After Hours Report

Updated: 30-Jul-25 18:05 ET
Microsoft and Meta surge after earnings reports

An unsurprising decision by the FOMC to leave the fed funds rate unchanged did little to sway the stock market from its modest early gains, but comments from Fed Chair Powell during his press conference sent September rate cut expectations lower, with stocks and treasuries facing some impulse selling as a result.

The Fed opted to keep the fed funds rate range between 4.25% and 4.50%, though Fed Governors Waller and Bowman voted in favor of a 25-basis-point rate cut, representing the first dissent by two Fed governors since 1993.

Fed Chair Powell said in his press conference that there is scope to reduce rates once conditions are met, but large cuts are unlikely unless the labor market weakens significantly and the economy is not showing signs of being held back by restrictive policy.

The comments sent the probability of a September rate cut tumbling, with the implied probability now 48.1%, down from 64.6% yesterday. 

Selling pressure in the stock market ensued, sending the major averages into negative territory after spending the majority of trade with modest gains.

The Nasdaq Composite (+0.2%) was able to recapture a modest gain, while the S&P 500 (-0.1%) and DJIA (-0.4%) finished with losses.

This morning's early gains came on low volume and nearly even breadth figures, reflecting a wait-and-see approach in the market that left it vulnerable to volatility following the FOMC decision.

At the bottom of the afternoon slide, only the utilities sector (+0.7%) remained in positive territory for the day, though a late rally saw the information technology (+0.4%) and communication services (+0.2%) resurface with modest gains.

A modest outperformance in mega-cap stocks supported the latter two S&P 500 sectors, as the Vanguard Mega Cap Growth ETF finished the day with a 0.3% gain.

Elsewhere, losses were broad-based, with the materials (-2.0%), real estate (-1.4%), and energy (-1.4%) sectors closing with the widest losses in the wake of the FOMC announcement. 

U.S. treasuries also finished Wednesday on their lows, as the 10-year note settled up six basis points to its 200-day moving average at 4.38%. The July FOMC decision overshadowed the morning release of the U.S. Treasury's latest quarterly refunding statement, in which the Treasury said that the frequency of nominal buybacks of longer-dated Treasuries will be increased.

Today's data included a solid advance reading of Q2 GDP, which gives the central bank more room to delay the next cut. The market also received a stronger-than-expected ADP Employment Change report for July.

A sizable batch of earnings reports had little impact on the broader market this morning, but upcoming results from Microsoft (MSFT 513.24, +0.67, +0.1%) and Meta Platforms (META 695.21, -4.79, -0.7%) after today's close could help spark a rebound if the numbers impress.

  • Nasdaq Composite: +9.4% YTD
  • S&P 500: +8.2% YTD
  • DJIA: +4.5% YTD
  • S&P 400: +2.1% YTD
  • Russell 2000: +0.1% YTD

Reviewing today's data:

  • Weekly MBA Mortgage Applications Index -3.8%; Prior 0.8%
  • July ADP Employment Change 104K (Briefing.com consensus 78K); Prior was revised to -23K from -33K
    • The key takeaway is that, while the overall employment growth was modest, it was broad-based with gains for small, medium, and large establishments. In brief, it was not a report that signals any material weakness in the labor market.
  • Q2 GDP-Adv. 3.0% (Briefing.com consensus 2.5%); Prior -0.5%, Q2 GDP Deflator-Adv. 2.0% (Briefing.com consensus 2.6%); Prior 3.8%
    • The key takeaway from the report is the recognition that the stronger growth was fueled by the decrease in imports (-30.3%), which are a subtraction in the calculation of GDP. The net exports component contributed 4.99 percentage points to Q2 GDP growth.
  • June Pending Home Sales -0.8% (Briefing.com consensus 0.4%); Prior 1.8%

 

Overseas:

  • Europe: DAX +0.2%, FTSE flat, CAC +0.1%
  • Asia: Nikkei -0.1%, Hang Seng -1.4%, Shanghai +0.2%

Commodities:

  • Crude Oil +0.81 @ 70.03
  • Nat Gas -0.10 @ 3.04
  • Gold +28.90 @ 3352.80
  • Silver -0.56 @ 37.74
  • Copper -0.05 @ 5.58

