After Hours Report

The major averages spent most of the session drifting near unchanged levels amid lower-than-average trading volume, suggesting investors exercised some caution ahead of Alphabet's (GOOG 341.91, -4.28, -1.24%) and Tesla's (TSLA 374.13, -4.80, -1.27%) earnings reports after the close. The S&P 500 (-0.1%), Nasdaq Composite (-0.6%), and DJIA (flat) finished near their opening levels as stocks gave back some early gains throughout the afternoon.

Semiconductor stocks opened lower following yesterday's rally but quickly attracted buy-the-dip interest, allowing the PHLX Semiconductor Index to reverse an early decline and finish 0.4% higher. NVIDIA (NVDA 212.04, +4.75, +2.29%) was the only "Magnificent Seven" stock that finished higher, while Advanced Micro Devices (AMD 552.33, +7.90, +1.45%) gained after announcing a strategic partnership with Anthropic.

The semiconductor rebound helped the information technology sector (flat) shake off an opening loss, though it was held back by pronounced weakness across software stocks. The iShares Expanded Tech-Software Sector ETF (IGV) fell 3.0% after Pegasystems (PEGA 25.99, -4.95, -16.00%) reported disappointing results and said rapid changes in the AI landscape have caused customers to delay purchasing decisions, echoing similar commentary from IBM (IBM 206.09, -4.41, -2.10%) last week. ServiceNow (NOW 95.45, -6.61, -6.48%) was particularly weak ahead of its earnings report after the close.

Elsewhere in the sector, Super Micro Computer (SMCI 30.56, +5.06, +19.84%) surged after issuing encouraging margin guidance and reporting a record backlog, supporting gains across other AI infrastructure names such as Dell (DELL 441.70, +37.55, +9.29%) and Hewlett Packard Enterprise (HPE 48.14, +1.42, +3.04%).

Despite some notably strong pockets of tech, it was a relatively weak day for mega-cap stocks. The Vanguard Mega Cap Growth ETF shed 0.6%, with Meta Platforms (META 627.17, -16.64, -2.58%), Alphabet (GOOG 341.91, -4.28, -1.24%), Tesla (TSLA 374.13, -4.80, -1.27%), and Amazon (AMZN 244.85, -2.70, -1.09%) all finishing lower. The consumer discretionary sector (-0.8%) and communication services sector (-1.3%) finished as the worst-performing S&P 500 sectors.

The consumer discretionary sector also faced pressure in some of its more rate-sensitive components, such as Carvana (CVNA 62.74, -2.84, -4.32%) and DoorDash (DASH 177.73, -10.31, -5.48%), as rising oil prices put upward pressure on Treasury yields again today.

Unsurprisingly, the energy sector (+1.2%) outperformed amid the bump in oil prices, with crude oil futures settling today's session $1.86 higher (+2.2%) at $86.85 per barrel. Crude remained supported throughout the session after President Trump renewed threats of strikes against Iranian infrastructure, while Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that regional infrastructure would not be safe if such attacks were carried out, keeping geopolitical tensions elevated.

EQT Corp. (EQT 54.04, +4.24, +8.50%) was also a post-earnings standout after the company modestly missed EPS expectations but signed a five-year offtake agreement with a large Asian integrated energy company during the second quarter, among other deals.

Other notable earnings movers included Wabtec (WAB 289.98, +26.45, +10.04%) and CME Group (CME 249.24, +11.86, +5.00%) to the upside, while GE Vernova (GEV 987.08, -91.73, -8.50%) moved sharply lower.

Meanwhile, the materials sector (+1.5%) outperformed as precious metal prices rose today, while the utilities sector (+2.3%) captured the widest gain despite the bump in Treasury yields, as electrical utility names such as NRG Energy (NRG 139.93, +8.33, +6.33%) and Constellation Energy (CEG 274.90, +12.68, +4.84%) continued to benefit from optimism surrounding AI-driven electricity demand.

The Russell 2000 (-1.0%) lagged significantly, while the S&P MidCap 400 finished flat.

Overall, today's subdued action did little to alter the market's recent trend, with the S&P 500 continuing to hover near the 7,500 level after spending much of the past month in a relatively tight trading range. Investors will now turn their attention to earnings from Alphabet (GOOG 341.91, -4.28, -1.24%) and Tesla (TSLA 374.13, -4.80, -1.27%), which should provide the market's next meaningful catalyst and offer further insight into AI spending, monetization, and broader capital spending trends.

U.S. Treasuries continued this week's retreat on Wednesday with yields on 2-year, 3-year, and 7-year notes joining the 5-year note yield at fresh highs for the year, reflecting worries about more persistent inflation from the price of oil, which has risen steadily over the past three weeks. Treasuries finished the session just above their morning lows with longer tenors dipping back to those levels after the U.S. Treasury reopened $13 billion in 20-year bonds to lukewarm demand. The 2-year note yield settled up four basis points to 4.30%, and the 10-year note yield settled up three basis points to 4.66%.

• Russell 2000: +19.3% YTD
• S&P Mid Cap 400: +14.5% YTD
• Nasdaq Composite: +10.5% YTD
• S&P 500: +9.6% YTD
• DJIA: +8.7% YTD

Reviewing today's data:

• Weekly MBA Mortgage Applications Index 1.9%; Prior -2.7%

 Overseas:

• Europe: DAX +0.7%, FTSE +1.2%, CAC +0.9%
• Asia: Nikkei -0.2%, Hang Seng -1.0%, Shanghai +0.1%

Commodities:

• Crude Oil +1.86 @ 86.85
• Nat Gas +0.06 @ 2.93
• Gold +74.90 @ 4151.60
• Silver +1.15 @ 60.26
• Copper -0.06 @ 6.49

After-Hours Spotlight:

• Alphabet (GOOG/GOOGL) beats by $6.23, beats on revs...GOOG -2.4%
• CSX (CSX) beats by $0.02, beats on revs, guides to FY26 mid to high-single digit revenue growth...CSX +4.2%
• IBM (IBM) reports Q2 results in-line with lowered guidance last week; lowers FY26 CC revenue growth guidance to +4-5%...IBM +2.1%
• Kaiser Alum (KALU) beats by $2.87, beats on revs; provides FY26 guidance...KALU +6.3%
• Knight-Swift (KNX) beats by $0.12, beats on revs; guides Q3 EPS in-line...KNX flat
• Las Vegas Sands (LVS) misses by $0.17, misses on revs; increases repurchase...LVS -5.3%
• Medpace (MEDP) beats by $0.27, beats on revs; provides FY25 guidance...MEDP +18.2%
• Molina Healthcare (MOH) beats by $0.12, reports revs in-line; guides FY26 EPS above consensus...MOH -9.1%
• Richardson Electronics (RELL) Reports Strong Fourth Quarter and Fiscal 2026 Results...RELL +16.8%
• Rollins (ROL) misses by $0.02, misses on revs...ROL -11.1%
• ServiceNow (NOW) beats by $0.04, beats on revs; raises FY26 subscription revenue guidance...NOW +3.6%
• Tesla (TSLA) misses by $0.20, beats on revs, gross margin down 41 bps to 16.8%; First generation production lines for Optimus being installed in anticipate of production in 2026...TSLA -3.0%
• Texas Instruments (TXN) beats by $0.15, beats on revs; guides Q3 EPS above consensus, revs above consensus...TXN -2.8%
• United Rentals (URI) beats by $1.22, beats on revs; raises FY26 revs above consensus...URI +11.1%

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

• Earnings/Guidance (Full Earnings Calendar):
  • AAR Corp (AIR) beats by $0.15, beats on revs; provides Q1 (Mar) and FY27 guidance
  • ADTRAN (ADTN) sees Q2 EPS and revs below expectations
  • Alaska Air (ALK) beats by $0.07, reports revs in-line; guides Q3 EPS below consensus
  • AT&T (T) beats by $0.06, reports revs in-line; reaffirms FY26 EPS guidance
  • Avino Silver & Gold (ASM) reports Q2 production results of 267,305 silver oz; 2,178 gold oz; and 729,929 pounds of copper for a total of 534,945 silver equivalent
  • Bank OZK (OZK) beats by $0.01
  • BankUnited (BKU) misses by $0.03
  • Cal-Maine Foods (CALM) misses by $0.84, misses on revs
  • Capital One (COF) beats by $1.14, reports revs in-line; also reported June card metrics
  • Chubb (CB) beats by $0.48, reports revs
  • CME Group (CME) beats by $0.08, beats on revs
  • East West Banc (EWBC) beats by $0.02, beats on revs; provides Q3 (Sep) guidance
  • Equinor (EQNR) misses by $0.05; beats on revs
  • EQT Corp. (EQT) misses by $0.02
  • First Financial Bancorp (FFBC) misses by $0.05; also increases dividend
  • GE Vernova (GEV) misses by $0.70, beats on revs; raises FY26 revs above consensus; raises FY26 free cash flow outlook
  • Hancock Whitney (HWC) reports EPS in line, beats on revs; Board authorizes buyback program
  • Interactive Brokers (IBKR) beats by $0.05, beats on revs; provides FY26 guidance
  • Iridium Communications (IRDM) misses by $0.19, beats on revs
  • Marqeta (MQ) and zerohash announce a collaboration to integrate zerohash’s stablecoin infrastructure into Marqeta’s flexible card issuing capabilities
  • Moody's (MCO) beats by $0.42, beats on revs; guides FY26 EPS in-line
  • National Bank (NBHC) misses by $0.03, misses on revs; provides Q2 (Jun) guidance
  • Northern Trust (NTRS) beats by $1.52, reports revs in-line
  • Old National Bancorp (ONB)beats by $0.02, beats on revs; provides Q3 (Sep) guidance
  • Otis Worldwide (OTIS) reports EPS in-line, beats on revs; guides FY26 EPS below consensus, reaffirms FY26 revs guidance
  • Pegasystems (PEGA) misses by $0.08, misses on revs; provides FY26 guidance
  • PulteGroup (PHM) beats by $0.12, beats on revs
  • Range Resources (RRC) beats by $0.14, beats on revs
  • RPM Inc (RPM) beats by $0.06, beats on revs; provides Q1 (Mar) and FY27 guidance; Board authorizes $0.7000 bln buyback program
  • Southern Copper (SCCO) beats by $0.04, reports revs in-line
  • Stifel Financial (SF) beats by $0.09, beats on revs; provides Q3 (Sep) guidance
  • Super Micro Computer (SMCI) guides JunQ revs to the low end of guidance, but raises gross margin guidance; backlog rose to record levels
  • TE Connectivity (TEL) beats by $0.10, beats on revs; guides Q4 EPS above consensus, revs above consensus; to acquire Astrodyne TDI for ~$1.4 bln
  • Teledyne Tech (TDY) beats by $0.49, beats on revs; guides Q3 EPS above consensus; guides FY26 EPS above consensus
  • Travel + Leisure Co (TNL) reports EPS in line, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Vale S.A. (VALE) reports higher Q2 production and sales across all major segments
  • Wabtec (WAB) beats by $0.15, beats on revs; raises FY26 EPS in-line, revs in-line
  • Weatherford (WFRD) misses by $0.35, beats on revs; provides FY26 guidance
  • Webster Financial (WBS) misses by $0.04, misses on revs
  • Western Alliance Bancorp (WAL) reports EPS in-line, beats on revs
• General News
  • Secretary for State Marco Rubio at the ASEAN Foreign Ministers’ meeting says U.S. always committed to diplomacy with Iran, but Iran is “not serious” about talks
  • Naval group says Houthis are ready to attack shipping near the Bab el-Mandeb strait. Bloomberg
  • BOJ open to increasing rates faster. Bloomberg
  • House passes bill to extend government funding from September 30 through December 4. The Senate plans to craft their own continuing resolution. Senate Majority Leader John Thune warns they could use the reconciliation process to fund government if they can't reach a deal with Democrats. Politico
  • President Trump approves a 30-day civilian nuclear agreement with Saudi Arabia. WSJ
  • President Trump says "Effective August 1st, 2026, all generic drugs being brought into the United States will continue to have a tariff of zero percent for a two year period of time, after which the tariff will be raised to 100% for a one year period of time, and 200% thereafter.
  • Utilities join President Trump's plan to limit artificial intelligence driven increases in utility bills. WSJ
  • The White House is planning on redirecting billions in research funding away from universities and towards artificial intelligence. WSJ
  • OpenAI to increase planned cloud spending to $750 bln from its prior projection of $600 bln, according to WSJ
  • OpenAI is introducing OpenAI Presence
  • FDA is announcing the termination and reestablishment of the peripheral and central nervous system drugs advisory committee by the Commissioner of Food and Drugs
  • Judge rules that Zelle must face New York AG lawsuit over alleged fraud, according to Reuters
  • White House Office of Science and Technology Director Michael Kratsios says "We have information that Moonshot AI distilled Anthropic’s Fable for the development of its K3 model"
  • Senate Commerce Committee votes to advance bill to strengthen ban on Chinese autos to a full Senate vote
  • Senate crypto bill would bar presidents, federal officials from issuing digital assets, according to CNBC
  • FAA will issue a final rule to ensure aircraft radio altimeters can withstand interference from 5G wireless signals in neighboring spectrum bands
  • QatarEnergy aiming to extend force majeure on liquefied natural gas shipments through middle of October, according to Bloomberg
  • Iran warns "no infrastructure will be safe" in the Middle East if U.S. bombs Iranian power plants and bridges, according to CBS News
  • Advanced Energy (AEIS) launches 1100W half-brick PFC module
  • Advanced Micro Devices (AMD) and Vultr support University of Cambridge's TESSERA AI project
  • AirJoule (AIRJ), Kubota (6326.JP) strike exclusive residential sales pact and begin Texas, California deployments
  • Alaska Air (ALK) to replace Hawaiian's 717 Neighbor Island fleet with 737-800s starting in 2028
  • Alaska Air (ALK) to add four leased 737-800 freighters, doubling dedicated cargo capacity
  • Allison Transmission (ALSN) to supply transmissions for about 3,000 GDELS EAGLE V vehicles under German Armed Forces order
  • Amazon (AMZN) now reduces workforce in their artificial general intelligence department as they continue cutting jobs across the company, according to Reuters
  • AMD (AMD), Anthropic partner on up to 2 GW of MI450 GPU deployments; AMD commits up to $5 bln equity investment
  • American Express (AXP) partners with Accor loyalty program for Canada points transfers, status match
  • Apple (AAPL) looking to capitalize on AI market demand with major MacBook redesign, according to Bloomberg
  • Armstrong World (AWI) raises quarterly dividend to $0.339/share from $0.308/share; adds $800 mln to buyback
  • Array (ARRY) launches 60-degree solar tracker variant aimed at hail resilience and lower capex
  • Arrowhead (ARWR) reports topline results from Phase 3 SHASTA-3 and SHASTA-4 studies of plozasiran in patients with severe hypertriglyceridemia
  • Aurora (AUR) launches second-generation driverless trucks; Roush targets 1,000-unit annual run-rate by year-end
  • BAE Systems (BAESY) recently brought government and defense industry experts together to host the Metro Detroit region's first-ever plugfest at its Virtual Proving Ground in Sterling Heights, Michigan
  • Baidu (BIDU) applies to convert Hong Kong listing to dual-primary status
  • Bombardier (BDRBF) lands 10-year support contract with Swedish Armed Forces
  • Braskem SA (BAK) clarifies media reports; reiterates to its Investors that it remains fully committed to continuing discussions with its financial creditors
  • BridgeBio NDA (BBIO) for encaleret in ADH1 accepted by FDA; PDUFA set for May 8, 2027
  • C&F Financial (CFFI) expands into Lynchburg market, hires Ryan White as Market Executive
  • Cadiz (CDZI) signs MOU with RIC Energy to add solar at Cadiz Ranch, expand hydrogen infrastructure planning
  • CAE (CAE) and Leonardo expand collaboration to advance M-346 training and develop next-generation integrated training capabilities
  • Celldex (CLDX) Phase 2 barzolvolimab study in prurigo nodularis misses key efficacy goals
  • Cerebras (CBRS), CrowdStrike partner on AI detection and response; Cerebras to standardize on Falcon platform
  • Charter (CHTR) launches Spectrum Mobile Unlimited Plus Premium plan
  • China Pharma (CPHI) announces pricing of $5 mln registered direct offering
  • Coeur (CDE) outlines record 2026 exploration spend at Palmarejo, Las Chispas
  • Coupang (CPNG) dispute not holding up U.S. trade agenda with South Korea. Reuters
  • Dexcom (DXCM): FDA announces first participant selected for TEMPO for Digital Health Devices Pilot
  • Diageo plc (DEO): Some DEO teams could face 30% reductions, according to Reuters
  • Dover (DOV) unit launches ProGauge MagLink Anywhere tank-gauge mobile app
  • Elanco Animal Health's (ELAN) Credelio Quattro kills ticks faster than leading competitors Simparica Trio and NexGard Plus
  • EQT Corp. (EQT) signed a 5-year offtake agreement with a large Asian integrated energy company in Q2
  • Estee Lauder (EL) discloses data breach; says "We became aware of a cybersecurity issue involving a vulnerability in the Oracle (ORCL) E-Business Suite system which is used by the Estee Lauder Companies"
  • Eve Air Mobility (EVEX) partners with Florida DOT on AAM testing initiative at SunTrax Air
  • Fermi America (FRMI) announces first Siemens turbines arrive at Port of Houston
  • FirstCash (FCFS) names Brent Stuart CEO effective Jan. 1; Rick Wessel to become executive chairman
  • Fox (FOXA): World Cup Final had 38.9 million viewers on Fox. NY Times
  • GE Aerospace (GE) & Magellan Aerospace sign memorandum of understanding for F414 sustainment
  • Goodyear Tire (GT) discloses plan to close its Fayetteville, North Carolina manufacturing facility
  • Greenwich LifeSciences (GLSI) announces the regulatory approval to expand FLAMINGO-01 into the United Kingdom
  • GSK (GSK) wins FDA approval for Jideytro in previously treated ROS1-positive NSCLC
  • HPE (HPE) selected for multiple DOE Genesis Mission R&D projects; to deliver Lux AI system with AMD
  • HUHUTECH International Group (HUHU) announces construction has commenced on the fourth semiconductor engineering project awarded by its Arizona-based semiconductor customer
  • ICF (ICFI) wins $25 mln Army Research Lab cyber subcontract from Parsons
  • Immuneering (IMRX) announces the publication of new findings in Cancer Research, a leading peer-reviewed journal of the American Association for Cancer Research, characterizing the differentiated mechanism and broad preclinical activity of atebimetinib
  • Infleqtion (INFQ) to deploy fault-tolerant neutral-atom quantum computer in Illinois by 2027
  • Joby (JOBY), Virgin Atlantic finalize multi-year UK air taxi partnership
  • Karman (KRMN) wins $21.3 mln Northrop Grumman contract for Navy MK 54 torpedo exercise section
  • Krystal Biotech (KRYS) filed with the U.S. Patent and Trademark Office a response to an Office Action in connection with a published patent application relating to KB801
  • Lyft (LYFT): New York City law for ride share driver protection blocked by judge, according to Bloomberg
  • McEwen Mining (MUX) files NI 43-101 technical reports: Grey Fox prefeasibility study in Ontario and Lookout Mountain and Windfall mineral resource estimate in Nevada
  • Meta's (META) AI incubator aiming to develop a competitor to OpenRouter. The Information
  • Meta Platforms (META): Plaintiff drops case against META in social media addiction trial; META called it a "baseless lawsuit" - CNBC
  • MiniMed (MMED) says Flex insulin pump now available to Medicare, Medicare Advantage beneficiaries
  • Monday.com (MNDY) initiates a restructuring plan that includes a reduction of approximately 20% of its current workforce; Also expects FY26 revenue growth to be at or above prior guidance of 19-20%
  • Morningstar (MORN) launches US Capital Allocation Leaders Index; Global X to use it for CPTL ETF
  • Nano Dimension (NNDM) names Moshe Rozenbaum interim CEO; Phillip Borenstein becomes chairman
  • Natera (NTRA): Signatera MRD outperformed AMERK testing in predicting merkel cell carcinoma recurrence in JAMA dermatology study
  • Nestle (NSRGY) nearing deal to sell stake in European water business at a EUR 5 bln valuation, according to FT
  • Newell's (NWL) Coleman launches limited-edition Kane Brown collection in multi-year partnership
  • Nike (NKE) to sell products to Chinese consumers online through storefronts. Reuters
  • NIQ (NIQ) expands Circle K analytics deal to 12+ countries across North America and Europe
  • Northern Trust (NTRS) raises quarterly common dividend to $0.88/share
  • Nurix (NRIX) collaboration with Roche (RHHBY) closes after HSR clearance
  • Nutex Health (NUTX) amended Payment Dispute Resolution Services Agreement; expects a reduction in our overall arbitration related costs
  • Nvidia (NVDA) CEO Jensen Huang says America has nothing to fear from China's AI models. Axios
  • NVIDIA (NVDA): GMI Cloud announced a strategic collaboration with NVIDIA as part of its selective approach to building long-term compute partnerships
  • OceanaGold Corporation (OGC) announces renewal of share buyback
  • Oklo Inc. (OKLO) and X-energy join Trump administration program to bring new nuclear reactors online faster for AI, according to Bloomberg
  • OraSure (OSUR) gets FDA EUA for second-generation OraQuick Ebola test
  • Paramount Skydance (PSKY): EU Commission approves Paramount's acquisition of Warner Brothers (WBD) subject to conditions
  • Penumbra (PEN) says THUNDER study met performance goal for THUNDERBOLT in stroke
  • Pharvaris N.V. (PHVS) announces the publication of a comprehensive review article in Clinical Reviews in Allergy & Immunology providing a state-of-the-art overview of the biology of bradykinin and the bradykinin B2 receptor, and summarizing the growing body of evidence supporting B2R antagonism as a therapeutic strategy for bradykinin-mediated diseases
  • Prologis (PLD) says SEGRO board would be minded to recommend best-and-final proposal; deadline extended to Aug. 12
  • Public Storage (PSA) closes National Storage Affiliates acquisition
  • Qualcomm (QCOM), Samsung (SSNLF) expand AI partnership across new Galaxy device lineup
  • QumulusAI (QMLS) signs $18 mln+ two-year take-or-pay Blackwell B300 supply agreement
  • Red Cat Holdings (RCAT) determined to terminate Chief Revenue Officer Geoffrey Hitchcock effective on July 23; Mr. Hitchcock filed a civil complaint
  • Reddit (RDDT) considering shutting off Google (GOOG, GOOGL) access. WSJ
  • Repligen (RGEN) discloses merger details including that BioLife (BLFS) may be required to pay Repligen a termination fee of $59,000,000
  • Rockwell Automation (ROK) modernizes end-of-line operations at Ken's Foods, improving performance, reducing complexity and supporting continued growth
  • Robinhood (HOOD) rolls out Platinum Card with complimentary Function membership benefit
  • Rocket Lab USA (RKLB) awarded a $266 mln Air Force contract for suborbital launch
  • Root (ROOT) launches behavior-based auto insurance in New Jersey, expands to 37 states
  • RTX's (RTX) Pratt & Whitney tops 800 GTF engine orders and commitments in 2026 YTD
  • Scripps (SSP) promotes Dean Littleton to newly created president of media role
  • Sharon AI (SHAZ) names Macquarie veteran Anuj Goel CFO, replacing Tim Broadfoot
  • SK hynix Inc. (SKHY) issues clarification regarding rumors or media reports
  • SK hynix Inc. (SKHY) Board approved an increase in the investment amount for the construction of the Company’s advanced packaging plant called “P&T7” in Cheongju, Korea
  • Southern Co's (SO) Georgia Power to serve OpenAI Effingham County project under 25-year load-flexibility deal
  • SpaceX (SPCX) considering more data center expansion in Texas, according to The Information
  • SpaceX's (SPCX) Cursor introduces Cursor Router
  • SS&C (SSNC) selected by Allspring to unify U.S. intermediary distribution data
  • Standard Nuclear (STDN) says Tennessee, Idaho fuel facilities are substantially complete
  • Summit Therapeutics (SMMT) says updated Phase III HARMONi OS analysis for ivonescimab shows HR of 0.76, with western patients aligning with Asia
  • SuperX (SUPX) partners with Mercuria Asia on AI infrastructure; Mercuria makes convertible note and warrant investment
  • T. Rowe Price (TROW) launches two-day active ETF marketing installation in Manhattan
  • Tapestry (TPR): Kate Spade New York announces the appointment of Jonathan Saunders as Executive Creative Director, effective August 26, 2026
  • Telus (TU) announces changes to its executive leadership as a first step in a transformation of the company's core telecom business to drive sustainable growth
  • UBS (UBS) opens Dallas wealth advice hub with capacity for more than 170 advisors and staff
  • Upbound Group (UPBD) details recent cybersecurity incidents
  • Vale S.A. (VALE) responds to Brazilian regulator inquiry ahead of shareholder meeting
  • Vertical Aerospace (EVTL) signs Saudi GACA MoU on eVTOL certification framework
  • Walt Disney (DIS) modestly higher in after hours trading as Pixar Animation Studios takes brunt of company-wide layoffs, according to Variety
  • Whirlpool (WHR) partners with GrowthLoop on KitchenAid small-appliance DTC marketing
  • Workday (WDAY) launches AI-native Workday Learning product with Sana
  • Zoetis (ZTS) launches Portela for feline osteoarthritis pain in Canada, EU
  • Zoom (ZM) adds AI sales-assist, query and roleplay tools to Revenue Accelerator

• Upgrades:
  • CoreWeave (CRWV) upgraded to Buy from Hold at Truist, tgt $126
    
  • DigitalOcean (DOCN) upgraded to Buy from Hold at Stifel, tgt $160
    
  • Everforth (EFOR) upgraded to Buy from Hold at Truist, tgt $36
    
  • IDACORP (IDA) upgraded to Equal Weight from Underweight at Wells Fargo, tgt $154
    
  • Nestle (NSRGY) upgraded to Buy from Hold at Jefferies
    
  • OMA (OMAB) upgraded to Neutral from Underweight at JPMorgan
    
  • Reckitt Benckiser (RBGLY) upgraded to Buy from Hold at Jefferies
• Downgrades:
  • Amcor (AMCR) downgraded to Hold from Buy at Jefferies, tgt $44.92
    
  • Asur (ASR) downgraded to Underweight from Neutral at JPMorgan
    
  • Crown Holdings (CCK) downgraded to Neutral from Overweight at JPMorgan, tgt $121
    
  • Danone (DANOY) downgraded to Underperform from Buy at Jefferies
    
  • Marsh McLennan (MRSH) downgraded to Neutral from Buy at Citigroup, tgt $200
    
  • Mercantile Bank (MBWM) downgraded to Market Perform from Outperform at Hovde Group, tgt $62
    
  • Pegasystems (PEGA) downgraded to Market Perform from Outperform at Citizens
    
  • Roper Technologies (ROP) downgraded to Market Perform from Strong Buy at Raymond James
  • Vornado Realty Trust (VNO) downgraded to Underweight from Equal Weight at Morgan Stanley, tgt $32
    
  • Washington Trust Bancorp (WASH) downgraded to Neutral from Buy at Seaport Research
• Others:
  • Advanced Energy (AEIS) initiated with an Overweight at Morgan Stanley, tgt $421
    
  • Affirm (AFRM) initiated with an Outperform at Bernstein, tgt $100
    
  • Altria Group (MO) initiated with a Neutral at BTIG Research
    
  • British American Tobacco (BTI) initiated with a Buy at BTIG Research
    
  • Circle Internet (CRCL) initiated with a Market Perform at Raymond James
    
  • Concrete Pumping (BBCP) initiated with a Buy at Texas Capital, tgt $15
    
  • CoreWeave (CRWV) initiated with an Outperform at Robert W. Baird, tgt $100
    
  • Corsair Gaming (CRSR) initiated with a Buy at Roth Capital, tgt $15
    
  • Digital Turbine (APPS) initiated with a Buy at Benchmark, tgt $15
    
  • DigitalOcean (DOCN) initiated with an Outperform at Robert W. Baird, tgt $165
    
  • Equillium (EQ) initiated with a Buy at Clear Street, tgt $9
    
  • Generac (GNRC) initiated with an Overweight at Cantor Fitzgerald, tgt $325
    
  • High Tide (HITI) initiated with a Buy at D. Boral Capital, tgt $4
    
  • IBM (IBM) initiated with a Neutral at Robert W. Baird, tgt $230
    
  • Imperial Brands (IMBBY) initiated with a Neutral at BTIG Research
    
  • Industrial Logistics Properties Trust (ILPT) initiated with a Buy at Lucid Capital, tgt $11.50
  • Inflection Point Acquisition III (IPCX) initiated with a Speculative Buy at Benchmark, tgt $12
    
  • Ispire Technology (ISPR) initiated with a Buy at BTIG Research, tgt $3.50
    
  • Japan Tobacco (JAPAY) initiated with a Buy at BTIG Research
    
  • Keel Infrastructure (KEEL) initiated with a Buy at BTIG Research, tgt $8
    
  • Lyell Immunopharma (LYEL) initiated with a Buy at B. Riley, tgt $44
    
  • Mama's Creations (MAMA) initiated with a Buy at Benchmark, tgt $25
    
  • Nebius (NBIS) initiated with an Outperform at Robert W. Baird, tgt $250
    
  • Nektar Therapeutics (NKTR) initiated with a Buy at Canaccord, tgt $153
    
  • Philip Morris (PM) initiated with a Buy at BTIG Research, tgt $216
    
  • Seven Hills Realty Trust (SEVN) initiated with a Neutral at Lucid Capital, tgt $8.50
  • Turning Point Brands (TPB) initiated with a Buy at BTIG Research, tgt $103

• Econ Data (Thursday):
  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 214,000; prior 208,000) and Continuing Claims (prior 1.805 mln)
  • 10:30 ET: Weekly natural gas inventories (prior +41 bcf)

• Earnings:
  • Monday (July 20)
    • Pre-Market: AMC DPZ
    • After-Hours: BOKF CALX CCK MCRI STLD WRB WTFC ZION
  • Tuesday (July 21)
    • Pre-Market: MMM ALLY AUB SCHW DHI DHR EFX FOR GM GPC HAL HAS KEY MRSH MSCI NOC NVS SYF VMI VICR
    • After-Hours: AIR ALK OZK COF CB EWBC EQT FFBC HWC IBKR NBHC PEGA RRC WBS WAL WFRD
  • Wednesday (July 22)
    • Pre-Market: T BMI CALM CME GEV MCO NTRS ONB PM RPM SF TEL TDY TNL WAB OTIS
    • After-Hours: GOOG AVB CATY CCS CYH CCI CSX EGP ELS EQR EPRT FAF FR FULT GTY GL GSHD GGG IBM KALU KMI KNX LVS LBRT MEDP MOH OII PKG PNFP QS RJF RS RNR RLI ROL SEIC NOW SLG SON STC TSLA TCBI TXN WCN WEX WH LUV
  • Thursday (July 23)
    • Pre-Market: ACI ALLE AMP AMBP BX BFH CLF DOV DOW FCX THRM HOG HON HBAN LADR LAZ LMT HZO MBLY NDAQ NOK NSC NVCR ORI PCG POOL BPOP DGX ROP RTX R SNA STM TECK COCO TMO TMUS TSCO UNP VLY VC WST AAL IMAX URI
    • After-Hours: ABCB APPF ASB SAM BYD COLB CUBI DECK DLR EW ENVA GBCI HIG HTH INTC KNSL KN MXL NEM OVV PECO REXR RNG RHI SLM SAP SIGI SKYW SSB SSNC VRSN WKC WSFS
  • Friday (July 24)
    • Pre-market: AXP BAH CNI CHTR FHB FLG GNTX HCA LW NEE SXT SLB THC VZ
    • Afternoon: None