, a CNBC report that hedge fund Situational Awareness was forced to sell its entire book of public investments due to steep losses in its AI investments also acted as a catalyst for the rebound, as this news was viewed by some to be a "clearing event" for an AI trade that had been looking rather wobbly leading up to today's session.

Whatever the case may have been, there is no denying that Microsoft and the semiconductor stocks carried the stock market today.

Microsoft's move was gargantuan and far-reaching, impacting the Dow Jones Industrial Average, Nasdaq 100, and S&P 500 information technology sector (+5.2%) in a favorable light and providing a welcome distraction from the disappointments out of Meta Platforms (META 539.03, -46.58, -7.95%), Qualcomm (QCOM 151.54, -4.14, -2.66%), and Norwegian Cruise Line (NCLH 18.72, -2.04, -9.81%), to name a few, and the ongoing clash between the U.S. and Iran.

The Philadelphia Semiconductor Index soared 8.2%.

Most of the morning trade was simply a tech sector show, but buying efforts began to broaden out in the afternoon trade, sending the major indices to new session highs. The added lift was fueled by resurgences for the industrials (+1.0%), financial (+0.6%), and energy (+0.6%) sectors, all of which had been in negative territory earlier in the day. The consumer discretionary sector (+1.6%) was the next best-performing sector after information technology.

Conversely, the main pockets of weakness today were seen in the communication services (-2.5%), consumer staples (-2.2%), health care (-1.7%), and real estate (-1.2%) sectors.

It helped, too, that bond yields remained calm after a tough session yesterday. The 10-yr note yield hit 4.71% overnight but settled at 4.66% with oil prices pulling back, PCE inflation decelerating in June on a year-over-year basis, and Q2 GDP increasing a weaker-than-expected 1.5%.

There was still plenty of chatter in the market, though, about inflation remaining sticky well above the Fed's 2.0% target and the Fed's inflation-fighting credibility after it refrained from raising the target range for the fed funds rate yesterday. The Bank of England did as well today, voting 6 to 3 to leave its key bank rate unchanged at 3.75%.

The Bank of Japan will issue a policy announcement overnight. It is expected to leave its key policy rate unchanged at 1.00%, so it would be a surprise if the bank announced a rate hike. There was some notable strengthening in the yen today against the dollar (USD/JPY -2.5% to 159.36) ahead of the decision, prompting speculation that there was an official intervention effort on the part of Japan's government to strengthen the currency.

The U.S. market, though, traded in its own bubble (no pun intended), relishing the strength of many of its mega-cap leaders, including Amazon (AMZN 235.50, +8.85, +3.90%), which reports its results after the close. Apple (AAPL 333.43, -4.76, -1.41%) does, too, but it sat out today's advance, having made a solid move already in recent weeks leading up to its report.

• Russell 2000: +18.7% YTD
• S&P Mid Cap 400: +13.9% YTD
• DJIA: +8.6% YTD
• S&P 500: +8.6% YTD
• Nasdaq Composite: +8.1% YTD

Reviewing today's data:

• The Advance Q2 GDP report showed real GDP increasing at an annual rate of 1.5% (Briefing.com consensus: 2.3%) on the heels of a 2.1% increase for Q1. The GDP Price Index increased by a whopping 6.3% (Briefing.com consensus: 3.7%) following a 3.6% increase in Q1.
  • While the headline GDP print is a bit disappointing, it is not as soft as it appears knowing that net exports subtracted 1.01 percentage points. The bright spot was the pickup seen in personal spending (+3.2% from +0.5%) and final sales to private domestic purchasers (+3.9% from +1.7%).
• Initial jobless claims for the week ending July 25 increased by 9,000 to 197,000 (Briefing.com consensus: 203,000). Continuing jobless claims for the week ending July 18 decreased by 7,000 to 1.782 million.
  • The key takeaway from the report is initial claims remaining below 200,000, which is an historically low level and indicative of a solid labor market where layoff activity is quite low.
• Personal income increased 0.2% month-over-month in June (Briefing.com consensus: 0.3%), personal spending jumped 0.3% (Briefing.com consensus: 0.4%), the PCE Price Index was down 0.1% (Briefing.com consensus: -0.1%), and the core-PCE Price Index rose 0.1% (Briefing.com consensus: 0.2%). On a year-over-year basis, the PCE Price Index was up 3.7% versus 4.1% in May, and the core-PCE Price Index was up 3.3% versus 3.4% in June.
  • The key takeaway from the report, taking into account Fed Chair Warsh's demonstrative statement that the Fed doesn't have a soft inflation target but a hard target of 2.0%, is that the PCE Price Index remains well above 2.0%.

 Overseas:

• Europe: DAX +0.5%, FTSE -0.1%, CAC +0.9%
• Asia: Nikkei +0.7%, Hang Seng +0.2%, Shanghai -0.6%

Commodities:

• Crude Oil -0.92 @ 83.56
• Nat Gas +0.04 @ 2.76
• Gold +123.90 @ 4160.80
• Silver +0.99 @ 59.04
• Copper +0.17 @ 6.48

After-Hours Spotlight:

• Alignment Healthcare (ALHC) beats by $0.04, beats on revs; provides FY26 guidance...ALHC -12.4%
• Amazon (AMZN) reports Q2 (Jun) results, beats on revs, reports upside Q2 operating income; guides Q3 revs below consensus...AMZN +10.0%
• Apple (AAPL) beats by $0.13 including impact of tariff refunds, reports revs in-line; iPhone revenue tops estimates...AAPL -7.1%
• AXT (AXTI) announces second quarter 2026 financial results...AXTI +22.4%
• Cohu (COHU) beats by $0.12, beats on revs; provides Q3 (Sep) and FY26 guidance...COHU +18.4%
• Coinbase Global (COIN) reports Q2 (Jun) results, misses on revs; Provides Q3 outlook, including Subscription & Services revenue of $500-$800 mln...COIN -6.5%
• Eversource Energy (ES) reports EPS in-line, misses on revs; reaffirms FY26 EPS guidance...ES -0.9%
• First Solar (FSLR) beats by $1.02, reports revs in-line; reaffirms FY26 revs guidance...FSLR +3.4%
• Monolithic Power (MPWR) beats by $0.63, beats on revs; guides Q3 revs above consensus; increases buyback...MPWR +12.0%
• Myriad Genetics (MYGN) misses by $0.19, misses on revs; cuts FY26 revs guidance...MYGN -36.5%
• Reddit (RDDT) beats by $0.30, beats on revs; provides Q3 (Sep) and FY26 guidance...RDDT -12.1%
• Roblox (RBLX) beats by $0.08, misses on revs...RBLX -13.8%
• Strategy Inc (MSTR) reports Q2 (Jun) results, revs in-line...MSTR -0.8%
• Tempus AI (TEM) beats by $0.10, beats on revs; provides Q4 (Dec) and FY26 guidance...TEM -2.8%

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Adaptive Biotechnologies (ADPT) misses by $0.12, beats on revs; provides FY26 guidance
  • Adidas AG (ADDYY) reports Q2 results; raises outlook; Birgit Kretschmer to succeed Harm Ohlmeyer as CFO
  • Agnico-Eagle Mines (AEM) beats by $0.16, reports revs in-line
  • Air Products (APD) beats by $0.13, misses on revs; guides Q4 EPS above consensus
  • Alamos (AGI) beats by $0.06, reports revs in-line
  • Align Tech (ALGN) beats by $0.02, reports revs in-line; guides Q3 revs in-line; reaffirms FY26 revs guidance
  • Alkami Technology (ALKT) misses by $0.23, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Allegro Microsystems (ALGM) beats by $0.02, beats on revs; provides Q2 (Jun) and FY27 guidance
  • Altria (MO) misses by $0.02, reports revs in-line; guides FY26 EPS in-line
  • American Electric (AEP) misses by $0.12, beats on revs; guides FY26 EPS in-line
  • American Water Works (AWK) beats by $0.08, beats on revs; reaffirms FY26 EPS guidance
  • Anheuser-Busch InBev (BUD) beats by $0.09, beats on revs
  • Antero Resources (AR) beats by $0.07, beats on revs
  • A.O. Smith (AOS) beats by $0.07, reports revs in-line; lowers FY26 guidance
  • ArcelorMittal (MT) reports Q2 (Jun) results, misses on revs
  • Arm Holdings plc (ARM) beats by $0.05, beats on revs; guides Q2 EPS in-line, revs in-line
  • Avery Dennison (AVY) beats by $0.42, beats on revs; guides FY26 EPS in-line
  • Benchmark Electronics (BHE) beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Boot Barn Holdings (BOOT) beats by $0.60, beats on revs; provides Q2 (Jun) and FY27 guidance
  • Brunswick (BC) beats by $0.37, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY26 EPS above consensus, revs in-line
  • Cactus (WHD) beats by $0.29, beats on revs
  • Canadian Pacific Kansas City Ltd. (CP) beats by $0.03, beats on revs
  • Carvana (CVNA) beats on revs; provides guidance metrics
  • CBIZ (CBZ) beats by $0.19, misses on revs; provides FY26 guidance
  • Check Point Software (CHKP) beats by $0.10, misses on revs; Board authorizes buyback program
  • Chipotle Mexican Grill (CMG) beats by $0.01, reports revs in-line; comps +2.2%; raises FY26 comp guidance, authorizes additional $1.3 bln for share repurchases
  • C.H. Robinson (CHRW) beats by $0.08, beats on revs
  • Churchill Downs (CHDN) reports EPS in line, beats on revs; provides Q3 (Sep) guidance
  • Cinemark (CNK) beats by $0.16, beats on revs
  • Colliers (CIGI) beats by $0.03, beats on revs; provides FY26 guidance
  • Columbus McKinnon (CMCO) beats by $0.34, beats on revs; raises FY27 EPS above consensus, revs above consensus
  • CONMED (CNMD) beats by $0.27, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Corcept Therapeutics (CORT) beats by $0.34, beats on revs; provides FY26 guidance
  • Core Labs (CLB) beats by $0.02, misses on revs; guides Q3 EPS in-line, revs in-line
  • CRH Plc. (CRH) beats by $0.19, beats on revs; provides FY26 guidance; raises dividend 5%; Divestiture of construction accessories operations: $0.7 bln; Divestiture of lawn and garden operations: $1.1 bln; Divestiture of MoistureShield: $0.1 bln
  • Crocs (CROX) beats by $0.20, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY26 EPS above consensus, revs above consensus
  • CVR Energy (CVI) beats by $0.08, beats on revs
  • Darling Ingredients (DAR) beats by $1.01, beats on revs; provides Q3 (Sep) and FY26 guidance
  • DT Midstream (DTM) misses by $0.08
  • Employers Holdings (EIG) misses by $0.09, beats on revs
  • Equinix (EQIX) beats by $0.43, beats on revs; guides Q3 revs below consensus; guides FY26 FFO in-line, revs in-line
  • Ethan Allen (ETD) beats by $0.02, misses on revs; provides Q1 (Mar) guidance
  • Everforth (EFOR) beats by $0.09, beats on revs; guides Q3 EPS in-line
  • Exelon (EXC) misses by $0.01, beats on revs; reaffirms FY26 EPS guidance
  • Fair Isaac (FICO) beats by $0.42, reports revs in-line; guides FY26 EPS below consensus, revs below consensus
  • Flowserve (FLS) beats by $0.09, beats on revs; provides FY26 guidance
  • FormFactor (FORM) beats by $0.21, beats on revs; provides Q3 (Sep) guidance
