After Hours Report

Sustained enthusiasm across the AI trade sent the S&P 500 (+0.8%) and Nasdaq Composite (+0.9%) to fresh record highs again today, while the DJIA (+0.8%) reclaimed and closed above the 50,000 mark.

There was relatively firmer participation across the broader market today, which helped the DJIA keep pace with the other major indices, but its gain is also largely due to an impressive post-earnings rally from Cisco (CSCO 115.53, +13.66, +13.41%). The company decidedly topped earnings expectations and issued much better-than-expected Q4 guidance driven by accelerating AI infrastructure demand and broad-based networking strength.

Cisco's gain made it the top-performing component of the information technology sector (+1.9%) and the S&P 500 as a whole.

The world's largest company by market capitalization, NVIDIA (NVDA 235.74, +9.92, +4.39%), also posted a solid gain today that leaves it on the doorstep of a double-digit gain for the week. Reuters reported that the U.S. approved sales of the company's H200 chip to ten Chinese companies, while UBS raised its price target on the stock to $275 from $245.

NVIDIA's gain helped the PHLX Semiconductor Index (+0.5%) finish higher despite some profit-taking after yesterday's rally. Meanwhile, software stocks outperformed, sending the iShares GS Software ETF 2.3% higher. 

The eagerly anticipated IPO of Cerebras Systems (CBRS 311.07, +126.07, +68.15%) added to today's AI momentum, with the upsized 30.0 million-share deal pricing at $185 per share, well above the already raised $150-$160 range, before opening at $350 for an 89% first-trade gain. The deal underscores the huge appetite for pure-play AI infrastructure exposure, but it also leaves investors staring at a nose-bleed valuation with a market cap near $70 billion and a price-to-sales multiple close to 140x.

Elsewhere, gains were more modest, with six total S&P 500 sectors finishing higher. The energy sector (+0.8%) was a top performer amid a modest increase in oil prices, though geopolitical headlines remained muted today, with the summit between President Trump and Chinese President Xi producing little in the way of surprises.

Mega-cap stocks outside of the technology sector faced some profit-taking after yesterday's rally, which contributed to weakness in the consumer discretionary (-0.3%) and communication services (-0.2%) sectors.

The materials (-0.8%) and real estate (-0.6%) sectors underperformed.

Outside of the S&P 500, the Russell 2000 (+0.7%) and S&P Mid Cap 400 (+0.4%) captured decent gains.

Overall, it was another winning session for stocks as the AI trade was supported by several catalysts, while the broader market fared better than in recent sessions marked by narrow leadership. Weaker breadth has prompted some analyst concerns around stretched valuations and the potential for speculative excess across AI-linked names, but the exceptionally strong Q1 earnings season and continued flow of supportive catalysts have helped reinforce confidence in the rally and provide meaningful fundamental support for many of the market's leaders. Additionally, investors have consistently stepped in to buy recent pullbacks across semiconductors and mega-cap tech stocks, reinforcing the market's momentum and helping keep the major averages near record territory.

U.S. Treasuries finished Thursday on a mostly higher note, though intraday action saw a pullback in shorter tenors while the long end outperfo rmed, hanging onto the bulk of today's starting gains. The 2-year note yield finished unchanged at 3.99%, and the 10-year note yield settled down two basis points to 4.46%.  

• Russell 2000: +15.2% YTD
• Nasdaq Composite: +14.6% YTD
• S&P Mid Cap 400: +11.0% YTD
• S&P 500: +9.6% YTD
• DJIA: +4.2% YTD

Reviewing today's data:

• April Retail Sales 0.5% (Briefing.com consensus 0.4%); Prior was revised to 1.6% from 1.7%, April Retail Sales, ex-auto 0.7% (Briefing.com consensus 0.4%); Prior 1.9%
  • The key takeaway from the report is that solid spending activity was seen across most retail categories in April, which is when consumers were digesting the gas price shock from the Iran war. Excluding auto and gasoline station sales, retail sales were up 0.5% month-over-month.
• Weekly Initial Claims 211K (Briefing.com consensus 208K); Prior was revised to 199K from 200K, Weekly Continuing Claims 1.782 mln; Prior was revised to 1.758 mln from 1.766 mln
  • The key takeaway from the report is that, even though initial and continuing jobless claims were up in the latest week, neither has risen to a level that would ring alarm bells about a serious deterioration in the labor market.
• April Import Prices 1.9%; Prior was revised to 0.9% from 0.8%
• April Import Price ex-oil 0.8%; Prior was revised to 0.2% from 0.6%
• April Export Prices 3.3%; Prior was revised to 1.5% from 1.6%
• April Export Prices ex-ag. 3.4%; Prior was revised to 1.6% from 1.7%
• March Business Inventories 0.9% (Briefing.com consensus 0.3%); Prior 0.4%

Overseas:

• Europe: DAX +1.3%, FTSE +0.5%, CAC +0.9%
• Asia: Nikkei -1.0%, Hang Seng flat, Shanghai -1.5%

Commodities:

• Crude Oil +0.15 @ 101.16
• Nat Gas +0.04 @ 2.90
• Gold -22.70 @ 4683.60
• Silver -3.99 @ 85.29
• Copper -0.06 @ 6.61

After-Hours Spotlight:

• Applied Materials (AMAT) beats by $0.18, beats on revs; guides Q3 (Jul) EPS and revenue above consensus...AMAT +1.8%
• Boot Barn Holdings (BOOT) beats by $0.03, beats on revs, comps +6.1%; guides JunQ EPS below consensus, revs above consensus; guides FY27 EPS in-line, revs above consensus...BOOT +8.6%
• dLocal Limited (DLO) misses by $0.03, beats on revs...DLO -4.0%
• Figma (FIG) beats by $0.04, beats on revs; guides Q2 revs above consensus; guides FY26 revs above consensus...FIG +10.5%
• Gemini Space Station (GEMI) beats by $0.10, beats on revs; announces $100 mln strategic investment from Winklevoss Capital...GEMI +15.7%
• Heartflow (HTFL) beats by $0.03, beats on revs; guides FY26 revs above consensus...HTFL -8.2%
• Rumble (RUM) misses by $0.03 (two estimates), misses on revs...RUM -4.8%
• York Space Systems (YSS) reports Q1 results, beats on revs; reaffirms FY26 revs guidance...YSS +7.4%

Fair Value for Friday, May 15:

• S&P 500: 7,524
• Nasdaq 100: 29,687
• DJIA: 50,144

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

• Earnings/Guidance (Full Earnings Calendar):
  • Amdocs (DOX) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY26 revs in-line
  • Aveanna (AVAH) beats by $0.05, beats on revs; guides FY26 revs in-line
  • Bullish (BLSH) reports Q1 (Mar) results, misses on revs; Reaffirms FY26 guidance
  • Canada Goose (GOOS) misses by CAD0.03, beats on revs
  • Canadian Solar (CSIQ) beats by $0.11, beats on revs; guides Q2 revs below consensus
  • Capital Southwest Corp. (CSWC) beats by $0.01
  • Cellebrite DI (CLBT) beats by $0.07, beats on revs; guides Q2 revs below consensus; guides FY26 revs in-line
  • Cisco (CSCO) beats by $0.03, beats on revs; guides Q4 EPS and revs well above consensus; Broad-based, record high demand; raised expectations for AI infrastructure from hyperscalers
  • Copa Holdings (CPA) beats by $1.02, beats on revs
  • Cormedix (CRMD) beats by $0.09, beats on revs; raises FY26 revenue and adjusted EBITDA guidance
  • Dillard's (DDS) beats by $0.57, beats on revs; Q1 comps +3%
  • Doximity (DOCS) beats by $0.10, reports revs in-line; guides Q1 revs below consensus; guides FY27 revs below consensus
  • Enovix (ENVX) beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line
  • EquipmentShare.com (EQPT) beats by $0.12, beats on revs; guides FY26 revs in-line
  • Fermi America (FRMI) misses by $0.27 (two estimates), reports no revenue
  • Grocery Outlet (GO) beats by $0.03, beats on revs; comp sales -1%; reaffirms FY26 EPS guidance, revs guidance
  • Honda Motor (HMC) reports FY results; beats on revs; sees next year revs above consensus
  • Jack In The Box (JACK) beats by $0.02, reports revs in-line, same-store sales decreased 3.8%; Issues FY26 guidance, including forecast of low single digit same-store sales decline; Also appoints Mark King as Executive Chairman and Interim Chief Executive Officer
  • Klarna Group plc (KLAR) beats by $0.17, beats on revs; guides Q2 revs below consensus; reaffirms FY26 outlook
  • Legence Corp. (LGN) reports Q1 (Mar) results, beats on revs; guides Q2 revs above consensus; raises FY26 revs above consensus
  • NIQ Global Intelligence plc (NIQ) beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs above consensus; guides FY26 EPS in-line, revs above consensus
  • Prestige Consumer (PBH) misses by $0.16, misses on revs; guides FY27 EPS below consensus, revs in-line; announces acquisition of LaCorium Health
  • STAAR Surgical (STAA) reports Q1 (Mar) results, beats on revs
  • StubHub Holdings (STUB) beats by $0.05, beats on revs; reaffirms FY26 guidance
  • Teekay Tankers (TNK) beats by $0.19, beats on revs; declares special cash dividend of $1.00/share
  • USA Rare Earth (USAR) beats by $0.01, beats on revs
  • Versant (VSNT) beats by $0.41, beats on revs; Announces planned $100 mln accelerated share repurchase transaction
  • Viking Holdings Ltd (VIK) reports EPS in-line, beats on revs; announces CEO transition
  • WhiteFiber (WYFI) misses by $0.03, beats on revs
  • Wolverine (WWW) reports Q1 (Mar) results, beats on revs; guides FY26 EPS in-line, reaffirms FY26 revs guidance
  • YETI Holdings (YETI) beats by $0.08, beats on revs; guides FY26 EPS above consensus
• General News
  • Vice President JD Vance says the U.S. is making progress on Iran talks. Reuters
  • President Trump and Chinese President Xi agreed the Strait of Hormuz should remain a free waterway. WSJ
  • Chinese President Xi warns President Trump that mishandling of Taiwan could lead to "an extremely dangerous situation". WSJ
  • Chinese President Xi and President Trump agreed to build a "constructive China-U.S. relationship of strategic stability." CNBC
  • Secretary of State Marco Rubio says China is not in favor of Iran militarizing the Straits of Hormuz; says U.S. is not asking for China’s help with Iran, according to NBC News interview
  • The House passes a bill to allow year-round sales of E15 gasoline, but it is unlikely to pass the Senate. Politico
  • China renews import licenses for hundreds of U.S. beef plants. Bloomberg
  • China is interested in purchasing more U.S. oil. WSJ
  • Angela Rayner preparing for potential leadership bid against Prime Minister Keir Starmer. Bloomberg
  • The Trump administration and 29 healthcare partners want to simplify the prior authorization process. Axios
  • Two Japanese tankers crossed the Strait of Hormuz following outreach from Prime Minister Sanae Takaichi, according to WSJ
  • Transportation Secretary Sean Duffy to invest $3 billion in rebuilding America’s aging bridges
  • New York planning new tax on NYC homes worth over $1 mln that were paid for with cash, according to Bloomberg
  • First oil tanker since May 7 loads at Kharg Island, according to WSJ
  • Accenture (ACN) and OpenAI announce strategic collaboration to help U.S. federal agencies rapidly adopt, migrate, and scale advanced AI
  • Amdocs (DOX) announces a strategic multi-year agreement with Telefónica Móviles Argentina; also makes several other announcements
  • Apple (AAPL): Chinese President Xi told executives from Apple, Nvidia (NVDA), and Tesla (TSLA) that China's door to business will only open "wider and wider." FT
  • Apple's (AAPL) partnership with OpenAI is becoming strained, according to Bloomberg
  • AstraZeneca (AZN) reports Phase III VOLGA data for Imfinzi combinations in muscle-invasive bladder cancer
  • AST SpaceMobile (ASTS) commends the announcement by AT&T (T), T-Mobile (TMUS), and Verizon (VZ) to form a joint venture to extend mobile connectivity for wireless customers by using satellite-based, direct-to-service technologies
  • BCE Inc (BCE) announces the next set of development and construction partners for Bell AI Fabric's 300 MW data centre in the Rural Municipality of Sherwood, Saskatchewan, and formalized a long-term partnership with Bird Construction to support a multi-year, Canada-wide AI data centre buildout
  • Blackrock's (BLK) GLP among firms targeting $30 billion in infrastructure deals. Reuters
  • Boeing (BA): President Trump says China will purchase 200 Boeing jets, according to Reuters
  • Caesars Entertainment (CZR): Banks have committed to financing Tilman Fertitta's bid for CZR, according to FT
  • Calix Networks (CALX) expanded its industry-leading Wi-Fi 7 portfolio for the AI-native Calix One platform to increase ARPU across residential, business, and MDU markets
  • Celcuity’s (CELC) Phase 3 VIKTORIA-2 Trial of Gedatolisib as a First-Line Treatment for HR+/HER2- Advanced Breast Cancer Expanding to Include Endocrine-Sensitive Patients
  • C.H. Robinson (CHRW) responds to Supreme Court decision in the Montgomery v. Caribe Transport case and reinforces support for strong federal safety oversight
  • Charter Comm (CHTR): Spectrum and Warner Bros. Discovery (WBD) announce that the discovery+ streaming app is now included at no additional cost for customers with eligible Spectrum TV plans
  • Cisco (CSCO) announces workforce reduction
  • Deluxe (DLX) announces a merchant services partnership with Dollar Bank
  • Doximity (DOCS) announces an integration with Aledade in which company will integrate components of its HIPAA-compliant Clinical AI Suite
  • Ionis Pharma (IONS) announces that its partner, Biogen, shared compelling topline results from the Phase 2 CELIA study evaluating diranersen in individuals with early Alzheimer’s disease
  • IQVIA (IQV) and Kexing Biopharm expand strategic collaboration to accelerate global biosimilar development using AI-enabled capabilities
  • Kodiak Gas Services (KGS) announces it has priced its previously announced underwritten public offering of 10,563,380 shares of common stock at a price to the public of $71.00 per share
  • Lululemon (LULU) incoming CEO Heidi O'Neill believes she is underestimated. Bloomberg
  • Microsoft (MSFT): UK CMA is investigating whether to designate Microsoft as having strategic market status in respect of its business software ecosystem
  • Motorola Solutions (MSI) announces a $100 million plan to scale and diversify the manufacturing and supply chain operations of Silvus Technologies
  • Netflix (NFLX) building AI-native animation studio INKubator for short-form content, according to Lowpass
  • Nexa Resources (NEXA) announces that operations at the Cajamarquilla smelter in Peru have been temporarily suspended following an incident this morning that resulted in a fire
  • NVIDIA (NVDA): The U.S. approves Nvidia H200 chip sales to ten Chinese companies. Reuters
  • Power Solutions International (PSIX) discloses that CEO Constantine Xykis resigned, effective May 12, 2026
  • Quaker Chemical (KWR) announces the Board of Directors has elected Mark A. Douglas as Chairman of the Board, effective immediately; approved a new share repurchase program authorizing the Company to repurchase up to an aggregate of $250 million of its common stock
  • REGENXBIO (RGNX) announces positive topline results from pivotal phase III AFFINITY DUCHENNE study of RGX-202
  • Replimune (REPL) shares ticking higher following WSJ opinion piece that discusses its cancer treatment
  • Siemens AG (SIEGY) in presentation slides says it intends to deconsolidate Siemens Healthineers 30% spin-off to Siemens AG shareholders
  • Starz Entertainment Corp (STRZ): Byron Allen targets Starz for next big deal, according to Hollywood Reporter
  • Taiwan Semiconductor Manufacturing (TSM) expects global chip market to reach $1.5 trln by 2030, according to Reuters
  • UPS (UPS): Kevin Warsh resigns from Board of Directors after confirmation as Fed Chair
  • UWM Holdings (UWMC) provides clarity on latest disingenuous announcement by Two Harbors
  • Verizon (VZ): FCC approves Verizon Wireless acquisition of United States Cellular Corporation spectrum licenses

• Upgrades:
  • AN2 Therapeutics (ANTX) upgraded to Outperform from Market Perform at Leerink, tgt $9
  • Cheesecake Factory (CAKE) upgraded to Neutral from Underweight at JPMorgan, tgt $68
  • Commercial Metals (CMC) upgraded to Buy from Neutral at UBS, tgt $89
  • Compass Minerals (CMP) upgraded to Neutral from Underweight at JPMorgan, tgt $30
  • Gladstone Land (LAND) upgraded to Buy from Neutral at Lucid Capital, tgt $11.50
  • Illumina (ILMN) upgraded to Outperform from Neutral at Daiwa, tgt $155
  • Orsted (DNNGY) upgraded to Overweight from Equal Weight at Morgan Stanley
  • Starbucks (SBUX) upgraded to Buy from Hold at TD Cowen, tgt $120
  • Staar Surgical (STAA) upgraded to Outperform from Neutral at Wedbush, tgt $40
• Downgrades:
  • Amphastar (AMPH) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $19
  • Autohome (ATHM) downgraded to Hold from Buy at HSBC, tgt $17.30
  • Bandai Namco (NCBDF) downgraded to Sell from Buy at Goldman
  • Camden Property (CPT) downgraded to Underperform from Sector Perform at Scotiabank, tgt $95
  • Doximity (DOCS) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $18
  • Doximity (DOCS) downgraded to Hold from Buy at Jefferies, tgt $19
  • Doximity (DOCS) downgraded to Neutral from Buy at BTIG Research
  • Doximity (DOCS) downgraded to Neutral from Outperform at Robert W. Baird, tgt $18
  • Doximity (DOCS) downgraded to Sector Weight from Overweight at KeyBanc
  • Everpure (P) downgraded to Neutral from Buy at Citigroup, tgt $90
  • Flex LNG (FLNG) downgraded to Reduce from Hold at Kepler Cheuvreux, tgt $25
  • JBS (JBS) downgraded to Neutral from Overweight at JPMorgan, tgt $18.50
  • KT Corp. (KT) downgraded to Neutral from Buy at BofA Securities, tgt $23.08
  • MAA (MAA) downgraded to Underperform from Sector Perform at Scotiabank, tgt $120
  • Prestige Consumer (PBH) downgraded to Perform from Outperform at Oppenheimer
  • Solv Energy (MWH) downgraded to Neutral from Buy at UBS, tgt $50
  • Solstice Advance Materials (SOLS) downgraded to Hold from Buy at Vertical Research; tgt $90
  • Tango Therapeutics (TNGX) downgraded to Hold from Buy at Jefferies, tgt $27
  • Whirlpool (WHR) downgraded to Neutral from Buy at Goldman, tgt $53
  • Wix.com (WIX) downgraded to Equal Weight from Overweight at Wells Fargo, tgt $54
  • Wix.com (WIX) downgraded to Neutral from Buy at Citigroup, tgt $66
  • Wix.com (WIX) downgraded to Sector Perform from Outperform at RBC Capital, tgt $60
• Others:
  • Academy Sports (ASO) initiated with an Overweight at Stephens, tgt $78
  • Brightstar Lottery (BRSL) initiated with a Neutral at BNP Paribas Exane, tgt $12.60
  • Cipher Mining (CIFR) initiated with a Buy at Jefferies, tgt $32
  • DraftKings (DKNG) initiated with an Underperform at BNP Paribas Exane, tgt $20
  • Flutter Entertainment (FLUT) initiated with an Underperform at BNP Paribas Exane, tgt $80
  • Hut 8 (HUT) initiated with a Buy at Jefferies, tgt $156
  • Kalaris Therapeutics (KLRS) initiated with an Outperform at Wedbush, tgt $17
  • Riot Platforms (RIOT) initiated with a Hold at Jefferies, tgt $24
  • Suncrete (RMIX) initiated with a Buy at Roth Capital, tgt $21
  • TeraWulf (WULF) initiated with a Buy at Jefferies, tgt $28

• Econ Data (Friday):
  • 8:30 ET: May Empire State Manufacturing survey (Briefing.com consensus 6.2; prior 11.0)
  • 9:15 ET: April Industrial Production (Briefing.com consensus 0.2%; prior -0.5%) and Capacity Utilization (Briefing.com consensus 75.7%; prior 75.7%)

• Earnings:
  • Monday (May 11)
    • Pre-Market: APC B CERT CEVA CRCL CEG DOLE NVRI AGNT FOXA FSK LQDA MNDY MOS NESR SBH SDRL PRKS UNIT
    • After-Hours: ACM AMTM ASTS CDRE CLSK FIGR HALO HLIT HLIO HIMS KGS MARA NOVT OVV PLUG METC RGTI SPG STE WBTN GTM
      
    Tuesday (May 12)
    • Pre-Market: ARMK ARVN BETA BRSL CAMT CDNL IMOS QBTS DCO ETOR AG JBI TIGO ONON Q RAL SFL TME UAA VG VSTS ZBRA
    • After-Hours: ANDG ATRO BGS FNV JBS KRMN LIF NXT OKLO REZI
  • Wednesday (May 13)
    • Pre-Market: BABA BIRK DT GLBE KRNT EYE TSEM VSH WIX
      
    • After-Hours: ARX BTGO CSWC CSCO CPA DOCS EQPT GO JACK MFC PBH STAA STUB TNK
  • Thursday (May 14)
    • Pre-Market: AVAH BTDR BLSH GOOS CSIQ CLBT CRMD FPS KLAR LGN NIQ NVMI VSNT VIK WWW YETI
    • After-Hours: AMAT DLO FIG GLOB HTFL KLC RUM YSS
  • Friday (May 15)
    • Pre-market: RBC
    • After-Hours: None