After Hours Report

The stock market has a mixed showing today in front of influential earnings news after the close. The Dow Jones Industrial Average (+0.5%) and Russell 2000 (+0.6%) closed with gains while the S&P 500 (-0.5%) and Nasdaq Composite (-1.3%) settled lower, clipped by losses in growth stocks, mega cap names, and semiconductor-related shares. 

The Russell 3000 Growth Index logged a 1.1% decline, the Vanguard Mega Cap Growth ETF (MGK) fell 1.3%, and the PHLX Semiconductor Index (SOX) registered a 3.9% loss. NVIDIA (NVDA 103.73, -7.86, -7.0%) was among the top laggard from the spaces. 

Dow components Merck (MRK 115.25, -12.53, -9.8%) and Procter & Gamble (PG 161.70, -8.23, -4.8%) were also among the influential losers after reporting earnings.

Meanwhile, F5 Networks (FFIV 200.66, +23.07, +13.0%), Stanley Black & Decker (SWK 106.05, +9.62, +10.0%), and PayPal (PYPL 64.00, +5.06, +8.6%) were top performing S&P 500 components after their quarterly reports. 

Market breadth favored advancers by a 3-to-2 margin at the NYSE, but decliners had a 4-to-3 lead over advancers at the Nasdaq. 

The performance of the S&P 500 sectors also reflected mixed action. The heavily-weighted information technology sector had the weakest showing, dropping 2.2%, while the financial sector jumped 1.2%.

The equity and bond markets didn't react much to this morning's better-than-expected consumer confidence index for July.  The 10-yr note yield declined four basis points to 4.14% and the 2-yr note yield declined three basis points to 4.36%. This price action was in front of tomorrow's release of the latest FOMC Statement, which is expected to set the stage for a rate cut in September.

• Nasdaq Composite:+14.2% YTD
• S&P 500: +14.0% YTD
• Russell 2000: +10.7% YTD
• S&P Midcap 400: +10.7% YTD
• Dow Jones Industrial Average: +8.1% YTD

Reviewing today's economic data:

• May FHFA Housing Price Index 0.0%; Prior was revised to 0.3% from 0.2%
• May S&P Case-Shiller Home Price Indez 6.8% (Briefing.com consensus 6.8%); Prior was revised to 7.3% from 7.2%
• July Consumer Confidence 100.3 (Briefing.com consensus 99.8); Prior was revised to 97.8 from 100.4
  • The key takeaway from the report is that consumers are starting to take notice of slowing labor market conditions, yet their overall assessment of the current labor market situation is still quite strong.
• June JOLTS - Job Openings 8.184 mln; Prior was revised to 8.230 mln from 8.140 mln

Looking ahead, Wednesday's economic calendar features:

• 7:00 ET: Weekly MBA Mortgage Index (prior -2.2%)
• 8:15 ET: July ADP Employment Change (Briefing.com consensus 160,000; prior 152,000)
• 8:30 ET: Q2 Employment Cost Index (Briefing.com consensus 1.0%; prior 1.2%)
• 10:00 ET: June Pending Home Sales (Briefing.com consensus 1.5%; prior -2.1%)
• 10:30 ET: Weekly crude oil inventories (prior (-3.74 mln)
• 14:00 ET: July FOMC Rate Decision (Briefing.com consensus 5.25-5.50%; prior 5.25-5.50%)

Overseas:

• Europe: DAX +0.6%, TSE -0.2%, CAC +0.4%
• Asia: Nikkei -0.0%, Hang Seng -1.4%, Shanghai -0.4%

Commodities:

• Crude Oil -1.06 @ 74.73
• Nat Gas +0.08 @ 2.13
• Gold +26.30 @ 2451.80
• Silver +0.63 @ 28.46
• Copper +0.01 @ 4.09

After-Hours Spotlight:

• Advanced Micro (AMD) beats by $0.01, beats on revs; guides Q3 revs in-line... AMD up 5.5%
• Freshworks (FRSH) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY24 EPS in-line, revs above consensus... FRSH up 8.2%
• Inari (NARI) misses by $0.35, beats on revs; guides FY24 revs in-line... NARI down 19.2%
• Lemonade (LMND) beats by $0.07, reports revs in-line; guides Q3 revs below consensus; reaffirms FY24 revs guidance... LMND down 16.9%
• Match Group (MTCH) reports Q2 (Jun) results, revs in-line; guides Q3 revs below consensus... MTCH up 9.8%
• Microsoft (MSFT) beats by $0.01, reports revs in-line; Azure +30% CC vs +30-31% CC prior guidance... MSFT down 6.4%
• Mondelez Int'l (MDLZ) beats by $0.07, misses on revs; expects FY24 organic revenue growth at higher end of +3-5%... MDLZ unchanged
• O-I Glass (OI) beats by $0.01, misses on revs; guides FY24 EPS below consensus... OI down 13.9%
• Penumbra (PEN) beats by $0.08, reports revs in-line; lowers FY24 revs guidance below consensus... PEN down 15.5%
• Pinterest (PINS) beats by $0.01, reports revs in-line; guides Q3 revs below consensus... PINS down 16.0%
• Powell Inds (POWL) beats by $1.63, beats on revs... POWL up 19.3%
• Starbucks (SBUX) reports EPS in-line, misses on revs, global comparable store sales decreased by 3%... SBUX up 2.1%

Fair Value for Wednesday, July 31:

• S&P 500: 5,472
• Nasdaq 100: 18,938
• DJIA: 40,953

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

• Earnings/Guidance (Full Earnings Calendar):
  • AGCO Corp (AGCO) misses by $0.37, misses on revs; guides FY24 EPS below consensus, revs below consensus; cites weakening market conditions and significant production cuts
  • Airbus (EADSY) reports Half-Year 2024 results; 2024 guidance as per June update
  • Amkor (AMKR) beats by $0.04, reports revs in-line; guides Q3 EPS below consensus, revs in-line
  • Archer-Daniels (ADM) misses by $0.19, misses on revs; reaffirms FY24 EPS guidance
  • Armstrong World Industries (AWI) beats by $0.07, beats on revs; raises FY24 EPS above consensus, revs above consensus
  • Arvinas (ARVN) beats by $0.59, beats on revs
  • Audiocodes (AUDC) misses on top and bottom lines
  • Beyond, Inc. (BYON) beats by $0.07, beats on revs
  • BGC Group (BGC) reports Q2 results; sees Q3 revs in-line
  • BP (BP) beats by $0.10, misses on revs
  • CECO Environ. (CECO) beats by $0.04, misses on revs; raises FY24 revs guidance above consensus
  • CenterPoint (CNP) beats by $0.04; guides FY24 EPS in-line
  • Chesapeake Energy (CHK) beats by $0.02, misses on revs
  • CNO Financial (CNO) beats by $0.34, beats on revs
  • Commvault Systems (CVLT) beats by $0.12, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus
  • Corning (GLW) beats by $0.01, beats on revs; guides Q3 EPS in-line, revs below consensus
  • Crane (CR) beats by $0.06, beats on revs; raises FY24 EPS and revenue guidance
  • CTS Corp (CTS) beats by $0.01, misses on revs; guides FY24 EPS below two analyst estimate, revs below two analyst estimate
  • Cushman & Wakefield (CWK) beats by $0.01, beats on revs
  • CVR Energy (CVI) beats by $0.30, beats on revs
  • Diageo plc (DEO) reports FY24 results; raises dividend
  • Ecolab (ECL) beats by $0.01, misses on revs; guides Q3 EPS in-line; guides FY24 EPS in-line
  • Element Solutions (ESI) beats by $0.01, reports revs in-line
  • Enterprise Products (EPD) misses by $0.02, misses on revs
  • Equity Residential (EQR) beats by $0.01, reports revs in-line; guides Q3 FFO in-line; raises FY24 FFO in-line
  • F5 Networks (FFIV) beats by $0.39, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY24 revs above consensus
  • Flowserve (FLS) beats by $0.10, beats on revs; guides FY24 EPS in-line, reaffirms FY24 revs guidance
  • Gartner (IT) beats by $0.20, reports revs in-line
  • Graphic Packaging (GPK) beats by $0.04, misses on revs; reaffirms FY24 EPS guidance
  • Grifols, S.A. (GRFS) reported Q2 results with positive free cash flow indicative of significant sequential improvement expected throughout the year; reaffirmed FY24 guidance
  • Harmonic (HLIT) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
  • Hayward Holdings (HAYW) beats by $0.01, reports revs in-line; guides FY24 revs in-line
  • Hologic (HOLX) beats by $0.04, reports revs in-line; guides SepQ EPS in-line, revs below consensus
  • Howmet Aerospace (HWM) beats by $0.07, beats on revs; guides Q3 EPS and revs above consensus; guides FY24 EPS and revs above consensus; increases share buyback authorization by $2 bln; also increases dividend
  • Hubbell (HUBB) beats by $0.13, misses on revs; guides FY24 EPS in-line, revs below consensus
  • Illinois Tool (ITW) beats by $0.07, misses on revs; lowers FY24 revenue guidance; lowers upper end of FY24 EPS guidance
  • Incyte (INCY) reports Q2 (Jun) results, beats on revs; announces strategic review of its pipeline with an increased focus on high potential impact programs
  • Intl Game Tech. PLC (IGT) misses by $0.03, misses on revs; withdraws FY24 guidance due to planned sale of Gaming & Digital business
  • IPG Photonics (IPGP) misses by $0.05, reports revs in-line; guides Q3 EPS below consensus, revs below consensus
  • JetBlue Airways (JBLU) beats by $0.18, reports revs in-line, system capacity decreased by 2.7% year-over-year; guides Q3 revs below consensus; guides FY24 revs below consensus
  • Kforce (KFRC) beats by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus
  • Lattice Semi (LSCC) misses by $0.01, misses on revs; guides Q3 revs below consensus
  • Leidos (LDOS) beats by $0.36, beats on revs; raises FY24 EPS in-line, revs in-line
  • Leonardo DRS (DRS) beats by $0.04, beats on revs; raises FY24 guidance
  • LGI Homes (LGIH) beats by $0.30; provides FY24 outlook
  • Merck (MRK) beats by $0.12, beats on revs; lowers FY24 EPS guidance to reflect negative impact from one-time charge for acquisition of EyeBio, slightly raises rev guidance
  • Neogen (NEOG) misses by $0.01, beats on revs; guides FY25 revs in-line
  • NETSTREIT (NTST) beats by $0.02, beats on revs; guides FY24 FFO above consensus; increases dividend
  • PayPal (PYPL) beats by $0.20, reports revs in-line; guides Q3 EPS above consensus, revs in-line; raises FY24 EPS above consensus
  • PayPal (PYPL) conference call update: On course with the strategy set at the beginning of the year
  • Petrobras (PBR) reports Q2 production results
  • Pfizer (PFE) beats by $0.14, beats on revs; raises FY24 EPS above consensus, revs in-line
  • Phillips 66 (PSX) beats by $0.33, beats on revs
  • PHINIA (PHIN) misses by $0.27, misses on revs; sees FY24 revs at low end of guidance range
  • PJT Partners (PJT) beats by $0.49, beats on revs
  • PotlatchDeltic (PCH) misses by $0.72, beats on revs
  • Procter & Gamble (PG) beats by $0.03, reports revs in-line; guides FY25 EPS in-line, revs in-line
  • Public Service (PEG) beats by $0.01, beats on revs; reaffirms FY24 EPS guidance
  • Rambus (RMBS) misses by $0.11, misses on revs
  • Repligen (RGEN) reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, guides FY24 revs below consensus
  • Sanmina (SANM) misses by $0.03, misses on revs; guides Q4 EPS below consensus, revs below consensus
  • SBA Comm (SBAC) beats by $0.02, reports revs in-line; guides FY24 FFO in-line, revs in-line
  • Scorpio Tankers (STNG) beats by $0.07, beats on revs
  • Sensata Tech (ST) reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus
  • SmartRent (SMRT) CEO Lucas Haldeman stepping down; resigns from Board; guides Q2 revs below consensus; suspends FY24 outlook
  • SoFi Technologies (SOFI) beats by $0.01, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY24 EPS in-line, revs above consensus
  • Sprouts Farmers Market (SFM) beats by $0.16, beats on revs; guides Q3 EPS above consensus; guides FY24 EPS above consensus, revs above consensus
  • Stanley Black & Decker (SWK) beats by $0.25, reports revs in-line; guides FY24 EPS in-line
  • Symbotic (SYM) misses by $0.08, beats on revs; guides SepQ revs below consensus
  • Sysco (SYY) beats by $0.01, reports revs in-line
  • Toyota Motor (TM) announces sales, production, and export results for the first half of 2024
  • Trimas (TRS) misses by $0.10, reports revs in-line; guides FY24 EPS below two analyst estimate, revs below two analyst estimate
  • Varonis Systems (VRNS) beats by $0.07, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus
  • Watsco (WSO) misses by $0.19, misses on revs
  • Welltower (WELL) beats by $0.04, misses on revs; raises FY24 FFO above consensus
  • Woodward (WWD) beats by $0.11, reports revs in-line; guides FY24 EPS in-line, revs below consensus
  • Xylem (XYL) beats by $0.04, beats on revs; raises FY24 EPS in-line, revs in-line
  • Zebra Tech (ZBRA) beats by $0.38, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY24 EPS above consensus, revs in-line
• General News
  • China aiming to take additional actions to increase consumer spending, according to the Wall Street Journal
  • Airline fee disclosure rule was blocked by Appeals Court, according to Reuters
  • Israel launches a strike in Beirut, Lebanon to target Hezbollah commander that was responsible for Saturday's attack in Golan Heights, according to CNN
  • Allegro Microsystems (ALGM) enters its next phase as a public company with repurchase of 39 million shares held by Sanken Electric
  • Alphabet (GOOG): UK CMA is considering whether it is or may be the case that Alphabet’s partnership with Anthropic has resulted in the creation of a relevant merger situation
  • Amazon (AMZN) aims to undercut Netflix (NFLX) on advertising for Prime Video service, according to Financial Times
  • Amazon (AMZN) wants to deliver packages quicker in rural areas, according to the Wall Street Journal
  • Amazon (AMZN): FDA issues warning letter to AMZN; agency is concerned about potent chemical peel products that are available to be purchased and used by consumers
  • Amazon (AMZN) spokesperson says it was disappointed by CPSC decision decision and plans to appeal it, according to CNN
  • Amazon (AMZN) filed a lawsuit against Nokia (NOK) over cloud patents, according to Reuters
  • Ameriprise Financial Services (AMP) files a lawsuit in United States District Court contending that defendant LPL Financial LLC (LPLA) is engaged in a widespread pattern and practice of harvesting and misusing private, confidential client information as they recruit advisors in violation of legal, regulatory and industry obligations
  • Amneal (AMRX) receives U.S. FDA approval for potassium phosphates injection IV Bags
  • Anavex (AVXL) reports positive preclinical results in directly to humans’ translatable biomarkers for individuals with FXS for ANAVEX2-73, in a disease model of Fragile X syndrome
  • Appian (APPN): VA Appeals Court issues ruling on APPN trade secrets
  • Apple (AAPL) used Google (GOOG) chips to train its models based on artificial intelligence, according to Reuters
  • Barnes Group (B): Barnes Aerospace announces a long-term agreement extension with MTU Aero Engines AG (MTUAY), through which it will provide a package of precision fabricated components valued at $33 mln
  • Biogen (BIIB), Beckman Coulter and Fujirebio announce a collaboration to potentially identify and develop blood-based biomarkers for tau pathology in the brain and to potentially clinically advance and potentially commercialize new tests for tau pathology in Alzheimer’s disease
  • BioNTech (BNTX) announces "positive" topline data from the ongoing Phase 2 clinical trial in patients with unresectable stage III or IV melanoma whose disease had progressed following anti-PD-(L)1-containing treatment
  • CACI Intl (CACI) awarded a five-year $414 million task order to provide global operational support for unmanned systems to the U.S. Army
  • Celldex Therapeutics (CLDX) presents positive topline results from Barzolvolimab Phase 2 study in chronic inducible urticaria
  • Comcast (CMCSA) and Diamond Sports reach carriage agreement for the distribution of Diamond’s 15 regional sports networks to Xfinity TV customers
  • Delta (DAL) wants compensation from Microsoft (MSFT) and CrowdStrike (CRWD) for technology outage, according to CNBC
  • Drilling Tools International (DTI): Superior Drilling Products (SDPI) Announces Preliminary Results for Election of Form of Merger Consideration
  • EagleBank (EGBN) adds experienced commercial real estate expert to the Board of Directors
  • Encompass Health (EHC) announces opening of Encompass Health Rehabilitation Hospital of Johnston, a 50-bed inpatient rehabilitation hospital located at 2109 Hartford Avenue in Johnston, Rhode Island
  • F5 Networks (FFIV) CFO Frank Pelzer to retire; Edward Cooper Werner to be appointed as replacement
  • First Majestic Silver (AG) announces the discovery of a significant new, vein-hosted gold and silver mineralized system at its Santa Elena property in Sonora, Mexico
  • Fluor (FLR) signs a contract with RoPower Nuclear for Phase 2 front-end engineering and design work at its small modular reactor facility in Doicesti, Romania
  • Fractyl Health (GUTS) receives FDA breakthrough device designation for revita in weight maintenance for people with obesity who discontinue GLP-1 based drugs
  • GlaxoSmithKline (GSK) presents new data at the Alzheimer's Association International Conference 2024
  • Global Business Travel Group (GBTG): American Express Global Business Travel announces that it expects its proposed acquisition of CWT, a global business travel and meeting solutions provider, to close in the first quarter of 2025
  • Grifols, S.A. (GRFS) reports that due to an incorrect accounting treatment, the comparative figures presented in Financial Statements for the first half of 2024 have been restated
  • Haemonetics (HAE) receives CE Mark Certification for the SavvyWire Pre-Shaped Pressure Guidewire
  • Haleon plc (HLN) and Pfizer (PFE) entered into July share purchase deed
  • Harmonic (HLIT) announced that Telecentro has selected Harmonic's industry-leading cOS broadband platform to modernize its broadband network
  • ICF International (ICFI) awarded a $84 million contract by The Government of Puerto Rico's Public Private Partnership Authority to continue supporting long-term disaster recovery and mitigation efforts across the territory
  • Intellia Therapeutics (NTLA) announces the authorization of its Clinical Trial Application by the United Kingdom’s Medicine and Healthcare products Regulatory Agency to initiate a Phase 1/2 study evaluating NTLA-3001 for the treatment of alpha-1 antitrypsin deficiency-associated lung disease
  • Leidos (LDOS) awarded an $823 million task order from the Defense Information Systems Agency to provide operations and sustainment for the Defense Enclave Services Department of Defense Network (DoDNet) program
  • Lions Gate Entertainment (LGF.A) adopted a recommendation of a Special Committee of the Board determining that a collapse of dual-class share structure is in the best interests of shareholders at July 25 meeting
  • MAC Limited (MTAL) provides a market update on the continuing exploration and resource development at the CSA Copper Mine
  • Marin Software (MRIN) renews revenue share agreement with Google (GOOG, GOOGL)
  • Meta Platforms (META) introducing AI Studio, a place for people to create, share and discover AIs to chat with – no tech skills required.
  • Meta Platforms (META) will have to pay $1 bln to settle Texas lawsuit, according to Bloomberg
  • Meta Platforms (META): Texas Attor­ney Gen­er­al Ken Pax­ton confirms $1.4 bil­lion set­tle­ment with Meta over its unau­tho­rized cap­ture of per­son­al bio­met­ric data in largest set­tle­ment ever obtained from an action brought by a sin­gle state
  • Norfolk Southern (NSC): Justice Department files complaint against Norfolk Southern to stop Amtrak passenger train delays
  • Novartis AG (NVS): European Medicines Agency approves Bio-Thera Solutions' BAT1706 a biosimilar referencing Avastin
  • Novo Nordisk A/S (NVO): Older GLP-1 drugs might help protect brains of patients with early Alzheimer’s disease, according to Stat News
  • NVIDIA (NVDA) Accelerates Humanoid Robotics Development
  • NVIDIA (NVDA) Announces Generative AI Models and NIM Microservices for OpenUSD Language, Geometry, Physics and Materials
  • Paramount Global (PARA) and Nexstar Media Group (NXST) renew affiliation agreements
  • Parker-Hannifin (PH) signs an agreement to divest its North America Composites and Fuel Containment Division to private investment firm SK Capital Partners
  • Pegasystems (PEGA) confirms Court of Appeals of Virginia reversed judgement
  • Philip Morris International (PM) announces a memorandum of understanding with KT&G, South Korea’s leading manufacturer of tobacco and nicotine products
  • Rambus (RMBS) expands memory interface chip offering to high-performance PCs with DDR5 Client Clock Driver
  • Red Cat Holdings (RCAT) filed to delay its 10-K; expects to file within the extension period of 15 calendar days
  • Roche Hldg (RHHBY) receives EC approval for Vabysmo
  • Shell plc (SHEL): Viaro Energy signs agreement to take over Shell & ExxonMobil’s (XOM) UK Southern North Sea assets
  • Similarweb (SMWB): You.com announces strategic collaboration with Similarweb, employees will use You.com’s AI Assistants to boost productivity in sales and marketing
  • Spirit Aerosystems (SPR) discloses acquisition update; says "Until the transactions are complete, which we expect to occur mid-2025, subject to closing conditions, we will continue to operate as usual"
  • Sunnova Energy (NOVA) and Tenet Energy team up to promote clean home energy adoption with solar and electric vehicle
  • Terns Pharmaceuticals (TERN) announces that CFO Mark Vignola will leave in a planned transition following the appointment of a new CFO
  • Tesla's (TSLA) Autopilot camera based technology could put drivers at risk, according to the Wall Street Journal
  • Tesla (TSLA): NTHSA issues recall of certain Model Year 2017-2024 Model 3 vehicles equipped with a hood latch produced in China
  • Textron (TXT) Aviation announces the expansion of its service offerings to include a new standard repair process for Cessna Citation 560XL series aircraft main landing gear
  • UBS (UBS): Switzerland regulations investigating how UBS vets wealthy clients, according to Reuters
  • U.S. Steel (X): Pennsylvania Governor Josh Shapiro says he doesn't support merger between US Steel and Nippon Steel (NPSCY), according to Reuters
  • Verastem Oncology (VSTM) receives FDA orphan drug designation for avutometinib and defactinib for the treatment of pancreatic cancer
  • Vertex (VRTX) announces FDA acceptance of new drug application for suzetrigine for the treatment of moderate-to-severe acute pain
  • Vista Outdoor (VSTO) announces that its Board of Directors has commenced a review of strategic alternatives
  • Vistra Energy's (VST) Homeland Energy announces a multi-year contract with the U.S. General Services Administration to provide carbon pollution-free electricity to federal facilities in Illinois
  • Wabtec (WAB) announces a $277 mln order for Evolution Series ES43ACmi locomotives from SimFer, a joint venture among the Government of the Republic of Guinea, Rio Tinto, and Chalco Iron Ore Holdings
  • Walmart (WMT): FDA issues warning letter to WMT: agency is concerned about potent chemical peel products that are available to be purchased and used by consumers
  • Warner Brothers (WBD) in discussions with UK companies to stream HBO, according to Financial Times
  • WPP plc (WPP) appoints Philip Jansen as Non-Executive Chair of the Board
  • WPP plc (WPP) to create generative 3D worlds in collaboration with NVIDIA (NVDA)
  • Zscaler’s (ZS) Annual Ransomware Report Uncovers Record-Breaking Ransom Payment of $75 Million, Reinforcing the Need for Zero Trust

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

• Upgrades:
  • Affirm (AFRM) upgraded to Buy from Neutral at BofA Securities; tgt $36
  • Aon (AON) upgraded to Outperform from Underperform at Keefe Bruyette; tgt raised to $380
  • ASML (ASML) upgraded to Overweight from Equal Weight at Barclays
  • BrightView (BV) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $17
  • Collegium Pharmaceutical (COLL) upgraded to Buy from Neutral at H.C. Wainwright; tgt $47
  • Sprouts Farmers Market (SFM) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $90
  • Sprouts Farmers Market (SFM) upgraded to Market Perform from Underperform at BMO Capital Markets; tgt raised to $102
  • Varonis Systems (VRNS) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $60
• Downgrades:
  • Abbott Labs (ABT) downgraded to Hold from Buy at Edward Jones
  • Bank of Montreal (BMO) downgraded to Sector Perform from Outperform at RBC Capital Mkts
  • Centuri Holdings (CTRI) downgraded to Neutral from Buy at UBS; tgt lowered to $17
  • Cognition Therapeutics (CGTX) downgraded to Neutral from Overweight at Cantor Fitzgerald
  • Criteo (CRTO) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Flushing Fin (FFIC) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $16.50
  • Frontier Group Holdings (ULCC) downgraded to Underweight from Neutral at JP Morgan
  • Gentex (GNTX) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt $34
  • Healthcare Realty (HR) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $16
  • Integra (IART) downgraded to Sell from Neutral at Citigroup; tgt lowered to $23
  • Integra (IART) downgraded to Sell from Neutral at BTIG Research; tgt $22
  • Lattice Semi (LSCC) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $47
  • Merchants Bancorp (MBIN) downgraded to Outperform from Strong Buy at Raymond James; tgt raised to $58
  • Novavax (NVAX) downgraded to Underweight from Neutral at JP Morgan; tgt $8
  • SAGE Therapeutics (SAGE) downgraded to Hold from Buy at TD Cowen; tgt lowered to $10
  • Shore Bancshares (SHBI) downgraded to Neutral from Buy at Janney
  • Silicom Limited (SILC) downgraded to Hold from Buy at Needham
  • Williams Cos (WMB) downgraded to Neutral from Buy at Seaport Research Partners
• Others:
  • Adaptimmune Therapeutics (ADAP) initiated with a Buy at H.C. Wainwright; tgt $4
  • BrightView (BV) initiated with a Buy at Loop Capital; tgt $18
  • Corbus Pharma (CRBP) initiated with an Outperform at Wedbush; tgt $85
  • Gryphon Digital Mining (GRYP) initiated with a Neutral at H.C. Wainwright
  • Ligand Pharma (LGND) initiated with an Outperform at RBC Capital Mkts; tgt $130
  • Whirlpool (WHR) resumed with an Underperform at BofA Securities; tgt $88

• Econ Data (Wednesday):
  • 7:00 ET: Weekly MBA Mortgage Index (prior -2.2%)
  • 8:15 ET: July ADP Employment Change (Briefing.com consensus 160,000; prior 152,000)
  • 8:30 ET: Q2 Employment Cost Index (Briefing.com consensus 1.0%; prior 1.2%)
  • 10:00 ET: June Pending Home Sales (Briefing.com consensus 1.5%; prior -2.1%)
  • 10:30 ET: Weekly crude oil inventories (prior (-3.74 mln)
  • 14:00 ET: July FOMC Rate Decision (Briefing.com consensus 5.25-5.50%; prior 5.25-5.50%)
• Earnings:
  • Monday (July 29)
    • Pre-Market: AMG CTRI CNA HOPE IART MCD OIS ON PHG RVTY
    • After-Hours: AMKR BYON BRX CHK CNO CDP CORT CR CWK CVI PLOW ESI EQR FFIV FLS HLIT HOLX KFRC LSCC LTC NEO PCH RMBS SAFE SANM SBAC ST SFM SYM TLRY TRNS VRNS WELL WWD
  • Tuesday (July 30)
    • Pre-Market: AGCO AEP AMT ADM ARCC AWI BP CECO CNP CVLT GLW CTS DTM EXP ECL EPD IT GPK HEES HAYW HWM HUBB ITW INCY IGT IPGP JBLU LDOS DRS LGIH MRK NEOG PYPL PFE PSX PHIN PJT PG PEG RGEN STNG SITC SPGI SOFI SWK SYY TRS UFPI WSO XYL ZBRA
    • After-Hours: ATEN AKR AEIS AMD ACGL AROC ANET ATRC AXS AX BHE BLKB BXP CZR CCCS CRK DENN DV EA EQH EQC ESS EXR FSLR FE FRSH HA HLI HURN NARI INFA JBT KAI LSTR LMND LC LFUS LYV MTCH MSFT MOD MDLZ NMIH NOG NWE OI OVV PCRX PEN PINS POWL PRO PSA QRVO WTTR SWKS STAG SBUX SYK TEX TX UDR UMBF UNM VOYA WPC WERN WU ZWS
  • Wednesday (July 31)
    • Pre-Market: ATEC ALGT MO ASC ATHM ADP AN AVNS AVDX BLCO BA BWA BG CBZ CDW COR CHEF CLH CNH CMCO DAN DAY XRAY DSX DD DFIN DEA ENTG FVRR GRMN GTES GEHC GNRC THRM ROCK GSK HES HESM HUM JCI KKR KHC LNTH LECO LIVN LXP MA MAC MAR MNRO EDU NCLH OMF OSW OPCH OSK PAG PSN PERI PNM PUMP RDWR SAGE SHOO SMG SLGN SITE SR SCL STRA SXC TMUS TEVA COCO TKR TT TTMI ULS UTHR UMC VRSK WAT WEC WING
    • After-Hours: ACHC AFL ALB ALKT ALL AIG AWK ANSS AM AR APA ARM AVB ACLS BALY BKH BV CHRW WHD CWH CDNA CVNA CAKE CWAN CGNX CTSH COHU CODI CFLT CNMD CRBG CTVA CCRN DLX EBAY EIG ERII ENVX EPR ETD ETSY EG EVTC EOLS EXAS EXPI FICO FMC FORM FCPT GKOS GT GRBK THG HLF HST IEX IR IRT NGVT JAZZ KRC KN KD LRCX MGY VAC MAX META MET MTG MGM MAA MCW MUSA MYRG NFG NRDS NTGR NMFC NE OLO PTVE PGRE PK PAYC PRDO PDM PPC PTC QTWO QGEN QCOM QDEL RDN RRX RELY RIOT RIG RSI RHP SDGR TSLX SNBR SON RGR SUI SCI NOVA TDOC TENB TS TTEK TMDX UDMY VICI WDC ZETA
  • Thursday (Aug 1)
    • Pre-Market: ACIW ADT AER AGIO APD ALGM ALE ALNY ATUS AME BUD HOUS APLS APG APO APPN APTV MT ARW AUPH AXTA BALL BAND BDX BDC BIGC BIIB BIP BPMC CWT CAMT CWEN COP CROX CRTO CMI D LPG DRVN DNB ETN ECVT ETR NVRI ES EVGO EXC EXLS FTDR GWW HSY HTZ DINO HII IDA INMD NSIT NSP IBP ICE IDCC IONS IRM ITRI ITT JHG K KRP KIM KEX KTB LH LAUR LTH LNC LAD MTSI MGPI MIDD MBLY MRNA NBIX OCSL OMCL PATK PBF BTU PNW PWR PACK REGN RBLX RUSHA SABR SNDR SPNS SHAK SIRI SWI SO STGW TNK TFX CI THRY TRN TPB UNIT UPBD UTZ VCEL VNT W WEN WCC XEL XPO
    • After-Hours: AAON ACCO ADPT AL ALHC AEE LNT ALTR ASUR AMZN AMH AAPL ACA ARDX TEAM BECN BZH BBAI BIO SQ BKNG BFAM CABO CPT CWST CE CC CIVI CLFD CLX NET COIN ED CRSR CTRA CUBE CTOS DRH DASH DORM DKNG LOCO ELME EOG FRT FND FOXF FDP GEN GDDY GDYN HTGC HUBG ICFI INST IAS INTC IRTC LEG LMAT MTZ MATX MARA MMSI MTD MCHP MSTR MIR MPWR MSI MP NXT LASR OHI OPEN OEC PCTY POST PRCT PCOR PRU REG RGNX RGA RMD RNG RLJ RKT ROKU RYAN SEM SIMO SNAP SWN SPT SPXC SNDX TNDM SKT TROX TWLO X OLED VREX VTR VRTX VCTR VIR HCC WSC WK XHR XPOF
  • Friday (Aug 2)
    • Pre-Market: ARCB ARES ABG ATMU BERY BTSG CBOE GTLS CVX CHD CNK ESAB ESNT XOM FYBR FLGT HR IMO TILE LIN LYB MOG.A NMRK NWN OMI PRGO PIPR PAA PPL PRLB RBC SNCY TWST
    • After-Hours: AMC AES
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike