After Hours Report

The stock market ended sharply lower on Thursday as investors reassessed the cost of the AI arms race following earnings from Alphabet (GOOG 318.34, -23.57, -6.89%) and Tesla (TSLA 319.60, -54.41, -14.55%), while another surge in oil prices added to inflation concerns and pushed Treasury yields higher. The S&P 500 (-1.2%), Nasdaq Composite (-2.2%), and DJIA (-1.0%) all finished near their session lows, with growth stocks bearing the brunt of the selling pressure.

The market's largest technology companies led the retreat after Alphabet substantially increased its FY26 capital expenditure guidance, raising fresh questions about margins, free cash flow, and how quickly massive AI investments will generate meaningful returns. The announcement also reinforced the notion that other hyperscalers may have little choice but to continue raising AI spending to remain competitive, even as investors become increasingly focused on capital discipline. Tesla added to the cautious tone after pairing a disappointing earnings report with an even more aggressive investment outlook, reinforcing concerns that spending on AI and autonomous vehicle initiatives may continue to outpace near-term profitability.

The shift in sentiment weighed heavily on the market's largest growth stocks, with all seven "Magnificent Seven" components finishing lower and the Vanguard Mega Cap Growth ETF declining 2.4%. The communication services (-5.2%) and consumer discretionary (-5.1%) sectors finished as the weakest-performing sectors, reflecting the outsized declines in Alphabet and Tesla, as well as Amazon (AMZN 233.66, -11.19, -4.57%) and Meta Platforms (META 606.10, -21.07, -3.36%).

Technology shares were not universally weak, however. The information technology sector lost 1.1%, but companies tied to AI infrastructure spending continued to outperform their hyperscaler customers. The PHLX Semiconductor Index slipped just 0.5%.

The day's losses were compounded by another sharp advance in oil prices. Crude oil futures settled $5.24 higher (+6.0%) at $92.09 per barrel after reports of Houthi attacks on commercial shipping in the Red Sea intensified geopolitical concerns. The move extended crude's weekly gain to roughly 13%, lifted Treasury yields across the curve, and prompted investors to further price in the possibility of additional Federal Reserve tightening.

According to the CME FedWatch Tool, markets now assign a 35.8% probability of a rate hike at next week's FOMC meeting, up from 11.8% just one week ago. The probability for a September rate hike has increased to 80.1%.

Despite the sharp decline in the major averages, weakness remained significantly more concentrated among the market's largest companies. The S&P 500 Equal Weight Index fell just 0.4%, while the Russell 2000 (-0.7%) and S&P MidCap 400 (-0.4%) both outperformed.

Elsewhere, there were several pockets of strength. The industrials sector (+1.8%) led all sectors behind well-received earnings from United Rentals (URI 1139.71, +104.65, +10.11%), Lockheed Martin (LMT 568.59, +54.23, +10.54%), and Thermo Fisher (TMO 572.32, +45.86, +8.71%), while the energy sector (+0.6%) also finished higher as oil prices rallied.

The defensive healthcare (+1.3%) and utilities (+0.5%) sectors also outperformed, with Quest Diagnostics (DGX 227.90, +18.07, +8.61%) surging after a beat-and-raise report of its own.

Ultimately, today's action reflected a market increasingly focused on the economics of the AI buildout. While investors grew more cautious toward the hyperscalers funding those investments, companies tied to AI infrastructure spending generally proved more resilient, even as rising oil prices and higher Treasury yields created a more challenging backdrop for growth stocks as a whole. 

U.S. Treasuries continued this week's retreat, sending yields on the 10-year note and shorter tenors to their highest levels since early 2025 while the 30-year yield stopped just shy of its highest level since late 2007. The 2-year note yield settled up six basis points to 4.36%, and the 10-year note yield settled up five basis points to 4.70%. 

• Russell 2000: +18.5% YTD
• S&P Mid Cap 400: +14.0% YTD
• S&P 500: +8.2% YTD
• Nasdaq Composite: +8.2% YTD
• DJIA: +7.6% YTD

Reviewing today's data:

• Weekly Initial Claims 187K (Briefing.com consensus 214K); Prior was revised to 209K from 208K, Weekly Continuing Claims 1.796 mln; Prior was revised to 1.798 mln from 1.805 mln
  
  • The key takeaway from the report is that the low level of initial claims is a signpost of a labor market that continues to see low firing activity, which is a good sign for continued increases in consumer spending.

 Overseas:

• Europe: DAX -1.8%, FTSE -0.7%, CAC -1.6%
• Asia: Nikkei +0.5%, Hang Seng +1.3%, Shanghai +0.3%

Commodities:

• Crude Oil +5.24 @ 92.09
• Nat Gas -0.01 @ 2.92
• Gold -101.90 @ 4049.70
• Silver -2.19 @ 58.07
• Copper -0.15 @ 6.34

After-Hours Spotlight:

• President Trump to impose broad new tariffs on 60 trading partners as existing duties expire, according to CNBC
• Amkor (AMKR), NVIDIA (NVDA) strike $1.5 bln multi-year advanced packaging pact...AMKR +17.3%, NVDA -0.1%
• Boston Beer Co (SAM) beats by $0.13, reports revs in-line; reaffirms FY26 EPS guidance...SAM -1.7%
• Comfort Systems (FIX) beats by $2.08, beats on revs; provides Q3 (Sep) guidance...FIX -0.2%
• Deckers Outdoor (DECK) beats by $0.06, reports revs in-line; raises FY27 guidance...DECK -8.0%
• Edwards Lifesciences (EW) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; reaffirms FY26 EPS guidance, guides FY26 revs in-line...EW +5.3%
• GE HealthCare (GEHC) CFO Jay Saccaro to step down; company gives preliminary Q2 update and reaffirms FY26 outlook...GEHC +0.1%
• Intel (INTC) beats by $0.20, beats on revs, gross margin up 12.1 ppts; guides Q3 EPS above consensus, revs above consensus...INTC +5.7%
• MaxLinear (MXL) beats by $0.02, beats on revs; provides Q2 (Jun) and FY26 guidance...MXL -9.6%
• Oracle (ORCL) wins up to $6.99 bln DoW enterprise software IDIQ contract...ORCL +2.2%
• RingCentral (RNG) beats by $0.06, beats on revs; provides Q3 (Sep) and FY26 guidance; raises dividend 67%...RNG +1.5%
• Robert Half (RHI) reports EPS in line, beats on revs...RHI -1.8%
• SpaceX (SPCX) says it is now targeting Friday, July 24 for Starship's thirteenth flight test, due to weather...SPCX -1.2%
• Tenet Healthcare (THC) beats by $1.86, beats on revs; raises FY26 EPS guidance; narrows FY26 revenue guidance; authorized a $2.0 billion increase to the share repurchase program...THC +12.6%

