After Hours Report

Stocks rallied today, leaving the major indices with sizable gains. The S&P 500 climbed 2.3%, the Russell 2000 registered a 2.4% gain, the Nasdaq Composite settled 2.9% higher, and the Dow Jones Industrial Average logged a 1.8% gain. 

The upside bias followed a pleasing weekly jobless claims report at 8:30 ET. The level of initial claims decreased by 17,000 to 233,000, supporting the notion that concerns about a recession were overblown. This thinking was among the factors driving Tuesday's rebound action.

Market rates jumped after the data in another reflection of moderating recession worries. The 10-yr note yield, which was at 3.93% before 8:30 ET, settled three basis points higher than yesterday at 4.00%. The 2-yr note yield, which was at 3.95% ahead of the data, settled four basis points higher than yesterday at 4.04%.

On a related note, the U.S. Treasury completed this week's sloppy note and bond auction slate with an ugly 30-yr bond auction, which drew the biggest tail in nearly a year.

Gains in mega caps, growth stocks, and semiconductor shares had an outsized impact on index performance. Eli Lilly (LLY 845.31, +73.17, +9.5%) was a standout in that respect after its blowout earnings report and much better-than-expected FY24 guidance. The Vanguard Mega Cap Growth ETF (MGK) rose 2.9%, the Russell 3000 Growth Index settled 3.0% higher, and the PHLX Semiconductor Index (SOX) jumped 6.9%.

Still, many stocks benefitted from broad buying activity. All 11 S&P 500 sectors closed higher and 29 of the 30 Dow components closed with gains.

• S&P 500: +11.5% YTD
• Nasdaq Composite:+11.0% YTD
• S&P Midcap 400: +5.6% YTD
• Dow Jones Industrial Average: +4.7% YTD
• Russell 2000: +2.8% YTD

Reviewing today's economic data:

• Weekly Continuing Claims 1.875 mln; Prior was revised to 1.869 mln from 1.877 mln; Weekly Initial Claims 233K (Briefing.com consensus 242K); Prior was revised to 250K from 249K
  • The key takeaway from the report is that the downturn in initial jobless claims -- a leading indicator -- is helping to quell recession concerns.
• June Wholesale Inventories 0.2% (Briefing.com consensus 0.2%); Prior was revised to 0.5% from 0.6%

Looking ahead, there is no notable economic data on Friday.

Overseas:

• Europe: DAX +0.3%, TSE -0.3%, CAC -0.3%
• Asia: Nikkei -0.8%, Hang Seng +0.1%, Shanghai +0.0%

Commodities:

• Crude Oil +0.87 @ 76.14
• Nat Gas -0.02 @ 2.09
• Gold +32.30 @ 2463.30
• Silver +0.81 @ 27.64
• Copper +0.03 @ 3.97

After-Hours Spotlight:

• Akamai Tech (AKAM) beats by $0.05, reports revs in-line; guides Q3 EPS above consensus, revs in-line; raises FY24 guidance... AKAM up 5.1%
• Array Tech (ARRY) beats by $0.09, beats on revs; guides FY24 EPS below consensus, revs below consensus... ARRY down 8.5%
• Doximity (DOCS) beats by $0.06, beats on revs; guides Q2 revs above consensus; guides FY25 revs above consensus... DOCS up 20.4%
• DXC Technology (DXC) beats by $0.16, beats on revs; guides Q2 EPS above consensus, revs mostly above consensus; guides FY25 EPS above consensus, revs in-line... DXC up 10.9%
• e.l.f. Beauty (ELF) beats by $0.27, beats on revs; raises FY25 EPS guidance, still below consensus, raises revenue guidance, inline with consensus... ELF down 6.1%
• Evolent Health (EVH) beats by $0.06, beats on revs; guides Q3 revs below consensus; guides FY24 revs in-line... EVH up 21.8%
• Expedia Group (EXPE) beats by $0.33, reports revs in-line; gross bookings of +6%; softening travel demand since July... EXPE up 5.3%
• Five9 (FIVN) beats by $0.08, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus... FIVN down 9.3%
• Iovance Biotherapeutics (IOVA) beats by $0.01, beats on revs... IOVA up 18.6%
• Open Lending (LPRO) misses by $0.03, misses on revs; guides Q3 revs below consensus... LPRO down 10.4%
• PubMatic (PUBM) beats by $0.19, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus... PUBM down 23.9%
• Sweetgreen (SG) misses by $0.04, beats on revs, Same-Store Sales Change of 9% ; guides FY24 revs in-line... SG up 21.3%
• Unity Software (U) reports Q2 (Jun) results, beats on revs; lowers FY24 outlook... U down 1.2%

