After Hours Report

Updated: 15-Jul-25 17:19 ET

Brighthouse Financial said to be acquisition target

The stock market opened with strength amid news that NVIDIA (NVDA 170.55, +6.48, +4.0%) would resume the sale of its H20 chips in China, but rising interest rates following the June CPI report resulted in selling pressure that kept the S&P 500 and broader market on its heels for most of the session.

Supported by NVIDIA's gain and strength in Advanced Micro Devices (AMD), which is also aiming to resume AI chip sales in China, the Nasdaq Composite closed at another record high.

The S&P 500 information technology sector (+1.3%) was the only sector to finish in the green today, as the news involving NVIDIA and AMD was bolstered by reports of heavy investment in AI data centers. Alphabet (GOOG 183.10, +0.29, +0.2%) and CoreWeave (CRWV 140.59, +8.22, +6.2%), for instance, both made AI infrastructure investment announcements.

The strength in chipmakers saw the PHLX Semiconductor Index finish with a gain of 1.3%.

The other ten S&P 500 sectors could not shake off the impact of rising interest rates following the 8:30 ET release of the June CPI.

Total CPI was up 0.3% month-over-month in June and core CPI, which excludes food and energy, was up 0.2%. The latter was lower than expected and contributed to the stock market's early strength (the S&P 500 briefly touched a new intraday high at 6302), but a closer look at the report revealed pockets of inflation in several areas that stirred concerns about tariff-driven inflation.

Apparel prices, for example, increased 0.4% after being down 0.4% in May, while household furnishings and supplies prices increased 1.0% following a 0.3% increase in May.

Ultimately, the report was not good enough to suppress concerns over tariff-related inflation, which in turn left the market thinking the Fed is going to remain in a wait-and-see mode.

The financials sector (-1.7%) finished near the bottom of today's action, with several major financial companies, such as JPMorgan Chase (JPM 286.55, -2.15, -0.7%) and BlackRock (BLK 1046.16, -65.30, -5.9%), facing some "sell the news" pressure despite surpassing earnings expectations. Citigroup (C 90.72, +3.22, +3.7%) was an exception to the upside. Wells Fargo (WFC 78.86, -4.57, -5.5%) was a downside outlier, disappointing with its net interest income guidance.

Today's losses were broad-based. Roughly 90% of S&P 500 stocks declined today. Although a few mega-cap tech names helped mask further losses, a lack of positive headlines kept the market in a bearish state following the June CPI report. The Russell 2000 declined 2.0%, the S&P Midcap 400 index dropped 1.8%, and the equal-weighted S&P 500 slumped 1.4%.

The Treasury market was not unscathed either. The 10-year note yield settled up six basis points at 4.49%.

U.S. Treasuries traded calmly overnight following the release of a trove of economic data out of China that featured a stronger-than-expected Q2 GDP print and June retail sales, fixed asset investment, and industrial production data that was mixed relative to expectations.

The calmness faded, however, after the release of the June CPI report at 8:30 a.m. ET. There was selling interest across the curve, rooted in the sticky inflation and the notion that the Fed will view today's report as a basis to continue with a wait-and-see policy mindset.

The probability of at least a 25 basis point rate cut to 4.00-4.25% at the September FOMC meeting slipped to 54.0%, versus 62.6% a day ago, according to the CME FedWatch Tool. The dollar rallied after the report, mirroring the notion that rates may be sticking higher for longer. The U.S. Dollar Index was up 0.6% to 98.64.

Boston Fed President Susan Collins (voting FOMC member) echoed an "actively patient" approach to monetary policy in a speech today.

Overseas:

Europe: DAX -0.3%, FTSE -0.7%, CAC -0.5%
Asia: Nikkei +0.6%, Hang Seng +1.6%, Shanghai -0.4%

Commodities:

Crude Oil -0.31 @ 66.58
Nat Gas +0.05 @ 3.55
Gold -22.20 @ 3337.30
Silver -0.63 @ 38.11
Copper +0.039 @ 5.58

After-Hours Spotlight:

CMS announces proposed rules for hospital payments in 2026
Amcor (AMCR) files mixed securities shelf offering... AMCR +0.4%
Brighthouse Financial (BHF): report that Aquarian in talks to acquire BHF, according to The Wall Street Journal... BHF +8.8%
Global Payments (GPN): Elliott Mgmt builds stake in wake of Worldpay deal, according to FT.com... GPN +5.4%
Hancock Whitney (HWC) beats by $0.01, net interest income increased 2%... HWC -1.7%
J.B. Hunt Transport (JBHT) beats by $0.01, reports revs in-line... JBHT -2.5%
Omnicom (OMC) beats by $0.03, reports revs in-line... OMC +1.2%
Park-Ohio (PKOH) guides Q2 revs below consensus... PKOH unchanged

Fair Value for Wednesday, July 16:

S&P 500: 6,285
Nasdaq 100: 23,056
DJIA: 44,247

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):
- AngioDynamics (ANGO) beats by $0.09, beats on revs; guides FY26 EPS below consensus, revs above consensus
- BlackRock (BLK) beats by $1.27, reports revs in-line
- BNY Mellon (BK) beats by $0.18, beats on revs
- Citigroup (C) beats by $0.35, beats on revs; guides FY25 revs in-line
- Copa Holdings (CPA) announces that capacity (ASMs) increased by 5.3%, while system-wide passenger traffic (RPMs) increased by 6.3% compared to 2024; as a result, the system load factor for the month was 87.5%, 0.8 percentage points higher than in June 2024
- DHT (DHT) provides business update: estimates second quarter 2025 earnings for its fleet at $46,300 per day, comprising of $48,700 per day for the Company’s VLCCs operating in the spot market and $42,800 per day for the Company’s VLCCs on time charter
- Ericsson (ERIC) beats by SEK0.27, misses on revs
- Freightos Limited (CRGO) reports preliminary key performance indicators for 2Q25; Transactions increased 26% yr/yr
- Jamf Holding (JAMF) announces strategic reinvestment plan; sees Q2 revs in line
- JPMorgan Chase (JPM) beats by $0.48, beats on revs
- FB Financial (FBK) reports EPS in-line
- La-Z-Boy (LZB) signs asset purchase agreement to acquire a La-Z-Boy Furniture Galleries store network in the southeast region of the U.S. from Atlanta Furniture Galleries, LLC; Also expects Q1 sales and adj. operating margin to be around low end of ranges in previously issued outlook
- Lithia Motors (LAD) sees Q2 EPS above expectations
- Range Resources (RRC) expects to report a total gain on derivatives of $154.7 mln for Q2; In addition, co provides estimate for Q2 net cash settlements
- Simulations Plus (SLP) beats by $0.24, beats on revs; guides FY25 EPS above consensus, reaffirms FY25 revs guidance
- State Street (STT) misses by $0.31, misses on revs
- Wells Fargo (WFC) beats by $0.19, reports revs in-line
General News
- Senate Majority Leader John Thune says the Senate will hold off on advancing Russia sanctions legislation after President Trump promised to use his own authority to impose 100% secondary tariffs on Russia in 50 days if Russia doesn't stop war in Ukraine, according to Politico
- EU preparing countermeasures to respond to tariffs which will target cars and planes, according to Politico
- China Q2 GDP +5.2% yr/yr versus +5.4% prior
- UK FCA lowers costs for businesses raising capital in support of growth
- The Supreme Court allows the Trump administration to conduct large layoffs at the Department of Education, according to WSJ
- Canadian Prime Minister Mark Carney expects any trade deal with U.S. to include some tariffs, according to CBC
- House subcommittee votes to advance legislation that will block DOJ from rescheduling marijuana, according to Marijuana Moment
- Senator Dave McCormick and President Donald Trump confirm $90 billion in energy and innovation investments for Pennsylvania
- President Trump confirms details of Indonesia trade deal; Indonesia will purchase $15 bln in U.S. energy, $4.5 billion in American agricultural products, and 50 Boeing (BA) jets
- Germany spending plan approved by EU, according to Politico
- House will hold another procedural vote on crypto bills later this evening; they are also discussing splitting up crypto bills to make them easier to pass as well - CNBC
- Abeona Therapeutics (ABEO): ZEVASKYN Gene Therapy Now Available at New Qualified Treatment Center in San Francisco Bay Area
- Acumen Pharmaceuticals (ABOS) and JCR Pharmaceuticals Enter Strategic Collaboration, Option and License Agreement to Develop Enhanced Brain Delivery™ Therapy for Alzheimer’s Disease
- Allison Transmission (ALSN) announces that the Maryland Department of Transportation Maryland Transit Administration has selected New Flyer buses equipped with the Allison eGen Flex hybrid propulsion system to operate in the metropolitan Baltimore region
- Amphastar Pharmaceuticals (AMPH) aims to quadruple domestic manufacturing capacity at Rancho Cucamonga headquarters
- Antalpha Platform (ANTA) names Derar Islim as COO
- Aquestive Therapeutics (AQST) provides international expansion update for Anaphylm sublingual film
- Ascendis Pharma (ASND): New 3-Year phase 3 data confirmed sustained response to TransCon PTH (Palopegteriparatide) Therapy in Adults with Hypoparathyroidism, including improvements in biochemistries, kidney function, and quality of life
- BAE Systems (BAESY) awarded a $172.4 mln US Air Force task order
- Blackstone (BX) to invest $25B in Pennsylvania digital and energy infrastructure, aiming to catalyze $60B more
- Brookfield Asset Mgmt (BAM) and Google (GOOG, GOOGL) sign hydro framework agreement to deliver up to 3,000 mw of homegrown energy in the United States
- Cantor Equity Partners Inc. (CEPO) nears $4B bitcoin deal with Blockstream founder amid crypto surge, according to FT
- Citigroup (C) reports June card metrics
- Cognyte Software (CGNT) announces board authorization of new $20 million share repurchase program
- Colombier Acquisition Corp. II (CLBR) and Metroplex Trading Company complete previously announced business combination
- Comcast (CMCSA): NBCUniversal announced the close of its 2025-26 Upfront negotiation cycle, which generated the highest ad sales volume ever for its slate of live and everyday programming
- ConocoPhillips (COP) aims to expand Alaska production, according to Bloomberg
- CoreWeave (CRWV) receives multi-billion dollar commitment to AI infrastructure in Pennsylvania
- Dave, Inc. (DAVE) promotes Kyle Beilman to CFO & COO
- Duke Energy (DUK) increases quarterly cash dividend to $1.065/share from $1.045/share
- EQT Corp. (EQT) to serve as Homer City Redevelopment's exclusive partner to source and supply the natural gas needed to power the 4.4 gigawatt natural gas facility that will serve the Homer City Energy Campus — a 3,200 acre AI and high-performance computing data center campus currently under construction and slated to begin producing power in 2027
- Ericsson's (ERIC) Vonage Partners with AWS (AMZN) to unveil AI voice agent integration
- General Motors (GM) aiming to believe Silverado, Sierra, Escalade at Michigan plant instead of EVs, according to Auto News
- Hannon Armstrong Sust. Infr. (HASI) appoints Nitya Gopalakrishnan as COO
- Henry Schein (HSIC) announces that Stanley M. Bergman will retire as Chief Executive Officer at the end of the year after 45 years at the Company, including more than 35 years as CEO
- Hut 8 Mining (HUT) announced a corporate rebrand that aligns the Company’s external positioning with its strategic focus on energy and digital infrastructure
- Iovance Biotherapeutics (IOVA) announces appointment of Corleen Roche as Chief Financial Officer, effective August 6th, 2025
- Magnite (MGNI) and Paramount (PARA) Australia today announced a partnership to unlock programmatic access to Paramount+’s premium streaming TV inventory in Australia for the first time
- Marriott (MAR) announces that Leeny Oberg, its Chief Financial Officer and Executive Vice President, Development, decided to retire effective March 31, 2026; Jen Mason, a 33-year Marriott veteran, to replace her as CFO
- MYR Group's (MYRG) subsidiary awarded design-build electric distribution master service agreement with Xcel Energy (XEL); the contract is effective through 2029, and it is anticipated that work under this MSA will be in excess of $500 million over the five-year period
- Neurocrine Biosciences (NBIX) presented one-year data from Phase 3 CAHtalyst studies showing improvements in weight-related effects of glucocorticoid treatment at the 2025 Endocrine society's annual meeting
- Neuronetics (STIM) names Steven Pfanstiel as CFO
- Newmont Corporation (NEM) announces that Executive Vice President and CFO Karyn Ovelmen has resigned from her role, effective July 11; co has commenced a search for a permanent CFO
- Nexxen International (NEXN) reports that it expects to benefit from the announcement that Vestel recently entered a strategic partnership with VIDAA
- NIKE (NKE) and Special Olympics announce three-year partnership
- NVIDIA (NVDA) to resume H20 sales to China, announces new, fully compliant GPU for China
- Oracle (ORCL) aiming to invest $3 billion in artificial intelligence in Germany & Netherlands, according to Reuters
- Power Integrations (POWI) names Jennifer Lloyd as its next CEO, effective July 21
- PowerFleet (AIOT) announced that SIXT Mexico has selected Powerfleet to modernize its on-road operations
- PPL Corp (PPL) and Blackstone Infrastructure (BX) announce that they have formed a joint venture to build, own and operate new gas-fired, combined-cycle generation stations to power data centers under long-term energy services agreements
- PROCEPT BioRobotics (PRCT) announces Aquablation Therapy’s assigned Category I Code in 2026 Medicare Proposed Physician Fee Schedule
- ProKidney Corp. (PROK) announces confirmation of alignment with the U.S. Food and Drug Administration on the accelerated approval pathway for rilparencel
- ProPetro (PUMP) appoints Caleb Weatherl as CFO, effective immediately
- Red Robin Gourmet (RRGB) announced "First Choice" plan to drive long-term shareholder value; updates second quarter financial outlook
- Rio Tinto (RTP) names Simon Trott as Chief Executive
- Rolls Royce PLC (RYCEY) is expanding U.S. manufacturing capabilities with a $75 mln investment in its Aiken, South Carolina engine plant for mtu Series 4000 production
- Sanara MedTech (SMTI) announces recent launch of its wound care provider pilot program
- Tesla (TSLA) Model Y was introduced in India, according to CNBC
- U.S. Antimony (UAMY) provided updates on procurement efforts of antimony supply necessary as feedstock for its two operating smelters
- Vertex Pharma (VRTX) receives broad reimbursement agreement with NHS England for ALYFTREK
- Wendy's (WEN) finalizes two new franchise agreements that will add up to 190 new Wendy's restaurants across Italy and Armenia
- Western Copper (WRN) provides an update on its Environmental and Socio-economic Effects Statement submission for the Casino Project

Upgrades:
- APi Group (APG) upgraded to Overweight from Neutral at JPMorgan, tgt $42
- California Resources (CRC) upgraded to Overweight from Neutral at JPMorgan, tgt $63
- Custom Truck One Source (CTOS) upgraded to Buy from Hold at Stifel, tgt $7
- HF Sinclair (DINO) upgraded to Strong Buy from Market Perform at Raymond James, tgt $54
- ING Groep (ING) upgraded to Overweight from Equal Weight at Barclays
- National Fuel (NFG) upgraded to Buy from Underperform at BofA Securities, tgt $107
- Otis Worldwide (OTIS) upgraded to Overweight from Neutral at JPMorgan, tgt $109
- Solventum (SOLV) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $103
- Steris (STE) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $276
- Warner Music (WMG) upgraded to Neutral from Sell at Rothschild & Co Redburn, tgt $30
- Zimmer Biomet (ZBH) upgraded to Buy from Neutral at Roth Capital, tgt $135
Downgrades:
- Ameriprise (AMP) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $530
- Atlas Energy (AESI) downgraded to Neutral from Overweight at Piper Sandler, tgt $16
- Carrier Global (CARR) downgraded to Neutral from Overweight at JPMorgan, tgt $79
- CVR Energy (CVI) downgraded to Underperform from Market Perform at Raymond James
- DoorDash (DASH) downgraded to Hold from Buy at Jefferies, tgt $250
- Enphase Energy (ENPH) downgraded to Neutral from Overweight at JPMorgan, tgt $37
- Fortive (FTV) downgraded to Hold from Buy at TD Cowen, tgt $50
- Freeport-McMoRan (FCX) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $54
- Iovance Biotherapeutics (IOVA) downgraded to Sell from Neutral at Goldman, tgt $1
- Marathon Petroleum (MPC) downgraded to Outperform from Strong Buy at Raymond James, tgt $200
- Mr. Cooper (COOP) downgraded to Neutral from Buy at UBS, tgt $156
- Nexa Resources (NEXA) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $5
- Oscar Health (OSCR) downgraded to Sell from Neutral at UBS, tgt $11
- Realty Income (O) downgraded to Peer Perform from Outperform at Wolfe Research
- RxSight (RXST) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $9
- Simulations Plus (SLP) downgraded to Sector Weight from Overweight at KeyBanc
- Southern Copper (SCCO) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $99
- Southwest (LUV) downgraded to In Line from Outperform at Evercore ISI, tgt $40
- Teck Resources (TECK) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $44
- Venture Global (VG) downgraded to Hold from Buy at Deutsche Bank, tgt $17
Others:
- Alkermes (ALKS) initiated with a Buy at Goldman, tgt $43
- Ambac Financial (AMBC) initiated with a Buy at Truist, tgt $10
- Amrize (AMRZ) initiated with an Overweight at JPMorgan, tgt $57
- Cass Information Systems (CASS) initiated with an Outperform at Raymond James, tgt $50
- Equity Lifestyle (ELS) initiated with an Equal Weight at Morgan Stanley, tgt $67.50
- Expro (XPRO) initiated with a Neutral at Piper Sandler, tgt $10
- Forestar Group (FOR) initiated with an Outperform at Citizens JMP, tgt $30
- GitLab (GTLB) initiated with a Buy at Rosenblatt, tgt $58
- Globe Life (GL) initiated with a Buy at Truist, tgt $150
- Heidmar Maritime (HMR) initiated with a Buy at B. Riley, tgt $5
- Helmerich & Payne (HP) initiated with a Neutral at Piper Sandler, tgt $20
- Innovex (INVX) initiated with an Overweight at Piper Sandler, tgt $20
- Jazz Pharmaceuticals (JAZZ) initiated with a Buy at Deutsche Bank, tgt $152
- Liberty Energy (LBRT) initiated with a Neutral at Piper Sandler, tgt $14
- Nabors Industries (NBR) initiated with an Underweight at Piper Sandler, tgt $30
- National Energy Services (NESR) initiated with an Overweight at Piper Sandler, tgt $11
- Nutanix (NTNX) initiated with a Buy at Goldman, tgt $95
- Oklo (OKLO) initiated with an Overweight at Cantor Fitzgerald, tgt $73
- Patterson-UTI (PTEN) initiated with a Neutral at Piper Sandler, tgt $7
- Peabody Energy (BTU) initiated with a Neutral at UBS, tgt $14
- ProFrac Holding (ACDC) initiated with a Neutral at Piper Sandler, tgt $8
- ProPetro Holding (PUMP) initiated with a Neutral at Piper Sandler, tgt $7
- Ralliant (RAL) initiated with a Buy at TD Cowen, tgt $64\
- Ralliant (RAL) initiated with an Overweight at Barclays, tgt $60
- Ranger Energy (RNGR) initiated with a Neutral at Piper Sandler, tgt $13
- Revolution Medicines (RVMD) initiated with a Buy at Goldman, tgt $65
- Ryder (R) initiated with a Positive at Susquehanna, tgt $215
- Select Water Solutions (WTTR) initiated with an Overweight at Piper Sandler, tgt $15
- Senseonics (SENS) initiated with a Buy at TD Cowen, tgt $1.25
- Sun Communities (SUI) initiated with an Equal Weight at Morgan Stanley, tgt $135
- West Bancorporation (WTBA) assumed with a Neutral at Piper Sandler, tgt $21.50

Econ Data (Wednesday):
- 07:00 ET: MBA Mortgage Applications Index (prior 9.4%)
- 08:30 ET: June PPI (Briefing.com consensus: 0.2%; prior 0.1%) and core PPI (Briefing.com consensus: 0.2%; prior 0.1%)
- 09:15 ET: June Industrial Production (Briefing.com consensus: 0.1%; prior -0.2%) and Capacity Utilization (Briefing.com consensus: 77.4%; prior 77.4%)
- 10:30 ET: EIA Crude Oil Inventories (prior +7.07M)
- 14:00 ET: Fed's Beige Book

Earnings:Monday (July 14)
Pre-Market: FAST
After-Hours: FBK SLP
Tuesday (July 15)
Pre-Market: ACI ANGO BLK BK C ERIC JPM STT WFC
After-Hours: FULT HWC JBHT OMC PNFP
Wednesday (July 16)
Pre-Market: ASML BAC CBSH FHN GS JNJ MTB MS PNC PGR PLD
After-Hours:  AIR AA FR HOMB KBI REXR SLG SNV TFIN UAL
Thursday (July 17)
Pre-Market:  ABT CTAS CFG ELV FITB FOR GE IIIN MAN MMC NVS OFG PEP SNA TCBI TSM TRV USB WBS
After-Hours:  OZK CNS FNB IBKR NFLX SFNC WAL
Friday (July 18)
Pre-Market: MMM ALLY AXP ALV SCHW CMA HBAN RF SLB TFC
After-Hours: None