After Hours Report

Updated: 10-Jul-25 17:28 ET

Levi Strauss gets a boost after earnings report

The stock market rebounded from opening losses, with the S&P 500 and Nasdaq Composite climbing to new record highs in today's session.

Though there was some early selling off yesterday's bullish action, the market displayed a positive growth outlook that was reflected in the outperformance of the small-cap and mid-cap stocks, cyclical sectors, and gains in nine of the 11 S&P 500 sectors.

Small-cap and mid-cap stocks led the recovery from session lows this morning, as did "other" stocks in the S&P 500. That trend continued throughout the day. The Russell 2000 finished with a gain of 0.5%, as did the S&P Mid Cap 400 . The equal-weighted S&P 500 closed 0.6% higher. The market cap-weighted S&P 500 rose 0.3%.

The Invesco S&P High Beta ETF (+1.3%) outperformed, reflecting a bull market attitude.

While mega-cap stocks started sluggishly, they ultimately held their ground as a cohort. The Vanguard Mega Cap Growth ETF closed unchanged for the day. The mega-cap underperformance largely contributed to the communication services (-0.5%) and information technology sectors (-0.1%) finishing in negative territory.

The consumer discretionary sector (+1.0%) led the other nine sectors, bolstered by leadership from travel names after Delta Air Lines (DAL 56.79, +6.09, +12.0%) beat quarterly expectations and reinstated its guidance for the year. Many airlines had paused their guidance following the tariff announcements in early April.

Additionally, Tesla (TSLA 309.87, +13.99, +4.7%) traded sharply higher amid reports that the company is awaiting approval for a Robotaxi service in San Francisco, while also planning an expansion into Arizona, according to a Bloomberg report. McDonald's (MCD 298.39, +5.37, +1.83%), which jumped on a Goldman Sachs upgrade to Buy from Neutral, also provided some sector support.

U.S. Treasuries finished close to where they settled in yesterday's session. There was some modest selling early today following a sturdy initial jobless claims report that is expected to keep a July rate cut on ice, but there was no follow-through.

Yields started to dip in front of today's $22 billion 30-yr bond auction results at 1:00 p.m. ET, and they continued to move lower in its wake. The auction was met with decent demand, and it concluded a week that saw the market absorb $119 billion in new supply without much problem. That fostered a bit of a relief trade that contributed to the recovery effort, which transpired amid a seeming lack of concern for tariff-induced inflation pressures.

Nasdaq: +6.8% YTD
S&P 500: +6.8% YTD
DJIA: +5.0% YTD
S&P 400: +2.5% YTD
Russell 2000: +1.5% YTD

Reviewing today's data:

Initial jobless claims decreasing by 5,000 for the week ending July 5 to 227,000 (Briefing.com consensus: 245,000). Continuing jobless claims for the week ending June 28 increased by 10,000 to 1.965 million, which is the highest level since November 13, 2021.
- The key takeaway from the report continues to be that businesses have been slow to let employees go, but that it has become more difficult to find a job after losing one. This dynamic reflects a softening labor market, but not a truly weak labor market.

Overseas:

Europe: DAX -0.3%, FTSE +1.2%, CAC +0.3%
Asia: Nikkei -0.4%, Hang Seng +0.6%, Shanghai +0.5%

Commodities:

Crude Oil -1.81 @ 66.59
Nat Gas +0.11 @ 3.36
Gold +4.60 @ 3325.60
Silver +0.68 @ 37.32
Copper +0.09 @ 5.59

After-Hours Spotlight:

AeroVironment (AVAV): reports that Defense Sec Hegseth has issued orders to fast-track drone production and deployment, according to Fox News... AVAV +3.8%
Boyd Gaming (BYD) to sell the Company's 5% equity interest in FanDuel Group to Flutter Entertainment plc (FLUT) for cash consideration of $1.755 billion... BYD +0.7%
Bunge (BG) files for 65,611,831 share common stock offering by selling shareholders... BG +0.4%
Flotek Industries (FTK) files for $200 mln mixed securities shelf offering; also files for 6.25 mln share common stock offering by selling shareholder... FTK unchanged
Levi Strauss (LEVI) beats by $0.09, beats on revs; raises FY25 EPS and revenue guidance; also increases dividend... LEVI +6.0%
Merck (MRK): FDA approves BRAVECTO QUANTUM (Fluralaner for Extended-Release Injectable Suspension) from Merck animal health... MRK +0.2%
PriceSmart (PSMT) beats by $0.02, reports revs in-line... PSMT +7.5%
WD-40 (WDFC) beats by $0.10; guides FY25 EPS in-line, revs below estimate... WDFC unchanged

Fair Value for Friday, July 11:

S&P 500: 6,325
Nasdaq 100: 23,018
DJIA: 44,909

Today's News Summary:

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

Earnings/Guidance (Full E arnings Calendar):
- ASE Technology (ASX) reports June revs increased 5.5% yr/yr to NT$49.51 bln
- AXT (AXTI) lowers Q2 revenue guidance
- AZZ (AZZ) beats by $0.20, misses on revs; raises FY26 EPS guidance, reaffirms FY26 revs guidance
- Byrna Technologies (BYRN) reports fiscal second quarter 2025 results
- Conagra (CAG) misses by $0.02, misses on revs; guides FY26 EPS below consensus
- Costco (COST) reports June comparable sales of +6.2% (excluding gas and FX); e-Commerce adjusted comps of +11.2%
- Delta Air Lines (DAL) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY25 EPS in-line; to raise dividend
- Helen of Troy (HELE) misses by $0.44, misses on revs; guides Q2 EPS below consensus, revs below consensus
- Methode Electronics, Inc. (MEI) Reports Fiscal 2025 Fourth Quarter and Full Year Financial Results; Board Approves Dividend
- NextNRG (NXXT) reports preliminary june 2025 revenue growth of 231% year-over-year
- Nurix Therapeutics (NRIX) Reports Second Quarter 2025 Financial Results and Provides a Corporate Update
- RCI (RICK) reports Q3 club & restaurant sales
- Simply Good Foods (SMPL) beats by $0.01, reports revs in-line; guides FY25 revs in-line
- Soleno Therapeutics (SLNO) sees Q2 (Jun) revs of $31.0-33.0 mln
- Taiwan Semiconductor Manufacturing (TSM) reports June revs increased 26.9% yr/yr to NT$263.71 bln
General News
- President Trump confirms that Brazil will face 50% tariff in response to Bolsonaro trial and trade imbalance
- Brazil President Luiz Inácio Lula da Silva says "Therefore, any unilateral tariff increases will be addressed in accordance with Brazil's Economic Reciprocity Law"
- President Trump confirms 50% copper tariff will begin August 1st
- President Trump nominated Sean Duffy as Interim Administrator of NASA
- Indian officials will soon visit U.S. for trade talks (INDA). Bloomberg
- Vietnam is planning additional penalties for transshipping following an agreement with President Trump. Reuters
- OPEC sees global oil demand at almost 123 mb/d in 2050
- AdvanSix (ASIX) ends employment of CFO Siddharth Manjeshwar
- AGCO Corp (AGCO) announces new $1 billion share repurchase program
- Amazon (AMZN) mulling another Anthropic investment. FT
- American Electric (AEP) Ohio data centers proposal adopted by PUCO
- BeOne Medicines (ONC): European Commission approves TEVIMBRA in combination with chemotherapy as a first-line treatment for nasopharyngeal carcinoma
- CME Group (CME) reports ADV hits record 9.2 million contracts in Q2
- Dollar Tree (DLTR) announces $2.5 billion share repurchase authorization
- Goose Holdings (GOOS): Bain Capital mulling stake sale. Bloomberg
- Merck (MRK): FDA accepts new drug application for Merck’s Doravirine/Islatravir, an investigational, once-daily, oral, two-drug regimen for treatment of adults with virologically suppressed HIV-1 infection
- Meta (META) will offer Ruoming Pang a $200 mln pay package. Bloomberg
- MP Materials (MP) announces transformational public-private partnership with the Department of Defense to accelerate U.S. rare earth magnet independence
- Pfizer (PFE): XTANDI Plus leuprolide significantly improves survival outcomes in men with non-metastatic hormone-sensitive prostate cancer with high-risk biochemical recurrence
- Pony AI (PONY) begins mass production and road testing of multiple Gen-7 Robotaxi models
- Rimini Street (RMNI) and its President, CEO and Chairman of the Board, Seth Ravin enter into a confidential settlement agreement with Oracle Corporation (ORCL) and certain of its affiliates
- Samsung (SSNLF) aiming to introduce trifold smartphone. Bloomberg
- Tesla (TSLA) CEO Elon Musk says the company is waiting on approvals for San Francisco Robotaxis; says "probably in a month or two"
- Tesla (TSLA) shareholders want annual meeting. WSJ
- WPP plc (WPP) announces that Cindy Rose has been appointed as CEO of the Company, effective 1 September 2025

Upgrades:
- Advanced Micro Devices (AMD) upgraded to Buy from Hold at HSBC, tgt $200
- Carlyle (CG) upgraded to Buy from Neutral at Citi, tgt $65
- Huntington Ingalls (HII) upgraded to Buy from Hold at TD Cowen, tgt $300
- McDonald's (MCD) upgraded to Buy from Neutral at Goldman, tgt $345
- National Health Investors (NHI) upgraded to Overweight from Sector Weight at KeyBanc
- Oracle (ORCL) upgraded to Overweight from Neutral at Piper Sandler, tgt $270
- Piper Sandler (PIPR) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $339
- Roku (ROKU) upgraded to Overweight from Sector Weight at KeyBanc, tgt $115
- Synovus (SNV) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $62
- Trex (TREX) upgraded to Outperform from Neutral at Robert W. Baird, tgt $75
- Zebra Technologies (ZBRA) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $408

Upgrades:
- Advanced Micro Devices (AMD) upgraded to Buy from Hold at HSBC, tgt $200
- Carlyle (CG) upgraded to Buy from Neutral at Citi, tgt $65
- Huntington Ingalls (HII) upgraded to Buy from Hold at TD Cowen, tgt $300
- McDonald's (MCD) upgraded to Buy from Neutral at Goldman, tgt $345
- National Health Investors (NHI) upgraded to Overweight from Sector Weight at KeyBanc
- Oracle (ORCL) upgraded to Overweight from Neutral at Piper Sandler, tgt $270
- Piper Sandler (PIPR) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $339
- Roku (ROKU) upgraded to Overweight from Sector Weight at KeyBanc, tgt $115
- Synovus (SNV) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $62
- Trex (TREX) upgraded to Outperform from Neutral at Robert W. Baird, tgt $75
- Zebra Technologies (ZBRA) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $408
Downgrades:
- Cheesecake Factory (CAKE) downgraded to Neutral from Buy at Goldman, tgt $67
- Centene (CNC) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $33
- Coinbase (COIN) downgraded to Sell from Buy at H.C. Wainwright, tgt $300
- Columbia Banking System (COLB) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $27
- Comstock Resources (CRK) downgraded to Sell from Neutral at UBS
- CoreWeave (CRWV) downgraded to Hold from Buy at Needham
- CRH (CRH) downgraded to Neutral from Buy at DA Davidson, tgt $105
- Lockheed Martin (LMT) downgraded to Hold from Buy at TD Cowen, tgt $480
- MFA Financial (MFA) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $10
- Molina Healthcare (MOH) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $266
- Nike (NKE) downgraded to Hold from Buy at DZ Bank, tgt $76
- RenaissanceRe (RNR) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $269
- Redwood Trust (RWT) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $6.50
- RxSight (RXST) downgraded to Hold from Buy at Jefferies, tgt $9
- TKO Group (TKO) downgraded to Neutral from Buy at Northcoast
- UWM Holdings (UWMC) downgraded to Market Perform from Outperform at Keefe Bruyette, tgt $4.50
- Warby Parker (WRBY) downgraded to Market Perform from Outperform at Citizens JMP
- Workday (WDAY) downgraded to Underweight from Neutral at Piper Sandler, tgt $235
Others:
- Aclaris Therapeutics (ACRS) assumed with an Overweight at Piper Sandler
- Altimmune (ALT) resumed with a Sell at Goldman
- Amylyx Pharmaceuticals (AMLX) resumed with a Buy at Goldman, tgt $10
- Amkor Technology (AMKR) initiated with a Neutral at Goldman
- Amrize (AMRZ) initiated with an Outperform at Bernstein
- ANI Pharmaceuticals (ANIP) initiated with a Buy at H.C. Wainwright, tgt $84
- Analog Devices (ADI) initiated with a Buy at Goldman, tgt $285
- Applied Materials (AMAT) initiated with a Buy at Goldman, tgt $225
- Arm Holdings (ARM) initiated with a Neutral at Goldman
- ArriVent Biopharma (AVBP) resumed with a Buy at Goldman, tgt $33
- AST SpaceMobile (ASTS) initiated with a Buy at Clear Street, tgt $59
- Avidity Biosciences (RNA) resumed with a Buy at Goldman, tgt $55
- Broadcom (AVGO) initiated with a Buy at Goldman, tgt $315
- Burke & Herbert (BHRB) initiated with a Buy at Janney Montgomery Scott, tgt $70
- Cadence Design (CDNS) initiated with a Buy at Goldman
- Candel Therapeutics (CADL) initiated with a Buy at Brookline, tgt $25
- CG Oncology (CGON) resumed with a Buy at Goldman, tgt $40
- Crinetics (CRNX) initiated with a Neutral at Goldman, tgt $36
- Dave & Buster's (PLAY) initiated with a Buy at Texas Capital, tgt $48
- Digital Realty Trust (DLR) initiated with a Neutral at Guggenheim
- Entegris (ENTG) initiated with a Neutral at Goldman
- Equifax (EFX) initiated with a Market Perform at BMO Capital, tgt $280
- Equinix (EQIX) initiated with a Buy at Guggenheim, tgt $933
- Estee Lauder (EL) reinstated with a Buy at BofA Securities, tgt $110
- Fair Isaac (FICO) initiated with an Outperform at BMO Capital, tgt $2,000
- Frontier Communications (FYBR) resumed with an Equal Weight at Morgan Stanley
- Geron Corporation (GERN) resumed with a Sell at Goldman, tgt $1
- GlobalFoundries (GFS) initiated with a Neutral at Goldman
- Halozyme Therapeutics (HALO) resumed with a Neutral at Goldman, tgt $55
- Harmony Biosciences (HRMY) resumed with a Neutral at Goldman, tgt $33
- Ideaya Biosciences (IDYA) resumed with a Neutral at Goldman, tgt $25
- Immunovant (IMVT) resumed with a Neutral at Goldman, tgt $18
- KLA Corporation (KLAC) initiated with a Neutral at Goldman, tgt $980
- Lam Research (LRCX) initiated with a Buy at Goldman, tgt $115
- Lucky Strike Entertainment (LUCK) initiated with a Buy at Texas Capital, tgt $14
- Marvell (MRVL) initiated with a Neutral at Goldman
- Microchip Technology (MCHP) initiated with a Buy at Goldman, tgt $88
- Micron Technology (MU) initiated with a Buy at Deutsche Bank
- Micron Technology (MU) initiated with a Neutral at Goldman
- MKS Instruments (MKSI) initiated with a Sell at Goldman, tgt $90
- Nano Nuclear Energy (NNE) initiated with a Buy at Ladenburg, tgt $51
- Napco Security Technologies (NSSC) initiated with an Outperform at Mizuho, tgt $39
- Neurocrine (NBIX) initiated with a Buy at Goldman
- NVIDIA (NVDA) initiated with a Buy at Goldman, tgt $185
- NXP Semiconductors (NXPI) initiated with a Buy at Goldman
- ON Semiconductor (ON) initiated with a Neutral at Goldman
- Paychex (PAYX) initiated with a Market Perform at BMO Capital, tgt $160
- Performant Healthcare (PHLT) initiated with an Outperform at Citizens JMP
- Qorvo (QRVO) initiated with a Neutral at Goldman
- Rhythm Pharmaceuticals (RYTM) resumed with a Buy at Goldman, tgt $97
- Roivant Sciences (ROIV) resumed with a Buy at Goldman, tgt $19
- SanDisk (SNDK) initiated with a Buy at Goldman, tgt $55
- Seagate Technology (STX) initiated with a Buy at Goldman, tgt $170
- Skyworks Solutions (SWKS) initiated with a Sell at Goldman, tgt $70
- Syndax Pharmaceuticals (SNDX) initiated with a Buy at Goldman
- Synopsys (SNPS) initiated with a Buy at Goldman, tgt $620
- Teradyne (TER) initiated with a Sell at Goldman, tgt $80
- Texas Instruments (TXN) initiated with a Buy at Goldman, tgt $255
- TG Therapeutics (TGTX) resumed with a Neutral at Goldman, tgt $37
- Topgolf Callaway Brands (MODG) initiated with a Hold at Texas Capital, tgt $8
- TransUnion (TRU) initiated with an Outperform at BMO Capital, tgt $115
- Verizon Communications (VZ) resumed with an Equal Weight at Morgan Stanley
- Western Digital Corp. (WDC) initiated with a Neutral at Goldman

Econ Data (Friday):
- 14:00 ET: June Treasury Budget (Briefing.com consensus: -$257.5B; prior -$316.0B)
Earnings:Monday (July 7)
Pre-Market: None
After-Hours: None
Tuesday (July 8)
Pre-Market: None
After-Hours: PENG
Wednesday (July 9)
Pre-Market: AZZ
After-Hours: None
Thursday (July 10)
Pre-Market: CAG DAL HELE SMPL
After-Hours: LEVI PSMT WDFC
Friday (July 11)
Pre-Market: None
After-Hours: None