After-Hours Spotlight:

  • Carvana (CVNA) beats by $0.11, beats on revs, expects sequential increase in retail units in Q3 compared to Q2... CVNA +16.6%
  • eBay (EBAY) beats by $0.07, beats on revs; guides Q3 EPS in-line, revs above consensus... EBAY +11.9%
  • F5 Networks (FFIV) beats by $0.65, beats on revs; guides Q4 EPS above consensus, revs above consensus... FFIV +9.4%
  • Ford Motor (F) beats by $0.04, beats on revs... F -3.5%
  • Lam Research (LRCX) beats by $0.12, beats on revs; guides Q1 EPS above consensus, revs above consensus... LRCX -6.4%
  • Meta Platforms (META) beats by $1.26, beats on revs; guides Q3 revs above consensus, narrows FY25 total expense and capex guidance... META +12.1%
  • MGM Resorts (MGM) beats by $0.21, beats on revs... MGM -1.8%
  • Microsoft (MSFT) beats by $0.27, beats on revs; Azure +39% CC vs +34-35% CC prior guidance... MSFT +9.3%
  • Qualcomm (QCOM) beats by $0.06, reports revs in-line; guides Q4 EPS in-line, revs in-line... QCOM -6.0%
  • Robinhood Markets (HOOD) beats by $0.11, beats on revs... HOOD +0.7%
  • Western Digital (WDC) beats by $0.18, beats on revs; guides Q1 EPS in-line, revs above consensus... WDC +5.1%

Fair Value for Thursday, July 31:

  • S&P 500: 6,395
  • Nasdaq 100: 23,480
  • DJIA: 44,622
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):
    • Acadia Realty Trust (AKR) beats by $0.01, beats on revs; reaffirms FY25 FFO guidance
    • Airbus (EADSY) reports 1H results and reaffirms 2025 guidance
    • American Electric (AEP) beats by $0.16, beats on revs; guides FY25 EPS in-line
    • Ardmore Shipping (ASC) beats by $0.04, beats on revs
    • Artisan Partners Asset Mgmt (APAM) beats by $0.02, beats on revs
    • AtriCure (ATRC) beats by $0.15, beats on revs; guides FY25 EPS above consensus, revs above consensus
    • Automatic Data (ADP) beats by $0.03, beats on revs; guides FY26 EPS in-line, revs in-line
    • AXIS Capital (AXS) beats by $0.36, reports revs in-line
    • Banco Santander (SAN) reports 1H results; announces a new share buyback program
    • Bausch + Lomb (BLCO) misses by $0.24, beats on revs; raises FY25 revs above consensus
    • Blackbaud (BLKB) beats by $0.15, beats on revs; guides FY25 EPS above consensus, revs in-line
    • Blackstone Mortgage Trust (BXMT) reported Q2 results; cancelled its conference call in light of the recent tragedy
    • BXP, Inc. (BXP) beats by $0.04, beats on revs; guides Q3 FFO below consensus; guides FY25 FFO in-line
    • Caesars Entertainment (CZR) reports Q2 (Jun) results, beats on revs
    • Camping World (CWH) misses by $0.03, beats on revs
    • Check Point Software (CHKP) beats by $0.01, reports revs in-line
    • Check Point Software (CHKP) on conference call sees Q3 EPS and revs in line; reaffirms FY25 guidance
    • Cheesecake Factory (CAKE) beats by $0.10, reports revs in-line
    • Chemed (CHE) misses by $0.97, misses on revs
    • Cimpress (CMPR) reports Q4 results with guidance and tariffs updates
    • Clean Harbors (CLH) misses by $0.03, misses on revs
    • Columbus McKinnon (CMCO) beats by $0.03, beats on revs; reaffirms FY26 guidance
    • CyberArk (CYBR) beats by $0.09, beats on revs; Note: CYBR announced earlier this morning that it agreed to be acquired by Palo Alto Networks (PANW)
    • Danone (DANOY) reports H1 results; reaffirms FY25 outlook
    • Electronic Arts (EA) beats by $0.22, beats on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY26 EPS guidance, revs guidance
    • Entergy (ETR) beats by $0.14; reaffirms FY25 EPS guidance
    • Essex Property (ESS) beats by $0.05; guides Q3 FFO in-line; guides FY25 FFO in-line
    • Etsy (ETSY) misses by $0.23, beats on revs
    • Evercore (EVR) beats by $0.64, beats on revs; Enters into an agreement to acquire Robey Warshaw
    • Excelerate Energy (EE) raises FY25 Adjusted EBITDA guidance to include recent acquisition in Jamaica
    • ExlService (EXLS) beats by $0.04, beats on revs; guides FY25 EPS in-line, revs in-line
    • Federal Signal (FSS) beats by $0.11, beats on revs; guides FY25 EPS above consensus, revs above consensus
    • Fiverr (FVRR) beats by $0.02, reports revs in-line; guides Q3 revs in-line; guides FY25 revs in-line
    • Freshworks (FRSH) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; reaffirms FY25 EPS; raises FY25 revenue guidance=
    • Gates Industrial (GTES) beats by $0.01, reports revs in-line; guides FY25 EPS in-line, revs above consensus
    • GE HealthCare (GEHC) beats by $0.14, reports revs in-line; guides FY25 EPS above consensus
    • GlaxoSmithKline (GSK) beats by GBP0.04, beats on revs; sees FY25 guidance closer to top end of ranges
    • Harley-Davidson (HOG) misses by $0.08, beats on revs
    • Hershey Foods (HSY) beats by $0.22, beats on revs; guides FY25 EPS in-line
    • Hess Midstream Partners (HESM) beats by $0.09, beats on revs; reaffirms FY25 adjusted EBITDA guidance
    • Highwoods Prop (HIW) beats by $0.04, reports revs in-line; narrows FY25 FFO guidance
    • Kadant (KAI) beats by $0.37, beats on revs; guides Q3 EPS below consensus, revs below consensus; reaffirms FY25 EPS guidance, revs guidance
    • Illinois Tool (ITW) beats by $0.02, reports revs in-line; guides FY25 EPS above consensus
    • Kraft Heinz (KHC) beats by $0.05, beats on revs; reaffirms FY25 EPS guidance
    • Landstar System (LSTR) beats by $0.03, reports revs in-line
    • Lending Club (LC) beats by $0.18, beats on revs
    • LENZ Therapeutics (LENZ) reports second quarter 2025 financial results; Cash, cash equivalents and marketable securities of $209.6 million as of June 30, 2025
    • Leonardo DRS (DRS) beats by $0.02, reports revs in-line; guides FY25 EPS in-line, revs above consensus
    • Littelfuse (LFUS) beats by $0.52, beats on revs; guides Q3 EPS above consensus, revs above consensus; increases dividend
    • Logitech Int'l SA (LOGI) reports Q1 (Jun) results; guides Q2 revs in-line
    • Materion (MTRN) beats by $0.21, beats on revs; reaffirms FY25 EPS guidance
    • Mondelez Int'l (MDLZ) beats by $0.05, beats on revs; maintains 2025 sales growth target, sees 10% EPS decline on cocoa inflation; increases dividend
    • Nabors Industries (NBR) misses by $1.89, misses on revs
    • Newmark Group (NMRK) beats by $0.06, beats on revs; guides FY25 EPS above consensus, revs in-line
    • Nextracker (NXT) beats by $0.13, beats on revs; guides FY26 EPS above consensus, revs in-line
    • NMI Hldgs (NMIH) beats by $0.02, beats on revs
    • Nova Minerals Limited (NVA) reported quarterly activities for the quarter ended June 30, 2025
    • OneSpaWorld (OSW) beats by $0.01, beats on revs; guides Q3 revs in-line; guides FY25 revs mostly above consensus
    • Pebblebrook Hotel Trust (PEB) beats by $0.06, beats on revs; guides Q3 FFO below consensus; guides FY25 FFO in-line
    • Penske Auto (PAG) beats by $0.21, misses on revs
    • Penumbra (PEN) beats by $0.04, beats on revs; ups FY25 revs outlook
    • Petrobras (PBR) reports Q2 production results
    • Precision Drilling (PDS) also increased its capital budget from CAD 200 million to CAD 240 million
    • Qorvo (QRVO) beats by $0.29, beats on revs; guides Q2 EPS above consensus, revs above consensus
    • Regency Centers (REG) beats by $0.04, reports revs in-line; raises FY25 FFO above consensus
    • Republic Services (RSG) beats by $0.02, reports revs in-line; reaffirms FY25 EPS guidance, lowers FY25 revs below consensus
    • Rio Tinto (RIO) reports H1 results
    • Seagate Tech (STX) beats by $0.14, reports revs in-line; guides Q1 EPS in-line, revs in-line
    • Sensata Tech (ST) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line
    • Silgan Holdings (SLGN) misses by $0.02, reports revs in-line; guides Q3 EPS below consensus; lowers FY25 EPS below consensus
    • Sleep Number (SNBR) misses by $0.98, misses on revs; guides FY25 revs below consensus
    • STAG Industrial (STAG) beats by $0.01, reports revs in-line
    • Starbucks (SBUX) misses by $0.15, beats on revs, Global comps of -2%, North America comps of -2%
    • Strategic Education (STRA) beats by $0.11, reports revs in-line
    • Takeda Pharma (TAK) reports Q1 results; reaffirms outlook
    • Teladoc (TDOC) beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY25 EPS in-line, revs in-line
    • Teradyne (TER) beats by $0.03, reports revs in-line; guides Q3 EPS below consensus, revs in-line
    • Ternium S.A. (TX) beats by $0.68, misses on revs
    • Teva Pharma (TEVA) beats by $0.04, misses on revs; raises bottom end of FY25 EPS guidance; reaffirms FY25 revenue guidance
    • Titan America (TTAM) misses by $0.02, misses on revs, reaffirms FY25 outlook
    • UBS AG (UBS) beats by $0.04
    • UMB Financial Corporation (UMBF) beats by $0.59, beats on revs
    • United Therapeutics (UTHR) misses by $0.86, reports revs in-line; announces buyback
    • Unum Group (UNM) misses by $0.15, reports revs in-line; guides FY25 EPS below consensus
    • Varonis Systems (VRNS) beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY25 EPS and revenue guidance
    • Visa (V) beats by $0.13, beats on revs
    • Wingstop (WING) beats by $0.13, reports revs in-line; reaffirms FY25 domestic same store sales growth; increases dividend
    • W.P. Carey (WPC) beats by $0.06, beats on revs; guides FY25 FFO in-line
  • General News
    • President Trump will decide soon on the China tariff extension, according to Bloomberg
    • 8.8 magnitude earthquake struck last night 866 miles from Yuzhno-Sakhalinsk, Russia; tsunami warnings were issued for Japan, Hawaii, Alaska, and California
    • IAEA says "IAEA is in contact with Japan national authorities about 8.8 magnitude earthquake off Russia's east coast & resulting tsunami. Initial reports indicate no safety impact for nuclear power plants along Pacific coast. ALPS treated water discharge halted in line w/ safety protocols"
    • Eurozone Q2 GDP 0.1% qtr/qtr versus 0.6% prior
    • Technology companies will work with the Trump administration to help people with disabilities access health data, according to CBS News
    • White House will introduce crypto policy report today, according to Reuters
    • FDA's Vinay Prasad leaves the agency, according to Reuters
    • Federal judge blocks Arkansas restrictions on pharmacy benefit managers, according to Arkansas Advocate
    • Bank of Canada holds policy rate at 2.0%
    • George Tidmarsh to lead FDA’s Biologics Center after Prasad’s sudden resignation, according to Endpoints
    • President Trump imposes universal 50% tariffs on imports of semi-finished copper products; effective August 1 (Note: President Trump spoke about this in the past)
    • White House is suspending the de minimis exemption for commercial shipments globally
    • President Trump signed an Executive Order implementing an additional 40% tariff on Brazil, bringing the total tariff amount to 50% (Note: President Trump spoke about this in the past)
    • White House releases plan on digital financial technology
    • White House announces various products that will exempted from Brazil tariffs; exempt products include orange juice, iron ore, coal
    • Treasury adds more entities and persons to the Iran sanctions list
    • Aclaris Therapeutics (ACRS) announces positive top-line results from its open-label, single-arm Phase 2a trial of ATI-2138, a potent and selective investigational oral covalent inhibitor of interleukin-2-inducible T cell kinase and Janus kinase 3, in 14 patients with moderate-to-severe atopic dermatitis
    • Alphabet's (GOOG) Youtube will use AI to detect if users are under 18, according to Bloomberg
    • Amazon (AMZN) aims to lower Google (GOOG, GOOGL) Shopping ad spending, according to Digiday
    • Ameresco (AMRC) announces that its latest renewable natural gas facility through its partnership with Republic Services (RSG), a leader in the environmental services industry, has achieved commercial operation of a renewable gas facility located at the County Landfill in Dixon, Illinois
    • America's Car-Mart (CRMT) provides update on status of its 10-K; extension period expired
    • Anteris Technologies (AVR) entered into the first amended and restated master services agreement with Switchback Medical
    • Apollo Global Management (APO) could purchase stake in Motor Fuel Group, according to Sky News
    • Bayer (BAYRY) submits registration applications for novel herbicide in four major markets
    • BlueLinx (BXC) announces new $50 million share repurchase authorization
    • Canopy Growth (CGC) enters into an agreement with certain of its lenders to make three prepayments that are expected to reduce the Company’s Senior Secured Term Loan by $50 Million by March 31, 2026
    • Cardiff Oncology (CRDF) announces "positive" data from the ongoing CRDF-004, a randomized, Phase 2 clinical trial evaluating onvansertib in combination with standard-of-care in patients with first-line RAS-mutated metastatic colorectal cancer
    • CG Oncology (CGON) announces that a jury in the Superior Court of the State of Delaware unanimously found in favor of CG Oncology on all claims in a March 2024 lawsuit brought by ANI Pharmaceuticals (ANIP)
    • Chevron (CVX) appoints former CEO of Hess Corporation John B. Hess to Chevron’s Board of Directors
    • Cinemark (CNK) and CJ 4DPLEX announce an expansion of their existing relationship with the addition of 20 new SCREENX locations across theaters in the U.S. and Latin Ame
    • Coya Therapeutics (COYA) disclosed that the FDA is unable to meet its initial review goal date for the IND of July 30, 2025
    • Diageo plc (DEO) appointed Deirdre Mahlan as interim Chief Financial Officer appointment effective August 18
    • Elastic (ESTC) announces faster filtered vector search with ACORN-1 and default better binary quantization compression
    • Enlight Renewable Energy Ltd. (ENLT) announces executive leadership changes
    • Essential Utilities (WTRG) increases quarterly cash dividend to $0.3426/share from $0.3255/share
    • ExlService (EXLS) announces $125 million accelerated share repurchase program
    • ExlService (EXLS) announces a collaboration to transform customer engagement and business operations across industries
    • Firefly Aerospace (FLY) awarded a $176.7 million NASA Commercial Lunar Payload Services contract to deliver five NASA-sponsored payloads to the Moon’s south pole in 2029
    • FuelCell Energy (FCEL) and CGN-Yulchon Generation Co. have signed an agreement for the purchase of fuel cells and maintenance services
    • Fundamental Global (FGF) announced $200 mln private placement and launches Ethereum treasury strategy; will rebrand as FG Nexus
    • Gannett (GCI) announces strategic deal with Perplexity to license content from USA TODAY and the USA TODAY Network of 200+ local markets
    • Google (GOOG, GOOGL) aiming to sign EU's code of practice for artificial intelligence, according to FT
    • GoPro (GPRO)  announces a new opt-in program that enables U.S. subscribers to monetize their GoPro cloud-based video content by making it available to help train AI models
    • Granite Constr (GVA) secures the second and third work packages, valued at approximately $160 million and $70 million, respectively, under a $230 million Construction Manager at Risk contract for the Garnet Valley Wastewater System project
    • Harley-Davidson (HOG) announces strategic partnership with KKR (KKR) and PIMCO
    • HIVE Digital Technologies (HIVE) reports it surpasses 14 EH/s milestone as global expansion accelerates toward 25 EH/s
    • Hon Hai Technology Group (HNHPF) and TECO announce strategic alliance targeting AI Data Center Capabilities
    • Illumina (ILMN) enhances flagship assay to accelerate access to comprehensive tumor profiling
    • InterDigital (IDCC) announces that its arbitration with Samsung Electronics has concluded and that the two companies have entered into a new patent license agreement
    • JD.com's (JD) M&A talks with Ceconomy (MTTRY) are in the final stages, according to Reuters
    • Kingsoft Cloud (KC) and Xiaomi (XIACF) entered into cooperation framework agreement
    • KKR (KKR) has acquired a majority ownership stake in HealthCare Royalty Partners
    • Madrigal Pharmaceuticals (MDGL) enters into exclusive global license agreement for Oral GLP-1 Receptor Agonist
    • MGM Resorts (MGM): Nevada Gaming Board reports June gaming win +3.5% yr/yr to $1.332 bln; +0.9% yr/yr to $765.3 mln on the Las Vegas Strip
    • Nano Labs Ltd (NA) announced that it has entered into a strategic equity investment agreement with CEA Industries (VAPE), a company focused on building BNB reserves
    • Newmark Group (NMRK) arranges $435 million refinancing for iconic Starbucks Center (SBUX) Headquarters in Seattle's SoDo District
    • Nextracker (NXT) announces the launch of a new AI and robotics business initiative, anchored by the appointment of its first chief AI and robotics officer and a series of strategic technology acquisitions
    • Niagen Bioscience's (NAGE) ChromaDex executed a sales agreement with W. R. Grace (GRA)
    • PPL Corp (PPL): LG&E and KU reach agreement with several key stakeholders on plans to meet Kentucky's growing energy needs
    • Resideo (REZI) signs agreement with Honeywell International (HON) to accelerate and eliminate all future monetary obligations under the Indemnification and Reimbursement Agreement the companies entered into in 2018 in connection with Resideo's spin-off from Honeywell
    • Sanofi (SNY) receives orphan drug designation for SAR446523
    • Sight Sciences (SGHT) announces the results of a cost-utility analysis assessing the cost-effectiveness of the TearCare System compared to cyclosporine 0.05% for the treatment of moderate to severe meibomian gland disease associated dry eye disease
    • SolarEdge Technologies (SEDG) and Solar Landscape announce an agreement for the supply of SolarEdge's U.S.-manufactured solar technology for over 500 commercial rooftop projects across multiple states, to be built in 2025 and 2026
    • SOS Limited (SOS) has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 2,142,855 American Depositary Shares in a registered direct offering
    • Sprout Social (SPT) announces the acquisition of NewsWhip, a pioneer in AI-powered, predictive media intelligence
    • Stratasys (SSYS): Andretti Global announces that longtime partner Stratasys has extended its multi-year partnership with the team as the Official 3D Printing Partner of Andretti INDYCAR
    • Sysco (SYY): Teamsters at Sysco Minnesota have voted unanimously to authorize a strike if the company fails to deliver a fair contract
    • Take-Two (TTWO) might delay GTA 6 launch again, according to Tom's Guide
    • Tesla (TSLA) secured $4.4 bln battery deal with LG Energy, according to Reuters
    • Viridian Therapeutics (VRDN) enters collaboration and license agreement with Kissei Pharmaceutical to develop and commercialize Veligrotug and VRDN-003 in Japan
    • Warner Bros. Discovery (WBD) planning studio layoffs ahead of company split, according to Variety
    • Zegna Group (ZGN) announced that Rodrigo Bazan, CEO of Thom Browne, is stepping down from his role to pursue other opportunities, effective August 31, 2025
  • Upgrades:
    • Aon (AON) upgraded to Buy from Hold at Jefferies, tgt $426
    • Ares Capital (ARCC) upgraded to Buy from Neutral at B. Riley, tgt $23.50
    • Brown & Brown (BRO) upgraded to Buy from Neutral at BofA Securities; tgt $130
    • Ecolab (ECL) upgraded to Outperform from Neutral at Robert W. Baird, tgt $300
    • Exagen (XGN) upgraded to Overweight from Sector Weight at KeyBanc, tgt $12
    • Heineken (HEINY) upgraded to Buy from Hold at HSBC
    • Ormat Technologies (ORA) upgraded to Outperform from Neutral at Robert W. Baird, tgt $103
    • Peloton (PTON) upgraded to Buy from Neutral at UBS, tgt $11
    • Rapt Therapeutics (RAPT) upgraded to Neutral from Underweight at JPMorgan, tgt $14
    • Seagate (STX) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $175
    • Spotify (SPOT) upgraded to Hold from Sell at DZ Bank, tgt $652
    • Supernus Pharmaceuticals (SUPN) upgraded to Overweight from Neutral at Cantor Fitzgerald, tgt $42
    • TPG Inc. (TPG) upgraded to Outperform from Neutral at BNP Paribas Exane, tgt $69
  • Downgrades:
    • Albemarle (ALB) downgraded to Sector Weight from Overweight at KeyBanc
    • AMD (AMD) downgraded to Sell from Buy at DZ Bank, tgt $150
    • American Tower (AMT) downgraded to Hold from Buy at HSBC, tgt $235
    • Baker Hughes (BKR) downgraded to Neutral from Buy at Seaport Research
    • Booking Holdings (BKNG) downgraded to Neutral from Outperform at Wedbush; tgt $5900
    • Borr Drilling (BORR) downgraded to Hold from Buy at Fearnley, tgt $2.50
    • NeoGenomics (NEO) downgraded to Neutral from Buy at BTIG Research
    • Novo Nordisk (NVO) downgraded to Equal Weight from Overweight at Barclays
    • Seadrill (SDRL) downgraded to Hold from Buy at Fearnley, tgt $32
    • UPS (UPS) downgraded to Hold from Buy at Vertical Research; tgt $103
    • Valaris (VAL) downgraded to Hold from Buy at Fearnley, tgt $52
  • Others:
    • Alnylam Pharmaceuticals (ALNY) assumed with an Outperform at Raymond James, tgt $370
    • Aurinia Pharmaceuticals (AUPH) assumed with a Buy at H.C. Wainwright, tgt $17
    • Blackstone (BX) initiated with a Buy at DBS Bank, tgt $190
    • BridgeBio Pharma (BBIO) assumed with an Outperform at Raymond James, tgt $56
    • Cytokinetics (CYTK) assumed with Market Perform from Outperform at Raymond James
    • Edgewise Therapeutics (EWTX) initiated with a Strong Buy at Raymond James, tgt $46
    • National Vision Holdings (EYE) initiated with a Buy at Roth Capital, tgt $36
    • Scholar Rock (SRRK) assumed with a Strong Buy at Raymond James, tgt $53
  • Econ Data (Thursday):
    • 8:30 ET: June Personal Income (Briefing.com consensus 0.3%; prior -0.4%), Personal Spending (Briefing.com consensus 0.4%; prior -0.1%), PCE Prices (Briefing.com consensus 0.3%; prior 0.1%), core PCE Prices (Briefing.com consensus 0.3%; prior 0.2%), Q2 Employment Cost Index (Briefing.com consensus 0.8%; prior 0.9%), weekly Initial Claims (Briefing.com consensus 220,000; prior 217,000), and Continuing Claims (prior 1.955 mln)
    • 9:45 ET: July Chicago PMI (Briefing.com consensus 42.1; prior 40.4)
    • 10:30 ET: Weekly natural gas inventories (prior +23 bcf)
  • Earnings:
    • Monday (July 28)
      • Pre-Market: BOH EPD RVTY
      • After-Hours: ABCB AMKR NTB BYON BRX BRO CDNS CINF CNO CDP CR CURB EXEL HLIT HIG KFRC KRC NOV NUE OLN PDM PCH PFG RMBS SANM SSD UFPI UCTT UHS VLTO WM WELL WU WHR WWD
      Tuesday (July 29)
      • Pre-Market:  ALKS AMT HOUS ARCC AWI ABG AZN BA BAND BRSL CARR CBRE CECO CLS CVLT CSTM GLW DTE EXP ECL XPRO FELE GATX WGS GPK HRI HUBB INCY JBLU JCI KNSA LAD MRK NEOG NEO NSC PYPL PHG PJT PII PG RGEN RCL SOFI SPOT SWK SYY TRS UNH UPS
      • After-Hours:  AKR ACGL APAM ASH ATRC CAR AXS BKNG BXP CZR CWH CAKE CHE EA ESS EXLS EXE FCF FIBK FCPT FRSH FYBR FTAI HIW HLI KAI LSTR LC MARA MDLZ NBR NXT NMIH NWBI OI PEB PEN PPG QRVO RRR REG RSG STX ST STAG SBUX TDOC TER TX TTAM UMBF UNM VRNS V WPC WERN WSBC ZWS
    • Wednesday (July 30)
      • Pre-Market: AER AEM MO AEP ARCB ASC ADP AXTA BLCO BLKB BG CHKP CHEF CLVT CLH CRTO ENTG ETR ETSY EVR FSS FVRR FTV FDP GRMN GTES GEHC GNRC GSK HOG HAYW HSY HESM HUM IEX ITW INMD IONS KHC DRS LFUS LXP MTRN MNRO NAVI EDU NMRK OGE ODFL OSW OPCH PAG PUMP RDWR REYN STNG SMG SLGN SITE SNBR SW SCL SHOO SF STRA SXC TEVA COCO THRY TKR TW TT UTHR UMC VFC VRSK VRT VIRT WSO WEC WING
      • After-Hours:   AIN ALB ALGN ALHC ALKT AMSC AWK AM AR APLD ALL ARM AVB AX BHE BKH CHRW WHD CP CSL CVNA CBZ CGNX CTSH CRK CFLT CNMD CTOS CVI DXCM EBAY ESI EIG EPR EQIX ETD EG EVTC EXR FFIV FICO FE FLS FMC F FORM GKOS GRBK GH THG HOLX HST PI IRT INVH LRCX MGY MMSI META MTG MGM MSFT MAA MCW MOD MKL MUSA MYRG NFG NTGR NBIX NWE PPC PBI PRU PTC PSA QTWO QCOM RDN HOOD RSI SCI SIMO TSLX SFM SPSC RGR SUI TENB TS TTEK TMDX TROX TTMI TYL UDMY UDR VTR VICI VSEC WAY WDC
    • Thursday (July 31)
      • Pre-Market:  ABBV AGCO APD AGI ALGM ALNY AME FOLD BUD APLS APG APTV MT ARW ATI ATHM BCPC BAX BDC BIGC BIIB BWA BMY BIP BLDR CWT CCJ GOOS CRS GTLS CMS CIGI CFR CVS DFIN DTM EME EEFT EXC GEL GFL DINO HGV HWM HII IDA NSIT IP IART ICE IDCC ITRI ITT JHG KBR K KIM KGC KEX KKR LAUR LSPD LECO LNC MAS MA MPW MEOH MGPI NCLH OIS OMCL PATK PBF BTU PCG PPL PRLB PWR RBLX SPGI SNY SNDR SHAK SIRI SO STGW TRP TFX TEX CI THS TRN UPBD UTZ VAL VCEL VNT VMC WCC WTW XEL XRX XPO XYL
      • After-Hours:   ADC ATEC AMZN AEE AES AMH APPF AAPL ATR AJG BZH BIO BJRI BE BOOT BFAM CPT CWST CCCS CLX NET COHU COIN COLM CORT CUZ CACC CUBE DLB DXC EMN EIX LOCO ENVX NVST WTRG ES EXPI EXPO FHI FSLR FIVN FND FBIN GDYN HR HTGC HUBG HUN HURN ICFI ILMN IR INOD IRTC KLAC LEG TREE LPLA LUMN MTZ MATX MTD MELI MSTR MPWR NOG OHI OPK PK PRDO PCOR PRO KWR RGA RMD RKT ROKU RYAN SVV SEM SKWD SM SPXC SYK SNCY OLED WSC WK WKC
    • Friday (Aug 1)
      • Pre-Market: ARES AVTR AVNT BTSG CBOE CNH CVX CHD CL D XOM FLR FTS BEN FLGT GWW IMO INGR NSP TILE KMB LIN LYB MGA MRNA NWL NVT OSK PWP PIPR RBC REGN TROW TU WT XHR
      • After-Hours:MIR
      General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike
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