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

• Earnings/Guidance (Full Earnings Calendar):
  • Albertsons (ACI) misses by $0.13, beats on revs; provides FY26 guidance; raises dividend 13%
  • Allegion (ALLE) beats by $0.18, beats on revs; raises FY26 EPS above consensus, revs in-line
  • Alphabet (GOOG) beats by $6.23, beats on revs
  • American Airlines (AAL) beats by $0.12, beats on revs; provides Q3 (Sep) and FY26 guidance
  • AvalonBay (AVB) beats by $0.05
  • Blackstone (BX) beats by $0.20, beats on revs
  • Bread Financial (BFH) beats by $0.81, beats on revs; Issues FY26 outlook, sees average loans up low-to-mid-single digits
  • Cathay Bancorp (CATY) beats by $0.02, beats on revs; provides Q3 (Sep) guidance; Board authorizes $0.150 bln buyback program
  • Cleveland-Cliffs (CLF) beats by $0.01, misses on revs
  • Comcast (CMCSA) beats by $0.07, beats on revs
  • Crown Castle (CCI) beats by $0.07, beats on revs; reaffirms FY26 FFO guidance
  • CSX (CSX) beats by $0.02, beats on revs, guides to FY26 mid to high-single digit revenue growth
  • Dassault Systemes (DASTY) reports Q2 results; to acquire ArisGlobal for up to $2.0 bln
  • Dover (DOV) beats by $0.02, reports revs in-line; guides FY26 EPS in-line, revs in-line
  • Dow (DOW) beats by $0.16, reports revs in-line
  • Essential Properties Realty Trust (EPRT) misses by $0.04, beats on revs; guides FY26 FFO below consensus
  • Equity Lifestyle Properties (ELS) beats by $0.02, beats on revs; provides Q3 (Sep) and FY26 guidance
  • First American Financial (FAF) beats by $0.31, beats on revs
  • FirstCash (FCFS) beats by $0.11, beats on revs; provides FY26 guidance; Board authorizes $0.150 bln buyback program
  • FirstService (FSV) beats by $0.04, misses on revs
  • Getty Realty Corp. (GTY) reports EPS in line, beats on revs
  • Globe Life (GL) misses by $0.02, reports revs in-line
  • Goosehead Insurance (GSHD) beats by $0.17, beats on revs
  • Graco (GGG) beats by $0.10, misses on revs; guides Q3 revenue in line
  • Harley-Davidson (HOG) beats by $0.11, beats on revs
  • Honeywell (HON) reports Q2 (Jun) results, beats on revs
  • IBM (IBM) reports Q2 results in-line with lowered guidance last week; lowers FY26 CC revenue growth guidance to +4-5%
  • IMAX (IMAX) beats by $0.15, beats on revs; provides guidance
  • James Hardie (JHX) raises Q1 outlook above consensus
  • Kaiser Alum (KALU) beats by $2.87, beats on revs; provides FY26 guidance
  • Kinder Morgan (KMI) beats by $0.05, beats on revs; reaffirms FY26 EPS guidance
  • Knight-Swift (KNX) beats by $0.12, beats on revs; guides Q3 EPS in-line
  • Las Vegas Sands (LVS) misses by $0.17, misses on revs; increases repurchase
  • Lazard (LAZ) misses by $0.22, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Liberty Energy (LBRT) beats by $0.01, beats on revs; provides Q3 (Sep) guidance
  • Lockheed Martin (LMT) beats by $0.75, beats on revs; guides raises EPS above consensus, revs above consensus
  • Medpace (MEDP) beats by $0.27, beats on revs; provides FY25 guidance
  • Mobileye Global (MBLY) beats by $0.13, beats on revs; provides Q2 (Jun) and FY26 guidance
  • Molina Healthcare (MOH) beats by $0.12, reports revs in-line; guides FY26 EPS above consensus
  • NASDAQ (NDAQ) beats by $0.09, beats on revs; provides FY26 guidance
  • Nestle (NSRGY) reports H1 results; maintains FY26 outlook
  • Nokia (NOK) beats by €0.02, misses on revs; updates FY26 profit outlook for discontinued operations change
  • Oceaneering Intl (OII) beats by $0.17, beats on revs
  • Packaging Corp (PKG) beats by $0.04, reports revs in-line
  • PG&E (PCG) beats by $0.04, misses on revs; reaffirms FY26 EPS guidance 
  • Pinnacle Finl (PNFP) beats by $0.04, misses on revs
  • Pool (POOL) beats by $0.05, beats on revs; provides FY26 guidance
  • Quest Diagnostics (DGX) beats by $0.30, beats on revs; raises FY26 EPS above consensus, revs above consensus
  • Raymond James (RJF) beats by $0.21, beats on revs
  • Reliance, Inc. (RS) beats by $0.80, beats on revs; provides Q3 (Sep) and FY26 guidance
  • RenaissanceRe (RNR) beats by $1.20, Gross Premiums Written increased by 10.4%
  • RLI Corp (RLI) beats by $0.11, beats on revs
  • Roche Hldg (RHHBY) reports H1 results; confirms FY26 outlook
  • Rollins (ROL) misses by $0.02, misses on revs
  • RTX (RTX) beats by $0.23, beats on revs; raises FY26 EPS above consensus, revs above consensus
  • Ryder System (R) beats by $0.04, beats on revs; provides FY26 guidance; raises dividend 74%
  • SEI Investments (SEIC) beats by $0.22, beats on revs
  • ServiceNow (NOW) beats by $0.04, beats on revs; raises FY26 subscription revenue guidance
  • SL Green Realty (SLG) beats by $0.22, misses on revs; guides FY26 FFO above consensus
  • Snap-On (SNA) beats by $0.01, beats on revs
  • Sonoco Products (SON) beats by $0.04, beats on revs; provides FY26 guidance
  • Southwest Air (LUV) beats by $0.43, misses on revs; guides Q3 EPS below consensus; guides FY26 EPS above consensus
  • Stewart Info (STC) misses by $0.24, beats on revs
  • STMicroelectronics (STM) beats by $0.04, reports revs in-line; guides Q3 revs in-line; guides Q4 (Dec) revs in-line
  • Teck Resources (TECK) beats by CAD0.58, beats on revs; maintains FY26 production guidance
  • 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
  • Texas Instruments (TXN) beats by $0.15, beats on revs; guides Q3 EPS above consensus, revs above consensus
  • Thermo Fisher (TMO) beats by $0.31, beats on revs
  • The Vita Coco Company (COCO) beats by $0.26, beats on revs; provides FY25 guidance; Board authorizes $40 mln buyback program; Board authorizes $105 mln buyback program
  • T-Mobile US (TMUS) beats by $0.40, reports revs in-line; Raises FY26 cash flow guidance
  • TotalEnergies SE (TTE) reports Q2 results; beats on revs; posts stronger Q2 upstream, downstream results, raises dividend
  • Tractor Supply (TSCO) misses by $0.01, reports revs in-line; guides FY26 EPS in-line
  • United Rentals (URI) beats by $1.22, beats on revs; raises FY26 revs above consensus
  • Visteon (VC) misses by $0.30, beats on revs; provides Q3 (Sep) guidance; Board authorizes $0.200 bln buyback program
  • Waste Connections (WCN) beats by $0.14, beats on revs; provides FY26 guidance
  • West Pharm (WST) beats by $0.29, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY26 EPS above consensus, revs above consensus
  • WEX (WEX) beats by $0.28, beats on revs; provides Q3 (Sep) and FY26 guidance
  • Wyndham Hotels & Resorts (WH) beats by $0.07, misses on revs; provides FY26 guidance
• General News
  • Houthis targeted two Saudi oil tankers in the Red Sea. Reuters
  • The U.S. is surging forces, medics, and weaponry to the Middle East as President Trump considers expanding Iran war. WSJ
  • U.S. used a B-1 bomber to strike IRGC targets in Iran. Axios
  • Senators from both parties are hopeful about avoiding a government shutdown this year. Axios
  • A Silicon Valley Bank external review report could be a basis for the Trump administration to remove Fed Governor Michael Barr. Bloomberg
  • United States and Saudi Arabia reach historic nuclear cooperation agreement
  • Key Democrats say latest Senate version of Clarity Act falls short of their demands. Politico
  • House passes National Defense Authorization Act by a vote of 216-212; sending to the Senate
  • House passes bill that bans lawmakers from purchasing stocks; sending it to the Senate 
  • DOJ planning on speeding up merger approvals, according to Bloomberg
  • China resumes issuing robotaxi permits, according to Bloomberg
  • House votes 214-208 to approve a resolution to end the war in Iran, but resolution is largely symbolic and does not have enough support to override a presidential veto, according to Politico
  • President Trump in an interview with Axios says he is close to authorizing a "massive attack" on Iran; says it will be "bigger than ever before"
  • FDA panel votes 8-6 to allow compounding pharmacies to offer certain peptides
  • OpenAI launching Health in ChatGPT
  • Advanced Micro Devices (AMD) launched its next-generation AI infrastructure and physical AI portfolio at Advancing AI 2026, led by AMD Helios rackscale solutions, now in production to be deployed by leading AI companies at gigawatt scale
  • Alarm.com (ALRM): Eversource (ES), National Grid (NGG) test Massachusetts residential vehicle-to-grid program with Alarm.com's EnergyHub, Sunrun
  • Albertsons (ACI) to consolidate 11 divisions into four regions, centralize center-store merchandising
  • Alkami (ALKT) highlights Quontic Bank deployment tying account opening to digital banking
  • Alphabet (GOOG): EU Commission fines Google €890 million for breaches of the Digital Markets Act
  • AMD (AMD), Cerebras partner on disaggregated AI inference platform; launch targeted in 2H26
  • American Healthcare REIT (AHR) announces leadership appointments
  • American Water (AWK) unit advances $2.5 mln Northern District well rehabilitation program in California
  • Apple (AAPL) Maps to power the navigation experience for the Ford (F) Universal Electric Vehicle Platform
  • Aramark (ARMK) selected for multi-year AI data center workforce services contract
  • Arcus (RCUS), Summit Therapeutics launch kidney cancer trial collaboration for casdatifan and ivonescimab
  • Arcus Biosciences (RCUS) signs AVEO clinical supply pact for casdatifan/tivozanib kidney cancer cohort
  • Assurant (AIZ) announced a strategic collaboration with Cogeco Communications Inc. to deliver a seamless, digital-first mobile device solution for Canadian customers
  • AstraZeneca (AZN) receives EU approval for Etcamah in advanced breast cancer
  • Bank of America (BAC) extends naming-rights deal for Carolina Panthers stadium
  • BeOne Medicines (ONC) to invest $300 mln in New Jersey expansion, lifting total U.S. manufacturing spend above $1 bln
  • Block's Square (XYZ) announced that Dimassi’s Mediterranean Buffet, a prominent Mediterranean buffet concept in the United States, has expanded its longstanding partnership with Square as it eyes further US expansion
  • Boeing (BA): Trump’s Boeing deal with China hits a hurdle amid new demands, according to Politico
  • Braemar Hotels & Resorts (BHR): Al Shams Investments responds to Braemar's latest attempt to distract shareholders from Monty Bennett's outrageous profiteering
  • Brown & Brown (BRO) taps Anthropic, Accenture (ACN) and McKinsey for AI-first transformation
  • Chevron (CVX) asking court to enforce a $224 million award against Ecuador, according to Bloomberg
  • Cleveland-Cliffs (CLF) promotes CFO Celso Goncalves to president, adds him to board
  • CN (CNI), Union Pacific sign rail access pact to expand Chicago and Canada-Mexico service options
  • Coastal Financial (CCB) CFO Brandon Soto to depart; Joel Edwards named interim CFO
  • Cognizant Tech (CTSH) & and Gulf Edge announce strategic partnership to accelerate enterprise AI adoption in Southeast Asia
  • Cognizant (CTSH), Gulf Edge launch Thailand AI services partnership
  • Consolidated Water (CWCO) gets limited notice to proceed on Hawaii desalination project; wins record $10.1 mln Florida equipment order
  • Critical Metals (CRML)-led consortium reaches final round in Kenya tender for Mrima Hill rare earth project
  • Dexcom (DXCM) selected as first participant in FDA's TEMPO digital health devices pilot
  • Diageo's (DEO) Bulleit launches Bulleit '87, first new core expression since 2011
  • Dover (DOV) unit CPC launches full-flow liquid-cooling connectors for AI data centers
  • EA (EA) sets Sept. 25 worldwide launch for EA SPORTS FC 27
  • Five Below (FIVE) discloses cybersecurity incident
  • Ford (F), Geely Auto to form Spain vehicle manufacturing JV
  • Frequency Electronics (FEIM) wins about $18 mln in contract awards
  • Fubo (FUBO) expands The Athletic partnership with launch of CTV sports video hub
  • GCM Grosvenor (GCMG) raises $1.2 bln for inaugural credit secondaries fund and related strategies
  • GE Aerospace (GE) wins National Airlines order for seven CF6 and GE90 engines
  • Genpact (G) launches Banking Analyst Suite; AML investigation module now generally available
  • Goosehead Insurance (GSHD) CEO Mark Miller to retire; Mark Jones Jr. to become CEO on Jan. 1
  • Granite (GVA) wins $50 mln PG&E contract for Tiger Creek dam spillway replacement
  • Hippo (HIPO) expands AI tools company-wide; says 90% of employees used them in first month
  • Hyliion (HYLN) awarded $41.7 mln U.S. Navy contract for megawatt-scale KARNO power generation systems
  • Intel (INTC) and AMD (AMD) secured long-term CPU server deals with Chinese clients. Reuters
  • InterDigital (IDCC) wins another pan-European patent injunction against Disney
  • Jackson (JXN) names CFO Don Cummings CEO effective Oct. 1 as Laura Prieskorn plans retirement
  • Jyong Biotech (MENS) reaffirmed its strategic focus on pursuing global licensing partnerships to address the growing medical needs in the urology sector
  • Keros Therapeutics (KROS) discloses the resignation of CFO Keith Regnante
  • Labcorp Holdings Inc. (LH) awarded $364.7 mln Defense Health Agency contract
  • Liberty Energy (LBRT), PowerBridge form JV for planned 2 GW West Texas data center campus
  • Lilly (LLY) says Phase 3 TRIUMPH-2, TRIUMPH-3 studies of retatrutide met primary endpoints in obesity
  • Marriott (MAR) signs Catalonia deals for all-inclusive resorts in Jamaica and Tanzania
  • Mastercard (MA) expands virtual card platform with new controls, embedded payments access and single-API connectivity
  • McCormick (MKC) details combined-company structure, executive team plans; targets London secondary listing
  • Merlin (MRLN) signs IAI pact to develop autonomous technology for cargo aircraft
  • MGIC Investment (MTG) increases quarterly cash dividend 13% to $0.17/share from $0.15/share
  • Microsoft (MSFT), Databricks extend AI partnership into the 2030s
  • Mistras Group (MG) continues strategic investments in aerospace & defense market with expansion of its Los Angeles, California lab
  • Mobileye (MBLY) founder Amnon Shashua plans to step down as CEO; board to launch successor search
  • Morningstar's (MORN) PitchBook unit Lumonic launches MCP server for AI assistants
  • Navan (NAVN) wins Evotec travel and expense platform mandate across key markets
  • Nexstar (NXST) completes ATSC 3.0 rollout in Cleveland, finishing transition across all top 25 U.S. TV markets
  • Northrop Grumman (NOC) awarded a $1.2 bln Navy contract
  • Novo Nordisk A/S (NVO): Crux announces a collaboration with global healthcare company Novo Nordisk to expand affordable and simplified access to authentic anti-obesity medications like Wegovy for employer health plans across the United States
  • Nuvectis Pharma (NVCT) receives marketing approval in China for the treatment of patients with pnh previously untreated with complement inhibitors
  • Parsons (PSN) highlighted its growing portfolio of mission-focused products that complement and enhance the company's global solutions and help customers address evolving challenges
  • Petrobras (PBR) receives payment of new installment under the Diesel Economic Subvention Program
  • Pfizer (PFE) gets FDA priority review for TALZENNA plus XTANDI in metastatic hormone-sensitive prostate cancer
  • Procore (PCOR) launches Digital Coworker AI packages, expands agent library
  • QuantumScape (QS) amended PowerCo (VWAGY unit) collaboration
  • QumulusAI (QMLS) signs 2-year AI capacity agreement valued at more than $32 mln tied to NVIDIA Blackwell
  • Ralph Lauren (RL) wants to bring Polo Bar to a new office tower. WSJ
  • Red Cat (RCAT) completes Black Widow integration with C3A for OBERON-enabled tactical fires networks
  • Revolution Medicines (RVMD) says FDA accepts daraxonrasib NDA for previously treated metastatic pancreatic cancer
  • Roper's (ROP) DAT integrates Convoy Platform with Tai TMS
  • S&T Bancorp (STBA) authorizes new $100 mln share repurchase program
  • Samsung (SSNLF) says no decision made on reported share buyback plan
  • ServiceNow (NOW) announces that Leidos is expanding its use of the ServiceNow AI Platform to power employee experiences and efficient operations with agentic AI
  • ServiceNow (NOW) says Experian is expanding AI Platform deployment and integration
  • Shutterstock (SSTK) suspends future quarterly cash dividend
  • Shutterstock (SSTK) launches Unlimited downloads subscription globally
  • Sigma Lithium (SGML) provides updates of negotiations for adjustment of procedures with the Minas Gerais State Government
  • SK Hynix (SKHY) capped conversion to ADR shares. Bloomberg
  • Spire (SPIR) partners with SATE on ESA-backed AI satellite diagnostics program
  • Starwood Property Trust (STWD) unit acquires Midwest industrial portfolio for about $89 mln
  • Stellantis (STLA) announces the appointment of two industry veterans to strengthen leadership in the China and Asia-Pacific region and accelerate execution of its Value Creation Program
  • Summit Therapeutics (SMMT), Arcus launch kidney cancer trial collaboration for ivonescimab and casdatifan
  • Supermicro (SMCI) launches H15 server portfolio built on AMD EPYC 9006 CPUs
  • Teladoc Health (TDOC) launches Teladoc One virtual care platform
  • Teledyne's (TDY) Raymarine, FLIR Marine sign five-year RNLI partnership
  • Tenable (TENB) joins Cisco (CSCO) SolutionsPlus program
  • Tesla (TSLA): U.S. will develop new car door safety rules following deaths involving Tesla cars, according to Bloomberg
  • Tetra Tech (TTEK) wins $27 mln FAA airspace redesign task order
  • Thryv (THRY) launches franchise-focused Breesy AI integration
  • Toro (TTC) names Edric Funk CEO effective Nov. 1; Richard Olson to become executive chairman
  • Turning Point Brands (TPB)-backed ALP launches nicotine pouches across UK and Europe
  • Tutor Perini (TPC) unit wins $143 mln Dallas pediatric campus electrical contract
  • Tutor Perini (TPC) unit wins $29.5 mln Florida electrical project
  • Uber (UBER) to eliminate 10% of jobs within its customer service division. Bloomberg
  • Uniti's (UNIT) Kinetic expands Lexington fiber footprint 23% over past year
  • Verastem (VSTM) doses first patient in registration-directed Phase 2 TARGET-D 202 study of VS-7375 in KRAS G12D NSCLC
  • Workday (WDAY) Adaptive Planning wins FedRAMP Moderate authorization
  • WPP's (WPP) CMI Media Group launches first agency activation of PulsePoint's HCP2DTC Influence
  • Wynn Resorts (WYNN) details amended Macau land concession contract permits
  • X-energy (XE) joins DOE-backed Project Prometheus with NVIDIA and AWS on AI-driven nuclear deployment
  • Yelp (YELP) provides data to OpenAI, giving ChatGPT access to more reference information for users, according to Axios
  • Yum Brands (YUM): Taco Bell set up a war room to manage the cyclospora outbreak. WSJ

• Upgrades:
  • Ameren (AEE) upgraded to Overweight from Sector Weight at KeyBanc, tgt $122
    
  • AT&T (T) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $29
    
  • Duke Energy (DUK) upgraded to Overweight from Sector Weight at KeyBanc, tgt $139
    
  • Equinor (EQNR) upgraded to Sector Perform from Underperform at RBC Capital
    
  • JPMorgan (JPM) upgraded to Buy from Hold at Deutsche Bank, tgt $375
    
  • PayPay (PAYP) upgraded to Overweight from Equal Weight at Morgan Stanley, tgt $23
    
  • Verisk Analytics (VRSK) upgraded to Buy from Hold at Jefferies, tgt $235
• Downgrades:
  • Agilon Health (AGL) downgraded to Sell from Neutral at Citigroup, tgt $105
    
  • CMS Energy (CMS) downgraded to Sector Weight from Overweight at KeyBanc
    
  • Evolent Health (EVH) downgraded to Sell from Buy at Citigroup, tgt $6.75
    
  • M&T Bank (MTB) downgraded to Hold from Buy at Deutsche Bank, tgt $250
    
  • Northern Trust (NTRS) downgraded to Sector Perform from Outperform at RBC Capital, tgt $178
    
  • Norwegian Cruise Line (NCLH) downgraded to Hold from Buy at Truist; tgt $20
  • Pegasystems (PEGA) downgraded to Hold from Buy at Loop Capital, tgt $25
    
  • Pegasystems (PEGA) downgraded to Market Perform from Outperform at William Blair
    
  • Pegasystems (PEGA) downgraded to Sector Weight from Overweight at KeyBanc
    
  • PNC Financial (PNC) downgraded to Hold from Buy at Deutsche Bank, tgt $265
    
  • Rollins (ROL) downgraded to Sector Perform from Outperform at RBC Capital, tgt $35
    
  • Rollins (ROL) downgraded to Underperform from Buy at BofA Securities; tgt $35
  • Southern Company (SO) downgraded to Underweight from Sector Weight at KeyBanc, tgt $79
  • WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe, Bruyette & Woods, tgt $42
    
  • Zions Bancorp (ZION) downgraded to Underperform from In Line at Evercore ISI, tgt $68
• Others:
  • AAON (AAON) initiated with a Sector Weight at KeyBanc
    
  • Alphatec (ATEC) initiated with an Overweight at Stephens, tgt $15
    
  • AppFolio (APPF) initiated with a Buy at Guggenheim, tgt $232
    
  • Applied Digital (APLD) initiated with an Equal Weight at Morgan Stanley, tgt $36.50
    
  • Autodesk (ADSK) initiated with a Buy at Guggenheim, tgt $245
    
  • Comtech (CMTL) initiated with a Buy at Northcoast, tgt $2.50
    
  • Core & Main (CNM) initiated with a Market Perform at William Blair
    
  • Dyne Therapeutics (DYN) initiated with an Overweight at Cantor Fitzgerald
  • Freshworks (FRSH) initiated with a Buy at Guggenheim, tgt $25
    
  • Guidewire (GWRE) initiated with a Buy at Guggenheim, tgt $180
    
  • Hut 8 (HUT) initiated with an Overweight at Morgan Stanley, tgt $263
    
  • iRhythm (IRTC) initiated with an Overweight at Stephens, tgt $160
    
  • Live Nation (LYV) initiated with a Buy at BTIG Research, tgt $215
    
  • NeuroPace (NPCE) initiated with an Outperform at Mizuho, tgt $22
    
  • PagSeguro (PAGS) initiated with a Hold at Jefferies, tgt $10.40
    
  • Palisade Bio (PALI) initiated with a Outperform at Oppenheimer; tgt $8
  • Procore (PCOR) initiated with a Buy at Guggenheim, tgt $68
    
  • Riot Platforms (RIOT) initiated with an Overweight at Morgan Stanley, tgt $36
    
  • Samsara (IOT) initiated with a Buy at Guggenheim, tgt $45
    
  • Signet Jewelers (SIG) initiated with an Outperform at Raymond James, tgt $105
    
  • StoneCo (STNE) initiated with a Hold at Jefferies, tgt $12.60
    
  • Tyler Technologies (TYL) initiated with a Buy at Guggenheim, tgt $440
    
  • Veeva Systems (VEEV) initiated with a Buy at Guggenheim, tgt $232
    
  • Vertiv (VRT) initiated with an Overweight at KeyBanc, tgt $360

• Econ Data (Friday):
  • 9:45 ET: Flash July S&P Global U.S. Manufacturing PMI (prior 52.5) and flash July S&P Global U.S. Services PMI (prior 48.8)
  • 10:00 ET: June New Home Sales (Briefing.com consensus 620,000; prior 580,000)

• 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