After Hours Report

The stock market was invigorated by impressive earnings reports from Meta Platforms (META 773.44, +78.23, +11.3%) and Microsoft (MSFT 533.50, +20.26, +4.0%) and quickly pushed the S&P 500 (-0.4%) and Nasdaq Composite (flat) to new record intraday highs, but the broader market struggled to keep pace, with broad-based losses keeping the indices from record closing highs.

At its peak, the S&P 500 set a new record of 6,427.02. The Nasdaq Composite set a new record around the same time at 21,457.48

The coommunication services sector (+2.1%) was able to retain the bulk of its early gains thanks to Meta's stellar Q2 earnings report, which bolstered its stock to new record highs, as the company's robust beat-and-raise performance underscored its dominance in digital advertising and AI-driven innovation. 

Microsoft also soared to new record levels after posting its largest EPS beat in the last seven quarters, with the early gains pushing the company past $4 trillion in market capitalization. The company's Azure AI services grew a notable 39%.

Early excitement in tech was further compounded with the IPO of the collaborative design software company Figma (FIG 115.50, +82.50, +250.0%). The 36.9 million share IPO was priced far above expectations ($33 vs. $25-$28 projected range), opened for trading with a staggering 158% gain at $85, and then rocketed as high as $116 before shares were immediately halted.

Despite all the buzz in the tech world, semiconductor stocks markedly underperformed out of the gate, hinting at volatility that would ultimately steer the major averages from their hot start. 

Disappointing earnings and guidance from Qualcomm (QCOM 146.80, -12.26, -7.7%), Arm Holdings plc (ARM 141.38, -21.95, -13.4%), and Lam Research (LRCX 94.85, -4.24, -4.3%), along with weaker-than-expected results from Samsung Electronics, weighed heavily on chipmakers. The Philadelphia Semiconductor Index finished with a loss of 3.1%, narrowing its month-to-date gains to just 1.1%.

Though the technology sector was up as much as 1.3% in the early going, it closed with a loss of 0.3%. The communication services (+2.1%) and utilities (+0.6%) sectors were the only S&P 500 sectors to close with a gain, though eight sectors traded in positive territory this morning.

The health care sector (-2.8%) was the hardest hit, as pharmaceutical stocks faced pressure after President Trump declared that he sent letters to 17 pharmaceutical CEOs demanding an extension of most favored drug pricing by September 29, raising concerns about their earnings prospects.

The real estate (-1.7%) and materials (-1.0%) sectors round out the bottom three S&P 500 sectors.

While a trade deal with South Korea featuring a 15% tariff rate was struck, and Mexico was granted a 90-day extension on the 25% tariff rate, there were reminders today that tariffs for other countries are reverting to the onerous tariff rates announced on April 2.

Additionally, today's economic reports largely fell in line with the Fed's prevailing view that it can stand by to watch more incoming data before cutting rates since the economy remains on a growth track at the same time inflation continues to stick at higher levels amid higher tariff rates.

The retreat on "good news" today triggered selling activity that could be indicative of a looming coonsolidation in an overbought market. The CBOE Volatility Index was up 8.6% at 16.82.

U.S. Treasuries finished July on a subdued note despite a morning barrage of economic data. The quiet session capped a month that saw losses across the complex with relative weakness up front amid receding bets for near-term easing from the Fed. The 2-year note yield settled up one basis point at 3.95% (+23 basis points in July), and the 10-year note yield settled down two basis points at 4.36% (+13 basis points in July).

• Nasdaq Composite: +9.3% YTD
• S&P 500: +7.8% YTD
• DJIA: +3.7% YTD
• S&P 400: +1.0% YTD
• Russell 2000: -0.8% YTD

Reviewing today's data:

• June Personal Income 0.3% (Briefing.com consensus 0.3%); Prior -0.4%, June Personal Spending 0.3% (Briefing.com consensus 0.4%); Prior was revised to 0.0% from -0.1%, June PCE Prices 0.3% (Briefing.com consensus 0.3%); Prior was revised to 0.2% from 0.1%, June PCE Prices - Core 0.3% (Briefing.com consensus 0.3%); Prior 0.2%
  • The key takeaway from the report is that real personal spending was up a modest 0.1% in June. That isn't much, although it does show that consumers continue to have the capacity to spend in the face of higher prices.
• Weekly Initial Claims 218K (Briefing.com consensus 220K); Prior 217K, Weekly Continuing Claims 1.946 mln; Prior was revised to 1.946 mln from 1.955 mln
  • The key takeaway from the report is the recognition that employers still remain reluctant to lay off employees, but employees that do get laid off are facing a tougher time finding a new job.
• Q2 Employment Cost Index 0.9% (Briefing.com consensus 0.8%); Prior 0.9%
  • The key takeaway from the report is that compensation costs have moderated, which could serve to lower some of the inflation temperature at the Fed.
• July Chicago PMI 47.1 (Briefing.com consensus 42.1); Prior 40.4

Overseas:

• Europe: DAX -0.7%, FTSE -0.1%, CAC -1.1%
• Asia: Nikkei +1.0%, Hang Seng -1.6%, Shanghai -1.2%

Commodities:

• Crude Oil -0.72 @ 69.31
• Nat Gas +0.07 @ 3.11
• Gold -4.20 @ 3348.60
• Silver -1.03 @ 36.71
• Copper -1.22 @ 4.36

After-Hours Spotlight:

• Amazon (AMZN) beats by $0.35, beats on revs; AWS segment sales rose 17.5% yr/yr (+17% CC) to $30.87 bln; guides Q3 revs above consensus... AMZN -3.7%
• Apple (AAPL) beats by $0.14, beats on revs; iPhones and services beat; Apple CEO Tim Cook told CNBC that he estimates 1 point of the 10 points of the company's growth was due to pull forward demand to get ahead of tariffs... AAPL +0.8%
• Boot Barn Holdings (BOOT) beats by $0.19, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY26 EPS in-line, revs in-line... BOOT +10.4%
• Cloudflare (NET) beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus... NET +5.5%
• Coinbase Global (COIN) reports Q2 (Jun) results... COIN -6.7%
• Eastman Chemical (EMN) misses by $0.13, reports revs in-line; guides Q3 EPS below consensus... EMN -11.9%
• First Solar (FSLR) beats by $0.52, beats on revs; narrows FY25 EPS guidance, still in-line, raises revenue guidance... FSLR +4.4%
• KLA Corporation (KLAC) beats by $0.82, beats on revs; guides Q1 EPS in-line, revs in-line... KLAC +0.2%
• Paramount Global (PARA) beats by $0.10, reports revs in-line... PARA -0.6%
• Rocket Companies (RKT) beats by $0.01, beats on revs; guides Q3 revs above consensus... RKT +6.3%
• Roku (ROKU) beats by $0.22, beats on revs; guides Q3 revs above consensus; approves $400 mln Class A common stock repurchase program... ROKU -1.3%
• Reddit (RDDT) beats by $0.26, beats on revs; guides Q3 revs above consensus... RDDT +14.3%
• Workiva (WK) beats by $0.14, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY25 EPS above consensus, revs above consensus... WK +7.9%

Fair Value for Friday, August 1:

• S&P 500: 6,371
• Nasdaq 100: 23,352
• DJIA: 44,287

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

• Earnings/Guidance (Full Earnings Calendar):
  • AGCO Corp (AGCO) beats by $0.27, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Agnico-Eagle Mines (AEM) beats by $0.16, beats on revs
  • Albemarle (ALB) beats by $0.95, beats on revs; reaffirms FY25 revs guidance
  • Align Tech (ALGN) misses by $0.08, misses on revs; guides Q3 revs below consensus
  • Allstate (ALL) beats by $2.69, beats on revs
  • American Superconductor (AMSC) beats by $0.18, beats on revs; guides Q2 EPS above consensus, revs above consensus
  • Ametek (AME) beats by $0.09, beats on revs; guides Q3 EPS below consensus; raises FY25 guidance
  • Anheuser-Busch InBev (BUD) beats by $0.02, misses on revs
  • ArcelorMittal (MT) beats by $0.17, beats on revs
  • Arm Holdings plc (ARM) reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line
  • AvalonBay (AVB) beats by $0.01; guides Q3 FFO in-line; guides FY25 FFO in-line
  • Baxter (BAX) misses by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs above consensus; guides FY25 EPS in-line, revs below consensus
  • Biogen (BIIB) beats by $1.57, beats on revs; raises FY25 EPS above consensus, revs in-line
  • BorgWarner (BWA) beats by $0.12, reports revs in-line; guides FY25 EPS above consensus, revs in-line; raises dividend; announces buyback
  • Bristol-Myers (BMY) beats by $0.39, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Builders FirstSource (BLDR) beats by $0.12, misses on revs; guides FY25 revs below consensus
  • Cameco (CCJ) beats by CAD0.20, beats on revs
  • Canada Goose (GOOS) misses by CAD $0.04, beats on revs
  • Canadian Pacific Kansas City Ltd. (CP) misses by $0.01, misses on revs
  • Carvana (CVNA) beats by $0.11, beats on revs, expects sequential increase in retail units in Q3 compared to Q2
  • CBIZ (CBZ) beats by $0.11, misses on revs; guides FY25 EPS above consensus, revs in-line
  • Cognizant Tech (CTSH) beats by $0.05, beats on revs; guides Q3 revs above consensus; raises FY25 EPS, revs outlook
  • Colliers (CIGI) beats by $0.24, beats on revs; provides FY25 guidance
  • Comcast (CMCSA) beats by $0.09, beats on revs
  • CVS Health (CVS) beats by $0.35, beats on revs; raises FY25 EPS above consensus
  • eBay (EBAY) beats by $0.07, beats on revs; guides Q3 EPS in-line, revs above consensus
  • Equinix (EQIX) beats by $0.60, reports revs in-line; raises FY25 FFO guidance
  • Exelon (EXC) beats by $0.02, reports revs in-line; reaffirms FY25 EPS guidance
  • F5 Networks (FFIV) beats by $0.65, beats on revs; guides Q4 EPS above consensus, revs above consensus
  • Fair Isaac (FICO) beats by $0.81, beats on revs; raises FY25 EPS guidance, reaffirms FY25 revs guidance
  • Ferrari (RACE) reports EPS in line, misses on revs; guides FY25 EPS in-line, revs in-line
  • Ford Motor (F) beats by $0.04, beats on revs
  • Glaukos (GKOS) beats by $0.02, beats on revs; raises FY25 revs above consensus
  • Guardant Health (GH) beats by $0.28, beats on revs; raises FY25 revs above consensus
  • Host Hotels (HST) beats by $0.06, beats on revs; guides FY25 FFO above consensus, revs above consensus
  • Howmet Aerospace (HWM) beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY25 EPS above consensus, revs in-line
  • Huntington Ingalls (HII) beats by $0.58, beats on revs, reaffirms FY25 segment revenue and operating margin guidance, increases free cash flow guidance
  • IdaCorp (IDA) misses by $0.02; raises low end of FY25 guidance range
  • Impinj (PI) beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Intercontinental Exchange (ICE) beats by $0.04, reports revs in-line
  • ITT (ITT) beats by $0.03, beats on revs; guides FY25 EPS in-line, revs above consensus
  • KBR (KBR) beats by $0.03, misses on revs; narrows FY25 EPS guidance, still in-line, lowers revenue guidance
  • Kirby beats by $0.01, reports revs in-line, Provides 2025 outlook
  • Lam Research (LRCX) beats by $0.12, beats on revs; guides Q1 EPS above consensus, revs above consensus
  • Masco (MAS) beats by $0.21, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Meta Platforms (META) beats by $1.26, beats on revs; guides Q3 revs above consensus, narrows FY25 total expense and capex guidance
  • MGM Resorts (MGM) beats by $0.21, beats on revs
  • Microsoft (MSFT) beats by $0.27, beats on revs; Azure +39% CC vs +34-35% CC prior guidance
  • Modine Manufacturing (MOD) beats by $0.14, beats on revs; guides FY26 revs above consensus
  • MYR Group (MYRG) beats by $0.18, beats on revs; board approves new share repurchase program
  • National Fuel Gas (NFG) beats by $0.12, misses on revs; guides FY25 EPS in-line
  • NorthWestern (NWE) beats by $0.02, beats on revs; guides FY25 EPS in-line
  • Norwegian Cruise Line (NCLH) reports EPS in-line, misses on revs; guides Q3 EPS below consensus; guides FY25 EPS above consensus
  • Pilgrim's Pride (PPC) beats by $0.13, beats on revs
  • Protolabs (PRLB) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs above consensus
  • PTC (PTC) beats by $0.43, beats on revs; ups FY25 EPS, revs guidance
  • Public Storage (PSA) beats by $0.05, reports revs in-line; guides FY25 FFO in-line
  • Q2 Holdings (QTWO) misses by $0.34, reports revs in-line; guides Q3 revs above consensus; raises FY25 revs guidance
  • Qualcomm (QCOM) beats by $0.06, reports revs in-line; guides Q4 EPS in-line, revs in-line
  • Quanta Services (PWR) beats by $0.04, beats on revs; raises FY25 guidance
  • Robinhood Markets (HOOD) beats by $0.11, beats on revs
  • Rush Enterprises (RUSHA) beats by $0.13, beats on revs
  • S&P Global (SPGI) beats by $0.22, beats on revs; raises FY25 guidance
  • Samsung (SSNLF) reports Q1 results
  • Sanofi (SNY) reports Q2 (Jun) results, misses on revs
  • Shake Shack (SHAK) beats by $0.06, reports revs in-line, comps +1.8%; guides Q3 revs below consensus; reaffirms FY25 revs and comps guidance
  • Shell plc (SHEL) beats on top and bottom lines; commences share buyback program
  • Sibanye-Stillwater (SBSW) moves to protect strategic domestic supply of PGMs in the United States
  • Silicon Motion (SIMO) beats by $0.14, beats on revs; guides Q3 revs above consensus
  • Sprouts Farmers Market (SFM) beats by $0.11, beats on revs; guides Q3 EPS in-line; guides FY25 EPS above consensus, revs above consensus
  • SPS Commerce (SPSC) beats by $0.09, reports revs in-line; guides Q3 EPS in-line, revs in-line; raises FY25 guidance
  • Teleflex (TFX) beats by $0.37, beats on revs; raises FY25 EPS guidance, GAAP revenue growth rate
  • Tenable (TENB) beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY25 EPS in-line, revs above consensus
  • Tetra Tech (TTEK) beats by $0.05, beats on revs; guides Q4 EPS in-line, revs in-line; guides FY25 EPS above consensus, revs below consensus
  • The Cigna Group (CI) beats by $0.04, beats on revs; reaffirms FY25 EPS
  • TreeHouse Foods (THS) beats by $0.06, beats on revs; guides Q3 revs in-line; guides FY25 revs in-line
  • TTM Tech (TTMI) beats by $0.06, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Tyler Tech (TYL) beats by $0.14, beats on revs; guides FY25 EPS above consensus, revs in-line
  • Unilever PLC (UL) reports H1 results; sees FY25 revs within guidance range
  • VSE Corp (VSEC) beats by $0.27, beats on revs; reaffirms FY25 revenue guidance
  • VICI Properties (VICI) beats by $0.01, reports revs in-line; raises FY25 FFO in-line
  • Vontier (VNT) beats by $0.07, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY25 EPS in-line, revs in-line
  • Waystar Holding Corp. (WAY) beats by $0.02, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Western Digital (WDC) beats by $0.18, beats on revs; guides Q1 EPS in-line, revs above consensus
  • Willis Towers Watson (WTW) beats by $0.23, beats on revs
• General News
  • President Trump says he reached trade deal with South Korea; imports from South Korea will have a tariff of 15%; U.S. exports to South Korea will have 0% tariff; South Korea will purchase $100 bln of liquified natural gas
  • President Trump believes U.S. and China will reach a very fair deal, according to Reuters
  • Treasury Secretary Scott Bessent on CNBC says China's announcement of a 90 day tariff extension was "premature"; says he will work out technical details and speak with President Trump; he is still confident it will be done, but it is not 100% done
  • President Trump says Canada "announced that it is backing statehood for Palestine. That will make it very hard for us to make a Trade Deal with them"
  • Fox Business reporter Edward Lawrence says "A White House Official tells me that tariffs will snap back to April 2nd levels starting at 12:01a Aug 1st for countries without a framework agreement or for countries that have been assigned a tariff rate through a letter or announcement"
  • President Trump will speak with Mexican President Claudia Sheinbaum ahead of the tariff deadline today. Canadian Prime Minister Mark Carney said talks with U.S. might not be completed before the deadline, according to Bloomberg
  • Commerce Secretary Howard Lutnick says U.S. reached trade deals with Thailand and Cambodia, according to NY Times
  • Texas Republicans introduce a new congressional map that changes five likely Democratic seats to five likely Republican seats. These changes could help Republicans keep control of the House in 2026, according to the NY Times
  • California Governor Gavin Newsom wants $18 bln for wildfire utilities, according to Bloomberg
  • President Trump agrees to extend 25% tariff rate on Mexico for 90 days while they work on singing a trade deal; Mexico has agreed to immediately terminate its non-tariff trade barriers
  • SEC Chair Paul Atkins declares U.S. must lead next phase of digital finance revolution with tokenization and DeFi rulemaking
  • President Trump posts several letters on Truth Social that he sent to pharma CEOs demanding extension of most favored nation drug pricing by September 29; says "tools will be deployed" if companies do not act
  • Federal Appeals Court judges were skeptical of presidential tariff authority, but Supreme Court will likely get the final say on this issue, according to Politico
  • Aecom Tech (ACM): The White House announces ballroom construction to begin; The construction engineering team will be led by AECOM
  • Affirm (AFRM): DFS New York issues request for information regarding “buy-now-pay-later” activities
  • Airbnb (ABNB) executive discussed potential loyalty program with Bloomberg
  • Albany Intl (AIN) appoints Willard Station as EVP - CFO, and elected him an officer of the Company effective September 1
  • Alphabet's (GOOG) Google loses appeal in Epic Games antitrust case, must move forward with Play Store reforms, according to Reuters
  • Asure Software (ASUR) secures deal to acquire URW'S airport retail concessions at key terminals
  • B2Gold (BTG) announces the receipt of approval from the State of Mali to begin underground operations, including stope ore production, at the Fekola Mine in Mali, a key production growth driver for the Fekola Complex
  • Banco Bilbao Vizcaya Argentaria (BBVA) files mixed securities shelf offering for an undisclosed amount
  • BeOne Medicines (ONC) announced that the European Medicines Agency has granted PRIority MEdicines (PRIME) designation to the Company’s investigational Bruton’s tyrosine kinase degrader, BGB-16673, for the treatment of patients with Waldenstrom’s macroglobulinemia previously treated with a BTK inhibitor
  • BHP Group (BHP) and Vale (VALE) face lawsuit from London law firm, according to Reuters
  • BigCommerce (BIGC) officially changes corporate name to Commerce.com effective on or about August 1, 2025; will begin trading on the Nasdaq Global Market under 'CMRC'
  • BioCryst Pharma (BCRX) announces Charlie Gayer to succeed Jon Stonehouse as Chief Executive Officer upon his retirement in December 31
  • Blackstone (BX) interested in acquisition of Enverus, according to Reuters
  • Boeing (BA) resumes contract talks with St. Louis union, according to Bloomberg
  • Boeing (BA) and St. Louis area union workers resume contract negotiations, according to reports
  • Charter Comm (CHTR) receives stockholder approvals necessary to complete Cox Communications transaction
  • Confluent (CFLT) announces a $200 million investment over the next three years to fuel the growth, reach, and impact of its global partner ecosystem
  • Daimler Truck Holding AG (DTRUY) reports strong Q2 performance – reduced outlook for 2025
  • Delta (DAL) flight made an emergency landing after turbulence injured 25 people, according to Bloomberg
  • Dexcom (DXCM) announces promotion of Jake Leach to CEO
  • Electronic Arts (EA) announces that Battlefield 6 will launch on October 10
  • Eli Lilly (LLY) announces topline results from SURPASS-CVOT, a first-of-its-kind head-to-head Phase 3 cardiovascular outcomes trial comparing two incretin therapies in adults with type 2 diabetes and established atherosclerotic cardiovascular disease
  • Ericsson (ERIC) expands 4G and 5G network equipment partnership with SoftBank Corp (SFTBY)
  • F5 Networks (FFIV) announces Chair Alan J. Higgingson to retire
  • Ferrari (RACE) announcement of the eighth tranche of the multi-year share repurchase program
  • Figma (FIG) launches in debut as collaborative design software company joins stablecoin company Circle as blockbuster IPOs
  • First Solar (FSLR) entered into a Tax Credit Transfer Agreement
  • Fluence (FLNC) and AGL enter deal to deliver the 500 MW / 2000 MWh Tomago Battery Energy Storage System in Australia
  • Ford Motor (F): UK's Export Finance announces a new £1 billion export guarantee, supporting Ford UK's transition to electric vehicle production
  • GE Vernova (GEV): Interior Department rescinds designated wind energy areas on the outer continental shelf
  • Instil Bio (TIL) noted that ImmuneOnco Biopharmaceuticals, announces preliminary safety and efficacy data from the Phase 2 open-label, multicenter study of IMM2510/AXN-2510 in combination with chemotherapy for front-line patients with advanced non-small cell lung cancer conducted in China by ImmuneOnco 
  • JP Morgan Chase (JPM): President Trump met with JP Morgan CEO Jamie Dimon twice in past two months, according to WSJ
  • KKR (KKR) and Energy Capital Partners announce the development of a new 190 MW hyperscale data center campus in Bosque County, Texas
  • Meta Platforms (META) interested in AI video deals, according to The Information
  • Microsoft (MSFT): UK CMA market investigation has recommended that the CMA use its digital markets powers to prioritise commencing strategic market status investigations, to consider designating the 2 largest providers – Microsoft (MSFT) and Amazon Web Services (AMZN) – with SMS in relation to their respective digital activities in cloud services
  • Moderna (MRNA) receives European Commission approval for updated COVID-19 vaccine targeting SARS-CoV-2 Variant LP.8.1
  • Moderna (MRNA) is reducing the size of its workforce by approximately 10% globally. By the end of the year, the company expects to be fewer than 5,000 colleagues
  • Nippon Steel Corporation (NPSCY): U. S. Steel announces Board of Directors
  • NV5 Global (NVEE) announces that holders of a majority of its outstanding common stock voted to approve the proposed merger with Acuren Corporation at a Special Meeting of Stockholders
  • NV5 Global (NVEE): Nasdaq notice says Acuren Corporation merger is tentatively scheduled to close prior to the market open on August 4, 2025
  • NVIDIA (NVDA): China wants to discuss H20 security with Nvidia, according to Bloomberg
  • Orion Engineered Carbons (OEC) announces the upcoming retirement of Jeff Glajch, its Chief Financial Officer, who intends to step down early in the fourth quarter of 2025
  • Pitney Bowes (PBI) appoints Paul Evans as CFO, effective as of July 29
  • Rio Tinto (RIO): Unifor members ratify new contract with Rio Tinto
  • Salesforce (CRM) and ServiceNow (NOW) in discussions to invest in Genesys, according to Bloomberg
  • Southern (SO): Georgia Power has requested certification from the Georgia Public Service Commission of new resources totaling approximately 9,900-megawatts to meet the energy needs of a growing Georgia
  • Tesla (TSLA) CEO Elon Musk says "You can now ride-hail a Tesla in the SF Bay Area, in addition to Austin"
  • TTM Tech (TTMI) announces that Thomas Edman, the company’s President and Chief Executive Officer, intends to retire following the appointment of the company’s next President and CEO
  • Viasat (VSAT): Carronade Capital Management wants VSAT to split broadband and defense units, according to FT
  • Viasat (VSAT): Carronade Capital Management issued an open letter outlining its perspective on Viasat’s ongoing strategic review and offering a clear and effective way to unlock the substantial, unrealized value embedded within the Company
  • Waste Connections (WCN) announced the retirement of Darrell W. Chambliss from the position of Executive Vice President and Chief Operating Officer

• Upgrades:
  • AppFolio (APPF) upgraded to Market Perform from Underperform at Keefe Bruyette, tgt $267
  • CoreWeave (CRWV) upgraded to Buy from Neutral at Citigroup, tgt $160
  • eBay (EBAY) upgraded to Outperform from Market Perform at BMO Capital, tgt $102
  • Embraer (ERJ) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $64
  • Ionis (IONS) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $62
  • L'Oreal (LRLCY) upgraded to Neutral from Underweight at JPMorgan
  • Microsoft (MSFT) upgraded to Overweight from Sector Weight at KeyBanc, tgt $630
  • Nucor (NUE) upgraded to Buy from Hold at Jefferies, tgt $170
  • Stifel Financial (SF) upgraded to Buy from Neutral at Citigroup, tgt $135
  • Teradyne (TER) upgraded to Equal Weight from Underweight at Morgan Stanley, tgt $100
  • Tigo Energy (TYGO) upgraded to Buy from Neutral at Roth Capital, tgt $3
• Downgrades:
  • Albany International (AIN) downgraded to Neutral from Outperform at Robert W. Baird, tgt $79
  • Align Technology (ALGN) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $154
  • Confluent (CFLT) downgraded to Hold from Buy at Stifel, tgt $21
  • Lam Research (LRCX) downgraded to Hold from Buy at Summit Insights
  • Novo Nordisk (NVO) downgraded to Hold from Buy at HSBC, tgt $57
  • Palo Alto Networks (PANW) downgraded to Sector Weight from Overweight at KeyBanc
  • Pulmonx (LUNG) downgraded to Neutral from Overweight at Piper Sandler, tgt $2.50
  • SPS Commerce (SPSC) downgraded to Hold from Buy at Loop Capital, tgt $120
  • Trane (TT) downgraded to Hold from Buy at HSBC, tgt $460
  • Tradeweb Markets (TW) downgraded to Neutral from Buy at Goldman
  • VF Corp. (VFC) downgraded to Underperform from Neutral at BNP Paribas Exane
  • Vodafone (VOD) downgraded to Sell from Neutral at Goldman, tgt $136
  • VYNE Therapeutics (VYNE) downgraded to Neutral from Buy at BTIG Research
  • ZimVie (ZIMV) downgraded to Neutral from Buy at B. Riley, tgt $19
• Others:
  • CytomX Therapeutics (CTMX) initiated with an Outperform at Oppenheimer, tgt $7
  • Galaxy Digital (GLXY) initiated with a Neutral at Goldman, tgt $30
  • MP Materials (MP) resumed with an Equal Weight at Morgan Stanley, tgt $65
  • NN, Inc. (NNBR) initiated with a Buy at B. Riley, tgt $4
  • Structure Therapeutics (GPCR) initiated with a Buy at Clear Street, tgt $61

• Econ Data (Friday):
  • 08:30 ET: July Nonfarm Payrolls (Briefing.com consensus 102,000; prior 147,000), Nonfarm Private Payrolls (Briefing.com consensus 110,000; prior 74,000), Unemployment Rate (Briefing.com consensus 4.2%; prior 4.1%), Average Hourly Earnings (Briefing.com consensus 0.3%; prior 0.2%), and Average Workweek (Briefing.com consensus 34.2; prior 34.2)
  • 09:45 ET: Final July S&P Global U.S. Manufacturing PMI (prior 52.9)
  • 10:00 ET: June Construction Spending (Briefing.com consensus 0.1%; prior -0.3%), July ISM Manufacturing Index (Briefing.com consensus 49.5%; prior 49.0%), and final July University of Michigan Consumer Sentiment (Briefing.com consensus 61.8; prior 61.8)

• 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