Fair Value for Friday, August 9:

• S&P 500: 5,346
• Nasdaq 100: 18,520
• DJIA: 39,579

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

• Earnings/Guidance (Full Earnings Calendar):
  • Advanced Drainage Systems (WMS) misses by $0.02, misses on revs; guides FY25 revs in-line
  • Alpha and Omega Semi (AOSL) beats by $0.05, reports revs in-line; guides Q1 revs in-line
  • Amdocs (DOX) beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs in-line
  • AppLovin (APP) beats by $0.15, reports revs in-line; guides Q3 revs above consensus
  • Avnet (AVT) beats by $0.27, beats on revs; guides Q1 EPS below consensus, revs in-line
  • AZEK (AZEK) beats by $0.06, beats on revs; guides Q4 revs below consensus
  • Beyond Meat (BYND) reports EPS in-line, beats on revs; narrows FY24 revs outlook
  • Blue Bird (BLBD) beats by $0.38, beats on revs; guides FY24 revs in-line
  • 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%
  • Bumble Inc. (BMBL) beats by $0.07, misses on revs; guides Q3 revs below consensus; guides FY24 revs below consensus
  • CACI Intl (CACI) beats by $0.68, beats on revs; guides FY25 EPS in-line, revs in-line
  • Cardlytics (CDLX) beats by $0.37, misses on revs; guides Q3 revs below consensus; also names new CEO
  • Cars.com (CARS) misses by $0.07, misses on revs; guides Q3 revs below consensus; lowers FY24 revs below consensus
  • Cassava Sciences (SAVA) reports Q2 (Jun) results
  • CF Industries (CF) beats by $0.45, beats on revs
  • Choice Hotels (CHH) misses by $0.02, reports revs in-line; guides FY24 EPS in-line
  • Copa Holdings (CPA) beats by $0.06, misses on revs
  • Costco (COST) reports July adjusted comparable sales growth of +7.2%
  • Crane NXT (CXT) beats by $0.02, reports revs in-line; guides FY24 EPS in-line
  • CRH Plc. (CRH) beats by $0.11; misses on revs; raises guidance
  • CSG Systems (CSGS) beats by $0.11, beats on revs; raises FY24 EPS mostly above consensus, revs above consensus; increases buyback authorization by $100 mln
  • Curtiss-Wright (CW) beats by $0.38, beats on revs; raises FY24 guidance
  • CyberArk (CYBR) beats by $0.14, beats on revs; guides Q3 EPS midpoint above consensus, revs in-line; guides FY24 EPS above consensus, revs in-line
  • Datadog (DDOG) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY24 EPS above consensus, revs above consensus
  • Disc Medicine (IRON) reports Q2 results
  • Docebo (DCBO) beats by $0.06, beats on revs; guides Q3 revs above consensus; guides FY24 revs in-line
  • Dolby Labs (DLB) beats by $0.10, misses on revs; guides Q4 EPS below two analyst estimate, revs below consensus
  • Duolingo (DUOL) beats by $0.19, reports revs in-line; guides Q3 revs in-line; raises FY24 revenue guidance
  • Dutch Bros (BROS) beats by $0.06, beats on revs; guides FY24 revs in-line
  • Edgewise Therapeutics (EWTX) reports in-line results
  • Eli Lilly (LLY) beats by $1.19, beats on revs, worldwide Mounjaro sales up 216%; significantly increases FY24 EPS and revenue guidance
  • Embraer SA (ERJ) beats by $0.22, beats on revs; reaffirms FY24 revs guidance
  • Enersys (ENS) beats by $0.02, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY25 EPS above consensus, revs above consensus; increases dividend
  • Endeavor Group (EDR) reports Q2 (Jun) results, misses on revs
  • Envista (NVST) misses by $0.16, misses on revs, expects FY24 core sales to decline by 1-4%
  • EPAM Systems (EPAM) beats by $0.19, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY24 EPS above consensus, revs in-line, approved new share repurchase program for up to $500 mln of common stock
  • Equinix (EQIX) beats by $0.37, reports revs in-line; guides Q3 revs in-line; guides FY24 FFO in-line, revs in-line
  • Esco Tech (ESE) misses by $0.04, misses on revs; guides Q4 EPS mostly below consensus; guides FY24 EPS below consensus, revs in-line; reviewing strategic alternatives for the Space business at VACCO
  • Fastly (FSLY) beats by $0.01, reports revs in-line; guides Q3 EPS, revs below consensus; lowers FY24 EPS, revs outlook
  • Fluence (FLNC) beats by $0.13, beats on revs; guides FY24 revs below consensus
  • Frontier Group Holdings (ULCC) beats by $0.02, misses on revs; provides Q3 and FY24 guidance
  • Genmab (GMAB) reports 1H; updates its 2024 financial guidance with increase in revenue driven by higher royalties and reimbursement revenue
  • Globalstar (GSAT) misses by $0.01; beats on revs; raises outlook
  • Guardant Health (GH) misses by $0.10, beats on revs; guides FY24 revs above consensus
  • Haemonetics (HAE) beats by $0.01, reports revs in-line; reaffirms FY25 EPS guidance, guides FY25 revs in-line
  • Hanesbrands (HBI) beats by $0.06; issues updated guidance for Q3 and FY24 to reflect the global Champion and U.S. outlet store businesses being reported in discontinued operations
  • Hillenbrand (HI) beats by $0.03, misses on revs; guides Q4 EPS below consensus; lowers FY24 EPS below consensus, lowers revs below consensus
  • Hilton Grand Vacations (HGV) misses by $0.32, misses on revs
  • Horace Mann (HMN) beats by $0.01, beats on revs; guides FY24 EPS in-line
  • HubSpot (HUBS) beats by $0.30, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY24 EPS above consensus, revs above consensus
  • ICU Medical (ICUI) beats by $0.56, beats on revs, increases FY24 EPS and adjusted EBITDA guidance
  • Jackson Financial (JXN) beats by $0.96, beats on revs; announces $750 mln increase to buyback
  • Jamf Holding (JAMF) reports EPS in-line, revs in-line; guides Q3 revs above consensus; guides FY24 revs above consensus
  • 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
  • Klaviyo (KVYO) beats by $0.05, beats on revs; guides Q3 revs in-line; raises FY24 revs above consensus
  • Koppers Holdings (KOP) beats by $0.09, misses on revs; reaffirms FY24 EPS guidance, guides FY24 revs below consensus
  • Kratos Defense and Security (KTOS) beats by $0.05, beats on revs; guides Q3 revs below consensus; guides FY24 revs in-line
  • Krispy Kreme, Inc. (DNUT) reports EPS in-line, revs in-line
  • Kulicke & Soffa (KLIC) beats by $0.05, beats on revs; guides Q4 EPS below consensus, revs below consensus
  • Lamar Advertising (LAMR) beats by $0.04, reports revs in-line
  • Liberty MediaReports (LSXMA) Second Quarter 2024 Financial Results
  • Light & Wonder (LNW) misses by $0.15, beats on revs
  • LiveRamp (RAMP) beats by $0.04, beats on revs; guides Q2 revs above consensus; guides FY25 revs in-line
  • Marathon Oil (MRO) misses by $0.06, reports revs in-line
  • Martin Marietta (MLM) misses by $0.60, misses on revs; guides FY24 revs below consensus
  • MAXIMUS (MMS) beats by $0.22, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • McKesson (MCK) beats by $0.67, misses on revs; guides FY25 EPS above consensus; increases dividend; approves $4.0 bln increase to repurchase program
  • McKesson (MCK) in slide presentation raises FY25 EPS to $31.75-32.55 from $31.25-32.05 vs. $31.94 FactSet consensus; lowers GAAP revenue guidance to +13-15% from +15-17% vs. +15.5% FactSet consensus
  • MDU Resources (MDU) beats by $0.11, misses on revs
  • Medical Properties Trust (MPW) beats by $0.02, beats on revs
  • MFA Financial (MFA) reports Q2 (Jun) results; beats on revs
  • MKS Instruments (MKSI) beats by $0.48, beats on revs; guides Q3 EPS in-line, revs in-line
  • Monster Beverage (MNST) misses by $0.04, misses on revs
  • Murphy Oil (MUR) beats by $0.08, misses on revs; increases share buyback authorization by $500 million
  • Novavax (NVAX) misses by $0.68, misses on revs
  • Nutrien (NTR) beats by $0.15, misses on revs; appoints new CFO
  • Nuvalent (NUVL) misses by $0.12
  • NV5 Global (NVEE) beats by $0.03, reports revs in-line; raises FY24 EPS, revs guidance
  • Occidental Petro (OXY) beats by $0.25, reports revs in-line
  • ODDITY Tech Ltd. (ODD) beats by $0.18, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs in-line
  • Papa John's (PZZA) beats by $0.08, misses on revs
  • Perficient (PRFT) misses by $0.02, reports revs in-line; Note: Co previously announced it agreed to be acquired
  • Prestige Consumer (PBH) beats by $0.04, beats on revs; reaffirms FY25 EPS guidance, revs guidance
  • Primerica (PRI) beats by $0.24, beats on revs; ups dividend
  • RadNet (RDNT) misses by $0.01, beats on revs; raises FY24 revenue guidance
  • Rayonier (RYN) misses by $0.12, misses on revs, now expects full year EPS to be modestly below low end of prior guidance
  • Restaurant Brands Int'l (QSR) reports EPS in-line, misses on revs
  • Robinhood Markets (HOOD) beats by $0.05, beats on revs; provides FY24 outlook
  • Root, Inc. (ROOT) beats by $0.88, beats on revs
  • Royal Gold (RGLD) beats by $0.07, beats on revs
  • Sandoz (SDZNY) reports Q2 sales results; raises guidance
  • Sarepta Therapeutics (SRPT) beats by $0.20, misses on revs
  • Sealed Air (SEE) beats by $0.19, beats on revs; guides Q3 EPS below consensus, revs below consensus; reaffirms FY24 EPS and revenue guidance
  • Shift4 Payments (FOUR) beats by $0.09, beats on revs; guides FY24 revs above consensus
  • Siemens AG (SIEGY) reports Q3 results; revs rise 4%; confirms outlook
  • Silvaco Group (SVCO) beats by $0.05, beats on revs; guides Q3 revs in-line; guides FY24 revs in-line
  • SiTime (SITM) beats by $0.08, beats on revs
  • Six Flags Entertainment (SIX) reports Q2 results; beats on revs
  • SolarEdge Technologies (SEDG) misses by $0.27, reports revs in-line; guides Q3 revs below consensus
  • Tennant (TNC) beats by $0.11, beats on revs; raises FY24 revs above two analyst estimate
  • TKO Group Holdings (TKO) reports Q2 (Jun) results, beats on revs; raises FY24 revenue and adjusted EBITDA guidance
  • Under Armour (UAA) beats by $0.09, beats on revs; guides FY25 EPS in-line
  • Upwork (UPWK) beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY24 EPS in-line, revs below consensus
  • Vera Therapeutics (VERA) misses by $0.06
  • Viasat (VSAT) beats by $0.47, beats on revs, for FY25, expects flat to slightly up yr/yr combined revenue growth excluding the one-time catch-up benefits from the litigation settlement
  • Vital Farms (VITL) beats by $0.16, beats on revs; guides FY24 revs above consensus; reiterates long-term guidance
  • VIZIO (VZIO) beats by $0.01, beats on revs
  • Warby Parker (WRBY) misses by $0.11, reports revs in-line; guides FY24 revs in-line
  • Warner Bros. Discovery (WBD) reports Q2 (Jun) results, misses on revs
  • Waystar Holding Corp. (WAY) beats by $0.05, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Wheaton Precious Metals (WPM) beats by $0.03, misses on revs; on track to achieve 2024 production guidance
  • XPEL (XPEL) beats dual est by $0.08, beats on revs; reaffirms FY24 revs guidance
  • YETI Holdings (YETI) beats by $0.06, beats on revs; raises FY24 EPS and adjusted sales growth guidance
  • Zillow (ZG) beats by $0.14, beats on revs; guides Q3 revs in-line; promotes COO Jeremy Wacksman to be its new CEO
  • ZipRecruiter (ZIP) beats by $0.15, beats on revs; guides Q3 revs below consensus
• General News
  • Former President Trump says he would end taxes on social security benefits and exempt tipped income from taxation, according to the New York Times
  • Hezbollah expected to strike Israel, according to CNN
  • JP Morgan believes there is a 35% chance of US recession this year, according to Bloomberg
  • Taylor Swift's three concerts in Vienna were cancelled after alleged terror plot, according to the Wall Street Journal
  • USITC institutes Section 337 investigation of certain NAND memory devices and electronic devices containing the same
  • Former President Trump at press conference says a president should have "some say" on Fed policy
  • Former President Trump at press conference says he is "starting to agree a lot more" on legalization of cannabis
  • Richmond Fed President Tom Barkin (voting FOMC member) says risks on table for both sides of duel mandate; closing in on normal numbers for inflation and employment; Fed has time to figure out if this is a normalizing economy - CNBC
  • Afya (AFYA) entered into a loan agreement to finance its expansion program, through acquisitions
  • Aldeyra Therapeutics (ALDX) announces the achievement of the primary endpoint in a Phase 3 randomized, double-masked, vehicle-controlled dry eye chamber clinical trial of 0.25% reproxalap ophthalmic solution, an investigational new drug candidate, for the treatment of dry eye disease
  • Amazon (AMZN): UK CMA is investigating whether it is or may be the case that Amazon’s partnership with Anthropic has resulted in the creation of a relevant merger situation
  • Amazon (AMZN) aiming to partner with TikTok and Pinterest (PINS), according to The Information
  • Amazon (AMZN) testing faster same day delivery service, according to Bloomberg
  • Amneal Pharmaceuticals (AMRX) announces that the U.S. Food and Drug Administration has approved CREXONT extended-release capsules for the treatment of Parkinson’s disease
  • Apellis Pharmaceuticals (APLS) and Sobi announce "positive" topline results from phase 3 VALIANT study of pegcetacoplan in C3G and primary IC-MPGN
  • Apple (AAPL) confirms changes to Apple’s Digital Markets Act compliance plan
  • Bausch (BHC) involved in a standoff with creditors over its eye care unit spin-off, according to the Wall Street Journal
  • Blend Labs (BLND) announces that Britton Smith will assume the position of President & CEO, effective September 29, 2024, and that the Board of Directors has elected Doug Grimm as Chairman, effective immediately
  • Boeing (BA): NTSB officials believe a "major shakeup" is needed to repair safety issues at Boeing, according to Bloomberg
  • Box (BOX) announces its acquisition of the AI-powered, intelligent document processing technology of Alphamoon
  • Caesarstone (CSTE) provides litigation update; Caesarstone USA was apportioned $7.9 million of in damages
  • Cardlytics (CDLX) has appointed Amit Gupta, Chief Operating Officer and General Manager of Bridg, as its next Chief Executive Officer of Cardlytics, effective August 16, 2024
  • Civitas (CIVI) comments on Lowry Ranch CAP approval
  • Curaleaf (CURLF) announces that the Board has appointed Executive Chairman Boris Jordan to become Chairman and Chief Executive Officer of Curaleaf Holdings, effective August 16, 2024
  • Customers Bancorp (CUBI): Federal Reserve Board issues enforcement action with Customers Bancorp, Inc. and Customers Bank
  • Delta Air Lines (DAL) estimates Sept-qtr direct revenue impact of outage incident is estimated to be $380 mln; confirms it is pursuing legal claims against CrowdStrike (CRWD) and Microsoft (MSFT)
  • Eco Wave Power Global AB (WAVE) receives green light for the repurchase of its American Depositary Shares
  • Encore Capital (ECPG) announces that Jonathan C. Clark, Executive Vice President and Chief Financial Officer, will retire at the end of March 2025
  • First National (FXNC) and Touchstone Bankshares announce receipt of regulatory approvals for merger
  • Genpact (G) announces its integration with Salesforce (CRM) Data Cloud to offer AI-driven industry-specific cloud solutions to transform operations and drive competitive advantages for enterprises
  • Google (GOOG, GOOGL) and Meta (META) made deal to target teens with advertising, according to Financial Times
  • H & R Block (HRB) announces that Scott Manuel will join the company in the newly created role of Chief Strategy and Operations Officer, effective August 7
  • Hamilton Insurance Group, Ltd. (HG) announces that its Board of Directors has authorized the repurchase of the Company’s common shares in the aggregate amount of $150 mln
  • Honda Motor (HMC) reaches agreement with Yamaha on OEM Supply of Electric Motorcycle Models in the Class-1 Category
  • Howard Hughes Holdings (HHH) announces that Pershing Square Capital Management (PSHZF) is, and intends to continue, evaluating the possibility of various potential alternatives with respect to its investment in the Company, including a possible transaction in which it may acquire all or substantially all of the shares of common stock in the Company not owned by Pershing Square and their affiliates, and in connection therewith take the Company private
  • IDT Corp (IDT): NRSInsights announces comparative same-store sales results for July 2024
  • J&J Snack Foods (JJSF) increases quarterly cash dividend ~6% to $0.78/share from $0.735/share
  • Joby Aviation (JOBY) has rolled its third production prototype aircraft off the company’s pilot production line in Marina, CA, with four aircraft expected to be in active flight test during the next quarter
  • Johnson & Johnson (JNJ): Groundbreaking nipocalimab study of pregnant individuals at high risk for early onset severe hemolytic disease of the fetus and newborn published in The New England Journal of Medicine
  • Liberty Media (LSXMA) received notification from the Department of Justice, Antitrust Division that an investigation has been opened with respect to Formula 1’s conduct concerning the application by Andretti Formula Racing to enter the FIA Formula One World Championship
  • Lucas GC Limited (LGCL) has authorized a share repurchase program under which the Company may repurchase up to US$6 mln of its ordinary shares
  • Merck (MRK) announces the discontinuation of the Phase 3 KeyVibe-008 trial based on the recommendation of an independent Data Monitoring Committee
  • Montana Technologies (AIRJ) announces agreement with Climate Impact Corporation to collaborate on atmospheric water generation for renewable hydrogen production
  • National Vision (EYE) has reached agreement to repurchase ~$218 mln aggregate principal amount of its 2.50% Convertible Senior Notes due 2025 for an aggregate cash repurchase price of ~$215 mln plus accrued and unpaid interest on such notes
  • Newmark Group (NMRK) arranges $300 mln joint venture between Catalyst and Heitman
  • Nokia (NOK) and Swisscom Broadcast to deploy largest Drones-as-a-Service network
  • Novartis (NVS) receives FDA accelerated approval for Fabhalta
  • NRG Energy (NRG): Gamut Capital Management to acquire Airtron Heating & Air Conditioning from NRG Energy; financial terms were not disclosed
  • Nuvalent (NUVL) highlighted pipeline progress and reiterated key anticipated milestones
  • Petrobras (PBR) has obtained environmental licenses to increase oil production in Brazil, according to Reuters
  • Progress Software (PRGS) announces conclusion of SEC investigation into MOVEi; The SEC has notified Progress that it does not intend to recommend an enforcement action against the company at this time
  • Rio Tinto (RIO): Saga Metals announces that Rio Tinto Exploration Canada has commenced its initial exploration program on the Legacy Lithium project
  • Roblox (RBLX) blocked in Turkey, according to Bloomberg
  • Rocket Lab USA (RKLB) has scheduled the launch for its 52nd Electron mission which will deploy a single satellite for American space tech company Capella Space
  • Robinhood Markets (HOOD) CEO Vladimir Tenev on Bloomberg says AI has potential to be a major accelerator; no updates to share regarding SEC wells notice; says 24 hour trading volume was better than expected
  • Ryanair Hldgs (RYAAY) announces follow on share buyback of EUR 800 mln as cashflow improves due to strong traffic growth & boeing delivery delays
  • Sanofi (SNY) reports Sarclisa induction treatment demonstrated significantly improved progression-free survival in patients with newly diagnosed multiple myeloma eligible for transplant
  • Snowflake (SNOW) mulling partnership with Cohere AI models, according to The Information
  • SoundHound AI (SOUN) announces the acquisition of Amelia
  • Teekay Corporation (TK) CFO Kevin Mackay will transition out of the organization by August 31; CEO Kenneth Hvid will take on the added role of Teekay Tankers’ President and CEO
  • Textron (TXT): TRU Simulation announces the Federal Aviation Administration Level D certification and delivery of a Cessna Citation Longitude Full Flight Simulator for FlightSafety International’s Columbus, Ohio Learning Center
  • Trend Micro (TMICY) is reportedly exploring a sale after garnering takeover interest, according to Reuters
  • Trimble (TRMB) files to delay 10-Q; taking actions to remediate the material weaknesses
  • TSMC (TSM) still not selling semiconductors made in Arizona after 4 years, according to the New York Times
  • Turkcell (TKC) has initiated the necessary procedures for the liquidation of Ultia
  • Valens Semiconductor (VLN): Value Base increased active stake to 19.55% (prior 18.51%); previously entered Board Nomination Agreement
  • Vertex (VRTX) Announces CASGEVY Reimbursement Agreement for the Treatment of Transfusion-Dependent Beta Thalassemia in England
  • Walgreens Boots Alliance (WBA) provides VillageMD update; entered into a forbearance agreement
  • Walt Disney's (DIS) ABC says "ABC News will host qualifying presidential candidates to debate on September 10; Vice President Harris and former President Trump have both confirmed they will attend the ABC debate"
  • Wipro Hydraulics (WIT) acquires Columbus Hydraulics, a leading US-based hydraulic cylinder manufacturer; financial terms were not disclosed
  • Zebra Tech (ZBRA): Spruce Point Capital Management announces investment opinion: releases report and Strong Sell research opinion on Zebra Technologies Corp.
  • Zillow (ZG) promotes longtime executive and COO Jeremy Wacksman to be the new CEO

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

• Upgrades:
  • Arm Holdings plc (ARM) upgraded to Outperform from Neutral at Daiwa Securities; tgt $130
  • Ashland (ASH) upgraded to Neutral from Underweight at JP Morgan; tgt lowered to $89
  • Banco Macro (BMA) upgraded to Neutral from Underperform at BofA Securities; tgt raised to $62
  • Ceva (CEVA) upgraded to Buy from Neutral at ROTH MKM; tgt raised to $25
  • Editas Medicine (EDIT) upgraded to Buy from Neutral at BofA Securities; tgt raised to $15
  • Equinor (EQNR) upgraded to Neutral from Sell at UBS
  • Fortinet (FTNT) upgraded to Hold from Sell at DZ Bank; tgt $65
  • Grupo Financiero Galicia (GGAL) upgraded to Buy from Underperform at BofA Securities; tgt raised to $36
  • Grupo Supervielle (SUPV) upgraded to Neutral from Underperform at BofA Securities; tgt $7
  • HubSpot (HUBS) upgraded to Sector Weight from Underweight at KeyBanc Capital Markets
  • Klaviyo (KVYO) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $33
  • Lattice Semi (LSCC) upgraded to Outperform from Mkt Perform at Raymond James; tgt $50
  • Nevro (NVRO) upgraded to Peer Perform from Underperform at Wolfe Research
  • Vornado Rlty Trust (VNO) upgraded to Neutral from Underweight at Piper Sandler; tgt raised to $30
  • Vornado Rlty Trust (VNO) upgraded to Outperform from Market Perform at BMO Capital Markets; tgt raised to $40
  • Wolverine (WWW) upgraded to Overweight from Sector Weight at KeyBanc Capital Markets; tgt $20
• Downgrades:
  • BP (BP) downgraded to Hold from Buy at HSBC Securities
  • Bumble Inc. (BMBL) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $5.50
  • Bumble Inc. (BMBL) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $8
  • Bumble Inc. (BMBL) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $7
  • Bumble Inc. (BMBL) downgraded to Hold from Buy at Stifel; tgt lowered to $6.50
  • Bumble Inc. (BMBL) downgraded to Neutral from Buy at BTIG Research
  • Celsius (CELH) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $32
  • Charles River (CRL) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $205
  • Charles River (CRL) downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $191
  • Compania Cervecerias Unidas (CCU) downgraded to Underweight from Overweight at JP Morgan; tgt lowered to $10
  • Dine Brands (DIN) downgraded to Hold from Buy at The Benchmark Company
  • Envista (NVST) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $16
  • Fastly (FSLY) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $6
  • Fortrea (FTRE) downgraded to In-line from Outperform at Evercore ISI; tgt lowered to $27
  • Hudson Pacific Properties (HPP) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $6
  • Hudson Pacific Properties (HPP) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt lowered to $6
  • Intel (INTC) downgraded to Neutral from Outperform at Mizuho; tgt lowered to $22
  • International Money Express (IMXI) downgraded to Neutral from Buy at BTIG Research
  • JFrog (FROG) downgraded to Perform from Outperform at Oppenheimer
  • Louisiana-Pacific (LPX) downgraded to Market Perform from Outperform at BMO Capital Markets; tgt $99
  • Outset Medical (OM) downgraded to Sector Perform from Outperform at RBC Capital Mkts; tgt lowered to $3
  • PetIQ (PETQ) downgraded to Hold from Buy at Truist; tgt raised to $31
  • Schneider National (SNDR) downgraded to Hold from Buy at Stifel; tgt $25
  • SmartRent (SMRT) downgraded to Neutral from Overweight at Cantor Fitzgerald; tgt lowered to $2
  • Textron (TXT) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt $95
  • Topgolf Callaway Brands (MODG) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $13
  • Topgolf Callaway Brands (MODG) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • United Parks & Resorts Inc. (PRKS) downgraded to Neutral from Buy at Goldman; tgt lowered to $53
  • Vestis (VSTS) downgraded to Neutral from Outperform at Robert W. Baird; tgt $13
  • Walt Disney (DIS) downgraded to Neutral from Buy at Seaport Research Partners
• Others:
  • Constellation Energy (CEG) initiated with an Overweight at Barclays; tgt $211
  • Olin (OLN) initiated with a Neutral at Mizuho; tgt $45
  • Pyxis Oncology (PYXS) initiated with a Buy at Stifel; tgt $10
  • Stride (LRN) initiated with a Buy at Canaccord Genuity; tgt $94
  • Tandem Diabetes Care (TNDM) initiated with a Buy at Canaccord Genuity; tgt $57
  • Udemy (UDMY) initiated with a Buy at Canaccord Genuity; tgt $12
  • Westlake Corporation (WLK) initiated with an Outperform at Mizuho; tgt $170

• Econ Data (Friday):
  • No Data on Tomorrow's Schedule
• 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