After Hours Report

Updated: 12-May-26 17:42 ET

Karman Space and Defense under pressure after earnings

The stock market had an eventful session today, with firm inflation readings, rising Treasury yields, and higher oil prices pressuring tech and select mega-cap names, though solid rotational buying across the broader market helped the major averages finish well above their session lows. The Nasdaq Composite (-0.7%) lagged amid the weakness in growth stocks, while the S&P 500 (-0.2%) finished modestly lower, and strength in the broader market pushed the DJIA (+0.1%) to a slight gain late in the session.

Stocks opened to broad losses following the release of the April CPI report, which showed headline CPI (0.6%; Briefing.com consensus 0.6%) and Core CPI (0.4%; Briefing.com consensus 0.4%) in line with month-over-month expectations, though the year-over-year rates increased to 3.6% for headline CPI and 2.8% for core CPI, both remaining well above the Fed's 2.0% target. The increase in year-over-year inflation put upward pressure on Treasury yields, which was compounded by another surge in oil prices today (crude oil futures settled today's session $4.23 higher (+4.3%) at $102.30 per barrel).

Growth-oriented pockets of the stock market lagged as a result. In particular, the information technology sector (-1.0%) faced considerable pressure across its semiconductor components, which saw the PHLX Semiconductor Index (-3.0%) give back yesterday's gain. Qualcomm (QCOM 210.31, -27.22, -11.46%), Intel (INTC 120.61, -8.83, -6.82%), and Sandisk (SNDK 1451.94, -95.62, -6.18%) were among the worst-performing S&P 500 components after surging in yesterday's session.

However, it is worth noting that both the Semiconductor Index and the broader technology sector roughly halved their losses from session lows as investors bought into this morning's dip during the afternoon.

A late push back into positive territory from NVIDIA (NVDA 220.91, +1.47, +0.67%) added support and helped the Vanguard Mega Cap Growth ETF (-0.3%) finish well off its earlier lows.

There was some lingering weakness in Tesla (TSLA 433.44, -11.56, -2.60%) and Amazon (AMZN 265.82, -3.17, -1.18%) that kept the consumer discretionary sector (-1.0%) firmly lower, but that was the extent of considerable losses at the sector level.

The industrials (-0.4%) and materials (-0.1%) sectors also finished with losses that were tame compared to their earlier levels.

Seven S&P 500 sectors finished higher, which is relatively impressive considering eight sectors traded lower this morning. The health care (+1.9%) and consumer staples (+1.6%) sectors led the advance as investors sought more defensive holdings, padding their gains throughout the session even as the rotational buying broadened and growth stocks improved from their worst levels.

Investors also did some bargain hunting in the financials sector (+0.7%), which remains the worst-performing S&P 500 sector so far this year, while the energy sector (+0.7%) was supported by the increase in oil prices.

Outside of the S&P 500, the Russell 2000 (-1.0%) and S&P Mid Cap 400 (-0.7%) also finished well off their session lows, though both still underperformed as the market displayed a risk-off tone for much of the session.

All told, today's session felt somewhat like two distinct trading days in one. Early selling pressure tied to oil-driven inflation concerns and rising yields sent stocks sharply lower, particularly across growth and semiconductor names, but the tone improved considerably as rotational buying broadened and investors stepped back into many of the market's recent leaders. Despite the early weakness, the S&P 500 and Nasdaq Composite still finished not far below yesterday's record highs, leaving the broader uptrend largely intact and suggesting another rebound in semiconductor stocks could quickly fuel a renewed push into record territory.

U.S. Treasuries saw a continuation of Monday's poor start to the week, resulting in the highest settlement for the 30-year yield in nearly a year while yields on 10s and shorter tenors also finished at levels from last May, though they remained below their intraday highs from late March. The complex extended its losses during the final couple hours of action after the U.S. Treasury followed yesterday's weak 3-year note offering with a poor $42 billion 10-year note sale.

The 2-year note yield settled up five basis points to 4.00%, the 10-year note yield settled up five basis points to 4.46%, and the 30-year note yield settled up five basis points to 5.03%.

Russell 2000: +14.5% YTD
Nasdaq Composite: +12.3% YTD
S&P Mid Cap 400: +10.8% YTD
S&P 500: +8.1% YTD
DJIA: +3.5% YTD

Reviewing today's data:

April NFIB Small Business Optimism 95.9 (Briefing.com consensus 96.1); Prior 95.8
April CPI 0.6% (Briefing.com consensus 0.6%); Prior 0.9%, April Core CPI 0.4% (Briefing.com consensus 0.4%); Prior 0.2%
- The key takeaway from the report is the elevated inflation readings, which are well above the Fed's 2.0% inflation target and a signal not to expect a rate cut anytime soon.
The Treasury Department reported a $215.0 billion surplus for April (Briefing.com consensus: $202.5 bln), which was $43 billion less than the surplus reported for April 2025. Receipts totaled $837.3 billion, while outlays reached $622.3 billion.
- The key takeaway from the report is the recognition that a healthy level of tax receipts helped fuel a narrowing in the fiscal year-to-date deficit versus the year-ago period. Moreover, the deficit for the 12-month period ending in April is down 16% from the same period a year ago.

Overseas:

Europe: DAX -1.5%, FTSE flat, CAC -1.0%
Asia: Nikkei +0.5%, Hang Seng -0.2%, Shanghai -0.3%

Commodities:

Crude Oil +4.23 @ 102.30
Nat Gas -0.07 @ 2.84
Gold -41.10 @ 4686.60
Silver -0.39 @ 85.62
Copper -0.07 @ 6.53

After-Hours Spotlight:

Astronics (ATRO) beats by $0.03, beats on revs; raises FY26 revs above consensus...ATRO -4.2%
B&G Foods (BGS) beats by $0.03, beats on revs; guides FY26 EPS in-line, revs in-line...BGS +4.0%
Karman Space and Defense (KRMN) misses by $0.01, reports revs in-line; guides FY26 revs in-line...KRMN -11.0%
Maze Therapeutics (MAZE) beats by $0.13, beats on revs, provides clinical update...MAZE +1.2%
Nextpower (NXT) beats by $0.13, beats on revs; guides FY27 EPS below consensus, raises FY27 revenue guidance...NXT +9.6%
Oklo (OKLO) Publishes First Quarter 2026 Financial Results and Business Update...OKLO -2.4%
QXO, Inc (QXO) misses by $0.02, reports revs in-line...QXO +0.6%
Resideo (REZI) beats by $0.05, beats on revs; guides Q2 EPS below two analyst estimate, revs below estimate; reaffirms FY26 EPS guidance, revs guidance...REZI -7.0%

Fair Value for Wednesday, May 12:

S&P 500: 7,424
Nasdaq 100: 29,176
DJIA: 49,851

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):
- Aecom Tech (ACM) beats by $0.04, reports revs in-line; guides FY26 EPS in-line
- Amentum Holdings (AMTM) beats by $0.03, reports revs in-line; reaffirms FY26 EPS guidance, revs guidance
- Aramark (ARMK) beats by $0.02, beats on revs
- Archer Aviation (ACHR) beats by $0.03, misses on revs
- AST SpaceMobile (ASTS) reports Q1 results, misses on revs; provides business update
- Bayer AG (BAYRY) reports Q1 results
- Cadre Holdings misses by $0.02, reports revs in-line; reaffirms FY26 revs guidance
- Camtek (CAMT) beats by $0.02, beats on revs; guides Q2 revs above consensus
- Cardinal Infrastructure Group Inc. (CDNL) beats by $0.06, beats on revs; guides FY26 revs above two analyst estimate
- CleanSpark (CLSK) misses by $0.96, misses on revs
- D-Wave Quantum (QBTS) beats by $0.03, misses on revs
- Enviri Corporation (NVRI) beats by $0.52, beats on revs; Reaffirms FY26 adjusted EBITDA guidance
- eToro Group Ltd (ETOR) beats by $0.22
- Figure Technology Solutions (FIGR) misses by $0.01, beats on revs
- First Majestic Silver (AG) reports EPS in-line, misses on revs
- Halozyme Therapeutics (HALO) beats by $0.06, beats on revs; reaffirms FY26 EPS guidance, revs guidance
- Harmonic (HLIT) beats by $0.09, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
- Helios Technologies (HLIO) beats by $0.11, beats on revs; guides Q2 EPS above consensus, revs above consensus; raises FY26 EPS and revenue guidance
- Hims & Hers Health (HIMS) reports Q1 (Mar) results, misses on revs; guides Q2 revs above consensus; guides FY26 revs above consensus
- Hub Group (HUBG) files to delay 10-Q; provides first quarter 2026 business update
- JD.com (JD) beats by RMB1.48, beats on revs
- On (ONON) beats by CHF0.10, beats on revs
- Plug Power (PLUG) misses by $0.08, beats on revs
- Qnity Electronics (Q) beats by $0.16, beats on revs; raises FY26 guidance
- Ralliant Corporation (RAL) beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
- Rigetti Computing (RGTI) reports EPS in-line, beats on revs
- Sea Limited (SE) misses by $0.08, beats on revs
- Simon Properties (SPG) beats by $0.16, beats on revs; reaffirms FY26 FFO guidance
- Steris (STE) misses by $0.02, reports revs in-line; guides FY27 EPS above consensus, revs above consensus; authorizes new share repurchase program
- Under Armour (UAA) misses by $0.01, reports revs in-line; guides FY27 EPS below consensus
- Venture Global (VG) beats by $0.06, beats on revs
- Vodafone PLC (VOD) reports FY26 results; introduces FY27 outlook
- WEBTOON Entertainment (WBTN) beats by $0.17, reports revs in-line; guides Q2 revs below consensus
- Zebra Tech (ZBRA) beats by $0.50, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs in-line
- ZoomInfo (ZI) beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs below consensus; reaffirms FY26 EPS guidance, guides FY26 revs below consensus
General News
- President Trump is seriously considering resuming combat operations in Iran because he has grown increasingly frustrated with how the Iranians are handling the negotiations. CNN
- The UAE has been secretly conducting attacks on Iran. WSJ
- 75 UK Labour Party lawmakers are demanding that UK Prime Minister Keir Starmer resign. WSJ
- The House could vote on a gas tax holiday next week. Punchbowl News
- The Trump administration delays plan to lower tariffs on beef imports. WSJ
- Senate votes to advance nomination of Kevin Warsh for Fed Chair to a full Senate vote; Senate will hold more procedural votes today with final vote expected on Wednesday
- Saudi Arabia launched covert attacks on Iran, according to Reuters
- Senate confirms Kevin Warsh as a member of the Federal Reserve Board of Governors
- FDA Commissioner Marty Makary will resign today; Kyle Diamantas will be named acting commissioner, according to Politico
- U.S. Appeals Court temporarily allows President Trump's 10% global tariffs under section 122; this will likely get appealed to the Supreme Court
- Alkermes Plc (ALKS) announces "positive" topline results from the REVITALYZ double-blind, placebo-controlled, randomized withdrawal, multicenter phase 3 study evaluating the investigational use of LUMRYZ extended-release oral suspension in adults with idiopathic hypersomnia
- Alnylam Pharma (ALNY) reports new data analyses presented at Heart Failure 2026 demonstrate robust and consistent clinical benefit of Vutrisiran
- Alphabet (GOOG) is introducing Googlebook, designed for Gemini Intelligenc
- Alphabet (GOOG): Google in talks with SpaceX for rocket launch deal tied to emerging race to build orbital data centers, according to WSJ
- Amazon (AMZN) will close Amazon Go and Amazon Fresh physical stores to prioritize investment in growth areas
- Amazon (AMZN) Now to expand to tens of millions more customers across the country by year end
- Apple (AAPL) to debut fully customizable camera app in major iOS 27 overhaul, according to Bloomberg
- Arvinas (ARVN) and Pfizer (PFE) have entered into a license agreement with Rigel Pharmaceuticals for the exclusive global development, manufacturing, and commercialization rights for VEPPANU
- AstraZeneca (AZN): Eneboparatide normalised serum calcium and achieved independence from active vitamin D and oral calcium supplements in 31.1% of adults with hypoparathyroidism at week 24 in CALYPSO Phase III trial
- AT&T (T): FCC releases order granting AT&T-EchoStar (SATS) Applications
- Blackstone (BX) interested in third long-term buyout fund, according to Bloomberg
- Boeing (BA) CEO Kelly Ortberg must soon decide how to replace 737 jet. Bloomberg
- Brinks (BCO)/ NCR Atleos (NATL) granted FTC early termination
- Brown-Forman (BF.B): Sazerac $15 bln bid rejected amid whiskey deal talks, according to WSJ
- CGI Group (GIB) and Stockmann have expanded their collaboration through a new agreement that strengthens CGI's role as strategic partner
- CGI Group (GIB) Board appointed Tim Hurlebaus as President and Chief Executive Officer effective immediately
- Commerce Bancshares, Inc. (CBSH) announces Visa Inc.’s (V) acceptance of Class B-2 common stock and investment securities repositioning
- Diodes (DIOD) announces retirement of Chairman Dr. Keh-Shew Lu and election of Angie Chen Button as Chairwoman of the Board effective immediately
- Embraer SA (EMBJ): Bharat Forge announces a long-term contract with Embraer for the manufacturing and supply of critical landing gear forgings
- EchoStar (SATS): FCC releases order granting SpaceX-EchoStar applications
- GitLab (GTLB) announces plan to realign operating structure, includes a workforce reduction; reaffirms Q1 and FY27 EPS and revenue guidance
- Hyster-Yale (HY) increases quarterly cash dividend to $0.365/share from $0.360/share
- Johnson & Johnson (JNJ) announces the global launch of its Shockwave C2 Aero Coronary IVL Catheter designed for improved deliverability, enhanced lesion crossing and new repositioning capabilities for the treatment of calcified coronary artery disease
- Labcorp Holdings Inc. (LH) announces expanded collaboration with Epic in which the company's full test menu will be available through Aura
- Leidos (LDOS) has been awarded a $2.7 bln U.S. Army contract to advance hypersonic weapons from prototyping to production
- Merck (MRK) highlights new long-term data and advancements across broad oncology portfolio and pipeline research at ASCO 2026
- Meta Platforms (META) gives AI chatbots free access to WhatsApp for a month, according to Reuters
- Meta Platforms (META) and DESRI announce the signing of 850 megawatts of new power purchase agreements in 2026
- Microsoft (MSFT): OpenAI will save $97 bln through 2030 with latest deal with MSFT, according to The Information
- Microsoft (MSFT) recouped more than double its original $13 bln OpenAI investment, according to The Information
- Nebius Group N.V. (NBIS) broke ground on its flagship AI factory campus in Independence, Missouri – the company’s first gigawatt-scale digital infrastructure project in the US
- Novo Nordisk A/S (NVO) Wegovy delivered substantial weight loss in women across all menopause stages, plus heart and migraine protection, shown in new Novo Nordisk data at the European Congress on Obesity
- POET Technologies (POET) announces the appointment of Sandeep Kumar as Chief Operating Officer reporting to the Chief Executive Officer
- Rigel (RIGL) Enters Exclusive Global Licensing Agreement for VEPPANU (vepdegestrant), an oral PROTAC, for the Treatment of 2L+ ER+/HER2-, ESR1m Advanced or Metastatic Breast Cancer
- Sezzle (SEZL) secures $300 mln credit facility with lower funding costs
- Thomson Reuters (TRI) announces a new Model Context Protocol integration with Anthropic that connects Claude directly to CoCounsel Legal
- United Airlines (UAL) attendants voted by 82% to ratify new contract, according to the Association of Flight Attendants-CWA
- Viking Therapeutics (VIK) presented additional data from its Phase 2 VENTURE-Oral Dosing trial evaluating the oral tablet formulation of VK2735 at the European Congress on Obesity
- WEC Energy Group (WEC) shareholders voted to eliminate supermajority voting requirements
- Yum China (YUMC) entered into share repurchase agreements in the U.S. and Hong Kong for approximately US$512 mln for the second half of 2026, commencing on July 1, 2026
- Yum China (YUMC) and Carlyle (CG) interested in Jardines' chains in Asia. Reuters
- Zillow (ZG) sues MRED and Compass (COMP) for conspiring to hide home listings from buyers and restrict competition

Upgrades:
- Autodesk (ADSK) upgraded to Buy from Neutral at BofA Securities, tgt $300
- Braskem (BAK) upgraded to Overweight from Neutral at JPMorgan, tgt $5.50
- Celanese (CE) upgraded to Overweight from Neutral at JPMorgan, tgt $68
- FormFactor (FORM) upgraded to Buy from Hold at Craig-Hallum, tgt $175
- Lowe's (LOW) upgraded to Buy from Neutral at Citigroup, tgt $285
- Matador Resources (MTDR) upgraded to Buy from Hold at Truist, tgt $67
- Seadrill (SDRL) upgraded to Buy from Hold at Fearnley Securities, tgt $58
Downgrades:
- GitLab (GTLB) downgraded to Market Perform from Outperform at Raymond James
- LENZ Therapeutics (LENZ) downgraded to Neutral from Overweight at Piper Sandler, tgt $12
- Nyxoah (NYXH) downgraded to Hold from Buy at Stifel, tgt $5
- United Parks & Resorts (PRKS) downgraded to Hold from Buy at Stifel, tgt $40
- Toast (TOST) downgraded to Neutral from Buy at Rothschild & Co Redburn, tgt $35
- ZoomInfo Technologies (GTM) downgraded to Hold from Buy at Canaccord Genuity, tgt $5
- ZoomInfo Technologies (GTM) downgraded to Hold from Buy at Stifel, tgt $4
- ZoomInfo Technologies (GTM) downgraded to Neutral from Buy at BTIG
- ZoomInfo Technologies (GTM) downgraded to Underweight from Neutral at Piper Sandler, tgt $4
Others:
- AEVEX (AVEX) initiated with a Buy at Goldman, tgt $34
- AEVEX (AVEX) initiated with a Buy at BofA Securities; tgt $34
- AEVEX (AVEX) initiated with a Buy at Jefferies, tgt $32
- AEVEX (AVEX) initiated with a Buy at Needham, tgt $45
- AEVEX (AVEX) initiated with an Outperform at Robert W. Baird, tgt $38
- AEVEX (AVEX) initiated with an Outperform at RBC Capital Mkts, tgt $31
- AEVEX (AVEX) initiated with an Outperform at Raymond James, tgt $35
- AEVEX (AVEX) initiated with an Outperform at William Blair
- AEVEX (AVEX) initiated with an Overweight at JPMorgan, tgt $33
- Alamar Biosciences (ALMR) initiated with a Buy at Stifel, tgt $28
- Alamar Biosciences (ALMR) initiated with an Outperform at Leerink Partners; tgt $35
- Alamar Biosciences (ALMR) initiated with a Buy at TD Cowen, tgt $30
- Alamar Biosciences (ALMR) initiated with a Neutral at BofA Securities, tgt $27
- Alamar Biosciences (ALMR) initiated with an Overweight at JPMorgan, tgt $30
- Algonquin Power & Utilities (AQN) initiated with an Equal Weight at Wells Fargo, tgt $7
- Annexon Biosciences (ANNX) initiated with a Neutral at Goldman, tgt $7
- Bentley Systems (BSY) assumed at Buy from Neutral at BofA Securities, tgt $40
- Boost Run (BRUN) initiated with a Buy at Craig Hallum; tgt $30
- Chesapeake Utilities (CPK) initiated with an Equal Weight at Wells Fargo, tgt $132
- Design Therapeutics (DSGN) initiated with an Overweight at Cantor Fitzgerald
- DexCom (DXCM) initiated with a Buy at The Benchmark Company, tgt $77
- Enliven Therapeutics (ELVN) initiated with a Buy at Guggenheim, tgt $80
- EssilorLuxottica (ESLOY) initiated with a Hold at Deutsche Bank
- Forum Markets (FRMM) initiated with a Buy at Clear Street, tgt $11
- H2O America (HTO) initiated with an Equal Weight at Wells Fargo, tgt $60
- Kailera Therapeutics (KLRA) initiated with a Buy at Jefferies, tgt $48
- Kailera Therapeutics (KLRA) initiated with a Buy at TD Cowen, tgt $57
- Kailera Therapeutics (KLRA) initiated with an Outperform at William Blair
- Kailera Therapeutics (KLRA) initiated with an Overweight at JPMorgan, tgt $30
- MaxLinear (MXL) resumed at Buy at The Benchmark Company, tgt $28
- MiniMed Group (MMED) initiated with a Buy at The Benchmark Company, tgt $20
- New Jersey Resources (NJR) initiated with an Overweight at Wells Fargo, tgt $63
- Northwest Natural Gas (NWN) initiated with an Underweight at Wells Fargo, tgt $50
- ONE Gas (OGS) initiated with an Underweight at Wells Fargo, tgt $85
- Palvella Therapeutics (PVLA) initiated with an Overweight at Stephens, tgt $220
- Spire (SR) initiated with an Overweight at Wells Fargo, tgt $96
- Sunbelt Rentals (SUNB) initiated with an Outperform at Bernstein, tgt $86
- Southwest Gas (SWX) initiated with an Overweight at Wells Fargo, tgt $105
- Tandem Diabetes Care (TNDM) initiated with a Hold at The Benchmark Company
- UGI Corporation (UGI) initiated with an Overweight at Wells Fargo, tgt $46
- Unitil (UTL) initiated with an Equal Weight at Wells Fargo, tgt $56
- Versant (VSNT) initiated with a Neutral at JPMorgan, tgt $43

Econ Data (Wednesday):
- 7:00 ET: Weekly MBA Mortgage Index (prior -4.4%)
- 8:30 ET: April PPI (Briefing.com consensus 0.4%; prior 0.5%) and Core PPI (Briefing.com consensus 0.3%; prior 0.1%)
- 10:30 ET: Weekly crude oil inventories (prior -2.31 mln)

Earnings:Monday (May 11)
Pre-Market: APC B CERT CEVA CRCL CEG DOLE NVRI AGNT FOXA FSK LQDA MNDY MOS NESR SBH SDRL PRKS UNIT
After-Hours: ACM AMTM ASTS CDRE CLSK FIGR HALO HLIT HLIO HIMS KGS MARA NOVT OVV PLUG METC RGTI SPG STE WBTN GTM
Tuesday (May 12)
Pre-Market: ARMK ARVN BETA BRSL CAMT CDNL IMOS QBTS DCO ETOR AG JBI TIGO ONON Q RAL SFL TME UAA VG VSTS ZBRA
After-Hours: ANDG ATRO BGS FNV JBS KRMN LIF NXT OKLO REZI
Wednesday (May 13)
Pre-Market: BABA BIRK DT GLBE KRNT EYE TSEM VSH WIX
After-Hours: ARX BTGO CSWC CSCO CPA DOCS EQPT GO JACK MFC PBH STAA STUB TNK
Thursday (May 14)
Pre-Market: AVAH BTDR BLSH GOOS CSIQ CLBT CRMD FPS KLAR LGN NIQ NVMI VSNT VIK WWW YETI
After-Hours: AMAT DLO FIG GLOB HTFL KLC RUM YSS
Friday (May 15)
Pre-market: RBC
After-Hours: None