After Hours Report

Updated: 18-Aug-25 16:52 ET
Palo Alto Networks nicely higher following Q4 results; Fabrinet trading lower after Q4 results

The stock market drifted sideways throughout the entirety of today's session as a light batch of headlines and the anticipation of key drivers later in the week culminated in a palpable lack of conviction. The S&P 500 (flat), Nasdaq Composite (flat), and DJIA (-0.1%) traded in a tight range, never staying decidedly above or below their flatlines and failing to challenge record high levels from the previous week.

The market is awaiting the Fed's Jackson Hole Symposium that kicks off on Thursday, with Fed Chair Jerome Powell's Friday address arguably the most anticipated development of the week. There is currently an 83.2% probability of a 25-basis point cut at the September FOMC meeting, according to the CME FedWatch Tool. Market participants will be listening closely to see if Mr. Powell plays into the market's prevailing view or tries to temper it.

President Trump's Friday meeting with Russia's President Putin did not produce any immediate agreements, but it led to more talks in Washington, this time with European leaders, including the Ukrainian president. The hope is now that a trilateral meeting between leaders from the U.S., Ukraine, and Russia will take place soon.

Today's action, or lack thereof, reflected an uncertainty in the market's direction as it relates to economic policy, with little corporate or earnings news to stimulate excitement.

Breadth figures were relatively even throughout the session, with advancers outpacing decliners by a roughly 5-to-4 margin on the NYSE and a roughly 11-to-9 clip on the Nasdaq.

Five S&P 500 sectors finished in positive territory, led by the industrials sector (+0.4%), which saw a substantial gain in one of its smaller components, Dayforce (DAY 66.62, +13.74, +25.98%), after Bloomberg reported that Thomas Bravo is in talks to acquire the company.

The consumer discretionary sector (+0.4%) also captured a nice gain as Tesla (TSLA 335.16, +4.60, +1.39%) was the best-performing mega-cap stock on an otherwise lackluster day for the Magnificent 7.

The information technology (+0.1%), financials (+0.1%), and consumer staples (+0.1%) sectors rounded out the five advancing sectors. The real estate (-1.0%), communication services (-0.7%), energy (-0.6%), materials (-0.6%), utilities (-0.5%), and health care (-0.2%) sectors closed with losses.

The communication services sector spent the entirety of the session among the worst-performing sectors, nursing a loss in Meta Platforms (META 767.37, -17.86, -2.27%) that saw the Vanguard Mega Cap Growth ETF (-0.1%) close with a modest loss.

The health care sector spent most of the day at the top of the leaderboard in what at the time appeared to be a continuation of last week's trend, but lost its momentum.

CVS Health (CVS 70.16, +1.57, +2.29%) traded higher after UBS upgraded the stock to Buy from Neutral with a target of $79. While not in the S&P 500, Novo Nordisk A/S (NVO 53.78, +1.36, +2.60%) generated some early buzz after its Wegovy drug was approved for the treatment of noncirrhotic MASH with moderate to advanced liver fibrosis. The company also announced it will offer its GLP-1 drugs, Ozempic (for diabetes) and Wegovy (for weight loss), at a cash price of $499 per month to self-paying patients through GoodRx (GDRX 5.12, +1.39, +37.27%).

Despite the broader market losing much of last week's momentum, smaller-cap stocks continued their trend of outperformance. The Russell 2000 advanced 0.4% today, and the S&P Mid Cap 400 gained 0.2%.

Retailers also traded generally higher today in anticipation of some key names reporting earnings this week, including Walmart (WMT 100.68, +0.68, +0.68%), Costco (COST 979.35, +7.31, +0.75%), Home Depot (HD 394.70, -4.68, -1.17%), and Target (TGT 104.97, +1.95, +1.89%). The SPDR S&P Retail ETF finished with a gain of 0.9%.

U.S. Treasuries started the week on a slightly lower, but generally quiet, note. The 2-year note yield settled up one basis point to 3.77% and the 10-year note yield settled up one basis point to 4.34%.

  • Nasdaq Composite: +12.0% YTD
  • S&P 500: +9.7% YTD
  • DJIA: + 5.6% YTD 
  • Russell 2000: +2.9% YTD
  • S&P Mid Cap 400: +1.9% YTD

Reviewing today's data:

  • The NAHB Housing Market Index fell to 32 in August (Briefing.com consensus 34) from 33 in July.

Overseas:

  • Europe: DAX -0.2%, FTSE +0.2%, CAC -0.5%
  • Asia: Nikkei +0.8%, Hang Seng -0.4%, Shanghai +0.9%

Commodities:

  • Crude Oil +0.02 @ 62.75
  • Nat Gas -0.02 @ 2.89
  • Gold -4.30 @ 3378.20
  • Silver +0.05 @ 38.03
  • Copper -0.02 @ 4.47

After-Hours Spotlight:

  • Fabrinet (FN) beats by $0.01, beats on revs; guides Q1 EPS in-line, revs in-line...FN -2.8%
  • Palo Alto Networks (PANW) beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus... PANW +4.7%
  • XP (XP) beats by $0.07, beats on revs...XP -0.6%

Fair Value for Tuesday, August 19:

  • S&P 500: 6,468
  • Nasdaq 100: 23,794
  • DJIA: 44,977
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):
    • Bitdeer Technologies (BTDR) reports Q2 (Jun) results, beats on revs
    • Riskified (RSKD) beats by $0.08, reports revs in-line; guides FY25 revs in-line; reaffirms Adj EBITDA guidance
  • General News
    • President Trump will pursue a sweeping peace agreement which involves Ukraine ceding territory to Russia instead of ceasefire, which could give Russia an advantage. Mr. Trump will meet with Ukrainian President Volodymyr Zelenskyy today, according to the NY Times
    • Ukraine is considering President Trump's offer for U.S. security guarantees. European officials will join meeting between President Trump & Ukrainian President Volodymyr Zelenskyy today, according to the NY Times
    • White House envoy Steve Witkoff says Russia agreed to allow "Article 5 type" security guarantees from U.S. as part of peace agreement, according to CNN
    • President Trump says it was "determined by all that the best way to end the horrific war between Russia and Ukraine is to go directly to a peace agreement, which would end the war, and not a mere ceasefire agreement, which often times do not hold up"
    • President Trump will hold off on increasing China tariffs because of purchases of Russian oil, according to Bloomberg
    • California will vote on new congressional map this week that helps Democrats gain 5 House seats to offset Republican gains in Texas. If that vote succeeds, there will be a special election on this issue in November, according to NY Times
    • EU issues statement by President von der Leyen with President Zelenskyy following their meeting
    • President Trump moving closer to a decision that would reclassify marijuana as less dangerous drug, according to NY Post
    • OpenAI CEO Sam Altman believes AI could be in a "bubble", according to CNBC
    • EU digital services rules are holding up trade agreement with U.S., according to FT
    • Accenture (ACN) has acquired The Highlands Consulting Group, a leading management consulting provider with extensive experience in healthcare, transportation, social services and environmental solutions
    • Aebi Schmidt Group (AEBI) CFO discloses the purchase of 5K shares at $12.25 worth more than $60K
    • Airbus (EADSY) will soon break aircraft record held by Boeing (BA), according to Bloomberg
    • Alphabet (GOOG) admits anti-competitive conduct involving Google Search in Australia
    • Apple (AAPL) Vision Pro having issues with immersive video, according to Bloomberg
    • Ascentage Pharma (AAPG) Announces Global Registrational Phase III Study of Lisaftoclax for First-line Treatment of Patients with Higher-Risk Myelodysplastic Syndrome Cleared by US FDA and EMA
    • Avino Silver & Gold (ASM) reports results of four drill holes from La Preciosa; the intercepts of the La Gloria and Abundancia veins were very positive
    • BioXcel Therapeutics (BTAI) Announces Positive FDA Pre-sNDA Meeting Comments for sNDA Submission for BXCL501 in Agitation Associated with Bipolar Disorders or Schizophrenia
    • Bristol-Myers (BMY) and SystImmune announce FDA has granted Breakthrough Therapy Designation (BTD) to izalontamab brengitecan (iza-bren)
    • BRP Inc. (DOOO) provides several product updates to Can-Am and Sea-Doo brands
    • Carnival (CCL): Two people died of drowning at Carnival resort, according to NY Post
    • China Yuchai (CYD) reports first batch of 600 Yuchai-Powered natural gas buses order delivered to Mexico
    • Circle Internet Group (CRCL): Informal Systems announces that its high-performance consensus engine, Malachite, has been acquired by Circle Internet Group, to support the launch of Arc
    • Cleveland-Cliffs (CLF) Applauds New Section 232 Tariff Coverage of Electrical Steel and Stainless Steel Derivative Products; Says actions will allow company to invest in its stainless steel operations in OH and its electrical steel operations in PA and OH
    • Crocs (CROX) and the NFL announce a multiyear licensing agreement, according to Adweek
    • Daiichi Sankyo (DSNKY): Ifinatamab Deruxtecan granted breakthrough therapy designation by U.S. FDA for patients with pretreated extensive-stage small cell lung cancer
    • enCore Energy Corp (EU) expands Alta Mesa Uranium Project
    • Enlight Renewable Energy Ltd. (ENLT) provided updates for IRS changes
    • Exxon Mobil (XOM): Russian decree could allow foreign investors to regain shares in the Sakhalin-1 oil and gas project, according to Reuters
    • Faraday Future (FFAI) Launches its “EAI + Crypto” Dual-Flywheel & Dual-Bridge Ecosystem Strategy as a Pioneer in AI mobility and Web3 integration, Unveiling the “C10 Index” and the First “C10 Treasury” Product Announced by a U.S.-Listed Company
    • FibroGen (FGEN) announces that the China State Administration for Market Regulation approved the sale of FibroGen International to AstraZeneca (AZN) Treasury Limited
    • Firefly Aerospace (FLY) mulling option to launch Alpha rocket from Japan, according to Economic Times
    • Flutter Entertainment (FLUT): FanDuel announces new market access agreement with St. Louis CITY SC; partnership comes ahead of the launch of mobile sports betting in Missouri
    • Foxconn (HNHPF) aims to operate SoftBank (SFTBY) artificial intelligence server site in Ohio, according to Bloomberg
    • General Motors (GM): Teamsters launch pickets at GM plants over nonunion carriers, threaten wider auto industry action
    • GigaCloud Technology (GCT) authorized new share repurchase program of $111 mln of Class A ordinary shares over the next three years
    • Glencore Intl plc (GLNCY) submits RIGI applications in respect of its Argentine copper projects
    • Intel (INTC): Trump administration weighs 10% Intel stake by converting Chips Act grants to equity, according to Bloomberg
    • Kandi Technologies (KNDI) secures first CATL Order for Heavy-truck battery swap station equipment
    • Labcorp Holdings (LH) launches first FDA-cleared blood test for Alzheimer's Disease
    • Marvel (DIS) will produce more content overseas, according to WSJ
    • Mesa Laboratories (MLAB) has executed on its previously-announced financial strategy, repaying $97.5 mln of 1.375% Convertible Senior Notes due August 2025
    • Meta Platforms (META) ticking lower on report it's planning a fourth restructuring of AI efforts, according to TheInformation
    • Meta Platforms (META): Texas Attor­ney Gen­er­al Ken Pax­ton inves­ti­gates Meta and Character.AI for mis­lead­ing chil­dren with decep­tive ai-gen­er­at­ed men­tal health services
    • Microsoft (MSFT): OpenAI staffers to sell $6 bln in shares to SoftBank and other investors at $500 bln valuation, according to Bloomberg
    • Natera (NTRA): IMvigor011 bladder cancer trial achieves positive results, with signatera strongly predicting adjuvant immunotherapy benefit
    • NewAmsterdam Pharma (NAMS) discloses in filing that it entered into a supply agreement with A. Menarini International Licensing; Under the terms of agreement, company agreed to supply Menarini with obicetrapib monotherapy and obicetrapib and ezetimibe fixed-dose combination finished products in bulk tablet form
    • Newsmax (NMAX) entered into a settlement agreement with Dominion Voting Systems
    • NorthWestern (NWE) to seek new capacity resources in South Dakota
    • Novartis (NVS) announces new ESC data highlights strength of cardiovascular portfolio
    • Novo Nordisk (NVO): FDA approves a new indication for Wegovy; approved for the treatment of noncirrhotic MASH with moderate to advanced liver fibrosis
    • NVIDIA (NVDA) announces it is celebrating the more than 2 million developers now using the NVIDIA robotics stack
    • NVIDIA (NVDA) announces that the NVIDIA Blackwell architecture is coming to GeForce NOW, marking the cloud gaming platform’s biggest update yet
    • Oracle (ORCL) chief security officer to depart, according to Bloomberg
    • Roblox (RBLX): SEC case concluded in May, according to Bloomberg
    • Samsung (SSNLF) taking market share from Apple (AAPL), according to CNBC
    • Sitio Royalties Corp. (STR) stockholders approved merger with Viper Energy (VNOM); Sitio to be suspended from trading prior to market open on August 19
    • Six Flags (SIX) facing declining attendance, according to WSJ
    • Somnigroup International (SGI) announces that Steve Rusing, currently serving as President of Mattress Firm has expanded his leadership role to President and CEO, effective August 14, 2025
    • Southwest Gas (SWX) seeks to move forward with renewable natural gas supply from food and wastewater in California
    • Starbucks (SBUX) to boost salaries 2%, according to Bloomberg
    • Target Hospitality (TH) expands strategic diversification with multi-year contract supporting growing data center end-market
    • Telos Corporation (TLS) has no current plans or needs to raise cash proceeds through the issuance of dilutive capital
    • TeraWulf (WULF) announces that Fluidstack exercised its option to expand at the company’s Lake Mariner data center campus
    • Tesla (TSLA) leasing costs down by nearly 50% in the UK, according to Sunday Times
    • The Metals Company (TMC): Iceberg Research out with renewed short report on TMC; delays, legal barriers, inflated assumptions drive $1.5 bln negative NPV
    • Valneva's (VALN) IXCHIQ now authorized in Canada for individuals aged 12 and older
    • Vanda Pharma (VNDA): Federal appeals court overturns FDA's order denying approval of Hetlioz for the treatment of jet lag disorder
    • Wells Fargo (WFC) Commercial Distribution Finance and Aqua Finance announce a new retail financing program, provided by Aqua, for a variety of recreational products including boats, RVs, and powersports, in collaboration with top original equipment manufacturers including Brunswick, E-Z-GO, KTM North America and Winnebago Industries
  • Upgrades:
    • Ameresco (AMRC) upgraded to Neutral from Sell at UBS, tgt $23
    • Cogent (CCOI) upgraded to Overweight from Underweight at Wells Fargo, tgt $45
    • CVS Health (CVS) upgraded to Buy from Neutral at UBS, tgt $79
    • Duolingo (DUOL) upgraded to Overweight from Sector Weight at KeyBanc, tgt $460
    • Epam Systems (EPAM) upgraded to Buy from Hold at TD Cowen, tgt $205
    • GATX (GATX) upgraded to Positive from Neutral at Susquehanna, tgt $190
    • Nextracker (NXT) upgraded to Buy from Neutral at Guggenheim, tgt $74
    • ServiceTitan (TTAN) upgraded to Buy from Hold at Loop Capital, tgt $140
    • Sunrun (RUN) upgraded to Outperform from Sector Perform at RBC Capital, tgt $16
  • Downgrades:
    • Alta Equipment (ALTG) downgraded to Neutral from Buy at DA Davidson, tgt $8
    • Antero Resources (AR) downgraded to Neutral from Buy at Roth Capital, tgt $32
    • Bragg Gaming (BRAG) downgraded to Hold from Buy at Benchmark
    • Civista Bancshares (CIVB) downgraded to Market Perform from Outperform at Hovde Group, tgt $22
    • Comstock Inc. (LODE) downgraded to Neutral from Buy at Ladenburg, tgt $4
    • Comstock Resources (CRK) downgraded to Sell from Neutral at Roth Capital, tgt $12
    • CSX (CSX) downgraded to Market Perform from Outperform at BMO Capital, tgt $38
    • Eli Lilly (LLY) downgraded to Neutral from Outperform at Daiwa, tgt $700
    • Erasca (ERAS) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $2
    • Expand Energy (EXE) downgraded to Neutral from Buy at Roth Capital, tgt $98
    • Nano Nuclear Energy (NNE) downgraded to Sell from Buy at Ladenburg, tgt $9
    • Northern Oil (NOG) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $27
    • Occidental (OXY) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $52
    • Ovintiv (OVV) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $48
    • Range Resources (RRC) downgraded to Neutral from Buy at Roth Capital, tgt $35
  • Others:
    • Accelerant (ARX) initiated with a Buy at TD Cowen, tgt $36
    • Accelerant (ARX) initiated with an Equal Weight at Morgan Stanley, tgt $28
    • Accelerant (ARX) initiated with an Equal Weight at Wells Fargo, tgt $28
    • Accelerant (ARX) initiated with a Market Perform at Citizens JMP
    • Accelerant (ARX) initiated with a Neutral at Goldman, tgt $30
    • Accelerant (ARX) initiated with an Outperform at BMO Capital, tgt $34
    • Accelerant (ARX) initiated with an Outperform at Raymond James, tgt $33
    • Accelerant (ARX) initiated with an Outperform at RBC Capital, tgt $33
    • Accelerant (ARX) initiated with an Outperform at William Blair
    • Accelerant (ARX) initiated with an Overweight at Piper Sandler, tgt $35
    • Aligos Therapeutics (ALGS) assumed with a Buy at H.C. Wainwright, tgt $50
    • Assembly Biosciences (ASMB) assumed with a Buy at H.C. Wainwright, tgt $50
    • Carlsmed (CARL) initiated with a Buy at BofA Securities, tgt $16
    • Carlsmed (CARL) initiated with a Buy at BTIG Research, tgt $21
    • Carlsmed (CARL) initiated with a Buy at Truist, tgt $18
    • Coherent (COHR) initiated with an Outperform at KGI Securities, tgt $110
    • Community Trust (CTBI) assumed with an Overweight at Piper Sandler, tgt $66
    • Duolingo (DUOL) initiated with a Buy at Citigroup, tgt $400
    • Forte Biosciences (FBRX) initiated with a Buy at Guggenheim, tgt $75
    • Li Auto (LI) initiated with an Underperform at BNP Paribas Exane, tgt $18
    • Live Nation (LYV) initiated with a Buy at MoffettNathanson, tgt $195
    • Lumentum (LITE) initiated with an Outperform at KGI Securities, tgt $127
    • McGraw Hill (MH) initiated with a Buy at BTIG Research, tgt $19
    • McGraw Hill (MH) initiated with a Buy at Deutsche Bank, tgt $18
    • McGraw Hill (MH) initiated with a Buy at Goldman, tgt $27
    • McGraw Hill (MH) initiated with a Buy at Rothschild & Co Redburn, tgt $28.60
    • McGraw Hill (MH) initiated with a Buy at Stifel, tgt $19
    • McGraw Hill (MH) initiated with an Neutral at UBS, tgt $15
    • McGraw Hill (MH) initiated with an Outperform at Robert W. Baird, tgt $21
    • McGraw Hill (MH) initiated with an Outperform at BMO Capital, tgt $24
    • McGraw Hill (MH) initiated with an Outperform at William Blair
    • McGraw Hill (MH) initiated with an Overweight at JPMorgan, tgt $21
    • McGraw Hill (MH) initiated with an Overweight at Morgan Stanley, tgt $20
    • NIQ Global Intelligence plc (NIQ) initiated with a Buy at BofA Securities, tgt $23
    • NIQ Global Intelligence plc (NIQ) initiated with a Buy at Needham, tgt $24
    • NIQ Global Intelligence plc (NIQ) initiated with a Buy at Stifel, tgt $24
    • NIQ Global Intelligence plc (NIQ) initiated with a Buy at UBS, tgt $24
    • NIQ Global Intelligence plc (NIQ) initiated with an Hold at Deutsche Bank, tgt $21
    • NIQ Global Intelligence plc (NIQ) initiated with an Outperform at Robert W. Baird, tgt $24
    • NIQ Global Intelligence plc (NIQ) initiated with an Outperform at BMO Capital, tgt $24
    • NIQ Global Intelligence plc (NIQ) initiated with an Outperform at BNP Paribas Exane, tgt $22.50
    • NIQ Global Intelligence plc (NIQ) initiated with an Outperform at William Blair
    • NIQ Global Intelligence plc (NIQ) initiated with an Overweight at Barclays, tgt $24
    • NIQ Global Intelligence plc (NIQ) initiated with an Overweight at JPMorgan, tgt $21
    • NIQ Global Intelligence plc (NIQ) initiated with an Overweight at Wells Fargo, tgt $21
    • Reddit (RDDT) initiated with a Buy at Argus, tgt $250
    • Redwire (RDW) initiated with an Underperform at BofA Securities, tgt $10
    • Synaptics (SYNA) initiated with an Overweight at Barclays, tgt $78
    • Tecogen (TGEN) initiated with a Buy at Roth Capital, tgt $15
    • Viper Energy (VNOM) initiated with an Overweight at Morgan Stanley, tgt $46
    • XPeng (XPEV) initiated with a Neutral at BNP Paribas Exane, tgt $19
    • Xerox (XRX) resumed with a Neutral at Citigroup, tgt $4.50
  • Econ Data (Tuesday):
    • 8:30 ET: July Housing Starts (Briefing.com consensus 1.311 mln; prior 1.321 mln) and Building Permits (Briefing.com consensus 1.390 mln; prior 1.393 mln)
  • Earnings:
    • Monday (Aug 18)
      • Pre-Market: BTDR, RSKD
      • After-Hours: FN PANW XP
      Tuesday (Aug 19)
      • Pre-Market: AS HD MDT PINC VIK
      • After-Hours: JKHY JHX KEYS LZB SQM TOL ZTO
    • Wednesday (Aug 20)
      • Pre-Market: ALC ADI BIDU DY EL GDS KC LOW TGT TJX
      • After-Hours: COTY NDSN
    • Thursday (Aug 21)
      • Pre-Market: BILI CSIQ SCSC HOV MZTI WMT
      • After-Hours: INTU ROST WDAY ZM
    • Friday (Aug 22)
      • Pre-Market: BJ BKE
      • After-Hours: None
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