After Hours Report

The stock market had its strongest session of the week today, with earnings report optimism and the announcement of trade deals with the EU and Japan propelling the S&P 500 (+0.8%) to a new all-time intraday (6,360.64) and closing (6,358.91) high. 

Equity futures were higher in response to President Trump's announcement of a finalized trade deal with Japan, which featured a 15% tariff on Japanese imports, an investment of $550 billion into the U.S., and an opening of Japan's markets to rice and auto imports from the U.S.

Stocks got off to a decent start in response but rose precipitously around 12:00 ET when Financial Times reported that the U.S. and the EU were close to finalizing a trade agreement, also with a 15% tariff.

Increased buying activity following the report reflected the market's comfort with the 15% tariff rates for key trade partners, which are notably lower than the 30% proposed tariffs that were to go into effect August 1.

The trade news was enough to reverse a second consecutive day of early sluggishness in the technology sector (+0.7%), with its early losses limiting gains in the major averages for most of the morning. 

The sector faced early pressure in its chipmaker components following Texas Instruments (TXN 186.25, -28.67, -13.3%) earnings report after the close yesterday, which saw the company beat EPS expectations, though uncertainty around future growth prompted management to speak in a more cautious tone during the earnings call.

While the sector shed its early losses, chipmakers remained a point of relative weakness, with the PHLX Semiconductor Index finishing flat for the day. 

There were some notable beneficiaries in the wake of earnings, however. The health care sector (+2.0%) was today's top performer and widened its gains to 3.3% week to date.

Thermo Fisher (TMO 466.53, +38.91, +9.1%) beat EPS expectations by $0.13, and added to yesterday's strong performance among CRO services companies.

The Industrials sector (+1.8%) also finished among the top, as GE Vernova (GEV 629.56, +80.57, +14.7%) and Lennox Int'l (LII 661.51, +41.54, +6.7%) both captured nice gains today after beating EPS expectations and issuing upside guidance. 

In total, nine sectors finished in positive territory, with only the defensive utilities (-0.8%) and consumer staples (-0.1%) ending the day with losses. 

Buying activity was notably prevalent across stocks of all sizes.

Small-cap and mid-cap stocks widened their gains from yesterday, with Russell 2000 (+1.5%) and S&P Mid Cap 400 (+0.9%) outperforming.

Mega-cap stocks improved their position, with the Vanguard Mega Cap Growth ETF closing with a gain of 0.7%, after a 0.6% loss yesterday.

If yesterday's trade marked a rotation into value stocks from growth stocks, today's session reflected a more bullish attitude that saw the market emboldened by earnings data and trade developments alike. 

U.S. Treasuries retreated on Wednesday, snapping their streak of three consecutive days of gains. Treasuries ranged near their opening lows during the first couple hours of action, slipping to fresh lows in the wake of reports about the impending deal with the EU.

The selling was met with an afternoon bounce, which followed the completion of a strong $13 billion 20-year bond reopening. Late trade saw a fresh low in the 2-yr note, while longer tenors finished a bit above their worst levels of the session, with the 10-yr yield back above its 50-day moving average (4.411%).

The 10-year note yield settled up five basis points to 4.39%.

• Nasdaq Composite: +8.9% YTD
• S&P 500: +8.1% YTD
• DJIA: +5.8% YTD
• S&P 400: +3.12% YTD
• Russell 2000: +2.38% YTD

Reviewing today's data:

• Existing home sales decreased 2.7% month-over-month in June to a seasonally adjusted annual rate of 3.93 million (Briefing.com consensus 4.00 million) from a revised 4.04 million (from 4.03 million) in May. Sales were unchanged on a year-over-year basis.
  • The key takeaway from the report is that the median home sales price continued growing in June even though sales decelerated, which puts the spotlight on housing affordability at a time when mortgage rates remain high.
• The weekly MBA Mortgage Index rose 0.8% after falling 10.0% a week ago. The Purchase Index was up 3.5% while the Refinance Index fell 2.6%.
• Weekly crude oil inventories decreased by 3.17 million barrels after decreasing by 3.86 million barrels a week ago.

Overseas:

• Europe: DAX +0.5%, FTSE +0.4%, CAC +1.2%
• Asia: Nikkei +3.2%, Hang Seng +1.5%, Shanghai +0.4%

Commodities:

• Crude Oil -0.13 @ 65.24
• Nat Gas -0.16 @ 3.12
• Gold -45.10 @ 3398.00
• Silver -0.06 @ 39.50
• Copper +0.10 @ 5.82

After-Hours Spotlight:

• Alphabet (GOOG) beats by $0.13, beats on revs; increasing investment in capital expenditures in 2025 to approximately $85 billion... GOOG +1.1%
• Chipotle Mexican Grill (CMG) reports EPS in-line, misses on revs; lowers FY25 comp sales guidance to flat yr/yr from low-single digits... CMG -10.8%
• CSX (CSX) beats by $0.02, reports revs in-line... CSX +1.7%
• IBM (IBM) beats by $0.15, beats on revs; reaffirms FY25 revenue growth of at least 5% CC; raises FY25 FCF outlook... IBM -5.1%
• Interparfums (IPAR) issues downside Q2 revenue guidance on weaker GUESS, DKNY fragrance sales; cites tariff and launch timing issues... IPAR -1.7%
• Las Vegas Sands (LVS) beats by $0.26, beats on revs... LVS +4.7%
• Mattel (MAT) beats by $0.03, misses on revs; guides FY25 EPS in-line, revs in-line; reaffirms buyback target... MAT -3.5%
• Molina Healthcare (MOH) misses by $0.18, beats on revs; lowers FY25 EPS below consensus, revs below consensus... MOH -4.1%
• O'Reilly Auto (ORLY) reports EPS in-line, revs in-line, comps +4.1%; guides FY25 EPS in-line, revs in-line; raises FY25 same store comp guidance... ORLY -1.0%
• ServiceNow (NOW) beats by $0.52, beats on revs... NOW +6.5%
• Southwest Air (LUV) misses by $0.08, reports revs in-line... LUV flat
• Tesla (TSLA) reports EPS in-line, revs in-line, total gross margin up 90 bps qtr/qtr; Plans for new vehicles that will launch in 2025 remain on track, including initial production for more affordable model... TSLA +0.1%
• T-Mobile US (TMUS) beats by $0.16, reports revs in-line... TMUS +5.1%

Fair Value for Wednesday, July 23:

• S&P 500: 6,395
• Nasdaq 100: 23,315
• DJIA: 45,210

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

• Earnings/Guidance (Full Earnings Calendar):
  • Amphenol (APH) beats by $0.14, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • AT&T (T) beats by $0.01, beats on revs; guides FY25 EPS mostly below consensus
  • Baker Hughes (BKR) beats by $0.08, beats on revs; guides Q3 and FY25 revs in-line
  • BankUnited (BKU) beats by $0.12, net interest income grew 5.6%
  • Boston Scientific (BSX) beats by $0.02, beats on revs; guides Q3 EPS in-line
  • Byrna Technologies (BYRN) reports strong direct-to-consumer prime day and July 4th sales
  • Cal-Maine Foods (CALM) beats by $0.77, beats on revs
  • Canadian Nat'l Rail (CNI) reports EPS in-line, misses on revs
  • Capital One (COF) reports Q2 results
  • Cathay Bancorp (CATY) beats by $0.01, reports revs in-line
  • Chubb (CB) beats by $0.16, reports revs in-line
  • CME Group (CME) beats by $0.05, reports revs in-line
  • Coca-Cola (KOF) FEMSA reports Q2 results; volume declined 5.5%
  • CoStar Group (CSGP) beats by $0.03, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY25 EPS below consensus, revs above consensus
  • East West Banc (EWBC) misses by $0.01, reports revs in-line
  • Enphase Energy (ENPH) beats by $0.06, reports revs in-line; guides Q3 revs below consensus
  • EQT Corp. (EQT) beats by $0.03, provides FY25 guidance
  • Equinor (EQNR) misses by $0.01; beats on revs
  • Fiserv (FI) beats by $0.04, beats on revs; guides FY25 EPS in-line
  • Freeport-McMoRan (FCX) beats by $0.09, beats on revs
  • Freeport-McMoRan (FCX) Follow-Up; 2025 production and operational guidance
  • General Dynamics (GD) beats by $0.19, beats on revs
  • GE Vernova (GEV) beats by $0.35, beats on revs; guides FY25 revs toward higher end of guidance
  • Hasbro (HAS) beats by $0.52, beats on revs; raises outlook
  • Healthcare Services Group (HCSG) beats by $0.01, beats on revs; accelerates buyback
  • Hilton (HLT) beats by $0.15, beats on revs; guides Q3 EPS below consensus; guides FY25 EPS in-line
  • Infosys (INFY) reports Q2 results
  • Intuitive Surgical (ISRG) beats by $0.26, beats on revs, raises low end of 2025 worldwide da Vinci procedure growth guidance range, raises non-GAAP gross margin guidance
  • Karooooo Ltd. (KARO) reports Q1 results and reaffirms 2026 guidance
  • Lamb Weston (LW) beats by $0.24, beats on revs; guides FY26 revs in-line
  • Lennox Int'l (LII) beats by $0.96, beats on revs; raises FY25 EPS above consensus, revs above consensus
  • Manhattan Assoc (MANH) beats by $0.18, beats on revs; guides FY25 EPS above consensus, revs above consensus; replenishes buyback authorization
  • Matador Resources (MTDR) beats by $0.11, beats on revs
  • M/I Homes (MHO) misses by $0.01, beats on revs
  • Moody's (MCO) beats by $0.17, beats on revs; guides FY25 EPS in-line
  • Mr. Cooper Group (COOP) misses by $0.14, misses on revs
  • National Bank (NBHC) beats by $0.09, misses on revs
  • NextEra Energy (NEE) beats by $0.04, misses on revs; reaffirms FY25 EPS guidance; guides FY26 EPS in-line
  • Northern Trust (NTRS) beats by $0.07, beats on revs; Board increases dividend by 7%
  • NVR (NVR) beats by $2.34, beats on revs
  • Oatly Group AB (OTLY) reports Q2 results with outlook; initiates strategic review of its Greater China business
  • Otis Worldwide (OTIS) beats by $0.02, misses on revs; guides FY25 EPS in-line, revs below consensus
  • Oxford Lane Capital (OXLC) reported selected Q1 financial results; Board approved 1-for-5 reverse stock split
  • Pegasystems (PEGA) beats by $0.04, beats on revs
  • PennyMac (PFSI) misses by $0.21, misses on revs
  • Popular (BPOP) reports Q2 results
  • PROG Holdings (PRG) beats by $0.22, beats on revs; raises FY25 EPS guidance, raises low end of revenue guidance range
  • Prosperity Bancshares (PB) beats by $0.01, loans increased by $219.8 mln during Q2
  • Range Resources (RRC) beats by $0.02
  • Renasant (RNST) misses by $0.67, beats on revs
  • Rogers Comms (RCI) beats by CAD0.04, reports revs in-line
  • SAP SE (SAP) misses by EUR 0.16, misses on revs; reaffirms FY25 guidance
  • Stock Yards Bancorp (SYBT) reports record Q2 earnings; NIM expanded by 27 basis points yr/yr
  • Taylor Morrison Home (TMHC) beats by $0.09, beats on revs
  • TE Connectivity (TEL) beats by $0.19, beats on revs; guides Q4 EPS above consensus
  • Teledyne Tech (TDY) beats by $0.15, beats on revs; guides Q3 EPS below consensus; guides FY25 EPS in-line; increases stock repurchase authorization
  • Texas Instruments (TXN) beats by $0.05, beats on revs; guides Q3 EPS in-line, revs in-line
  • Thermo Fisher (TMO) beats by $0.13, beats on revs; will provide updated 2025 financial guidance during its earnings conference call
  • Travel + Leisure Co (TNL) reports EPS in-line, revs in-line
  • Travelzoo (TZOO) reports Q2 results; expect Q3 yr/yr revenue growth to continue
  • Trustmark (TRMK) beats by $0.05, net interest income increased 4.3%
  • United Comm Banks (UCB) beats by $0.05, reports revs in-line
  • Vicor (VICR) beats by $0.74, beats on revs
  • Weatherford (WFRD) beats by $0.91, beats on revs
  • Woodside Energy Group (WDS) reports Q2 production
• General News
  • EU plans to impose 30% tariffs on $100 bln in U.S. goods if no deal is reached, according to Bloomberg
  • President Trump announces trade deal with Japan; 15% tariff will be changed on U.S. imports from Japan (previous tariff rate is 10%, August 1st threatened tariff rate was going to be 25%); Japan will invest $550 bln in U.S.
  • Japanese Prime Minister Shigeru Ishiba denied reports that he will resign, according to Reuters
  • President Trump says Japan and U.S. will form liquified natural gas joint venture, according to Reuters
  • President Trump will give speech on artificial intelligence and sign related executive orders at 5:00 PM ET today, per White House schedule
  • President Trump hopes to use trade talks to prevent foreign countries from targeting U.S. technology companies, according to WSJ
  • The Nuclear Security Agency was among the organizations impacted by hackers, according to Bloomberg
  • China's new solar installations fall, according to Bloomberg
  • EPA drafting plan to end authority to regulate greenhouse gas emissions and fight climate change, according to NY Times
  • EU Commission issues joint statement following the EU-Japan Summit 2025
  • EMSC reporting a 5.2 magnitude quake 38 km W of Kíssamos, Greece
  • President Trump says he will only lower tariffs if countries agree to open their markets; if not, they will get higher tariffs
  • Japan's Prime Minister Shigeru Ishiba says Japanese autos and auto parts will be subject to the same 15% tariff under trade deal agreed with the Trump administration, according to Bloomberg
  • White House announces "America’s AI Action Plan"
  • House Speaker Mike Johnson says he is “disenchanted” with Fed Chair Jerome Powell, according to Bloomberg
  • EU nears deal with U.S. to cap tariffs at 15% and avert steeper August hike, according to FT
  • Abivax (ABVX) announces positive Phase 3 Results from Both ABTECT 8-week induction trials investigating obefazimod, its first-in-class oral miR-124 enhancer, in moderate to severely active ulcerative colitis
  • Accenture (ACN) has agreed to acquire Maryville Consulting Group, a US-based technology consultancy with core capabilities in product-driven growth strategy, digital operations, and technology business management
  • Aeva (AEVA) announces that Sotereon.AI has begun deploying Aeva’s 4D LiDAR technology at Tampa International Airport as part of a transformative initiative to optimize airport operations, enhance public safety and security, and improve the passenger travel experience across the airport environment
  • Akari Therapeutics (AKTX) continues key research on its novel antibody drug conjugate payload PH1 to further demonstrate its unique ability to target cancers fueled by oncogenic drivers
  • Allison Transmission (ALSN) awarded a multi-million contract by the Ground Vehicle Systems Center for the second phase of the Next Generation Electrified Transmission program
  • Alphabet (GOOG): UK CMA is consulting on its proposed decision to designate Google as having strategic market status in respect of its mobile platform, comprising its mobile operating systems, native app distribution and mobile browser and browser engine
  • Amazon (AMZN) aiming to close Shanghai AI research lab, according to FT
  • Ameresco (AMRC) announces the completion of its guaranteed utility savings project with Southeast New Mexico College
  • Anebulo Pharmaceuticals (ANEB) approves plan to terminate registration of its common stock; stockholders will receive cash in the amount of $3.50 per pre-split share
  • AngioDynamics (ANGO) announces publication of Preserve study of NanoKnife System for prostate tissue ablation in European Urology
  • ANI Pharma (ANIP) announces results from NEW DAY Clinical Trial of ILUVIEN for use in patients with diabetic macular edema
  • Apple (AAPL): UK CMA published its roadmap for possible interventions in respect of Apple’s mobile platform
  • Archer Aviation (ARCH) building secret VTOL aircraft, according to Axios
  • AT&T (T): Ciena and Dycom trade higher on increased spend guidance from AT&T
  • Avidity Biosciences (RNA) receives FDA breakthrough therapy designation for Delpacibart Zotadirsen (del-zota) for the treatment of DMD in people with mutations amenable to exon 44 skipping
  • BankUnited (BKU) announces its succession plan for the role of chief financial officer
  • BankUnited (BKU) authorized the repurchase of up to $100 mln in shares of its outstanding common stock on July 22
  • Beyond, Inc. (BYON): Shay Capital sends letter to the Board; believes immediate and decisive action is required to capitalize on opportunities
  • BlackSky Technology (BKSY) won a contract to provide immediate On-Demand subscription-based Gen-3 and Gen-2 monitoring services for Latin American defense and intelligence customers in the fight against transnational organized crime
  • Blue Gold Limited (BGL) has signed a non-binding term sheet with FGR Bogoso Prestea Limited to acquire 90% of the Mampon Gold Mine, a high-grade gold and copper deposit located in Ghana’s world-renowned Ashanti Gold Belt
  • Boeing (BA): White House spokesperson says Japan will purchase 100 Boeing (BA) jets and $8 bln in agriculture products as part of trade deal , according to Bloomberg
  • BridgeBio Pharma (BBIO): Novel Human Genetics evidence confirms estimates of genetic prevalence, underdiagnosis, and potentially greater symptom burden of gain-of-function casr variants associated with ADH1
  • BTQ Technologies (BTQQF) announces the launch of Léonne, a novel blockchain consensus framework designed to overcome the core limitations of existing distributed ledger technologies
  • Cango (CANG) completes its transformation into a global Bitcoin miner; appoints Xin Jin as Chairman of the Board and Yongyi Zhang as CFO; effective immediately
  • Capital One (COF) also reports June card metrics
  • Castle Biosciences (CSTL) announces that its DecisionDx-Melanoma test has been granted Breakthrough Device designation from the U.S. Food and Drug Administration
  • Cellebrite DI (CLBT) announced the DOJ will serve as the official sponsoring agency for the platform's pursuit of a FedRAMP High authorization
  • Charles River Associates (CRAI) names Eric Nierenberg as CFO, effective August 4, 2025
  • Comcast (CMCSA) and Charter (CHTR) agree to leverage T-Mobile (TMUS) 5G for wireless business customers
  • Comcast’s (CMCA) Xfinity unveils StreamStore: A smarter, simpler way to discover, manage and enjoy entertainment
  • Commvault Systems (CVLT) announced the general availability of Clumio Backtrack for Amazon (AMZN) DynamoDB
  • DeFi Technologies (DEFT) subsidiary, Valour and Valour Digital Securities Limited surpass $1 billion in assets under management
  • DuPont (DD) discloses that SAMR announced it had suspended the antitrust investigation process
  • Electronic Arts (EA): June 2025 projected U.S. consumer spending on video game hardware, content and accessories grew 22% when compared to a year ago, to $5.7B, according to Circana
  • Electrovaya (ELVA) launched multiple battery system products for a variety of robotic vehicle platforms
  • Enersys (ENS) announced a reduction in force plan
  • Eni S.p.A. (E) and Sonatrach strengthen energy security cooperation
  • First Community (FCCO) increases quarterly cash dividend to $0.16/share from $0.15/share
  • First Financial Bankshares (FFIN) has announced the renewal of its existing stock repurchase plan
  • Fiserv (FI) signs a multi-year Strategic Managed Services program agreement with TD Bank Group, where TD Merchant Solutions will utilize Fiserv technology, including Clover, the world's smartest point-of-sale system, for its merchant business
  • Gen Digital (GEN) announces that Frank Dangeard is stepping down as Chairman of the Board of Directors due to personal health reasons
  • GlaxoSmithKline (GSK) announces extension of US Food and Drug Administration review period for Blenrep (belantamab mafodotin-blmf) in relapsed/refractory multiple myeloma; new PDUFA date scheduled for 23 October 2025
  • Global-E Online (GLBE) amended Global Service Agreement with DHL International to extend long-term strategic partnership with DHL for another 3-year term
  • Goldman Sachs (GS): Mace Group has announced a majority investment in Mace Consult by Private Equity at Goldman Sachs Alternatives through a carve-out from Mace Group
  • Halozyme Therapeutics (HALO) announces that Janssen-Cilag International NV, a Johnson & Johnson (JNJ) company, received European Commission approval of a new indication for DARZALEX Faspro co-formulated with ENHANZE, as monotherapy for the treatment of adult patients with smouldering multiple myeloma at high-risk of developing multiple myeloma
  • Hershey Foods (HSY) increasing candy prices amid rise in cocoa costs, according to Bloomberg
  • Himalaya Shipping Ltd. (HSHP) has agreed to convert the index-linked time charters for four vessels to fixed rate time charters at an average rate of approximately US$35,300 per day, gross, from August 1, 2025 to September 30, 2025
  • Innovative Solutions (ISSC) has entered a new five-year, $100 mln committed credit agreement with a lending syndicate led and arranged by JPMorgan Chase Bank, N.A
  • IonQ (IONQ) announces a strategic collaboration with Emergence Quantum, an Australian research and development company focused on quantum hardware innovation
  • Johnson & Johnson (JNJ): European Commission approves IMBRUVICA as the first targeted therapy for patients with previously untreated mantle cell lymphoma who would be eligible for autologous stem cell transplant
  • Lion Group Holding (LGHL) acquires additional SUI, bringing treasury reserve to $9.6 million in aggregate purchase
  • Magnite (MGNI) expands partnership with Dentsu to streamline CTV and Video Activation across EMEA
  • MAG Silver (MAG) reports production from Juanicipio (56% / 44% Fresnillo plc (FNLPF)
  • McEwen Mining (MUX) is pleased to announce the discovery of high-grade mineralization approximately 200 meters West of the Froome Mine, which is the current source of production at the Fox Complex
  • Meta Platforms (META) ticking slightly lower after report it brings on three award winning ai researchers from Google, according to The Information
  • MicroStrategy d/b/a Strategy (MSTR) disclosed litigation updates
  • Moderna (MRNA): Florida researchers advance toward universal cancer vaccine, study shows, per CNBC
  • Morgan Stanley (MS) being investigated over the vetting of clients, according to WSJ
  • New Fortress Energy (NFE): Puerto Rico ended discussions with NFE regarding $20 billion liquified natural gas deal, according to Bloomberg
  • Newmont Corporation (NEM): Three miners trapped underground at Red Chris mine, according to CBC
  • Northern Trust (NTRS) increases quarterly cash dividend to $0.80/share from $0.75/share
  • Northrop Grumman (NOC) discloses it does not believe that the tariffs in effect at this time will have a material adverse effect on our business
  • Northrop Grumman (NOC) awarded a $140.8 mln modification to a previously awarded U.S. Navy contract
  • Oklo Inc. (OKLO) and Liberty Energy (LBRT) launch strategic alliance to accelerate integrated power solutions for large-scale, high-demand customers, including data centers, industrial facilities, and utility-scale sites
  • Petrobras (PBR) received approval of the production individualization agreement of the Jubarte Pre-Salt by ANP
  • PENN Entertainment (PENN) to close Hollywood Casino Joliet Riverboat location on July 29 ahead of new land-based casino grand opening on August 11
  • Philips (PHG) advances minimally invasive therapy procedures in prostate cancer care with FDA 510(k) clearance for image-guided navigation technology
  • Pony AI (PONY) begins Gen-7 Robotaxi road testing In Beijing
  • Qiagen (QGEN) expands NGS portfolio with launch of QIAseq xHYB long read panels
  • Oxford Lane Capital (OXLC) reported selected Q1 financial results; Board approved 1-for-5 reverse stock split
  • Roche (RHHBY) pauses some Elevidys shipments, according to Bloomberg
  • Roche Hldg (RHHBY) receives CE Mark for minimally invasive blood test to help rule out Alzheimer’s disease
  • Roche Hldg (RHHBY) receives EC approval for Itovebi
  • SandRidge Energy (SD) announced last night appointment of Brett Icahn to the Board of Directors
  • Sony (SONY) explores sale of Israeli chip unit amid entertainment shift, according to Reuters
  • Synchrony Financial (SYF) partners with Dental Intelligence to simplify payment and marketing solutions for dentists
  • Tesla (TSLA) in discussions with Nevada about Robotaxi expansion, according to Bloomberg
  • TotalEnergies (TTE) enters JV with CMA CGM to launch LNG Bunkering Logistics
  • TotalEnergies SE (TTE) announces the start of production from the BEGONIA and CLOV Phase 3 offshore projects, leveraging ullage in the PAZFLOR and CLOV floating production, storage and offloading units to add a total of 60,000 barrels a day of new production
  • Toyota Motor (TM) to build EVs in Indonesia and electric pickups in Thailand to counter rising Chinese competition, according to electrek
  • Valero Energy (VLO): California trying to find buyer for Valero refinery to avoid closure, according to Reuters

• Upgrades:
  • Dynatrace (DT) upgraded to Buy from Neutral at Guggenheim, tgt $66
  • Enbridge (ENB) upgraded to Buy from Hold at Jefferies
  • NXP Semiconductors (NXPI) upgraded to Outperform from Neutral at KGI Securities, tgt $250
  • Taylor Morrison (TMHC) upgraded to Buy from Neutral at Seaport Research, tgt $85
  • Toll Brothers (TOL) upgraded to Buy from Neutral at Seaport Research, tgt $161
• Downgrades:
  • Boot Barn (BOOT) downgraded to Hold from Buy at Jefferies, tgt $175
  • Canadian Nat'l Rail (CNI) downgraded to In Line from Outperform at Evercore ISI, tgt $105
  • Canadian Nat'l Rail (CNI) downgraded to Sector Perform from Outperform at National Bank
  • Centene (CNC) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $30
  • Fluence Energy (FLNC) downgraded to Neutral from Buy at Seaport Research
  • Imperial Oil (IMO) downgraded to Peer Perform from Outperform at Wolfe Research
  • Lockheed Martin (LMT) downgraded to Hold from Buy at Truist, tgt $440
  • Pembina Pipeline (PBA) downgraded to Hold from Buy at Jefferies
  • Pentair (PNR) downgraded to Hold from Buy at TD Cowen, tgt $110
  • Replimune (REPL) downgraded to Equal Weight from Overweight at Barclays, tgt $3
  • Replimune (REPL) downgraded to Neutral from Buy at H.C. Wainwright
  • Replimune (REPL) double downgraded to Underperform from Outperform at BMO Capital, tgt $2
  • Roblox (RBLX) downgraded to Outperform from Strong Buy at Raymond James, tgt $130
  • Sarepta (SRPT) downgraded to Underperform from Neutral at BofA Securities, tgt $10
  • Shopify (SHOP) downgraded to Neutral from Buy at Arete
  • Tyson Foods (TSN) downgraded to Market Perform from Outperform at Bernstein, tgt $59
  • Unity (U) downgraded to Sell from Neutral at BTIG Research, tgt $25
• Others:
  • Cango (CANG) initiated with a Buy at H.C. Wainwright, tgt $8
  • Celsius Holdings (CELH) initiated with a Buy at Citigroup, tgt $55
  • Coincheck (CNCK) initiated with a Sector Weight at KeyBanc
  • Galaxy Digital (GLXY) initiated with a Buy at Jefferies, tgt $35
  • Kalaris Therapeutics (KLRS) assumed with a Neutral at Piper Sandler, tgt $3
  • Maze Therapeutics (MAZE) initiated with a Buy at H.C. Wainwright, tgt $34
  • Metallus (MTUS) initiated with a Buy at Northcoast, tgt $24
  • nVent Electric (NVT) initiated with a Buy at Roth Capital, tgt $89
  • Okeanis Eco (ECO) initiated with a Buy at Jefferies, tgt $29
  • Soluna Holdings (SLNH) initiated with a Neutral at H.C. Wainwright

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 225,000; prior 221,000) and Continuing Claims (prior 1.956 mln)
  • 10:00 ET: June New Home Sales (Briefing.com consensus 650,000; prior 623,000)
  • 10:30 ET: Weekly natural gas inventories (prior +46 bcf)

• Earnings:
  • Monday (July 21)
    • Pre-Market: CLF DPZ ROP VZ
    • After-Hours: AGYS ARE BOKF CALX CCK ELS MEDP NXPI RLI STLD WRB WTFC ZION
    Tuesday (July 22)
    • Pre-Market:  VY BMI KO CBU DHI DHR EFX FBP GM GPC HAL HOPE IPG IVZ IQV KEY LMT MSCI NOC ONB PCAR PNR PM PHM DGX RTX SHW SYF THC VMI
    • After-Hours:  BKR CALM COF CATY CB CSGP EWBC ENPH EQT ISRG MANH MTDR NBHC PEGA PFSI RRC RNST SAP TXN TRMK VICR WFRD
      
  • Wednesday (July 23)
    • Pre-Market: APH T BKU BSX CME FI FCX FRME GEV GD HAS HCSG HLT LW LII MHO MCO COOP NEE NTRS NVR OTIS BPOP PTEN PRG PB TMHC TEL TDY TNL UCB
      
    • After-Hours:   ALK GOOG ASGN BANC CADE CCS CMG CHDN CYH CLB CCI CSX EGP EPRT FAF GL GSHD GGG IBM ICLR KALU KNX LVS MAT MXL MTH MOH ORLY OII PKG PLXS QS RJF RS RNR RBBN RHI ROL SEIC SIGI NOW SON SSNC STC TMUS TSLA URI VKTX WEX WH
  • Thursday (July 24)
    • Pre-Market:  AOS ADT ALLE AB AAL AMP AMBP AUB BHLB BX BFH BC CNP CNX CVBF DAR DOV DOW FCFS FLEX FCN THRM GPI HNI HON IMAX ITGR IRDM KDP LHX LH LADR LAZ LECO LKQ LUV MBLY MHK NDAQ NOK NVCR ORI PHIN POOL PFS RES RPM R SAH STM FTI TXT TSCO TRU TPH UNP VLO VLY VC WAB WST WNS
    • After-Hours:   ASB BYD COLB COUR CUBI DECK DLR EW ENVA FFBC GLPI GBCI DOC HXL INTC KNSL KN LBRT MGRC MTX MC NEM PECO SLM SBCF SKYW SSB VRSN WY WSFS
  • Friday (July 25)
    • Pre-Market: AON AN BAH CNC CHTR FHB FLG GNTX HCA LKFN LEA OMF PSX POR SAIA SXT STEL TNET WNC
    • After-Hours: HTH
  General Motors: 5,000 members at GM's Arlington, TX assembly plant join UAW strike