After Hours Report

Last Updated: 13-Aug-25 17:10 ET | Archive

After hours report provides a review of the day’s stock market and treasury market session performance with a recap of indices, sector, and industry performance, trends, as well as key news items that impacted the markets. Get a run-down of general news events, broker ratings changes, key after hours earnings reports and guidance, and highlights of events scheduled for the next day. On Fridays, the After Hours Report is a recap of the week’s stock market activity.


Coherent sharply lower after hours on Q4 report; Cisco ticking lower

The S&P 500 (+0.3%) and Nasdaq Composite (+0.1%) opened to new all-time high levels, with yesterday's July CPI release providing enough momentum for the indices to close with modest gains and record closing highs, despite some profit taking throughout the day. 

At its peak, the S&P 500 set a record intraday high of 6,480.28 and captured a record closing high of 6,466.58. The Nasdaq Composite set a record intraday high of 21,803.75 and notched a record closing high of 21,713.14.

Interest rate cut optimism was buoyed following comments from Treasury Secretary Scott Bessent on Fox Business last night advocating for a 50 basis-point rate cut, a stance he reiterated on Bloomberg TV this morning while adding that the Fed funds rate range should ultimately be reduced by at least 150 basis points.

The CME FedWatch Tool assigned a 99.9% probability of a 25 basis-point rate cut at the September FOMC meeting in the late morning, though this would later be reduced to 97.9% after Chicago Fed President Austan Goolsbee (FOMC voting member) stated that he is not committed to a September rate cut, citing concerns about an increase in services inflation. 

Atlanta Fed President (FOMC nonvoting member) stated today that the central bank can wait to make policy adjustments because the labor market remains strong.

Nonetheless, the stock market largely advanced as a friendlier interest rate environment seems inevitable, though an underperformance in mega-cap names stymied growth in the S&P 500 and Nasdaq Composite, while the DJIA (+1.1%) outperformed with its mega-cap exposure limited to just Microsoft (MSFT 520.58, -8.66, -1.64%).

The Vanguard Mega Cap Growth ETF finished with just a 0.1% gain, while the Russell 2000 (+2.0%) continued its rally this week, and the S&P 500 Equal Weighted Index (+1.3%) decidedly outperformed the market-weighted S&P 500 (+0.3%). 

Mega-cap underperformance contributed to modest losses in the communication services (-0.5%) and information technology (-0.2%) sectors, while the defensive consumer staples sector (-0.4%) also closed in negative territory.

The other eight S&P 500 sectors finished above their baselines, with the materials (+1.7%), health care (+1.6%) consumer discretionary (+1.3%) and energy (+1.2%) sectors capturing gains wider than 1.0%.

The consumer discretionary sector reaped the benefits of the expected friendlier interest rate environment, seeing notable gains in its homebuilder components that pushed the iShares U.S. Home Construction ETF (+4.5%) to a substantial gain.

Elsewhere, the health care sector saw considerable strength in its biotechnology names and strong leadership in top names such as Eli Lilly (LLY 660.70, +21.27, +3.33%) and UnitedHealth (UNH 271.84, +10.28, +3.93%).

Investors are continuing this week's trend of bargain hunting in the worst-performing S&P 500 sector this year, which, in conjunction with a retreat in several mega-cap names and continued small-cap outperformance, may signal a rotation in the market towards overlooked names that could benefit from looser monetary conditions.

U.S. Treasuries recorded solid gains on Wednesday in response to rising rate cut expectations, sending the 2-year note yield toward its August low (3.653%) while yields slipped to fresh lows for the week. The 2-year note yield settled down four basis points to 3.69%, and the 10-year note yield settled down six basis points to 4.24%.

  • Russell 2000: +4.9% WTD
  • S&P Mid Cap 400: +3.5% WTD
  • DJIA: +1.7% WTD
  • Nasdaq Composite: +1.2% WTD
  • S&P 500: +1.2% WTD

Reviewing today's data:

  • The weekly MBA Mortgage Index jumped 10.9% to follow last week's 3.1% increase. The Refinance Index jumped 23.0% while the Purchase Index was up 1.4%.

Overseas:

  • Europe: DAX +0.7%, FTSE +0.2%, CAC +0.7%
  • Asia: Nikkei +1.3%, Hang Seng +2.6%, Shanghai +0.5%

Commodities:

  • Crude Oil -0.55 @ 62.62
  • Nat Gas +0.02 @ 2.83
  • Gold +9.30 @ 3408.20
  • Silver +0.60 @ 38.60
  • Copper -0.02 @ 4.50

After-Hours Spotlight:

  • Cisco (CSCO) beats by $0.01, reports revs in-line; guides OctQ EPS in-line, revs above consensus; guides FY26 EPS in-line, revs in-line...CSCO -1.5%
  • Coherent (COHR) beats by $0.08, beats on revs; guides Q1 EPS in-line, revs in-line; announces agreement to sell Aerospace and Defense business...COHR -17.4%
  • dLocal Limited (DLO) beats by $0.01, beats on revs; guides FY25 revs above consensus; also appoints new CFO...DLO +15.5%
  • Ibotta (IBTA) beats by $0.30, misses on revs; guides Q3 revs below consensus...IBTA -23.8%
  • StandardAero (SARO) misses by $0.01, beats on revs; guides FY25 revs in-line...SARO -7.4%

Fair Value for Thursday, August 14:

  • S&P 500: 6,489
  • Nasdaq 100: 23,948
  • DJIA: 45,012
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):
    • Arcos Dorados (ARCO) beats by $0.03, reports revs in-line
    • Brinker (EAT) beats by $0.02, beats on revs; guides FY26 EPS in-line, revs in-line
    • CAE (CAE) beats by CAD 0.01, misses on revs; Announces appointment of Matthew Bromberg to be Marc Parent's successor as next President and CEO
    • CAVA Group (CAVA) beats by $0.02, misses on revs; Same restaurant sales of +2.1%; lowers FY25 same restaurant sales guidance
    • CoreWeave (CRWV) reports Q2 results, beats on revs, guides Q3 and FY25 revs above consensus
    • Ecopetrol (EC) reports Q2 results
    • Elbit Systems (ESLT) reports Q2 results; beats on revs
    • Everus (ECG) beats by $0.44, beats on revs; Raises FY25 revs above consensus
    • Global-E Online (GLBE) beats by $0.03, beats on revs; guides Q3 revs in-line; guides FY25 revs in-line
    • GRAIL (GRAL) reports Q2 results
    • H & R Block (HRB) misses by $0.56, beats on revs; guides FY26 EPS below consensus, revs above consensus; Increases quarterly dividend by 12% to $0.42/share
    • Hudbay Minerals (HBM) beats by $0.09, beats on revs
    • Intapp (INTA) beats by $0.04, beats on revs; guides Q1 EPS below consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
    • KinderCare Learning Companies (KLC) misses by $0.04, reports revs in-line; guides FY25 EPS in-line, revs below consensus
    • Lumentum (LITE) beats by $0.07, beats on revs; guides Q1 EPS above consensus, revs above consensus
    • Luminar Technologies (LAZR) misses by $0.31, misses on revs; guides Q3 revs below consensus; guides FY25 revs below consensus
    • Madison Square Garden Entertainment (MSGE) reports Q4 (Jun) results, beats on revs
    • Marex Group plc (MRX) beats by $0.09, beats on revs
    • Performance Food Group (PFGC) beats by $0.09, reports revs in-line; guides Q1 revs in-line; guides FY26 revs above consensus
    • Sapiens Int'l (SPNS) beats by $0.01, beats on revs
    • Stratasys (SSYS) reports EPS in-line, revs in-line; guides FY25 EPS below consensus, revs below consensus
    • WEBTOON Entertainment (WBTN) beats by $0.24, beats on revs; guides Q3 revs above consensus; announces deal with Disney
  • General News
    • Russia was partially responsible for the hacking of the computer system that manages federal court documents, according to NY Times
    • The Trump administration is considering changes to how the government collects labor market data and is exploring new technologies to improve response rates, according to WSJ
    • President Trump will speak with European leaders today ahead of Putin summit on Friday, according to Politico
    • Treasury Secretary Scott Bessent in an interview dismissed the suggestion that China could make U.S. investments to secure trade deal, according to Bloomberg
    • Treasury Secretary Scott Bessent in an interview, suggests Fed should cut rates 50 basis points at the next meeting, according to Fox Business
    • The White House is working on legal details of the China chip export tax, according to CNBC
    • U.S. putting trackers in AI chips, according to Reuters
    • FDA might pull COVID-19 approval for healthy children under 5 years of age, according to CNBC
    • IEA releases August oil report
    • New York Attorney General Letitia James files lawsuit against company behind Zelle for allegedly enabling widespread fraud
    • President Trump told European leaders that land swaps will be needed to reach peace in Ukraine; he wants a ceasefire following the Putin summit on Friday, according to Axios
    • U.S. ethics agency believes Treasury Secretary Scott Bessent has been slow to divest assets, according to NY Times
    • Perplexity raising additional funds at $20 bln valuation, according to Business Insider
    • Department of Energy announced its intent to issue notices of funding opportunities totaling nearly $1 billion to advance and scale mining, processing, and manufacturing technologies across key stages of the critical minerals and materials supply chains
    • Aflac (AFL) authorizes the purchase of up to 100 million shares of its common stock
    • Alphabet (GOOG) recent weakness being attributed to report from a site called "The Rage" that reported Google Play store will ban wallets without banking license
    • Apple (AAPL) and Google (GOOG, GOOGL) lose Australia antitrust case, according to ABC News
    • Apple (AAPL) planning to introduce new artificial intelligence devices, including robots, according to Bloomberg
    • Assurant (AIZ) appoints Mike Campbell as COO
    • Castellum (CTM) teams with Quarrio to provide agentic AI for Government
    • Constellation Brands (STZ): U.S. alcohol consumption falls to new low, according to Gallup survey
    • Elbit Systems (ESLT) receives $1.635 bln contract to deliver a range of defense solutions to European nation
    • Eli Lilly (LLY) discloses insider buys by several execs, including CEO; in aggregate they bought 4314 shares worth ~$2.8 mln
    • Eli Lilly (LLY) introduced Mounjaro pen in India, according to Reuters
    • FedEx (FDX) appointed Vishal Talwar, formerly senior managing director & chief growth officer of Accenture (ACN), to chief digital and information officer and president of FedEx Dataworks, effective August 15
    • FormFactor (FORM) names Aric McKinnis as CFO; reaffirms Q3 guidance
    • Funko (FNKO) appoints Josh Simon as CEO, effective September 1
    • Gildan Activewear (GIL) and Hanesbrands (HBI) both up sharply after announcing merger agreement that will create a global basic apparel leader
    • Heron Therapeutics (HRTX) entered into a Cooperation Agreement with Rubric Capital Management
    • Horace Mann (HMN) COO Stephen J. McAnena stepped down from his officer position with Horace Mann Educators Corporation
    • ICON plc (ICLR) provided update on vaccine study; no change to financial guidance for the full year 2025
    • Infosys (INFY) and Telstra announced earlier Joint Venture in Australia; transaction expected to close during the second half of FY 2026
    • Intapp (INTA) announces $150 million stock repurchase program
    • Intel (INTC) disclosed updated Q2 2025 portfolio positions in 13F filing - Maintained positions in JOBY (18.42 mln shares), ZK (2.4 mln)
    • L3Harris (LHX) advanced Navigation Technology Satellite-3 has successfully launched from Cape Canaveral Space Force Station on a United Launch Alliance Vulcan rocket
    • Leonardo DRS completes its first series of open-water demonstrations of its advanced maritime Mission Equipment Package for counter-UAS naval fleet protection
    • Manchester United (MANU) announces new three-year partnership with The Coca-Cola Company (KO), naming Coca-Cola as the club’s Official Carbonated Soft Drinks Partner in the UK and Europe
    • Meta Platforms's (META) Instagram developing new feature that helps with shared interests, according to Tech Crunch
    • Microsoft's (MSFT) beginning to roll out an update for Arm-based Windows 11 PCs, which introduces changes and improvements to the Xbox PC app experience
    • Nexa Resources (NEXA) announces the partial and temporary suspension of mining activities at its Atacocha and El Porvenir mines
    • NIQ Global Intelligence plc (NIQ) announces refinancing transaction
    • Northrop (NOC) aiming to quadruple chip production by 2030, according to Axios
    • Ocugen (OCGN) announces positive scientific advice from the European Medicines Agency related to the approval pathway for OCU410ST—modifier gene therapy for stargardt disease
    • Oracle (ORCL) trims cloud biz staff as AI infrastructure costs mount, according to Bloomberg
    • PetMed Express (PETS) announces resignation of CEO Sandra Campos, and CFO, Robyn D’Elia; co initiates a new search for a new CEO and CFO
    • RTX (RTX): State Department has made a determination approving a possible Foreign Military Sale to the Government of Nigeria rockets and related equipment for $346 mln
    • Stratasys (SSYS) files 44,333 ordinary share offering by a selling shareholder
    • Tesla (TSLA) looking for someone to test driverless technology on NYC, according to Bloomberg
    • Thumzup Media Corporation (TZUP) announced a strategic and significant expansion of its Digital Asset Treasury strategy to include large-scale cryptocurrency mining and targeted blockchain investments
    • Toro (TTC) appoints Edric Funk as President and COO, effective September 1
    • US Steel (NPSCY) plant that was subject of a explosion will continue operating, according to WSJ
    • Vale S.A. (VALE) announces the completion of Samarco’s Judicial Reorganization
    • Venture Global (VG) issues statement in response to the positive tribunal decision on the arbitration proceeding with Shell (SHEL)
    • Walmart (WMT) will extend 10% employee discount to all grocery purchases, according to WSJ
  • Upgrades:
    • AvalonBay Communities (AVB) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $225
    • CACI International (CACI) upgraded to Buy from Sell at Goldman, tgt $544
    • Capri Holdings (CPRI) upgraded to Overweight from Neutral at JPMorgan, tgt $30
    • CF Industries (CF) upgraded to Overweight from Equal Weight at Barclays, tgt $100
    • Corteva (CTVA) upgraded to Overweight from Equal Weight at Barclays, tgt $84
    • Ellington Financial (EFC) upgraded to Buy from Hold at JonesResearch, tgt $14.25
    • Lumentum (LITE) upgraded to Neutral from Underperform at BofA Securities, tgt $135
    • Novo Nordisk (NVO) upgraded to Neutral from Underperform at BNP Paribas Exane, tgt $54
    • Palo Alto Networks (PANW) upgraded to Buy from Hold at Deutsche Bank, tgt $220
    • SailPoint Technologies (SAIL) upgraded to Overweight from Neutral at JPMorgan, tgt $26
    • TD Bank (TD) upgraded to Buy from Hold at Desjardins
    • TriMas (TRS) upgraded to Overweight from Sector Weight at KeyBanc, tgt $45
  • Downgrades:
    • Artivion (AORT) downgraded to Neutral from Buy at Ladenburg, tgt $38.80
    • BioAtla (BCAB) downgraded to Market Perform from Outperform at Citizens JMP
    • Brown & Brown (BRO) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $101
    • C3.ai (AI) downgraded to Perform from Outperform at Oppenheimer
    • Cadre Holdings (CDRE) downgraded to Underperform from Neutral at BofA Securities, tgt $26
    • Compass Minerals International (CMP) downgraded to Underweight from Overweight at JPMorgan, tgt $18
    • Fluence Energy (FLNC) downgraded to Reduce from Hold at HSBC, tgt $5
    • Generation Bio (GBIO) downgraded to Neutral from Outperform at Wedbush, tgt $7
    • Insmed (INSM) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $126
    • KBR (KBR) downgraded to Neutral from Buy at BofA Securities, tgt $55
    • KinderCare Learning Companies (KLC) downgraded to Equal Weight from Overweight at Barclays, tgt $9
    • On Holding (ONON) downgraded to Underperform from Hold at Jefferies, tgt $40
    • Opendoor Technologies (OPEN) downgraded to Underperform from Market Perform at Keefe Bruyette, tgt $1
    • Parsons (PSN) downgraded to Neutral from Buy at Goldman, tgt 81
    • Standard BioTools (LAB) downgraded to Hold from Buy at TD Cowen, tgt $1.55
    • Target (TGT) downgraded to Underperform from Neutral at Edgewater Research
    • Traeger (COOK) downgraded to Neutral from Buy at B. Riley, tgt $1.50
  • Others:
    • Akamai Technologies (AKAM) initiated with a Sell at Goldman, tgt $67
    • Almonty Industries (ALM) initiated with an Overweight at Cantor Fitzgerald, tgt $6.50
    • Allstate (ALL) initiated with a Neutral at Cantor Fitzgerald, tgt $202
    • American International Group (AIG) initiated with a Neutral at Citigroup, tgt $85
    • Arch Capital (ACGL) initiated with a Buy at Citigroup, tgt $113
    • Arch Capital (ACGL) initiated with a Neutral at Cantor Fitzgerald, tgt $98
    • Arthur J. Gallagher (AJG) initiated with a Neutral at Citigroup, tgt $317
    • Arthur J. Gallagher (AJG) initiated with an Overweight at Cantor Fitzgerald, tgt $370
    • Aon Corp (AON) initiated with a Neutral at Citigroup, tgt $402
    • Aon Corp (AON) initiated with an Overweight at Cantor Fitzgerald, tgt $440
    • BitFuFu (FUFU) initiated with a Buy at Roth Capital, tgt $6
    • Brown & Brown (BRO) initiated with a Buy at Citigroup, tgt $112
    • Chubb Corporation (CB) initiated with a Buy at Citigroup, tgt $326
    • Chubb Corporation (CB) initiated with a Neutral at Cantor Fitzgerald, tgt $290
    • Everest Group (EG) initiated with a Neutral at Citigroup, tgt $362
    • Everest Group (EG) initiated with a Neutral at Cantor Fitzgerald, tgt $368
    • Goosehead Insurance (GSHD) initiated with an Overweight at Cantor Fitzgerald, tgt $125
    • Hamilton Insurance Group (HG) initiated with a Neutral at Citigroup, tgt $25
    • Hartford Financial Services (HIG) initiated with a Neutral at Citigroup, tgt $138
    • Hartford Financial Services (HIG) initiated with an Overweight at Cantor Fitzgerald, tgt $152
    • Karat Packaging (KRT) initiated with a Neutral at BofA Securities, tgt $28
    • Kinsale Capital (KNSL) initiated with a Neutral at Cantor Fitzgerald, tgt $500
    • Lemonade (LMND) initiated with an Overweight at Cantor Fitzgerald, tgt $60
    • Marsh & McLennan (MMC) initiated with a Neutral at Citigroup, tgt $226
    • Marsh & McLennan (MMC) initiated with an Overweight at Cantor Fitzgerald, tgt $256
    • Ovid Therapeutics (OVID) initiated with a Buy at Lucid Capital, tgt $5.50
    • Progressive (PGR) initiated with a Buy at Citigroup, tgt $312
    • Progressive (PGR) initiated with a Neutral at Cantor Fitzgerald, tgt $240
    • RenaissanceRe Holdings (RNR) initiated with a Buy at Citigroup, tgt $288
    • RenaissanceRe Holdings (RNR) initiated with a Neutral at Cantor Fitzgerald, tgt $238
    • Ryan Specialty Group (RYAN) initiated with a Buy at Citigroup, tgt $74
    • Ryan Specialty Group (RYAN) initiated with a Neutral at Cantor Fitzgerald, tgt $61
    • Trupanion (TRUP) initiated with a Neutral at Cantor Fitzgerald, tgt $47
    • Travelers (TRV) initiated with a Neutral at Citigroup, tgt $291
    • Travelers (TRV) initiated with an Overweight at Cantor Fitzgerald, tgt $308
    • W.R. Berkley (WRB) initiated with an Overweight at Cantor Fitzgerald, tgt 82
    • Willis Towers Watson (WTW) initiated with a Neutral at Citigroup, tgt $351
    • Willis Towers Watson (WTW) initiated with a Neutral at Cantor Fitzgerald, tgt $355
  • Econ Data (Thursday):
    • 8:30 ET: July PPI (Briefing.com consensus 0.2%; prior 0.0%), Core PPI (Briefing.com consensus 0.2%; prior 0.0%), weekly Initial Claims (Briefing.com consensus 228,000; prior 226,000), and Continuing Claims (prior 1.974 mln)
    • 10:30 ET: Weekly natural gas inventories (prior +7 bcf)
  • Earnings:
    • Monday (Aug 11)
      • Pre-Market: AAON B CEVA DOLE EE FNV GPRE KYMR LEGN MNDY OMI RDNT ROIV RUM TDS
      • After-Hours: ACVA AMC BBAI CNNE CE CMP FLNC FWRD GETY GDOT HPK HI MAC MRCY MLNK OKLO PUBM RPAY XENE ZIP
      Tuesday (Aug 12)
      • Pre-Market: CAH CRCL ETOR HUYA MSGS ONON PSFE SE SFD TTGT TME
      • After-Hours: CAE CAVA IMOS CRWV ECG HRB INTA KLC LITE LAZR WBTN
    • Wednesday (Aug 13)
      • Pre-Market: ARCO EAT GLBE HBM LOAR MRX PFGC SPNS SSYS
      • After-Hours: CSCO COHR DLO EQX IBTA SARO
    • Thursday (Aug 14)
      • Pre-Market: AAP AMCR AIT BIRK CLBT DE AG JD NTES NICE TPR VIPS WB
      • After-Hours: AMAT GAMB GLOB SNDK STRZ
    • Friday (Aug 15)
      • Pre-Market: FLO
      • After-Hours: None


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