After Hours Report

The market fell under selling pressure today. The Dow Jones Industrial Average (-1.3%), Russell 2000 (-2.1%), S&P 500 (-2.3%), and Nasdaq Composite (-3.6%) all registered solid losses. Many stocks participated in the broad retreat, but losses in mega cap stocks, semiconductor shares, and growth stocks had an outsized impact on index performance.

This price action followed quarterly results and guidance from Alphabet (GOOG 174.37, -9.23, -5.0%) and Tesla (TSLA 215.99, -30.39, -12.3%) that did not live up to high expectations. The Vanguard Mega Cap Growth ETF (MGK) declined 3.8%, the PHLX Semiconductor Index (SOX) logged a 5.4% decline, and the Russell 3000 Growth Index fell 3.7%.

Dow component Visa (V 254.17, -10.62, -4.0%) and Lam Weston (LW 56.42, -22.20, -28.2%) were also among the influential laggards today, stirring concerns about economic growth prospects after the former mentioned a slowdown in spending by lower-income consumers and the latter issued an FY25 earnings warning that was linked to a slowdown in global restaurant traffic.

With today's strong losses, the major indices are still up nicely for the year with gains ranging from 5.7% to 15.5%. So, some of the selling interest was linked to normal consolidation activity as earnings season ramps up. The Invesco S&P 500 Equal Weight ETF (RSP) registered a 1.2% decline.

The heavily-weighed information technology (-4.1%), consumer discretionary (-3.9%), and communication services (-3.8%) closed with the largest declines due to their mega cap components. The remaining four sectors that closed in negative territory registered losses greater than 1.0%.

Treasuries settled in mixed fashion. The 10-yr note yield rose five basis points to 4.29% and the 2-yr note yield fell six basis points to 4.42%. This price action was in response to a disappointing New Home Sales report for June, a poorly received 5-yr note sale, and preliminary July PMI data out of the eurozone and U.S. that was mostly lower than the previous month.

• Nasdaq Composite:+15.5% YTD
• S&P 500: +13.8% YTD
• Russell 2000: +8.3% YTD
• S&P Midcap 400: +7.8% YTD
• Dow Jones Industrial Average: +5.7% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index -2.2%; Prior -3.9%
• June Adv. Intl. Trade in Goods -$96.8 bln; Prior was revised to -$99.4 bln from -$100.6 bln
• June Adv. Retail Inventories 0.7%; Prior was revised to 0.6% from 0.7%
• June Adv. Wholesale Inventories 0.2%; Prior 0.6%
• July S&P Global US Manufacturing PMI - Prelim 49.5; Prior 51.6
• July S&P Global Services PMI - Prelim 56.0; Prior 55.3
• June New Home Sales 617K (Briefing.com consensus 640K); Prior was revised to 621K from 619K
  • The key takeaway from the report is that new home sales activity remained soft in June, pressured by a lack of lower-priced homes and affordability pressures stemming from the persistence of high mortgage rates and higher selling prices.

Thursday's economic lineup features:

• 8:30 ET: Advance Q2 GDP (Briefing.com consensus 1.9%; prior 1.4%), Advance Q2 GDP Deflator (Briefing.com consensus 2.6%; prior 3.1%), weekly Initial Claims (Briefing.com consensus 240,000; prior 243,000), Continuing Claims (prior 1.867 mln), June Durable Orders (Briefing.com consensus 0.4%; prior 0.1%), and Durable Orders ex-transport (Briefing.com consensus 0.2%; prior -0.1%)
• 10:30 ET: Weekly natural gas inventories (prior +10 bcf)

Tomorrow's calendar also includes results from the $44 bln 7-yr Treasury note auction at 1:00 ET.

Overseas:

• Europe: DAX -1.0%, TSE -0.2%, CAC -1.1%
• Asia: Nikkei -1.3%, Hang Seng -0.9%, Shanghai -0.5%

Commodities:

• Crude Oil +0.56 @ 77.55
• Nat Gas -0.07 @ 2.16
• Gold +9.90 @ 2416.60
• Silver -0.01 @ 29.31
• Copper -0.05 @ 4.11

After-Hours Spotlight:

• Align Tech (ALGN) beats by $0.10, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus... ALGN down 12.0%
• Amazon (AMZN): NBA signs new 11-year media agreements with Disney (DIS), NBCUniversal (CMCSA) and Amazon Prime Video (AMZN) through 2035-36 season... AMZN up 0.7%
• Chipotle Mexican Grill (CMG) beats by $0.02, beats on revs; Q2 comps +11.1%; reaffirms FY24 comp guidance... CMG up 3.9%
• Edwards Lifesciences (EW) beats by $0.01, misses on revs; guides Q3 EPS in-line, revs in-line; expands structural heart portfolio with acquisitions of JenaValve and Endotronix... EW down 13.8%
• Ford Motor (F) misses by $0.21, reports revs in-line; reiterates FY24 adjusted EBIT... F down 11.7%
• IBM (IBM) beats by $0.25, reports slight beat on revs; raises FY24 free cash flow outlook; reaffirms FY24 CC revenue growth... IBM up 2.3%
• KLA Corporation (KLAC) beats by $0.45, beats on revs; guides Q1 EPS in-line, revs in-line... KLAC up 2.4%
• Las Vegas Sands (LVS) misses by $0.03, misses on revs... LVS down 2.1%
• MaxLinear (MXL) misses by $0.06, misses on revs; guides Q3 revs below consensus... MXL down 14.8%
• Molina Healthcare (MOH) beats by $0.35, beats on revs; reaffirms FY24 EPS guidance... MOH up 12.5%
• O'Reilly Auto (ORLY) misses by $0.43, misses on revs; guides FY24 EPS in-line, revs in-line... ORLY down 3.7%
• ServiceNow (NOW) beats by $0.30, reports revs in-line; COO departing; announces its decision to make a strategic investment in Prodapt; ServiceNow and Boomi announce a strategic commitment... NOW up 5.3%
• Whirlpool (WHR) reports EPS in-line, revs in-line; guides FY24 EPS below consensus, reaffirms FY24 revs guidance... WHR down 0.7%

Fair Value for Thursday, July 25:

• S&P 500: 5,470
• Nasdaq 100: 19,203
• DJIA: 40,110

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

• Earnings/Guidance (Full Earnings Calendar):
  • Agree Realty (ADC) beats by $0.02, beats on revs; guides FY24 FFO above consensus
  • Alkermes Plc (ALKS) beats by $0.49, beats on revs; reaffirms FY24 revs guidance
  • Allegion (ALLE) beats by $0.12, beats on revs; raises FY24 EPS above consensus, revs in-line
  • Allegro Microsystems (ALGM) sees Q1 EPS in line; sees Q1 revs above consensus; discloses terms of share repurchase agreement
  • Alphabet (GOOG) beats by $0.05, reports revs in-line; Generative AI for Cloud customers already generated billions in revenues in 2024
  • AMC Entertainment (AMC) reports prelim Q2 (Jun) results; moviegoing in theatres appears again to be on an upwards trajectory (halted)
  • Amphenol (APH) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line; increases dividend
  • AT&T (T) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance
  • AVANGRID (AGR) beats by $0.15, beats on revs
  • Banco Santander (SAN) reports Q2 results
  • Blackstone Mortgage Trust (BXMT) reports Q2 results
  • Boston Scientific (BSX) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY24 EPS above consensus, revs above consensus
  • Brandywine Realty (BDN) reports FFO in-line, beats on revs; guides FY24 FFO in-line
  • Cal-Maine Foods (CALM) misses by $0.09, misses on revs
  • Canadian Nat'l Rail (CNI) misses by CAD 0.09, misses on revs
  • Capital One (COF) misses by $0.25, reports revs in-line
  • Check Point Software (CHKP) beats by $0.01, reports revs in-line; names new CEO
  • Check Point Software (CHKP) on conference call sees Q3 revs $615-650 mln vs $633.40 mln FactSet Consensus
  • Chubb (CB) beats by $0.24
  • CME Group (CME) beats by $0.03, reports revs in-line
  • CoStar Group (CSGP) beats by $0.06, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus
  • Deutsche Bank (DB) reports Q2 results; beats on revs
  • EastGroup (EGP) reports FFO in-line, beats on revs; guides Q3 FFO in-line; guides FY24 FFO in-line
  • Enphase Energy (ENPH) misses by $0.06, misses on revs; guides Q3 revs in-line
  • Equinor (EQNR) beats by $0.10; provides buyback and dividend updates
  • Evercore (EVR) beats by $0.18, beats on revs
  • First Busey Corp (BUSE) beats by $0.02
  • First Commonwealth (FCF) beats by $0.02, beats on revs
  • Fiserv (FI) beats by $0.03, beats on revs; guides FY24 EPS in-line, revs above consensus
  • Flex (FLEX) beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY25 EPS guidance, revs guidance; CFO stepping down
  • Fortive (FTV) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY24 EPS in-line, revs below consensus
  • General Dynamics (GD) misses by $0.02, beats on revs
  • GE Vernova (GEV) reports Q2 (Jun) results, revs in-line; guides FY24 revs in-line
  • General Dynamics (GD) on conference call sees FY24 $14.40-14.50 vs $14.54 FactSet Consensus
  • Group 1 Auto (GPI) beats by $0.46, reports revs in-line
  • Healthcare Services Group (HCSG) reports EPS in-line, revs in-line; guides Q3 revs in-line; guides Q4 (Dec) revs in-line
  • Interpublic (IPG) beats by $0.02, beats on revs
  • Int'l Paper (IP) in slide presentation says it is targeting $4 bln over the medium term; sees Q3 sequential earnings decline due to volume decline and higher costs, offsetting benefits from prior price index increases
  • JetBlue Airways (JBLU) announces several strategic changes to invest and grow across New England by adding a whopping 20 percent more seats in the region by this winter
  • KBR (KBR) beats by $0.04, misses on revs; raises low end of FY24 EPS guidance range, revs in-line
  • Lamb Weston (LW) misses by $0.48, misses on revs; guides FY25 EPS below consensus, revs in-line
  • Lennox Int'l (LII) beats by $0.25, misses on revs; guides FY24 EPS in-line, reaffirms FY24 revs guidance
  • MAG (MAG) announces Second Quarter 2024 production from Juanicipio and increases grade guidance
  • Manhattan Assoc (MANH) beats by $0.22, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Matador Resources (MTDR) beats by $0.29, beats on revs; increases FY24 production guidance
  • Mattel (MAT) beats by $0.02, misses on revs; reaffirms FY24 EPS guidance
  • Nabors Industries (NBR) misses by $1.46, reports revs in-line
  • National Bank (NBHC) misses by $0.06, misses on revs
  • NextEra Energy (NEE) beats by $0.01; guides FY24 EPS in-line; guides FY25 EPS in-line
  • NextEra Energy Partners (NEP) reports Q2 (Jun) results, misses on revs
  • Oatly Group AB (OTLY) beats by $0.02, reports revs in-line; raises FY24 outlook
  • Old Dominion (ODFL) beats by $0.03, reports revs in-line
  • Orange (ORAN) reports Q2 results; misses on revs; confirms FY24 guidance
  • Otis Worldwide (OTIS) beats by $0.04, misses on revs; guides FY24 EPS in-line, revs below consensus
  • Pacific Premier (PPBI) reports EPS in-line, misses on revs
  • Packaging Corp (PKG) beats by $0.07, beats on revs; guides Q3 EPS above consensus
  • PennyMac (PFSI) misses on EPS and revs; also increases quarterly dividend by 50%
  • PROG Holdings (PRG) beats by $0.18, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Range Resources (RRC) beats by $0.05; expects annual production to be near high end of guidance
  • Red Rock Resorts (RRR) beats by $0.15, beats on revs
  • Renasant (RNST) reports Q2 (Jun) results; beats by $0.03
  • Retail Opportunity Investments (ROIC) reports FFO in-line, beats on revs; narrows FY24 FFO outlook
  • Rogers Comms (RCI) misses by CAD0.01, reports revs in-line; reaffirms FY24 outlook
  • Roper (ROP) beats by $0.02, reports revs in-line; guides Q3 EPS below consensus; guides FY24 EPS in-line, revs in-line
  • Seagate Tech (STX) beats by $0.29, reports revs in-line; guides Q1 EPS above consensus, revs in-line
  • Silicon Labs (SLAB) beats by $0.08, beats on revs; guides Q3 EPS in-line, revs below consensus
  • Simmons First National (SFNC) beats by $0.02
  • Stifel Financial (SF) beats by $0.06, beats on revs
  • Taylor Morrison Home (TMHC) misses by $0.04, beats on revs, sees FY24 home closings of 12,600 to 12,800
  • Teck Resources (TECK) beats by CAD0.06, misses on revs
  • TE Connectivity (TEL) beats by $0.05, reports revs in-line; guides Q4 EPS above consensus, revs below consensus
  • Teledyne Tech (TDY) beats by $0.08, beats on revs; guides Q3 EPS below consensus; guides FY24 EPS in-line
  • Tenet Healthcare (THC) beats by $0.41, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus; also authorizes new $1.5 bln share repurchase program
  • Tesla (TSLA) misses by $0.09, beats on revs, gross margins down 23 bps yr/yr; reiterates that in 2024, vehicle volume may be notably lower than the growth rate achieved in 2023
  • Texas Instruments (TXN) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line
  • Thermo Fisher (TMO) beats by $0.25, reports revs in-line; raises FY24 EPS in-line, revs in-line
  • Tower Semi (TSEM) beats by $0.09, reports revs in-line; guides Q3 revs in-line
  • Travel + Leisure Co (TNL) beats by $0.12, reports revs in-line
  • Trustmark (TRMK) beats by $0.03; sees NII increasing low single digits in 2024; says loans HFI expected to grow low single digits
  • United Comm Banks (UCBI) beats by $0.07, beats on revs
  • Vertiv (VRT) beats by $0.10, reports revs in-line; guides Q3 EPS above consensus, revs in-line; raises FY24 EPS above consensus, revs in-line
  • Visa (V) reports EPS in-line, revs in-line
  • Wabtec (WAB) beats by $0.08, reports revs in-line; raises FY24 EPS guidance; reaffirms FY24 revenue guidance
  • Weatherford (WFRD) misses by $0.08, misses on revs; authorizes three-year $500 mln share repurchase program; initiates annual dividend of $1.00/share
• General News
  • Israeli Prime Minister Benjamin Netanyahu will address Congress today, according to the Wall Street Journal
  • Hotel workers in four cities will hold strike votes, according to Reuters
  • India lowers import tax on smartphones, according to Reuters
  • Taiwan Stock Exchange will be closed today due to Typhoon Gaemi
  • Bank of Canada cuts rates 25 basis points to 4.50%
  • Vice President Kamala Harris considering Transportation Secretary Pete Buttigieg for VP -- MSNBC
  • DNC expects to hold virtual roll call to nominate VP Kamala Harris on August 1, according to The Hill
  • Alimera Sciences (ALIM) entered Manufacturing Services Agreement with Alliance Medical Products d.b.a. Siegfried Irvine
  • American Superconductor (AMSC) receives an order worth over $12 million for its 3 megawatt class wind turbine electrical control systems from Inox Wind Limited (Inox), India’s premium wind turbine manufacturer. AMSC expects to ship most of these ECS over the course of fiscal year 2024
  • Assertio Therapeutics (ASRT): Buxton Helmsley issues letter to the board of directors of Assertio Holdings
  • AT&T (T) CFO tells CNBC that he is not convinced that AI iPhones will convince consumers to trade up; customers are holding onto phones longer
  • Atkore International (ATKR) announces resignation of CFO David Johnson, effective close of business on August 9, 2024, to pursue a career opportunity outside of the electrical industry
  • Atlas Lithium Corp. (ATLX) CFO Gustavo P. Aguiar resigned
  • Bausch Health (BHC) responds to market rumors; says company is not considering a bankruptcy or insolvency proceeding of any kind (shares halted)
  • Berry Global (BERY) and Glatfelter (GLT) announce new brand name Magnera in connection with proposed merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films business and Glatfelter
  • Boeing (BA) and Ryanair (RYAAY) are elevating efficiency across Ryanair's fleet of primarily 737s with the addition of Boeing's Jeppesen FliteDeck Pro 5.0 electronic flight bag solution
  • Boeing (BA) resumes delivering 737 Max jets to China, according to Aviation Week
  • Bunge (BG) takeover of Viterra expected to get conditional EU approval, according to Bloomberg
  • Catalyst Pharma (CPRX) enters into an exclusive license, supply and commercialization agreement with Kye Pharmaceuticals for AGAMREE in Canada
  • Cintas (CTAS) increases quarterly cash dividend 15.6% to $1.56/share from $1.35/share and approves an additional share buyback program under which the Company may buy up to $1.0 bln of Cintas common stock at market prices
  • Comp Siderurgica (SID): InterCement and Mover Participacos entered new agreement that provides for exclusivity in relation to the potential acquisition of shares
  • Comp Siderurgica (SID) confirms exclusivity agreement with InterCement; no binding documents have been entered
  • CrowdStrike (CRWD) provides preliminary post incident review
  • CrowdStrike (CRWD): Microsoft (MSFT) unlikely to limit CRWD's access to Windows following outage, according to Reuters
  • Delta Air Lines (DAL) continues supporting customers as operations stabilized
  • Delta Air Lines (DAL) CEO provides update for Delta Customers (July 24); Thursday is expected to be a normal day
  • Diana Shipping (DSX) announces that through a separate wholly-owned subsidiary, it has entered into a time charter contract with Stone Shipping Ltd, for one of its Ultramax dry bulk vessels, the m/v DSI Polaris
  • Dorian LPG (LPG) declares irregular cash dividend of $1.00 per share; sees Q1 revs above consensus
  • Encompass Health (EHC) increases quarterly dividend ~13% to $0.17/share from $0.15/share and approves resetting the aggregate common stock repurchase authorization to $500 mln
  • Endeavour Silver (EXK) provides a Q2 2024 construction progress update for its Terronera Project in Jalisco state, Mexico
  • enGene Holdings (ENGN) announces that Ron Cooper has joined the Company as Chief Executive Officer and member of the Board of Directors, effective July 22, 2024
  • Eni S.p.A. (E) receives consent from Nigerian Upstream Petroleum Regulatory Commission to the sale of NAOC to OANDO
  • Estee Lauder (EL) provides Restructuring Program updates; expects to record restructuring and other charges of approximately $137 million
  • Euroseas Ltd. (ESEA) announces 18-month charter contract for its feeder containership, EM Spetses
  • Fulton Fincl (FULT) announces that Richard Kraemer is joining Fulton as CFO Designee; he will join on September 3
  • Gatos Silver (GATO) reports continued South-East Deeps extension drilling results at cerro los gatos and provides update on regional exploration program
  • Gilead Sciences (GILD) presents full efficacy and safety results for investigational twice-yearly Lenacapavir for HIV prevention presented at AIDS 2024
  • GlaxoSmithKline (GSK): Health Canada grants full approval to Jemperli for the treatment of patients with recurrent or advanced dMMR/MSI-H endometrial cancer
  • Global Partners (GLP) increases quarterly cash distribution to $0.72/share from $0.71/share
  • Gogo (GOGO) announces the appointment of Monte Koch as a member of the Board, effective July 17, 2024, expanding the Board from 9 to 10 directors
  • Home Bancshares (HOMB) increases quarterly cash dividend 8.3% to $0.195/share from $0.18/share
  • Howard Hughes Holdings Inc. (HHH) Announces Change to Seaport Entertainment Group Inc.’s Post-spinoff Stock Exchange
  • Interactive Brokers (IBKR) adds retirement planner to PortfolioAnalyst
  • Jacobs Solutions (J) awarded the competitive Federal Bureau of Investigation (FBI) Information Technology Supplies and Support Services 2nd Generation (ITSSS-2) Blanket Purchase Agreement
  • JetBlue Airways (JBLU) announces several strategic changes to invest and grow across New England by adding a whopping 20 percent more seats in the region by this winter
  • Johnson & Johnson (JNJ): Bio-Thera Solutions announces regulatory filing acceptance for BAT2206, a proposed biosimilar to Johnson & Johnson's Stelara in the US and EU
  • Keysight (KEYS) and NXP set new standard for automotive security with World’s first Digital Key Applet
  • Kopin (KOPN) achieves a milestone in the development of its NeuralDisplay platform software
  • Leidos (LDOS): Hackers leak internal docs stolen from the company, according to Bloomberg
  • Liberty Media (LSXMA) to vote on a proposal related to Liberty Media's proposed transaction to separate the Liberty SiriusXM Group by means of a redemptive split-off on Aug 23
  • Lumen Technologies (LUMN) and Microsoft Corp (MSFT) announce a new strategic partnership that will use the Microsoft Cloud to further drive Lumen's digital transformation
  • Lyft (LYFT) announced that Kristin Sverchek, the co's President, and the Company agreed to terms to depart as an employee effective August 20, 2024
  • MarineMax (HZO): Island Capital Group LLC issued a third letter to the shareholders of MarineMax
  • Mattel (MAT) CEO is confident that company will soon have a higher market value, according to Bloomberg
  • Medical Properties Trust (MPW) completes $160 million sale of Eight Arizona Facilities
  • Microsoft's (MSFT) introducing Bing generative search
  • Navigator Holdings (NVGS), Bumi Armada Berhad, and Bluestreak announce Memorandum of Understanding with Uniper for Joint Study on Export Of CO2 Emissions from proposed UK carbon capture plant
  • New Gold (NGD) reports fatality at the Rainy River Mine
  • Nkarta (NKTX) announces initiation of investigator-sponsored clinical trial evaluating NKX019 for systemic lupus erythematosus
  • Novartis AG (NVS): Dren Bio has entered into a strategic collaboration with Novartis Pharma AG
  • Nuvation Bio (NUVB) announces multiple updates for its taletrectinib program
  • Nvidia (NVDA) approved Samsung's (SSNLF) HBM3 chips to be used in China market processors, according to Reuters
  • NVIDIA's (NVDA) new China chip has a specific design that it allows it get around US rules, according to The Information
  • OrganiGram (OGI) has completed an early partial funding of its final third tranche investment into Phylos Bioscience Inc., with the remaining portion of the final tranche to be funded upon completion of the newly expanded final milestone
  • Pfizer (PFE) announces "positive" topline results from the Phase 3 AFFINE study evaluating giroctocogene fitelparvovec, an investigational gene therapy for the treatment of adults with moderately severe to severe hemophilia A
  • Pfizer (PFE): Sangamo Therapeutics (SGMO) reports on Pfizer’s topline results from Phase 3 Trial of Hemophilia A gene therapy candidate; eligible to earn from Pfizer up to $220 million
  • R1 RCM (RCM) Special Committee provides update on evaluation of strategic alternatives
  • Rivian (RIVN): Judge says Rivian will face trial in case related to Tesla (TSLA) trade secrets, according to Reuters
  • Rockwell Automation (ROK) names Christian Rothe as CFO
  • RTX's Pratt & Whitney (RTX) and Air Niugini have finalized engine and aftermarket agreements for the GTF engines that will power the airline's fleet of 11 Airbus A220 aircraft
  • SAGE Therapeutics (SAGE) and Biogen (BIIB) announce topline results from the Phase 2 KINETIC 2 dose-range study of the oral investigational drug SAGE-324 as a potential treatment in essential tremor
  • Salesforce (CRM) and Workday (WDAY) plan for a new AI employee service agent that will automate time-consuming tasks, provide personalized support, and surface data-driven insights that help employees work smarter and faster
  • ServiceNow (NOW) acquires Raytion to enhance GenAI-powered search and knowledge management capabilities on the now platform; financial terms were not disclosed
  • Sinclair Broadcast (SBGI): Athletic reporter Evan Drellich says "Diamond lawyer Brian Hermann: "We believe that we have made substantial progress on resolving our issues with Comcast (CMCSA)"
  • Skye Bioscience (SKYE): Beacon Biosignals announces a strategic collaboration with Skye Bioscience to enhance its upcoming CBEYOND Phase 2 clinical trial of Nimacimab
  • SolarMax Technology (SMXT) plans to offer engineering, procurement and construction services, known as EPC services, for large scale solar systems in the United States, which would include both solar power and EV charging stations
  • SOPHiA GENETICS SA (SOPH) announces that OncoHelix will implement MSK-ACCESS powered with SOPHiA DDM
  • Southland (SLND) has completed a sale-leaseback transaction for three properties totaling $42.5 mln
  • Stagwell (STGW) acquires Tel Aviv-based LEADERS, a digital agency specializing in influencer marketing and social commerce and the development of InfluencerMarketing.AI, a global influencer marketing SaaS platform; financial terms were not disclosed
  • Tempus AI (TEM): GeneCentric Therapeutics announces American Medical Association has granted a PLA Code for PurIST pancreatic cancer test
  • T-Mobile US (TMUS) has entered into a definitive agreement to establish a joint venture with leading global investment firm KKR (KKR) that will acquire Metronet including its broadband infrastructure, rapidly growing residential fiber business operations and existing customers
  • TechnipFMC (FTI) awarded a substantial contract by Petrobras (PBR) to supply flexible pipe for the pre-salt fields offshore Brazil, following completion of a tender
  • Tesla (TSLA) CEO Elon Musk posts poll (which currently have a majority of YES) if Tesla should invest $5 bln in xAI
  • Texas Instruments (TXN): Elliott Statement on positive steps announced by Texas Instruments
  • Texas Instruments (TXN) will webcast an off-cycle capital management call on Tuesday, August 20, at 10 a.m. Central time
  • The Coca-Cola Company (KO) announces retirements of three Directors
  • TotalEnergies SE (TTE) acquires a stake in the OranjeWind offshore wind farm in view of supplying green hydrogen to its European refineries and lowering their emissions
  • TotalEnergies (TTE) launches new 100 MW / 200 MWh battery storage development
  • Ultragenyx (RARE) to present GTX-102 Angelman Syndrome Program Update at the ASF Family Conference and Research Symposium
  • Vigil Neuroscience (VIGL) announces interim data from its ongoing Phase 1 clinical trial of VG-3927 in healthy volunteers
  • Vishay Intertechnology (VSH) AEC-Q200 qualified thin film chip resistors deliver stable high frequency performance up to 70 GHz
  • Walt Disney (DIS): UFCW 324 announces tentative agreement reached on its Disney contracts
  • Weatherford (WFRD) announces that its Board of Directors has appointed Steven Beringhause as a director with a term expiring at the 2025 Annual Meeting of Shareholders
  • Yum China (YUMC) announces disclosure under Hong Kong Stock Exchange rules in relation to a possible quarterly dividend
  • Zentek Ltd. (ZTEK) will embark on a Canada-wide sampling program for dental professionals facilitated by Henry Schein (HSIC) that will see ZenGUARD Antimicrobial Surgical Masks included in product shipments to Henry Schein customers

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Akamai Tech (AKAM) upgraded to Hold from Reduce at HSBC Securities; tgt $96
  • A.O. Smith (AOS) upgraded to Buy from Hold at Stifel; tgt raised to $98
  • Estee Lauder (EL) upgraded to Outperform from Sector Perform at RBC Capital Mkts; tgt $131
  • Lockheed Martin (LMT) upgraded to Buy from Hold at TD Cowen; tgt raised to $560
  • Madison Square Garden Entertainment (MSGE) upgraded to Buy from Neutral at Goldman; tgt raised to $45
  • Spotify (SPOT) upgraded to Buy from Hold at DZ Bank; tgt $375
  • Spotify (SPOT) upgraded to Buy from Neutral at Goldman; tgt raised to $425
• Downgrades:
  • Alexandria RE (ARE) downgraded to Neutral from Outperform at Wedbush; tgt lowered to $130
  • Autohome (ATHM) downgraded to Hold from Buy at The Benchmark Company
  • Boot Barn Holdings (BOOT) downgraded to Neutral from Buy at UBS; tgt lowered to $125
  • Cadence Bank (CADE) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $34
  • Centene (CNC) downgraded to Hold from Buy at Jefferies; tgt lowered to $69
  • Colgate-Palmolive (CL) downgraded to Hold from Buy at Jefferies; tgt lowered to $95
  • General Motors (GM) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $47
  • IQVIA (IQV) downgraded to Hold from Buy at Jefferies; tgt lowered to $242
  • Moody's (MCO) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $455
  • NBT Bancorp (NBTB) downgraded to Mkt Perform from Outperform at Raymond James
  • Procter & Gamble (PG) downgraded to Hold from Buy at Jefferies; tgt lowered to $175
  • Q2 Holdings (QTWO) downgraded to Neutral from Buy at DA Davidson; tgt raised to $76
  • Red Rock Resorts (RRR) downgraded to Equal Weight from Overweight at Wells Fargo; tgt raised to $64
  • SmartFinancial (SMBK) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $28
  • TE Connectivity (TEL) downgraded to Hold from Buy at HSBC Securities; tgt $162
  • Truist (TFC) downgraded to Neutral from Buy at Citigroup; tgt raised to $47
  • Ulta Beauty (ULTA) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $404
• Others:
  • AAON (AAON) initiated with a Neutral at Robert W. Baird; tgt $100
  • Biohaven (BHVN) initiated with an Overweight at Morgan Stanley; tgt $58
  • IMAX (IMAX) initiated with a Buy at Seaport Research Partners; tgt $23
  • JFrog (FROG) initiated with a Buy at TD Cowen; tgt $50
  • M/I Homes (MHI) initiated with a Strong Buy at Raymond James; tgt $200
  • Meritage (MTH) initiated with an Outperform at Raymond James; tgt $220
  • MindMed (MNMD) initiated with a Buy at ROTH MKM; tgt $36
  • Smith & Nephew (SNN) initiated with a Buy at Deutsche Bank
  • Taylor Morrison Home (TMHC) initiated with an Outperform at Raymond James; tgt $75

• Econ Data (Thursday):
  • 8:30 ET: Advance Q2 GDP (Briefing.com consensus 1.9%; prior 1.4%), Advance Q2 GDP Deflator (Briefing.com consensus 2.6%; prior 3.1%), weekly Initial Claims (Briefing.com consensus 240,000; prior 243,000), Continuing Claims (prior 1.867 mln), June Durable Orders (Briefing.com consensus 0.4%; prior 0.1%), and Durable Orders ex-transport (Briefing.com consensus 0.2%; prior -0.1%)
  • 10:30 ET: Weekly natural gas inventories (prior +10 bcf)
• Treasury Auctions:
  • 13:00 ET: $44 bln 7-yr Treasury note auction results
• Earnings:
  • Monday (July 22)
    • Pre-Market: BOH IQV TFC VZ
    • During Market Hours: SAP
    • After-Hours: AGYS AGNC ARE NTB BOKF BRO CADE CDNS CALX CATY CLF CCK ELS HSTM KREF MEDP NUE NXPI RBB RLI SSD WRB ZION
  • Tuesday (July 23)
    • Pre-Market: AOS ACI AVY BANC KO CBU CSTM DHR FBP FELE FCX GATX GE GM GPC HCA HRI IVZ IRDM KMB LMT MCO MSCI NWBI ONB PCAR PNR PM PII PHM DGX SASR SHW SPOT UPS WBS
    • After-Hours: GOOG APAM AGR BDN CALM COF CB CSGP EWBC EGP ENVA ENPH EQT FCF FTAI HIW MANH MTDR MAT NBR NBHC PKG PFSI RRC RRR RNST ROIC STX TSLA TXN TRMK VBTX VICR V
  • Wednesday (July 24)
    • Pre-Market: ALKS ALLE APH T BSX CHKP CHE CME EVR FI FTV GEV GD GPI HCSG IP IPG KBR LW LII NAVI NEE NEP ODFL OTIS PPBI PTEN BPOP PRG PB ROP SLAB SFNC SF TMHC TEL TDY THC TMO TSEM TNL UCBI VRT WNC WAB WFRD
    • After-Hours: ALGN AMP ASGN CSL CCS CMG CHDN CYH CLB EW EPRT FAF FLEX F GL GSHD GGG HP IBM ICLR PI INVH KALU KLAC KNX LVS MXL MTH MC MOH MSA NEM ORLY OII CASH PEB PEGA PLXS QS RJF RNR RSG RHI ROL SLM SEIC NOW SJW SSB STC TER TYL URI UHS VMI VKTX WM WHR WH
  • Thursday (July 25)
    • Pre-Market: ABBV AAL ARCH AMBP AZN AUB BFH BC CRS CARR CBRE CMS CFR DAR DOV DOW DTE EME XPRO FSS FCFS FCN HOG HAS HNI HON IMAX ITGR KDP LADR LAZ LEA LKQ HZO MAS MHK COOP NDAQ NTCT NYCB NSC NOC NVCR PCG POOL RS RES RPM RTX R SNY SBSI LUV STM FTI SHYF TSCO TW TRU TPH UNP VLO VLY VC WST WEX XRX
    • After-Hours: ALSN ABCB APPF ATR AJG ASB BKR BJRI SAM BYD CINF COLB COLM COUR CUZ CUBI DECK DXCM DLR EMN EIX EXPO FHI FFBC FIBK FBIN GLPI HIG DOC HTH JNPR KNSL LHX TREE LPLA MGRC MTX NOV OLN PECO PFG PFS SKX SKYW SPSC SSNC TXRH UCTT VLTO VRSN WSBC WY WTW WSFS ZYXI
  • Friday (July 26)
    • Pre-Market: MMM AB AON AVTR BCPC B BAH BMY CNC CHTR CL FHB BEN GNTX EAF NWL POR SAIA SXT STEL TROW TNET WT
    • After-Hours: None
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike