After Hours Report

Updated: 31-Jul-24 17:29 ET
Meta up nicely on Q2 results, raised CapEx guidance; ARM down big after reiterating FY25 guidance

The S&P 500 jumped 1.6% and the Nasdaq Composite logged a 2.6% gain while the Dow Jones Industrial Average (+0.2%) and Russell 2000 (+0.5%) settled with smaller gains.

The FOMC decision and Fed Chair Powell's press conference initially drew in additional buying interest in the stock market, but gains faded slightly ahead of the close. The major indices settled with solid gains, little changed from levels seen before the 2:00 p.m. ET policy directive and 2:30 p.m. ET press conference. 

The FOMC voted unanimously to leave the target range for the fed funds rate unchanged at 5.25-5.50%, as expected. The Fed is looking at things in more balanced manner, though, compared to prior meetings. That is, it is not overweighting the inflation side of its mandate like it had been. That is a nuanced transition that is in-line with the comments heard from various Fed officials leading up to today's decision.

Fed Chair Powell's press conference was also largely what the market expected to hear. He didn't pre-commit the FOMC to cutting rates at the September meeting, although he suggested more than once that the discussion of a rate cut would be on the table if the Fed gets the data it hopes it will get.

Treasuries had a somewhat muted response. The 10-yr note yield fell three basis to 4.11% and the 2-yr note yield declined two basis points to 4.34%.

The positive bias today was driven by strength in the semiconductor space and mega cap stocks through the entire session. NVIDIA (NVDA 117.02, +13.29, +12.8%) was a top performer from the space. The PHLX Semiconductor Index (SOX) jumped 7.0%. This price action overshadowed an earnings-related loss in Microsoft (MSFT 418.35, -4.57, -1.1%).

The strength in semiconductor shares was in response to earnings news from AMD (AMD 144.48, +6.04, +4.4%), Microsoft's robust capex budget, and talk that some foreign companies could be exempt from export restrictions to China.

Dow component Boeing (BA 190.60, +3.74, +2.0%) was another standout after reporting earnings.

  • Nasdaq Composite:+17.2% YTD
  • S&P 500: +15.8% YTD
  • Russell 2000: +11.2% YTD
  • S&P Midcap 400: +11.4% YTD
  • Dow Jones Industrial Average: +8.4% YTD

Reviewing today's economic data:

  • Weekly MBA Mortgage Applications Index -3.9%; Prior -2.2%
  • July ADP Employment Change 122K (Briefing.com consensus 160K); Prior was revised to 155K from 150K
  • Q2 Employment Cost Index 0.9% (Briefing.com consensus 1.0%); Prior 1.2%
    • The key takeaway is that there was a year-over-year moderation in wages and salaries and benefit costs that, again, trended in the right manner to suggest the Fed might be convinced to cut rates in September.
  • June Pending Home Sales 4.8% (Briefing.com consensus 1.5%); Prior was revised to -1.9% from -2.1%
  • July Chicago PMI 45.3; Prior 47.4

Looking ahead, Thursday's economic lineup features:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 233,000; prior 235,000), Continuing Claims (prior 1.851 mln), preliminary Q2 Productivity (Briefing.com consensus 1.6%; prior 0.2%), and preliminary Q2 Unit Labor Costs (Briefing.com consensus 1.7%; prior 4.0%)
  • 10:00 ET: June Construction Spending (Briefing.com consensus 0.1%; prior -0.1%) and July ISM Manufacturing (Briefing.com consensus 48.5%; prior 48.5%)
  • 10:30 ET: Weekly natural gas inventories (prior +22 bcf)

Overseas:

  • Europe: DAX +0.5%, TSE +1.1%, CAC +0.8%
  • Asia: Nikkei +1.6%, Hang Seng +2.0%, Shanghai +2.1%

Commodities:

  • Crude Oil +3.20 @ 77.93
  • Nat Gas -0.09 @ 2.04
  • Gold +21.50 @ 2473.30
  • Silver +0.45 @ 28.91
  • Copper +0.09 @ 4.18

After-Hours Spotlight:

  • Arm Holdings plc (ARM) beats by $0.06, beats on revs; guides Q2 EPS, revs in-line; reaffirms FY25 EPS, revs guidance... ARM down 12.2%
  • Axcelis Tech (ACLS) beats by $0.18, beats on revs; guides Q3 EPS below consensus, revs below consensus... ACLS down 6.2%
  • CareDx (CDNA) beats by $0.65, beats on revs; significantly raises FY24 revenue guidance... CDNA up 24.9%
  • Carvana (CVNA) reports Q2 results, beats on revs, expects sequential increase in retail units in Q3 compared to Q2... CVNA up 13.5%
  • eBay (EBAY) beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs in-line... EBAY down 0.6%
  • Etsy (ETSY) misses by $0.04, beats on revs... ETSY up 0.6%
  • Lam Research (LRCX) beats by $0.59, beats on revs; guides Q1 EPS in-line, revs in-line... LRCX down 2.7%
  • MediaAlpha (MAX) beats by $0.06, beats on revs; guides Q3 revs above consensus... MAX up 19.5%
  • Meta Platforms (META) beats by $0.44, beats on revs; guides Q3 revs in-line, reaffirms FY24 total expense guidance, raises low end of capex guidance... META up 5.1%
  • Olo Inc. (OLO) beats by $0.01, beats on revs; guides Q3 revs above consensus; guides FY24 revs above consensus... OLO up 25.1%
  • Qualcomm (QCOM) beats by $0.08, beats on revs; guides Q4 EPS and revs mid points above consensus... QCOM down 0.5%
  • Schrodinger (SDGR) beats by $0.17, beats on revs... SDGR up 7.7%
  • Teladoc (TDOC) misses by $0.03, misses on revs; withdraws guidance... TDOC down 15.3%
  • Tenable (TENB) beats by $0.07, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY24 EPS above consensus, revs below consensus... TENB down 8.5%
  • Udemy (UDMY) misses by $0.03, reports revs in-line; guides Q3 revs below consensus; guides FY24 revs below consensus; announces cost saving measures... UDMY down 14.9%

Fair Value for Thursday, August 1:

  •  S&P 500: 5,559
  • Nasdaq 100: 19,506
  • DJIA: 41,059
Today's News Summary:

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

  • Earnings/Guidance (Full Earnings Calendar):
    • Adidas AG (ADDYY) reports Q2 results; provides update to outlook
    • Advanced Energy (AEIS) beats by $0.14, beats on revs; guides Q3 EPS in-line, revs in-line
    • Advanced Micro (AMD) beats by $0.01, beats on revs; guides Q3 revs in-line
    • Ardmore Shipping (ASC) beats by $0.08, beats on revs
    • Arista Networks (ANET) beats by $0.16, beats on revs; guides Q3 revs in-line
    • AutoNation (AN) misses by $0.33, misses on revs
    • AXIS Capital (AXS) beats by $0.35, misses on revs
    • Benchmark Electronics (BHE) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; increases quarterly dividend from $0.165 to $0.17 per share
    • Blackbaud (BLKB) beats by $0.04, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance; approves expanded $800 mln stock repurchase authorization
    • Boeing (BA) misses by $1.00, misses on revs; 737 program gradually increased production during Q2; also names new CEO
    • BorgWarner (BWA) beats by $0.18, misses on revs; raises bottom end of FY24 EPS guidance; lowers FY24 revenue guidance
    • Bunge (BG) misses by $0.10, misses on revs; guides FY24 EPS below consensus
    • Caesars Entertainment (CZR) misses by $0.68, misses on revs
    • Canadian Pacific Kansas City Ltd. (CP) beats by CC$0.04, reports revs in-line
    • CCC Intelligent Solutions (CCCS) beats by $0.01, beats on revs; guides Q3 revs below consensus; guides FY24 revs below consensus
    • Columbus McKinnon (CMCO) beats by $0.01, reports revs in-line; reaffirms FY25 guidance
    • Comstock (CRK) misses by $0.04, misses on revs
    • Daimler Truck Holding AG (DTRUY) provides FY24 guidance; For the industrial business, Daimler Truck expects a revenue of €50 to €52 billion (previously €52 to €54 billion)
    • Denny's (DENN) misses by $0.04, misses on revs
    • Diana Shipping (DSX) reports Q2 (Jun) results, revs in-line
    • DoubleVerify (DV) reports Q2 (Jun) results, beats on revs; guides Q3 revs in-line; guides FY24 revs in-line
    • DuPont (DD) beats by $0.12, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs above consensus
    • Electronic Arts (EA) beats by $0.16, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY25 EPS in-line, revs in-line
    • First Solar (FSLR) beats by $0.54, beats on revs; maintains FY24 EPS in-line, revs in-line
    • Fiverr (FVRR) beats by $0.03, reports revs in-line; guides Q3 revs in-line; guides FY24 revs in-line
    • 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
    • GE HealthCare (GEHC) beats by $0.02, reports revs in-line; guides FY24 EPS in-line
    • Generac (GNRC) beats by $0.15, reports revs in-line; raises FY24 guidance
    • GlaxoSmithKline (GSK) beats by GBP0.05, beats on revs; raises guidance
    • Groupon (GRPN) reports Q2 (Jun) results, beats on revs
    • Hawaiian Holdings (HA) misses by $0.03, misses on revs
    • Heartland Financial (HTLF) beats by $0.01, beats on revs
    • Hess Midstream Partners (HESM) misses by $0.04, reports revs in-line
    • Houlihan Lokey (HLI) beats by $0.02, beats on revs
    • HSBC Holdings (HSBC) reports H1 results; revs rise 1% yr/yr; provides outlook; announces further share buyback
    • Humana (HUM) beats by $1.10, beats on revs; reaffirms FY24 EPS guidance, raises individual Medicare Advantage annual membership growth by 75,000
    • Huron Consulting (HURN) beats by $0.20, reports revs in-line; guides FY24 EPS in-line
    • Inari (NARI) misses by $0.35, beats on revs; guides FY24 revs in-line
    • Informatica (INFA) beats by $0.01, reports revs in-line; guides Q3 revs below consensus; guides FY24 revs below consensus
    • JBT Corp (JBT) misses by $0.19, misses on revs; guides FY24 EPS in-line, revs in-line
    • Kadant (KAI) beats by $0.38, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs in-line
    • Kraft Heinz (KHC) beats by $0.05, reports revs in-line; guides FY24 EPS above consensus, lowers organic net sales growth guidance
    • Landstar System (LSTR) beats by $0.02, misses on revs, increases quarterly dividend by 9%
    • Lemonade (LMND) beats by $0.07, reports revs in-line; guides Q3 revs below consensus; reaffirms FY24 revs guidance
    • Lending Club (LC) beats by $0.09, beats on revs
    • Littelfuse beats by $0.22, beats on revs; guides Q3 EPS below consensus, revs in-line; increases dividend
    • Live Nation (LYV) misses by $0.03, reports revs in-line
    • Marriott (MAR) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus; lowers FY24 EPS below consensus
    • Mastercard (MA) misses by $0.01, beats on revs
    • Match Group (MTCH) reports Q2 (Jun) results, revs in-line; guides Q3 revs below consensus
    • Microsoft (MSFT) beats by $0.01, reports revs in-line; Azure +30% CC vs +30-31% CC prior guidance; guides SepQ revs below consensus
    • Modine Manufacturing (MOD) beats by $0.18, beats on revs; narrows FY25 EPS guidance in-line, revs in-line
    • Mondelez Int'l (MDLZ) beats by $0.07, misses on revs; expects FY24 organic revenue growth at higher end of +3-5%
    • Nevada Gaming Board (MGM) reports June gaming win +3.26% yr/yr to $1.286 bln; +4.3% yr/yr to $758.6 mln on the Las Vegas Strip
    • Northern Oil & Gas (NOG) beats by $0.22, beats on revs; raises annual production guidance; management to recommend 5% increase to common dividend for Q3
    • Norwegian Cruise Line (NCLH) beats by $0.06, reports revs in-line; guides Q3 EPS above consensus; raises FY24 EPS above consensus
    • Norwegian Cruise Line (NCLH) on conference call says negative Middle East Red Sea impacts are disproportionately weighted to Q4
    • O-I Glass (OI) beats by $0.01, misses on revs; guides FY24 EPS below consensus
    • OneSpaWorld (OSW) reports EPS in-line, beats on revs; guides Q3 revs below consensus; raises FY24 revenue guidance; authorizes annual cash dividend with initial quarterly dividend payment of $0.04/share
    • Pacira BioSciences (PCRX) beats by $0.26, beats on revs; guides FY24 revs in-line
    • Parsons (PSN) beats by $0.15, beats on revs; guides FY24 revs in-line
    • Penske Auto (PAG) beats by $0.22, beats on revs
    • Penumbra (PEN) beats by $0.08, reports revs in-line; lowers FY24 revs guidance below consensus
    • Pinterest (PINS) beats by $0.01, reports revs in-line; guides Q3 revs below consensus
    • PROS Holdings (PROS) beats by $0.06, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY24 revs below consensus
    • Public Storage (PSA) beats by $0.03, misses on revs; lowers FY24 FFO guidance
    • Qorvo (QRVO) beats by $0.16, beats on revs; guides Q2 EPS in-line, revs in-line
    • Radware (RDWR) beats by $0.04, beats on revs
    • Radware (RDWR) on conference call sees Q3 EPS and revs above consensus
    • Rio Tinto (RIO) reports H1 results; provides guidance
    • Samsung (SSNLF) reports Q2 results; provides outlook
    • Skyworks (SWKS) reports EPS in-line, revs in-line; guides Q4 EPS above consensus, revs in-line; increases dividend
    • Smurfit Westrock plc (SW) reports Q2 (Jun) results, reports 3.5% revenue decline; results for combined company to be reported in Q3
    • Starbucks (SBUX) reports EPS in-line, misses on revs, global comparable store sales decreased by 3%; Reiterates all of its FY24 financial targets
    • Stryker (SYK) beats by $0.02, reports revs in-line; guides FY24 EPS in-line
    • SunCoke Energy (SXC) beats by $0.04, beats on revs; raises dividend
    • Terex (TEX) beats by $0.10, misses on revs; guides FY24 EPS above consensus, revs in-line
    • Teva Pharma (TEVA) beats by $0.06, beats on revs; guides FY24 EPS in-line, revs in-line
    • TFS Financial (TFSL) reports EPs of $0.07 vs $0.06 single est
    • T-Mobile US (TMUS) beats by $0.21, reports revs in-line
    • Trane (TT) beats by $0.22, beats on revs; guides FY24 EPS above consensus, revs above consensus
    • TTM Tech (TTMI) beats by $0.05, beats on revs; guides Q3 EPS in-line, revs in-line
    • Universal Stainless/Alloy (USAP) reports EPS well ahead of single est; continued robust commercial aerospace and defense markets
    • Unum Group (UNUM) beats by $0.14, reports revs in-line; raises outlook; announces buyback
    • UFP Technologies (UFPT) reports Q2 results with upside revs
    • Voya Financial (VOYA) beats by $0.04, beats on revs
    • WEC Energy Group (WEC) on conference call sees Q3 EPS of $0.68-0.70 vs. $1.07 FactSet consensus
    • Werner Enterprises (WERN) misses by $0.03, misses on revs
    • Western Union (WU) misses by $0.01, reports revs in-line; reaffirms FY24 EPS guidance, revs guidance
    • Wingstop (WING) beats by $0.10, beats on revs; domestic comps +28.7%; increases FY24 outlook for domestic comps to approximately +20%
    • W.P. Carey (WPC) reports FFO in-line, beats on revs; guides FY24 FFO mostly below consensus
  • General News
    • Israel killed Hezbollah's most senior military commander in strike, according to CNN
    • The political leader of Hamas was killed in Iran. Officials still investigating the incident, according to the Wall Street Journal
    • Vice President Kamala Harris is expected to announce running mate by Tuesday, according to Politico
    • Foreign chip equipment export rule to have key exemption for allies, according to Reuters
    • Senate passes bill to help protect kids and teens on social media platforms, according to Washington Post
    • BOJ releases decisions of July 2024 policy meeting; short term interest rate raised to "around 0.25 %"
    • President Biden announces new initiatives to beat the opioid epidemic
    • US officials have concerns that assassination of Ismail Haniyeh could derail ceasefire talks and increase risk of broader regional war, according to Axios
    • US mulling new restrictions on AI memory chips used in China, according to Bloomberg
    • Iran issues order to strike Israel directly for retaliation of Ismail Haniyeh's death, according to NY Times
    • Advantage Solutions (ADV) has completed the sale of digital advertising platform Jun Group to Verve Group SE
    • Akamai Tech (AKAM) announces its intent to achieve the Federal Risk and Authorization Management Program High accreditation for its comprehensive portfolio of services through an initiative called Defense Edge
    • Alibaba (BABA) aiming to introduce AI powered search engine, according to The Information
    • Allegiant Travel (ALGT) announces strategic review of Sunseeker Resort
    • Amerant Bancorp (AMTB): MidFirst Bank has received all required regulatory approvals to complete the previously announced acquisition of the Houston, Texas banking locations of Amerant Bank, the main subsidiary of Amerant Bancorp Inc.
    • American Tower (AMT) and Stonepeak form joint venture to construct a new data center in Denver, Colorado; total estimated development cost of over $250 mln
    • Appian (AAPN) Will Seek to Reinstate Judgment Against Pegasystems, Inc. In Virginia Supreme Court
    • Archer Aviation (ACHR) provides an update on the construction progress of its high-volume manufacturing facility in Covington, GA, reaffirming an expected 2024 completion date
    • Biogen (BIIB) and Eisai (ESAIY) announce that the latest findings for lecanemab-irmb, an anti-amyloid beta protofibril antibody for the treatment of early Alzheimer's disease, were presented at the Alzheimer's Association International Conference
    • Biogen (BIIB): Alcyone Therapeutics announces that the FDA has provided approval to continue enrollment of the PIERRE study
    • Boeing (BA) appoints Kelly Ortberg as President and CEO, effective August 8
    • Bristol-Myers (BMY): Kexing Biopharm announces European Commission approval of Apexelsin, the generic drug to Bristol Myers Squibb's and Celgene's Abraxane
    • CACI Intl (CACI) was awarded a ten-year expertise contract valued at up to $450 mln to support the Joint Navigation Warfare Center, an operational center of U.S. Space Forces – Space and the Department of Defense’s center of excellence for navigation warfare
    • Carlyle Group (CG): Blackstone (BX) and other firms interested in CG"s Forgital, according to Bloomberg
    • Citigroup (C) violated key banking rule, according to Reuters
    • Clorox (CLX) increases quarterly cash dividend to $1.22/share from $1.20/share
    • Copa Holdings (CPA) temporarily suspends flights to Venezuela
    • Dayforce Wallet (DAY) surpasses $4 bln in payroll delivered
    • Eni S.p.A. (E) signed a memo of understanding with Sonatrach and Sonelgaz, according to Reuters
    • Essential Utilities (WTRG) increases quarterly cash dividend 6% to $0.3255/share from $0.3071/share
    • ExlService (EXLS) announces an initiative to develop and deploy production-grade AI applications in insurance, healthcare, banking, financial services, media and retail using the full-stack NVIDIA AI platform, which includes accelerated computing, networking and software
    • Fair Isaac (FICO) announces that its Board of Directors has approved a stock repurchase program to acquire up to $1 bln of the company’s outstanding common stock
    • FibroGen (FGEN) announces topline results from two late-stage trials evaluating the efficacy and safety of pamrevlumab in patients with pancreatic cancer and a corporate update
    • First Majestic Silver (AG) announces new high-grade gold and silver discovery at Santa Elena
    • GeneDx (WGS) announces Whole Genome Sequencing product enhancements to accelerate diagnoses for more patients
    • Hudson Technologies (HDSN) announces the appointment of Brian J. Bertaux to the role of Chief Financial Officer, effective immediately
    • ICF International (ICFI) awarded a $17 mln contract by The Los Angeles County Southern California Regional Energy Network to design and deliver their full portfolio of residential energy efficiency programs
    • IDEAYA Biosciences (IDYA) has entered into an option and license agreement for a potential first-in-class B7H3/PTK7 BsADC program with Biocytogen Pharmaceuticals
    • iHeartMedia (IHRT) in discussions with group of lenders, according to Bloomberg
    • Inari (NARI) announces that Mitch Hill, Chief Financial Officer, will retire effective October 1, 2024 and will be succeeded by Kevin Strange, Inari’s current SVP, Finance, Accounting, Strategy and Business Development
    • Intel (INTC) planning to cut thousands of jobs to reduce costs and fund a rebound, according to Bloomberg
    • Johnson & Johnson (JNJ) receives FDA approval for DARZALEX FASPRO-based quadruplet regimen
    • Johnson & Johnson (JNJ) announces that CHMP recommends RYBREVANT (amivantamab) in combination with chemotherapy for the treatment of adult patients with advanced EGFR-mutated non-small cell lung cancer (NSCLC) after failure of prior therapy
    • Kenon Holdings' (KEN) OPC Energy Ltd. announces results of capacity auctions related to CPV's business in the PJ
    • Kenvue (KVUE) announces the implementation of a Board of Directors succession process, in line with the Company’s commitment to best-in-class corporate governance and independent Board oversight
    • Lululemon (LULU) pulled legging product from market after criticism, according to the Wall Street Journal
    • Macatawa Bank Corporation (MCBC) announces that at the Special Meeting of Shareholders, Macatawa shareholders overwhelmingly voted to approve the acquisition of Macatawa by Wintrust Financial Corporation (WTFC)
    • MacroGenics (MGNX) announces the achievement of $100 mln in milestones from Incyte Corporation related to development progress of ZYNYZ, following an agreement on July 24, 2024, pursuant to which certain milestones were deemed to have been met
    • MaxCyte (MXCT) announces exercise of options and PDMR dealing
    • McDonald's (MCD) $5 meal increased consumer traffic, according to Bloomberg
    • Meta (META) ran advertising for opioids and other illegal drugs on its service, according to the Wall Street Journal
    • NerdWallet (NRDS) committed to a restructuring plan intended to reduce operating expenses and better position the Company to execute its long-term strategic initiatives; plans to reduce workforce by 15%
    • NVIDIA (NVDA): House Speaker Emerita Nancy Pelosi purchased shares of NVDA and sold MSFT shares
    • Paramount Global (PARA): Some analysts are skeptical about new PARA offer, according to Bloomberg
    • Paragon 28 (FNA) discloses select financial statements should no longer be relied upon
    • PepGen (PEPG) announces positive data from low-dose cohort of PGN-EDO51 in Ongoing CONNECT1-EDO51 Phase 2 clinical trial for treatment of duchenne muscular dystrophy
    • Pershing Square USA, Ltd. (PSUS) is withdrawing its previously announced Initial Public Offering of common shares of beneficial interest
    • Resources Connection (RGP) announces resignation of Donald Murray as Chairman and director of the Board, effective July 26; Robert Pisano appointed as interim Chairman
    • Rhythm Pharmaceuticals (RYTM) announces that the European Commission expanded the marketing authorization for IMCIVREE to include children between 2 and younger than 6 years old with obesity due to Bardet Biedl syndrome or pro-opiomelanocortin, proprotein convertase subtilisin/kexin type 1, or leptin receptor deficiency
    • Runway Growth Finance (RWAY) declares a regular dividend of $0.40/share and decreases supplemental distribution to $0.05/share from $0.07/share
    • Sony (SONY): Bungie plans to cut roughly 17% of its studio workforce, or about 220 roles
    • Teleflex (TFX) announces U.S. Food and Drug Administration 510(k) clearance of the Ringer Perfusion Balloon Catheter, the only commercially available Percutaneous Transluminal Coronary Angioplasty perfusion balloon
    • Telus (TU): The United Steelworkers union filed an urgent application with the British Columbia Supreme Court yesterday seeking an injunction over the return-to-office directive from Telus
    • Teva Pharma (TEVA), Medincell’s partner, provides update on pivotal clinical Phase 3 of investigational Olanzapine long-acting injectable and UZEDY commercial progress
    • TKO Group Holdings (TKO) confirms court issued ruling and denied the motion for preliminary approval of settlement agreement
    • Toyota (TM): Japan wants reforms after Toyota certification violations, according to Reuters
    • Toyota Motor (TM) confirmed correction order issued to model certification applications
    • Uber (UBER): NYC Mayor Eric Adams secures agreement with Uber (UBER) & Lyft (LYFT) to put "money back into drivers' pockets by drastically reducing lockouts"
    • Uber (UBER) and BYD Co. Ltd. (BYDDY) announce a multi-year strategic partnership designed to bring 100,000 new BYD electric vehicles onto the Uber platform across key global markets
    • Unum Group (UNM) authorizes $1 billion share repurchase program
    • U.S. Silica (SLCA) and Apollo (APO) announce that funds managed by affiliates of Apollo have completed the previously announced acquisition of the Company
    • Valvoline (VVV) announces $400 million share repurchase authorization
    • Veolia Environnement (VEOEY): American Industrial Partners acquires the Sulfuric Acid Regeneration Business of Veolia North America; financial terms were not disclosed
    • Vistra Energy (VST) announces that the Nuclear Regulatory Commission has approved its request to extend the operation of Comanche Peak Nuclear Power Plant through 2053, an additional 20 years beyond its original licenses
    • Wallbox (WBX) received a $45 million investment, which includes $35 million from lead investor, Generac Power Systems (GNRC)
    • Western Alliance Bancorp (WAL) announced certain executive leadership and organizational structure changes
    • XPeng (XPEV) showcased its cutting-edge advancements in AI technology during the XPENG Smart AI Technology Conference and announced the full rollout of the Tianji XOS 5.2, in-car OS, to all eligible XPENG models globally

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

  • Upgrades:
    • ACNB Corporation (ACNB) upgraded to Outperform from Market Perform at Hovde Group; tgt $45
    • Addex Therapeutics (ADXN) upgraded to Buy from Neutral at H.C. Wainwright; tgt $30
    • American States Water (AWR) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $87
    • California Water (CWT) upgraded to Equal Weight from Underweight at Wells Fargo; tgt raised to $57
    • CEMEX S.A. (CX) upgraded to Overweight from Equal Weight at Barclays; tgt $9
    • Clearway Energy (CWEN) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $36
    • Corning (GLW) upgraded to Buy from Hold at Deutsche Bank; tgt $46
    • Cryoport (CYRX) upgraded to Buy from Neutral at B. Riley Securities; tgt lowered to $15
    • Ecolab (ECL) upgraded to Buy from Neutral at Citigroup; tgt lowered to $265
    • Ecolab (ECL) upgraded to Buy from Neutral at BofA Securities; tgt raised to $272
    • Gap (GPS) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $25
    • LegalZoom.com (LZ) upgraded to Buy from Hold at Jefferies; tgt $8
    • Lockheed Martin (LMT) upgraded to Buy from Neutral at BofA Securities; tgt raised to $635
    • Nestle (NSRGY) upgraded to Hold from Underperform at Jefferies
    • PayPal (PYPL) upgraded to Outperform from Mkt Perform at Bernstein; tgt raised to $78
    • Pegasystems (PEGA) upgraded to Mkt Outperform from Mkt Perform at JMP Securities; tgt $85
    • Renasant (RNST) upgraded to Outperform from Mkt Perform at Raymond James; tgt $39
    • RTX (RTX) upgraded to Buy from Neutral at BofA Securities; tgt raised to $140
    • Stellantis (STLA) upgraded to Buy from Neutral at Nomura
    • Upstart (UPST) upgraded to Outperform from Underperform at Mizuho; tgt raised to $31
    • Woodward (WWD) upgraded to Buy from Hold at Jefferies; tgt raised to $190
  • Downgrades:
    • Albemarle (ALB) downgraded to Hold from Buy at Berenberg; tgt lowered to $83
    • American Water Works (AWK) downgraded to Underweight from Equal Weight at Wells Fargo; tgt raised to $138
    • Appian (APPN) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $33
    • Charter Comm (CHTR) downgraded to Peer Perform from Outperform at Wolfe Research
    • Definitive Healthcare (DH) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $5
    • IPG Photonics (IPGP) downgraded to Hold from Buy at The Benchmark Company
    • MacroGenics (MGNX) downgraded to Neutral from Buy at Guggenheim
    • MacroGenics (MGNX) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $5
    • McDonald's (MCD) downgraded to Hold from Buy at TD Cowen; tgt lowered to $280
    • MeiraGTx (MGTX) resumed with a Buy at Chardan Capital Markets; tgt $36
    • Mobileye Global (MBLY) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $24
    • NextEra Energy Partners (NEP) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $20
    • Penumbra (PEN) downgraded to Neutral from Buy at Citigroup; tgt raised to $178
    • Penumbra (PEN) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $150
    • SmartRent (SMRT) downgraded to Neutral from Buy at DA Davidson; tgt lowered to $2
    • Woodward (WWD) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $158
  • Others:
    • Angel Oak Mortgage REIT (AOMR) initiated with a Buy at BTIG Research; tgt $13.50
    • Applied Therapeutics (APLT) initiated with an Outperform at William Blair
    • AZZ (AZZ) initiated with a Peer Perform at Wolfe Research
    • Black Diamond Therapeutics (BDTX) initiated with an Outperform at Raymond James; tgt $20
    • Blink Charging (BLNK) initiated with a Buy at The Benchmark Company; tgt $5
    • HomeTrust Bank (HTBI) initiated with an Outperform at Hovde Group; tgt $42
    • Navigator Holdings (NVGS) initiated with a Buy at Citigroup; tgt $22
    • On (ONON) initiated with an Outperform at Raymond James; tgt $46
    • Sociedad Quimica y Minera (SQM) initiated with a Hold at Berenberg; tgt $35
  • Econ Data (Thursday):
    • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 233,000; prior 235,000), Continuing Claims (prior 1.851 mln), preliminary Q2 Productivity (Briefing.com consensus 1.6%; prior 0.2%), and preliminary Q2 Unit Labor Costs (Briefing.com consensus 1.7%; prior 4.0%)
    • 10:00 ET: June Construction Spending (Briefing.com consensus 0.1%; prior -0.1%) and July ISM Manufacturing (Briefing.com consensus 48.5%; prior 48.5%)
    • 10:30 ET: Weekly natural gas inventories (prior +22 bcf)
  • 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
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