After Hours Report

The stock market was in solid form at the start of the session, attempting to build on yesterday's rebound. Gains quickly faded and the major indices ultimately settled with declines. 

The initial upside bias was driven by momentum following yesterday's session. Also, concerns about further unwinding of carry trade positions dissipated somewhat after the Bank of Japan's Deputy Governor Uchida said the bank will not raise rates during market instability and the yen weakened against the dollar (USD/JPY +1.9% to 147.10).

The subsequent downturn was driven by growth concerns that had been put on the backburner yesterday and earlier today. The afternoon retreat was broad and orderly. The S&P 500, which was trading up as much as 1.7% at its high, closed 0.8% lower. The equal-weighted S&P 500 was trading up 1.5% at its intraday high, but settled with a 0.7% decline.

Dow components Amgen (AMGN 312.50, -16.54, -5.0%) and Walt Disney (DIS 85.96, -4.01, -4.5%) underperformed after reporting earnings. Walt Disney's streaming business generated positive operating income for the first time, but demand is weakening for its theme parks. 

Airbnb (ABNB 113.01, -17.46, -13.4%) was another influential laggard after indicating that it is noticing slowing demand from U.S. guests.

Seven of the S&P 500 sectors closed lower and four of them declined more than 1.0%. The consumer discretionary (-1.4%) and information technology (-1.4%) sectors were among the worst performers, clipped by losses in mega cap constituents. Meanwhile, the utilities (+0.6%) and energy (+0.5%) sectors led the pack. 

The 10-yr note yield settled eight basis points higher at 3.97% and the 2-yr note yield settled two basis points higher at 4.00%. On a related note, today's $42 billion 10-yr note auction was poorly received.

• S&P 500: +9.0% YTD
• Nasdaq Composite:+7.9% YTD
• S&P Midcap 400: +3.3% YTD
• Dow Jones Industrial Average: +2.9% YTD
• Russell 2000: +0.4% YTD

Reviewing today's economic data:

• Weekly MBA Mortgage Applications Index 6.9%; Prior -3.9%
• Weekly EIA Crude Oil Inventories showed a draw of 3.73 million barrels following last week's draw of 3.44 million barrels

Looking ahead to Thursday, market participants will receive the following data:

• 8:30 ET: Weekly Initial Claims (Briefing.com consensus 242,000; prior 249,000) and Continuing Claims (prior 1.877 mln)
• 10:00 ET: June Wholesale Inventories (Briefing.com consensus 0.2%; prior 0.6%)
• 10:30 ET: Weekly natural gas inventories (prior +18 bcf)

Overseas:

• Europe: DAX +1.5%, TSE +1.8%, CAC +1.9%
• Asia: Nikkei +2.5%, Hang Seng +1.4%, Shanghai +0.1%

Commodities:

• Crude Oil +2.13 @ 75.27
• Nat Gas +0.09 @ 2.11
• Gold -1.80 @ 2431.00
• Silver -0.43 @ 26.83
• Copper -0.10 @ 3.94

After-Hours Spotlight:

• Aspen Aerogels (ASPN) beats by $0.16, beats on revs; guides FY24 EPS above consensus, revs above consensus... ASPN up 11.6%
• Beyond Meat (BYND) reports EPS in-line, beats on revs; narrows FY24 revs outlook... BYND up 2.7%
• Boot Barn Holdings (BOOT) beats by $0.19, beats on revs; guides Q2 EPS below consensus, revs in-line; raises FY25 guidance; Q1 comps +1.4%... BOOT up 9.7%
• Bumble Inc. (BMBL) beats by $0.07, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus... BMBL down 28.3%
• Cardlytics (CDLX) beats by $0.37, misses on revs; guides Q3 revs below consensus; also names new CEO... CDLX down 48.2%
• Digital Turbine (APPS) beats by $0.04, beats on revs; reaffirms FY25 revs guidance... APPS up 23.6%
• Dutch Bros (BROS) beats by $0.06, beats on revs; guides FY24 revs in-line... BROS down 15.1%
• Fastly (FSLY) beats by $0.01, reports revs in-line; guides Q3 EPS, revs below consensus; lowers FY24 EPS, revs outlook... FSLY down 16.7%
• Fluence (FLNC) beats by $0.13, beats on revs; guides FY24 revs below consensus... FLNC up 14.2%
• Forward Air (FWRD) reports Q2 (Jun) results, revs in-line... FRWD up 14.7%
• JFrog (FROG) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus... FROG down 24.6%
• Manitowoc (MTW) misses by $0.24, misses on revs; guides FY24 EPS below consensus, revs below consensus... MTW down 14.9%
• Robinhood Markets (HOOD) beats by $0.05, beats on revs; provides FY24 outlook... HOOD up 2.2%
• Warner Bros. Discovery (WBD) reports Q2 (Jun) results, misses on revs... WBD down 8.3%
• Zillow (ZG) beats by $0.14, beats on revs; guides Q3 revs in-line; promotes COO Jeremy Wacksman to be its new CEO... ZG up 11.5%

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

• Earnings/Guidance (Full Earnings Calendar):
  • ACM Research (ACMR) beats by $0.21, beats on revs; raises FY24 revs in-line
  • Airbnb (ABNB) misses by $0.05, reports revs in-line; guides Q3 revs in-line; expects sequential moderation in bookings growth in Q3; slowing demand from U.S. guests
  • Amgen (AMGN) misses by $0.01, reports revs in-line; guides FY24 EPS in-line, revs in-line
  • Aspen Tech (AZPN) beats by $0.30, beats on revs; guides FY25 EPS above consensus, revs below consensus; to reduce workforce by 5%; authorizes up to $100 mln for repurchases
  • Assurant (AIZ) beats by $1.05, beats on revs; guides FY24 EPS above consensus
  • Astera Labs (ALAB) beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Axon (AXON) beats by $0.18, beats on revs; raises FY24 revenue and adjusted EBITDA guidance
  • BeiGene (BGNE) beats by $1.12, beats on revs, company opened U.S. biologics manufacturing facility and clinical R&D center at the Princeton West Innovation Campus
  • Bio-Techne (TECH) reports EPS in-line, revs in-line
  • BlackLine (BL) beats by $0.08, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs above consensus
  • Brinks (BCO) beats by $0.20, reports revs in-line; guides FY24 EPS in-line, revs in-line
  • Certara (CERT) misses by $0.03, misses on revs; reaffirms FY24 EPS guidance, revs guidance
  • Charles River (CRL) beats by $0.41, reports revs in-line; lowers FY24 guidance below consensus
  • Cirrus Logic (CRUS) beats by $0.51, beats on revs; guides SepQ revs above consensus
  • Clear Channel Outdoor (CCO) reports Q2 (Jun) results; reports revs in-line; guides Q3 revs in-line; guides FY24 revs in-line
  • Conduent (CNDT) beats by $0.14, reports revs in-line; guides FY24 revs in-line
  • Coupang (CPNG) beats by $0.09, reports revs in-line
  • CVS Health (CVS) beats by $0.10, reports revs in-line; lowers FY24 EPS below consensus
  • Dine Brands (DIN) beats by $0.07, misses on revs
  • Dynatrace (DT) beats by $0.04, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY25 EPS guidance, revs guidance
  • Emerson (EMR) beats by $0.02, misses on revs; guides FY24 EPS in-line, revs below consensus
  • Establishment Labs (ESTA) misses by $0.11, beats on revs
  • EverCommerce (EVCM) misses by $0.16, beats on revs; guides Q3 revs in-line; guides FY24 revs in-line; names new CFO
  • Extreme Networks (EXTR) misses by $0.21, beats on revs; guides SepQ EPS in-line, revs in-line; guides FY25 revs above consensus
  • Flywire (FLYW) misses by $0.01, beats on revs; guides Q3 revs in-line; guides FY24 revs in-line
  • Fortinet (FTNT) beats by $0.16, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs above consensus
  • Global Payments (GPN) beats by $0.02, beats on revs; reaffirms FY24 EPS guidance, revs guidance
  • Global Partners (GLP) reports Q2 results
  • Globus Medical (GMED) beats by $0.07, beats on revs; guides FY24 EPS in-line, revs in-line
  • Gogo (GOGO) misses by $0.06, beats on revs; lowers FY24 revs below consensus
  • Grocery Outlet (GO) beats by $0.05, beats on revs; reaffirms FY24 EPS guidance, revs guidance
  • Hecla Mining (HL) misses by $0.01, beats on revs
  • Hilton (HLT) beats by $0.05, beats on revs; guides Q3 EPS below consensus; guides FY24 EPS below consensus
  • Honda Motor (HMC) beats on top and bottom lines; FY25 outlook below consensus
  • IAC Inc. (IAC) reports Q2 (Jun) results, revs in-line
  • ICHOR Corporation (ICHR) beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line
  • Illumina (ILMN) beats by $0.25, beats on revs
  • Instacart (CART) reports Q2 (Jun) results, beats on revs, sees Q3 GTV growth of 8-10%
  • Inter Parfums (IPAR) beats by $0.09, reports revs in-line; guides FY24 EPS above consensus, revs in-line
  • Intl Flavors (IFF) beats by $0.17, beats on revs; raises FY24 revs in-line
  • Intra-Cellular Therapies (ITCI) beats by $0.03, beats on revs
  • iRobot (IRBT) misses by $0.19 (two estimates), misses on revs; guides Q3 EPS above two analyst estimate, revs above two analyst estimate; guides FY24 EPS below two analyst estimate, revs below two analyst estimate
  • Jack In The Box (JACK) beats by $0.14, reports revs in-line; guides FY24 EPS below consensus
  • Kennametal (KMT) beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS in-line, revs in-line
  • Kornit Digital (KRNT) beats by $0.03, misses on revs; guides Q3 revs below consensus
  • Ligand Pharma (LGND) beats by $0.34, beats on revs; reaffirms FY24 EPS guidance, revs guidance
  • Louisiana-Pacific (LPX) beats by $0.11, beats on revs
  • Lyft (LYFT) beats by $0.08, beats on revs
  • Mannkind (MNKD) beats by $0.04, beats on revs
  • Marcus & Millichap (MMI) reports Q2 results
  • Masimo (MASI) beats by $0.09, reports revs in-line; guides Q3 EPS in-line, revs in-line; raises FY24 guidance
  • MasterBrand (MBC) beats by $0.03, reports revs in-line; guides FY24 EPS in-line
  • MoonLake Immunotherapeutics (MLTX) misses by $0.11
  • National Health (NHI) beats by $0.08, beats on revs; guides FY24 FFO above consensus
  • New York Times (NYT) beats by $0.04, reports revs in-line
  • Novo Nordisk (NVO) reports H1 results; provides outlook
  • Oscar Health (OSCR) beats by $0.04, beats on revs
  • PetIQ (PETQ) beats by $0.20, reports revs in-line; to be acquired by Bansk Group for $31.00 per share in all-cash transaction
  • Qualys (QLYS) beats by $0.20, reports revs in-line; guides Q3 EPS in-line, revs below consensus; raises FY24 EPS guidance; lowers FY24 rev guidance
  • Ralph Lauren (RL) beats by $0.22, beats on revs
  • Rapid7 (RPD) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY24 EPS in-line, revs in-line
  • Reddit (RDDT) beats by $0.26, beats on revs; guides Q3 revs above consensus
  • Redfin (RDFN) beats by $0.03, beats on revs; guides Q3 revs below consensus
  • Reynolds Consumer Products (REYN) beats by $0.03, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY24 guidance
  • Rivian Automotive (RIVN) misses by $0.22, reports revs in-line
  • Rockwell Automation (ROK) beats by $0.63, reports revs in-line; lowers FY24 guidance below consensus
  • Shopify (SHOP) beats by $0.06, beats on revs; expects low-to-mid-twenties percentage growth yr/yr in Q3
  • SmartRent (SMRT) misses by $0.01, misses on revs
  • Sony (SONY) beats by JPY35.16, reports revs in-line; guides FY25 revs above consensus
  • Steris (STE) beats by $0.05, reports revs in-line; reaffirms FY25 EPS guidance
  • Stride (LRN) beats by $0.15, beats on revs
  • Super Micro Computer (SMCI) misses by $1.87, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY25 revs above consensus; announces 10-for-1 stock split
  • Sunrun (RUN) reports Q2 (Jun) results, beats on revs
  • TEGNA (TGNA) beats by $0.02, reports revs in-line; guides Q3 revs in-line
  • Tempus AI (TEM) reports Q2 (Jun) results, beats on revs; guides FY24 revs above consensus
  • Trex (TREX) beats by $0.02, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus
  • TripAdvisor (TRIP) beats by $0.02, misses on revs
  • Upstart (UPST) beats by $0.22, beats on revs; guides Q3 revs above consensus
  • Vaalco Energy (EGY) beats by $0.09; misses on revs
  • Valvoline (VVV) misses by $0.03, reports revs in-line
  • Veeco Instruments (VECO) misses by $0.01, reports revs in-line; guides Q3 EPS in-line, revs in-line
  • Vestis (VSTS) beats by $0.07, beats on revs; reaffirms FY24 revs guidance
  • Vishay (VSH) beats by $0.01, misses on revs; guides Q3 revs below consensus
  • V.F. Corp (VFC) beats by $0.04, beats on revs
  • Walt Disney (DIS) beats by $0.19, reports revs in-line, Disney+ Core subscribers increased 1% to 118.3 mln; raises FY24 EPS growth guidance to 30% from 25%
  • Warner Music Group (WMG) reports EPS in-line, revs in-line, Reiterates Full-Year Operating Cash Flow Conversion Guidance of 50-60%
  • Wix.com (WIX) beats by $0.32, reports revs in-line; guides Q3 revs in-line; guides FY24 revs in-line
  • Wolverine (WWW) beats by $0.04, beats on revs; raises FY24 guidance
  • WPP plc (WPP) reports H1 results; updates oultook
  • Wynn Resorts (WYNN) misses by $0.02, reports revs in-line
  • Zimmer Biomet (ZBH) beats by $0.02, reports revs in-line; guides FY24 EPS in-line, revs in-line
• General News
  • Bank of Japan Deputy Governor Shinichi Uchida says central bank will not tighten monetary policy with unstable markets, according to the Wall Street Journal
  • SEC invesigating banks over lost interest payments, according to Financial Times
  • Chicago delayed $643 million bond sale due to volitivity in the markets, according to Bloomberg
  • AGCO (AGCO) responds to TAFE's amended 13D filing
  • Agios Pharma (AGIO) to receive $1.1 billion in milestone payments following FDA Approval of Vorasidenib
  • Airbus (EADSY): Cathay Group places firm order with Airbus for 30 A330-900 widebody aircraft
  • Allianz SE (ALIZY) has decided to expand the total volume of share buy-backs in the financial year 2024
  • Array (ARRY) unveils SkyLink tracker system to maximize solar efficiency in extreme weather & reduce costs
  • BHP Group (BHP) wants buyer for Brazilian gold and copper mines, according to Bloomberg
  • Bit Digital (BTBT) announces monthly production update for July 2024; mines 60.5 Bitcoin
  • Blink Charging (BLNK) announces a strategic agreement with EVSTAR to introduce extended warranty coverage options for Blink customers
  • Boeing (BA) pledged to make changes to prevent future door blowouts on 737 Max-9 jets, according to Reuters
  • Boeing (BA): NASA mulling partnership with SpaceX to bring Boeing's (BA) Starliner astronauts home, according to NewsWeek
  • Braskem SA (BAK) confirms Dutch Court decision
  • Bristol-Myers (BMY): Stat News report making the rounds about FDA letter rebuking the company for making false and misleading claims about Krazati benefits
  • C3.ai (AI) appointed former interim Chief Operating Officer as Senior Vice President, Operations, effective immediately
  • CACI Intl (CACI) has been awarded a five-year technology task order valued at up to $416 mln to design, produce, and deliver complex, customized radio frequency systems for U.S. Army’s signals intelligence (SIGINT) missions
  • Cognyte Software (CGNT) confirms receipt of Director nomination from Value Base
  • Cryoport (CYRX) Announces $200 million repurchase program and the repurchase of $160 million of convertible Senior Notes
  • Delta Air Lines (DAL) passengers file lawsuit against airline to obtain refunds, according to CNN
  • Edenor (EDN) appoints Daniel Marx as CEO and Chairman
  • eHealth (EHTH) announces that Fran Soistman will retire from his role as Chief Executive Officer upon the appointment of a successor, which is expected to occur by or before the second quarter of 2025
  • Enhabit Inc. (EHAB) announces that Crissy Carlisle, chief financial officer, will step down from her role as CFO
  • Equity Residential (EQR) to acquire $1 billion apartment portfolio from Blackstone Real Estate
  • Exelixis (EXEL), Invenra's collaboration partner, announces the initiation of the dose-escalation stage of the first-in-human phase 1 clinical trial of XB010 in patients with locally advanced or metastatic solid tumors
  • FirstEnergy (FE): Power has been restored to more than 230,000 of the approximately 578,000 FirstEnergy Corp. customers who lost service due to severe storms that swept across northeast Ohio, Pennsylvania and New Jersey on Monday
  • Ford (F) Pro launches 2025 Ford Police Interceptor Utility; hybrid and gas models arrive to agencies nationwide
  • Gentherm (THRM) announces that its Executive Vice President, Chief Financial Officer and Treasurer, Matteo Anversa, has resigned effective September 1, 2024 to accept the role of Chief Financial Officer of Logitech International (LOGI)
  • Glencore Intl (GLNCY) announces retention of the coal and carbon steel materials business
  • Guardant Health (GH) COSMOS study published in clinical cancer research validates utility of guardant reveal liquid biopsy test for predicting recurrence in colorectal cancer
  • Heartland Financial (HTLF) shareholders and UMB Financial Corporation (UMBF) shareholders approved merger at respective special meetings
  • Howmet Aerospace (HWM) Receives Two-Notch Rating Upgrade from Moody’s and Outlook Upgrade from Fitch
  • Hyatt Hotels (H) nearing deal to sell property in Orlando to Ares Management (ARES) JV for $1 bln, according to Bloomberg
  • IHS Holding Limited (IHS) announce renewals and extensions on all MTN Nigeria tower master lease agreements (shares halted)
  • Inspire Medical Systems (INSP) has authorized the repurchase of up to $150.0 mln of the company’s outstanding shares of common stock
  • Intra-Cellular Therapies (ITCI) announces that Sanjeev Narula will join the Company on August 12, 2024 and will serve as Executive Vice President, Chief Financial Officer
  • iRobot (IRBT) announces it has named Jeffrey Engel as President & Chief Operating Officer
  • Kelly Services (KELYA) business, Kelly Education, announces that it is approved as a vendor by the Missouri Department of Elementary and Secondary Education to provide substitute teacher training
  • L3Harris (LHX): Firefly Aerospace announces second multi-launch agreement with L3Harris for up to 20 Alpha Launches
  • Logitech Int'l SA (LOGI) announces that Matteo Anversa will join as CFO, effective September 1
  • Meta Platforms (META) in discussions with Jio over potential virtual reality deal, according to The Information
  • Micron (MU) determined that repurchases may resume in light of improved conditions
  • National Vision (EYE) announces the appointment of Alex Wilkes as President
  • Neurogene (NGNE) announces that NGN-401 received Regenerative Medicine Advanced Therapy designation from the U.S. FDA for the treatment of Rett syndrome
  • NIKE (NKE) had increased website visits and increased online sales during the Olympics, according to Reuters
  • Novo Nordisk A/S's (NVO) Wegovy no longer on FDA list for shortages
  • Ocular Therapeutix (OCUL) announces that the Company has received a written response from the U.S. FDA that the Phase 3 SOL-R clinical trial is appropriate for use as the Company’s second adequate and well controlled study of AXPAXLI for the treatment of patients with wet age-related macular degeneration
  • Porch Group (PRCH) has filed a new and updated application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance
  • Puma Biotech (PBYI). provides AstraZeneca (AZN) litigation update
  • Recursion Pharmaceuticals (RXRX) announced the exercise of the option by Genentech (RHHBY) for the first Neuroscience Phenomap
  • Roche (RHHBY) mulling options for cancer data specialist, according to Financial Times
  • Samsung (SSNLF) chips pass Nvidia's (NVDA) tests for use in its artificial intelligence systems, according to Reuters
  • Seabridge Gold (SA) advances drill program at 3 Aces; Drilling continues to confirm exploration model and expand targets
  • SoundThinking (SSTI) announces a total of 4 new customer agreements and expanded coverage areas for its flagship ShotSpotter gunshot detection system and ResourceRouter software
  • Sturm Ruger (RGR): US Judge rejected most of Mexico's lawsuit against US gun markers, according to Reuters
  • Sunrun (RUN) expands its support for the energy grid in Texas with a partnership with Tesla Electric, a retail electricity provider operated by Tesla Energy Ventures LLC, a subsidiary of Tesla (TSLA)
  • Takeda Pharma (TAK) announces that the European Commission approved ADZYNMA for the treatment of ADAMTS13 deficiency in children and adult patients with congenital thrombotic thrombocytopenic purpura
  • Tesla (TSLA) will deploy software fix to 1.6 mln cars sold in China, according to Bloomberg
  • Trend Micro (TMICY) strengthens AI deployments for enterprises and governments with NVIDIA (NVDA) AI Enterprise
  • Vale S.A. (VALE) and Apollo enter into a joint venture partnership related to the Vale Oman Distribution Center
  • Walt Disney (DIS) discloses that if NBCU’s (CMCSA) appraisal were deemed to be valid and the third appraiser’s equity fair value determination were consistent with the NBCU’s appraiser’s valuation, the company would be required to pay NBCU an additional amount of approximately $5 bln
  • Warner Bros. Discovery (WBD): DOJ being asked to launch an inquiry into joint venture between Disney (DIS), Fox (FOXA), and WBD, according to NY Times

Ratings Changes (see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Arcosa (ACA) upgraded to Overweight from Equal-Weight at Stephens; tgt $96
  • Arm Holdings plc (ARM) upgraded to Mkt Perform from Underperform at Bernstein; tgt raised to $100
  • BioNTech (BNTX) upgraded to Buy from Hold at Deutsche Bank; tgt $95
  • Builders FirstSource (BLDR) upgraded to Outperform from Neutral at Robert W. Baird; tgt raised to $190
  • Cognizant Tech (CTSH) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $75
  • Eve Holding (EVEX) upgraded to Overweight from Neutral at Cantor Fitzgerald; tgt lowered to $5
  • Fortinet (FTNT) upgraded to Hold from Reduce at HSBC Securities; tgt $59
  • Globus Medical (GMED) upgraded to Overweight from Equal Weight at Wells Fargo; tgt raised to $78
  • Lumen Technologies (LUMN) upgraded to Neutral from Underweight at JP Morgan
  • Lumen Technologies (LUMN) upgraded to Neutral from Sell at Goldman; tgt raised to $4
  • Moderna (MRNA) upgraded to Hold from Sell at Deutsche Bank; tgt lowered to $80
  • Sphere Entertainment Co. (SPHR) upgraded to Buy from Neutral at Seaport Research Partners; tgt $48
  • Suncor Energy (SU) upgraded to Buy from Hold at TD Securities
  • Suncor Energy (SU) upgraded to Outperform from Market Perform at BMO Capital Markets
  • TrueCar (TRUE) upgraded to Buy from Neutral at BTIG Research; tgt $3.75
  • Vertiv (VRT) upgraded to Outperform from Neutral at Mizuho; tgt lowered to $92
• Downgrades:
  • ACADIA Pharmaceuticals (ACAD) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $20
  • Bicycle Therapeutics (BCYC) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $28
  • BP (BP) downgraded to Sector Perform from Outperform at RBC Capital Mkts
  • Cryoport (CYRX) downgraded to Hold from Buy at Jefferies; tgt lowered to $8
  • Heartland BancCorp (HLAN) downgraded to Neutral from Buy at DA Davidson; tgt raised to $145
  • Molson Coors Brewing (TAP) downgraded to Hold from Buy at TD Cowen; tgt lowered to $58
  • Nevro (NVRO) downgraded to Underweight from Equal Weight at Wells Fargo; tgt lowered to $5.50
  • Nevro (NVRO) downgraded to Underweight from Neutral at JP Morgan
  • Nevro (NVRO) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
  • Progyny (PGNY) downgraded to Market Perform from Outperform at Leerink Partners; tgt lowered to $25
  • Progyny (PGNY) downgraded to Neutral from Buy at BTIG Research
  • Progyny (PGNY) downgraded to Hold from Buy at Canaccord Genuity; tgt lowered to $24
  • Shoals Technologies (SHLS) downgraded to Neutral from Outperform at Exane BNP Paribas; tgt lowered to $7
  • Trex (TREX) downgraded to Hold from Buy at Loop Capital; tgt lowered to $75
  • Trex (TREX) downgraded to Equal-Weight from Overweight at Stephens; tgt lowered to $72
  • TripAdvisor (TRIP) downgraded to Neutral from Buy at B. Riley Securities; tgt lowered to $19
  • Vista Outdoor (VSTO) downgraded to Neutral from Buy at B. Riley Securities; tgt $43
• Others:
  • Abacus Life (ABL) initiated with a Buy at TD Cowen; tgt $14
  • Cipher Mining (CIFR) initiated with a Spec. Buy at Stifel
  • Natural Gas Services (NGS) initiated with a Strong Buy at Raymond James; tgt $27

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 242,000; prior 249,000) and Continuing Claims (prior 1.877 mln)
  • 10:00 ET: June Wholesale Inventories (Briefing.com consensus 0.2%; prior 0.6%)
  • 10:30 ET: Weekly natural gas inventories (prior +18 bcf)
• Treasury Auctions:
  • 13:00 ET: $25 bln 30-yr Treasury bond auction results
• Earnings:
  • Monday (Aug 5)
    • Pre-Market: AMR BCRX BNTX CG FRPT KRYS SAH SHC THS TSN
    • After-Hours: ADUS ADTN ACM AMRC AHR AESI CAR BRBR BMRN BCC BWXT CBT CSWC CHGG CSX DH FANG EHC WTRG EVER FNF GBDC HLIO HPK HIMS HUN IIPR JJSF JRVR JELD KMPR LCID MTRN MWA NSA NVTS OGS OKE OTTR PLTR PLMR PLYA PRAA PRIM KWR O RXST SPG SKWD SPR SUM TDC AAN TBI UIS VMEO VNOM VSTO VNO WMB YUMC ZI
  • Tuesday (Aug 6)
    • Pre-Market: GOLF AHCO ADNT ALIT ANIP ARMK ATI ATKR AVNT BAX BSY BLMN BR BRKR BLDR CAT CELH CLVT YOU CEG DK DUK EPC ENR NPO EXPD FIS FWRG FOXA FUBO GENI GFS GPRE GXO HLNE HRMY HSIC HLMN H ICHR IDXX INGR J JLL KVUE KNF LCII MPC MKTX TAP ML MPLX VYX NJR NOVT NVT OLPX OGN OC MD PLNT PTLO RYTM SRE SSTK SWX STWD STVN SGRY TPX TWKS BLD TPG TDG TRMB UBER VVX VMC WLK KLG YUM ZTS
    • After-Hours: ABCL ACAD ATGE AGL ABNB AIN AFG AWR AMGN ANDE AAOI ALTM ASH AZPN AIZ ALAB AXON AZTA BGS BL CRC CERT CRUS CPNG CYRX DVA DVN ESTA EVCM EXEL FLYW FTNT FSK GMED GPRO LOPE GO GPOR HALO HL IAC ILMN IOSP INGN INSP CART IPAR IFF IRBT JACK LGND LUMN LAZR MASI MTTR MOS MRC MYGN NHI NVRO OSUR ORA OUT PR POWI PGNY QLYS RPD RDDT RDFN RLAY RVLV RIVN SHLS SKY STEM STE LRN RUN SMCI SUPN BWIN TDW TOST COOK TMCI TREX TRIP UPST VFC VECO VCYT VTEX WYNN
  • Wednesday (Aug 7)
    • Pre-Market: AMCR ASTE AVA BCO CEVA CRL CNDT CSGS CVS DIN DNOW DT EDIT EMR ENOV EXTR GEO GPN GOGO GFF HLT HLLY IMXI INSW ITCI JBI KMT KRNT KYMR LPX LYFT MDGL EYE NYT NI NOMD ODP OGE OSCR PAYO PACB PLTK RCM RDNT RL REYN ROK RXO SHOP SMRT SWTX SUN SHO SGHC SONY TBLA TH TECH TGNA TGI PRKS VVV VERX VSH DIS WMG WIX WWW ZBH
    • After-Hours: EGHT ACVA ASLE ALLO AOSL DOX APP AHH AGO ASTH ATO BBDC BYND BLNK BOOT BHF BMBL CACI CDLX CENT CF CHRD CLNE CDE CPA CXW CPAY CXT CW DGII APPS DBRG DLB DUOL BROS ECPG ET ENS NVST EQIX ESE FSLY FLNC FWRD GNK GH HCAT HI HMN HUBS HPP ICUI IONQ JXN JAMF FROG JOBY KW KNTK KVYO KTOS KLIC LZ LESL LNW RAMP MGNI MTW MNKD MRO MRVI MMS MCK MKSI MODV MNST MQ NVEE OXY ODD KAR PETQ PRI METC RYN RVMD HOOD ROOT RGLD SBRA SRPT SBGI SITM STR SM SEDG SONO STAA STKL TALO MODG UGI UPWK VSAT VTLE VZIO WBD WTS WAY WES ZD ZG ZIP
  • Thursday (Aug 8)
    • Pre-Market: WMS COLD FOLD AVT CARS LNG CHH CCOI COMM CYBR DDOG DCO LLY ERJ EDR EPAN ELAN FA ULCC GERN GDRX GTN HAE HBI HGV HIMX INSM IRWD KOP DNUT LAMR LFST MLM MDU MFA MUR NABL NXST NVMI NVAX NRG PZZA PAR PRFT PH PENN PLL PLUG PBH PRVA ROIV SBH SRRK SEE SN FOUR SPB TGLS TNC TKO UAA USFD VTRS VITL WD WOW WRBY XMTR XPEL YETI
    • After-Hours: TXG ATSG AKAM ALRM AMN AMPL ARLO ARRY ARWR AVPT BE CNNE CPRI CARG CPK CLSK COLL CEIX CRNX LAW CYTK DOCN DIOD DEI DOCS DBX DXC ELF EVH EXPE FIGS FIVN FNKO G GILD GDOT INDI PODD IOVA MERC MLNK MTUS NTRA NWSA NUS ONTO LPRO PARA PAY PBI PRA PUBM PTCT QNST RXT RPAY RCUS REZI RKLB SVV SSP SOLV SOUN STEP SG SYNA TTWO TTGT SKIN TTD TRUP TTEC U VRRM VIAV WEST YELP
  • Friday (Aug 9)
    • Pre-Market: AMCX AXL BRY ROAD EMBC EVRG FREY LEGN NFE SLVM VCTR
    • After-Hours: GETY HE
General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike