After Hours Report

Yesterday's upward momentum and a flurry of earnings reports quickly propelled the S&P 500 (+0.1%, intraday high of 6,381.31) and Nasdaq Composite (+0.2%, intraday high of 21,113.10) to fresh record highs, and while the majority of the session passed in an uneventful manner, the early gains were enough to see the indices capture record closing highs as well. 

Earnings were a key catalyst for the communication services sector (+0.5%), which saw continued outperformance in cellular providers after T-Mobile US (TMUS 247.50, +13.57, +5.8%) raised its guidance and delivered an impressive EPS beat. More notably, the company led the industry in key metrics, including service revenue, postpaid net additions, and postpaid phone net additions. 

The sector also benefitted from top component Alphabet (GOOG 193.28, +1.76, +0.9%) trading higher after the company beat EPS expectations by $0.13 and reassured the market about the industry's commitment to AI development by raising its capital spending guidance by $10 billion to $85 billion.

Alphabet's hefty commitment to AI, combined with headlines that President Trump signed executive orders to support the export of American AI technology and the buildout of data center infrastructure, led to the technology sector (+0.7%) finishing as one of the top performers.

Though the sector captured a similar gain yesterday, sluggishness amongst chipmakers this week persisted, with the PHLX Semiconductor Index posting a modest gain of 0.1%, which leaves it down 1.5% for the week.

The energy sector (+0.7%) rounded out the top three performers, with a vast majority of its constituents capturing modest gains amid a $0.94 increase in oil prices to $66.19 per barrel, a change of 1.4%.

The eight other sectors finished in negative territory, though the consumer discretionary (-1.2%) and materials (-0.8%) were the only sectors with losses greater than 0.5%.

The consumer discretionary sector faced pressure after Tesla (TSLA 305.30, -27.26, -8.2%) reported EPS in-line, with an 11.8% decrease in revenues year-over-year and deliveries falling 13.5% in that same time span. More importantly, CEO Elon Musk warned of "a few rough quarters" ahead, citing the expiration of federal electric vehicle tax credits as a significant headwind.

Chipotle Mexican Grill (CMG 45.76, -7.02, -13.3%) also traded lower following its earnings release, which saw the company report EPS in line, with revenues rising a slim 3.0% year-over-year, and issuing flat FY25 comparable sales guidance.

Despite the poor showing from Tesla, mega-cap stocks performed well, with the Vanguard Mega Cap Growth ETF finishing with a 0.4% gain. The outperformance in mega-cap names preserved early gains in the major averages, as eight sectors finished in negative territory and breadth figures favored decliners by a nearly 2-to-1 ratio. 

Relatively broad-based selling activity saw small-cap and mid-cap stocks give back some of their gains from earlier in the week, as the S&P Mid Cap 400 finished with a loss of 0.9%, and the Russell 2000 lost 1.3%.

Today's session reflected the idea that the market is still optimistic about the potential of AI growth, but a lack of trade developments and other headlines resulted in some profit taking in most other spaces. 

U.S. Treasuries finished Thursday with losses in most tenors, though the long end outperformed, allowing the long bond to reclaim its opening loss by the close. Longer tenors climbed off their lows after today's second batch of data showed that flash July S&P Global U.S. Manufacturing PMI (49.5; prior 52.9) returned to contraction, while activity in the services sector accelerated, with the flash July S&P Global U.S. Services PMI hitting 55.2, up from 52.9 in June.

The 10-year note yield settled up two basis points to 4.41%.

• Nasdaq Composite: +9.1% YTD
• S&P 500: +8.2% YTD
• DJIA: +5.0% YTD
• S&P 400: +2.2% YTD
• Russell 2000: +1.0% YTD

Reviewing today's data:

• New home sales increased 0.6% month-over-month in June to a seasonally adjusted annual rate of 627,000 units (Briefing.com consensus 650,000) from an unrevised 623,000 in May. This leaves the pace of sales near the lowest level of the year, comparable to what was seen in October. On a year-over-year basis, new home sales were down 6.6%.
  • The key takeaway from the report is that is that the pace of sales remained near the lowest level of the year, as sharp decreases in sales in the Northeast and the West masked gains in the Midwest and the South. There was pressure on the median selling price as homes priced between $300,000 and $399,000 accounted for 35% of all sales, up from 25% in May.
• Initial jobless claims for the week ending July 19 decreased by 4,000 to a lowly 217,000 (Briefing.com consensus: 225,000). Continuing jobless claims for the week ending July 12 increased by 4,000 to 1.955 million.
  • The key takeaway from the report is still the same. The low level of initial jobless claims connotes a relatively solid labor market; however, the elevated level of continuing jobless claims connotes some added difficulty in finding a new job in the event one gets laid off by their employer.
• The S&P Global U.S. Manufacturing PMI hit 49.5 in the preliminary reading for July, down from 52.9 in June.
• The S&P Global U.S. Services PMI hit 55.2 in the preliminary reading for July, up from 52.9 in June.
• Weekly natural gas inventories increased by 23 bcf after increasing by 46 bcf a week ago.

Overseas:

• Europe: DAX +0.3%, FTSE +0.9%, CAC -0.4%
• Asia: Nikkei +1.6%, Hang Seng +0.5%, Shanghai +0.7%

Commodities:

• Crude Oil +0.82 @ 66.06
• Nat Gas +0.03 @ 3.15
• Gold -23.60 @ 3374.40
• Silver -0.26 @ 39.24
• Copper -0.02 @ 5.80

After-Hours Spotlight:

• President Trump says there was "no tension" in the meeting with Fed Chairman Jerome Powell; says it is "not necessary" to fire him; says has names in mind for Fed Chair in 2026; says Europe wants to make a trade deal
• Boston Beer Co (SAM) reports Q2 (Jun) results, revs in-line; guides FY25 EPS in-line... SAM +6.5%
• Boyd Gaming (BYD) beats by $0.21, beats on revs... BYD +1.7%
• Charles Schwab (SCHW) authorizes $20 billion stock repurchase... SCHW +1.2%
• Coursera (COUR) beats by $0.03, beats on revs; guides Q3 revs above consensus; guides FY25 revs above consensus... COUR +21.8%
• Deckers Outdoor (DECK) beats by $0.25, beats on revs; guides SepQ EPS in-line, revs in-line... DECK +4.6%
• Edwards Lifesciences (EW) beats by $0.05, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY25 EPS in-line, revs in-line... EW +5.9%
• Hexcel (HXL) beats by $0.04, beats on revs; reaffirms FY25 EPS guidance, revs guidance... HXL -0.6%
• Intel (INTC) misses by $0.11, beats on revs; guides Q3 EPS below consensus, revs above consensus; On track to achieve $17 billion non-GAAP operating expense target for 2025...  INTC -0.6%
• Mohawk (MHK) beats by $0.16, beats on revs; guides Q3 EPS below consensus... MHK +2.9%
• Newmont Corporation (NEM) beats by $0.27, beats on revs... NEM +3.3%
• US Cellular (USM) announces that it expects its Board of Directors to approve a special cash dividend in the aggregate range amount of $1.950 bln - $2.075 bln following the closing of the sale of the Company's wireless operations and select spectrum assets to T-Mobile US, Inc. (TMUS)... USM +6.3%

Fair Value for Friday, July 25:

• S&P 500: 6,400
• Nasdaq 100: 23,370
• DJIA: 44,891

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

• Earnings/Guidance (Full Earnings Calendar):
  • ADT (ADT) beats by $0.03, reports revs in-line; guides FY25 EPS in-line, revs in-line
  • Advance Auto (AAP) sees Q2 above consensus
  • Alaska Air (ALK) beats by $0.24, beats on revs; guides Q3 EPS below consensus; guides FY25 EPS in-line
  • AllianceBernstein (AB) misses by $0.01, beats on revs
  • Alphabet (GOOG) beats by $0.13, beats on revs
  • American Airlines (AAL) beats by $0.17, reports revs in-line; guides Q3 EPS below consensus; guides FY25 EPS in-line
  • Ameriprise Financial (AMP) beats by $0.11, beats on revs
  • Anglo American (NGLOY) reports Q2 production; reaffirms production and unit cost guidance
  • A.O. Smith (AOS) beats by $0.08, beats on revs; guides FY25 EPS in-line, raises revs above consensus
  • Banc of California (BANC) beats by $0.05, misses on revs
  • Blackstone (BX) reports Q2 (Jun) results, beats on revs
  • Bread Financial (BFH) beats by $1.22, reports revs in-line
  • Brunswick (BC) beats by $0.22, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY25 EPS above consensus, revs above consensus
  • Cadence Bank (CADE) beats by $0.05
  • CenterPoint (CNP) misses by $0.01; guides FY25 EPS in-line
  • Century Communities (CCS) beats by $0.25, beats on revs; Sees FY25 home deliveries of 10,000-10,500
  • Chipotle Mexican Grill (CMG) reports EPS in-line, misses on revs
  • Churchill Downs (CHDN) beats by $0.11, beats on revs; announces new $500 million share repurchase program
  • CNX Resources (CNX) reports Q2 (Jun) results, beats on revs; reaffirms outlook
  • Community Health (CYH) misses by $0.02, beats on revs
  • Core Labs (CLB) reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs in-line
  • Crown Castle (CCI) beats by $0.02, beats on revs; guides FY25 FFO in-line
  • CSX (CSX) beats by $0.02, reports revs in-line
  • CTS Corp (CTS) reports Q2 results with reaffirmed guidance
  • CVB Financial (CVBF) beats by $0.01
  • Darling Ingredients (DAR) misses by $0.16, reports revs in-line
  • Deutsche Bank (DB) reports H1 results
  • Dover (DOV) beats by $0.05, reports revs in-line; raises FY25 EPS guidance
  • Dow (DOW) misses by $0.25, misses on revs
  • EastGroup (EGP) beats by $0.01, beats on revs; guides FY25 FFO in-line
  • Essential Properties Realty Trust (EPRT) misses by $0.03, beats on revs; guides FY25 FFO below consensus
  • First American Financial (FAF) beats by $0.07, beats on revs; also approved a new $300 million share repurchase authorization
  • FirstCash (FCFS) beats by $0.12, reports revs in-line
  • Flex (FLEX) beats by $0.09, beats on revs; guides Q2 EPS in-line, revs in-line; raises FY26 EPS and revenue guidance
  • FTI Consulting (FCN) beats by $0.23, beats on revs; guides FY25 EPS in-line, revs in-line
  • Garrett Motion (GTX) beats by $0.06, beats on revs; guides FY25 revs in-line
  • Gentherm (THRM) misses by $0.04, beats on revs; guides FY25 revs above consensus
  • Globe Life (GL) misses by $0.20, misses on revs; reaffirms FY25 EPS guidance
  • Goosehead Insurance (GSHD) misses by $0.01, reports revs in-line; guides FY25 revs in-line
  • Graco (GGG) misses by $0.04, misses on revs
  • Group 1 Auto (GPI) beats by $1.02, beats on revs
  • Heartland Express (HTLD) misses by $0.05, misses on revs
  • Helix Energy (HLX) misses by $0.25, misses on revs
  • HNI (HNI) beats by $0.25, beats on revs
  • Honeywell (HON) beats by $0.09, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • IBM (IBM) beats by $0.15, beats on revs; reaffirms FY25 revenue growth of at least 5% CC; raises FY25 FCF outlook
  • ICON plc (ICLR) beats by $0.07, beats on revs; guides FY25 EPS in-line, revs in-line
  • IMAX (IMAX) beats by $0.05, beats on revs
  • Integer Holdings (ITGR) reports EPS in-line, beats on revs; reaffirms FY25 EPS guidance, guides FY25 revs in-line
  • Interparfums (IPAR) issues downside Q2 revenue guidance on weaker GUESS, DKNY fragrance sales; cites tariff and launch timing issues
  • Iridium Communications (IRDM) misses by $0.04, beats on revs
  • Kaiser Alum (KALU) beats by $0.44, beats on revs
  • Keurig Dr Pepper (KDP) reports EPS in-line, revs in-line; reaffirms FY25
  • Knight-Swift (KNX) beats by $0.02, reports revs in-line; guides Q3 EPS in-line
  • L3Harris (LHX) reports Q2 (Jun) results, beats on revs; guides FY25 EPS in-line
  • Labcorp Holdings Inc. (LH) beats by $0.18, beats on revs; guides FY25 EPS in-line, revs above consensus
  • Ladder Capital (LADR) by $0.01
  • Las Vegas Sands (LVS) beats by $0.26, beats on revs
  • Lazard (LAZ) beats by $0.12, beats on revs
  • LendingTree (TREE) guides Q2 and Q3 revs above consensus, raises FY25 sales outlook
  • LKQ (LKQ) misses by $0.05, reports revs in-line; lowers FY25 EPS below consensus
  • Lloyds Banking (LYG) reports H1 results; reaffirms FY25 outlook
  • MarineMax (HZO) misses by $0.68, misses on revs; lowers FY25 EPS guidance
  • Mattel (MAT) beats by $0.03, misses on revs; guides FY25 EPS in-line, revs in-line; reaffirms buyback target
  • MaxLinear (MXL) reports EPS in-line, beats on revs; guides Q3 revs above consensus
  • Meritage (MTH) beats by $0.07, beats on revs
  • Mobileye Global (MBLY) beats by $0.02, beats on revs; raises FY25 revs in-line
  • Molina Healthcare (MOH) misses by $0.18, beats on revs; lowers FY25 EPS below consensus, revs below consensus
  • NASDAQ (NDAQ) beats by $0.04, beats on revs, ARR increased 10% yr/yr
  • Nestle (NSRGY) reports H1 results; maintains FY25 guidance
  • Nokia (NOK) misses by €0.01, misses on revs
  • Oceaneering Intl (OII) beats by $0.09, beats on revs; Guides for Q3 consolidated EBITDA of $100-$110 mln
  • Old Republic (ORI) beats by $0.02, beats on revs
  • 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
  • Packaging Corp (PKG) beats by $0.04, reports revs in-line
  • Patterson-UTI (PTEN) misses by $0.09, beats on revs
  • PHINIA (PHIN) beats by $0.24, beats on revs; guides FY25 revs in-line
  • Plexus (PLXS) beats by $0.19, reports revs in-line; guides Q4 EPS in-line, revs below consensus
  • Pool (POOL) beats by $0.08, reports revs in-line; guides FY25 EPS in-line
  • Provident Finl (PFS) beats by $0.05
  • Raymond James (RJF) misses by $0.19, reports revs in-line
  • Reliance (RS) misses by $0.25, reports revs in-line; guides Q3 EPS below consensus
  • Ribbon Communications (RBBN) reports EPS in-line, beats on revs; guides Q3 revs in-line; reaffirms FY25 revs guidance
  • Roche Hldg (RHHBY) reports H1 results; confirms FY25 outlook
  • Rollins (ROL) reports EPS in-line, beats on revs
  • RPC (RES) misses by $0.01, reports revs in-line
  • Ryder System (R) beats by $0.21, reports revs in-line; guides Q3 EPS in-line; guides FY25 EPS in-line, revs in-line
  • SEI Investments (SEIC) beats by $0.59, misses on revs
  • ServiceNow (NOW) beats by $0.52, beats on revs
  • Sonic Automotive (SAH) beats by $0.56, reports revs in-line
  • Sonoco Products (SON) misses by $0.08, reports revs in-line; guides FY25 EPS in-line
  • South State (SSB) beats by $0.45
  • Southwest Air (LUV) misses by $0.08, reports revs in-line; authorized a new $2.0 billion share repurchase program
  • SS&C Techs (SSNC) beats by $0.06, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY25 EPS in-line, revs in-line
  • Stewart Info (STC) beats by $0.15, beats on revs
  • STMicroelectronics (STM) misses by $0.03, reports revs in-line; guides Q3 revs in-line
  • TechnipFMC (FTI) beats by $0.10, beats on revs
  • Teck Resources (TECK) beats by CAD0.14, misses on revs
  • 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
  • Textron (TXT) beats by $0.10, beats on revs; reaffirms FY25 EPS guidance
  • T-Mobile US (TMUS) beats by $0.16, reports revs in-line
  • TotalEnergies SE (TTE) reports Q2 results
  • Towne Bank (TOWN) beats by $0.16, beats on revs
  • Tractor Supply (TSCO) beats by $0.01, beats on revs; guides FY25 EPS in-line, revs in-line
  • TransUnion (TRU) beats by $0.09, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY25 EPS in-line, revs above consensus
  • TRI Pointe Homes (TPH) beats by $0.09, beats on revs; approves $50 mln repurchase program
  • United Bankshares (UBSI) beats by $0.09
  • Union Pacific (UNP) beats by $0.12, reports revs in-line, reaffirms FY25 outlook
  • United Rentals (URI) misses by $0.04, beats on revs; raises bottom end of FY25 rev guidance
  • Valero Energy (VLO) beats by $0.52, beats on revs
  • Visteon (VC) beats by $0.29, reports revs in-line; reinstates FY25 guidance, initiates dividend, to resume share repurchases after pause
  • Vodafone (VOD) reports Q1 trading update; reaffirms FY26 outlook
  • Voya Financial (VOYA) reports preliminary AUM of the Company’s IM segment was approximately $360 bln as of June 30, 2025
  • Wabtec (WAB) beats by $0.09, misses on revs; raises FY25 EPS in-line, revs in-line
  • Waste Connections (WCN) beats by $0.04, reports revs in-line; guides FY25 revs below consensus
  • Waystar Holding Corp. (WAY) sees Q2 revs above consensus
  • West Pharm (WST) beats by $0.33, beats on revs; raises FY25 EPS and revenue guidance
  • WEX (WEX) beats by $0.24, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY25 EPS above consensus, revs above consensus
  • WNS (WNS) beats by $0.07, beats on revs
  • Wyndham Hotels & Resorts (WH) beats by $0.17, beats on revs; raises FY25 EPS guidance
• General News
  • The Supreme Court allows President Trump to fire some members of the Consumer Product Safety Commission, according to NY Times
  • Senate Majority Leader John Thune says Congress will need a short-term spending bill to prevent a government shutdown on October 1, according to Politico
  • President Trump suggests countries will face tariff rates ranging from 15-50%, according to Bloomberg
  • President Trump signed an executive order to support the American AI industry by promoting the export of full-stack American AI technology packages to allies and partners worldwide
  • President Trump signed an Executive Order to facilitate the rapid and efficient buildout of data center infrastructure
  • President Trump will visit Federal Reserve at 4:00 PM ET today, per White House schedule
  • South Korea trade talks with U.S. postponed due to scheduling conflict, according to Reuters
  • UK Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed
  • Jeff Bezos mulling acquisition of CNBC, according to NY Post
  • European officials expressing optimism about trade deal with U.S. which will set tariffs at 15%, but are prepared to retaliate if no deal is reached, according to NY Times
  • AerCap (AER) delivers the first of twenty new Airbus (EADSY) A321LR aircraft on lease to Etihad Airways
  • Airbus (EADSY) announces Avolon orders 15 A330neo and 75 A321neo Airbus aircraft
  • Aldeyra Therapeutics (ALDX) announces that the European Medicines Agency has granted Orphan Designation for ADX-2191 for the treatment of inherited retinal dystrophies of the rod-dominant phenotype, including retinitis pigmentosa
  • Allegion (ALLE) beats by $0.05, beats on revs; guides FY25 EPS above consensus, revs above consensus
  • Amazon (AMZN) Founder / Executive Chair Jeff Bezos sold another 6,612,707 shares pursuant to a Rule 10b5-1 trading plan worth more than $1.5 bln
  • AstraZeneca (AZN) reports Gefurulimab nanobody met Phase III endpoints
  • Bank of America (BAC) increases quarterly cash dividend 8% to $0.28/share from $0.26/share; co also authorizes $40 billion stock repurchase program
  • Boeing (BA): FAA does not find a mechanical issue with 787 Boeing fuel control unit, according to Reuters
  • Cboe Global Markets (CBOE) announces its decision to wind down its Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform
  • CGI Group (GIB) announced a three-year, US$200-mln contract extension with the State of California
  • Chevron (CVX): Trump administration restores Chevron’s Venezuela Oil license amid prisoner swap and GOP pressure, according to WSJ
  • Comcast (CMCSA): NBC Universal could introduce a sports cable network, according to WSJ
  • Community Health (CYH) and its Board of Directors announce that Tim Hingtgen will retire from his position as chief executive officer and as a member of the Board, effective September 30, 2025
  • Corpay (CPAY) announces that it is divesting one of its legacy lower growth private label fuel card portfolios: co will redeploy approximately $100 million of capital towards Corporate Payments acquisition
  • Digital Realty Trust (DLR) announces that it is working with Oracle (ORLC) to help organizations accelerate hybrid IT and AI adoption
  • Dow (DOW) Board of Directors lowers dividend to $0.35 cents per share from $0.70 per share in response to prolonged industry downturn
  • Edwards Lifesciences (EW): FDA says EW removes arterial cannula due to risk of wire exposure
  • Franco-Nevada (FNV): Altius completes sale of 2/3 of its Silicon Gold 1.5% NSR to Franco-Nevada; Announces acquisition of 1.0% NSR on AngloGold's Arthur Gold Project in Nevada
  • GlaxoSmithKline (GSK) reports Blenrep combinations approved in EU for treatment of relapsed/refractory multiple myeloma
  • Goldman Sachs (GS) will no longer proceed with second round of job cuts, according to FT
  • Huntington Ingalls (HII) announces that its Mission Technologies division was awarded a $74 mln task order to provide modeling and simulation capabilities to the U.S. Air Force that will inform technology-fielding decisions for the space community
  • ING Groep (ING) CFO to step down in 2026
  • ING Groep (ING) has completed the acquisition of a 17.6% stake in Van Lanschot Kempen N.V., bringing the total interest in the company to 20.3%
  • Ipsen S.A (IPSEY): Cabometyx approved in the EU for previously treated advanced neuroendocrine tumors
  • JP Morgan (JPM): Lawmakers want documents from JP Morgan & Bank of America (BAC) related to CATL's IPO, according to WSJ
  • Keysight (KEYS) enables advanced Open RAN solution demonstrations at O-RAN Spring 2025 Global PlugFest
  • LexinFintech (LX) announces share repurchase program to repurchase no more than $50 million worth of its own shares over the next 12 months
  • Lindsay Corp (LNN) announces that Brian Ketcham intends to retire from his position as Senior Vice President and Chief Financial Officer effective December 31, 2025
  • McDonalds (MCD) aiming to test ‘dirty sodas' and flavored cold brews, according to WSJ
  • MGIC Investment (MTG) increases quarterly cash dividend 15% to $0.15/share from $0.13/share
  • Microsoft (MSFT): OpenAI to launch GPT-5 in August with integrated o3 reasoning and mini/nano versions, according to The Verge
  • Northrop Grumman (NOC) awarded $495 mln Air Force contract
  • Novartis AG (NVS): Matchpoint Therapeutics has entered into an exclusive option and license agreement with Novartis for the development and commercialization of oral covalent inhibitors directed at a transcription factor linked to a number of inflammatory diseases
  • NVIDIA (NVDA): President Trump once considered breakup of Nvidia, but was advised it would be too difficult, according to Bloomberg
  • NVIDIA (NVDA): $1 bln worth of NVDA AI chips were smuggled into China, according to FT
  • Orla Mining (ORLA) reports that an uncontrolled material movement event occurred on the pit wall at its Camino Rojo Oxide Mine in Zacatecas, Mexico
  • Parsons (PSN) announces that the company’s joint venture with Versar was awarded a $75 mln single award delivery order contract by the United States Army Corps of Engineers Middle East District for construction phase support services
  • Pfizer (PFE) announces the completion of a global, ex-China, licensing agreement with 3SBio, Inc. (TRSBF) granting Pfizer exclusive rights for the development, manufacturing and commercialization of 3SBio’s SSGJ-707, a bispecific antibody targeting PD-1 and VEGF developed using 3SBio’s proprietary CLF2 platform
  • Pilgrim's (PPC) Pride will invest $400 mln to expand in Georgia
  • QuantumScape Corporation (QS) and PowerCo expand collaboration to accelerate solid-state battery technology commercialization
  • Rio Tinto (RIO) and Azimut expand previous agreements to include lithium rights on Wabamisk East Property, James Bay Region, Quebec
  • Roche (RHHBY) in discussions to sell medicines directly to patients, according to FT
  • Rocket Pharmaceuticals (RCKT) announces strategic corporate reorganization and pipeline prioritization; 30% workforce reduction
  • Rocket Pharmaceuticals (RCKT) announces a strategic corporate reorganization and pipeline prioritization aimed at maximizing near-term value, extending operational runway into the second quarter of 2027, and positioning the company for sustained long-term growth
  • RTX (RTX): State Department has made a determination approving a possible foreign military sale to the Government of Egypt of National Advanced Surface-to-Air Missile System and related elements of logistics and program support for an estimated cost of $4.67 bln
  • Sarepta Therapeutics (SRPT): FDA official tells SRPT they would have to conduct new studies to get Duchenne muscular dystrophy therapies back on market, according to End Points
  • ServiceNow (NOW) and CapZone announce a strategic partnership to build a national network of next generation digital solutions for mission-critical manufacturing facilities; extends end-to-end AI agent orchestration with agentic workforce management
  • SoftBank (SFTBY) supported inMobi wants IPO, according to Bloomberg
  • Sony (SONY): Bandai Namco (NCBDF) and Sony sign strategic partnership
  • Sotera Health's (SHC) Sterigenics entered into settlement agreements
  • South State (SSB) increases quarterly cash dividend to $0.60/share from $0.54/share
  • Sprouts Farmers Market (SFM) entered into a short-term extension agreement of the distribution agreement; continues to work to finalize the terms of a long-term agreement with KeHE
  • Sun Communities (SUI) appoints Charles Young as CEO effective October 1
  • Target (TGT) will soon end price match policy, according to NY Times
  • Teck Resources (TECK) approves construction of Highland Valley Copper Mine life extension to proceed
  • Telomir Pharmaceuticals (TELO) reported new preclinical results showing that its lead compound, Telomir-1, restored mitochondrial function without triggering oxidative stress or cell proliferation in human cells derived from a patient with Hutchinson-Gilford Progeria Syndrome
  • Verastem Oncology (VSTM) granted fast track designation for VS-7375 for the Treatment of KRAS G12D-mutated locally advanced or metastatic pancreatic cancer
  • Walt Disney (DIS): NFL in discussions to purchase 10% stake in ESPN - CNBC
  • WeRide (WRD) has launched Saudi Arabia’s first Robotaxi pilot service in Riyadh
  • West Fraser (WFG) confirms Government of British Columbia approving the creation of a new First Nations Woodland Licence in the Smithers area
  • Yum China (YUMC) Announces Disclosure under Hong Kong Stock Exchange Rules in Relation to a Possible Quarterly Dividend
  • ZimVie (ZIMV) announces a strategic distribution agreement with Osstem Implant Co., a leading dental solutions provider specializing in high-quality implants and integrated dental technologies globally

• Upgrades:
  • ASML (ASML) upgraded to Buy from Neutral at New Street
  • BASF (BASFY) upgraded to Overweight from Equal Weight at Morgan Stanley
  • Birkenstock (BIRK) upgraded to Buy from Neutral at Goldman, tgt $60
  • Boeing (BA) upgraded to Outperform from Neutral at KGI Securities, tgt $266
  • CB Financial (CBFV) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $39
  • Crown Castle (CCI) upgraded to Overweight from Equal Weight at Wells Fargo, tgt $125
  • CSX (CSX) upgraded to Buy from Hold at Deutsche Bank, tgt $40
  • General Dynamics (GD) upgraded to Outperform from Perform at Wolfe Research, tgt $360
  • Icon (ICLR) upgraded to Outperform from Neutral at Robert W. Baird, tgt $224
  • Mercantile Bank (MBWM) upgraded to Outperform from Market Perform at Raymond James, tgt $55
  • Northern Trust (NTRS) upgraded to Peer Perform from Underperform at Wolfe Research
  • Spotify (SPOT) upgraded to Outperform from Perform at Oppenheimer, tgt $800
  • Travel + Leisure (TNL) upgraded to Outperform from Neutral at Mizuho, tgt $72
  • Varonis (VRNS) upgraded to Buy from Hold at Jefferies, tgt$65
• Downgrades:
  • BankUnited (BKU) downgraded to Neutral from Overweight at Piper Sandler, tgt $43
  • BHP Group (BHP) downgraded to Sell from Hold at Berenberg, tgt $44
  • Chubb (CB) downgraded to Neutral from Overweight at Piper Sandler, tgt $283
  • Community Health (CYH) downgraded to Hold from Buy at Jefferies, tgt $3
  • Enovix (ENVX) downgraded to Neutral from Overweight at JPMorgan, tgt $12
  • Goosehead Insurance (GSHD) downgraded to Neutral from Overweight at Piper Sandler, tgt $109
  • Johnson Controls (JCI) downgraded to Hold from Buy at Jefferies, tgt $120
  • KeyCorp (KEY) downgraded to Neutral from Buy at Citigroup, tgt $20
  • Saia (SAIA) downgraded to Hold from Buy at Stifel, tgt $306
  • Titan America (TTAM) downgraded to Underperform from Neutral at BofA Securities, tgt $14
• Others:
  • Braze (BRZE) initiated with an Outperform at Mizuho, tgt $40
  • Elbit Systems (ESLT) initiated with a Buy at BofA Securities, tgt $500
  • Eupraxia Pharmaceuticals (EPRX) initiated with an Overweight at Cantor Fitzgerald, tgt $11
  • Hawkins (HWKN) initiated with a Market Perform at Raymond James
  • HP Enterprise (HPE) reinstated with a Neutral at Goldman, tgt $22
  • Sagimet Biosciences (SGMT) initiated with a Buy at Canaccord, tgt $28
  • Sarepta (SRPT) initiated with a Sell at Citigroup, tgt $7

• Econ Data (Friday):
  • 8:30 ET: June Durable Orders (Briefing.com consensus -11.0%; prior 16.4%) and Durable Orders ex-transport (Briefing.com consensus -0.2%; prior 0.5%)

• 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