  • Fortinet (FTNT) beats by $0.15, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY26 EPS above consensus, revs above consensus
  • FTAI Aviation Ltd. (FTAI) misses by $0.25, beats on revs; provides FY27 guidance
  • Gildan Activewear (GIL) beats by $0.16, misses on revs; guides FY26 EPS above consensus, revs below consensus; divesting HanesBrands Australian Business
  • Glaukos (GKOS) beats by $0.07, beats on revs; provides FY26 guidance
  • Granite Constr (GVA) misses by $0.09, beats on revs; provides FY26 guidance
  • Green Brick Partners (GRBK) beats by $0.28, beats on revs; provides Q3 (Sep) guidance
  • Group 1 Auto (GPI) misses by $0.99, misses on revs; provides FY26 guidance
  • Haleon plc (HLN) reports H1 results; maintains FY26 outlook
  • Hershey Foods (HSY) beats by $0.47, beats on revs; guides FY26 EPS in-line, revs in-line
  • Hexcel (HXL) beats by $0.09, beats on revs; provides FY26 guidance
  • Hilton Grand Vacations (HGV) misses by $0.08, misses on revs; provides FY26 guidance
  • Houlihan Lokey (HLI) misses by $0.29, misses on revs
  • Hyatt Hotels (H) beats by $0.21, reports revs in-line
  • ICON plc (ICLR) beats by $0.01, beats on revs; provides Q2 (Jun) and FY26 guidance
  • IdaCorp (IDA) beats by $0.01; raises FY26 EPS in-line
  • Insperity (NSP) beats by $0.02, beats on revs; provides FY26 guidance
  • Invitation Homes (INVH) beats by $0.02, beats on revs; guides FY26 FFO in-line
  • Impinj (PI) beats by $0.07, beats on revs; provides Q3 (Sep) and FY26 guidance
  • ING Groep (ING) reports Q2 results; raises 2026 and 2027 outlook
  • KBR (KBR) beats by $0.09, beats on revs; provides FY26 guidance
  • Kinross Gold (KGC) beats by $0.05, misses on revs; provides update on Lobo-Marte project
  • KKR (KKR) beats by $0.20
  • L3Harris (LHX) beats by $0.33, beats on revs; raises FY26 EPS above consensus, revs in-line
  • Labcorp Holdings Inc. (LH) beats by $0.21, reports revs in-line; Raises FY26 EPS and revenue guidance, Announced $1.0 bln increase in share repurchase authorization
  • Lam Research (LRCX) beats by $0.13, reports revs in-line; guides Q1 EPS above consensus, revs above consensus
  • LendingTree (TREE) misses on EPS, reports revs in-line; guides Q3 revs below consensus; guides FY26 revs below consensus
  • Life Time (LTH) beats by $0.11, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Lloyds Banking (LYG) reports H1 results; raises capital returns and maintains 2026 outlook
  • Madrigal Pharmaceuticals (MDGL) beats by $0.69, beats on revs; provides guidance
  • Meritage (MTH) beats by $0.08, misses on revs; lowers FY26 outlook for homebuilding revs
  • Meta Platforms (META) misses by $1.01, reports revs in-line; guides Q3 revs in-line, narrows FY26 CapEx guidance, raises low end of total expense guidance
  • MGIC Investment (MTG) beats by $0.11, reports revs in-line
  • MGM Resorts (MGM) beats by $0.03, beats on revs
  • Microsoft (MSFT) beats by $0.50, beats on revs; Azure growth of +43% vs +39-40% CC prior guidance; guides on call: SepQ revenue above consensus; guides to Azure +45% CC; stock pops nearly 10% after hours
  • Mid-America Aptmt (MAA) beats by $0.01, reports revs in-line; narrows FY26 FFO guidance
  • Modine Manufacturing (MOD) beats by $0.23, misses on revs; provides FY27 guidance
  • Moelis (MC) beats by $0.01, beats on revs; provides Q3 (Sep) guidance
  • MYR Group (MYRG) beats by $0.55, beats on revs; provides Q3 (Sep) guidance
  • National Fuel Gas (NFG) beats by $0.10, misses on revs; provides FY26 guidance; raises dividend 4%
  • Norwegian Cruise Line (NCLH) beats by $0.09, reports revs in-line; guides Q3 EPS in-line; guides FY26 EPS below consensus
  • Omega Health (OHI) beats by $0.03, beats on revs; guides FY26 FFO in-line; increases dividend
  • O'Reilly Auto (ORLY) reports EPS in-line, revs in-line; comp sales +6%; guides FY26 EPS in-line, revs in-line
  • Patterson-UTI (PTEN) misses by $0.01, beats on revs
  • Pebblebrook Hotel Trust (PEB) beats by $0.06, beats on revs; guides FY26 FFO above consensus
  • PennyMac (PFSI) misses by $1.70, misses on revs
  • Pilgrim's Pride (PPC) misses by $0.06, misses on revs; provides Q3 (Sep) guidance
  • Plexus (PLXS) beats by $0.19, beats on revs; provides Q4 (Dec) and FY26 guidance
  • Procore Technologies (PCOR) beats by $0.06, beats on revs; provides Q3 (Sep) and FY26 guidance
  • PTC (PTC) beats by $0.01, misses on revs; guides Q4 EPS in-line, revs in-line
  • Public Storage (PSA) misses by $0.08, misses on revs; raises FY26 FFO guidance; On July 22, company closed its merger with NSA
  • Q2 Holdings (QTWO) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance; Board authorizes $350 mln buyback program; Board authorizes $375 mln buyback program
  • Qualcomm (QCOM) misses by $0.02, beats on revs; guides Q4 EPS below consensus, revs in-line
  • Quanta Services (PWR) beats by $0.93, beats on revs; guides FY26 EPS above consensus, revs above consensus
  • Ralliant Corporation (RAL) beats by $0.06, beats on revs
  • Regeneron Pharma (REGN) beats by $4.13, beats on revs; Issues 2026 guidance, sees non-GAAP gross margin on net product sales of 84-85%
  • Robinhood Markets (HOOD) beats by $0.19, beats on revs; provides FY26 guidance
  • Rush Street Interactive (RSI) reports EPS in line, beats on revs; provides FY26 guidance
  • Samsung (SSNLF) reports Q2 results
  • Sanofi (SNY) beats by EUR1.13, reports revs in-line; provides outlook
  • Scorpio Tankers (STNG) misses by $0.10, reports revs in-line
  • Sensata Tech (ST) beats by $0.05, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Service Corp (SCI) beats by $0.01, beats on revs; provides FY26 guidance
  • Shell plc (SHEL) reports Q2 results; beats on revs; provides outlook
  • Silicon Motion (SIMO) beats by $0.30, beats on revs; guides Q3 revs well above consensus
  • Sirius XM (SIRI) misses by $0.08, beats on revs; raises FY26 revenue outlook
  • Sonic Automotive (SAH) beats by $0.07, beats on revs; provides Q4 (Dec) and FY26 guidance
  • Sonos (SONO) beats single est by $0.21, beats on revs
  • Sprouts Farmers Market (SFM) beats by $0.03, beats on revs
  • Starbucks (SBUX) beats by $0.19, beats on revs; raises FY26 EPS above consensus; Q3 North America comps +8.1%
  • Stellantis (STLA) reports Q2 results; beats on revs; reaffirms outlook
  • Steven Madden (SHOO) beats by $0.12, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Takeda Pharma (TAK) beats on top and bottom lines; reaffirms outlook
  • TechnipFMC (FTI) beats by $0.11, beats on revs; provides FY26 guidance
  • Teekay Tankers (TNK) misses by $0.15, beats on revs
  • Teladoc (TDOC) beats by $0.04, misses on revs; provides FY26 guidance
  • Tenable (TENB) beats by $0.04, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Tetra Tech (TTEK) beats by $0.02, beats on revs; provides Q4 (Dec) and FY26 guidance; raises dividend 11%
  • The Cigna Group (CI) beats by $0.18, beats on revs; guides FY26 EPS above consensus
  • Trane (TT) beats by $0.04, beats on revs; guides FY26 EPS above consensus, revs above consensus
  • TriNet Group (TNET) beats by $0.62, misses on revs; provides FY26 guidance
  • Trinity Industries (TRN) misses by $0.08, beats on revs; provides FY26 guidance
  • Tyler Tech (TYL) beats by $0.03, reports revs in-line; guides FY26 EPS above consensus, revs in-line; authorizes new $1.5 bln share repurchase program
  • Valero Energy (VLO) beats by $2.41, beats on revs
  • Ventas (VTR) beats by $0.01, beats on revs
  • VICI Properties (VICI) reports AFFO in-line, beats on revs; guides FY26 AFFO in-line
  • Viking Therapeutics (VKTX) beats by $0.13, beats on revs
  • Waystar Holding Corp. (WAY) beats by $0.03, beats on revs; provides FY26 guidance
  • Wesco (WCC) beats by $0.59, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Willis Towers Watson (WTW) beats by $0.23, beats on revs; $1.5 bln increase to share repurchase authority
  • Woodward (WWD) beats by $0.08, misses on revs
  • Xcel Energy (XEL) beats by $0.14, misses on revs; reaffirms FY26 EPS guidance
  • XPO, Inc. (XPO) beats by $0.22, beats on revs; provides Q3 (Sep) guidance
  • Yum! Brands (YUM) beats by $0.04, reports revs in-line
  • Yum China (YUMC) beats by $0.03, beats on revs
• General News
  • Pakistan Foreign Ministry spokesperson Tahir Andrabi says talks between the U.S. and Iran are "ongoing" to restore stability. Bloomberg
  • U.S. Central Command head Admiral Brad Cooper presented an option to President Trump of a sustained 10-14 campaign of intensive strikes on Iran. WSJ
  • A drone strike occurred on Egypt's Mediterranean coast. The attack set fire to two ships. NY Times
  • Iran warned that countries aiding the U.S. could face a "harsh response." CNBC
  • Saudi Arabia wants to build an international coalition to protect Red Sea shipping, according to Times of Israel
  • Oil companies' talks to enter Venezuela are not progressing quickly. WSJ
  • Qatar sent the first liquefied natural gas shipment through Strait of Hormuz in three weeks. Bloomberg
  • Elon Musk planning to make huge investment to increase Republican turnout in the midterms. Axios
  • Bank of England keeps rates steady at 3.75%
  • Align (ALGN) to add 3 independent directors, raises 2026 buyback commitment to $400 mln-$500 mln after Elliott talks
  • AXT (AXTI) signs long-term indium phosphide wafer supply agreement with Lumentum (LITE)
  • Bayer AG (BAYRY) seeks China approval to expand Kerendia use in chronic kidney disease
  • Box (BOX) selected by Quintas Energy for AI-ready content management platform
  • Canadian Solar (CSIQ) announces that its U.S.-manufactured TOPCon and HJT Low Carbon hail-resilient modules have received FM Approvals recognition under the rigorous FM 4478 and FM 4480 identified component standards, making them the first FM Approvals PV modules listed as identified components for severe hail zones
  • Capricor Therapeutics (CAPR): FDA panel votes 9-3 against effectiveness of Deramiocel for the treatment of cardiomyopathy
  • Celanese (CE) says Amsterdam court dismissed Shell and Repsol claims in full
  • Cytokinetics (CYTK) gets UK approval for aficamten; NICE backs use in symptomatic obstructive HCM
  • Fortuna Silver Mines (FSM) approves Séguéla gold mine expansion to boost long-term production
  • General Dynamics (GD) unit Electric Boat gets $71.6 bln in Navy submarine contract modifications
  • HealthStream (HSTM) reports recent cybersecurity incident
  • Hecla (HL) reports Q2 exploration update with new high-grade veins at Midas, Bermingham extension at Keno Hill
  • Henry Schein (HSIC) to replace executive committee with new leadership team; COO, strategy chief, supply chain head to transition out
  • HII (HII), General Dynamics (GD) win $76.6 bln Navy submarine contract modifications
  • IBM (IBM) and Algorithmiq Demonstrate Quantum Advantage, Establishing a Framework for Trusted Quantum Computation Beyond Classical Verification
  • IBM (IBM) and Qedma demonstrate quantum advantage, modeling physics beyond classical capabilities through trusted quantum computation
  • ImmunityBio (IBRX) gets UAE marketing authorization for ANKTIVA in bladder cancer and metastatic NSCLC
  • Infosys (INFY): Investec selects Finacle SaaS on Microsoft (MSFT) Azure for multi-country core banking overhaul
  • Intel (INTC) will provide chip technology to a new startup. Reuters
  • Kohl's (KSS) names Wendy Arlin board chair; adds former Panera Brands CEO Niren Chaudhary as director
  • Lockheed Martin (LMT) awarded $58.62 bln multiyear PAC-3 MSE production contract
  • OpenAI CFO Sarah Friar says annualized revenue in July topped all of Q2. CNBC
  • Perpetua Resources (PPTA), US Army, and Idaho National Laboratory launch critical minerals pilot plant to advance antimony trisulfide supply
  • Pfizer (PFE), BioNTech win EU authorization for XFG-adapted 2026-2027 COVID vaccine
  • Pfizer (PFE) says Phase 3 LITFULO vitiligo studies met co-primary endpoints
  • RenaissanceRe's (RNR) Board of Directors approves a renewal of RenaissanceRe’s authorized share repurchase program, bringing the total current authorization up to $750.0 mln
  • Roblox (RBLX) and ChatGPT will fall under tougher EU rules. Bloomberg
  • Rocket Lab (RKLB) lands iQPS deal for three dedicated Electron launches
  • Teleflex (TFX) wins FDA BLA approval for EZPLAZ freeze dried plasma
  • Tesla (TSLA) says it "Produced our 10 millionth Tesla globally at Fremont Factory this week!
  • Waystar (WAY) names former Integral Ad Science CFO Alpana Wegner as finance chief
  • Westlake Corporation (WLK) discloses litigation update
  • Xencor (XNCR) to receive $105 mln from Alexion to settle Ultomiris U.S. royalty dispute

• Upgrades:
  • Asur (ASR) upgraded to Buy from Hold at HSBC, tgt $349
    
  • Bloom Energy (BE) upgraded to Outperform from Neutral at Mizuho, tgt $242
    
  • Core Scientific (CORZ) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $28
    
  • EXLService (EXLS) upgraded to Outperform from Neutral at Robert W. Baird, tgt $45
    
  • Innio (INIO) upgraded to Outperform from Sector Perform at RBC Capital, tgt $35
    
  • Lemonade (LMND) upgraded to Market Perform from Underperform at Keefe Bruyette, tgt $48
    
  • LeonaBio (LONA) upgraded to Outperform from Market Perform at Citizens, tgt $18
    
  • New Oriental Education (EDU) upgraded to Neutral from Underperform at Macquarie, tgt $56.50
    
  • Rio Tinto (RIO) upgraded to Buy from Hold at Berenberg
    
  • Sprouts Farmers Market (SFM) upgraded to Overweight from Neutral at JPMorgan, tgt $103
    
  • uniQure (QURE) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $65
    
  • Werner (WERN) upgraded to Outperform from Neutral at Robert W. Baird, tgt $43
• Downgrades:
  • Capricor Therapeutics (CAPR) downgraded to Neutral from Buy at H.C. Wainwright
    
  • Capricor Therapeutics (CAPR) downgraded to Neutral from Overweight at Piper Sandler, tgt $2
    
  • Cincinnati Financial (CINF) downgraded to Neutral from Buy at BofA Securities, tgt $193
    
  • Fiverr (FVRR) downgraded to Neutral from Buy at Goldman, tgt $13
    
  • Fiverr (FVRR) downgraded to Perform from Outperform at Oppenheimer
    
  • Fiverr (FVRR) downgraded to Sector Perform from Outperform at Scotiabank, tgt $10
    
  • Humana (HUM) downgraded to Market Perform from Outperform at Raymond James
    
  • Lithia & Driveway (LAD) downgraded to Neutral from Buy at UBS, tgt $440
    
  • Masco (MAS) downgraded to In Line from Outperform at Evercore ISI, tgt $78
    
  • Neptune Insurance (NP) downgraded to Market Perform from Outperform at BMO Capital, tgt $32
    
  • O-I Glass (OI) downgraded to Neutral from Outperform at BNP Paribas, tgt $8.50
    
  • Option Care Health (OPCH) downgraded to Hold from Buy at Deutsche Bank, tgt $24
    
  • Paymentus (PAY) downgraded to Neutral from Outperform at Robert W. Baird, tgt $34
    
  • PennyMac Financial (PFSI) downgraded to Neutral from Overweight at Piper Sandler, tgt $86
    
  • Sanara MedTech (SMTI) downgraded to Neutral from Buy at H.C. Wainwright, tgt $35
    
  • Santander Brasil (BSBR) downgraded to Neutral from Overweight at JPMorgan, tgt $6
    
  • SiteOne Landscape (SITE) downgraded to Hold from Buy at Stifel, tgt $100
    
  • Stock Yards (SYBT) downgraded to Market Perform from Outperform at Hovde Group, tgt $90
    
  • Tenable (TENB) downgraded to Neutral from Overweight at Piper Sandler, tgt $30
    
  • Wix.com (WIX) downgraded to Outperform from Strong Buy at Raymond James, tgt $70
• Others:
  • Kymera Therapeutics (KYMR) initiated with a Hold at Deutsche Bank, tgt $120
  • SK hynix Inc. (SKHY) initiated with a Buy at UBS, tgt $204

• Econ Data (Friday):
  • ECON DATA HERE

• Earnings:
  • Monday (July 27)
    • Pre-Market: BKR BOH HOPE
    • After-Hours: AGYS AMKR APLD NTB BRX BRO CDNS CLS CINF ESI FFIV HAPN KFRC KRC NVTS NE NUE OPK PFG SANM SSD SUI UDR UHS WELL
  • Tuesday (July 28)
    • Pre-Market: ALKS AB AMT AWI ABG AXTA BA CARR CNC CNP CMS KO CBU CVLT GLW CURB DTE ECL XPRO FELE GSK HRI DINO HLT HUBB ITW INCY IVZ IQV ITRI OSK PCAR PYPL PNR PHG PJT PII RGEN SPGI SHW TXT TRU UPS XYL
    • After-Hours: ACHC AKR ACGL APAM ASH CAR AXS BE BXP CZR CAKE CHE CSGP CR ENPH EXLS EXE EXR FE F GEF THG HIW HURN KLAC LSTR MANH MIR MDLZ NBR NEO NOV NXPI OI OMC PPG QRVO RNST RBBN STX SWKS STAG TER TTAM TRMK UMBF UNM VRNS VLTO V WPC WM WERN JBLU RCL ZWS
  • Wednesday (July 29)
    • Pre-Market: AER APH AON ARCB ARCC ADP AVTR BANC BAND BLCO BIIB BLKB BG CBRE GIB CHEF CLVT CLH CTSH CSTM DMC EXP ETR EVR FVRR FLEX FTV FTRE ULCC GRMN GTX GEHC GNRC GD HBM HUM IEX IONS JCI KEX LMND LII LAD LFUS LXP MHO MAS MGPI MNRO NMRK OGE ODFL OMF OSW OPCH PSN BTU PAG PG PUMP PB RDWR SMG SLGN SITE SKHY SW SOFI SWK SCL STRA TEVA VFC VRSK VRT VMC WNC WSO WEC WIN
    • After-Hours: LHX ADPT AEM AGI ALGN ALKT AWK AM AR ARM ARXS BHE BOOT CHRW WHD CWH CP CSL CBZ CMG CHDN CRK CNMD CORT COUR CVI EIG EPR EQIX ESS ETD EG EFOR FICO FLS FMC FTNT FCPT FTAI GFL GKOS GRBK HAYW HXL HLI ICLR PI NSP INVH KGC LRCX TREE MTH META MTG MGM MSFT MAA MOD MC MYRG NFG NWE OHI ORLY PEB PFSI PPC PBI PLXS PCOR PFS PTC PSA QTWO QCOM HOOD RSI ST SIMO SONO SFM SBUX RGR TNK TDOC TENB TTEK TYL VTR VICI VKTX WAY WWD BSX FORM REG REYN SCI
  • Thursday (July 30)
    • Pre-Market: PTEN AOS ADT AGCO APD ALGM ALNY MO AMCX AEP APG MT AVY BAX BDC BMY BIP BC BLDR CWT CRS CCC CHKP CNK CNX CIGI CMCO CRH CROX CSW CFR DAR DFIN DTM EME EPD EEFT FSS AG FCN GATX GIL GVA GPI HSY HGV HNI HII H IDA ICE IDCC IP JLL KBR KKR LH LAUR DRS LTH LSPD LECO LNC LKQ MAIR MDGL MLM MA NEOG NCLH OIS OMCL PGY PATK PBF PIPR PWR RAL REGN RES SAIA SNY STNG SIRI SOLS SAH SO SPHR STGW SHOO SXC TRP FTI TEX CI TW TT TRS TNET TRN UPBD VLO VCEL VIRT WCC WTW XEL XHR XRX XPO YUMC YUM EX
    • After-Hours: ADC ALHC LNT AMZN AMH AAPL ATR AJG AX BJRI BFAM CPT CDNA CNO COHU COIN COLM CTVA CUZ CUBE DXCM DRH DLB DXC EMN EIX ES EXPO FHI FSLR FND GLPI GDDY LOPE GH HR HTGC HUN ILMN IR INGM LYV LPLA MTZ MMSI MTD MTX MHK MPWR MSA MYGN NBIX NXT NMIH OLN PTCT KWR RDDT RIVN RBLX RYAN SNDR SONY SPSC SPXC MSTR SYK TEM BWIN OLED VCYT WU WY BUD
  • Friday (July 31)
    • Pre-market: AEE ABBV ARES AN BTSG CCJ CBOE CVX CHD CL D ETN EQX XOM FRT FTS BEN GTES LEA LIN LYB MGA MOG.A NWL NVT PWP POR PRLB RBC TROW WT MRNA PAYP
    • Afternoon: None